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HomeMy WebLinkAbout1994-12-06 Support Documentation Town Council Work Session VAIL T01IVN COUNCIL WORK SESSION 0 UESDAll y DEVEM~ER 6g 1 994 6.00 P.M. IAtl 9 Otl CoVArVIL C9-9/9AYIBGRJ Poi.7EItlDM'L 1. Leo Vasquez - 10 Year Anniversary. 2. Discussion of Resolution No. 24, Series of 1994 re: lease policy. 3. tnvestment Report. 4. 3rd Quarter Report. 5. PEC Report. 6. Executive Session - fVegotiations. 7. Informa4ion Update. 8. Council Reports. 9. Other. 10. Adjournment. NOTE UPCOMBIVG AAEETING START T111AES BEL011V: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) ~ 0 (D 0 0 0 0 THE NE1tT bAEL YOWN COUNCIL REGULAR WORK SESSION WOLL BE ON TUESDAY, 92/13/94, BEGIIdPIING 14T 2:00 P.M. IfV TOV COUNCIL CHAMBERS. THE FOLLOWiNG !/AIL TOWN COUNCIL FiEGULAR WORK SESSION WILl. BE ON TUESDAY, 1/3/95, BEGINfd11VC AT 2:00 P.M. IM TOV COUNCIL CHAMBERS. TFIE hVEXT VABL TOWN COUNCIL REGUL.AF3 EVENIiVG MEETING WOLL BE ON TIYESDAX, 1/3/95, BEGINNING AT 7:30 P.M. 6fV TON COUNCIL CHAMBERS. ~ • ~ • • • • C:WGENDA.WS2 VAIL TOWN COUNCIL WORK SESS10N TUEt7DS0IIy DEWGMBE["'G 6y 199°4 2:00 P.M. IIV TOV COUNCIL CHAMBERS EXPAIVDED AGENDA 2:00 P.M. 1. Leo Vasquez - 10 Year Anniversary. 2:10 P.M. 2. Discussion of Resolution No. 24, Series ofi 1994 re: lease policy. Christine Anderson Tom fVioorhead Action Requested of Council: Approve policy. Mike Rose Backqround Rationale: An informal lease policy was established in 1988. The current policy is revised and should be approved by the Council. Staff Recommendation: Approve policy. 2:25 P.iVi. 3. Investment Report. Christine Anderson 2:40 P.M. 4. 3rd Quarter Report. Steve Thompson 2:55 P.M. 5. PEC Report. Mike Mollica 3:10 P.M. 6. Executive Session - Negotiations. 5:10 P.M. 7. Information Update. 5:20 P.M. 8. Council Reports. 5:30 P.M. 9. Other. 5:40 P.M. 10. Adjournment. NOTE UPCOM9NG MEETINC START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) 0 4D 0 0 0 0 0 YHE NEXY !lAIL YOWYV COUNCIL REGULe4Fi WOf$9( SESSION !AlBLL BE ON TUESDAY, 12/93/94, BEGINNIIVG AT 2:00 P.M. IN TOV COUNCIL CHAMBERS. THE FOLL0W9NG NABL YOINId COUNCIL REGULAR INORK SESSIOPI WILL BE ON TUESDAY, 9/3/95, BEGINNING AT 2:00 P.M. IN TOV COUNCIL CBiAMBERS. TFOE NEXT bABL 1'OWN COUNCIL REGULAR EVENIPIG MEETING WOLL BE ON TUESDAY, 9/3/95, BEGIfVNIPIG AT 7:30 P.M. gN TOV COUNCIL C@iAMBERS. • • • • ~ 9 ~ C:WGENDA.WSE 1 I> ; INORK SESSION FOLLOW-UP [TOPIC QUESTBONS F0LLOW-UP SOLUTlON5 1993 10/19 SNODU STORAGE LAND LARRY/BOB McL: Immediately pursue purchase from VA Current discussions presume a decision in 6 months (April '96). PURCHASE of current snow storage site, as vuell as another 10 acres adjacent to 4he west. 1994 ~~t K~~' George Ruther me4 vuith Joe fiNacy and Bob McClery on November 10, 02108 MANOR VAiL SIDEWALK BOB McLI Inves4igate blind corner, 1994. Update to fiollouux 4~ (request: Johnston) 02115 CHUCK ANDERSON YOUTH PAMIMERV: Confact VRD about moving up the selection Packet received and included in Paul's and Jan's materials, 513194. AUUARD process 4o allovu auvards to be given during May PRIOR 40 Fh9B'$her PevIew ~f Y0uth AwaPd propo3aV g0'oPEV JaPV and PaUO $o be (request: S4rauch) graduation or to be included with the graduation dlscaassed at 4412/Wwork sess9oro. ceremonies. 14.1,3- 5~ 03/08 UNDERGROUNDING OF UTILITIES LARRY: Create aMasfer Plan to phase the undergrounding Larry has memo in process. MASTER PLAN of all above-ground utilities vuithin Vail. (request: Council) 03108 NIGHT LIGHTINGINIGHT TOUR LARRY: 14 would appear our night lighting in the TOV, in the past, budgeted $30,000 for atlding lights to bus stops, street (request: Strauch) Crossroads/VTRCICovered Bridge area could use some intersections, and bridges for safety. Starting in 1994, the budgeted 09/27 COUNCIL IS REQUESTING A COPY enhancement. What is the street lighting program currently amoun4 was increased to $50,000 to address both safe4y concerns and OF THE OVERALL LIGHTING "PLAN" geared toward? those areas addressed in the Village Streetscape Plan. PRIOR TO THIS NIGHT TOUR. COUNCIUSTAFF: In the near future, uve will try to Additional Christmas lighting at VTRC depends on a prioritization of schedule an evening "tour" to look a4 4he ambience created funding. Does Council wish to schedule a light tour? and safety issues inherent in our "core" community. 04/05 SIGNS LARRY/GREG: Why are there so many signs in this town? Tom, 8(en, Buck, Larry, Greg w9lB set Issue fop generaV CouncBl They represent neither a quality appearance nor are fhey dIscuss6on on January 3,1995. "user-friendly." There are 24 signs between Tom Steinberg's house and the TOV... November 18, 1994 Page 1 of 2 crd~ mo : 07I05 PLAQUE PLACEMENT 11}(E M,IPAM: Elizabeth Wilt has requested the Town MI ,IPAM: +George-Sutheull.-~eet with Elizabeth Wilt, Marge follow-up with memorializing both John and Cissy Dobson at urdick, Dick Hauserman, Vn nd y 1il2i194 fo a site on or close to the Covered Bridge, as well as Chuck determine Covered rideemen ~~4- e- Betcher in the area of the Crossroads benches (adjacent to rh1~n.D ~Alfalfa's). Re: Chuck Betcher plaque, Elizabeth is now working with Todd Oppenheimer to locate suitable placement on public property, rather than at the original Crossroads location. November 18, 1994 Page :kof 2 . r. ~ 0. eg T0WN OF UAIL ~ 75 South Frontage Road Office of the Town Manager Vail, Colorado 81657 303-479-21051 FAX 479-2157 MEMORANDUIVI TO: Vail Town Council Robert W. IVIcLaurin, Town Manager George Ruther, Planner I Larry Grafel, Public Works Director FROlVI: Pamela A. Brandmeyer, Assistant Town ManjD DATE: December 1, 1994 RE: Covered Bridge/Dobson Plaque Placement I was able to meet on 1Vlonday, November 21, 1994, with a group interested in placing a plaque in recognition of John and Cissy Dobson's contribution to the Covered Bridge. Group members are as follows: Elizabeth Wi1t,lVlarge Burdick, Dick Hauserman, Pete Seibert, and Bill and Sally Hanlon. The group indicates a desire to place a bronze plaque on both ends of the Covered Bridge to be placed on the cross beam im.mediately visible by the public entering the bridge. The plaque at this location would read as follows: The Covered Bridge Dedicated 1965 Additionally, the group has requested a further explanatory plaque to be placed on the rock immediately to the west of the primary entry into the Covered Bridge, and tnis plaque would read as follows: John a.nd Cissy Dobson were responsible for many thi.ngs inVail's community - including this Covered Bridge. It was constructed in 1965 and serves as the connection for guests from all over the world to our beautiful town. Welcome! I have explained the time frame on the renovation of the Covered Bridge ta this grcup and they are i_n.terested in the reaction of the Town Council in regard to this proposal. To a person, they feel placement of the plaque on the Covered Bridge and on the rock is far more appropriate than commemorating John and Cissy in any manner in the new packet park. that is to be landscaped and constructed in the spring of 1995. - Thank you. PAB/aw , RIESOLUTBON NO. 24 SER9ES OF 1994 A RESOLQ.DTVON APPROV9NG TC-9E PRESENT T01fVN OF VABL ~EASE SC~~DULIE AIVD. CaFiANTiPIC t4lJTIiOROTY TO THE T0WN MANAGER TO EN~ER 9NT0 LE,4SE AGREEIIAENTS. IA/HEREAS, Section 13.3 provides that Council may lease, for such term as Council shall determine, any real or personal property to or from any person, firm or corporation, public or private, governmental or othervvise; and V1/HEREAS, the Council has reviewed the present Town of Vail lease schedule; and VUHEREAS, the Town Council has reviewed the financial policy and procedures for the rental of deck space and commercial space in parking structures (94-1); fVOV1/, THEREFORE, BE IT RESOLVED by the.Town Council of the Town of Vail, Colorado: 1. That the lease schedule is hereby approved. 2. The Town Manager shall enter into such lease agreements and renewal of lease agreements as are appropriate. 3. That this resolution shall take effect immediately upon its passage. IIVTRODUCED, READ, APPROVED AiVD ADOPTED this 6th;day of December, 1994. Niargaret A. Osterfoss, Mayor ATTEST: Holly L. McCutcheon, Town Clerk C:\RESOLU94.24 Y Resolution No. 24, Series ot 1994 FINANCIAL POLICY AND PROCEDURES RENTAL OF DECK SPACE AND COMMERCIAL SPACE IN PARKING STRUCTURES 94-1 SCOPE This policy covers the process of the Town leasing decks, office space located in the Town's parking structures, and any other building space leased. LEASE . NEGOTIATION The Town Attorney is designated as the key lease negotiator and will delegate to and rely on, as needed, other designated Town staff during the negotiation process. LEASE ADMINISTRATOR The Finance Controller or designee is designated as the Lease Administrator. PARKING STRUCTURE SUPERINTENDENT The Parking Structure Superintendent is responsible for negotiating lease terms and working directly with Lessees for all lease space in the parking structures, except the Teen Center area which is the responsibility of the Vail Recreation District. INVENTORY OF DECK RENTALS The Community Development Department and/or the Town Clerk's office and/or the Town Attorney's office shall submit current information regarding new or revised leases to the Lease Administrator. The Lease Administrator shall take inventory of deck rentals annually to make sure all decks rentals are being billed and payment received. Inventory procedures: The Lease Administrator shall meet with Community Development and the Town Clerk's office to ensure all new deck rentals or terminations are inventoried. NEW LEASE AGREEMENTS The Parking Structure Superintendent, Community Development Department, or Lease Administrator, or any other department of the Town should notify the Town Attorney when a new lease needs to be drafted. After drafting, the lease agreement should be reviewed by the Lease Administrator and Finance Director as appropriate. After the lease is 1 r •'h: -..°.ri. . executed one original should be filed within five (5) working days with the Town Clerk and, a copy ' should be filed within five (5) working days with the Lease Administrator and the department negotiating the lease. LEASE RENEWAL The Town Attorney should review the lease and either recommend renewal, termination, or renegotiate a new lease. Any final action taken by the Town Council should be communicated to the Lease Administrator. BILLING A billing should be made by the Accounts Receivable Administrator in Finance approximately 15 days prior to the due date of the lease payment. VERIFY LEASE TERMS The Lease Administrator should determine within 30 days after execution of the lease, that all non- financial terms are being met by Lessee (e.g. certificate of insurance on file). If they are not, a letter should be sent to the lessee requiring the needed information. If after 60 days there is no response.by the lessee, this should be communicated to the Town Attorney who will advise the Lease Administrator on further action. DELINQUENT PAYMENTS All lease payments are due in accordance with each lease's specific terms. However, if a lease payment is not received by the due date, the Parking Structure Superintendent and/or Town . Attorney should be notified and.penalties will be billed on the first billing after the due date. The Lease Administrator shall provide a monthly compliance report to the Parking Structure Superintendent, the Town Attorney, the Finance Director, and the Town Clerk. LEASE SIGNING The Town Manager shall sign all leases. MONTHLY MEETINGS The Lease Administrator should hold monthly lease meetings that include the Town Attorney, Lease Administrator, Parking Structure Superintendent, Town Clerk, and other parties as deemed necessary. The purpose of such meetings is to share information regarding lease renewels, delinquencies, compliance with lease terms, etc. 2 ` Y NOTIFICATION TO BUDGET OFFICE The Lease Administrator shall provide an annual listing with anticipated lease revenues for the next fiscal year to the Budget Officer on or about the first of August. ANNUAL REVIEW At least annually the Lease Administrator should review all leases with the Town Manager and the Finance Director. Effective Date Town Manager . 3 e 12/01/94 03:48 PM TOV - Lease Schedule Annual Additional Lessee Lease Notes Rent Benefits Type Dates Minimum Given Bart& (IRA 1/8/95 Yeti's OF To $1,820.00 Deck Deck VAIL) 1/07/00 Blu's 12/1 /94 Beanery To (Signature $557.20 Deck Deck 11/30/99 Pending) 11 /20/94 Hong Kong To (Signature $1,097.70 Deck Deck 11 /19/99 Pending) 1 /1 /92 Lancelot To (Signature $400.00 Deck Deck 12/31/94 Pending) Ore 9/1 /93 House To $840.00 Deck 08/30/95 Sweet Basil 4/1/93 To $300.00 Deck 03/31 /98 Up the Creek 12/17/94 Bar & Grill To (Signature $800.00 Deck 12/16/99 Pending) Vendetta's 2/13/95 Deck To (Signature $2,740.00 Deck 2/12/00 Pending) Charter Sports 9/30/94 (Signature $4,800.00 1 free blue pass Parking Structures To Pending) or 10% of or upgrade to 9/30/99 gross sales gold for $500 ($500) Cinnamonny 08/28/93 $13,916.00 1 free blue pass Parking Structures Buns & To or 10% of or upgrade to D'Coffee 08/28/96 gross sales gold for $425 Beanery ($500) Colorado Mountain (Signature $14,400.00 Parking Structures Express Pending) Colorado 1/1/91 2 blue passes + Ski Museum To $3,500.00 50 coupons Parking Structures 12/30/00 ($1,237.50) LEASESCH.V11K4 12/01/94 03:48 PM TOV - Lease Schedule Annual Additional Lessee Lease Notes Rent Benefits Type Dates Minimum Given Co. West 8/9/83 (Renewal 2 parking spaces Regional To Pending) at no charge Parking Structures Mental 8/9/88 ($1,000) 12/1 /93 Greyhound To (Signature $4,860.00 1 free blue pass Parking Structures 11 /30/95 Pending) ($500) 2/22/91 Vans to Vail To $13,466.65 Parking Structures 02/21 /93 Subway 1/20/92 $9,600 or 1 free blue pass Parking Structures (Avon Subs) To 5% of gross ($500) 01 /19/02 sales/mnth Westrac, Inc. 8/1/93 Thrifty Car To $26,400.00 Parking Structures Rental 07/31 /95 ABC 07/01 /91 School To $1.00 Space 08/31/02 Learning Tree 8/1/87 $1.00 Space To 08/31 /02 Lionshead Popcorn 1/1/95 Popcorn To (Signature $5,131.80 Space Wagon 12/31/97 Pending) R. Schultz 05/13/94 Vaillnvestment To $48.00 Space Company 05/12/99 Vail 12/31 /94 Recreation To $32,000.00 Space District 3/27/15 Vail (WTCB) 05/01/91 1 parking space in Valley To $20,000.00 TOV parking lot Space Tourism 04/30/96 Vail 02/28/94 Valley To 1 free blue pass Space Arts Council 02/28/99 ($500) LEASESCH.VVK4 12/01/94 03:48 PM TOV - Lease Schedule Annual Additional Lessee Lease Notes Rent Benefits Type Dates Minimum Given Vail 11/1/91 $10.00 Space Valley To for 420 coupons Foundation(WF) 10/31/95 term ($1,995) Vail Valley Open None Space Med. Cntr 1/1/95 Village Popcorn To (Signature $4,549.92 Space Wagon 12/31/95 Pending) R. Schultr Streamside Open $24,384.76 Fire Protection Tiga 01/01/94 $64,000.00 or Advertising Space Advertising To (In Dispute) 55% of gross 12/31/99 revenue for year Snow 1/1/95 Removal To $6,112.05 Snow Removal 12/31 /95 LEASESCH.WK4 d~ a d . . TOWN OF VAIL MEMORANDUM . T0: Robert McLaurin _ Council Members FROM: Judy Popeck~ Y U DATE: November 15, 1994 RE: Investment Report Enclosed is the investment report with balances as.of October 31, 1994. On October 24th, a TBill matured for $62,000 and was used for the final scheduled monthly payment for the police construction. Two purchases were made for the pooled fund as follows: TNote -$800,000 - 6.009% yield - maturing 10/31/95 TNote -$500,000 - 6.553% yield - maturing 9/30/96 The estimated average yield for the debt service fund was 5.59% and 5.25% for the pooled cash fund. Currently the yieid curve for 3 months, 6 months, and 1 year are 5.28$, 5.69%, and 6.11% , respeatively. Please call me if you have any questions. Q ~l Town of Vail, Colorado Investment Report Summary of Accounts and Investments For the Month Ending October 31, 1994 Balances Percentage 10/31 /94 of Total flNoney Market Accounts (see page 1) Commercial Banks $212,638 1.32% Money fiNarket Funds $823,774 5.10% Colorado Investment Pools $838,165 5.19% Total $1,874,577 11.61 % Commercial Savings Banks & Loans Certificates of Deposit (see page 2) Eagle County Institutions 0.00% Other Colorado Institutions $297,000 $297,000 1.84% National_ Institutions ~ 0.00% Total $297;000 $297,000 1.84% Percentage of Portfolio in Savings & Loans 0.00% U.S. Government Securities (see page 3) Treasury Notes & Bills $4,808,320 29.75% GNMA's $82,572 0.51% U.S. Savings Bonds $27,351 0.17% Federal Agency Discount IVotes & Bonds $9,070,585 56.13% To4al $13,988,828 86.56% Total Portfolio $16,160,405 100.00% NNaturing VVithin 12 Months $11,583,861 71.68% fViaturing Wi4hin 24 Months $3,522,455 21.80% MaturingAf4er24Months $1,054,089 6.51% $16,160,405 100.00% . 11 /15/94 ~ invsmjlp - t Money Market Accounts as of October 31, 1994 -For the Month of Qctober- Institution Balances Type of Accounts High Low Average 10131/94 COAAAAERCtAL BANK ACCOUNTS , First Bank of Vail - Operating Interest 4.110% 3.890% 3.950% Balance ~ $809,475 $112,060 $385,252 $191.925 First Bank of Vail - Insurance Interest 4.110% 3.890% 3.950% $1,050 Balance Colorado National Bank Super Now Account . Interest 2.65096 General Operating Account $19,663 Balance Total Commercial Bank Accounts $212,638 LOCAL GOVERNAflENT INVESTAAENT POOLS Colorado Trust Housing Bond Proceeds Interest 4.470% Balance $84,788 CSAFE - Bond Proceeds - Police Conshuction Interest . 4.570% , Balance $187,570 CSAFE Interest 4.570% Balance $565.807 Total Local Govemment Investment Pools Accounts $838,165 MONEY MARKET FUNDS First American Corp. Trust Treasury Fund Bond Reserve Interest 4.137% Balance . $15,605 First American Institutional Govt Fund - Dana Investments Interest 4.518% Balance $41,936 Fidelity Investment Government Money Market Accounts Interest 4.380% Bond Issue Reserve Account " Balanee $280,607 Interest 4.750% Operating Account , Balance $485,626 Total Money AAarket Funds $823,774 Total all accounts $1,874,577 °'Account Subject to ArbiVage Rebate ' 11/15/94 ' invmmllP Page 1 " 0 Y 0 w , Certificates of Deposit t as of October 31, 1994 Bank iVame, Location Days to Rates Purchase Maturity Maturity Maturity Ins Coupon Yield Date Date at Purchase Value BestBank, Thomton Colorado FDIC 4.750% 4.600% 16-Feb-93 13-Feb-95 105 $99,000 Paonia State Bank, Paonia Colorado FDIC 4.400% 4.250% 17-Aug-93 15-Feb-95 107 $99,000 Bank of Greeley, Greeley Colorado FDIC 5.000% . 5.120% 16-Jun-94 16-Jun-95 228 $99,000 Avg Yield 4.657% $297,000 invcd10 11/15/941iP Page 2 ~ Govemment Securities as of October 31, 1994 °°°Treasury Notes & Bills'•• Days to Days Interest Rate Purchase Maturity Maturity to Book - Par Type Fund Coupon Yield Date Date ' at Purchase Maturity Value Value TNote Pooled 4.250% 4.340% 17-May-93 15-May-96 1094 562 $499,297 $500,000 TNote Pooled 3.875°r6 5.198°,6 05-Aug-94 31-Mar-95 238 151 $1,029,502 $1,035,000 TNote Pooled 3.875% 6.009°,6 13-Oct-94 13-Oct-95 365 347 $783,714. $800,000 TNote Pooled 6.500% 6.553°h 13-bct-94 30-Sep-96 718 700 $499,514 $500,000 TNote Debt Service 5.605% 06-Ju1-94 15-Nov-95 497 380 $1,343,552 $1,350,000 Zero Pooled 7.820% 21-Jun-91 15-Nov-95 1608 380 $652,741 $700,000 Average Yield 5.85°,U $4,808,320 $4,885,000 Average Days to Maturity 420 GNNAA'S•"• Years to Estimated Interest Rate Purchase Maturity Maturity Years to Principal Pool Coupon Yield Date Date at Purchase Maturity Outstanding 5803 8.000% 8.480°h 14-Nov-86 15-Oct-05 19.10 11.00 $26,684 13003 8.000°,6 9.500% 24-Oct-86 15-Oct-06 20.20 12.00 $25,814 14659 8.000% 9.200% 24-Oct-86 15-Jan-07 21.20 13.00 $30,074 Avg Yield 9.061 % $82,572 °•`U.S. Savings Bonds"' Years to Issue Maturity Maturity Years to Book Maturity Series Yield Date Date at Purchase Maturity Value Value _ EE 7.170°,6 01-Oct-86 01-Oct-96 ' 10.00 ~ 1.92 $27,351 ^ $30,000 °"Federal Agency Discount Notes 8 Bonds"' DayslYears to interest Rate Purchase Maturity Maturity Years to Book Maturity Agency Fund Coupon Yield Date Date at Purchase Maturity Value Value FHLM Pooled 5.055°k 17-May-94 17-Nov-94 184 Days ~ $997,789~ $1,000,000 FNMA Pooled 4.885% 29-Sep-94 10-Nov-94 42 Days . $1,498,195 $1,500,000 FNflflA Pooled , 4.908% 01-Jun-94 29-Nov-94 181 Days $2,092,123 $2,100,000 FHLB Pooled 4.905°k 26-Sep-94 23-Nov-94 58 Days $2,512,409 $2,520,000 FDMC Pooled 3.992% 01-Mar-94 28-Nov-94 . 272 Days $498,552 $500,000 SBA Pooled - Dana 7.051 % 26-May-94 25-Mar-2008 13.8 13.4 $108,254 $109,734 FHLM Pooled - Dana 8.546% 28-Jun-94 01-Mar-2019 24.7 24.3 $64,116 $66,355 FNMA Pooled - Dana 7.528% 28-Jun-94 01-Oct-2017 23.3 22.9 $91,868 $97,572 FNflflA Pooled - Dana 6.731 % 29-Jun-94 01-Jun-2014 19.9 19.6 $99,645 $110,531 SBA Pooled - Dana 7.567% 29-Jun-94 25-Feb-2008 13.7 13.3 $82,130 $82,749 SBA Pooled - Dana 6.778°,6 29-Jun-94 25-Jun-2019 25.0 24.7 $107,780 $108,523 SBA Pooled - Dana 6.646°r6 18-Aug-94 25-Ju1-2008 13.9 13.7 $109,731 $109,875 SBA Pooled - Dana 7.567% 29-Jun-94 25-Jan-2008 13.6 13.2 $108,571 $110,088 FNMA Pooled - Dana 7 .814°,6 27-May-94 01-May-2020 25.9 25.5 $91,133. $100,577 SBA Pooled - Dana 7.975% 12-Ju1-94 25-Jun-2019 25.0 24.7 $108,289 $108,744 FHLM Pooled 4.560% 4.560% 03-Jun-93 03-Jun-96 3.0 1.6 $500,000 $500,000 . $9,070,585 ~ $9;124,748 Average Yieid 5.12% Average Years to Maturity 15 Total $13,988,828 11/15/94 ' invtrylP Page 3 e <J TOWN OF VAIL 75 South Froiitage Road Yail, Colorado 81657 303-479-21 DO FAX 303-479-2157 1VTEMORANDUM TO: Vail Town Council Town Manager - Department Heads FROM: Steve Thompson ~ DATE: December 1, 1994 RE: Third Quarter Financial Report Enclosed is the Third Quarter Financial Report with estimates of revenues and expenditures as compared to budget. REVE1VUES We are estimating sales tax collections to exceed the budget by approximately $420,000, and be 5.2% greater than the 1993 sales tax collections. We estimate collecting $2.3 million in Real Estate Transfer Tax revenue, which is $1 million over budget. This is the most we've ever collected in RETT revenue in one year. We are watching parking revenue and lift tax revenue closely to see where they end up. E%PENDITd1~S Several departments are projecting savings. However, we have not tried to estimate the exact amount of savings each department will have. FUIVD BALANCES ' The Capital Projects and Real Estate Transfer Tax Funds will end the year with higher than expected fund balances. This is primarily due to deferring projects ($4.3 million in Capital Projects) until 1995 or later. Please call me at 2116 if you have any questions. ° 1'OVVId OF VAIL ~ 9994 SUMAflARV OF REVENUE ABVD EXPENDITUFiES,4ND CHANGES IN FUND B,4LAYVCE Actual Estimated Estimated Transfers Estimated Fund Balance Revenue Expenditures In/(Out) Fund Balance Fund Type/Fund 1993 1994 1994 1994 1994 General Furac9 3;U98,594'' 14,693,000 15,295,446 (30,000) '2;466;148_ Special Fievenue Func9s: = - ' Capital Projects Fund 2;804,664• 9,336,260 4,056,359 (2,954,940) 5,129;625 Real Estate Transfer Tax Fund 2;859,967' 2,400,359 3,740,104 ;1,520;2Z2: Police Confiscation Fund 349,~41;; 62,000 236,635 175;006 Vail Marketing Fund ;~34,485) 582,250 546,980 Vail Housing Fund 35,000 80,000 30,000 845,197 Bond Proceeds Construction Fund 2;;357,740 ` 40,000 2,631,765 (234025) Infepnal Servoce Funds• x Heavy Equipment Fund.481,297`1,597,371 1,562,374 `516;294 Health Insurance Fund '662,808 1,002,981 942,860 7'~;g2g Enterprise Fund: Parking Structure Enterprise Fund 1,909,462 1,836,624 2;838, Debt ServiCe Funds• , Town of Vail Debt Service Fund 1;8~2,701: 174,678 3,129,618 2,954,940 ,1,852,7fl1; Booth Creek Debt Service Fund `49 546' 94,542 116,856 ;igz Total 15,342,630 31,927,903 34,175,621 0 13 094;912 2QTRFIN2 PAGE 1 12/01/94 ! . : . . TOiNN OF VQ1L , , . . 1994 THlRD,QUA;RTER'FINANCIAL IREPORT , ; , . ;ESTlMATES;T4:,YE,AR ; - ; : ° . 1';99~ ` y 99~ UARIANCE GENERAL FUND REUENUE BU;DGET. ESTIMATE •;~VERI UNQER Taxes ~ Property & ownership Taxes 2,279,218 2,290,000 10,782 Retail Sales Tax 8,043,374 8,311,696 268,322 Ski lift Tax 1,041,863 1,000,000 (41,863) Franchise Fees 5:57,878 527,500 (30,378) Penalt & Interest .44,000 37,000 (7,000) Subtotal Taxes 11,966,333 12,166,196 199,863 Construction Fees 4 286,830 450,000 163,170 Licenses Permits 47,100 49,000 1,900 Charges for Services 218,404 230,179 11,775 Intergovernmental revenue 985,985 1,074,000 88,015 Fines & Forfeitures 26) 0,67,1i 273,625 12,950 Transfer from Parking Structure Fund 86,3211 0 (86,321) Other 315,154 450,000 134,846 TOTAL GF REVENUE 14,166,8012 14,693,000 526,198 19194 199~, VARIANCE . ; GEN,ERAL F.UNO `EXPENSES : .BUDCET . ESTIIViATE OVER/ UNaER Town Officials_ 1,555,179 1,555,179 0 Administrative Services 1,444,188 1,444,188 0 Community Development 1,035,3012 1,035,302 0 Police 3,1 41,5412 3,141,542 0 Fire 1,183,284 1,183,284 0 Public Works 2,502,925 2,502,925 0 Transit 2,1 145,104 2,145,104 0 VMRD Contract 5,43,243 543,243 0 Library 6-79,50 T 679,507 0 Insurance 316;785 316,785 0 Transfer to the Parking Structure Fund 0 0 Contributions & Events 7i50,478 760,478 0 Em lo ee Benefits 17,909 17,909 0 TOTAL GF EXPENDITURES 15,325,446 ) 15,325,446 0 SURPLUS/(SHORTFALL) (632,446) 2QTRFIN2 PAGE 2 11/30/94 0 L ' , ` 1994 1994 _ VARlANCE CAPiTAL.PROJECTS>REVENUE. : BUDGET ESTlMATE. OVERI UNDER Retail Sales Tax 4,575,893 4,728,304 152,411 County Sales Tax 206,910 201,000 (5,910 Ski Lift Tax 1,041,863 1,000,000 (41,863 Grant Revenue 376,000 376,000 Reimb for Projects 31,000 31,000 Earnings on Investments 148,500 180,000 31,500 RETT Loan Re a ment 947,956 2,819,956 1,872,000 TOTAL REVENUE 6,921,122 9,336,260 2,415,138 20TRFIIV2 PAGE 3 11/30/94 ! .1;994 - .VARlANCE ; . CAPITAL:PROJECTS FUND`EXF:.: BUDGET ESTIMATE:::OVER/ UNDER Street Maint & Improvements * 924,463 374,463 (550,000 Ice Arena Pedestrian Chute ` 70,000 5,000 (65,000 Street Light Improvement Program 51,313 51,313 0 Pulis Bridge Construction 75,000 30,000 (45,000 International Bridge Replacement 2,550 300 (2,250 Chapel Bridge Restoration 503,000 503,000 0 Covered Bridge Restoration * 132,700 40,000 (92,700 Town Shop Improvements * 1,785,706 30,000 (1,755,706 Slifer Fountain Repair 2,402 2,620 218 Bus Shelter Imp & Replace 51,050 40,000 (11,050 Emergency Building Maintenance 25,000 25,000 0 Drainage Improvements 120,049 22,000 (98,049 Library Book Drop 1,559 1,559 0 East Lionshead Bus Stop 60,000 60,000 0 Parking Structure Landscape Contingency 21,1981 0 (21,198 East Vail Interchange Landscaping 20,284- 9,654 (10,630) Police Department Space Expansion 64,073 64,073 0 West Vail Development Plan 180,000 180,000 0 VTC Community Improvements 25,363 168 (25,195, Electric Raceway & Carpet @ Library 35,000 35,000 0 Town Manager Residence 10,250 5,600 (4,650 Comm Sys Maint. & Replace 6,669 6,669 0 Replace Mobile Fire Radios 2,119 2,119 0 Town of Vail Bus Grant Lobbyist 45,651 45,651 0 Regional Bus Grant Matching Expense 59,00() 53,057 (5,943 Backflow Prevention 25,00() 22,000 (3,000 News Paper Dispensers ` 17,000 0 (17,000 Snow Dump Site' 95,573 455 (95,118 Shmetzco Berm 3,098 0 (3,098 Retrofit Buses W/ Perimeter Seating 19,348 18,788 (560 Bald Mountain Bus Stop (Additional 20k Req) 87,194 87,194 0 West Vail Mudslide Mitigation 1,360 0 (1,360 Village Loading Design 5,067 5,067 Pay-on-Foot Lane VTRC 21,899 21,899 0, Replace LH Equipment 115,001) 115,000 0 Street Furniture Replacement 41,7613 22,000 (19,766 Pedestrian Overpass Walkway 6,623 7,549 926 Misc. Heavy Equip Vehicles 115,00,0 115,000 Q Second Radio Channel 4,590 4,590 Q Automate East Vail Interchange' 9,900 0 (9,900 Main and West Vail Interchange fmprovements' 1,530,600 120,000 (1,410,600 ADA Improvements 93,354 40,000 (53,354 Replace Siding on Muni Building 26,000 18,067 (7,933 Transfer to Debt Service 2,954,940 2,954,940 CI Purchase Land - Trappers Run 1,872,000 1,871,504 (496 TOTAL EXPENDITURES 11,314,644 7,011,299 (4,302,849 SURPLUS/(SHORTFALL) 2,324,961 * This Project Will Not Be Completed in 1994 20TRFIN2 PAGE 4 11/30/94 ~ ~ . 1994 .159~ ' VARIANCE.::: °~RERL.ESTATE l'Ri4NSFER TAX BUDGET . ESTINlAT.E :OVER/ UNDER REVEIVUE RETT Taxes 1,350,000 2,150,000 800,000 Golf Course LeaseNRD 86,000 86,609 609 Recreation Amenities Fees 30,000 50,000 20,000 Lottery Revenue 13,750 13,750 0 Earnin s on Investments 58,500 100,000 41,500 TOTAL REVENUE 1,538,250 2,400,359 862,109 EXPEIVDITURES Debt Senrice on Golf Course 340,432 340,432 0 Loan Repayment 2,819,956 2,819,956 0 Miscellaneous 500 1,111 611 Projects: Bighorn Park Completion 9,803 24,000 14,197 Vail Trail Safety 2,200 0 (2,200 Gore Creek Promenade 38,697 42,195 3,498 VVest Vail Bike Path 188,793 25,000 (163,793 Dowd Junction Bike Path Design 8,000 15,000 7,000 IVlaster Open Space/ Rec Trail Plan 1,003,196 25,000 (978,196 Frontage Road Bike Path 142,879 11000 (141,879 Park Maintenance 170,393 141,000 (29,393 Rec Path Maintenance 136,868 105,000 (31,868 Sandstone Park Improvement 14,297 12,930 (1,367 Dowd Junction Land Improvement 8,512 0 (8,512 TOT Lot Access Paths 26,719 1,340 (25,379 Pirate Ship Park 41,242 653 (40,589 Covered Bridge Pocket Park 12,000 487 (11,513 Ford Park Stairway 30,902 10,000 (20,902 Alpine Garden Contribution 5,000 5,000 Mill Creek / Ted Kindel Park 160,000 170,000 10,000 TOTAL RETT EXPEfVDITURES 5,155,389 3,740,104 (1,415,285 SURPLUS/ SHORTFALL (1,339,745) 2QTRFIN2 PAGE 5 11 /30/94 v J , . , 1994 : 19.94 VARlANGE.:!. HEA1[Y EQWIPtIENT FUND : BUDGET ESTINIATE; OVER/ UNDER REVENUE 1,582,910 1,597,371 14,461 EXPENDITURES 11592,122 1,562,374 (29,748 SURPLUS/(SHORTFALL) 34,997 VARtANCE : . „ - PARKING STRUCTURE OP:ERATIN('a f UND .;BUDGET `:EST'IMATE , OVER/ UN_DER REVENUE Daily Parking Revenue 1,547,000 1,374,000 (173,000) Passes & Coupons 397,750 377,750 (20,000 Lease Revenue 89,01 E; 82,712 (6,304 Parking Assessments Cl 75,000 75,000 Transfer from the General Fund 0 0 TOTAL REVENUE 2,033,766 1,909,462 (124,304 EXPENDITURES Operations & Capital 1,421,825 1,304,887 (116,938 Debt Service 531,737 531,737 0 Transfer to General Fund 86,321 (86,321 TOTAL EXPENDITURES 2,039,8819 1,836,624 (203,259 SURPLUS/ (SHORTFALL) 72,838 ~ . NCE; : 1994 1994 " V}~RiA MARKETING FUND BuDGET.. ES.f'IMATE. _OVERI UfVDER REVENUE Business Licenses 345,00() 357,000 12,000 TOV Marketing Fund 149,500 0 (149,500 Other Marketing Contributions 140,001) 220,250 80,250 Earnin s on Investments 5,000 5,000 0 TOTAL MARKETING REVENUE 639,500 582,250 (57,250 EXPENDITURES 609,501 546,980 (62,521 SURPLUS/(SHORTFALL) 35,270 ] . 20TRFIN2 PAGE 6 11/30/94 ~ . , ; 994 ;i ' .1:994 . VARtANGE::: P(JLICE:;CONFISCATION FUND ; ;B.tJqGET ;:ESTINIATE:.. b.V,ER/ UfVDER REVENUE Confiscation Proceeds 10,000 50,000 40,0001 Earnin s on Investmenis 12,000 12,000 0 TOTAL PCF REVENUE 22,000 62,000 40,000 EXPENDITURES 236,635 236,635 0 TOTAL PCF EXPEfVDITURES 236,635 236,635 0 SURPLUS/ (SHORTFALL) (174,635) 2QTRFIN2 PAGE 7 11/30/94 , TOWN OF VAIL ~COUNCIL CONTINGENC,Y 1994 Contingency Special Unallocated Funds Events Marketing ~ Funds Original Budget Amount $50,000 20,000 149,500 Uses: Sister City Trip - January 3,753 99 World Championship Bid Gifts 1,797 CML Conference (Allocated in 1993) 3,378 Buck Allen - 15 Year Award 500 Council Retreat 6,064 Colorado Film Commission 500 U.S. Ski Team Contribution, Chad Fleischer (Paid in 1993) 2,500 Bear Proof Garbage Cans (Allocated) 3,000 Colorado Children's Chorale 500 Sister Cities Exchange (Estimate) 6,500 Summer Airline Promotion ($40k Committed) 40,000 St. Moritz "Vail NighY" Presentation (Estimate) 2,760 VVF World Ski Championship Training 50,000 Bike Maps Second Edition '11,500 John Horan Kates Sister City Facilitator ($2,000 in 1995) 3,000 Retirement Gifts 3,000 Colorado Ski Museum Corporate Table 500 Nutcracker Ballet 1,000 Vail International Celtic Festival (Bagpipes) 10,500 TOV Library - Family Children's Theatre (1995) 500 Lyndon Ellefson - Fila Skymarathon Final 500 Chad Fleischer 1,000 4,000 Festival of Lights 50,000 Total Amount Used 29,492 20,000 149,260 Total Amount Left $20,508 $0 $240 CQUCON94 PAGE 8 ' 11/30/94 M p p pnn p /~~OpG ~~p WfY Y~~WLLE OYy DEP4°a Otlp~ YTYVOENY~P SYVV.RIS ~ Savings Savings Savings Balance Used Balance 12/31 /93 1994 12/31 /94 General Fund: Muni Court 5,643 5,643 Town Nianager 42,491 32,700 9,791 Admin Services 26,617 7,500 19,117 Community Relations 6,475 2,077 4,398 Community Development 80,065 67,162 12,903 Police 28,883 28,883 Public Works/Transportation 116,341 48,956 67,385 Library 6,828 6,828 Total General Fund 313,343 158,395 154,948 Fleet fViaintenance 24,756 2,456 22,300 2QTRFIN2 PAGE 9 12/01/94 TOWN OF VAIL " SCHEDULE OF 1994 SUPPLEMENTAL APPROPRIATIONS ADDITIONAL P ROJ ECT 1994 No. EXPENDITURE OR PROJECT E=XPENDITURES GENERAL FUND: Administration: Cost Accounting Software for Public Works " 7,500 Replace Canopy Tents for Street Entertainment ' 1,000 Property & Liab Insurance Increase 55,633 Additional Recruiting Costs 23,000 Trappers Run Closing Costs and Consulting 34,000 Range Compression Adjustments 1,076 Correct Fire Safe Amount ' (623) Coin Changer ' 1,700 VA & Avon Sister City Contribution 2,500 Court Appointed Council 2,000 Community Developmenf: Range Compression Adjustments 2,478 Planner 1 New Position 14,500 Furniture and Carpet for New Planner * 2,638 Police Department Ford Park Special Events Shuttle (Revenue) 961 Range Compression Adjustments 20,081 Fire Department Haz Mat Reimb (Revenue) 2,734 Range Compression Adjustments 15,915 Grant Pass Tiiru 48,391 a Public Works: Range Compression Adjustments 7,792 Correct Prior Amendment - Used Wrong Fund ` (6,402) Transportation Special Events Shuttle (Revenue) 29,666 Eagle, Gypsum Shuttle 8,850 Library Range Compression Adjustments 190 Grant Revenue 45,000 SUBTOTAL: GENERAL FUND 320,580 ' Department Savings Was Used. 2QTRFIN2 PAGE 10 12/01/94 CAPITAL PROJECTS FUND: VA Reimbursement for Overlay Cost (Revenue) 31,000 Subtotal: Projects Fund 31,000 REAL ESTATE TRANSFER TAX FUND Reimb by CDOT for West Vail Work 19,743 PARKING STRUCTURE FUND: Computer Equip * • 5,402 Property & Liab Insurance tncrease 715 6,117 HEAVY EQpUIPfl1iENT FUND: Auto Body Repair Revenue (Revenue) 62,000 Computer Equip * 2,816 Property & Liab Insurance Increase 3,915 68,731 VAIL HOUSING FIDND Purchase of Potato Patch Unit 50,000 BOOTH CREEGC DEB'f SERVICE FUND Debt Service Generated by Assessments 75,000 CaRAND TOYAL 571,171 2QTRFIN2 PAGE 11 12/01/94 Town of Vail Sales Tax Estimation Worksheet 11/25/94 cnenye % cnenoe 1894 IYom Irom MOI1tF1. 1983 1984 1995 1986 1887 1988 1989 1990 1991 1992 1993 Budyet EsUmate Vartance 1893 Budyet ~ ~ ~ N~x i y Ir ~ t ~ N n ~q ` ~n n • i n .N t G I~ : iC r r. , i C~ ...t ~ r ~ u'+J °94 i ° i pr ~ P~~ I~ d~ i.. r ~i~ ~'t . 1 m'. ~f ii ~P i ~ F,:: I I a 'X ..6~ i iN. . .l ~ •I~ YiF ~ ~ ~ I N ~ rGN i~~ ~q y ~ G• "Y~r ~Ih I ' d 1.4~ ~'I. ~ . ~i ~ ~i'i i;. ,~~~'~I o ; ~ A'r~ i: a~i . ~ i: i. i ba;~,a I I ih.~ I I' i .w. t~ k n I„ ,I~. ~..~i h ~•>h1! C. .~E i ~ r ;:r a. n ~~:.I n. i~ pll ~ :d! IC ~ .r. , ~ . L h. ~ a ~ ,ak ~ F.:S..~ ~~7. ..k .IF.~. .I. .....:..e...~,~....:~ .:v..~.. ~...~.e..-... .~..,......r . .:ir... .~........,.....i .t....~..: :.::...n .l. .a : .~3...~.~......r,.~ Ei .~.J ~ kF.. January 696,752 742,262 881,304 890,585 1,063,196 1,126,496 1,465,870 1,599,123 1,713,091 1,709,654 1,855,3641 1,892,100 1,804,282 (67,818) -2.75°h 4.64% February 751,856 824;650 918,154 946,552 1,135,786 1,205,101 1,561,286 1,695,850 1,737,343 1,780,568 1,828,766 1,866,900 1,813,070 (53,830) -0.86°,6 -2.88% March. 977,828 1,084,814 1,187,520 1,316,652 1,378,782 1,591,705 1,939,758 1,897,718 2,051,820 1,977,995 1,988,0901 2,030,900 2,249,232 218,332 13.14% 10.75°h A ril 319,546 481.204 531,668 430,877 425,961 550,205 567,684 634,174 616,648 691,163 864,303 883,000 792,884 (90,116) -8.26% -10.21% May 156,588 166,200 162,912 2441987 245,518 170,567 215,548 236,359 250,809 268,000 257;248 264,900 285,530 20,630 10.99% 7.79% June 257,744 262,696 280,828 361,627 331,581 329,039 393,470 448,227 468,948 468,598 475,1611 479,300 547,128 67,828 15.15% 14.15°,b ~ July 407,474 406,462 447,815 479,507 479,201 559,683 649,139 665,094 737,288 742,750 811,538 832,500 889,730 57,230 9.6496 6.87% :n (D August 384,338 402,792 386,985 512,513 536,904 575,887 668,119 676,071 761,992 767,257 825,954 845,200 887,331 42,131 7.4396 4.9896 N September 324,670 384,864 340,102 374,060 442,402 422,502 469,032 482,328 491,684 485,954 560,535 567,600 713,266 145,666 27.25% 25.66°h October 198,614 206,248 209,282 237,504 273,951 291,204 335,740 364,002 324,802 367,578 400,525 403,700 383,237 (20,463) -4.32°b -5.07% , F s 1 § R. b .i .t M ~ 1 •~I ,.e~ ,I t J . 4 .~.I:~; a^ b~q< sk .~,TA Y e. h.I e~. E I r Na.~ ~4 ..vL. .w"i :a.. . ~.i :fw .e.r n.'.~....~..1...:.....~:_, . .v::h.~.. .r::,..r......~ ~.:n. . .i i.. . r . ,.....t ~.a.. ,..i .i~~, . . . . . . . . . . . : , . , I. TCTAL 4,475,410 4,962,192 5,346,570 5,794,864 6,313,282 6,822,389 8,265,646 8,700,946 9,154,425 9,259,517 9,867,484 10,066,100 10,365,690 299,590 5.05°,6 2.98°h y ~i .1 ~ t 't f ~ t i 9. T: ~ I I~ 1 ~ ii u i ~ .r 1 t y~ , ~,8'. ~ I tl~ 7; i ~ I r v"~_~~,yy f ..~~a . I ~ I 1 I I I I ~II l, I'' r y N I ~ I. N I lir ~I~~ • I~II~ . ~ ~ 1 I ~"b 1 ~ I, ~ I I. ~ al ~ I ~,I I, ~ II .I i I~~ . i • ~ I : 11, Miq E w': ~ ~ ~ 901 II. i ,.,r : ~M n ~ p d. ~ ;E~il ~ ' . . .d rr. ' i ~ .::1,: . . _ . . . i . . ° . : ...:.I;:,. I . ~ . . ~r . i . x . y.,<i ~x! ~o* ~ . •.i.:. ~ . . . . . . . . . . . . . . . . .:e'..,. November 281,704 310,588 229,083 376,657 386,270 376,235 430,820 438,731 428,086 497,907 553,6811 555,000 December 853,100 906,758 905,955 1,167,280 1,245,612 1,455,948 1,615,278 1,625,219 1,691,775 1,846,223 1,974,553 1,993,167 Y .:F,: F t k~ ~x }.t Jn a6 .:1 %zi ~ , ..3 '€n. . y ~ ~~:;E ~ . . , , ~ . . . . . . . ...:..n ~i. ~ d , Total 5,610,214 6,179,538 6,481,608 7,338,801 7,945.164 8,654,572 10,311,744 10,764,896 11,274,286 11,603,647 12,395,718 12,614,267 10,365.690 i„ - . TOWN OF VAIL REAL ESTATE TRAIVSFER TAX HISTORY 1980 TO 1994 1980 1981. 1982 1983 1984 1985 1986 1987 1988 ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL JANUARY $63,999 $98,089 $106,981 $119,972 $78,053 $80,733 $101,374 $131,916 $96,119 FEBRUAR $40,595 $69,018 $105,024 $132,220 $86,289 $170,052 $64,906 $44,040 $109,873 MA R C H $69, 886 $126, 935 $109, 533 $137, 820 $62, 693 $63, 831 $92, 557 $38, 791 $68,104 APRIL $76,855 $94,653 $65,900 $103,526 $173,321 $90,396 $182,743 $95,554 $179,671 MAY $42,738 $84,324 $54,663 $90,599 $96,006 $228,673 $98,65.1 $120,984 $99,736 JUNE $62,239 $125,433 $54,488 $140,638 $76,467 $49,513 $79,915 $73,509 $101,364 J U LY $49, 367 $186,110 $104, 262 $68, 539 $157, 598 $88, 528 $70, 441 $47, 949 $126, 537 AUGUST $79,859 $115,499 $71,282 $97,806 $58,937 $32,860 $100,182 $61,137 $109,315. = S E PT $59, 800 $113, 992 $49, 332 $96, 746 $64, 671 $48, 516 $108,167 $78, 819 $116, 557 OCTOBER $108,510 $154,000 $42,498 $122,546 $88,732 $109,633 $93,860 $124,291 $1771360 NOV $102,623 $107,768 $81,698 $91,385 $105,109 $74,909 $89,047 $114,839 $241,888 DEC $142,662 $133,867 $110,911 $56,533 $81,890 $333,139 $106,695 $95,495 $192,947 ¢ a TOTAL $899,133 $1,409,688 $956,572 $1,258,330 $1,129,766'$1,370,783 $1,188,538 $1,027,324 $1,619,471 1989 1990 1991 1992 1993 1994 ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL RESALE TMSHRE OTHER JANUARY $309,232 $162,954 $165,141 $88,238 $179,188 $220,453 $219,156 $1,289 $8 FEBRUAR $140,192 $133,085 $71,413 $110,960 $141,960 $240,702 $239,350 $1,330 $22 MARCH $145,957 $77,995 $183,698 $116,626 $178,032 $87,542 $86,155 $1,271 $116 APRIL $151,069 $152,027 $108,040 $213,245 $107,475 $223,569 $222,432 $984 $153 MAY $220,299 $167,972 $96,994 $142,817 $189,742 $82,092 $79,603 $2,333 $156 JUNE $122,466 $136,364 $141,863 $138,852 $112,847 $174,923 $172,872 $1,232 , $819 JULY $125,676 $75,169 $132,042 $95,373 $168,959 $78,419 $77,524 $889 $6 AUGUST $86,347 $77,486 $99,820 $91;695 $145,035 $126,988 $126,322 . $565 $101 SEPI" $143,306 $75,746 $85,645 $132,331 $195,685 $262,758 $258,184 $2,011 $2,563 OCTOBER $241,393 $118,986 $258,974 $179,094 $180,475 $274,475 $273,547 $922 $6 N OV $165, 964 $102, 210 $268, 394 $240, 933 $176,174 $420, 408 $419, 081 $1, 239 $88 DEC $192,737 $107,880 $95,742 $441,832 $202,004 $0 TOTAL. $2,044,638 $1,387,874 $1,707,766 $1,991,996 $1,9771576 $2,192,329 $2,174,226 $14,065 $4,038 ' v, PLANNINC AND ENVIROPlMEN'TAL COIIAMISSION ~ November 28, 1994 AGEIVDA Proiect Orientation/Lunch 12:00 p.m. Site Visits 1:00 P.M. Serrano's Mountain School Drivers: Andy and Randy Public 9iearinq . 2:00 p.m. 1. A request for a density and GRFA variances to allow for the conversion of the Fulton Ironworks Restaurant to a residence to be located at 1136 Sandstone Drive, Units A- 109 and A-110/Homestake Condominiums. Applicant: Karen Bouchard Planner: Jim Curnutte 2. A request for a wrorksession for a major exterior alteration in the Commercial Core I zone district and site coverage, stream setback, density (GRFA) and loading and ` delivery variances and a request for conditional use permits to allow for an outdoor dining deck and to allow for office use on the third floor to allow for the redevelopment of Serrano's located at 298 Hanson Ranch Road/Lot C, Block 2, Vail Village 1 st Filing. Applicant: Margretta B. Parks and Vail Associates, Inc. Planner: Andy Knudtsen 3. A request for an amendment to Section 17.26 of the Town's Subdivision Regulations - Condominiums and Condominiums and Conversions. Applicant: Town of Vail, represented by Tom Moorhead 4. A request for a change to the Land Use Plan from Park (P) to Low Density Residential (LDR) for a parcel owned by the Vail Valley Consolidated Water District, located at 967 . Vail Valley Drive/Tract C, Vail Village 7th Filing. Applicant: Vail Valley Consolidated Water District, represented by Pat Dauphanais Planner: Jim Curnutte TABLED TO DECEAABER 12,1994 5. A request. for a site coverage variance and a conditional use permit to allow for an expansion at the Vail Mountain School located at 3160 Katsos Ranch Road/Part of Lot 12, Block 2, Vail Village 12th Filing. Applicant: Pam Hopkins, representing the Vail Mountain School Planner: Randy Stouder TABLED U1VTBL DECEMBER 12, '9994 1 6. A request for a conditional use to allow for an expansiori to the existing liquor store {ocated at Cascade Crossing, 1031 South Frontage Road We-st/an unplatted parcel north of the Glen Lyon Office Building. Applicant: William Van Schneidaw Planner: Andy. Knudtsen WITHDRAw?N 7. Approve minutes from November 14, 1994 PEC meetincl. 8. Council Update: •Dan Frederick appeal. 9. Steering Committee/Task Force Update: •Vail Commons. ~ r ''~u~% • • . 2 ~ A a VaH Asso~iates9 W. Noveffiber 21, 1994 ~ ~ Mayor Peggy Osterfoss 'd'own of Vaaafl 75 South ]Frontage dtoad Vail, Colorado 81658 Dear liqayor Osterfoss: Ian coainection with the ongoing dascussions between t1ae 'Il'own of Vaal and Vail Associates concerning our collective efforts toward managed growfh, we are pleased to respond to the Town's specific requests presented to us. lEarst ancl foremost, Vail Elssociates as pleased to demonstrate our commitment and oaar ciedicataon to the completion of the roundabout projects liy agreeing Bo ffiake a$500,000 contribudon toward such projects. VVe would propose to deposit $he entire amount off such contributaon into an escrow, upon the #`inaY approva9 of the rlesign and constructaon off the ffiain `'aii roundabout aaid the deaelopment ancl ianplementation of a financing . plann ffor same. Periodic disbursements would be anade from sucla e.scrow as constnaction progresses. Such contribution represent.s our commitaxent towarcl solving what the Town, Vail Associates, experts, guests and resident.s aYl percefve as the anaim.traffic ancfl owners and operators o/ carcaglataon assue which is viewed as a qualitative detrac#ion from the Vafl experiencea Vai/, Beaver GeekResort W~ feel so strongly about this project that we are umwilliaig to agree to any alternative or andArrowheadMountain "back_up" use of thas contribu'on. We aLso feel ghat at as important that the Town ancl Vaafl Assocaates solicit and encourage other financiafl saapport for the roundabouts beyond tlaat of Vail Associates and the Towna Ian response to ghe requested conveyance to the 'g'own by Vail Associa4es of green belt space and/or stAeam Qracts, we are looldng into the various parceDs that remain under oanr ownership. ,As sQated aY the October 20 naeeting, Qtie Town reanains ainclear as to which specific parcels need to be addressed. We walg continaae to work witla the 'g'own to cYeteranine those parcels that yoia would like to have deeded to you fronn Vaifl Associates. lFrom that deteamanation, we wilY be able to fully aciciress your xequeste Obvaously, anY parceLs deeded vvilY need 4o be progerly made peraxaanent open space, with adequate reservations off necessaay Vail Associates developmental and other night.s. VaiI Elssociate.s contanues to suppork the concept of gnerchaait and student passes; however, it as ainpossible f'or us to com8nit uaow to a sgecifac perpetiaafl gercentage discoaaxxt for the programs. We wilfl contanue to address these programs on amm annual basas, with a clear uaaderstanding of the importance with whicfla the coffimunity vfews these programs. ~ 1119%WHLDAVIN! ' S[1 CNAq/10\'fNl1f TU1 111.112 Ctf f [ <.L .1, o0 PO Box 7 > Vail, Colorado a 81658 . phone 303 476 5601 . ~ ~ Mayor Peggy Osterfoss November 21, 1994 Page 2 In response to your request for a contribution to additional parldng structures, Vail Associates will agree to offer future participation, to the extent of Vail Associates' "fair share," in connection with the Town's reasonable endeavors to iimprove the existing winter parking situation, if circumstances change so that additional parlflng is nec.essary due to increased slder numbers. Vail Associates strongly supports the concept of express x?us service from Edwards to Vail. However, we believe that this should continue to be addrESSed and funded at the County level, which, as you lnow through your efforts, is now ]happening. Leases of Pirate Ship Park and the Lionshead Tot Lot can be piut in place. Obviously, Vail Associates will need to reserve any necessary tlexibiliity, including the right to relocate the parks to other locations if development or slfli-related needs dictates such requirement. Vail Associates will be happy to designate a"point persont" to help research and aid in developing park and ride sites throughout the Vail Valley in a joint effort with th-e Town and the Regional Transit System. We feel, however, that the incremental proceeds from the 4% lift tax slnould cover any costs incurred in connection with this endeavor. With regard to housing, and as more specifically addressed in the proposed managed growth Agreement with the Town, Vail Associates remains fully committed to continue to work with the Town and others to satisfy the continued demand for affordable employee housing. I hope that the foregoing gives you an understanding of N'ail Associates' reasoning regarding the Town's requests. Please feel free to follow up witlh us on any of tbese items. While addressing the Town's requests, we feel it appropriate to iraise with you certain of . our concerns which we feel should also be addressed at this time. We would request the Town's cooperation and coaceptual support with regard to the upcoming approval process for the Golden Peak redevelopment. We ask that the Town conceptually support Vail Associates' proposal, including any necessary aoning changes. We feel that the improvements to the Golden Peak portal, incluclling the improvement of the parlflng system, are fully consistent with the Town's efforts Y.o alleviate the pressure A ti! o a ~ IVgayor Peggy Osterfoss November 21, 1994 &'age 3 on the maixi pariflng structure and Bridge Street. lFinally, F'orest Road 'as presently being addressed. V6'e woailcl like to see the Town's efforts in support of the trade of the shopyard for the snowdump lot. Imm the best anterest of the communat;y, Vaii Associates would be willing to re-roeate the sno`vcat route at a shared expense witla the Town and other affected parties, wath eeeayone payang thefr "fair share." Thagnk you ffor your patience as we have researchec? these ftems. We are hapPY to spend anore ti}ne with you nn discussing aaay off the foregoing subjects. Sincerely, 0' AIL., L"n~7JO'L1LtA llJGSy 1LLV'1.. . / / / - ! ~ ilrew P. Da9y, Pxesident APD.jab h:UuHerkrespoa9e.ur $8 I)RAF'r ° 11/21/94 , r DISCUSSION DOCUMEPt',r TOWN OF VAII~/VAIL ASS0CIATE;S gROGRM TO MANAGZ pEpK I?ERIdDS 1. IntrQSiuction. The Town of Vail ("TOV'I) and 11ai1 Associates ("VA") both recognize the importance of providing Vail's guests and residents with the hiqhest: quality experience. As part of tkiis goal, TOV and VA are strivfng to bettAr balanco the levels of visitation amonq and within the different 8easons so that Vail ca.n become a more year-round resort. On the one hand, it is flormal to see peak periods durinq Christmas, Presid,ents' Wee}cend, and the 4th of July Weekend when the carrying capacities of the community and tho mountain are occasionally pushed. Sometimes these peak periods are accompan:ied by a high influx of c;ars, traffic, and parking prab:tems a]Ll of . which can compromise the quality ot the Vail experiencea On the other hand, there are periods of low to moderate use when the infrastructure, employment b<sse, aricl economic opportunities of the community are unaerutilized. ' Thus, one of tha key challenge,s for TOV mnd VA will be to amplement a serfas ot mnnaigemerit, marketing, and developmant tachniquos $n a coord,inatESh cashion to ~ e ~ o help promote skier visitation during tlie norapeals periodso Essential to this and'wilb be Category 11I, wlhich would ensure more reliable early and gate seasons for the commuazityo Ag the s$me time, TOV and VA wilg aaeed tA eg~sure generally that the carryinq capacaty ot Vai1 (hex°e.inaggeb^ e0the commursityee' mrad Vail Mountain (hereinafger 00the mountain°A ) are not exeeeded durbng peak dennand. TOV and VA have made notable strides in past years ga better control and manaqe such peak day eacperf enceso The acguag number of peak days has decline~ durinq gecent years aBacl the gxowth whicta has occ=ed has beega contained in traditianally nonpea3c seasonso Certagn proqrams have helped to ease the impacts of tgaggic and parking (eego o the Hogiday Tgansportagion and Pagking Pgan) or to ensure more . comfortable skiineg on the Mouata9,n VA°s °Bmanage g~~ skier capacagy pgocjramD a Bubg~ing on these past measuresoTOV and VA g~ow wish t~ expand uad gormagize t,taeir onqoinq discussioa~s throug~ ~ ~ore coffiprehensiva ~eak and norapeak ageaaent pgan 4.~~~ wibl ensure thag community carryia~g capaciti~~ ~~e nAt exceededo Such a pgaLn cauld be incarpArated wgLhiaa the qeaa~~al pmaasage to" fraaework ttaat h$s beeaa used by the k~~~~~~ ~ervaceo TOVa and VA aa p~ ~f VA°s 1986 Speciag ~ermito And such a p1an wgll prove to _ 3 be complementary to the successtul ia?plamentation of Category III which has the backinq and support or TOV and VA. A. Predictinar Peak and Hiqh Use Rpriq~. Pradict3nq peak periods and manaqing the :Lmpacts associated with visitor use is often comp]licated by factors which are beyond TOV and VA's coni:sol. Urtpredictable weather, traffic accide;nts, unxeliable snow conditions, and other events can comprcmise the visitos experience in spite of the beist laid plans. Nevertheless, based on past experienci:s, 3'OV and vA are in a better positian nov to anticipatEa peak eisitations (both on the Mountain and in the Town) and to manage these periods to the satisfaction of cruests and res3dents alike. Past experience has shown that the time period maet likely to reach peak visitation c?ccurs between December 26 and December 31o in addit:ion, greater than averaqe (phiqh usea) visitation also occur,s on Prasidentat Weekend and on aome weeken.ds biatween the . third week og February throuqh the end of 1Niarcho B. ffeasurina Peak and High Use period,g. As a general matter, the number of "skiers-at-one-time01 (10SAOT") has been a good benchmark Por preciicting when carryinq capacity is exceeded. o o Becaus'e VA h~~ excelleaag pasg geCOrds reqarding skieg visigs and now can tgack sk~~r numbegs on a relagively instaaaganeous basis (through its bar cAdfng mysgem) o SAOT is a convenieaato usualgy reliabge j.ndicagoro T6V and VA recogniae thag SAOT wigg aaot always reglecg community impacts and thus occasiona],ly aauet be weigtaed with other relevant factorso For exampgQ~ gf a majag conventiong a world chaaapionship evenga or ogher special event were tA occur during tae aaonpeak 5ki seasono impact~ ~o the Tawn miqflzt be signigicant in spite of giqht skier use on ~e mountaino Addigionallyo ig vasitors or residegats do not carpoal og rely on.aaass gransito graffic=associated probgems may be severe in spgge og regatively gighg accupancy gates at gocag lodqes or numbers of skiers an the mo~~~ino whi1e the~~ limitationg need to be appgeciagedo SAOT is stilg the besg and easiest gandacagor oL wh~ ~e Toy-yn and Moungain ase aae~~~~g r-apacit~~ ~~ing t-he €iki seasono . . . C. ~s a &gachaarle of Capacitvo %n tae pastp th~ ~igure og g9o9A0 SAO~ ~~s been judged to 1~~ a vagid benc%ark og carrying eapacigy duria~g the winter seasono ddde ba p900 SAFfb wa~ ~~alyz~d and accepted by tae stage of Co1orado (thgAxiqh ~~artmeng ag High~ay~) in 1986 ~~~equently was su~~~rted by s~~e Uni~ed states Forest Service aancg Tova p 5 ~ At the current time, at 19,900 SAOT, th• Town is nearinq capacity particularly with respect tci transportation and ~ parking. D. Managina Peak Ppriods By L'tse of Control "T3ers." From the perspective of T0I? and vA, it is important that the community make efi'orts to maintain , skier visits at or below the 19,900 SAOT threshold and to implement a peak management proqrtim which thoughtfully ccntrols such periods while hopefully provlding tha requiaite encouragemenl: to vieitcrs to visit Vail durinq the nonpeak periodsf. To this end, TOV and VA are hE:reby enterinq into a formal agreement which will identijEy the respective responsibilities of each to ensure that peak visitation remains within the limits of the cariryinq capacity of the community. A series of "tiers" will allow T0V and VA to implement the peak managemant prograim. Yfl addition, TOV snd VA aqree to recammend to tbe V.S. Foxest Service that the aqreement ba incorporated i.nto UA'8 special use permit (as related to Category III) with the IInited 6tates Forest ServicQ. E. Monitoring or Adiusting t:he Peak ManaQement Program. An important component of the peak management plan is m comprehensive monitorinq 6ystem auch as that outlined iu Section VI, balow, to determina how well o ~ o peak periods are ideaatigiedo whicta componen~~ ~f the communityoa infgastxucture are begnq stresseda whet2aer the mitigagaon and cjrowt$ ananageneaat measures are workinqo agad wheYher o~~~ managemaaat googs might be ffiore effective. SCOV aracfl VA xecogni~e thag any agreemeant mu~~ dynaxn..ic and evolvingo Both parties angicipate period~c modifications ~o measua;es giste~ ~n the pl.ang as eeg fort8a $n Section V%a P. Participation gy Bther Part Wo TOV and vA wigg also sees ttae cooperagion of otheg partfes wYaic~ ~~rtly responsible fog qrowth-regated isouse (the resort assocgatiores, chanbers of coanmegceo godqfng assocgagionso and athers) in suppoKting the measures coaataan~~ ~n these proqram o such participation eou1d be uaadertaken on a volun oinformal basiso r119Mment ta the AYOD winte,r 1 seasono Althouqh outside the scope of thfs Agreemento ffi~~~~~s vgigl ag~o be aaeeded to coantgcg peak aad hiqh use pegiodg dtirbx~g the non-ski season (~ojao a Jug~ 4 w~ekendo %Iabor Dayo R.iggergasto etco ) o Proper managemeng of non=ski rega~~d periods wilg be*eqaally criticaJl ensurinq the qaagity og the Vaig ~~~~ieneea Wh~~e TOV musg havo tho pg~~ary roge in mnag~~g no~~ski season growtho VA pledqes igg coopegagioaa. 1 f.i ~ 7 - H. G].ossarv o! Terms. To facilitate review oP this.discussion document, the followi.nq terms ara definod: Christmas Peak: That period which extends between December 26 and December 31. aigh Season: That period whic,h includes Presidents' Weekend and each weekend beginning the third weekend in February through the end c?f March. Incremental lift ticket tax rEivenues: Future lift ticket tax revanues on Vail Mouritain that excsed the 1994 lift ticket tax revenues. "Manaqe to": That process usE:d by the Forest Service in the 1986 Special Use Permi.t and Decieioa Notice to evaluate impacts to Vail Mc>untain and the Towr? when skiers-at-one-tfine exceed 19,900. Nonpeak periods: Those poriofis fallinq outside of the Christmas Paak and Hiqh Seasozi and, which normally include the early ski season, Thankselivinq, the pre- Christmas period, the January to mid•-Februaty period, and the late ski seasona SAOT: Skiers-at-one-time on ilail Mountain. The term is frequently used by the Foresit Servica in settinq benchmark capacity fox visitation at a slci area, both on the aki mountain and within the adjacent eommunity. ao 8 c gg a Ed'ACAldmAn"gitati01'1 QMrjjjq[ R6ak PPrjndn o Sgagting immediategy, TOv and VA would commit go a progrom to encsursge vbsitatioaa durinq underutiliz~~ ~~riods of the wiaateg seasona This effort wosald create incengiwes 40r guesto go visit Vail ag tiaaes ogher thaYa th~ ~eak and high seasAns (as defined later in Sections g%% and %V) and 4:hereby pgoaaote a aaare balanced, h~~lthy economyo To tYais endo TOV ancl VA . would develop a comprehensive p1an.by no lat~r thman Uuns go b~~~ ~~t expands up~n and degail~ ~e measures seg farth begou in this section e A. VA ResRonsibil?ties_== NonRe.ak exi.odgo Measures wougd be ampgemented by VA to encougage visitagioxe during nonpeak periodso includingo 1o %ngensiZied anarketang of Vaia bath within and oug~~~~ ~e 9roaat Rangeo 2. Expanded internatioxaal aaarketing0 3o ProvicRe seg~ctive skier pgoaaotional ancentiveso incguding incentiv~~ ~o n o figst-time domestic desginaggon skierso 4. Encourage godqe owners to use proanotional $anceaetaves aaad pac~ging arrangements fos ind~~~g more glexibge g~ngths of stay. e g e B. T~OV Responsibiliti.es N'antieak Periods. . Measures would be implemented by TOV' to encourage visitation during the nonpeak poriods, includinq: 1. Working with lodqe owners to encourage lodginq incentivoa. 2. Creatinq certain park:inq incentives (reduced fees or free parking) in conjunction.with vA lift ticket incentives at certain tiaaes d.uring ncnpeak periods to attract Front Range and vELlue-conscious destination visitors. 3. Workinq with the commu,nity at large to encouraqa the joint financing and hosting of special . events. 4. Workinq more intensively with the Avon/ Beaver Creek Resort Associatlon ("ABC;RA10),, Lion°a Head Merchants Association ("LHKA"), Vail 'Valley Tourism and. Convehtion Hureau ("WTCB"), and otheir_associations to increase nonpeak visitation. 5. TO~ znd VA would j oint7:y appoint a broad- based comiaunity task force by June 1, 1995 to explore additional mechanisms to bettar utiliz;o.existing resources dusing the nonpeak periods. This task forca would rvpost on ssemiarinual basis to the Asseasment Committee referenced in Saction vi.8. D ` e o10 ggg. Coratrolgan~ ~e Chriatmas (December 26= e ea iodo TOV and VA ~ould impgement a series, og manageaenit efforts to deaY more comprehensively with the historic p~~ pera~~ durisag Christmas vacatfon (December 26=31) o Thbs f iveaday period has the greatest chance og exceeding 19 0 900 SAOT unla$s peak. managemerat measures axe institutedo ~arties do recocrai~e that on occasioga there can be relatively gow visitatgoaa days dux inc~ ~e Chrisgmas season due go a vasiety of facgorso ] . These growth ffianagement measur~s would followa as necessaryg undeg a segies of seguegagial tierso A. 1. Startia~g immedaategyo `~A woubd implemeaat the foggowang proqra~ during the Decembe~ ~~cember 31 ~~riodo ~~ardless og whether Vaig Mountain . . at capacityo ao Adjta~t marketgng to Froa~~ Ranqe day . skiegs to avoid exceedang 19,900 SAA'°~ during ghe perioda The success of ~is ef~ort wigg be ffionitored and asses~~d thgoragl~ ~onitorincj program in section vi begowo bo Limit~ ~r miana~ge-Pgo nt Rang~ ~romotaonal gicketia~~ incentive~ ~o a~~~d exceedbng ' b9p90Cl SBSI'k3+d dMtS ing 1b871~ ~erdo3 0 AII9e mAnitorinF~ c~06d ~J . - 11 - a8sessment proqram in Section VI be:low afll track the succese of this effort. c e Restrict ski pas:aes cif employoes, students, merchant passes, and Colorado car8holdera ndurinq the period. d. Provide bus passE:s to appropriate VA employees for the regional transit system and encourage the use ot tha free.TOV bus system. a. Encourage employe:e carpoolinq by providinq parkinq incentives when thireo or mors employees ri8e j.n t.he same car. r. Develop, in coajunction with Tov arid the regional transit system, a plan by no later than June 1, 1995 to facilitate off-site park and ti8a proqrams for employees of VA. As part olt thls efforte VA would develop cooperative relationships with public schools) and privste institutions to utilize appropriatQ parkinq sitee rahich are ,avai7la.ble cluring. this time period. Specilic Bite 1oGatio:is ana funaing . mechanisms wculd be included in the plan. q. Extend mountain operat:ions to epread ingress and eqress periods be:eore 8:30 a.m., after 4:00 pam.). Any extengion of iDperational hours wculd be coordinated with ToV and nolt interfere with TOV'6 delivery of services (e.g., snow zemoval, ) a ho Sgagger employee work hourso as pgacgicabgeo mitiqate tratfic and parking proble.mso i0 W0~k witta TOv and Eaqge County to incgease reg iance upon vans and ather publ ic transportatioaa go and fgom the Eag~~ ~ourbty agnd Denver gnteanagional airports and within ToV while discourffiging regiance upoaa gengal cagso To this ando VA would develop a comprehensive pgara Idith ToV by no gater than Jusie go g995 o including fundinq mechaaagsmso The plan wougd also incgude backiap regalatory measures in the eveng thag othes mechasaisffis to discouraqe use of reaatal ~ars ag~ ~successfug o At a minfmimo ~V and VA woaald review and ta~~~e the pgan evexy other yearo 2. Starting immedAagelya `~~V would implemereg a variegy og pgogra~~ ~uria2q the Deceanber 26=Decemlaer 31 pag~odo g~gardg~~~ ~f whe~~r the Towra of Vail is at capacigyo go gmpgementation mf a proactiveo hands- on management effort in coogdinat4~~ ~~equategy contrag peak trafgi~ and parkfnep issuea associaged wigh the ~eako ' %ncguded in such eggoxts aro proac~~~e ma8aagement of the tra~fic circugation and pagking sy~temso creative algocagioan oS • D ~ervica8 eggecggve utigization og law esaforcemsant .persoaneg s and ]betgeg ~strabut$on skiers to the digf~~rent }~~~e areQ Eacilitieso TOV couits to gfl~ely . ~ inaplementatiun of such measuras, particularly during inclement weather periods where traffic conditions can be exacerbated, b. Provide bus passes to TOV omployees for the reqional transit system and encourage use ot the free TOV bus system. c. Impose appropriate parkinq restrictions on employees (a.g., even/odd license plate parkinq restrictions). d. Adjust parkinq policies so as to aaaximize tha number of spaces available for Vail's visitors. e. Encourage employee car.pooling by providinq parking incentivea whan three or more employees ride in the same car, f. Develop, in conjunction with vA and the reqional transit system, a plan ;by ne lates than June 1, 1995 to facilitate off-site ;park and ride proqrams for employees of TOV durinq the Christmas peak, As part of this etfort, TOV would develop cooperative relationships vith public (g.g., schools) and privata institutions to utilize appropriate ;parkjlnq sites which are available durinq this time periad. q. Stagqer employee work hours, as practicablQ, to m3tiqate tralfic and parltinq problemsa . • ~g~~ ho %gac~~~~e number oS buse~ durinq ~e lperiod go accammodage gagqeg numbers of r$degeo gn ce~~in caseso rea~~si~ buses ga different ~eographicag areaso Ioao o otagg~ing-areasQ and provide more gr~equent service go su~~ ~reas, . . $o Devegop a plan by no gater than 51ans 1, 1995 r~ith local businesses go amplemeng caanparable aneasuges on a vola~~ary basiso a o Work with VA aaad Eaqle CAunty to incgease relf~~e upon vans and o~~~ pubYic i~ransportagion ~o ancR fgom the Eaqle County and Deraveg %ngesnagionag aixtipoa-~s aLaa~ ~~~in TOV whibe discouxaqinq gelianee upa~ rengal carso To this ando TAV wauld develop a compgeheaasive plan with VA by no gater than .Tuns g o 1995oincluding appropriate fundinq mechanismsa The pgan woald &gso incgu~~ ~ackup regulatary measures in th~ event tha?t otaer mechanisms go discourage aase of rental car~ ~~e unsucceeqffulo At a ffifaaimumo the plan wougd be gevievad and uapdated eve~ otheg yearo ko x"his tec~ique would be accompanied by TOV ° o rigag~u@ managment Af pubg $c paskinq sgractea~~~ maxaffiizo tha numbeg of spac~s avaigable for Vaig°s vgsgtors and to reduce gocal traffic durinq ingress aand ecgress hour@o Examples of measures go be effiployed l~y TOV dusing th~ ~~stms~s pegf~ ~ou31d . incgaxds (g) a~~~stment og short=term pa~~~ feagg . ° 15' - (specifically in the morning) 1 (2) ad j ustment ot policies and !ee structuree to maximize ,kier visitation during th• day and maximite village visiitatiora in ths evening; and (3) restruaturinq use of local discounts during thesa specilic peak periods. The Town will produce a plan to reach such maximiziatiori before June 10 1995. B. Tier II: Additienal Qr otmas Peak Manaaement Measures. In the event tl.iat SAOT exceeds 19,900 for mora than two days durinq t.he December 26-31 peak period in a given year in spite of the management measures listQd in Tier I above, VA irould add the t'ollowing management proqrams during the next December 26-December 31 seasons 1. Adjustments to lift ticket prices to reflect full retail value. 2. Special or multi-day t:icketing requirements within the guidelines of' U.S. Forest Service raqulations. 3. Staqqer permitted skii,nq houro for a portion of skiors througb lift ticket: options (g.g.,. g a.m. - 2 p.m. or lo a.mv - 4 p.m.) once the new technologiea oP bar coding and ecanning dievicee are in place to keep on-mountain skiers below 19,900. 4. Encouraqe skiers, particulariy those staying or resi8ing down vallay, to utilize VA o o gaci1igi8e ag Beaveg Cre¢:lca 1Bachel.or Gu1C2aa and Arrowh'aeado C. Xier gS~Ya gf ittne measures listed in Tier g% abeve (1-4) sgill restalt in .19, 9A9 SA0T beincg eacceeded tkaag etristmas seasoxao ~e Foges~ ~ervicea in conjtanctfon wita VA aaad TOVo would meet as soon as pracgicablra and impleaae~~ "managed go08 proggan set fortIln iaa VA°s 1986 Speciag Use Permito In esseaicea this prOL°esffi ~1.OLSld reCj1SAg'e tlAo bOVo BFld the s!'8res$ a7ervg(°ie b0 revi~w the operationag status of gacigities and oervicea, the healgho safetyp and welfare oS guestso and otaer gacgor6 so thm~ ~e Forest Service csan ~~~ermiaae whetaeg further tickeg sales aaay proceede VAo ToVo and g&~e Faresg Sexvics wougd also evaluate whether agay . paggex-n ia Bmexgina~ ~ skier visi~ation that woaald gesig.9.g in freqta~t exceedences of 19,900 S?a6T necessgtatiaag gustYnez evaLguation oi community impa~s and pvtengiag adjust.mean~ of manaqeaent measureso gS ~~~~g the folgowin~ ~~stmas peak periodo 19 p 9AO SAO'I' h2+1s Y10~ ~een (€YCeededo theYA VA w0881d ret&gg'$5 ~o the SPieg gmanBgeffie%bt 9IIeas8EreS a83d fOrecjo the 8beed to BSse °g°ge8' gg measuKeso gVo ContseoLUnM-Hish s~~~Qn visitationo vA axad TAV wougd ~~~~~~~r imp1.ementing a r~~~~~~ mWn~gemeant efgort@ to deab with hfstoric phigh - 17 ~ season" use. Hiqh season includes PrQSidents' Weakand and wQeketids extendinq froa the third weeken8 in February through the.end of March. lHistorically, these pariods have experienced qreater tbain avegage skier visitation, although at levels qener;ally below those of the Christmas peak. Therefore, VA and ToV will imiplement a series of measures set forth fn Tiers I-III in this section to achieve the qoals of (1) maintaininq SAOT levels during the hiqh season at or below 19,900 aiRd (2) ensuring ttie best possible quality of services in the Town durinq ~ these period$. . A. ier . 1. VA would implement the following measures during the hiqh saason, roqardlarc of whethar capacity is beinq exceeded: a. Ad j ust maYketinq iind ad j ust advertieinq strateqiea in an effort 1to avoid exceedinq 19,900 SAOT. The succees of this efieort will be monitored and assessed through the monitcrring progrsm iai . Sectien vI belov. . ' b. Limit or manaqe Ficont Range promotional ticketinq incentives in iin et'fort to avoid exceedinq 19090o SAOT durinq tha per:lod. The monitorinq and assessment proqram set !oz-t.h in Sectioa VI below will track the success of this effori:. ca Encourage employee carpooling by providing free paglcin~ and exceptions ta d~iving gestrictions when three og moge employees gfde in the same cago dm During times suc2a as Presidents° Weekend agad Spring Bgeako facigitate off=site park and ride procgx°ams for employees of VA in conjunction with Tov and the regionag transit systema A specific plan to accomplish this Eaill be prepared by June la 19950 As jpart o~ th~~ ~lano VA weuld develop cooperative regationsh~~s with public schools) and priwate • institut~ons to uta.lize appropgiate parking sites which are available dtaring this time periodo so Extencl mountain operations to spread ingx~~s and egrees periods Q~ o g o~ before 8a 30 aa aa o 0 after 4o00 pomo) o Any exge-nsion of operational hours wou9.d be coordiaiated wa.th TOV and not interfere with TOV°s de1ivery og services (ea=qo g saaow removal)o go Sgaggeg empgoyeo work hoursp as practfcableo ~o mitigage traffic and parking problemso go work w~th Tov agad Eag1.e County to ancremse srelliance upon vans and other ptablic graasportation go and fsom the Eagle County aLrad Denves gaatesga~tional aixpo~s and within TOv while discouragin~ ~~~iance upoaa ~ental carsa ~o this eado VA would deveg~~ ~ comprebensive pgan ~~~h TM by no 9.ater than - 19 - June 1, 1995, includinq appropriato !'unding moohanigme. The plan would also include backup rE?gul8tory meagures in the event that other mechanisms to discourage use of • rental cars are unsuccessful. 2. ToV would implement the following mea6ures durinq the high season, reqardle,ss of whether capacity is being exceeded: a. Implamentation o= a proactive, handsm on manaqement effort in coordination with VA to adequately control peak traffic and parkiizq issues associated with the higga season peak. In<:luded in such efforts are proactive management of ths traffic circulation and parkinq sy8tems; creative allocation ot bus service; effective utilization of law enforcement personnel; and better distribution oP skiE:rs to the different base area `acilities. ToV coimni.ts to timely implementation of such iaeastares, part;iculasly dnirfriq inclement weather periods where traff:ic cc?nditions can be exacerbated. b. Apply rigorous maniigeme:rat practicee to the Town's public parkinq structurf:s ao, aa to maximizo the number of spaces availab7Le for Vai]L'a visitors and to reduce local tratfic ituring ingreso and egre9a hours. Examples of measures tc> ba employed by , TOV durinq the Christmas period would include (1) adjustment ot short-teraa pmsking i'ees (speca.fically ' q 20 Q in the morraing) o (a) adjusYmeng of policiss and fee structur~~ maasimize skier visitation duriaaq the day and maximize villagre visitatSon in the eveningB and (3) restracturing use ~f local discountffi dt~~~g these . specigic peak periods< c. Develop a plan by no ].ater than juns l0 1995 to facigitatQ ogg=site pffirk and ride pgog-same gor eaaployees oP TOVo As part of this efforta TOV would devel.op eoopegative gelationsh.ips watn public sr.hools) and prgvate institutians to utilize appgopgiage parkirag sites which are available durinq tair. time pariocio specigic site l.ocations aaad fusaciing ffiechaxa~ams vdould be included in the plano do Staqger employee work hourso as practicableg to mggigate tsaffic and parkinq problemso so Increase nunber ot buses duginq the peraad to accommadate largeg numbers of riderso I~ ~ertain caseso reassagn buses to difterent geographica2 areaso ouglying areaso and provi~e imore fsequeaat service to st~~h areaso ro Wogk with loca~ ~usinesses to iffip7lement comp~rabge maasures mxa a voluntary basas o go Work wath VA and Eagle County to incgease goliance upon vnns and other yub:Lia tgansportagion to aa~ ~~~m thp- Eao~~~ ~OUnty and Denves gmgems?gion~~ ~iryorts and within TOV.While dascouraging -2i- reliance upon rental cars. To thia end, '.VOV would develop a comprehensive plan with VA by no later than June 11 1995, including appxopriate lunditiq mechaniems. The plan would alao include backup regulat:ory memsures in the event that other measures to d.iscoLUrage us• of rental cars are unsuccessful. The plign wciuld be reviewed and updated every other ysar,., B. Tier II: AdcLitional Hicrh, ;',eaga anaqement Measures. 1. In the event fchat SAOT durinq the hfqh season exceede 19,900 moro than two tjLmes during this high season perio8 despite impiementat:ion oP the measures listed in Tier I above, VA wciuld implemerit ttie followinq measures duriaq the followir,tq hilgh season period: a. Reduce marketing to, Fxolnt Range skiers during the perioda The success ot 'this effort will be monitared and assessed throuqb, the monitorinq program iat Section V% below. b. Adjust pricinq of lift 1:icket8 to reflect full retail value and/or limit selling og discounted lift tickets. The monitori:taq anci assessment program in Section VI below will track the success of this effort. c. Restrict some or coiabinaLtiona of ski . passes of employees, students, merchanit passes, and G / / O ae cy Colosado cagdhogders during the high season oro alteraaatively, restricg the hours and the l.ocagio~s thasc such ya~~~~ can ~e used during hiqh seasono do Stagqer permitted s3ciinq hours gor a yortaosa of skiers through lift tickeg options (eaga a a a.mo = a pamo os 10 aomo - 4 pomo ) once the new tecYnologies of bar codinq anei scanninq devices ax-e gn pgsce to keep on-ffiaungain s)eiers below g9e90Ao This gechnique wotagd be accompanied by TOV °s rigtorou~ management o~ publfc parkinq sgractures to ffiaximize the numbeg ot spaces available for Vaal° o visitorsa G. Encourage slcierso particularly those gesiding down va~~eyD to utilize VA facilities at Beavas Creeko Bashegor Gulcho and Arrowheada 9a Provfdle bus passes to appropriate VA empgoyees gor the segional transit system and encourage the use og the fgee TOV bus systemo 9. affipose parking restrictions oaa employees throuqh programs such as even/odd ~~cenee . pg~~~ parking restrictiensa 2o gn the evex~t that SAO'I' during the hig~ season exceeds 19,900 mo~e tha~ times during this hiqh seasora ~~~iod despite impleffientati~~ of the measures gisted ia~ I above, TOV woa~~d implement the foglowing ffieasures during the gollowing high -season o - 23 - a. Provide bus passe9, to +appropriate TOV e.mployees for the reqional transit sy'atem and encourage the use oP the tree TOV bus systeme b. Impcse parkinq restricitions on employees through even/odd lfcense plate lparkinq restrictions. c. Provide bus passes to TOV employees for the Avon/Beaver Creelc transit ana enceuraqe use of , the fzee TOV bus system. d. Impose parking restrict:ions on employees throuqh programs such as even/ocld license plate parkinq restrictions. C. Tier III. If implementatiian o!' tlZe abcve measures listed in Tier %I still resu;Lt irk 19,900 SAOT beinq exceeded that high season, then the Fosest Service, in consultation tuith VA and :['OV, would implement the "manaqed to" program sett lozt-h ia VR' a 1986 special use parmit. V. TOV Allocations of Lift Tax Re~renuerz. TOV and VA reaffigm that the piirpose of the lift tax, as embodied in ordinance 14, SerjLes of 1992, is to meet skier-related transportation and circulation needs within the Vail community. TOV and VI? acknowledge that suc,h future transportation neads are E:ubstantia]L and can be only partially satistied throuqh li:ft tax rewenues. Accogdinqlyo other localo stageo and gedezal revenues will b~ ~equirefl to supplemeng gfft tax revenueso Currshtlyo lfgt tax revenues have primarily been used go gun61 the T0V bus system< xOV and V~ ~~~~e that i% gigg tax gevenues gemain in any given year aEgeg costs associffited wit.h TOVB& skier=related bus serrices have beeaa caeeged by sach geveaaues (ag pgovacied ttasouqh o4:heg ggant-s or non-Vla revenue sources) o such supplemental lift tax revenues will be a1.lACated by ToV ga ather psiarity skfer-related transporta?tion needso By doingt soo TOV wigg help to eff~~tuate tha purpoaes of th~s Acjreemea~~ ~~~l malce steady pgogress toward . providing a supergog truasportation/cggculagioaa system foP. Vaig ° a wiatertime gaests 0 Wi~ ~e aciver~~ ~f anticipag~~ ~nnuag sk~~~ visitatgon gSOwtha incrementag geveaaues should agso became avabgable to address these important prioritieso As a gesulg og the yast eighteen aonths of dasc-s~~~ons ~~~coxmgn~ ~owtta man~~~ento TOV and VA ancicipage thag the mest prosca~g ouz-rent skgeg=rela~ed ggansportagion aaeeds includeo but age not gimiged too compgetgon og the rouaa~about ~t the 4=way stopo coa~~truction,og ~ ~~~~~~t in Fdest Vablo developmesat o~ a wssgE~~y and shugtge bus serr~~ from the ptblic pagkin~ ~trucgure to Colden Peak an~ ~ ~~lkway fron the Visga 1~~ ~o Chair So devegopmen~ of appropriate park ~ - 25 and ride sites; expansion of reqiona]l bus servicet expansion of skier drop-oft sites fo2- personal vehicles and creation of better bus drop-off ].ocations at the Westin, Vista Bahn, Golden Peak, and Lionshead. The Assessment Committee (Sect:ion VI, B) will periodically update its transportaticin assessments in light of the purposes of this AgrQamatnt, ;and make recommendations for priority transportatiion projects and' allocations of lift tax revenues. Whila the final decisions to proceed with one or more ot the above-improvements or other pirojects rest with TOV, VA's input and the objectives of this Agreement will be given careful consideration. VI. Monitorina/Asaessments. " A. Tov and vA agree to share (aqually (except where noted) in the'cost of a comprebiensive monitorinq program to assess the effects and impacts of pealc day or high sQason use, as well as to evalualte nanpeak periods. Such monitoring program will be developed jointly by TOV and VA by no later than June 1, 1995, and include at a minimum the fallowinq itemsr 1. Skiers on vail Kountain, in.cluding points . of access and eqress, timea of arriva]: and departure, arid numbers of destination and day skJLera. This inPormation aill be supplemented throuqh vA's bar coding a d a~ ° . gigt tickeg sy~tem once it ia fully operationalo The efgect o.g gicket prics adjustments and marketinq on mlkf.er visitmgion durigaq ~eak aaad nonpnak periods wigl also be evaluatedo Narmal cost~ ~f monito~~~ skier numbers and movement would be borne by VAo Extraordinary arad new eealuatioras j ointly agireed to by y VA-snd TOiY would be funded equally by VA aarld TOVo 2. Traffic arialysis o diaranq wfnter onlyo includinq traffgc counts and assessments of key factogs such as coaaqe5tboar, ~t the fous-way stop and W~~~ ~~ilo %acluded in ghis anagysis wibl be the review of varioua gscaffic miaraagemerag techraiques gaa geducing conqeetion a~ th~ efgects og iaaclement weather and accicients on canqestiono 3o Parking coaants at key l.ocations durirnq the wintego incbuding publgc gotso pagk and ride faeilitieso an=road parkgnq, etco 4. M~~s tramito ~arpoolinqo vanpoolinq assessmen~~ dur~~ wintero includ~d witain tais . ca,gagory would be an assessment of whag measures can reduce gelisnce on rental cara in pregegence for van and . bu~ sexriceg what ffiea~~~~~~ ~e working to facillitate empg~~~~ and carpoolingo and how to improve ffiass tra~ri~~~ ~erviceso 5o Hogeg reservation and occupan~ ~~~~~~mantso e ~ 27 ~ 6. Customer-based survey resitarch to measure service level ratings. 7. Reduced parking tees (aB.reterenced in II.H.2) as an inducement to skiers during nanpeak periods; full retail parkinq fees as an inducement to use buses and vans durinq peak periocis. 8. Assessment ot other pairties" (resort aesociations, chamber of commerce, lodge owners) assistance to increasinq nonpeak visitation. 9. Nonpeak marketing effc?rts, both nationally and intemationally, and ti?A•e incentives for lirst-time.destination skiers. l0o Lodge owners' nonpeak promotional incentives. 11. Impacts gamexally to t,he TiDwn and Vai]L Mountain from increased average daily- vis:itation resulting fram Category III and other, facltoxs. 8. A committee (the "Assessment Committee1e), comprised of two representatives of TOV a»d two representatives of tt'A will meet perioaicnlly every two months durinq the ski season) and on an ad hoc basis vhen a significant event occurs such as 19,900 SAOT being exceeded) to assess the success vf the overall proqram. A representative of the Forest Service will.jein the deliberations of the Assessnaent Committee whan issuQs are raisod involvirtq SAOT exceeEling 19,900. o o The Assessmeaat Commgt~~~e would evaguate the ads,guacy of the monitoging pgog-rams tkaG resultr* of the nonpeak progrsm (section 11)pand the results o~ ~e Christmas (section aga) ana Hiqh season (section gv) peak manage.meng proqgams o ~e Assessment eommittee wotald make recammeadatiAaa@ go TAVo VA, aaad the Forest seavice about adjustments or gffiprove ments tYaat could stx°engthen the diffegent components of these pragramso ~e Assessaneaat Committee would be constialted by the Forest Service as yart og the Forest Servace°a Be ge to°A proqrana set forth in the 1986 Special IIse Permit aaad Decisaon Nogiceo Lastlyo the Assessment Comffiittee would pgovad~ gene-rag advice to TOV and vA regarding ways in whgch the communit~ can maintain and preserre its posigion as a premieg resorto C o Lonitorina and Assessment Costs, VA aqgee to gund, upon aaugaaal agreemento s]eier~~elated ~onitorinq pgagrams ffientioned in Section VIoAo above as weg~ ~s thd uosk of the Assessmerat ComzLittee an a 50/50 ba~sis gor the duragion of thf~ ~~~emento V%%o kodif ications ta P~ak l~a~aqe~ent Aarreement, A. TOV and VA Sec~~~e that the threshold lfxigs of 5t9o900 SAOT affi well an the perceived limits to carryinq capacitya particularly traSSico parkingQ and on=ffiouxata~n'ingre5s and egresso can be altered by a - 29 variety of important factors. Decis:long to expand mass transit, improve parkinq, improve reiidway-a and intersections, change basic land use patt,erns, j.mprcved technoloqies that allow better distrjlbuti.on of skiera, bag codinq, scanninq devices),, or other maasures may have a positive effect of better managing growth and . hence, allow an upward adjustment of the 19,900 SAOT figure. Any future improvements (st2-uctural, operational, or otherwise) may chanqEi aspects of this peak manaqement Aqreement and gerider certain mitigation measuras unnecessary. B. TOV and VA t2aerefvre recogmize that the ' proqram outlined in this document mus;t be periodically reassessa8 by the Assessment Committee and modified where necessary. Through thhe Asseesaient Committee, evaluations will be made and modifica;tionis to the prograan will be considered. TOV and VA sIbLall jointly reviaw such recommendations and detezmina where amendments are appropriate. ~ C. TOV and VA secognize that any adjustment of the 19, 90e SAOT number wil].. require a. furlther environmental analysis by the Forest Serv`ce, particularly as it relates to oft-site.issues within the Towra of Vail e Tsvaluations of imgrovemente; to ir?frastructure witbin Vail einae 1986, prcnress on implementina ths priorities set forth, in ;;ection V, and ~ ` q 30 o otheg Sacgogs woubd be part oS the Fogest 5~rvic~ y ~~viewo Bogh TAV an~ VA intend g~ ~articfpato activel in any suck~ ~~~equeaat Farest Serrfee reviewo V%%%o The Town of Vai1 &nd VA wish to acknowledge gheir . ogaqcf8ag combagtment go help foster adeqaate employee housing iaa the Town og Vail o Agthoug~ ~~~~~ory g%Y ig aaog expected go increase the deaaand fo~ emplo~ee, housing (since Peak skaer demand wi~~ remagn constant)o t2xe continued ~emana for addigionag ~~~~~~~~e employee housixag naaait~ remains on g comffiunity=wide basiso Whiga~ VA has b~~n &n actlve part$cipaaat in employee hou~~ng pgogramso such as Eaq~e sendo LaCe creeko tae SuxLbigd %odgeo and the mort~~~e guaraatee PrOgraffi, ~nd thO Town Off Vail has in:tituted modeg ~oning pgovisiaa~s and is in the process of deve9.oping moxtgage guaragatee Pgogram to aggis~ employee hou~~ingo t8a~ ~~~~~er- recogng$e tFamt this constitutes onl~ ~ ~artizl scgutiOE tow~rd Whag should be accompg ~ shedo VA and ta(a Town of Vail reh~w thear comffiitmeaat to expg~~~ otheg ~pportunftieso ffigri~~ ~~Plac~ employee housiaag thag i~~ taken off tFae liarketo and work in comprihoxasivs f~a-9hion c~ith the Vaig $ousinq Authority. r _ 31 - The parties will slso intenejlfy their efforts to secure assistancs rrom tha Forest SEkryice and the Congress in the allocation ot federa.l assistance in t21e 14aBinq or donation of federal land for "pl.cyee housinq and in the joint development of employee housing unit4 that benefit both local and Forest Service emplayee9.