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HomeMy WebLinkAbout2000-05-02 Support Documentation Town Council Work Session I' 1 l VAIL TOWN COUNCIL WORK SESSION TUESDAY, May 2, 2000 2:00 P.M. AT TOV COUNCIL CHAMBERS NOTE: Time of items is approximate, subject to change, and cannot be relied upon to determine at what time Council will consider an item. 1. Regional Trails Presentation be Eagle Valley Trails. Ellie Caryl Committee. (20 mins.) 2. Waterhouse Garage Encroachment. (15 mins.) Allison Ochs Greg Hall A discussion on the purchase of public right-of-way for an Tom Moorhead already-completed garage located at 285 Forest Rd. ACTION REQUESTED OF COUNCIL: Approve, approve with conditions, or deny the use of public right-of-way for private use. BACKGROUND RATIONALE: The Town Council originally discussed this item at the January 18, 2000 worksession. The applicant is returning with an offer to purchase the right-of way, then re-subdivide the lot. A front setback variance was granted by the Planning and Environmental Commission at the May 19, 1999, meeting for a garage to be constructed in the front setback at 285 Forest Rd. A building permit was issued on July 21, 1999. An Improvement Location Certificate was submitted to the Community Development Department on December 13, 1999, indicating that the garage had been built over the property line and onto the public right-of-way. The applicant is requesting that the garage be allowed to remain and that they be allowed to purchase the right- of-way from the Town of Vail, then re-subdivide the lot. Should the Town Council choose to sell a portion of the right-of-way, the applicant will still need to return to the Planning and Environmental Commission for the variance and the resubdivision and return to the Council for 2 readings of an ordinance. STAFF RECOMMENDATION: The Community Development Department recommends that the Town Council deny the purchase of public right-of-way for private use. 3. Year End Financial Report. (30 mins.) Steve Thompson 4 A request for a work session to discuss proposed changes to the Brent Wilson Town's commercial core area parking requirements schedule. (30 mins.) ACTION REQUESTED OF COUNCIL: Provide feedback to be used in the preparation of Ordinance 9, Series of 2000; an ordinance amending Chapter 12-10, Vail Town Code with specific regard to off-street parking requirements for properties within Vail's commercial core areas and variance procedures for off-street parking and loading. BACKGROUND RATIONALE: During the summer of 1999, the Town hired the firm of Felsburg, Holt & Ullevig to conduct an in-depth analysis of parking generation in Vail's commercial core areas. The primary purpose of the study was to determine the influence of external factors (mixed uses, transit/pedestrian trips, hourly variations in business activity) on parking generation. Currently, the Town's parking regulations do not account for these factors and assess parking requirements strictly by land use type and square footage. Given the inability of many properties in Vail Village and Lionshead to provide on-site parking and the Town's $17,917 per space parking pay-in-lieu fee, staff realized a need to produce a more realistic assessment of parking generation in these areas. A copy of the consultant's study and findings has been included for reference. On April 18`", the Town Council directed staff to create an ordinance adopting the Planning and Environmental Commission's proposed revisions to the consultant's recommended parking requirements schedule. STAFF/BOARD RECOMMENDATION: Staff recommends that the Vail Town Council adopt the consultant's recommended parking schedule for incorporation into Ordinance 9, Series of 2000. 5. Discussion of the "Minturn Portal." (15 mins.) Hawkeye Flaherty 6. DRB Report/PEC Report. (10 mins.) Allison Ochs Brent Wilson 7. Information Update. (10 mins.) 8. Council Reports. (10 mins.) 9. Other. (10 mins.) 10. Adjournment. (4:00 P.M.) NOTE UPCOMING MEETING START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) THE NEXT VAIL TOWN COUNCIL REGULAR WORK SESSION WILL BE ON TUESDAY, 5/09/00, BEGINNING AT 2:00 P.M. IN TOV COUNCIL CHAMBERS. THE FOLLOWING VAIL TOWN COUNCIL REGULAR WORK SESSION WILL BE ON TUESDAY, 5/16/00, BEGINNING AT 2:00 P.M. IN TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL REGULAR EVENING MEETING WILL BE ON TUESDAY, 5116/00, BEGINNING AT 7:00 P.M. IN TOV COUNCIL CHAMBERS. Sign language interpretation available upon request with 24-hour notification. Please call 479-2332 voice or 479-2356 TDD for information. ,t The Eagle Valley Trails Committee Presentation to Vail Who are we and what are we trying to accomplish? • The 12 member Eagle Valley Trails Committee was created by the Eagle County Regional Transportation Authority (ECO) in 1996. The citizens of the Committee advise the Authority on how the portion of the 1/2% mass transportation tax collected for trails should be spent. The Committee includes residents of each town as well as the unincorporated areas. To date, trail projects in Gypsum, Avon, Vail and unincorporated Eagle County have been funded. • In their funding recommendations, the Committee has focused on completing links in a envisioned "core trail" trail system that would connect all of the valley communities, including a spur to Red Cliff, and eventually connecting Vail Pass to Glenwood Canyon. The core trail would be a consistently maintained, easily accessible, 10-foot wide paved trail that is separated from roadways. The idea for this "core trail" is present in the existing trails plans by Eagle County, Minturn, Vail and Avon. Why Create a Regional Trails Plan? • In October 1999, the Trails Committee determined that it was difficult to use the existing trail plans for planning future construction and funding needs for the core trail since either the plan details (e.g. costs) were outdated or route conditions had changed (e.g. development). • With a desire to determine a five to ten-year construction action plan, the Committee recommended to the Authority that it would be worthwhile to compile a "Regional Trails Plan" that would integrate trail planning for each of the jurisdictions into one document and focus on specific engineering issues and costs associated with building the planned core trail. The Authority approved the hiring of a consultant to assist with the preparation of the plan. This plan would be actively used over the next five to ten years to help direct budgeting and capital improvement planning for the ECO Trails Program and the partner jurisdictions. This plan will not address the Roaring Fork and Fryingpan River portion of Eagle County. • Additionally, the cost information generated through this planning effort will be used to help determine if a ballot question authorizing the sale of tax revenue bonds to finance an accelerated construction schedule should be pursued for the 2000 election. Comparing the current rate of tax fund accrual to the preliminary estimates of the core trail construction cost, it will take many years to complete the core trail even with funding matches from each of the jurisdictions. Some analysis of the rail corridor feasibility for a trail with rail will take place but at a minimal level of detail given the very uncertain status of the corridor. • Prior to this presentation, town or county staff, the ECO trails planner, and the consultant (Johnson, Kunkle and Associates) met to discuss a preferred alignment and associated issues regarding obstacles, costs, land ownership, design and maintenance. WE WILL ASK THE FOLLOWM6 QUESTIONS AS PART OF OUR PRESENTATION - PLEASE PROVIDE US WITH YOUR VERBAL RESPONSES A T THE MEETIN6 OR RETURN THIS FORM TO US A T THE PRESENTATION. Thank you. Is the Town of Vail committed to working as a team with ECO and the other jurisdictions that ECO represents to create this community amenity: the valley-long core trail? Is the preliminary trail route through the entire valley (map at meeting) acceptable and supportable ? Any issues that we should be aware of? Is the "Vail Core Trail" route identified by the planning team (town staff, ECO Trails, JKA Engineers) acceptable? Any issues that we should be aware of? For the Vail Core Trail, what would you list as the priority-order trail segments to complete? Please consider the issues of highest demand and cost. ,i How should maintenance of the valley-long core trail be handled? Any ideas for labor, equipment or general cost sharing? Maintenance Discussion Background: • Previous discussions by the ECO Board and Trails Committee determined that if the goals were to be equitable to all jurisdictions and continue to leverage the limited ECO Trails funds, maintenance of the core trail could be handled one of two ways: 1. Town. Countv or Metro District maintains own section of core trail with contribution from ECO Trails program. Some of the jurisdictions already have the necessary equipment, others do not. 2. ECO Trails program maintains core trail. with contributions from underlvina iurisdiction (town, county or metro-district). ECO Trails would need to acquire the necessary equipment. • As of the end of the summer 2000, there will be completed sections of the core trail in Gypsum, Edwards, Avon and Vail. Vail has the greatest number of existing trail miles. MEMORANDUM TO: Town Council FROM: Community Development Department DATE: May 2, 2000 SUBJECT: A discussion on the purchase of public right-of-way for an already constructed garage located at 285 Forest Rd./ Lot 21, Vail Village 1 s' Applicant: Steve & Linda Waterhouse, represented by Dunn, Abplanalp, and Mauriello, P.C. Planner:. Allison Ochs 1. DESCRIPTION OF THE REQUEST AND BACKGROUND A front setback variance was granted by the Planning and Environmental Commission in April of 1999 to allow for the construction. of a garage in the front setback. The garage was approved with a 3.5 ft. setback. The request'was called up by Council on April 20, 1999 and the Town Council upheld the variance request. A building permit was issued on July 21, 1999. When the Improvement Location Certificate was submitted to the Community Development Department on December 13, 1999, the survey, indicated that the garage had' been built over the front property line and into the public right-of-way. , due to surveyor error at construction. The Planning and Environmental Commission memoand minutes on the original variance request have been attached for reference: - - The Town Council reviewed a request to allow-this encroachment to remain at their January 18, 2000 worksession. The owners have retained new representation and are returning with an offer to purchase the right-of-way and resubdivide the lot. This request would require two readings of an ordinance and still would require returning to the Planning and Environmental Commission for the variance request and the re-subdivision. II. STAFF RECOMMENDATION The Community Development Department recommends denial of the purchase of the public right-of- way for this private use for the following reasons: • Other requests for use of the public right-of-way for private purposes prior to construction have been denied. • The integrity of the right-of-way is compromised. Future road projects and snow removal are potentially complicated. • According to the plans, the garage was supposed to be 3.5 ft. from the property line. Staff believes that it is possible to relocate the garage without compromising the existing vegetation. • Presents a potential traffic hazard. • Fails to meet the Development Standard requiring 24 ft. from the door of the garage to the edge of pavement. Should the Council choose to allow the applicant to purchase the Town of Vail right-of-way, staff will begin the purchasing process. The sale of the right-of-way will require two readings of an ordinance, which will be scheduled at the next available Council evening meeting. 1 ~ t V v: gdz y . r4Y flii y~....... - ::.Y.: }:.`•}rte qq Yff"}y, :}}Y,r ...5'.; ; ..~i:- ..T,. ^}Y?•ii}}::ii::ii i:::::::::?: iti:•}::?•}: }}?}iiii}i'-i}ii:?-::r?•i}: ~ i S•: ii} Yi}:??S•:6}:•}:: v:::::-::?S•}:S• rl: r }:SCv .S:iSrit•'li,irT•}: F,. ! F ,Y: n•.}w.}-:::•f::...:-. T,4 r .l: n z. - a:~>:;.ti:;!Y ' Esc','.`%'s•.'::i:~o%y~%o-t?aiyyt':::.: .Y• l-.•p}:. Vii;....,.. nt. g.. ;3F:.,..,a. •%}'tc'%~ :•r,.•r.?!•?:•: ~:::f.•-:::,• •:O: r::::: •::::o:: ~ }:o}:!.}"<•}; s .c r ..Gj.•:.~ Wi .::}:...::::r!•:n!•r::r•.,:'ti-:::..::}n•:}:%:d}:?.:.r.}:.>:•}:?.}}}r:$:: }:'::r.; :'y;::;::;.`i ~y r,•sis}:: .....5?:'r%-n..l.?'?-Si:^.:}:'~;.,;:t•..:vs:,•.a:t-~i:)}.mlr}:~r. Y/!~.S~!hi.:n......n.:rf.-.:.:isr.::~?is::•'l.:j•.;.;,/,.:}:::.}if::::: w:: !p;.}:}.}i ;i}}r::•}}Y- .9t 3••} Av . t. 1 2 A ~Y v . I\ L.4W OFFICES DUNN, ABPLANALP & MAURIELLO, P.C. A PROFESSIONAL CORPORATION JOHN W. DUNN WESTSTAR BANK BUILDING TELEPHONE: ARTHUR A. ABPLANALP, JR. 108 SOUTH FRONTAGE ROAD WEST (970) 476-0300 DIANE H. MAURIELLO INGA HAAGENSON CAUSEY SUITE 300 FACSIMILE: (970) 476-4765 VAIL, COLORADO 81657 OF COUNSEL: highcountrylaw.com JERRY W. HANNAH March 30, y, e-mail: vaillaw@vad.net 2000 CERTIFIED LEGAL ASSISTANTS KAREN M. DUNN, CLAS JANICE K. SCOFIELD, CLA Mayor and Town Council Town of Vail 75 South Frontage Road Vail CO 81657 Re: Stephen and Linda Waterhouse 285 Forest Road Lot 21, Vail Village First Filing Dear Mayor Kurz and Council: Linda and Steve Waterhouse have asked that I assist them in resolving an encroachment issue arising from their construction of a new garagd at 285 Forest Road. It is my understanding that the Council has previously considered this matter in work session and given staff direction to abate the encroachment. However, the Waterhouses were not aware that the matter was before the Council and therefore did not have the opportunity to present their side of the story. Also, we believe that, were the Council aware of the circumstances surrounding this matter, they likely would reconsider the direction given. - I first wish to emphasize the innocent nature of the encroachment of the garage 7.5 inches into Forest Road. Peak Land Surveying, Inc., have taken full responsibility for a survey error in connection with survey work done in the course of the construction of the garage. The Su-IV,="Or hZIS told Mr. Waterhouse that the survey work was done by a surveyor who was new with the firm at that time and who was immediately discharged. Mr. Waterhouse and his general contractor have considered the proposal of staff, that the carafe be altered in such a way that the encroachment is eliminated. It is the contractor's and Mr. Waterhouse's opinion that that remedy would have a detrimental structural effect on the garage and is therefore not feasible. It therefore appears that the only remedy available to resolve the encroachment is the complete removal and reconstruction of the garage. We therefore propose that Mr. and Mrs. Waterhouse purchase from the Town the portion of the right-of-way of Forest Road underlying the garage. Enclosed with this letter is a letter appraisal prepared by Valuation Consultants, Inc., indicating the value of the right-of-way underlying the garage to be in the range of $805 to 5878. Based upon that appraisal, the Waterhouses have authorized me to offer the amount of $1,000 to acquire that portion of the right-of-way. My clients understand that, if the encroachment can be resolved in the manner suggested, they will need to apply for an additional variance and for a resubdivision of their property to include the amount conveyed. It is my request that I have the opportunity, along with the surveyor, to meet with the Council to establish the innocence of the encroachment and the minimal nature of it, particularly in light of other encroachments into Forest Road. Certainly we also are willing to discuss any counterproposals from the Council. If you feel it is important that Mr. Waterhouse also be present, he would be able to travel from his home in New Hampshire for that purpose on Apnil. 25. Thank you for your consideration of this matter. Yours very truly, DUNN, ABPLANALP & MAURIELLO, P.C. John W. Dunn jwd:ipse cc. Mr. and Mrs. Waterhouse Ms. Ochs Mr. Moorhead Mar 27 00 06:14p VALUATION CONSULTAnTS,INC 970 949-5376 p.l i VALUATION CONSULTANTS, INC. ~ Real Estate Aplrraisers - Consultants 48 East Beaver Crock BoulevLrd, Suite 201 P.O. Box 361 I Avon. Culorado 81621E (970) 949-.1898 ras (970) 949-5376 March 27. 2000 Mr. John 0% Dunn Oiiml, Abplanalp & Maurietlo, RC. 108 South Frontage Road, 4300 Vail, Colorado 81657 RE: Parcel A. Lot 20, Block 7, Vail Village Filing I J 285 Forest ]]toad, Vail I Dear Mr. Dttttn, In response to your request, 1 have reviewed a survey depicting the above-referenced propetty that was prepared by Samuel 11 Fcker on 11-17-99. The survey shows that a small portion of the iniprovetnents present on site extend across the property 11ine onto the Forest Road ri'T t-~)f- wav. You have asked that 1 examine, i t particular, the area of the survey where the southwest corner of the garage encroaches .7 foot onto tkc roadway, and that I provide voce with my estimation as to the approximate pro-rata dollar copTibution that this cncroachine square footage j of land, included as a part of the subject site, would make to the value of the subjecr site as if vacant. { i It appears that the affected area is cunrptiscd of a right triangle that has perpendicular side.- on I the order of 10 feet by .7 feet, resulting in an approximate area of about 3.5 square fcct. !I Ideally, one would consider sales of vacant sites that varied rninirnally in size in order to f determine to what extent, ifaiiy, their sales prices varied in proportion to small] size differences. While the sales prices of sites-in the ttearlry Forest / Rockledgc Road area do vary in proportion to their sizes, as the size of allowed improvements are tied to site size, the available data is insuft'iciently precise so as to measure the difference attributable to an area as small as that j defined above. It would be my expectation that there would be no discernable difference between one neighborhood site and another ,hat was 3.5 sf larger, all other aspects being equal. Here is one vizw, though, toward illustrating an approximate theoretical value contribution in j this scenario: ` Considering the more recent sales of proximal properties improved with obsolete improvements j that were purchased for land value, it would appear that the entire Jot 20 would have an approximate current value in the range of $3,200,000 to $3,500,000, as if vacant. Eagle County 1 records show that Parcel A cif the sub,iect site contains 6,865 sf of area, while Parcel B contains Mar 27 0006:14p VRLURTIOM CONSULTRNTS,INC 970 949-53.76 P f 1 7,052 sf of site area; Parcel A, then, possesses an effective 49.3q interest in the entire site and Parcel B possesses the remaining effective 50.71N, interest. Parcel A would therefore show ar+ allocated site value in the range of S1,577,G00 to 51,725,500 i ($3,200,000 s .493 to $3,500,000 .K AQ;), which would in turn egtiate to $230 to $251 per sf of site area. Under this pr. ernise, then, the additional 3.5 square feet of affected site area would have a theoretical value contribution to the subject site in the range of 5805 to $878. I ! )Note: Supporting documentation concerning the data, reasoning,-and analyses not cited herein isl retained in the appraiser's file. The information contained in this report is specific to the needs) i of the client,,John Dunn. The appraiser is not responsible for unauthorized use of this report. Please advise if 1 can be of further assistance in this matter. f i Very tnily yours, VAL_UA- -I C NSU LTANTS, INC. i Jett addox, SRA Certified General Appraiser #CGOl313752 _ 1 ~ I i I i i i i J ~ 2 I Mar 27 00 06:14p WRLURTION CONSUt_TRNTS,INC 970 949-5376 P-3 CEk2m Ic-Aii4N .E THE AP-TRAISER i I J 1 certify that, to the best of my knowledge and beilef, a 1-11e 5tatements of fact contai;ted in ihii report are true and Correct. I • the reported analyses, opinions, and conclusions are liited only by the reported I assumptions and litnitina conditions, and are my personal, professional analyses, opinions, and conclusions. i 0 1 have no present or prospective interest in the property that is the subject o this report. I I • rxiy conipcnsation is not continaeiit on an action or event resultinp, frotn the analyses, opinions; or conclusions in, or the use of, this report. j • this appraisal assignment was not based on a requested minimum valuation, a specific i valuation, or the approval of a loan, • ntv analyses, opinions aid conchisions were developed, and this report has. been prepared, ir. wnto,mity, with the Uniform Standards of Professional appraisal practice and to the Staiidar& of Professional Ethics of the Appraisal Institute. ! • the use Of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. s I have made a personal inspection of the property that is the subject of this report. i • no one provided significant professional assistance to the person signing lilts report. i • as of the date of lilis report Jeffrey P. Maddox, SRA, has completed the requirement of rit' ing education program Cf the .Appraisal Institute. e J i 3eftrey P. ;Maddox, SRA Date Ce:titied General Appraiser 'CGO13 3752 4 I I I I I i II 3 4 I EAH r. Y s' 7' T7' s \ c! - - rn- - -1. Y - Y't"' f` - T s?._ w ~'tris~T `si,r _ `n d-!.i.° C {~2 _~f` _ s z'-' u S MEMORANDUM TO: Planning and Environmental Commission FROM: Community Development Department DATE: April 12, 1999, SUBJECT: A request for a variance to the front setback, to allow a new garage, located at 285 Forest Road/Lot 20, Vail Village 1 st Applicant: Steve & Linda Waterhouse, represented by Steven Riden Planner: Jeff Hunt 1. DESCRIPTION OF THE REQUEST AND BACKGROUND The applicant is requesting a variance to the front setback requirement. The proposal involves building a new two-car garage to replace the existing one-car garage. The existing garage is about 297 sq. ft. and the new garage would be about 485 sq.ft. The lot is subject to the following setback requirements: front 20'; sides and rear 15'. The existing garage has a front setback of about 3.25' and a side setback of about 135; see photo, below. The new garage would be constructed with a front setback of about 3.25' and a side setback of 15'. A copy of the plan is attached for review. A-separation request~was approved in 1989 to allow the garage to be separated from the dwelling. The approval was based on the site constraints presented by the existing dwelling. A variance was then approved in 1990 to allow the garage to be within 3' of the front property line. The approval was based on other garages in the area being within the front setback, minimizing disturbance to the hillside and saving a mature evergreen tree. Subsequent to this approval, the Town adopted development standards that provide for a 24' clearance between garage doors and the edge of pavement. Because of the subsequent development standard and because the new garage would be larger than the existing garage, staff required the applicant to obtain approval of a variance. II. STAFF RECOMMENDATION Based on this memo, the Community Development Department recommends denial of the variance. This recommendation is subject to the following findings: 1. That the granting of the variance will be detrimental to the public health, safety or welfare, or materially injurious to properties or improvements in the vicinity. 2. That the strict interpretation or enforcement of the specified regulation will not result in TO WN OF *W0 1 IV. CRITERIA AND FINDINGS A. Factors Enumerated: Before acting on a variance application, the Planning and Environmental Commission shall consider the following factors: 1. The relationship of the requested variance to other existing or potential uses and structures in the vicinity. The proposed garage would be about 3.5' from the front property line and 15' from the side line. This would be an improvement of the existing garage side setback which is about 13.5'. There are no nearby buildings on this side. The front of the existing garage is about 15' long. The new garage would have a front of about 22'. The new garage would have about 7' or 46% more frontage along the road. Structures are setback from roads for several reasons, one of which is to reduce the likelihood of collision. Having a larger garage about 3.5' from the road would increase the likelihood of collisions. Also, a larger garage about 3.5' from the property line would be more visually obtrusive to' neighbors than a smaller garage. 2. The degree to which relief from the strict and literal interpretation and enforcement of a specified regulation is necessary to achieve compatibility and uniformity of treatment among sites in the vicinity.. or to attain the objectives of this title without a grant of special privilege. Other property owners are required to place new garages in compliance with development standards, unless there are unusual circumstances. Staff believes there are no unusual circumstances in this instance and that the garage could be placed on the property in compliance with development standards. 3. The effect of the requested variance on light and air, distribution of population, transportation and traffic facilities, public facilities and utilities, and public safety. This is the main concern with the proposal. The development standard that provides for a clearance of 24' between the garage doors and the edge of pavement is intended to insure safe and efficient transportation. The setback allows for most vehicles to be parked completely off the asphalt reducing the potential for collisions, providing for better vision clearance and allowing for street maintenance including plowing. 4. Such other factors and criteria as the Commission deems applicable to the proposed variance. The Town staff including the Public Works Department believes there are 3 no legitimate reasons for the new garage to not meet standards. The slope of the property is less than 30%, which is the threshold to allow garages within front setbacks. The slope does not preclude construction. As proposed, the north wall of the new garage would extend 4' closer to the mature evergreen tree and the roof would extend about 6' closer to the tree than the existing garage. The foundation would extend to the ground, rather than be canilevered as is the existing garage; see photo, below. 'Due to this, the tree would likely not survive for long, thus eliminating the basis of the original variance. It appears that the chief reason for the request is protection of the view from the east facing windows of the residence, which is understandable, but does not justify the granting of a variance to a development standard that others are required to meet. Also, there is the option of retaining the existing garage. 9•' < ti f. 3~ ~R N- o+p n.ONt-:.r B. Necessarv Findings: The Planning and Environmental Commission shall 4 make the following findings before granting a variance: 1. That the granting of the variance will not constitute a grant of special privilege inconsistent with the limitations on other properties classified in the same district. 2. That the granting of the variance will not be detrimental to the public health, safety or welfare, or materially injurious to properties or improvements in the vicinity. 3. That the variance is warranted for one or more of the following reasons: a. The strict literal interpretation or enforcement of the specified regulation would result in practical difficulty or unnecessary physical hardship inconsistent with the objectives of this title. b. There are exceptions or extraordinary circumstances or conditions applicable to the same site of the variance that do not apply generally to other properties in the same zone. C. The strict interpretation or enforcement of the specified regulation would deprive the applicant of privileges enjoyed by the owners of other properties in the same district.' V. OTHER: Should the Planning and Environmental Commission decide to approve the variance, staff recommends: That the Commission makes the following findings: 1. That the granting of the variances will not constitute a grant of special privilege inconsistent with the limitations on other properties classified in the same district. 2. That the granting of the variance will not be detrimental to the public health, safety or welfare, or materially injurious to properties or improvements in the vicinity. 3. That the strict interpretation or enforcement of the specified regulation will result in practical difficulty or unnecessary physical hardship inconsistent with the objectives of the Zoning Regulations. 4. There are exceptions or extraordinary circumstances or conditions applicable to the same site of the variance that do not apply generally to other properties in the same zone. And that the approval be subject to the following condition of approval: 1. The north wall and roof line of the new garage do not extend any closer to the 5 mature evergreen tree than the existing garage's wall and roofline, unless approved by a professional arborist. F:\EVERYONE\PEC\MEMOS\99\WATERHOU 6 7 Approved April 26. 1999 PLANNING AND ENVIRONMENTAL COMMISSION April 12, 1999 Minutes MEMBERS PRESENT: MEMBERS ABSENT: STAFF PRESENT: John Schofield Greg Moffet Dominic Mauriello Galen Aasland Brian Doyon George Ruther Diane Golden Ann Bishop Jeff Hunt Tom Weber Judy Rodriguez Public Hearinq 2:00 p.m. John Schofield called the meeting to order at 2:00 p.m. 1. A request for an amendment to a previously approved final plat for the Tall Pines Subdivision, located at 2239 Chamonix Lane / Lots 1 & 2, Tall Pines Subdivision. Applicant: Chamonix Development Group, LLC & Paintbrush-Tall Pines, GP Planner: Dominic Mauriello Dominic Mauriello gave.an overview of the staff memo. John Schofield asked if tfie applicant had any comments. Kurt Davis, one of the two owners, said there were a number of studies done with Art"Mears. He thought it ok to swell over the envelope lines, as they did own the property, and that no view corridors would be affected. He said the supports would be 7' high. John Schofield asked for any public comments. There were no public comments. Discussion ensued. Tom Weber made a motion for approval in accordance with the staff memo. Galen Aasland seconded the motion. The motion passed by a vote of 4-0. 2. A request for a variance from Section 12-61-1-8, Town of Vail Municipal Code, to allow for gross residential floor area (GRFA) in excess of the allowable maximum, located at 303 Gore Creek Drive #8 / Lot 8, Block 5, Vail Village First Filing. Applicant: P. Anthony & Constance Ridder, represented by Gwathmey-Pratt Architects 1 Planning and Environmental Commission Minutes TOM OFYALL April 12, 1999 Approved April 26, 1999 Planner: George Ruther George Ruther gave an overview of the staff memo. John Schofield asked if the applicant had anything to add. Andy Blumetti, from Gwathmey Pratt Schultz, representing the owner; stated that 2 of the other lots were over the 60% site area of allowable GRFA, and this was determining density. He said lot 12 was at 91 % of the site area. John Schofield asked for any Commissioner comments. Tom Weber asked why the adjoining owners were over in GRFA and if they were built before the overriding zoning. George Ruther said they were built under Eagle County regulations. He said that while there was a non-conforming condition on the sites, there was an opportunity to add 250 sq. ft. Tom Weber thought it would be a grant of special privilege. Galen Aasland had no comments. Diane Golden thought it would be a grant of special privilege. Andy Blumetti said that they were just trying to catch up with the existing owners. Tom Weber said the project was developed under County zoning codes, not under the Town of Vail code. John Schofield said he saw no hardship and therefore a grant of special privilege. Andy Blumentti said the hardship was trying to catch up with the other owners. Galen Aasland made a motion for denial, in accordance with the staff memo. Diane Golden seconded the motion. The motion to deny passed by a vote of 4-0. 3. A request for a variance to the front setback, to allow a new garage, located at 285 Forest Road/Lot 20, Block 7, Vail Village 1s` Applicant: Steve & Linda Waterhouse, represented by Steven Riden Planner: Jeff Hunt Jeff Hunt gave an overview of the staff memo. John Schofield asked if the applicant had anything to add. 2 Planning and Environmental Commission Minutes April 12, 1999 Approved April 26, 1999 Steve Riden representing the applicant, said he compromised and reduced the length of the garage to 20', with a 19' inside space. He said lengthening the retaining wall was included in the proposal to protect a mature tree and that the situation was being improved by moving the garage further away from the side setback. Galen Aasland asked if there would be space above the garage. Steve Riden, said no. John Schofield asked for any public comment. There was no public comment. Tom Weber said he was in favor of this and suggested that the new outside parking space be cantilevered, as he thought the tree would be lost with a foundation. Galen Aasland agreed with Tom. He said it needed to be cantilevered, so as not to change the water table and the garage needed to be limited to 1 story. Diane Golden said she was in favor of granting this, as the applicant had made a concerted effort, and so she agreed with her fellow commissioners. John Schofield said the tree warranted a hardship and that there were other garages in the front setback in that neighborhood,. but the lighting on the existing lot would need to be brought into, compliance as. part of this approval. He suggested using one or more of the existing piers and cantilevering. the north portion. Steve Riden said he could cantilever 5'. Tom Weber made a motion for approval with 5 conditions: 1. That the north wall and roof line of the new garage do not extend any closer to the mature evergreen tree than the existing garage's wall and roofline, unless approved by a professional arborist. 2. That the site lighting be brought into compliance with the Town regulations. 3. That the pier & beam garage foundation & parking space be cantilevered to minimize the site disturbance. 4. That the plate height of the garage roof be determined by a reasonable 8' garage door. 5. That the garage roof eave does not extend over the front property line into the public right-of- way. The motion passed by a vote of 4-0. 4. A request for a worksession to discuss an amendment to Special Development District #30 (VAC), to allow for an additional dwelling unit and reduction of accommodation units, located at the Vail Athletic Club, 352 E. Meadow Drive/Parcels A & B, Vail Village First Filing. 3 Planning and Environmental Commission Minutes April 12; 1999 Approved April 26, 1999 Applicant: JWT 1987 Limited Partnership, represented by John Perkins Planner: Dominic Mauriello/Brent Wilson Dominic Mauriello gave an overview of the staff memo. John Schofield asked if the applicant had anything to add. Stan Cope and John Perkins, representing the Vail Athletic Club, introduced themselves and Stan Cope stated that they were looking for fewer high-end hotel rooms with an increase of more than doubling the AU square footage. He said they were trying not to have controversial redevelopment and that only one dormer on the south side increased the mass of the building, with all the redevelopment being down on the third floor. He said they would like to try and change the AU zoning, since they were an SDD and would like to have 46-48 keys in the ordinance for a little more flexibility. Dominic Mauriello said there were other SDD's out there that have flexibility created in the ordinance. Discussion ensued with issues being raised on the size of the EHU's, the large size of the new DU and concerns over the separate application for a new dormer, etc. No action was taken. John Schofield stated for the record that there was no public present to comment. 5. A request for a minor amendment to a previously approved development plan, to allow for the construction of a skier tunnel at the Golden Peak Ski Base, located at 458 Vail Valley Drive / Tract B, Vail Village 7th Filing. Applicant: Vail Associates Planner: Jeff Hunt STAFF APPROVED 6. A request for a modification to a platted building envelope, located at 1047 Riva Glen/ Lot 6, Spraddle Creek Estates. Applicant: Franco D'Agostino, represented by Robert Mach Planner: Allison Ochs TABLED UNTIL APRIL 26, 1999 7. A request for a variance from Section 12-6D-6, to allow for a building encroachment into a rear setback, located at 2657 Arosa Drive / Lot 8, Block D, Vail Ridge. Applicant: Town of Vail Planner: Allison Ochs 4 Planning and Environmental Commission Minutes April 12, 1999 Approved April 26, 1999 TABLED UNTIL APRIL 26, 1999 8. A request for a final review of a proposed locker room expansion to the Dobson Ice Arena, located at 321 E. Lionshead Circle/Lot 1, Block 1, Vail Lionshead 2°d Filing. Applicant: Vail Recreation District Planner: George Ruther TABLED UNTIL APRIL 26, 1999 Diane-Golden made a motion to table items #6, #7 and #8. Tom Weber seconded the motion. The motion passed by a vote of 4-0. 9. A request for a minor amendment to Special Development District No. 35, Austria Haus, to amend Section 6 of Ordinance #12, Series of 1997 to clarify a condition of the Ordinance, located at 242 E. Meadow Drive/ Part of Tract C, Block 5D, Vail Village 15t Filing. Applicant: Bill Sullivan, representing the Austria Haus Development Group Planner: George Ruther WITHDRAWN 10. A request for a final review of a major amendment to Special Development District #6, Vail Village Inn, to allow for a hotel redevelopment, located at 100 East Meadow Drive, Lots M and O, Block 5D, Vail Village 1st. Applicant: Daymer Corporation, represented by Jay Peterson Planner: George Ruther WITHDRAWN 11. A request for a conditional use permit, to allow for outdoor patio seating at Special Development District #35, located at 242 East Meadow Drive / Austria Haus Club & Hotel. Applicant: Johannes Faessler Planner: George Ruther WITHDRAWN .12. Information Update ? Timberfalls letter (in packet) 5 Planning and Environmental Commission Minutes April 12, 1999 Approved April 26, 1999 Russ Forrest asked if the PEC would like to be involved in the Orientation process of the new PEC members. 13. Approval of March 22, 1999 minutes. Tom Weber made a motion for approval of the amended minutes. Galen Aasland seconded the motion. The motion passed by a vote of 3-0 (Diane Golden abstained). Diane Golden made a motion to adjourn. Tom Weber seconded the motion. The motion passed by a vote of 4-0. The meeting adjourned at 3:30 p.m. 6 Planning and Environmental Commission Minutes Apri112,1999 DRAFT TOWN OF VAI L Financial Statements For the fiscal year ended December 31, 1999 Town of Vail, Colorado Financial Report December 31, 1999 TABLE OF CONTENTS Paee FINANCIAL SECTION: General-Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups Al -A2 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types A 3 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General, Special Revenue and Debt Service Funds A 4 Combined Statement of Revenues, Expenses, and Changes in Fund Equity - All Proprietary Fund Types and Similar Trust Funds A 5 Combined Statement of Cash Flows - All Proprietary Fund Types A 6 Notes to the Financial Statements BI - 23 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS: General Fund: Statement of Revenues - Budget (GAAP Basis) and Actual C 1 Statement of Expenditures - Budget (GAAP Basis) and Actual C 2 i Town of Vail, Colorado " Financial Report December 31, 1999 TABLE OF CONTENTS (Continued) Pate COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED) Special Revenue Funds: Combining Balance Sheet C 3 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances C 4 Capital Projects Fund - Schedule of Revenues, Expenditures, and Transfers - Budget (GAAP Basis) and Actual C 5 Capital Projects Fund - Schedule of Project Expenditures - Budget and Actual Comparison C 6 Real Estate Transfer Tax Fund, Schedule of Revenues and Expenditures and Transfers - Budget (GAAP Basis) and Actual C 7 Real Estate Transfer Tax Fund - Schedule of Project Expenditures - Budget and Actual Comparison C g Vail Marketing Fund, Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual C 9 Police Confiscation Fund, Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual CIO Vail Housing Fund, Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual C 11 ii Town of Vail, Colorado UJ R, L AA Financial Report December 31, 1999 TABLE OF CON 1 hNTS (Continued) Page COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED) Debt Service Funds: Comparative Balance Sheet C 12 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances C 13 Town of Vail Debt Service Fund, Statement of Revenues and Expenditures - Budget (GAAP Basis) And Actual C 14 Booth Creek Local Improvement District Fund, Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual C15 Proprietary Fund Types: Enterprise Fund: Parking Structure Fund - Comparative Balance Sheet C16 Parking Structure Fund - Comparative Statement of Revenues, Expenses, an Changes in Retained Earnings C17 Parking Structure Fund - Comparative Statement of Cash Flows C18 Parking Structure Fund - Schedule of Revenues and Expenses - Budget (Non-GAAP Basis) and Actual with a Reconciliation to GAAP Basis C19 iii Town of Vail, Colorado Financial Report December 31, 1999 TABLE OF CONTENTS (Continued) Pase COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED) Internal Service Funds: Combining Balance Sheet C20 Combining Statement of Revenues, Expenses and Changes in Retained Earnings C21 Combining Statement of Cash Flows C22 Heavy Equipment Fund - Schedule of Revenues and Expenses - Budget (Non-GAAP Basis) and Actual with a Reconciliation to GAAP Basis C23 Health Insurance Fund, Schedule of Revenues and Expenses - Budget (GAAP Basis) and Actual C24 Facility Maintenance Fund, Schedule of Revenues and Expenses - Budget (Non-GAAP Basis) and Actual with a Reconciliation to GAAP Basis C25 Dispatch Services Fund, Schedule of Revenues and Expenses - Budget (Non-GAAP Basis) and Actual with a Reconciliation to GAAP Basis C26 Fiduciary Fund Types: Expendable Trust Funds: Combining Balance Sheet C27 Combining Statement of Revenues, Expenses, and Changes in Fund Balances C28 iv Town of Vail, Colorado Financial Report December 31, 1999 TABLE OF CONTENTS (Continued) Pate COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED) Fiduciary Fund Types (continued): Expendable Trust Funds (continued): Pension Trust Fund - Comparative Statement of Revenues, Expenses and Changes in Fund Balances C29 Deferred Compensation Plan Fund - Comparative Statement of Revenues, Expenses, and Changes in Fund Balances C30 SUPPLEMENTARY INFORMATION: Groups of Accounts: Schedule of General Fixed Assets by Function _ C31 Comparative Schedule of General Long-Term Debt C32 Other Schedules: Debt Service - Schedule of Bond Principal and Interest Requirements in Future Years - General Obligation Refunding Bonds Series 1992A C33 Debt Service - Schedule of Bond Principal and Interest Requirements in Future Years - Sales Tax Revenue Refunding and Improvement Bonds Series 1992B C34 Debt Service - Schedule of Bond Principal and Interest Requirements in Future Years - Tax Exempt Sales Tax Revenue Bonds Series 1998A C35 v t+ ,..m r.1 Town of Vail, Colorado Financial Report December 31, 1999 TABLE OF CONTENTS (Continued) Pap-e Other Schedules (continued): Debt Service - Schedule of Bond Principal and Interest Requirements in Future Years - Taxable Sales Tax Revenue Bonds Series 1998B C36 vi General Purpose Financial Statements The basic financial statements provide a summary overview of the financial position of all funds and account groups and operating results of all funds. They also serve as an introduction to the more detailed statements and schedules that follow. r v Town of Vail, Colorado Combined Balance Sheet All Fund Types and Account Groups i, December 31, 1999 (With Comparative Totals For 1998) Proprietary Fiduciary Governmental Fund Types Fund Types Fund Type Account Groups Total (Memo Only) General General Reporting Entity Special Debt Internal Trust & Fixed Long Term Primary Component General Revenue Service Enterprise Service Agency Assets Debt Government Unit 1999 1998 Assets Cash 47,073 3,200 50,273 50,273 29,110 Cash and investments - restricted 77,530 Equity in pooled cash and investments 3,716,457 12,027,672 164,318 405,163 2,460,462 18,774,072 18,774,072 11,105,468 Investments - employee's retirement plan 32,671,376 32,671,376 32,671,376 28,856,968 Receivables: Component unit Taxes and fees 721,510 1,972,673 2,694,183 2,694,183 2,696,260 Other governments 1,082,226 1,082,226 1,082,226 5,262,786 Special assessments 39,644 30,688 70,332 70,332 140,893 Property taxes assessed 2,088,413 2,088,413 2,088,413 2,014,729 Accrued interest Other, net of allowance for uncollectible accounts 86,177 17,859 36,758 140,794 140,794 341,356 Loans to participants 360,130 .360, 130 360,130 480,168 inventory 173,852 173,852 173,852 165,149 Prepaid expenses 255,885 130,542 386,427 386,427 432,891 Property, plant and equipment, net 9,125,796 2,426,506 45,573,729 57,126,031 57,126,031 61,973,288 Amount to be provided for payment of general long term debt 22,574,218 22,574,218 22,574,218 24,924,277 Amount available in debt service funds 163,731 163,731 163,731 251,035 Total Assets 6,868,982 15,168,748 164,318, ~9,582,706m 5,228,120 33,031,506 45,573,729 22,737,949 138,356,058, 138,356,058 138,751,908 The accompanying notes are an integral part of these financial statements. At I'umwi of Vail. Colorado Combined Balance Sheer ' All fund'lypesand Account Groups Uel'l'nlher 11, 1999 (With ('omparuive Totals liu 1998) Proprietary Fiduciary Governmental Fund Types Fund Type Fund Tye Account Groups Total (Memo Only) General General Reportinp Entity Special Whit Internal Trust & Fixed Lang 7 erm Primary Component General Revenue Service Enterprise Service Agencv Assets Debt Government Unit 1999 1998 Liabilities Deficit in pooled cash and investments 13,587 13,587 13,597 339 Accounts/voucherspayable 257,206 262,172 587 43,018 382,571 945,554 945,554 1,147,967 Accrued wages and benefits 352,776 3,845 37,677 187,605 581,903 581,903 468,878 Retainage payable 181,543 4,542 186,085 186,085 103,226 Deferred revenue 229,742 1,018,204 1,667 9,541 1,258,154 1,258,154 398R,246 Deferred revenue - property taxes assessed not collectible until subsequent years 2,088,413 2,088,413 2,088,413 2,014,729 Deposits payable 289,291 15,773 880 305,944 305,944 292,126 Leases payable 548,615 548,615 548,615 694,716 Notes payable 1,095,268 General obligation bonds payable 6,000,000 6,000,000 6,000,000 6,500,000 Sales tax revenue bonds payable 15,675,000 15,675,000 15,675,000 16,300,000 Special assessment bonds payable 70,000 Accrued vacation payable 514,334 514,334 514,334 515,328 Total Liabilities 3,216,428 1,481,537 587 86,117 571,843 23,128 22,737,949 28,117,589 28,117,589 33,190,822 Fund Equity Contributed capital 15,353,160 1,589,155 16942.315 16,942,315 17,1 17,015 Investment in general fixed assets 45,573,729 45,573,729 45,573,729 50 074,115 Retained camings: Reserved for health insurance 742,078 742,078 742,078 779,821 Reserved for subsequent years' expenditures 67,924 67,924 67,924 1Inreserved(deficit) (5,856,571) 2,257,120 (3,599,451 (3,599,451) (3,104,508) Fund balances: Reserved for Symposium 10,992 10,992 10,992 10,992 Reserved for employees' retirement plan 33,008,378 33,008,378 331008;378 29,332,014 Reserved for retirement ofbonded debt 163,731 163,731 163,731 251,035 Reserved for prepaid expenses 255,885 255,885 255,895 354,051 Reserved for emergencies 966,500 966.500, 966,500 834,220 Designated for Alpine Gardens Pledge 10,000 Designated for housing loan program 200,000 200,000 200,000 200,000 Designated for subsequent years' expenditures 68.979 69,979, 68,979 1,307,889 Undesignated 2,150,198 13,687,211 15,837409 15,837,409 8,394,442 Total Fund Equity 3,652,554 13,687,211 163,731 9,496,589 4,656,277 33,008,378 45,573,729 110.239,469 110,238,469 105,561,086 Total Liabilities and Fund Equity 6,868,982 15,168,748 164,318 9,582,706 5,228,120 33031,506 45,573,729 22,737,949 138,356,059 138,356.058 138,751909 The accompanying notes are an integral pan of these financial statements. A2 Town of Vail Combined Statement of Revenues. Expenditures, and Changes in Fund Balances All Governmental Fund Types For the Year Ended December 31, 1999 (With Comparative Totals for 1998) Governmental Fund Types Total (Memo Only) Primary Reporting Entity Special Debt Government Component General Revenue Service 1999 Unit 1999 1998 Revenues: Taxes 12,569,227 9,267,849 21,837,076 21,837,076 22.772.265 Licenses and permits 601,025 357,144 958,169 958;169 1,171.584 Intergovernmental revenues 1,438,282 2,119.630 90,428 3,648,340 61,735 3,710,075 2,870,750 Charges for services 212,488 1,202,094 1,414,582 1,414,582 673.515 Fines and forfeits 223,748 24,246 247,994 247,994 250,631 Interest 184,028 438,535 25,836 648,399 376 648,775 671,303 Rents 119,953 382,797 502,750 502,750 453,687 Miscellaneous revenues 338,322 3,189,920 877 3,529,119 3,529.119 960,217 Total Revenues 15,687,073 16,957.969 141.387 32,786,429 62,111 32,848.540 29,823.952 Expenditures: Operating: General government 4,892,726 4,892,726 49,938 4,942,664 4,813,361 Public safety 4,614,427 4,614,427 4,614,427 5,228,940 Public works and transportation 4,564,004 4,564,004 4,564,004 4,622,108 Economic development and community asistance 1,145.971 1,496,908 1642,879 2,642,879 2,038,107 Public library 661,636 661,636 661,636 599,557 Capital projects 6,318,692 6,318,692 6,318,692 • 10,361,191 Debt service: Principal retirement 301,268 1,195,000 1,496,268 794,000 2,290,268 1,253,937 Interest and fiscal charges 39.164 1,202,788 1,241,952 46,709 1,288,661 1,347.919 Total Expenditures 15,878,764 8,156,032 2,397,788 26,432,584 890,647 27,323.231 307265,120 Excess of Revenues Over (Linder) Expenditures (191.691) 8,801,937 (2,256.401) 6,351845 (828.536) 5.525.309 (441,168) Other Financing Sources (Uses): Operating transfers in 906,731 2,169,097 3,075,828 3,075,828 4,858,871 Operating transfers (out) (490,465) (2,785,965) (3,276,430) (3,276,430) (3,926,081) Sale of assets 2,038,736 2,038,736 Distribution to Town of Vail (1,223,241) (1,223.241) Proceeds of refunding bonds 9,495,000 Refunded bond costs (9,495,620) Capital leases 10,665 10,665 10,665 690,300 Total Financing Sources (Uses) (479,800) (1,879,234) 2,169,097 (189,937) 815,495 625,558 1,622,470 Excess of Revenues Over (Under) Expenditures and Other Sources (Uses) (671,491) 6,922,703 (87,304) 6,163,908 (13,041) 6,150,867 1,181,302 Fund Balances - January 1 4,324,045 6,774,508 251,035 11,349,588 13,041 11,362,629 10,206,327 Decrease in Alpine Gardens reserve (10,000) (10.000) (10,000) (25,000) Fund Balances - December 31 3,652,554 13,687,211 163,731 17,503.496 - 17.503,496 11,362,629 The accompanying notes are an integral pail of these financial statements. A3 Town of'Vail, Colorado F, Combined Statement of Revenues, Expenditures-, and Changes in Fund Balances - Budget and Actual j .7 t encral, Special Revenue and Debt Service Funds " .jx Ea For the Year Ended December 31, 1999 General Fund Special Revenue Funds Debt Service Funds (GAAP Basis) (GAAP Basis) (GAAP Basis) Variance Variance Variance Amended Favorable Amended Favorable Amended Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Revenues: Taxes 12,857,999 12,569,227 (288,772) 8,964,220 9,267,849 303,629 Licenses and permits 459,491 601,025 141,534 370,000 357,144 (12,856) Intergovernmental revenues 1,521,873 1,438,282 (83,591) 2,043,900 2,119,630 75,730 90,482 90,428 (54) Charges for services 243,800 212,488 (31,312) 1,937,600 1,202,094 (735,506) Fines and forfeits 239,868 223,748 (16,120) 22,588 24,246 1,658 Interest earnings 175,000 184,028 9,028 254,000 438,535 184,535 16,000 25,836 9,836 Rents 121,800 119,953 (1,847) 380,306 382,797 2,491 Miscellaneous revenues 315,651 338,322 22,671 3,097,266 3,189,920 92,654 877 877 Total Revenues 15,935,482 15,687,073 (248,409) 17,047,292 16,957,969 (89,323) 129,070 141,387 12,317 Expenditures: Operating: General government 5,329,325 4,892,726 436,599 Public safety 4,787,313 4,614,427 172,886 Public works and transportation 5,109 081 4,564,004 545,077 Economic development and community assistance 989,419 1•,145,971 (156,552) 2,464,131 1,496,908 967,223 Public library 670,131 661,636 8,495 Capital projects 9,738,652 6,318,692 3,419,960 Debt service: Principal retirement 301,268 301,268 1,193,000 1,195,000 (2,000) Interest and fiscal charges 39,164 39,164 1,202,798 1,202,788 10 Total Expenditures 16,885,269 15,878,764 1,006,505 12,543,215 8,156,032 4,387,183 2,395,798 2,397,788 (1,990) Excess of Revenues Over (Under) Expenditures (949,787) (191,691) 758,096 4,504,077 8,801,937 4,297,860 (2,266,728) (2,256,401) 10,327 Other Financing Sources (Uses): Capital leases 10,665 10,665 Operating transfers in 906,731 906,731 2,302,266 2,169,097 (133,169) Operating transfers (out) (500,333) (490,465) 9,868 (2,924,408) (2,785,965) 138,443 Total Other Financing Sources (Uses) (489,668) (479,800) 9,868 (2,017,677) (1,879,234) 138,443 2,302,266 2,169,097 (133,169) Excess of Revenues Over (Under) Expenditures and Other Uses (1,439,455) (671,491) 767,964 2,486,400 6,922,703 4,436,303 35,538 (87,304) (122,942) Fund Balances - January 1 4,324,045 4,324,045 6,774,508 6,774,508 251;035 251,035 Decrease in Alpine Gardens reserve (10,000) (10,000) Fund Balances - December 31 2,884,590 3,652,554 767,964 9,260,908 13,687,211 _ 4,426,303 286,573 163,731 _ (122,842) The accompanying notes are an integral part of these financial statements. A4 Town of Vail, Colorado Combined Statement of Revenues, Expenses, and Changes , in Fund Equity - All Proprietary Fund Types and Similar Trust Funds For the Year Ended December 31, 1999 (With Comparative Totals for 1998) Proprietary Fiduciary Fund Types Fund Type Total Internal Enterprise Service Trust Fund Funds Funds 1999 1998 Operating Revenues: Charges for services 1,553,936 5,116,493 6,670,429 6,326,228 Intergovernmental revenues 154,976 154,976 Insurance reimbursements 28,433 28,433 64,894 Real estate transfer tax Other 1,000 19,473 20,473 15,196 Net gain (loss) on plan investments 2,591,148 2,591,148 (586,368) Contributions 1,825,504 1,825,504 1,808,082 Total Operating Revenues 1,554,936 5,319,375 4,416,652 11,290,963 7,628,032 Operating Expenses: Administrative 129,874 129,874 147,234 Operations 1,385,729 4,078,671 5,464,400 4,323,201 Depreciation 917,189 562,321 1,479,510 1,525,603 Claims, premiums, and dividends 1,241,288 1,935,136 3,176,424 2,176,463 Total Operating Expenses 2,302,918 5,882,280 2,065,010 10,250,208 8,172,501 Operating Income (Loss) (747.982) (562,905) 2,351,642 1,040,755 (544,469) Non-Operating Revenues (Expenses): Investment income 50,250 99,593 1,324,722 1,474,565 679,866 Operating transfers (out) (211,731) 412,333 200,602 (932,790) Gain.(loss) on disposition of equipment 97,334 398,346 495.680 411,251 Total Non-Operating Revenues (Expenses) (64,147) 910,272 1.324,722 2,170,847 159,327 Net Income (Loss) (812,129) 347,367 3,676,364 3,211,602 (385,142) Retained Earnings (Deficit)/ Fund Balances - January 1 (5,044,442) 2,719,755 29,332.014 27,007,327 27,392,469 Retained Earnings (Deficit)/ Fund Balances - December 31 (5,856,571) 3,067,122 33,008,378 30,218,929 27,007,327 The accompanying notes are an integral part of these financial statements. A5 Town of Vail. Colorado Combined Statement of Cash Flows All Proprietary Fund Types For the Year Ended December 31, 1999 (With Comparative Totals for 1998) Proprietary Fund Types Total Internal Enterprise Service Fund Funds 1999 1998 Cash Flows From Operating Activities: Cash from customers 1,505,010 1,505.010 2.105.557 Cash from other funds 4,520,402 4,520.402 4.119.944 Other receipts of cash 80,326 803,246 883,572, 183,132 Cash paid for goods and services (1,081.305) (2,838,085) (3.919.390) (4,062,675) Cash paid to employees (254.437) (2.356,954) (2,611.391) (1,233,073) Net Cash Provided by Operating Activities 249.594 128,609 378,203 1.111885 Cash Flows from Noncapital Financing Activities: Cash (to) other funds (211.731) 412,333 200.602 (932.790) Net Cash Provided (Used) by Noncapital Financing Activities (211,731) 412,333 200.602 (932.790) Cash Flows From Capital and Related Financing Activities: Sale of fixed assets 88,612 88,612 32,624 Purchase offixed assets (580,374) (319,897) (900,271) (611398) Parking assessments 48.896 Net Cash Provided (Used) by Capital and Related Financing Activities (580.374) (231.285) (811.659) (529.878) Cash Flows From Investing Activities: Interest received 50.250 99,593 149.843 193.192 Net Cash Provided by Investing Activities 50.250 99,593 149.843 193.192 Net Increase (Decrease) in Cash (492,261) 409,250 (83,011) (156.591) Cash at Beginning of Year 900,624 2,051,212 2,951.836 3,108.427 Cash at End of Year 408.363 2.460.462 2.868.825 2.951.836 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Operating (Loss) (747.982) (562,905) (1310,887) (405,307) Adjustments: Depreciation 917,189 562,320 1,479,509 1.525.603 (increase) decrease in accounts receivable (6.906) (32.558) (39.464) 4.644 (Increase) in assessments receivable 45,906 45,906 (2,156) (Increase) decrease in inventory (8,702) (81702) (13,993) (Increase) decrease in prepaid expenses (51,702) (51,702) 15,455 (Decrease) in accounts payable 40,105 140,938 181,043 (21,636) Increase in deferred revenue 1,667 1,667 Increase (decrease) in accrued wages and benefits 5.340 79,551 84.891 10,450 Increase in retainage payable 4.542 4,542 (Decrease) in deposits (8.600) (8,600) (175) Total Adjustments 997.576 691.514 1.689,090 1,518,192 Net Cash Provided by Operating Activities 249.594 128.609 - 378.203 1,112,885_ Schedule of Non-Cash Investing Activities Acquisition of equipment contributed by another fiord 1,745 297,321 299.066 193.801 The accompanying notes are an integral part of these financial statements. A6 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 1 , 1. Summary of Significant Accounting Policies The financial statements of the Town of Vail, Colorado (the "Town") have been prepared in conformity with generally accepted accounting principles ("GAAP") as applied to government units. The Governmental Accounting Standards Board ("GASB") is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's accounting policies are described below. A. Reporting Entity The Town was incorporated in 1972, under the provisions of Article XX of the Colorado Constitution and Municipal Home Rule Act of 1971. The Town operates under a Council-Manager form of government. As required by generally accepted accounting principles, the financial statements of the reporting entity include those of the Town (as the primary government) and its component units. The component unit discussed below is included in the Town's reporting entity because of the significance of its operational or financial relationships with the Town. Discretely Presented Component Unit The component unit column includes the financial data of the Town's component unit, the Eagle County Recreation Authority (the `'Recreation Authority"). The financial data is reported in a separate column to emphasize that it is legally separate from the Town. The governing body of the component unit is not appointed by the Town. The Recreation Authority was formed on October 15, 1991 to establish an independent governmental entity to purchase, manage, and develop a parcel of land located in Eagle County. The primary use of the land was to be for open space and recreation. On November 3, 1999, the Authority voted to dissolve and ceased operations. On that date, the Authority closed the sale of all its assets to Eagle County, Colorado, paid in full its outstanding long-term debt and distributed the remaining cash in the amount of $1,223,241 to the Town of Vail, Colorado for full payment of the Town's 60% interest in the assets of the Authority. The Recreation Authority was formed by the following governmental entities: Participation % Town of Vail 60.0% Town of Avon 6.0% Eagle County 11.0% Arrowhead Metropolitan District 5.0% Beaver Creek Metropolitan District 5.0% Berry Creek Metropolitan District 6.5% Eagle-Vail Metropolitan District 6.5% Each participant in the Recreation Authority had appointed one voting member to the Recreation Authority's Board of Directors. All actions of the Board of Directors required majority approval by the Board of Directors representing two-thirds (2/3) of the interest in the Recreation Authority. B1 Town of Vail, Colorado Notes to the Financial Statements December, 331, 1999 'L.4 1 (Continued) 1. Summary of Significant Accounting Policies (Continued) A. Reporting Entity (Continued) Discretely Presented Component Unit (Continued) The Recreation Authority assessed each participant based upon its percentage for maintenance, operations, and capital costs based upon the Recreation Authority's annual budget. Any deficiency was assessed to the participants based upon their respective participation percentage. The financial statements of the Recreation Authority can be obtained from the Town's administration offices. Other Entities The Town does not exercise oversight responsibility over any other entity, nor is the Town a component unit of any other governmental entity. B. Fund Accounting The Town uses funds and account groups to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Funds are classified into three categories: governmental, proprietary and fiduciary. Each category, in turn, is divided into separate "fund types." Governmental funds are used to account for all or most of a government's general activities, including the collection and disbursement of earmarked monies (special revenue funds), and the servicing of general long- term debt (debt service funds). The General Fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the government (internal service funds). Fiduciary funds account for assets held by the government in a trustee capacity or as an agent on behalf of others. Trust funds account for assets held by the District under terms of a formal trust agreement. The expendable trust fund is accounted for in essentially the same manner as the governmental fund types, using the same measurement focus and basis of accounting. Expendable trust funds account for assets where both the principal and interest may be spent. B2 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999` (Continued) 1. Summary of Significant Accounting Policies (Continued) B. Fund Accounting (Continued) Account Groups The general fixed asset account group is used to account for fixed assets not accounted for in' the.proprietary or trust funds. The general long-term debt account group is used to account for general long-term debt and certain other liabilities that are not specific liabilities of the proprietary or trust funds. The two account groups are not "funds". They are concerned only with the measurement of financial position and not with the results of operations. C. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds, nonexpendable trust funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earning components. Proprietary fund-type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. The modified accrual basis of accounting is used by all governmental fund types, expendable trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The Town considers property taxes as available if they are collected within 60 days after year end. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, special assessments, licenses, interest revenue and charges for services. Sales taxes are collected by the Town and are recognized as revenue when collected by the vendors. Fines and permits revenues are not susceptible to accrual because generally they are not measurable until received in cash. The accrual basis of accounting is utilized by proprietary fund types and nonexpendable trust funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. 133 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999" Cam: r (Continued) E 1. Summary of Significant Accounting Policies (Continued) D. Deferred Revenue The Town reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. In subsequent periods, when both revenue recognition criteria are met, or when the Town has alegal claim to the resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. E. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed by the Town. Expenditures are recorded when the related liability is incurred. F. Equity in Pooled Cash and Investments Cash and investments includes amounts in demand deposits as well as investments. Investments are stated at market value for all Town investments. G. Inventory Inventory is valued at lower of cost or market using the first-in, first-out method. Inventory in the Internal Service Fund - Heavy Equipment Fund consists of expendable supplies held for consumption. H. Prepaid Items Payments made to vendors for services that will benefit periods beyond December 31, 1999, are recorded as prepaid items. 1. Restricted Assets Certain proceeds of bond issues, as well as certain resources set aside for their repayment, are classified as restricted assets on the balance sheet because their use is limited by the applicable bond covenants. J. Fixed Assets General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the General Fixed Assets Account Group. All purchased fixed assets over $5,000 are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair market value on the date received. B4 Town of Vail, Colorado Notes to the Financial Statements F° °1 December, 31, 1999 " (Continued) 1. Summary of Significant Accounting Policies (Continued) J. Fixed Assets (Continued) The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized in the governmental funds. Improvements in the proprietary funds are capitalized and depreciated over the remaining useful lives of the related fixed assets, as applicable. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as these assets are immovable and of value only to the Town. Assets in the General Fixed Assets Account Group are not depreciated. Depreciation of buildings, equipment and vehicles in the proprietary fund types is computed using the straight-line method. K. Use of Estimates The preparation of financial statements to conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. L. Proprietary Funds As required by GASB Statement No. 20, the Town has elected to follow for its proprietary funds, all (1) GASB pronouncements and (2) FAS13 Statements and Interpretations, APB Opinions, and Accounting Research Bulletins (ARBs) issued on or before November 30, 1989, except those that conflict with a GASB pronouncement. M. Interfund Transactions Quasi-external transactions are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Non-recurring or non-routine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. N. Compensated Absences Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vacation pay is accrued in proprietary funds and reported as a fund liability. Amounts of vested or accumulated vacation leave that are not expected to be liquidated with expendable available financial resources are reported in the General Long-Term Debt Account Group. No expenditure is reported for these amounts. No liability is recorded for non-vesting accumulating rights to receive sick pay benefits. B5 Town of Vail, Colorado Notes to the Financial Statements p~ ,r December, 31, 1999 - (Continued) 1. Summary of Significant Accounting Policies (Continued) 0. Long-Term Obligations Long-term debt is recognized as a liability of a governmental fund when due, or when resources have been accumulated in the debt service funds for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is- reported in. the General Long-Term Debt Account Group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. P. Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. Q. Memorandum Only - Total Columns Total columns on the general-purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. R. Comparative Data Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the government's financial positions and operations. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. S. Deferred Property Taxes All property taxes become due and payable in the year following that in which they are levied, at which time they are recognized as revenues. Property taxes are recorded as receivable and deferred revenue in the year they are levied. T. Budgets and Budgetary Accounting An annual budget and appropriation ordinance is adopted by the Town Council in accordance with the Town's Home Rule Charter. Budgets are prepared on the basis of GAAP for all funds except the Internal Service Funds - Heavy Equipment Fund, Dispatch Services Fund, and the Enterprise Fund - Parking Structure Fund. The budgets for these funds have been adopted on a Non-GAAP budget basis and are reconciled to the GAAP basis below. B6 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) ` 1. Summary of Significant Accounting Policies (Continued) T. Budgets and Budgetary Accounting (Continued) The level of control in the budget at which expenditures exceed appropriations is at the fund level. All appropriations lapse at year end. Enterprise Internal Service Funds Fund Heavy Facilities Dispatch Parking Equipment Maintenance Services Structure Fund Fund Fund Fund Reconciliation to GAAP Basis: $ 215,454 106,353 37,794 (525,462) Net income (loss) - Budgetary Basis Less: Long-term special assessment fees (45,905) Depreciation (480,651) (1,262) (80,406) (917,189) Accrued vacation 360 944 (43,107) (1,280) Add: Capital outlay 271,319 48,578 580,373 Book value of retired equipment 309,734 97,334 Net income (loss) - GAAP Basis $ 316,216 106,035 (37,141) (812,129) U. Cash and Cash Equivalents The proprietary fund cash and cash equivalents are deemed to consist of cash on hand. The Town has a policy of central cash management for all funds except the Employee's Pension Trust Fund and the Deferred Compensation Plan. V. Investment Risk The Town's investments, with the exception of the Town of Vail Employee's Pension Trust Fund and the Deferred Compensation Plan investments, are invested primarily in COLOTRUST and government obligations. The Pension Trust Fund and Deferred Compensation Plan investments are held in U.S. government obligations, commercial stocks and bonds, limited partnerships (the limited partnerships may invest in derivatives), mutual funds and other investments as approved by the Pension Fund Retirement Boards. The value of the investments fluctuate as market conditions change. 137 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 ` (Continued)' 1. Summary of Significant Accounting Policies (Continued) V. Investment Risk (Continued) GASB Technical Bulletin No. 94-1 defines derivatives as "contracts whose value depends on, or derives from. the value of an underlying asset, reference rate, or index." At December 31, 1999, the Town held the following investments which may be considered derivatives under this definition: % of Book Market Investment Value Value Pool Small Business Association (SBA Pools) $367,278 $367,278 2.0% Adjustable Rate Mortgages (ARMS) 844,044 844,044 4.5% The Town recognizes that investment risks can result from credit risk, market risk, and legal risk. The Town seeks to minimize these risks by investing in seasoned SBA pools and ARMs that are backed by the U.S. Government. The Town's intent in investing in these instruments is to achieve long-term rates of return with the decreased volatility of fixed rate, short-term instruments. W. Credit Risk The receivables of the various funds of the Town are primarily due from other governments and the Town's component unit. Management believes that the credit risk related to the receivables is minimal. X. Segment Information Segment reporting requirements are met by these financial statements as the Town has one Enterprise Fund. 2. Budgets The Town published its biennial budget for the 1999 - 2000 budget years in December of 1998. Adjustments were made to the 2000 budget prior to its adoption in December of 1999. The Town followed these procedures in establishing the budgetary data reflected in the financial statements. (1) For the 1999 budget, prior to August 25, 1998, the County Assessor was to have sent to the Town a certified assessed valuation of all taxable property within the Town's boundaries. (2) Prior to the end of the 1998 fiscal year, the Town Manager submitted to the Town Council a budget and accompanying message. (3) For the 1999 budget, prior to December 15, 1998, the Town computed and certified to the County Commissioners a rate of levy that derived the necessary property taxes as computed in the proposed budget. B8 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 2. Budgets (Continued) (4) After a required publication of "Notice of Proposed Budget", the Town adopted the proposed budget and an appropriating resolution which legally appropriates expenditures for the upcoming year. (5) After adoption of the budget resolution, the Town may make the following changes: (a) supplemental appropriations to the extent of revenues in excess of those estimated in the budget; (b) emergency appropriations; and (c) reduction of appropriations for which originally estimated revenues are insufficient. Taxes levied in one year are collected in the succeeding year. Thus taxes certified in 1998 were collected in 1999 and taxes certified in 1999 will be collected in 2000. Taxes are due on January I st in the year of collection; however, they may be paid in either one installment (no later than April 30th) or two equal installments (not later than February 28th and June 15th) without interest or penalty. Taxes which are not paid within the prescribed time bear interest at the rate of one percent (1 per month until paid. Unpaid amounts and the accrued interest thereon become delinquent on June 17th. 3. Cash and Investments A. Authorization for Deposits and Investments Pursuant to its charter, the Town has adopted, by ordinance, an investment policy governing the types of institutions and investments with which it may deposit funds and transact business. Under this policy, the Town may invest in federally insured banks, debt obligations of the U.S. Government, its agencies and instrumentalities, governmental mutual funds and pools, and repurchase agreements subject to policy requirements. The Town also accounts for the operations of the employees' pension plans which are administered by select employees acting as trustees who are governed by a trust agreement. The trust agreement gives the trustees considerable latitude with investment alternatives. As a result, all pension investments are considered legal under the trust agreement. B. Deposits and Investments The Town maintains a cash and investment pool in which all funds participate except the Deferred Compensation Plan. Each fund's position in this pool is displayed on the combined balance sheet as "Equity in Pooled Cash and Investments." In addition, several of the Town's funds may include investments held separately that are restricted for various purposes. B9 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999^ (Continued) 3. Cash and Investments (Continued) B. Deposits and Investments (Continued) 1. Deposits The Colorado Public Deposit Protection Act ("PDPA") requires that all units of local government deposit cash in eligible public depositories; eligibility is determined by state regulators. Amounts on deposit in excess of federal insurance levels must be collateralized. The eligible collateral is determined by the PDPA. PDPA allows the institution to create a single collateral pool for all public funds. The pool is to be maintained by another institution or held in trust for all the uninsured public deposits as a group. The market value of the collateral must be at least equal to 102% of the uninsured deposits. The amount of total bank balance may be classified among the following three categories on the basis of credit risk: (1) Insured or collateralized with securities held by the entity or by its agent or by its agent in the entity's name (2) Collateralized with securities held by the pledging financial institution's trust department or agent in the entity's name (3) Unco I lateral ized. (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department of agent but not in the entity's name.) At December 31, 1999, the Town's cash deposits were entirely insured or collateralized with securities held by the entity's agent as described above. The carrying value of the Town's deposits was $4,445,803. The bank balance of these accounts was $4,728,709, of which $200,000 was covered by FDIC insurance and $4,528,709 was collateralized in institution pools as described above. At December 31, 1999, the Town had invested $8,461,502 in the Colorado Government Liquid Asset Trust (COLOTRUST), an investment vehicle established for local government entities in Colorado to pool surplus funds. These funds operate similarly to a money market fund and each share is equal in value to $1.00. Investments of these funds consist of U.S. Treasury- bills, notes and note strips and repurchase agreements collateralized by U.S. Treasury securities. A designated custodial bank provides safekeeping and depository services in connection with the direct investment withdrawal functions. 2. Investments GASB has determined three levels of credit risk that apply to the Town's investments: (1) Insured or registered, with securities held by the Town, Employee's Pension Trust Fund or its agent in the Town's or Employees' Pension Trust Fund's name. (2) Uninsured or unregistered, with securities held by the counter party's trust department or agent in the Town's or Employee's Pension Trust Fund's name. (3) Uninsured or unregistered, with securities held by the counter party, or by its trust department or agent but not in the Town's or Employee's Pension Trust Fund's name. B10 Town of Vail, Colorado Notes to the Financial Statements r-: December, 31, 1999 ` (Continued) 3. Cash and Investments (Continued) B. Deposits and Investments (Continued) 2. Investments (Continued) The following is a summary of the Town's investments at amortized cost and market which approximates market, categorized into the aforementioned levels of risk at December 31, 1999. Investments in money market mutual funds are not categorized as described above since such investments are not evidenced by specific securities that exist in physical or book form. Category Carrying 2 Value U.S. Government Securities $ 5,832,443 $ 5,832,443 During the year, the Town invested in certificates of deposit, Treasury bills and notes, government agency securities, COLOTRUST, GNMAs, ARM pools, SBA pools, and money market accounts. The Town's total cash deposits and investments, including those of the Employees' Pension Trust Fund and the Deferred Compensation Plan, at December 31, 1999 are as follows: All Employee's Other Pension Deferred Funds Trust Fund Compensation at Market at Market Plan Total Cash $ 11,000 23,156 34,156 Money market/checking accounts 2,505,813 2,505,813 Statutory Government pools 8,461,502 8,461,502 Certificates of Deposit 2,000,000 2,000,000 U.S. Government obligations 5,832,443 5,832,443 Commercial stocks & bond funds 18,296,769 18,296,769 Money market mutual funds 10,680,930 10,680,930 Limited partnerships 24,706 24,706 Real estate fund 624,259 624,259 Deferred Compensation Plan 3,021,556 3,021,556 Total $ 18,810,758 29,649,820 3,021,556 51,482,134 The Town's investments in the Deferred Compensation Plan and the Pension Plan are held by the Trustees, and are not categorized because they are not evidenced by specific securities that exist in physical or book form. B I I Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 3. Cash and Investments (Continued) B. Deposits and Investments (Continued) 2. Investments (Continued) Financial statement captions at December 31, 1999 are as follows: Total Cash $ 50,273 Equity in pooled cash and investments 18,774,072 Deficit in pooled cash and investments (13,587) Employees' Retirement Plan investments 32,671,376 Total $ 51,482,134 4. Receivables - Due from Other Governments Included in the accounts receivable from other governments in the Special Revenue Fund - Capital Projects Fund is $1,000,000 due from the State of Colorado Department of Transportation ("CDOT") in respect of funding for the West Vail Interchange Improvements. The money is to be received from CDOT between fiscal years 1999 and 2005. Accordingly, this amount has been recorded as deferred revenue, and will be recognized as revenue upon receipt. 5. Fixed Assets A. Changes in General Fixed Assets Account Group January 1, December 31, 1999 Additions Retirements 1999 Land $ 17,896,413 17,896,413 Buildings 14,425,757 215,601 14,641,358 Construction in progress 1,080,764 1,080,764 - Improvements other than buildings 2,138,074 225,857 6,500 2,357,431 Machinery and equipment 11,924,234 794,593 2,040,300 10,678,527 Total $ 47,465,242 1,236,051 3,127,564 45,573,729 1312 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 5. Fixed Assets (Continued) B. Proprietary Fund Type Fixed Assets Summary Enterprise Internal Service Funds Fund Heavy Facilities Dispatch Parking Equipment Maintenance Services Structure Fund Fund Fund Fund Buildings $ 1,350,557 23,387,387 Improvements other than buildings 815,520 9,624 1,574,656 Equipment 3,691,917 30,609 497,494 917,249 Subtotal 5,857,994 30,609 507,118 25,879,292 Less: Accumulated depreciation (3,678,116) (30,609) (260,490) (16,753,496) Total $ 2,179,878 $ - $ 246,628 S 9,125,796 Depreciation on fixed assets in the proprietary fund type is recorded using the following estimated useful lives: Vehicles 5 - 7 years Equipment 5 - 10 years Buildings 25 -30 years The Town's proprietary fund types had the following amounts of fully-depreciated assets in use at December 31, 1999: - Internal Service fund - Heavy Equipment Fund $779,500 Internal Service fund - Facilities Maintenance Fund $30,609 Enterprise fund - Parking Structure Fund $7,650,695 6. Operating Leases The Town is committed under various leases for building and office space and equipment. These leases are considered for accounting purposes to be operating leases, and therefore, the liability and the related assets have not been recorded in these financial statements. B13 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 7. General Long-Term Debt - Capital Leases The Town has entered into the following lease purchase agreements to acquire facilities and equipment. The leases are all annually cancelable and the following leases have been capitalized. Minimum Lease Lease Descriotion Payments Copy machine lease; expires March, 2001; monthly payments of $192 $ 2,881 Radio system lease; expires March, 3003; annual payments of $152,372 609,488 Copy machine lease; expires January 2002; monthly payments of $297 7,425 Fax machine lease; expires May 2002; monthly payments of $68 1,958 Total minimum lease payments $ 621,752 Minimum annual lease payments are to be made as follows: Year ending December 31, 2000 $ 159,051 Year ending December 31, 2001 157,322 Year ending December 31, 2002 153,007 Year ending December 31, 2003 152,372 Total minimum lease payments 621,752 Less: Amount of interest (73,137) Present value of minimum lease payments $ 548,615 8. Long-Term Debt A. 1992A General Obligation Refunding Bonds The Town issued $7,500,000 of insured General Obligation Refunding Bonds dated October 1, 1992. The bond proceeds were used to refund 1985 bonds that were subject to redemption at the Town's option in 1996. The interest rate on the bonds is between 3.00% to 6.00% and is payable on June 1 and December 1, through December 2005. The bonds are general obligations of the Town, payable from ad valorem property taxes to be levied without limitation as to rate or amount against all taxable property in the Town. B14 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 8. Long-Term Debt (Continued) A. 1992A General Obligation Refunding Bonds (Continued) Bonds maturing on June 1, 2005 are subject to redemption prior to maturity at any time on and after December 1, 2002 and through November 30, 2003 at a redemption price equal to 101 % of par value. Bonds maturing after December 1, 2003 may be redeemed at par value. The bonds maturing on December 1,, 2005 are subject to mandatory sinking fund redemption at a price equal to the principal amount plus accrued interest to the redemption date. Annual debt service requirements to maturity for the bonds, including $1,260,700 of interest, is as follows: Year Total 2000 $ 1,150,400 2001 1,306,400 2002 1,299,900 2003 1,339,000 2004 1,3 70,000 Thereafter 795,000 Total $ 7,260,700 B. 1992B Sales Tax Revenue Refunding and Improvement Bonds The Town issued $15,165,000 of insured Sales Tax Revenue Refunding and Improvement Bonds dated October 1, 1992. The bonds were used for capital projects of $5,700,000, and to refund all outstanding 1989 Sales Tax Revenue Bonds. The Town refunded $6,580,000 of the remaining principal due on September 1, 1998 when the 1998 bonds were issued. The interest rate on the bonds is between 3.00% and 6.125% and is payable on June 1 and December 1, through December 1, 2012. The bonds are special limited obligations of the Town payable solely from the Town's existing 4% sales tax and net revenues generated by the Town's parking facilities. The bonds constitute an irrevocable lien upon the pledged revenues, in part on a basis subordinated to other obligations of the Town. Bonds maturing on or before June 1, 2002 are not subject to prior redemption. Bonds maturing on June 1, 2005 and December 1, 2012 shall be subject to prior redemption at the option of the Town. The bonds maturing after June 1, 2002 may be redeemed at 101% from December 1, 2002 through May 31, 2003 and at par thereafter. The bonds maturing on June 1, 2005 and December 1, 2012 are subject to mandatory single fund redemption at a price equal to the principal amount thereof plus accrued interest to the redemption date. B15 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 8. Long-Term Debt (Continued) B. 1992B Sales Tax Revenue Refunding and Improvement Bonds (Continued) Annual debt service requirements to maturity for the bonds, including $2,737,924 of interest; is as follows: Year Total 2000 $ 737,558 2001 580,607 2002 591,428 2003 551,638 2004 518,738 Thereafter 5,937,955 Total $ 8,917,924 C. Advance Refunding - 1998A Tax-Exempt Sales Tax Revenue Refunding Bonds and 1998B Taxable Sales Tax Revenue Refunding Bonds The Town issued $8,760,000 of insured Tax-Exempt Sales Tax Revenue Refunding Bonds and $735,000 of insured Taxable Sales Tax Revenue Refunding Bonds dated September 1, 1998. The bond proceeds were used to refund the Town's Sales Tax Revenue Bonds, Series 1991 and certain of the Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B, and paying the costs of issuance of the bonds. The Town placed the proceeds of the refunding in escrow to provide funds to pay principal and interest on the refunded bonds. All the refunded bonds are considered to be defeased. The interest rate on the 1998A bonds is between 4.25% and 4.5%. The interest rate on the 1998B bonds is between 6.00% and 6.05%. Both bond issues are payable on June I and December 1. The bonds are revenue obligations of the Town payable solely from the Town's 4% sales tax. The bonds are secured by a lien on, but not an exclusive lien on, the sales tax. The Series 1998A Bonds maturing on and after December 1, 2009 are subject to redemption prior to maturity at the option of the Town, in whole or in part in integral multiples of $5,000, and if in part in such order of maturities as the Town shall determine and by lot within a maturity, on December 1, 2008 and on any date thereafter, at a redemption price equal to par, plus accrued interest to the redemption date. The Series 1998B Bonds are not subject to redemption prior to maturity. B16 Town of Vail, Colorado Notes to the Financial Statements _ December, 31, 1999 (Continued) - 8. Long-Term Debt (Continued) C. Advance Refunding - 1998A Tax-Exempt Sales Tax Revenue Refunding Bonds and 1998B Taxable Sales Tax Revenue Refunding Bonds (Continued) Annual debt service requirements to maturity for the 1998A bonds, including $4,164,656 of interest, is as follows: Year Total 2000 $ 386,628 2001 386,628 2002 386,628 2003 386,628 2004 386,628 Thereafter 10,991,516 Total $ 12,924,656 Annual debt service requirements to maturity for the 19988 bonds, including $332,704 of interest, is as follows: Year Total 2000 $ 44,288 2001 44,288 2002 44,288 2003 44,288 2004 44,288 Thereafter 846,264 Total $ 1,067,704 B17 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 - (Continued) 8. Long-Term Debt (Continued) D. Changes in General Long-Term Debt The following is a summary of debt transactions of the Town for the year ended December 31, 1999: January 1, December 31, 1999 Additions Retirements 1999 General Obligation Bonds: 1992 Series A $ 6,500,000 500,000 6,000,000 Special Assessment Bonds: Booth Creek Local Improvement District Assessment Bonds 70,000 70,000 - Sales Tax Revenue Bonds: Bond Series 1992B 6,805,000 625,000 6,180,000 Bond Series 1998A 8,760,000 8,760,000 Bond Series 1998B 735,000 735,000 Notes Payable -Public Golf Course/Pulis 301,268 301,268 - Capitalized lease agreements 694,716 10,665 156,766 548,615 Vacation payable 515,328 994 514,334 Total $ 24,381,312 $ 10,665 $ 1,654,028 $ 22,737,949 E. Authorized, Issued and Defeased Bonds At December 31, 1999, there were no authorized but unissued debt. The amount of outstanding defeased bonds for all refunded Town of Vail issues at year end was $10,420,000. F. Vacation and Sick Leave Pay Benefits The Town has a policy allowing the accumulation of vacation and sick leave pay up to certain maximum limits. In accordance with generally accepted accounting principals for governmental accounting, the approximate vacation pay liability of $514,334 and $515,328 at December 31, 1999 and 1998 respectively, has been reflected in the attached financial statements as a portion of the General Long-Term Debt Group of Accounts. Accumulated sick pay of approximately $1,520,560 and $1,417,485 at December 31, 1999 and 1998 respectively, has not been reflected in the attached financial statements as the amount is partially insured by an independent insurance company and the amounts are not payable at termination. B18 Town of Vail, Colorado Notes to the Financial Statements = e = December, 31, 1999 (Continued) 8. Long-Term Debt (Continued) G. Conduit Debt Obligations The Town issued $7,505,000 of single family revenue refunding bonds in 1992 to refund bonds originally issued in 1981 to provide financial assistance to a private-sector entity for the construction of a commercial housing project it deemed to be in the public interest (Pitkin Creek Park, located in East Vail). The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facility transfers to the private-sector entity served by the bond issuance. The Town is not obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 1999, the aggregate principal amount payable was $1,315,000. 9. Pension Plans The Town offers two defined contribution pension plans to cover all permanent paid employees of the Town. In addition, employees of the Vail Recreation District participate and are subject to the same plan provisions. The plan covered approximately 827 employees in 1999. The Town established this qualified money purchase pension plan under Internal Revenue Code ("IRC") Section 401(a), and may amend all of the plan provisions. The first plan covers all full time and qualified seasonal employees of the Town of Vail and the Vail Recreation District; the second plan covers all full time and qualified seasonal employees of the Police and Fire Departments of the Town of Vail. The plan provisions are the same for both plans. In defined contribution plans, benefits depend solely on amounts contributed to the plans plus investment earnings. Employees are eligible to participate in the plans from the date of employment or the effective date of the plans, January 1, 1983, whichever is later. The plans provide for contributions to be made by the Town of 12.6% of regular compensation for the first year of employment and 17.6% thereafter. For employees hired after April 1, 1986, the Town's contribution is 11.15% of regular compensation for the first year, and 16.15% thereafter. Employees have the option to make voluntary contributions of 10% of their compensation. In the event of continued long-term disability of an employee, the Town's disability insurance will continue to make contributions for the employee through age 60 at the rate on the date of disability. For employees hired before July 1, 1986, vesting of the Town's contributions to the employees is 77.5% after the first year of employment with an additional vesting of 7.5% per year through the fourth year, when vesting is 100%. For employees hired after June 30, 1986, vesting of the Town's contributions to the employees is 20% after the first year of employment with additional vesting of 20% per year through the fifth year, when vesting is 100%. If an employee dies, becomes disabled, or attains the age of 60, their entire interest in the plans becomes vested; and normal retirement age is 60 with early retirement at age 50 and four years of service. B19 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) ` 9. Pension Plans (Continued) In 1991, the Town established a defined contribution pension plan for seasonal employees who work for the Town longer than 6 weeks. Seasonal employees who work for the Town less than 6 weeks are covered under Social Security only. Seasonal employees are required to contribute 6% of regular compensation to the plan and the Town contributes 1.5%. Seasonal employees are 100% vested after their first contribution. The annual pension cost is the Town's contributions less forfeitures from the prior year. The plans' invested assets at December 31, 1999 of $29,649,820 are stated at market value. All earnings, losses, expenses and changes in the fair market value of the trust fund will be apportioned at least annually among the participants in proportion to each participant's current share of the Trust Investment Fund. The Town has no liability for unfunded future vested employee benefits. The trustees and administrators of the plans are the Retirement Boards. The Retirement Boards determine how the plans' assets are to be invested in adherence to an adopted investment policy statement. The total amount of the employees current year covered payroll was $8,937,191 and total 1999 payroll for all employees was $9,937,081. The plan held investments with the following organizations that exceeded 5% of total plan net assets at December 31, 1999: Dodge & Cox Stock Fund $3,036,494.19 10.0% Managers Special Fund $2,199,114.12 7.0% Montag & Caldwell Growth Fund $2,861,583.30 10.0% Morgan Grenfell Fixed Instl Fund $3,224,292.41 11.0% Schwab Money Market Fund $10,680,929.84 36.0% T. Rowe International Fund $4,214,662.95 14.0% Vanguard Index 500 Fund $2,263,430.79 8.0% AG Eleven Partners Limited Partnership $4,000,062.00 5.2% Euro-Partners Arbitrage Fund Limited Partnership $2,994,110.00 11.4% Jaguar Fund - Class A $5,295,257.00 20.1% First American Prime Obligation Money Market $2,394,473.00 9.1% 10. Retirement Savings Plan - Deferred Compensation Plan - IRC 457 The Town offers its employees a deferred compensation plan (the "457 Plan") created in accordance with IRC Section 457. The 457 Plan, available to all Town employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the 457 Plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are to be held in trust for the exclusive benefit of the 457 Plan participants and their beneficiaries. B20 Town of Vail, Colorado • Notes to the Financial Statements December, 31, 1999 (Continued) 10. Retirement Savings Plan - Deferred Compensation Plan - IRC 457 (Continued) The accrued basis of accounting is used for the 457 Plan. Revenues are recognized when earned and expenditures are recognized when incurred. Investments are recorded at market value. The trustees and administrators of the 457 Plan are the Retirement Board, which comprises members of the Town's administration. The Retirement Board determines how the 457 Plan's assets are to be invested in adherence to an adopted investment policy statement. The Town has no liability for losses under the 457 Plan but does have the duty of due care that would be required of an ordinary prudent investor. The total assets of the 457 Plan were $3,021,556 at December 31, 1999. The assets were invested in pooled investment funds and an annuity. Pursuant to the Town's adoption of GASB Statement No. 32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans, the 457 Plan has been included in these financial statements as an expendable trust fund. 11. Cafeteria Plan The Town offers a cafeteria compensation plan organized under IRS Section 125 that includes the following benefits: medical disability, accident and/or term life insurance, and health expense reimbursement. No cost to the Town is recognized as the plan is a salary reduction plan. 12. Employee Health Insurance Fund The Town has established a "Shared Fund - Minimum Premium" health insurance plan, to provide medical benefits to eligible employees. Premiums are determined at the beginning of each plan year and are charged to individual funds when paid. The Town has established a $773,659 reserve for future claims in the event that claims exceed the premiums charged to other funds of the Town. The maximum liability in any policy year is the total of the premium and claims incurred charged. If the total premiums and claims incurred in a policy year to the insurer are in excess of claims paid, excluding a stop loss of claims over $50,000 per person, a refund is due to the Town. The plan established a maximum funding cost of $1,111,306 for the present number of Town employees for the 1999 policy period. 13. Risk Management The Town is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; natural disasters; and worker's compensation for which the Town carries commercial insurance. The worker's compensation premiums are subject to adjustments based on audits of actual claims incurred. 14. Deficit Retained Earnings The Enterprise Fund - Parking Structure Fund had a deficit retained earnings of $5,856,571 and the Proprietary Fund - Dispatch Services Fund had a deficit retained earnings of $37,141 at December 31, 1999. 1321 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 15. Commitments and Contingencies A. Legal Claims During the normal course of business, the Town incurs claims and other assertions against it from various agencies and individuals. Management of the Town and their legal representatives feel none of these claims or assertions, except as noted in the preceding paragraph, are significant enough that they would materially affect the fairness of the presentation of the financial statements at December 31, 1999. B. Federal Funds Funds received from Federal grants and programs are subject to audit and disallowance on ineligible costs. Management of the Town feels any potential questioned or disallowed costs would not materially affect the fairness of the presentation of the financial statements at December 31, 1999. 16. TABOR Amendment - Revenue and Spending Limitation Amendment In November 1992, Colorado voters amended Article X of the Colorado Constitution by adding Section 20, commonly known as the Taxpayer's Bill of Rights (TABOR). TABOR contains revenue, spending, tax and debt limitations which apply to the State of Colorado and local governments. TABOR requires, with certain exceptions, advance voter approval for any new tax, tax rate increase, mill levy above that for the prior year, extension of any expiring tax, or tax policy change directly causing a net tax revenue gain to any local government. Except for refinancing bonded debt at a lower interest rate or adding new employees to existing pension plans, TABOR requires advance voter approval for the creation of any multiple-fiscal year debt or other financial obligation unless adequate present cash reserves are pledged irrevocably and held for payments in all future fiscal years. TABOR also requires local governments to establish emergency reserves to be used for declared emergencies only. Emergencies, as defined by TABOR, exclude economic conditions, revenue shortfalls, or salary or fringe. benefit increases: These reserves are required to be I% or more of fiscal year spending (excluding bonded debt service) for the fiscal year ended December 31, 1994, 2% or more for the fiscal year ended December 31, 1995 and 3% or more thereafter. The Town has reserved a portion of its December 31, 1999 year-end fund balance in the General Fund for emergencies as required under Tabor in the amount of $966,500, which is the approximate required reserve at December 31, 1999. The initial base for local government spending and revenue limits is December 31, 1992 fiscal year spending. Future spending and revenue limits are determined based on the prior year's fiscal year spending adjusted for inflation in the prior calendar year plus annual local growth. Fiscal year spending is generally defined as expenditures and reserve increases with certain exceptions. Revenue, if any, in excess of the fiscal year spending limit must be refunded in the next fiscal year unless voters approve retention of such revenue. The Town's management believes it is in compliance with the financial provisions of TABOR. However, TABOR is complex and subject to interpretation. Many of its provisions, including the interpretation of how to calculate fiscal year spending limits, will require judicial interpretation. B22 Town of Vail, Colorado Notes to the Financial Statements December, 31, 1999 (Continued) 17. TABOR Amendment - Revenue and Spending Limitation Amendment (Continued) On November 16, 1993, voters of the Town approved the collection and expenditure of all revenues generated including reduction in debt service during 1993 and each subsequent year (not including revenue generated from ad valorem property taxes) without any increase in such tax rates and the expenditure of such revenues for debt service, municipal operations, and capital projects, effective January 1, 1993. The remaining restrictions of the TABOR Amendment apply,-which are: • Voter approval of all new taxes and tax rate increases; • Voter approval for new or additional Town of Vail debt; • All ad valorem property tax restrictions remain in full force and effect; • No increase or imposition of a new real estate transfer tax; and, • All election requirements remain in effect. B23 Combining-and Individual Fund And Account Group Statements The combining financial statements present a summary of the financial position of all funds of a given fund type and of the operating results of the same funds. The individual fund and account group statements present information when only one fund or account group exists. General Fund The general fund is used to account for resources traditionally associated with government which are not required legally or by sound financial management to be accounted for in another fund Town of Vail, Colorado General Fund Statement of Revenues Budget (GAAP Basis) and Actual For the Year Ended December 31. 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Amended Favorable Budget Actual (Unfavorable) Actual Taxes: General sales taxes 8,325,409 8,113,554 (211,855) 8,298,951 Property and ownership taxes 2,168,800 2,157,937 (10,863) 2,078,382 Resort fees 1,785,860 1,710,061 (75,799) 2,043,210 Franchise fees 552,930 564,419 11,489 548,385 Penalties and interest on delinquent taxes 25,000 23,256 (1,744) 27,425 Total Taxes 12,857,999 12,569,227 (288,772) 12,996,353 Licenses and Permits: Construction fees 400,000 516,999 116,999 708,108 Contractors' licenses 30,300 43,735 13,435 40,580 Other permits and licenses 29,191 40,291 11,100 36,246 Total Licenses and Permits 459,491 601,025 141,534 784,934 Intergovernmental Revenues: County sales tax 459,000 459,664 664 483,464 County road and bridge 468,917 423,671 (45,246) 429,385 Additional motor vehicle registration fees 30,160 27,884 (2,276) 28.499 Cigarette tax 121,030 111,086 (9,944) 127,669 Highway users tax 220,885 221,471 586 213,722 State health inspection 12,682 11,916 (766) 13,157 Transportation fees 48,277 48,277 151,966 Other State sources 26,000 27,818 1,818 Federal sources 134,922 106,495 (28,427) 109.063 Eagle County E911 61,500 Total Intergovernmental.Revenues 1,521,873 1,438.282 (83,591) 1,618,425 Charges For Services: Management fees - Vail Valley Marketing Board 17,000 16,815 (185) 17,076 RETT contribution for salaries 102.890 Out of district fire response 29,203 36,127 6,924 41,680 Alarm monitoring fees 56,160 52,578 (3,582) 53,032 Dispatch fees 42,851 (42,851) 338,896 Other charges, services, and sales 98,586 106,968 8,382 109,589 Total Charges for Services 243,800 212,488 (31,312) 663,163 Other: Fines and forfeits 239,868 223,748 (16,120) 235,954 Interest on investments 175,000 184,028 9,028 277,779 Rents 121,800 119,953 (1,847) 152,877 Other 315,651 338,322 22,671 148,296 Proceeds of capital leases 10,665 10,665 Total Other Revenues 862,984 876,716 13,732 814,906 Total Revenues 15,946,147 15,697,738 (248,409) 16,877,781 The accompanying notes are an integral part of these financial statements. Cl Town of Vail, Colorado General Fund r_ t-7, r7- Statement of Expenditures Budget (GAAP Basis) and Actual - For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Amended Favorable Budget Actual (Unfavorable) Actual Expenditures: Town officials 998,531 890,748 107,783 877,151 Administrative 2,206,211 2,009,003 197,208 1.887.849 Community development 1,199,749 1,123,570 76,179 1,184.326 Public safety - Police 3,356,484 3,224,758 131,726 3,922,530 Public safety - Fire 1,430,829 1,389,669 41,160 1,306,410 Public works 2,367,116 2,119,981 247,135 2,677.607 Public transportation 2,741,965 2,578,913 163,052 2,508,040 Public library 670,131 661,636 8,495 599,557 Contributions and special events 989,419 955,652 33,767 876,038 Facility maintenance 924,834 924.834 852,371 Operating transfers to: Dispatch Services Fund 412,333 412,333 Vail Housing Fund - 30,000 _30,000 987,572 Booth Creek Bond Fund 58,000 48.132 9,868 38,590 Total Expenditures 17,385,602 16,369,229 1.016.373 17,718.041 The accompanying notes are an integral part of these financial statements. C2 Special Revenue Funds Special Revenue Funds are used to account for specific revenues that are legally restricted to expenditure for a particular purpose. The Capital Projects Fund is used to account for a portion of the Town's Sales Tax and Resort Fee which is restricted for the acquisitions of and improvements to the Town's general fixed assets. The Vail Housing Fund is used to account for the monies set aside for local housing in the Town of Vail. The Real Estate Transfer Tax Fund is used to account for the collection of Real Estate Transfer Tax revenue which is specifically restricted for acquiring and improving real property for recreation and open space purposes. The Police Confiscation Fund is used to account for proceeds from Federal, State, and local police seizures, which is specifically restricted for expenditures related to law enforcement. The Vail Marketing Fund is used to account for the collection of a business license fee which is specifically restricted for expenditures related to marketing the town of Vail. Town of Vail, Colorado Special Revenue Funds t Combining Balance Sheet December 31. 1999 (With Comparative Totals for 1998) Police Total Capital Real Estate Vail Confis- Vail Projects Transfer Marketing cation Housing Fund Tax Fund Fund Fund Fund 1999 1998 Assets Cash and investments - restricted 77,530 Equity in pooled cash and investments 6,055,549 4,876,874 1,375 121 1,093,753 12,027,672 5,880.688 Receivables: Taxes and fees 1,945,318 27,355 1,972.673 Other governments 1,082,226 1.082,226 4.301.576 Other 41,333 44,844 86,177 256.350 Total Assets 9,124,426 4,904,229 1.375 121 1,138,597 15,168,748 10,516.144 Liabilities and Fund Equity Liabilities Accounts payable 92,725 119,716 1,375 48,356 262.172 631.465 Accrued wages and benefits 3,845 3.845 3,895 Retainage payable 170,974 10,569 181.543 103,226 Deferred revenue 1,004,167 14,037 1,018.204. 3.000.000 Rental deposits 15.773 15.773 3.050 Total Liabilities 1,267,866 134,130 1,375 78,166 1,481,537 3.741,636 Fund Equity Fund balances:- Unreserved: Designated for Alpine Gardens pledge 10.000 Designated for subsequent years' expenditures 991,562 Undesignated 7,856,560 4,770,099 121 1,060,431 13,687,211 5,772,946 Total Fund Equity 7,856,560 4,770,099 121 1,060,431 13,687,211 6,774,508 Total Liabilities and Fund Equity 9,124,426 4,904,229 1,375 121 1,138,597 15,168.748 10.516,144 The accompanying notes are an integral part of these financial statements. C3 Town of Vail, Colorado Combining Statement of Revenues, Expenditures, and Changes in Fund Balances All Special Revenue Funds For the Year Ended December 31, 1999 (With Comparative Totals for 1998) Real Vail Police Total Capital Estate Valley Confis- Vail Projects Transfer Marketing cation Housing Fund Tax Fund Fund Fund Fund 1999. 1998; Revenues: Taxes 6,492,304 2,775,545 9,267,849 9.775,912 Licenses and permits 20,851 336,293 357,144 386.650 Intergovernmental revenues 2,081,748 37,882 2,119,630 1,038,137 Interest on investments 224,112 177,276 5 37,142 438,535 317,287 Rents 50,000 102,251 230,546 382,797 300,790 Miscellaneous revenues 2,108,165 28,573 2,255,276 4,392,014 822,273 Total Revenues 10,956,329 3,142,378 336,293 5 2,522,964 16,957,969 12,641,049 Expenditures: Operations 501,406 336,293 659,209 1,496,908 701,835 Advance/notes payable: Principal retirement 301,268 301,268 235,937 Interest 39,164 39,164 104,495 Capital projects 3.858,750 743.385 1,716,557 6,318.692 10,243,687 Total Expenditures 3.858,750 1,585,223 336.293 2,375,766 8.156.032 11.285.954 Excess of Revenues Over (tinder) Expenditures 7,097,579 1,557,155 5 147,198 8.801.937 1.355,095 Other Financing Sources (Uses): Operating transfers in 876,731 30,000 906,731 2,868,475 Operating transfers (out) (2,785,965) (2,785,965) (2,577,606) Proceeds of capital leases 690.300 Total Other Financing Sources (Uses) (1,909,234) 30,000 (1,879,234) 981,169 Excess of Revenues Over (Under) Expenditures and Other Uses 5,188,345 1.557,155 5 177,198 6,922,703 2,336,264 Fund Balances - January 1 2,668,215 3,222,944 116 883,233 6,774,508 4,463,244 Decrease in Alpine Gardens reserve (10,000) (10,000) (25,000) Fund Balances, December 31 7.856,560 4,770,099 121 1,060,431 13,687.211 6,774,508 The accompanying notes are an integral part of these financial statements, C4 Town of Vail, Colorado Special Revenue Funds Capital Projects Fund Schedule of Revenues, Expenditures, and Transfers - Budget (GAAP Basis) and Actual For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Amended Favorable Budget Actual (Unfavorable) Actual Revenues: Sales tax revenue 6,664,220 6,492,304 (171,916) 6,812,416 Federal grants 81,748 81,748 1,000,000 Interest on investments 150,000 224,112 74,112 153,269 State project grants 2,000,000 2,000,000 Commercial lease - Vail Commons 50,000 50,000 50.000 Other 2,028,921 2,108,165 79,244 138,125 Operating transfers from: Real Estate Transfer Tax Fund 1,000,000 Parking Structure Fund 876,731 876,731 220,000 Debt Service Fund 322,313 Other Financing Sources: Proceeds from capital leases 690,300 Total Revenues 11,769,872 .11,833,060 63,188 10.386,423 Expenditures and Transfers: Capital projects and acquisition 5,024,196 3,858,750 1,165,446 7,792,621 Operating Transfers: Town of Vail Debt Service Fund 2,244,266 2,120,965 123,301 1.277.606 Parking Structure Fund 665,000 665,000 Vail Housing Fund 300,000 Total Expenditures and Transfers 7,933,462 6,644,715 1,288,747 9,370,227 The accompanying notes are an integral part of these financial statements. C5 Town of Vail, Colorado Capital Projects Fund i Schedule of Project Expenditures Budget and Actual Comparison For the Year Ended December 31, 1999 Variance Project Amended Favorable Number Project Name Budget Actual (Unfavorable) CBI001 Public Works Tunnel Improvements 20,250 23,767. (3.517) CBI005 Library Building Remodel 4,500 3,580 920 CBI006 Remodel Library Work Area 54,000 53,154 846' CBI007 Community Development Remodel 30,000 28,292 1,708 CBI008 Vail Vail Fire Station Remodel 50,000 43,521 6,479 CBI009 East Vail Fire Station Improvements 65,000 60,332 4,668 CB1010 Vail Fire Station 150,000 26,164 123,836 CBI012 Library - Downstairs Housing 10,000 12,522 (2,522) CEP003 Repower Buses 65,000 35,850 29,150 CEP004 Replace Buses 661,250 655,598 5,652 CEP005 Computer Replacement 89,000 8,748 80,252 CEP006 Radio Replacement 270,618 270,144 474 CEP010 Network Upgrade 65,000 65,000 CII001 West Vail Interchange 43,000 13,426 29,574 CII003 Main Vail Interchange 178,600 101,436 77,164 CMP001 Loading & Delivery Study 40,500 13,397 27,103 CMT002 Street Furniture Replacement 85,000 14,831 70,169 CMT003 Bus Shelter Replacement Program 15,000 8,876 6,124 CMT004 Capital Street Maintenance 275,000 189,899 85,101 CMT005 Facility Capital 152,000 94,077 57,923 COT002 Street Light Improvement Program 55,114 74,061 (18,947) COT003 Drainage Improvements 186,250 32,970 153,280 COT004 Fiber Optic Connection 15,000 15,280 (280) COT006 . Lionshead Master Plan 65,000 9,362 55,638 CS0001 Seibert Circle 7,700 4,165 3,535 CS0002 Slifer Plaza/E. Meadow Drive 13,931 (13,931) CS0003 Check Point Charlie 50,000 42,749 7,251 CS0007 1999 World Championships 35,414 29,070 6,344 CS0009 Swiss House Pavers 45,000 38,035 6,965 CSC010 Way Finding Improvements 80,000 79,154 846 CSR001 Lionsridge Street Project 2,000,000 1,793,778 206,222 Other Projects 161,000 3,581 157,419 Total 5,024,196 3,858.750 1,165,446 The accompanying notes are an integral part of these financial statements. C6 Town of Vail, Colorado ' Special Revenue Funds Real Estate Transfer Tax Fund Schedule of Revenues, Expenditures and Transfers Budget (GAAP Basis) and Actual For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) -1999 1998 Variance Amended Favorable Budget Actual Unfavorable) Actual Revenues: Real estate transfer tax 2,300,000 2,775,545 475,545 2,963,496 Recreation amenities fee 30,000 20,851 (9,149) 31,766 Lottery revenue 25,000 18,982 (6,018) 21,137 State revenues 17,000 Federal revenues 18,900 18,900 Interest on investments 88,000 177,276 89,276 123,489 Land lease from Vail Recreation District 105,876 102,251 (3,625) 99,369 Other 35,073 28,573 (6,500) 40.224 Total Revenues 2,602,849 3,142,378 539,529 3,296.481 Expenditures and Transfers: Project management 50,000 59,515 (9,515) 63,859 Park Maintenance 549,500 501,406 48,094 Capital projects 2,215,874 683,870 1,532,004 668,203 Notes Payable: Principal retirement 301,268 301,268 235,937 Interest 39,164 39,164 104,495 Transfer to Capital Projects Fund 1,000,000 Total Expenditures and Transfers 3,155,806 1,585,223 1,570,583 2,072,494 The accompanying notes are an integral part of these financial statements. C7 Town of Vail, Colorado Real Estate Transfer Tax Fund Schedule of Project Expenditures Budget and Actual Comparison For the Year Ended December 31, 1999 Variance Project Amended Favorable Number Project Name Budget Actual (Unfavorable) RFP003 Ford Park Manor Vail Bridge 400,000 136,598 263.402 RFP005 Alpine Gardens Contribution 10,000 10,000 RFP007 Ford Park Improvements 250,000 99,111 150.889 RFP008 Ford Park '99 Championship Repairs 134,573 109,858 24,715 RMT001 Recreation Path Maintenance 274,250 151,396 122,854 RMT002 Tree Planting 10,000 1,920 8.080 RPA001 Property Acquisition 5,951 24,837 (18.886) RPD002 New West Vail Park 300,000 34,870 265.130 RPD003 Buffher Creek Park Expansion 150,000 1,783 148,217 RPD004 Donovan Park Master Plan 30,000 22,329 7.671 RPI002 Big Horn Improvements 51,000 7,082 43.918 RPI003 Irrigation Control 34,400 7,082 27,318 RPT003 North Trail 110,000 76,967 33,033 Other 455,700 37 455,663 Total 2,215,874 683.870 1,532,004 The accompanying notes are an integral part of these financial statements. C8 1 Town of Vail, Colorado Special Revenue Funds - - Vail Marketing Fund Statement of Revenues and Expenditures Budget (GAAP Basis) and Actual For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Favorable Budget Actual Unfavorable) Actual Revenues: Business licenses 340,000 336,293 (3,707) 340,086 Total Revenues 340,000 336,293 (3,707) 340,086 Marketing Expenditures: Payments to VVTCB 323,000 319,478 3,522 323,010 Administration fee 17,000 16,815 185 17,076 Total Expenditures 340,000 336,293 3,707 340,086 The accompanying notes are an integral part of these financial statements. C9 Town of Vail, Colorado Special Revenue Funds Police Confiscation Fund Statement of Revenues and Expenditures Budget (GAAP Basis) and Actual For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Favorable Budget Actual (Unfavorable) Actual Revenues: Confiscation proceeds 7,854 Transfer from General Fund 38,590 Interest on investments 5 5 577 Total Revenues 5 5 47,021 Expenditures: Operations 65,161 Total Expenditures 65,161 The accompanying notes are an integral part of these financial statements. C10 Town of Vail, Colorado Special Revenue Funds ` Vail Housing Fund Statement of Revenues and Expenditures Budget (GAAP Basis) and Actual For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Amended Favorable Budget Actual (Unfavorable) Actual Revenues: Construction permits 14,798 Charges for services 1,920,900 1,185,403 (735,497) 10,352 Interest on investments 16,000 37,142 21,142 39,952 Rents 224,430 230,546 6,116 151,421 Project reimbursements/shared costs 1,049,972 1,069,873 19,901 625,718 Operating transfers from: General Fund 30,000 30,000 987,572 Capital Projects Fund 300,000 Total Revenues 3,241,302 2,552,964 (688,338) 2,129,813 - Expenditures: Administration 55,240 30,643 24,597 22,197 770 Potato Patch condominium 7,031 7,875 (844) 7,722 Arosa Drive A-frame 9,874 1,220 8,654 1,349 Buzzard Park housing 72,486 46,766 25,720 30,750 A-Frame redevelopment 296,000 76,501 219,499 Arosa-Garmisch site 846,000 53,872 792,128 Buy-down program 1,100,000 508,010 591,990 County-wide needs assessment 22,000 22,414 (414) Master leased properties 9,000 8,902 98 Commercial linkage process 10,000 6,214 3,786 Miscellaneous housing projects 10,000 2,378 7,622 116,939 Buzzard Park construction 755,871 Red Sandstone construction 1,600,724 1,610,971 (10,247) 1,080,764 Total Expenditures 4,038,355 2,375,766 1,662,589 2,015,592 The accompanying notes are an integral part of these financial statements. C11 Debt Service Funds The Debt Service Fund is used to account for the accumulation of resources and payment of general obligation bond principal and interest from governmental resources and special assessment bond principal and interest from special assessment levies when the government is obligated in some manner for the payment. The Town of Vail Debt Service Fund is used to accumulate the resources to pay general long- term obligations of the Town. The Booth Creek Improvement Debt Service Fund is used to account for the collection of assessments to retire the Booth Creek Special Assessment Bonds. Town of Vail, Colorado Debt Service Fund Comparative Balance Sheet December 31, 1999 r 1999 1998 Assets Equity in pooled cash and investments 164,318 250,820 Due from Eagle County Recreational Authority - Component Unit 794,000 Total Assets 164,318 1,044,820 Liabilities and Fund Equity Liabilities Accounts payable 587 229 Deferred revenue 794,000 Total Liabilities 587 794,229 Fund Equity Fund balance Reserved for retirement of bond indebtedness 163,731 250,591 Total Fund Equity 163,731 250,591 Total Liabilities and Fund Equity 164,318 1,044,820 The accompanying notes are an integral part of these financial statements. C12 Town of Vail, Colorado Debt Service Funds - Combining Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 1999 = (With Comparative Totals for 1998) Total Town Booth of Creek Vail Fund 1999 19.98 . Revenues: Assessments 18,870 18,870 14,677 Received from Eagle County Recreational Authority - Component Unit 90,428 90,428 90,594 Interest on investments and assessments 25,151 6,061 31,212 Other 877 877 75,862 Total Revenues 116,456 24,931 141,387 181,133 Expenditures: Bond Issues: Principal 1,125,000 70,000 1,195,000 980,000 Interest 1,197,248 2,538 1,199,786 1,189,187 Fiscal agent fees - 2,033 969 3,002 1,643 Total Expenditures 2,324,281 73,507 2,397,788 2,170,830 Excess Revenues (Under) Expenditures (2,207,825) (48,576) (2,256,401) (1,989,697) Other Financing Sources: Operating Transfers In (Out): Capital Projects Fund 2,120,965 2,120,965 1,277.606 General Fund 48,132 48,132 Parking Structure Fund 712,790 Capital Projects Fund (322,313) Bond Refunding: Proceeds of refunding bonds 9,495,000 Refunded bond costs (9,495,620) Total Other Financing Sources 2,120,965 48,132 2,169,097 1,667,463 Excess Revenues (Under) Expenditures (86,860) (444) (87,304) (322,234) Beginning Fund Balances - January 1 250,591 444 251,035 573,269 Ending Fund Balances - December 31 163,731 163,731 251,035 The accompanying notes are an integral part of these financial statements. C13 Town of Vail, Colorado Debt Service Fund Town of Vail Statement of Revenues and Expenditures Budget (GAAP Basis) and Actual For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Favorable Budget Actual (Unfavorable) Actual Revenues: Received from Eagle County Recreational Authority - Component Unit 90,482 90,428 (54) 90,594 Interest on investments 16,000 25,151 9,151 70,562 Other 877 877 _ Operating Transfers: Capital Projects Fund 2,244,266 2,120,965 (123,301) 1.277.606 Parking Structure Fund 712,790 Other Sources: Proceeds from bond refinancing 9,495.000 Total Revenues 2,350.748 2,237,421 (113,327) 11,646.552 Expenditures: Bond Issues: Principal 1,125,000 1,125,000 955,000 - Interest = 1,197,248 1,197,248 1,183,024 Fiscal agent fees 12,500 2,033 10,467 966 Other: Refunded bond costs 9,495,620 Operating transfer to Capital Projects Fund 322,313 Total Expenditures 2,334,748 2,324,281 10,467 11,956,923 The accompanying notes are an integral part of these financial statements. C14 Town of Vail, Colorado Debt Service Fund - Booth Creek Local Improvement District Fund Statement of Revenues and Expenditures Budget (GAAP Basis) and Actual For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Amended Favorable Budget Actual (Unfavorable) Actual Revenues: Assessments 18,171 18,870 699 14,677 Interest on investments 4,417 6,061 1,644 5,300 Operating transfer from General Fund 58,000 48,132 (9,868) Total Revenues 80,588 73,063 (7,525) 19,977 Expenditures: Principal 68,000 70,000 (2,000) 25,000 Interest 5,075 2,538 2,537 6,163 Fiscal agent fees 475 969 (494) 677 Total Expenditures 73,550 73,507 43 31,840y The accompanying notes are an integral part of these financial statements. C15 Enterprise Funds Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises - where the intent of the government's council is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or where the government's council has decided that periodic determination of net income is appropriate for accountability purposes. The Parking Structure Fund is used to account for the operations of the Town's two parking structure facilities. Town of Vail. Colorado Enterprise Fund - Parking Structure Fund Comparative Balance Sheet December 31, 1999 1999 1998 Assets Cash on hand 3.200 4.500 Equity in pooled cash and investments 405,163 896,124 Accounts receivable, net 17,859 10,953 Assessments receivable 30,688 76,594 Property, plant and equipment (net of accumulated depreciation) 9,125,796 9,508,753 Total Assets 9,582,706 10,496,924 Liabilities and Fund Equity Liabilities Accounts payable 43,018 2,913 Retainage payable 4,542 Accrued wages & benefits 37,677 32,337 Deposits 880 9,480 Total Liabilities 86,117 44.730 Fund Equity Contributed capital 15,353,160 15,496,636 Retained earnings: Unreserved (deficit) (5,856,571) (5,044,442) Total Fund Equity 9,496,589 10,452,194 Total Liabilities and Fund Equity 9,582,706 10,496,924 The accompanying notes are an integral part of these financial statements. C16 Town of Vail, Colorado Enterprise Fund Parking Structure Fund Comparative Statement of Revenues, Expenses, and Changes in Retained Earnings For the Year Ended December 31, 1999 1999 1998 Operating Revenues: Parking fee revenues 1,513,610 1,624,210 Building rent 40,201 37.132 Special parking assessments 125 476456 Other 1,000 4,226 Total Operating Revenues 1,554,936 2,141,724 Operating Expenses: Operations 289,888 349,055 Maintenance 1,095,841 1,011.628 Depreciation 917,189 1,053.184 Total Operating Expenses 2,302,918 2,413.867 Operating (Loss) (747,982) (272,143) Non-Operating Revenues (Expenses): Interest income 50,250 77.720 Operating transfers (out) (211,731) (932.790) Gain (loss) on disposition of equipment' 97,334 51,020 Total Non-Operating (Expenses) (64,147) (804,050) Net (Loss) (812,129) (1.076,193) Retained Earnings (Deficit) - January 1 (5,044,442) (3,968,249) Retained Earnings (Deficit) - December 31 (5,856,571) (5,044,442) The accompanying notes are an integral part of these financial statements. C17 Town of Vail, Colorado Enterprise Fund Parking Structure Fund Comparative Statement of Cash Flows For the Year Ended December 31, 1999 1999 1998 Cash Flows From Operating Activities: Cash from customers 1,505.010 2,105,557 Other receipts of cash 80.326 41,183 Cash paid for goods and services '(1,081,305) (1,148,453) Cash paid to employees (254,437) (221,833) Net Cash Provided by Operating Activities 249,594 775,454 Cash Flows from Noncapital Financing Activities: Cash (to) other funds (211,731) (932,790) Net Cash (Used) by Noncapital Financing Activities (211,731) (932.790) Cash Flows From Capital and Related Financing Activities: Sale of fixed assets Purchase of fixed assets (580,374) (137,655) Parking assessments 48,896 Net Cash Provided (Used) by Capital and Related Financing Activities (580,374) (88,759) Cash Flows from Investing Activities: Interest received 50,250 77,720 Net Cash Provided by Investing Activities 50,250 77,720 Net Increase (Decrease) in Cash (492,261) (168,375) Cash at Beginning of Year 900,624 1,068.999 Cash at End of Year 408,363 900,624 Reconciliation of Operating Income to Net Cash Provided by Operating Activities Operating (Loss) (747,982) (272,143) Adjustments: Depreciation 917,189 1,053,184 (Increase) decrease in accounts receivable (6,906) 7,346 (Increase) decrease in assessments receivable 45,906 (2,156) Increase (decrease) in accounts payable 40,105 (8,023) Increase (decrease) in accrued wages and benefits 5,340 (2,579) Increase in retainage payable 4,542 (Decrease) in deposits (8,600) (175) Total Adjustments 997,576 1,047,597 Net Cash Provided by Operating Activities 249,594 775,454 Schedule of Non-Cash Investing Activity: Acquisition of equipment contributed by another fund 1,745 The accompanying notes are an integral part of these financial statements. C18 Town of Vail, Colorado Enterprise Fund Parking Structure Fund Schedule of Revenues and Expenses Budget (Non-GAAP Basis) and Actual With a Reconciliation to GAAP Basis For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Amended Favorable Budget Actual (Unfavorable) Actual Revenues: Parking fees 1,578,875 1,513,610 (65,265) 1,624.210 Parking assessments 53,564 53,690 126 531,173 Building rent 40,775 40,201 (574) 37,132 Other 2,000 1,000 (1,000) _ 4,226 Interest on investments 34,000 42,591 8,591 69,443 Operating transfer from Capital Projects Fund 665,000 665,000 Total Revenues 2,374,214 2,316.092 (58422) 2,266,184 Expenses: Gate operations 338,058 288,608 49,450 356.502 Maintenance operations 885,017 885,017 790,028 Capital outlay 820,000 791,198 28,802 352,635 Operating transfer to Capital Projects Fund 876,731 876,731 220,000 Operating transfer to Debt Service Fund 712,790 Total Expenses 2,919,806 2,841,554 78,252 2,431,955 Net (Loss) - Non-GAAP Basis (525.462) (165,771) Book value of retired equipment 97,334 51,020 Long term special assessment fees (45,905) (46,740) Accrued vacation (1,280) 827 Depreciation (917,189) (1,053,184) Assets purchased 580,373 137,655 Net (Loss) - GAAP Basis (812,129) (1,076,193) The accompanying notes are an integral part of these financial statements. C19 Internal Service Funds Internal Service Funds are used to account for the financing of goods or services provided by one depaiLi~ent or agency to other departments or agencies of the government and to other government units, on a cost reimbursement basis. The Heavy Equipment Fund is used to account for the repair and maintenance costs and purchase of Town vehicles and equipment, excluding buses and fire trucks. Operating costs, including depreciation costs, are charged to user depa,uj,ents and projects based on actual miles driven multiplied by a predetermined rate per mile. The Health Insurance Fund is used to account for the health insurance plan provided by the Town to its employees. The premiums charged are allocated to the Town's funds that have employees covered by the health insurance plan. The Facility Maintenance Fund is used to account for the repairs and maintenance of all Town- owned building facilities. User depa. Lents are charged based on budgeted estimates. The Dispatch Services fund is used to account for the operations, including depreciation, of all emergency dispatch services within Eagle County. User entities are charged based on budgeted estimates. Town of Vail, Colorado Internal Service Funds Combining Balance Sheet December 31, 1999 (With Comparative Totals for 1998) Total Heavy Health Facility Dispatch Equipment Insurance Maintenance Services Fund Fund Fund Fund 1999 1998 Assets Equity in pooled cash and investments 1,054,898 824,749 508,976 71,839 2,460,462 2,051,212 Accounts receivable, net 35,164 1,491 103 36,758 4,200 Inventory 173,852 173,852 165,149 Prepaid expenses 17,136 81,461 31,945 130,542 78,840 Property, plant and equipment (net of accumulated depreciation) 2,179,878 246,628 2,426,506 2,390,420 Total Assets 3,425,764 941,374 542,412 318,570 5,228,120 4,689,821 Liabilities and Fund Equity Liabilities Accounts payable 43,386 197,161 139,139 2,885 382,571 241,633 Deferred revenue 1,667 1,667 Accrued wages benefits 56,326 468 56,441 74,370 187,605 108,054 Total Liabilities 99,712 199,296 195,580 77,255 571,843 349,687 Fund Equity Contributed capital 1,299,332 11,367 278,456 1,589,155 1,620,379 Retained earnings: Reserved for health insurance 742,078 742,078 779,821 Reserved for subsequent year's expenditures 66,241 1,683 67,924 Unreserved (deficit) 1,960,479 333,782 (37,141) 2,257,120 1,939,934 Total Fund Equity 3,326,052 742,078 346,832 241,315 4,656,277 4,340,134 Total Liabilities and Fund Equity 3,425,764 941,374 542,412 318,570 5,228,120 4,689,821 The accompanying notes are an integral part of these financial statements. C20 Town of Vail. Colorado Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings For the Year Ended December 31, 1999 (With Comparative Totals for 1998) Total Heavy Health Facility Dispatch Equipment Insurance Maintenance Services Fund Fund Fund Fund 1999 1998 Operating Revenues: Intergovernmental revenues 154,976 154,976 Charges for services 1,548.500 1,167,288 1,809,851 569,982 5,095,621 4,154,705 Building rents 20,872 20,872 19,465 RETT contribution 14,560 Insurance reimbursements 28,433 28,433 64,894 Other 1,521 2,552 15,400 19,473 10,970 Total Operating Revenues 1,578,454 1,167,288 1,833,275 740,358 5,319,375 4,264,594 Operating Expenses: Operations 1,224,515 1,743,413 1,110,743 4,078,671 2,962,518 Depreciation 480,651 1,263 80,407 562,321 472,419 Health claims, premiums. and dividends 1,241,288 1,241,288 962,821 Total Operating Expenses 1.705.166 1.241,288 1,744,676 1,191,150 5.882.280 4,397,758 Operating (Loss) (126.712) (74,000) 88,599 (450,792) (561.905) (133,164) Non-Operating Revenues (Expenses): Interest income 44,582 36,257 17,436 1,318 99,593 115,472 Operating transfers in 412,333 412,333 Gain (loss) on disposition of equipment 398,346 398,346 361,231 Total Non-Operating Revenues 442,928 36,257 17,436 413,651 910,272 476,703 Net Income (Loss) 316,216 (37,743) 106,035 (37,141) 347,367 343,539 Retained Earnings - January 1 1.710,504 779,821 229.430 2.719,755 2,376,216 Retained Earnings - December 31 2,026,720 742,078 335,465 (37,141) 3,067,122 2,719,755 The accompanying notes are an integral part of these financial statements. C21 Town of Vail, Colorado Internal Service Funds Combining Statement of Cash Flows For the Year Ended December 31. 1999 (With Comparative Totals for 1998) Heavy Health Facility Dispatch Total Equipment Insurance Maintenance Services Fund Fund Fund Fund - 1999 1998 Cash Flows From Operating Activities: Cash from other funds 1,548,500 1.162.051 1.809,851 4,520.402 4,1 19,944 Other receipts of cash 30,845 6,904 25,242 740.255 803,246. 141,949 Cash paid for goods and services (623,216) (1,240,092) (910,691) (64,086) (2,838,085) '(2.914,222) Cash paid to employees (616,597) (12,886) (758,068) (969,403) (2,356.954) (1.010,240) Net Cash Provided (used) by Operating Activities 339.532 (84,023) 166,334 (293,234) 128,609 337.431 Cash Flows from Noncapital Financing Activities: Cash from other funds 412,333 412,333 Net Cash Provided by Noncapital Financing Activities 412,333 412,333 Cash Flows From Capital and Related Financing Activities: Sale of fixed assets 88,612 88,612 32,624 Purchase of fixed assets (271,319) (48,578) (319,897) (473.743) Net Cash (Used) by Capital and Related Financing Activities (182,707) (48,578) (231,285) (441,119) Cash Flows from Investing Activities: Interest received 44,582 36.257 17,436 1,318 99,593 115.472 Net Cash Provided by Investing Activities 44,582 36,257 17.436 1,318 99,593 115.472 Net Increase (Decrease) in Cash 201,407 (47,766) 183,770 71,839 409,250 11,784 Cash at Beginning of Year 853.491 872,515 325.206 2,051,212 2,039.428 Cash at End of Year 1.054.898 824,749 508,976 71,839 2,460,462 _ 2,051,212 Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities Operating Income (Loss) (126.712) (74,000) 88,599 (450,792) (562,905) (133,164) Adjustments: Depreciation 480,651 1,263 80,406 562,320 472,419 (Increase) decrease in accounts receivable 891 (35,164) 1,818 (103) (32,558) (2,702) (Increase) decrease in inventory (8,702) (8,702) (13,993) (Increase) decrease in prepaid expenses 700 (53,914) 1,512 (51,702) 15,455 Increase(decrease)in accounts payable (9,698) 77,161 70,590 2,885 140,938 (13,613) Increase in deferred revenue 1,667 1,667 Increase in accrued wages and benefits 2,402 227 2,552 74,370 79,551 13,029 Total Adjustments 466,244 (10.023) 77,735 157,558 691,514 470,595 Net Cash Provided (Used) by Operating Activities 339,532 (84.023) 166,334 _(293,234) 128,609 337.431 Schedule of Non-Cash Investing Activity: Acquisition of equipment contributed by another fund 18,865 278,456 297,321 - 193,801 The accompanying notes are an integral part of these financial statements. C22 Town of Vail, Colorado Internal Service Funds Heavy Equipment Fund Schedule of Revenues and Expenses Budget (Non-GAAP Basis) and Actual With a Reconciliation to GAAP Basis For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Amended Favorable Budget Actual (Unfavorable) Actual Revenues: Operating charges 1,250,408 1,187,013 (63,395) 1,220,426 Replacement charges 396,620 361,487 (35,133) 354,182 Insurance reimbursements 40,000 28,433 (11,567) 64,894 Other 1,150 1,521 371 5,380 Sale of assets 60,400 88,612 28,212 32,624 Interest on investments 25,000 44,582 19,582 52,638 Total Revenues 1,773,578 1,711,648 (61,930) 1,730,144 Expenses: Vehicle maintenance and fuel 1,211,471 1,194,745 16,726 1,130,632 Capital outlay 356,408 301,449 54,959 544,070 Total Expenses 1,567,879 1,496,194 71,685 1,674,702 Net Income - Non-GAAP Basis 215,454 55,442 Book value of retired equipment 309,734 329,012 Accrued vacation 360 (2,318) Depreciation (480,651) (467,306) Assets purchased 271,319 473,742 Net Income - GAAP Basis 316,216 388,572 The accompanying notes are an integral part of these financial statements. C23 Town of Vail, Colorado Internal Service Funds Health Insurance Fund Schedule of Revenues and Expenses Budget (GAAP Basis) and Actual For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 Variance Amended Favorable Budget Actual (Unfavorable) Actual Revenues: Insurance premiums 1,238,407 1,162,051 (76,356) 936,180 Interest on investments 33,750 36,257 2,507 44,932 Insurer proceeds 5,237 5,237 1,518 Total Revenues 1,272,157 1,203,545 (68,612) 982,630 Expenses: Health claims 1,106,979 1,062,638 44,341 833,531 Premiums 133,678 165,536 (31,858) 128,007 Short-term disability payments 23,000 13,114 9,886 1,283 Total Expenses 1,263,657 1,241,288 22,369 962,821 The accompanying notes are an integral part of these financial statements. C24 Town of Vail, Colorado Internal Service Funds Facility Maintenance Fund Schedule of Revenues and Expenses Budget (Non-GAAP Basis) and Actual With a Reconciliation to GAAP Basis For the Year Ended December 31, 1999 (With Comparative Amounts for 1998) 1999 1998 . Variance Amended Favorable Budget Actual (Unfavorable) Actual Revenues: Maintenance charges 1,809,851 1,809,851 1,642,399 Building rent 18,150 20,872 2,722 19,465 RETT contribution 15,142 (15,142) 14,560 Other 2,565 2,552 (13) 5,590 Interest on investments 8,500 17,436 8,936 17,902 Total Revenues 1,854,208 1,850,711 (3,497) 1,699,916 Expenses: Salaries and benefits 823,509 761,564 61,945 752,522 Operating expenses 1,024,699 980,299 44,400 877,130 Capital outlay 2,495 (2,495) 123,165 Total Expenses 1,848,208 1,744,358 103,850 1,752,817 Net Income (Loss) - Non-GAAP Basis 106,353 (52,901) Book value of retired equipment (405) Accrued vacation 944 (6,423) Depreciation (1,262) (5,113) Net Income (Loss) - GAAP Basis 106,035 (64,842) The accompanying notes are an integral part of these financial statements. C25 • Town of Vail, Colorado Internal Service Funds Dispatch Services Fund Schedule of Revenues and Expenses Budget (Non-GAAP Basis) and Actual With a Reconciliation to GAAP Basis For the Year Ended December 31, 1999 1999 - Variance Amended Favorable Budget Actual (Unfavorable) Revenues: Intergovernmental revenue 154,976 154,976 Charges for services 569,879 569,982 103 Other 21,900 15,400 (6,500) Interest on investments 1,318 1,318 Operating transfer from General Fund 412,333 412,333 Total Revenues 1,159,088 1,154,009 (5,079) Expenses: Salaries and benefits 1,037,366 1,000,665 36,701 Operating expenses 67,950 65,335 2,615 Capital outlay 53,600 50,215 3,385 Total Expenses 1,158,916 1,116,215 42,701 Net Income - Non-GAAP Basis 37,794 Accrued vacation (43,107) Depreciation (80,406) Assets purchased 48,578 Net (Loss) - GAAP Basis (37,141) The accompanying notes are an integral part of these financial statements. C26 Trust and Agency Funds Expendable Trust Funds are used to account for assets held by the government as an agent for individuals, private organizations, other governments and/or other funds. Pension Trust Fund - This fund is used to account for the accumulation of resources for pension benefit payments to qualified Town of Vail employees. Deferred Compensation Fund - This fund is used to account for assets held for employees in accordance with the provisions of the Internal Revenue Code Section 457. Town of Vail, Colorado Expendable Trust Funds Combining Balance Sheet December 31, 1999 (With Comparative Totals for 1998) Total Pension Deferred Trust Compensation 1999 1998 Assets Cash and investments - restricted 29,649,820 3,021,556 32,671,376 28,856,968 Equity in pooled cash and investments Loans to participants 360,130 360,130 480,168 Total Assets 30,009,950 3,021,556 33,031,506 29,337,136 Liabilities and Fund Equity Liabilities Deficit in pooled cash 13,587 13,587 338 Deferred revenue 9,541 9,541 Accounts payable 4,784 Total Liabilities 23,128 23,128 5,122 Fund Equity Fund Balance: Reserved 29,986,822 3,021,556 33,008,378 29,332,014 Total Fund Equity 29,986,822 3,021,556 33,008,378 29,332,014 Total Liabilities and Fund Equity 30,009,950 3,021,556 33,031,506 29,337,136 The accompanying notes are an integral part of these financial statements. C27 Town of Vail. Colorado Expendable Trust Funds Combining Statement of Revenues, Expenses. and Changes in Fund Balances For the Year Ended December 31, 1999 (With Comparative Totals for 1998) Total Deferred Pension Compensation Trust Plan 1999 1998 Operating Revenues: Employee contributions 17,330 278,270 295,600 329.290 Employer contributions 1,529.904 1.529,904 1,478.792 Realized and unrealized gains (losses) 2,129.378 461.770 2,591.148 (586,368) Total Operating Revenues 3.676,612 740.040 4,416,652 1,221.714 Operating Expenses: Professional fees 112,723 17,151 129,874 147,234 Benefits paid 1,733,881 201,255 1,935.136 1,213,642 Total Operating Expenses 1,846,604 218,406 2,065,010 1,360,876 Operating Income 1,830,008 521,634 2,351,642 (139,162) Non-Operating Revenues: Investment income 1.324.722 1,324,722 486,674 Total Non-Operating Revenues 1,324,722 1324,722 486,674 Net Income 3,154,730 521.634 3,676,364 347,512 Fund Balances - January 1 26,832,092 2.499.922 - 29,332,014 28,984,502 Fund Balances - December 31 29,986,822 3,021,556 33,008,378 29,332,014 The accompanying notes are an integral part of these financial statements. C28 Town of Vail, Colorado Pension Trust Fund Town of Vail Employees Pension Trust Fund Comparative Statement of Revenues, Expenses, and Changes in Fund Balances For the Year Ended December 31, 1999 1999 1998 Operating Revenues: Employee contributions 17,330 23,225 Employer contributions 1,529,904 1,478,792 Realized and unrealized gains (losses) 2,129,378 (718,805) Total Operating Revenues 3,676,612 783,212 Operating Expenses: Professional fees 112,723 129,934 Benefits paid 1,733,881 964,951 Total Operating Expenses 1,846,604 1,094,885 Operating Income (Loss) 1,830,008 (311,673) Non-Operating Revenues: Investment income 1,324,722 486,674 Total Non-Operating Revenues 1,324,722 486,674 Net income - 3,154,730 175,001 Fund Balances - January 1 26,832,092 26,657,091 Fund Balances - December 31 29,986,822 26,832,092 The accompanying notes are an integral part of these financial statements. C29 Town of Vail, Colorado Expendable Trust Fund Deferred Compensation Plan Fund Comparative Statement of Revenues, Expenses and Changes in Fund Balances For the Year Ended December 31, 1999 1999 1998 Operating Revenues: Contributions 278,270 306,065 Realized and unrealized gains 461,770 132,437 Total Operating Revenues 740,040 438,502 Operating Expenses: Professional fees 17,151 17,300 Benefits paid 201,255 248,691 Total Operating Expenses 218,406 265,991 Excess of Revenues over Expenses 521,634 172,511 Fund Balances - January 1 2,499,922 2,327,411 Fund Balances - December 31 3,021,556 2,499,922 The accompanying notes are an integral part of these financial statements. C30 Town of Vail, Colorado Schedule of General Fixed Assets - By Function December 31, 1999 Improvements Other than Total Land Buildings Buildings Equipment Town of Vail General government 21,091,347 17,896,413 2,065,227 305,099 824,608 Public Safety 6,178,755 4,488,460 291,841 1,398,454 Public Works 1,660,638 1,453,442 207,196 Transportation 7,117,725 18,906 7,098,819 Housing 2,902,767 2,896,344 6,423 Library 3,708,431 2,562,604 154,959 990,868 Recreation 2,914,066 2,628,723 126,761 158,582 Total General Fixed Assets 45,573,729 17,896,413 14,641,358 2,357,431 10,678,527 The accompanying notes are an integral part of these financial statements. C31 Town of Vail, Colorado Comparative Schedule of General Long-Term Debt December 31, 1999 1999 1998 General Obligation Series 1992A 6,000,000 6,500,000 Sales tax revenue bonds Series 1992B 6,180,000 6,805,000 Series 1998A 8,760,000 8,760,000 Series 1998B 735,000 735,000 Capitalized lease agreements 548,615 694,716 Promissory notes 301,268 Accrued vacation pay 514,334 515,328 Special assessment bonds payable 70,000 Total 22,737,949 24,381,312 Amount available and to be provided for payment of long-term debt: Amount Available: From debt service funds 163,731 251,035 To be Provided: From sales taxes and other sources 22,574,218 24,060,277 From special assessments 70,000 Total 22,737,949 24,381,312 The accompanying notes are an integral part of these financial statements. C32 Town of Vail, Colorado Debt Service Schedule of Bond Principal and Interest Requirements in Future Years General Obligation Refunding Bonds Series 1992A December 31, 1999 Original issue $7,500,000, -interest rate 3.00% to 5.80% with June and December coupon dates. Bonds maturing June 2005 and thereafter are subject to redemption at 101% of par value through November 30, 2003 and at par value thereafter for maturity after December 31, 2002. Year Principal Interest Total 2000 800,000 350,400 1,150,400 2001 1,000,000 306,400 1,306,400 2002 1,050,000 249,900 1,299,900 2003 1,150,000 189,000 1,339,000 2004 1,250,000 120,000 1,370,000 2005 750,000 45,000 795,000 6,000,000 1,260,700 7,260,700 The accompanying notes are an integral part of these financial statements. C33 { Town of Vail, Colorado a Debt Service Schedule of Bond Principal and Interest Requirements in Future Years Sales Tax Revenue Refunding and Improvement Bond Series 1992B December 31, 1999 Original issue 515,165,000, interest rate 3.00% to 6.125% with June and December coupon dates Bonds maturing June 1, 2005 and thereafter are subject to redemption at 101 % of par value at December 1, 2002 through May 31, 2003 and at par value thereafter. Year Principal Interest Total 2000 375,000 362,558 737,558 2001 235,000 345,607 580,607 2002 260,000 331,428 591,428 2003 230,000 321,638 551,638 2004 210,000 308,738 518,738 2005 815,000 278,288 1,093,288 2006 1,315,000 213,762 1,528,762 2007 390,000 162,007 552,007 2008 415,000 137,660 552,660 2009 440,000 111,934 551,934 2010 470,000 84,525 554,525 2011 495,000 55,279 550,279 2012 530,000 24,500 554,500 6,180,000 2,737,924 8,917,924 The accompanying notes are an integral part of these financial statements. C34 Town of Vail. Colorado Debt Service Schedule of Bond Principal and Interest Requirements in Future Years Tax Exempt Sales Tax Revenue Bonds, Series 1998A December 31, 1999 Original principal issue $8,760,000, interest rate 4.25% to 4.45% with June and December coupon dates. Bonds maturing on and after December 1, 2009 are subject to redemption prior to maturity at the option of the Town, in whole or in part in integral multiples of $5.000, and if in part in such order of maturities as the Town shall determine and by lot within a maturit~7, on December 1, 2008 and on any date thereafter, at a redemption price equal to par, plus accrued interest to the redemption date. Year Principal Interest Total 2000 386,628 386,628 2001 386,628 386,628 2002 386,628 386,628 2003 386,628 386,628 2004 386,628 386,628 2005 386,628 386,628 2006 386,628 386,628 2007 985,000 386,628 1,371,628 2008 1,425,000 344,766 1,769,766 2009 1,485,000 283,490 1,768,490 2010 1,550,000 218,150 1,768,150 2011 1,625,000 149,176 1,774,176 2012 1,690,000 76.050 1,766,050 8.760,000 4,164,656 12,924,656 The accompanying notes are an integral part of these financial statements. C35 Town of Vail, Colorado Debt Service Schedule of Bond Principal and Interest Requirements in Future Years Taxable Sales Tax Revenue Bonds, Series 1998B December 31, 1999 Original principal issue $735,000, interest rate 6.00% to 6.05% with June and December coupon dates. - The bonds are not subject to redemption prior to maturity. Year Principal Interest Total 2000 44,288 44,288 2001 44,288 44,288 2002 44,288 44,288 2003 44,288 44,288 2004 44,288 44,288 2005 44,288 44,288 2006 360,000 44,288 404,288 2007 375,000 22,688 397,688 735,000 332,704 1,067,704 The accompanying notes are an integral part of these financial statements. C36 Town of Vail, Colorado Issuer's Annual Report Update of Official Statement Tables to be Updated Tables 1, 111, and 1V December 31, 1999 TABLE I Debt Service Coverage 1995 1996 1997 1998 1999 Pledged Revenues $ 13,030,448 $ 13,719,308 $ 14,747,419 $ 15.030,386 $ 14,509,421 Maximum Annual Debt Service $ 2,324,453 $ 2,324,453 $ 2,324,453 $ 2,324,453. $ 2,324,453 Coverage Factor 5.61x 5.90x 6.34x 6.47x 6.24x TABLE III History of Town 4% Sales Tax Receipts Sales Tax Percent Year Collections (1) Increase 1995 $ 13,030,448 - 1996 $ 13,719,308 5.29% 1997 $ 14,747,419 7.49% 1998 $ 15,030,386 1.92% 1999 $ 14,509,421 -3.47% (1) The reported Sales Tax Collections vary from the sales tax revenues reported in the Town's audited financial statements because one-time payments of sales tax on, for example, the sale of business assets or the settlement of a sales tax claim, are not included above. TABLE IV Monthly Comparison of Collections of Sales Tax 12-month Period Ended 12-month Period Ended December 31, 1998 December 31, 1999 Percent Change Current Year Current Year Current Year Month Month To Date Month To Date Month To Date January $2,115,359 $2,115,359 $2,066,459 $2,066,459 -2.3% -2.3% February 2,153,121 4,268,480 2,021,486 4,087,945 -6.1% -4.2% March 2,368,077 6,636,557 2,415,202 6,503,147 2.0% -2.0°b April 1,107,334 7,743,891 952,843 7,455,990 -14.0% -3.7% May 382,718 8,126,609 370,864 7,826,854 -3.1% -3.7% June 633,400 8,760,009 692,811 8,519,665 9.4% -2.7% July 1,107,882 9,867,891 1,130,883 9,650,548 2.1% -2.2% August 1,183,926 11,051,817 1,050,004 10,700,552 -11.3% -3.2% September 735,608 11,787,425 806,600 11,507,152 9.7% -2.4% October 515,531 12,302,956 536,204 12,043,356 4.0% -2.1% November 656,596 12,959,552 582,260 12,625,616 -11.3% -2.6% December 2,070,834 15,030,386 1,883,805 14,509,421 -9.0% -3.5% Undertkg D 1 { Town of Vail, Colorado Issuer's Annual Report Update of Official Statement Tables to be Updated Tables V and VI December 31, 1999 TABLE V Sales Tax Collections by Principal Sales Tax Generators Annual Sales Tax Total Annual % of Total Annual Sales Tax Paid By Ten Sales Tax Collected Collections Generated by Year ' Principal Generators by Town Ten Principal Generators 1995 $ 3,830.907 $ 13,030,448 29.4% 1996 $ 4,066,258 $ 13,719,308 29.6% 1997 $ 4,315,365 $ 14,747,419 29.3% 1998 $ 4,640,560 $ 15,030,386 30.9% 1999 $ 4,590,537 $ 14,509,421 31.6% TABLE V1 Capital Projects Fund 1999 Actual Projected 2000-2003 1999 2000 2001 2002 2003 Revenues: Sales tax $6,492,304 $6,751,000 $6,987,285 $7,231,840 $7,484,954 Federal bus grant 81,748 CDOT reimbursement 2,000,000 1,000,000 Interest on investments 224,112 50,000 50,000 50,000 50,000 Vail Commons lease 50,000 55,000 60,000 60,000 60,000 Other 2,108,165 86.250 50,000 50,000 50,000 Transfers from other funds 876,731 875,457 875,098 876,729 876,469 Proceeds from capital leases Total Revenue 11,833,060 12,817,707 8,022,383 9,268,569 8,521,423 Expenditures' Equipment purchases 1,035,340 1,092,372 2,962,372 1,735,372 1,842,372 Maintenance 307,683 295,000 1,180,000 995,000 745,000 Interchange improvements 114,862 Master planning 13,397 Street reconstruction 1,793,778 75,000 100,000 2,800.000 2,700,000 Buildings and improvements 251,332 6,102,000 1,170,000 1,170,000 2,520,000 Streetscape projects 207,104 100,000 2,000,000 Other improvements 135,254 450,000 585,000 185,000 185,000 Transfer to Parking Structure Fund 665,000 726,000 657,000 676,000 737,000 Transfer to Housing Fund Transfer to Debt Service Fund 2,120,965 2,239,265 2,238,909 2,243,991 2,242,229 Total Expenditures 6,644,715 11,079,637 11,393,281 10,205,363 11,271,601 Revenues Over (Under) Expenditures 5,188,345 1,738,070 (3,370,898) (936,794) (2,750,178) Beginning Fund Balance 2,668,215 _ 7,856,560 9,594,630 6,223,732 5,286,938 Ending Fund Balance 7,856,560 9,594,630 6,223,732 5,286,938 2,536,760 Undertkg D 2 Town of Vail, Colorado Issuer's Annual Report Update of Official Statement Tables to be Updated Tables V and VI December 31, 1999 TABLE XIX History of General Fund Revenues, Expenditures, and Changes in Fund Balances 1995 1996 1997 1998 1999 Revenues: General sales taxes' $8,495,639 $8,444,073 $7,990,079 $8,298,951 $8,113,554 Property and ownership taxes $1,762,823 $1,925,326 $1,985,938 $2,078,382 $2,157,937 Resort fees . $982,825 $1,024,537 $2,065,245 52,043,210 $1,710,061 Franchise fees $521,239 $530,692 $533,894 $548,385 $564,419 Penalties and interest on delinquent taxes $4,008 $3,804 $3,219 $27,425 $23,256 Licenses and permits $681,926 $921,324 $854,586 $784,934 $601,025 Intergovernmental revenues $1,095,292 $1,149,716 $1,641,425 $1,618,425 $1,438,282 Charges for services $237,964 $329,860 $328,415 $663,163 $212,488 Fines and forfeits $252,618 $277,408 $212,815 $235,954 $223,748 Interest $287,075 $316,638 $276,107 $277,779 $184,028 Rents $131,432 $143,706 $151,461 $152,877 $119,953 Other $109,589 $145,212 $170,823 $148,296 $338,322 Total 14,562,430 15,212,296 16,214,007 16,877,781 15,687,073 Expenditures: General government 4,170,913 4,400,425 4,633,475 4,722,337 4,892,726 Public safety 4,216,935 4,180,163 4,259,775 5,228,940 4,614,427 Public works and transportation 4,060,581 4,248,902 4,950,572 4,622,108 4,564,004 Economic development and community assistance 951,832 888,959 888,680 1,518,937 1,145,971 Municipal library 541,142 589,419 552,628 599,557 661,636 Total 13,941,403 14,307,868 15,285,130 16,691,879 15,878,764 Excess of Revenues Over (Under) Expenditures 621,027 904,428 928,877 185,902 (191,691) Other Financing Sources (Uses): Capital leases 17,705 8,210 10,665 Operating transfers in 203,348 Operating transfers out (61,826) (917,650) (89,494) (1,026,162) (490,465) Total 159,227 (909,440) (89,494) (1,026,162) (479,800) Excess of Revenues Over (Under) Expenditures and Other Financing Sources (Uses) 780,254 (5,012) 839,383 (840,260) (671,491) Fund Balances: Beginning 3,549,680 4,329,934 4,324,922 5,164,305 4,324,045 Ending 4,329,934 4,324,922 5,164,305 4,324,045 3,652,554 Undertkg D 3 t Town of Vail, Colorado Issuer's Annual Report a Update of Official Statement Tables to be Updated Tables V and VI December 31, 1999 TABLE XX General Fund 1999 and 2000 Budget Summary and Comparison 1999 Amended 1999 2000 Budget Actual Budeet Revenues: General sales taxes $8,325,409 $8,113,554 $8,949,000 Property and ownership taxes 2,168,800 2,157,937 2,255,552 Resort fees 1,785,860 1,710,061 2,000,000 Franchise fees 552,930 564,419 554,960 Penalties and interest on delinquent taxes 25,000 23,256 25,000 Licenses and permits 459,491 601,025 710,377 Intergovernmental revenues 1,521,873 1,438,282 1,379,526 Charges for services 243,800 212,488 168,414 Fines and forfeits 239,868 223,748 255,699 Interest 175,000 184,028 250,000 Rents 121,800 119,953 120,438 Other 326,316 348,987 40,970 Total 15,946,147 15.697,738 16,709,936 Expenditures: Town officials 998,531 890,748 983,638 Administrative 2,206,211 2,009,003 2,076,209 Community development 1,199,749 1,123,570 1,036,081 Public safety - Police 3,356,484 3,224,758 3,314,195 Public safety - Fire 1,430,829 1,389,669 1,439,244 Public works 2,367,116 2,119.981 2,235,372 Public transportation 2,741,965 2,578,913 2,604,042 Public library 670,131 661,636 677,304 Contributions and special events 989,419 955,652 877,930 Facihtv maintenance 924,834 924,834 1,073,252 Operating transfers 500,333 490.465 461,648 Total 17,385,602 16,369,229 16,778,915 Revenue Over (Under) Expenditures (1,439,455) (671-,491) (68,979) Beginning Fund Balance 4,324,045 4,324,045 3,625,823 Ending Fund Balance 2.884,590 3,652,554 3,556,844 TABLE XXI Outstanding Revenue Obligations Outstanding Issue Principal Sales Tax Refunding and Improvement Bonds, Series 1992B $6,180,000 Tax-Exempt Sales Tax Revenue Refunding Bonds, Series 1998A 8,760,000 Taxable Sales Tax Revenue Refunding Bonds, Series 1998B 735,000 Total $15,675,000 Undertkg D 4 I~ Memo To: Mayor and Town Council From Steve Thompson-, Date: 04/27/00 Re: Year End Financial Report Enclosed is the draft of the audited financial statements, which is prepared by the finance department and audited by McMahan and Associates. The audit field work was completed in March. Even though we are waiting for a few items so the audit report can be formally issued by the auditors, we believe the numbers showing the year end results will not change. The budget / actual comparisons for each fund can be found on pages C l through C26 in the financial statements. The Town ended 1999 with substantially better fund balances than was originally forecast in the initial 1999 budget by $11.5 million, bringing the total of all fund balances at December 31, 1999, to $20.1 million (see attached summary of changes in fund balances on page 3 of this memo for details by fund).. This was in spite of having a $1.7 million budget shortfall in Operating Revenues. Original Actual Amount Percent Budget Revenue Under Budget Under Budget Sales Tax S 15,539,629 S 14,605,858 $ 933,771 6.0% Lift Tax 2,185,860 1,710,061 475,799 21.8% Construction fees 650,000 516,999 133,001 20.5% Parking Revenues 1,625,750 1,513,610 112,140 6.9% County Sales Tax 520,000 459,664 60,336 11.6% County Road & Bridge 468,917 423,671 45,246 9.6% $ 20,990,156 5 19,229,863 S 1,760,293 8.4% the following operating revenues. This shortfall was more than offset by CDOT's $2 million reimbursement for the West Vail Roundabout, the $2 million in proceeds from the sale of Berry Creek 5`h, and the Real Estate Transfer Tax revenue exceeding budget by approximately $476,000. The $2 million from CDOT was received earlier than had been anticipated in the 5 year plan for the Capital Projects Fund. YEMEM99 1 The Capital Projects fund with a fund balance of $7.8 million and the Real Estate Transfer Tax fund with a fund balance of at $4.7 million make up 63% of the $20.1 in fund balance. The General Fund balance of $3.6 million represents 23% of the General Fund revenue and when the fund balances of Housing, Parking Structure, Heavy Equipment, Health Insurance and Facility Maintenance Funds are included with the General Fund Balance, the combined number is $7.4 million or 47% of the representative fund revenues. So from a fund balance perspective, the town looks very good. The expense side of the ledger also contributed to healthy year-end fund balances. The town's major operating and capital project funds were under budget by $4.1 million, as the following table shows. Amended Actual Amount Under Percent Under Budget Budget Budget Major Operating Funds General $ 17,385,602 $ 16,369,229 $ 1,016,373 5.85% Parking Structure 2,919,806 2,841,554 78,252 2.68% Heavy Equipment 1,567,879 1,496,194 71,685 4.57% Facility Maintenance 1,848,208 1,744,358 103,850 5.62% 1,270,160 Capital Project Funds % . Capital Projects 7,933,462 6,644,715 1,288,747 1624 Real Estate Transfer Tax 3,155,806 1,585,223 1,570,583 49.77% $ 34,810,763 $ 30,681,273 $ 4,129,490 11.864 Over half of the $1.2 million in major operating fund savings, or $599,000, came from salaries and benefit line items. This was due to vacancies that were not filled because of permanent budget cuts and salary savings from positions that could not be filled. The balance of the $1.2 million in savings came from other operating expenses, i.e., professional fees, utilities, property and liability insurance, contingency savings, and from internal service charges and capital outlay. Savings from the capital projects funds of $2.8 million makes up the bulk of the $4.1 million in total expenditure savings shown above. However, of the $2.8 million in capital project fund savings, $1.7 million has already been reappropriated in 2000 for projects not finished in 1999. Please call me at 479-2116 if you have any questions regarding the financial statements or this summary. YEMEM99 2 Summary of Changes in Fund Balances 1 For the Year Ending 1999 Actual 1999 Increase (Decrease) of Actual Beginning' Operating Revenue Ending Fund Balances Fund Actual Actual Transfers. ;14 Over(uuder) Fund Versus Fund Tvue/Fund Balance Revenue Eaoeuditures InUOutl Exneuditures Balance Budeeted Fund Balances General Fund 4,324,045 15,697,738 15,878,764 (490,465) (671,491) 3,652,554 333,737 Special Revenue Funds, Capital Projects Fund 2,668,215 11,833,060 3,858,750 (2,785,965) 5,188,345 7,856,560 7,411,902 Real Estate Transfer Tax Fund 3,222,944 3,142,378 1,595,223 1,547,155 4,770,099 2,663,757 Police Confiscation Fund 116 5 5 121 (17,688) Vail Marketing Fund 0 336,293 336,293 0 0 0 Vail Housing Fund 883,233 2,522,964 2,375,766 30,000 177,198 1,060,431 1,058,958 Debt Service Funds, Town of Vail Debt Service Fund 250,591 116,456 2,324,281 2,120,965 (86,860) 163,731 30,720 Booth Creek Debt Service Fund 444 24,931 73,507 48,132 (444) 0 (2,968) Enterprise Fund: Parking Structure Enterprise Fund 914,323 1,651,092 2,841,554 665,000 (525,462) 388,861 (162,989) Internal Service Funds: Heavy Equipment Fund 839,444 1,711,648 1,496,194 215,454 1,054,898 14,858 Health Insurance Fund 779,821 1,203,545 1,241,288. (37,743) 742,078 53,416 Facility Maintenance Fund 272,812 1,850,711 1,744,358 106,353 379,165 154,194 Dispatch Services Fund 0 741,676 1,116,215 412,333 37,794 37,794 11,022 ~7ota19sil~iJli ! IIIIIilliI!i~Ih lilR111li'l0, il'4z155N88PP40A32.497 ~r34,882.193 ' Il;'! ; 5.9511:3114!'.20:106.292,i i1.6'19.11.548,919.• FDSUM9.WK4 3 MEMORANDUM TO: Vail Town Council FROM: Department of Community Development DATE: May 2, 2000 SUBJECT: A request for a work session to discuss proposed changes to the Town's commercial core area parking requirements schedule. Planner: Brent Wilson I. BACKGROUND AND DESCRIPTION OF THE REQUEST Council Update: On April 18'h, the Vail Town Council conceptually reviewed the consultant's study and proposed modifications for parking requirements within Vail's commercial core areas. The town council has been presented with two proposed parking schedules: 1) the consultant's recommended parking.requirements schedule, and 2) the PEC's recommended revised parking schedule. Staff is providing a detailed analysis of the "pros and cons" of each of the two schedules for council review. Please refer to Section IV of this memo for details. II. STAFF RECOMMENDATION The original goal of this study was to provide a fair and accurate assessment of parking requirements while providing redevelopment incentives. Although staff agrees with the PEC's desire to provide incentives and disincentives for certain land uses, staff believes the zone district regulations are the appropriate venue for doing,so, not the off-street parking and loading regulations. We believe the Town's parking regulations should accurately represent the amount of parking generated by each land use. Therefore, the Community Development Department recommends that the Vail Town Council approve the consultant's recommended parking requirements schedule for properties within the commercial core areas, based on the following findings: 1. That the proposed code amendments further the development objectives of the Town of Vail. 2. That the proposed amendments are in keeping-with the purpose and intent of the Vail Land Use Plan and all other applicable master planning documents. 3. That the health, safety, welfare and interests of the community are being met by the adoption and implementation of the proposed code amendments. TOWN OF VAIL ky Page I of 3 F:\EVERYONE\COUNCIL\MEMOS\00\PRKGG EN 2. DOC III. FINDINGS The following table is a summary of both the consultant's and the PEC's recommended parking rates for specific uses within the Town's commercial core areas. Table 3.1- Current and Suggested Parking Rates (Commercial Core Areas Only) Land Use Current Requirement Consultant's PEC's Suggested Suggested Requirement Requirement Residential* 2.0+ spaces/unit 1.4 spaces/unit (-30%) 2.0 spaces/unit (n/c*) Hotel** 1.0 spaces/unit 0.7 spaces/unit (-30%) 0.7 spaces/unit (-30%) Conference Facility 1 space / 8 seats 1 space 1165 sq. ft. seating 1 space / 165 sq. ft. seating floor area**** (-37%) floor area**** (-37%) General Retail*** 3.33 spaces / KSF 2.3 spaces / KSF (-30%) 2.3 spaces / KSF (-30%) Office*** 4 spaces / KSF 2.7 spaces / KSF (-32%) 4 spaces / KSF (n/c) Restaurant 1 space 18 seats (or 1 space / 180 sq. ft. seating 1 space / 250 sq. ft. seating 120 sq. ft.) floor area; min. of 2 floor area; min. of 2 spaces**** spaces**** (-50%) (-100%) Bank/Finance*** 5 spaces / KSF 3.7 spaces / KSF (-26%) 3.7 spaces / KSF (-26%) * Assumes an average unit size of 500-1,999 square feet. Currently includes timeshares and FFU's. Assumes an accommodation unit size of at least 600 square feet. Current requirement is 0.4 spaces/unit, plus 0.1 space%ach 100 square feet of GRFA, with a max.of 1.0 space/unit. For parking purposes, timeshares/FFU's will be considered as AU's. Involves a change in calculation from "net floor area" to "gross floor area." Involves a change from space/number of seats to space/seating floor area "KSF" = 1,000 square feet IV. "PROS AND CONS" OF EACH VERSION Consultant's Schedule - based on council's original goal of "providing a more accurate and fair assessment of parking generation while providing incentives for redevelopment." PROS 1) Represents a technically accurate assessment of parking generated by each land use within the core areas. 2) Encourages large-scale redevelopment through required parking reductions for all uses - including residential condominiums (a significant financing component for lodging and fractional fee unit projects). CONS 1) Would not reduce parking requirements for restaurant businesses to the extent that the PEC's schedule does (1space/12 seats versus PEC's 1 space/16.6 seats). Page 2 of 3 FAE V ERYONE\COUNCIL\MEMOS\00\PRKGG EN 2. DOC - PEC's Recommended Reauired Parkina Schedule - geared towards manipulating parking, requirements in order to provide incentives for certain uses while discouraging other uses. Represents an increase from the consultant's recommendation for residential condominiums and office space and a decrease from the consultant's recommendation for restaurants. PROS 1) Represents a modified assessment of parking generated by each land use within the core areas in order to achieve a desired outcome. 2) Encourages incremental redevelopment through required parking reductions for specific.uses (especially restaurants). This would benefit local business owners who would like to expand existing operations. CONS 1) Does not reflect staff and private sector observations of over-assessed parking requirements and under-utilized parking facilities for private residential properties. 2) Does not address the benefits of residential condominiums as a financing component for large-scale redevelopment. As mentioned previously, both parking requirements schedules achieve the desired outcome for "total number of required spaces" and both represent an approximate 30% reduction overall in required parking. Page 3 of 3 F:\EVERYONE\COUNCIL\MEMOS\00\PRKGGEN2.DOC ~ r ANTLERS AT, VNL 680 W. Lionshead Place Vail, CC 81657 970-476-2471 970-476-4146 fax www.antlersv2ii.com February 17, 2000 Members of the PEC, f understand that you are considering a change in the parking requirements for the Town of Vail. As .you may remember, the approval last year for our upcoming redevelopment included a parking variance for about five spots: We made the claim last year, and still maintain, that our actual need for parking is FAR less than the Town's requirements. To that end, and in the interest of making an informed decision, I'd like to ask you to swing by the Antlers once or twice during the next few weeks and take a quick look at our parking lot. This morning when I pulled in, there were about twenty-five empty spots, and our occupancy last night was 83%. That's a typical situation. As you would expect at this time of year, we are between 90 and 100 percent occupied for all of the next two weeks. If you come during the day, you'll see a dozen or so cars belonging to employees (but guests will be coming and going). During the evening, you'll see only guests (and undoubtedly some "crashers"). I know this isn't scientific, but I don't know how else to impress on you the fact that we're being asked to provide much more parking than we need. Incidentally, we currently have 70 condominiums and 70 parking spots (regardless of what the records show you can count 'em). As you will see, that's more than enough parking. With our new 24 condominiums and 7 EHU's we are required to provide 140- some parking spaces! Ouch. I beg you to come by to see for yourself, and then please oh please apply the "common sense" test to this issue. Thanks,. Rob LeVine General Manager C MEMORANDUM TO: Vail Town Council FROM: Department of Community Development DATE: May 2000 SUBJECT: A request for a work session to discuss proposed changes to the Town's commercial core area parking requirements schedule. Planner: Brent Wilson 1. BACKGROUND AND DESCRIPTION OF THE REQUEST Council Update: On April 181h, the Vail Town Council conceptually reviewed the consultant's study and proposed modifications for parking requirements within Vail's commercial core areas. The town council has been presented with two proposed parking schedules: 1) the consultant's recommended parking requirements schedule, and 2) the PEC's recommended revised parking schedule. Staff is providing a detailed analysis of the "pros and cons" of each of the two schedules for council review. Please refer to Section IV of this memo for details. II. STAFF RECOMMENDATION The original goal of this study was to provide a fair and accurate assessment of parking requirements while providing redevelopment incentives. Although staff agrees with the PEC's desire to provide incentives and disincentives for certain land uses, staff believes the zone district regulations are the appropriate venue for doing so, not the off-street parking and loading regulations. We believe the Town's parking regulations should accurately represent the amount of parking generated by each land use. Therefore, the Community Development Department recommends that the Vail Town Council approve the consultant's recommended parking requirements schedule for properties within the commercial core areas, based on the following findings: 1. That the proposed code amendments further the development objectives of the Town of Vail. 2. That the proposed amendments are in keeping with the purpose and intent of the Vail Land Use Plan and all other applicable master planning documents. 3. That the health, safety, welfare and interests of the community are being met by the adoption and implementation of the proposed code amendments. a'a TOWN OF VAIL Page] of 3 F:\EVERYONE\COUNCIL\MEMOS\00\PRKGGEN2.DOC III. FINDINGS The following table is a. summary of both the consultant's and the PEC's recommended parking rates for specific uses within the Town's commercial core areas. Table 3.1- Current and Suggested Parking Rates (Commercial Core Areas Only) Land Use Current Requirement Consultant's PEC's Suggested Suggested Requirement Requirement Residential* 2.0+ spaces/unit 1.4 spaces/unit (-30%) 2.0 spaces/unit (n/c*) Hotel** 1.0 spaces/unit 0.7 spaces/unit (-30%) 0.7 spaces/unit (-30%) Conference Facility 1 space / 8 seats 1 space / 165 sq. ft. seating 1 space / 165 sq. ft. seating floor area**** (-37%) floor area**** (-37%) General Retail*** 3.33 spaces / KSF 2.3 spaces / KSF (-30%) 2.3 spaces / KSF (-30%) Office*** 4 spaces / KSF 2.7 spaces / KSF (-32%) 4 spaces / KSF (n/c) Restaurant 1 space 18 seats (or 1 space / 180 sq. ft. seating 1 space / 250 sq. ft. seating 120 sq. ft.) floor area; min. of 2 floor area; min. of 2 spaces**** spaces**** (-50%) (-100%) Bank/Finance*** 5 spaces / KSF 3.7 spaces / KSF (-26%) 3.7 spaces / KSF (-26%) * Assumes an average unit size of 500-1,999 square feet. Currently includes timeshares and FFU's. Assumes an accommodation unit size of at least 600 square feet. Current requirement is 0.4 spaces/unit, plus 0.1 space%ach 100 square feet of GRFA, with a max.of 1.0 space/unit. For parking purposes, timeshares/FFU's will be considered as AU's. Involves a change in calculation from "net floor area" to "gross floor area. Involves a change from space/number of seats to space/seating floor area "KSF" = 1,000 square feet IV. "PROS AND CONS" OF EACH VERSION Consultant's Schedule - based on council's original goal of "providing a more accurate and fair assessment of parking generation while providing incentives for redevelopment." PROS 1) Represents a technically accurate assessment of parking generated by each land use within the core areas. 2) Encourages large-scale redevelopment through required parking reductions for all uses - including residential condominiums (a significant financing component for lodging and fractional fee unit-projects). CONS 1) Would not reduce parking requirements for restaurant businesses to the extent that the PEC's schedule does (1space/12 seats versus PEC's 1 space/16.6 seats). Page 2 of 3 F:\EV ERYONE\COUNCIL\MEMOS\00\PRKGGEN2.DOC F~• PEC's Recommended Reauired Parkina Schedule - geared towards manipulating parking requirements in order to provide incentives for certain uses while discouraging other uses. Represents an increase from the consultant's recommendation for residential condominiums and office space and a decrease from the consultant's recommendation for restaurants. PROS 1) Represents a modified assessment of parking generated by each land use within the core areas in order to achieve a desired outcome. 2) Encourages incremental redevelopment through required parking reductions for specific uses (especially restaurants). This would benefit local business owners who would like to expand existing operations. CONS 1) Does not reflect staff and private sector observations of over-assessed parking requirements and under-utilized parking facilities for private residential properties. 2) Does not address the benefits of residential condominiums as a financing component for large-scale redevelopment. As mentioned previously, both parking requirements schedules achieve the desired outcome for "total number of required spaces" and both represent an approximate 30% reduction overall in required parking. Page 3 of 3 FAEV ERYONE\COLJNCIL\MEMOS\00\PRKGGEl 4 2.DOC ANTLERS AT vNL 680 W. Lionshead Place Vail, CO 81657 970-476-2471 970-476-4146 fax www.antlersvail.com February 17, 2000 Members of the PEC, I understand that you are considering a change in the parking requirements for the Town of Vail. As you may remember, the approval last year-for our upcoming redevelopment included a parking variance for about five spots. We made the claim last year, and still maintain, that our actual need for parking is FAR less than the Town's requirements. To that end, and in the interest of making un- informed decision, _I'd like to ask you to swing by the Antlers once or twice during the next few weeks and take a quick look at our parking lot. This morning when I pulled in, there were about twenty-five empty spots, and our occupancy last night was 83%. That's a typical situation. As you would expect at this time of year, we are between 90 and 100 percent occupied for all of the next two weeks. If you come during the day, you'll see a dozen or so cars belonging to employees (but guests will be coming and going). During the evening, you'll see only guests (and undoubtedly some "crashers"). 1 know this isn't scientific, but I don't know how else to impress on you the fact that we're being asked to provide much more parking than we need. Incidentally, we currently have 70 condominiums and 70 parking spots (regardless of what the records show you can count 'em). As you will see, that's more than enough parking. With our new 24 condominiums and 7 EHU's we are required to provide 140- some parking spaces! Ouch. I beg you to come by to see for yourself, and then please oh please apply the "common sense" test to this issue. Thanks, Rob Levine General Manager i S ORDINANCE NO. 9 SERIES OF 2000 AN ORDINANCE AMENDING CHAPTER 12-10 AND SECTION 12-2-2, VAIL TOWN CODE; WITH SPECIFIC REGARD TO OFF-STREET PARKING REQUIREMENTS FOR PROPERTIES WITHIN VAIL'S COMMERCIAL CORE AREAS AND VARIANCE PROCEDURES FOR OFF-STREET PARKING AND LOADING; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Town Council recognizes a need to re-evaluate parking generated by commercial properties within Vail's commercial core areas in an effort to provide accurate and practical off-street parking requirements; and WHEREAS, the Vail Town Council, the Town of Vail Planning and Environmental Commission and Town of Vail staff have worked with consulting experts at public hearings in order to examine the issue of parking in Vail's commercial core areas; and WHEREAS, the Vail Town Council finds that these amendments will provide additional incentives to the private sector for the redevelopment of properties within Vail's commercial core areas and further the development objectives of the town; and WHEREAS, the Vail Town Council considers it in the interest of the public, health, safety and welfare to amend these code sections. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: SECTION 1. Section 12-2-2 (Definitions) is hereby amended as follows: (Added text is shown in bold and underlined type; deleted text is shown in 04rkep type) 12-2-2: DEFINITIONS: FLOOR AREA, GROSS (Used Only for Parkina Calculations): The total floor area within the enclosina walls of a structure not to include the followina: A. Hallwavs that are common to more than one tenant or business. B. Lobbies that are common to more than one tenant or business . C. Restroooms that are. common to more than one tenant or business. D. Areas desianed and used for narkina. FLOOR nQE'\, NET ( -eFSals~:c'~g Parkir. n+.f): T4e4etcl f4ee~r Grp witl~r the ^^^1^°,^^ ,.,^u° .,f a s+ 4 Areas SPSGifiGally d and uc eshanis a s'.a-the-bHi{ - 6. Staipway&-. G. Eleb atcis-. D. Commen hallways. CZ A~cac deslgeed arA used -for parl::449- H-Arc-,s designed and :sac' as etoFagewhiGh de Rat have diFeGt an in ° E cr.d- 0 Gamamen ch all tercntc in the aad rna' theFeef d _r crking areas. -1- r SECTION 2. Section 12-10-10 (Parking Requirements Schedule) is hereby amended to read as follows: 12-10-10: PARKING REQUIREMENTS SCHEDULE: Off-street parking requirements shall be determined in accordance with the following schedule: A. Schedule A (below) applies to Dronerties within Vail's "Commercial Core Areas" (as defined on the Town of Vail Core Area Parkina Mans I & II. incorporated by reference). Use Parkina Reauirement Dwellina Unit 1.4 spaces Der dwellina unit Accommodation Unit 0.7 spaces Der accommodation unit Hotels with Convention Facilities 0.7 spaces per accommodation unit. plus 1.0 space Der 165 square feet of seatina floor area- Banks and Financial Institutions 3.7 spaces Der 1.000 aross square feet ` Eatina and Drinkina Establishments 1.0 space Der 180 sauare feet of seatina floor area: minimum of 2 spaces Medical and Dental Offices 2.7 spaces per 1.000 aross sauare feet Other Professional and Business Offices 2.7 spaces Der 1.000 aross sauare feet Quick-Service Food / Convenience Stores 5 spaces Der 1.000 aross sauare feet Recreational Facilities. Public or Private Parkina reauirements to be determined by the Plannina and Environmental Commission Retail Stores. Personal Services and Repair Shops 2.3 spaces per 1.000 aross square feet Theaters. Meetina Rooms. Convention Facilities 1.0 space per 165 sauare feet of seatina floor area Anv Use Not Listed Parkina reauirements to be determined by the Plannina and Environmental Commission For the ourposes of calculatina oarkina reauirements. timeshare units. fractional fee units. and other forms of interval ownership units are considered as "accommodation units." B. Schedule "B" (below) aDDlies to all Droperties outside Vail's "Commercial Core Areas" (as defined on the Town of Vail Core Area Parkina Maps I & II, incorporated by reference): -2- Use Parkina Requirement IDwellina Unit If aross residential floor area is 500 square feet .1.5 spaces per unit or less: If cross residential floor area is over 500 sauare 2 spaces per dwellina unit: feet up to 2,000 square feet: IIf aross residential floor area is 2,000 sauare 2.5 spaces per dwellina unit feet or more per dwellina unit: Accommodation Unit 0.4 space per accommodation unit. plus 0.1 space per each 100 sauare feet of aross residential floor area, with a maximum of 1.0 space per unit Banks and Financial Institutions I 1 space per 200 aross sauare feet Eatina and Drinkinq Establishments I 1 space per 120 square feet of seating floor area (Hospitals 1 space per patient bed. plus 1 space per 150 square feet of aross floor area Medical and Dental Offices 1 space per 200 aross sauare feet 10ther Professional and Business Offices 1 space per 250 aross sauare feet Quick-Service Food / Convenience Stores 1.0 space per each 200 sauare feet of aross floor area for the first 1.000 sauare feet of aross floor area: 1.0 space per 300 sauare feet for aross floor area above 1.000 sauare feet Recreational Facilities, Public or Private Parkina reauirements to be determined by the Plannina and Environmental Commission . Retail Stores. Personal Services and Repair' 1 space per 300 aross sauare feet Shops Theaters. Meetina Rooms. Convention Facilities 1 space per 120 square feet of seating floor area Anv Use Not Listed Parking requirements to be determined by the Plannina and Environmental Commission For the purposes of calculatina Parkina reauirements, timeshare units. fractional fee units, and other forms of interval ownership units are considered "accommodation units." SECTION 3. Section 12-10-18 (Variances) is hereby amended to read as follows: 12-10-18: VARIANCES: A%' pcrkiRg YaFiaRsewhist' ~s c.'~-1 of ft`c Tittle Fha!l 199 WiFed te-sz_,,ntr`I ute +nte-the Tewn'e Parkina F Rd, as set fekh in Se -,,q 12 1 Q-4 6 of this Cha- r .-a Variances from the provisions of this chapter shall follow the procedures set forth in Title 12. Chapter 17 of this Code. SECTION 4. Section 12-10-19 (Core Areas Identified) is added to read as follows: 12-10-19: CORE AREAS IDENTIFIED: Tables 1 and 2 (Core Area Parkinq Maps I & II. respectively) shall used to identifv properties within Vail's commercial core areas for Parkina purposes. SECTION 5. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not effect the validity of the remaining -3- portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. SECTION 6. The Town Council hereby finds, determines and declares that this ordinance is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. SECTION 7. The amendment of any provision of the Town Code-as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceeding as commenced under or by virtue of the provision amended. The amendment of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. SECTION 8. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 2ND day of May, 2000 and a public hearing for second reading of this Ordinance set for the 16th day of May, 2000, in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ludwig Kurz, Mayor Attest: Lorelei Donaldson, Town Clerk -4- READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this 16th day of May, 2000. Ludwig Kurz, Mayor Attest: Lorelei Donaldson, Town Clerk -5- Y Core Area Parking Map Vail Vill 91 mzR -111- lE CREEP Ri 4RA INTERSTATE 70 )AYINN STASTA r .1 = S1A i A.C h3 Q VA0.F1 ST CwsO Yraa CIX10NA 1 - 4W AP410 PART( 22 l 17 i \ .9 RVERHIXIiE r 7"tINU(- 103 mAR .YF}' 'iF C,£i I1R y.W2..x4i~ v I H tq.' - WILL(nNAD RvA~ a~:tq,.~ 3 I 1 °wMHp° E4 35 ROC{ . - --'Rf1.4?4^VT~S"."1 '!I ...I. 1I: 3 4 ;S B n3F WEST IS VMLLWrS T E ! ALLS-A- cNvj 0 111 13 } - RAMS RVAROGE P _ - R NGRN LGOGE M. T( CONGO . 3 I SW1H ay P,I I VAIL RD a5 Q5 ST I0 I I, ~ ;S ,~ECLU6 iAAR G.I U / ~ _ lC]%iE RURE PAM51-C 375 9 / 5 6 ]0 ] 1 395 GJ.DE 34 31] ~ B 1 I3 1 iPARF 7W R 17 Commercial Core Area 4BF~ ~5 375 A Gore Area Parking Ida II Lionshead ~ saMOruN E ~PUU.RPM R~ NI , F o>P,w li eLP, ~ ,xeurrto mPmwoYlxm. AEO d.xo9lo;hfLEP°,RPPY $OUPV/.IL YowuwPEp ~xFUTtEo ,a, ion INPEFIi Mw6fl 6i3 0 PxA9FlY i dY ~ ]F] J1xV°IL + Px°PEY w x Efx c ~ ~ ~ i F aP S c ,ra.: t 6 aww q~ cou _ ~ ~ ~ ° m ,IL YPE~w \ R. A.°iB WEST MEADO u Ni.4xOP 6 Y dGI. t 6 F , T. -lCTA ~ m. 4CEPBRg6E w ' ~ H H] 1A 16 I I :A i mACiB ] ll] F ° ] m 0 d °I I u I ucxExE.o.onot i ~ m 'A . raxA COUR]E i Commercial Core Area DESIGN REVIEW BOARD AGENDA Wednesday, April 19, 2000 3:00 P.M. MEETING RESULTS PROJECT ORIENTATION / LUNCH - Community Development Department 11:30 am MEMBERS PRESENT MEMBERS ABSENT Hans Woldrich Clark Brittain Melissa Greenauer Bill Pierce Chas Bernhardt (PEC) SITE VISITS 1:30 pm 1. West Vail Mall - 2211 N. Frontage Rd. 2. Dreyer - 5114 Grouse Lane 3. Cummings - 5146 Gore Circle 4. Bald Mountain Townhomes - 2350 Bald Mountain 5. Northwoods - 600 Vail Valley Drive 6. Ford Amphitheater-Ford Park 7. Talalai - 223 E. Gore Creek Drive 8. To Catch A Cook -100 E. Meadow Drive #4 Driver: Allison PUBLIC HEARING - TOWN COUNCIL CHAMBERS 3:00 pm 1. Landmark Condominiums - Commercial area repaint.. Allison 610/612 West Lionshead Circle/Lot 1, Block 1, Vail Lionshead 3'd Filing. Applicant: Landmark Condominium Association, Inc., represented by Geoff Wright MOTION: Hans Woldrich SECOND: Melissa Greenauer VOTE: 4-0 CONSENT APPROVED 2. Bald Mountain Townhomes - Conceptual review of proposed two 250 additions Ann and exterior remodel. 2350 Bald Mountain Road, #3 & #4 / Lot 26 Block 2 Vail Village 13th Filing. Applicants: Dr. Boscardin, Harry Greenberg & Ann Ferris, represented by Dale Smith CONCEPTUAL - NO VOTE 3. Cummings/Reske residence - Conceptual review of a new single-family home. Ann 5146 Gore Circle/Lot 3, Block 2, Bighorn 51h Addition. Applicant: Greg Cummings & Brian Reske CONCEPTUAL - NO VOTE 1 TO }9N OF PAIL fi 4. West Vail Mall - Final review of a proposed amendment to West Vail Mall sign program. Brent 2211 N. Frontage Rd. (West Vail Lodge)/Lot 1, Vail das Schone #3. Applicant: Gart Properties MOTION: Hans Woldrich SECOND: Melissa Greenauer VOTE: 4-0 CONSENT APPROVED 5. To Catch A Cook - New staircase, awning and doors. Allison 100 E. Meadow Drive, #4, Village Inn Plaza/Lot O, Block 5D, Vail Village 1 S` Applicant: Jim Holley CONCEPTUAL - NO VOTE 6. Talalai residence - Enclose existing decks at Creekside Condos. Allison 223 E. Gore Creek Drive #3/Lots e,f,g,h,l, Block 513, Vail Village 15t Applicant: Phil & Kay Talalai, represented by Larry Deckard CONCEPTUAL - NO VOTE 7. Axelrod residence -Conceptual review of a new primary residence & EHU. Brent 1977 Circle Drive/Lot 25, Buffehr Creek Subdivision. Applicant: Judith & Arthur Axelrod, represented by Peel/Langenwalter Architects CONCEPTUAL - NO VOTE 8. Dreyer residence - Conceptual review of a new primary/secondary residence. Allison 5114 Grouse Lane/Lot 6, Block 1, Gore Creek Subdivision. Applicant: Raymond & Margarita Dreyer, represented by John Railton CONCEPTUAL - NO VOTE 9. Fahey residence - Final review of proposed exterior modification. Allison 225 Wall Street, units 301 & 303/Lots B&C, Block 5C, Vail Village 15t Applicant: Gene Fahey, represented by RKD Architecture MOTION: Melissa Greenauer SECOND: Hans Woldrich VOTE: 4-0 APPROVED WITH 1 CONDITION: 1) Addition of wood band at bottom of sided portion of building. 10. Northwoods 2000 - Final review of proposed improvements. Allison 600 Vail Valley Drive/Part of Tract B, Vail Village 7cn Applicant: Northwoods, represented by Fritzlen, Pierce, Smith MOTION: Hans Woldrich SECOND: Melissa Greenauer VOTE: 4-0 CONSENT APPROVED 2 11. Gerald R. Ford Amphitheater -Conceptual review of proposed expansion. George/ 540 Vail Valley Drive/Part of Tract A, Vail Village 7th Filing. Allison Applicant: Jim Morter CONCEPTUAL - NO VOTE 12. West Vail Lodge - Conceptual review of a proposed redevelopment plan. Brent 2211 N. Frontage Rd. (West Vail Lodge)/Lot 1, Vail das Schone #3. Applicant: Reaut Corporation CONCEPTUAL - NO VOTE Staff Approvals Mahaffy residence - Interior remodel. Ann 1620 Sunburst Drive/Vail Golfcourse Townhomes, Phase II, Unit 20, Building F. Applicant: Patrick and Cynthia Mahaffy Hicks residence - Extension of flagstone patio and addition of snowmelt system. Ann 332 Beaver Dam Circle/Lot 6, Block 3, Vail Village 3rd Filing. Applicant: David Hicks Thornburg residence - Interior/exterior remodel. Allison 1460 B Greenhill Court/Lot 20, Glen Lyon. Applicant: Tom Thornburg Hurtt residence - Deck enclosure, bay window addition and ski locker. Ann 272 W. Meadow Drive/Lot 9, Vail Village 2nd Filing. Applicant: Caleb and Maryann Hurtt Arosa/Garmisch Park - Change to picnic shelter and restroom. Allison Intersection of Arosa/Garmisch, Applicant: Town of Vail Dore residence - Pool room remodel and replacement of windows. Ann 100 Vail Road/Lot 35, Block 7, Vail Village 7 h Filing. Applicant: William and Kaye Dore Campo D' Fiori - Addition of window boxes. - Brent 100 E. Meadow Drive/Lot O, Block 5D, Vail Village 1 st Filing. Applicant: Silvia Revello Golf Course Pump Station - Demo/rebuild pump station at 18th tee-off. Ann 700 S. Frontage Rd. East/Unplatted parcel, Vail Golf Course Applicant: Town of Vail Fabiano residence - Deck extension and hot tub addition. Ann 275 Beaver Dam Road/Lot 40, Block 7, Vail Village 7th Applicant: Rocco and Joan Fabiano Tall Pines Lot 1 A - Rear deck addition. Dominic 2241 A Chamonix Lane/Lot 1, Tall Pines Subdivision. 3 'L Applicant: Chamonix Development Group LLC Montanas Salon - New wall sign. Ann 2077 N. Frontage Road West/Lot 39, Buffehr Creek Resubdivision. Applicant: Jayne Brandess Town of Vail - Rooftop receiver antenna for Channel 19 audio. Ann 75 S. Frontage Rd./Vail Village Filing #2. Applicant: Town of Vail The applications and information about the proposals are available for public inspection during regular office hours in the project planner's office, located at the Town of Vail Community Development Department, 75 South Frontage Road. Please call 479-2138 for information. Sign language interpretation available upon request with 24 hour notification. Please call 479- 2356,Telephone for the Hearing Impaired, for information. 4 PLANNING AND ENVIRONMENTAL COMMISSION PUBLIC MEETING SCHEDULE Monday, April 24, 2000 MEETING RESULTS Proiect Orientation / PEC LUNCH - Communitv Development Department 11:30 a.m. MEMBERS PRESENT MEMBERS ABSENT DRB MEMBERS John Schofield Clark Brittain Galen Aasland Bill Pierce Diane Golden Brian Doyon Tom Weber Chas Bernhardt Doug Cahill Site Visits : 12:30 p.m. 1. Pearson - 303 Gore Creek Drive #2-C 2. Ford Amphitheater - 540 Vail Valley Drive 3. Vail Mountain School - 3160 Katsos Ranch Road Driver: George NOTE: If the PEC hearing extends until 6:00 p.m., the board will break for dinner from 6:00 - 6:30 p.m. Public Hearinq -Public Works Conference Room 2:00 p.m. 1. Swearing in of reappointed PEC members Diane Golden, and Brian Doyon. - Lorelei Donaldson, Town Clerk. 2. Election of 2000 Chair- Galen Aasland Vice-Chair - Chas Bernhardt 3. A joint worksession with the Design Review Board to discuss the proposed development plan/master plan and a conditional use permit for a park and recreation facility for an approximately 12 acre unplatted parcel of land zoned General Use and Residential Cluster, commonly referred to as the lower bench of Donovan Park, located south of the South Frontage Road and east and north of Matterhorn Circle. Applicant: Town of Vail / Vail Recreation District Planner: Dominic Mauriello WORKSESSION - NO VOTE 1 TOIYN OF PAIL 1 4. A minor CC1 exterior alteration, to allow for a residential addition, located at 223 Gore Creek Drive #3/Creekside Condominiums, Block 5B, Vail Village 1St Filing. Applicant: Phil & Kay Talalai, represented by Larry Deckard Planner: Allison Ochs WITHDRAWN 5. West Vail Lodge - A worksession to discuss a proposed height variance (Section 12-7D- 6, Town of Vail Code), to allow for the addition of dormers and tower elements to an existing roof ridge, located at 2211 N. Frontage Rd. (West Vail Lodge)/Tract C, Vail das Schone #1; Lots 1, 2 and 3, Vail das Schone #3. Applicant: Reaut Corporation Planner Brent Wilson WORKSESSION - NO VOTE 6. A request for a conditional use permit, to allow for the pavillion roof replacement , additional covered seating areas, addition to "stage left" buildings and a new service area addition to the "stage right" building, located at 540 Vail Valley Drive/Tract A, Vail Village 7th Filing (Ford Park Amphitheatre). Applicant: Vail Valley Foundation, represented by Morter Aker Architects Planner: George Ruther MOTION: John Schofield SECOND: Doug Cahill VOTE: 6-0 APPROVED WITH 5 CONDITIONS: 1. That the applicant revises the proposal and relocates the proposed trash dumpster. The dumpster shall be relocated to an area proximate to the upper parking lot. The final location of the dumpster facility shall be reviewed and approved by the Town of Vail prior to the issuance of a building permit. 2. That the applicant submits plans to the Town of Vail Community Development Department for review and approval of an improved loading/delivery facility. The improved facility shall be designed to increase the amount of storage space and reduce the need to large vehicles to remain parked at the amphitheater loading dock. 3. That the applicant submits a sign application to the Town of Vail Community Development for the new signs proposed at the amphitheater. The new signs shall comply with the applicable regulations outlined in the Sign Code. 4. That the applicant submits a Design Review Board application and receives final design approval prior to the issuance of a building permit. The final design shall comply with the adopted design guidelines for park development 5. That bike storage be addressed. 7. A request for a conditional use permit, to allow for a proposed expansion at Vail Mountain School, located at 3160 Katsos Ranch Road/Part of Lot 12, Block 2,.Vail Village 12th Filing. Applicant: Vail Mountain School, represented by Gwathmey Pratt Schultz Architects Planner: Brent Wilson MOTION: John Schofield SECOND: Doug Cahill VOTE: 5-0-1 (Brian Doyon abstained) APPROVED WITH 6 CONDITIONS: 2 1. The applicant shall provide the Town of Vail with an easement for the existing public bus stop at the southwest corner of the property. 2. The applicant shall provide the Town of Vail with drainage easements in accordance with the proposed grading and drainage plans. These easements will be recorded prior to the issuance of a grading permit for any proposed grading activities on the property. 3. Prior to the issuance of any permits for the "Phase 11" improvements on the property, the applicant shall conduct a revised traffic study for staff review to ensure appropriate mitigation measures (if applicable) are addressed in a manner that is proportional to proposed "build-out" traffic impacts from the project. It is acknowledged that the threshold for identifying traffic impacts from this proposal will also include existing, conditions and "Phase I" improvements. 4. At least one Type III employee housing unit must be constructed within 5 years of the issuance of a temporary certificate of occupancy (TCO) for "Phase I" improvements. The other seven units (for a total of eight) must be constructed prior to the issuance of a TCO for "Phase II" improvements. Required Type III deed-restrictions will be recorded with the Eagle County Clerk and Recorder's Office in accordance with the above-listed schedule. The employee housing units will contain full kitchen facilities, as defined in Chapter 12, Vail Town Code. 5. The bicycle path will run with a straight alignment from the parking area to Katsos Ranch Road ("punched through" the berm while avoiding vegetation). An easement will be provided to the Town of Vail for the bike path. 6. If future student enrollment exceeds 330 students, the applicant will be required to appear before the Planning and Environmental Commission again for a revised conditional use permit. 8. A request for a variance from Sections 12-6H-6 and 12-14-6, Town of Vail Code, to allow for the addition of gross residential floor area and balconies within required setbacks, located at 303 Gore Creek Drive, Vail Townhouse #2-C/Lot 2, Block 5, Vail Village 1St Filing. Applicant: Vicki Pearson, represented by Ron Diehl Planner: Ann Kjerulf MOTION: John Schofield SECOND: Brian Doyon VOTE: 5-0-1 (Diane Golden abstained). APPROVED WITH 2 CONDITIONS: 1. That no GRFA may be added horizontally beyond the building envelope into the rear setback. 2. Prior to the issuance of a building permit, the applicant must receive approval from the Army Corps of Engineers for renovation activities in the rear setback. 9. A request for a variance from Sections 12-6D-9 (Site Coverage), 12-6D-8 (Density) and 12-6D-6 (Setbacks), Town Code, to allow for a garage and residential addition, located at 2955 Bellflower Drive/Lot 6, Block 6,Vail Intermountain. Applicant: Alan & Francine Peters Planner: Allison Ochs TABLED UNTIL MAY 8, 2000 3 10. Information Update ? Town Council joint worksession with the PEC on May 2"d in the Town Council Chambers, at 1 p.m. The purpose of the meeting is to discuss philosply related to development review projects and how to coordinate between the two boards. One two-year term PEC vacancy- (Tom Weber). PEC REPRESENTATIVE AT DRB FOR 2000- Doug Cahill - Jan-Apr. 5, '00 Chas Bernhardt - Apr 19, '00 Galen Aasland - May 3, '00 Brian Doyon - - May 17, '00 Apr-Jun '00 Diane Golden - Jul-Sep '00 John Schofield - Oct-Dec '00 11. Approval of April 10, 2000 minutes. The applications and information about the proposals are available for public inspection during regular office hours in the project planner's office located at the Town of Vail Community Development Department, 75 South Frontage Road. Please call 479-2138 for information. Sign language interpretation available upon request with 24 hour notification. Please call 479-2356, Telephone for the Hearing Impaired, for information. Community Development Department 4 COUNCIL FOLLOW-UP TOPIC QUESTIONS FOLLOWUP 2000 _ 04/27/00 TOWN OF MINTURN/TOV JOINT PAM/BETH: Schedule joint meeting to discuss WRNF Plan See Town Manager's Report. MEETING D, Language specific to another Minturn future portal. Council 03/09/00 WEEKLY SKIER NUMBERS BOB: Supply weekly skier numbers to Council. In the process of discussing this issue with Bill Jensen. Chuck Ogilby 04/06/00 REVIEW BUSINESS LICENSE TOM/STEVE: Is it possible to require businesses physically ORDINANCE located outside the TOV boundaries, but conducting Greg Moffet business within the town, to purchase some type of business license? Breckenridge already some ordinance on its books. 04120/00 ECO/TOV JOINT MEETING PAM/BETH: Schedule joint meeting to discuss matters of Council I common interest and proposed efficiencies. 04/06/00 SKI PASS LETTER TO VA BOB: Prepare letter for the Mayor's signature encouraging A letter is being drafted for the Mayor's review and signature. Council VA to equalize what happens in ski pass pricing (Merchant pass only) between Summit and Eagle County, so as not to put Vail at a competitive disadvantage when it comes to employees. 04/06/00 WEST VAIL ROUNDABOUT GREG H.: What is the replacement status of the dying trees TREES at this location? Navas/Foley SPRING BUS SERVICE MIKE ROSE: Due to rider numbers, can we consider We'll discuss bus service in conjunction with parking rates. Foley starting "spring bus service" earlier than we did this year? Can we also looked at a more "beefed up" summer service schedule that would provide outlying service more regularly from two hour to one hour service? NWCCOG DISCUSSION ON "ECONOMIC BOB: This discussion is set to follow the regular NWCCOG IMPACTS ON COMMUNIITY AS IT meeting at the Eagle County Building, Thursday, April 27, at CHANGES FROM PURE RESORT TO 1:00 P.M. This discussion was set by our request and will LIFESTYLE COMMUNITY" include Terry Minger. Sybill cannot attend. Staff April 27, 2000, Page I Navas I representative? Or Council? SB 215 (120,000 ACRE-FEET BOB: Send letter in opposition. TRANSMOUNTAIN DIVERSION BILL) Navas 04/06/00 DUST ABATEMENT GREG H./RUSSELL: In re: to logging operations coming off According to Dave, VA has been using mag chloride for years and will do so Foley Blue Sky Basin, what procedures will be in place as far as for the Cat III timber as well. Brent Wilson said the USFS has requested dust abatement? that VA use a natural resin alternative (more expensive) but VA has refused to do so. He said the USFS can not require them to use the alternative substance but encouraged us to put pressure on VA. 04/11/00 COMPARABLES ON RUSSELL: With the recent article(s) re: departing retailers, COMMERCIAL PROPERTY RENTAL can we get an assessment that more accurately describes RATES how our rates compare with other ski areas, communities, Donovan etc.? April 27, 2000, Page 2