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HomeMy WebLinkAbout2005-05-03 Support Documentation Town Council Evening SessionTOWN COUNCIL EVENING SESSION AGENDA 6:00 P.M. TUESDAY, MAY 3, 2005 VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 NOTE: Times of items are approximate, subject to change, and cannot be relied upon to. determine at what time Council will consider an item. 1. ITEMITOPIC: Citizen Input (10 min.) 2. Rod Slifer ITEMITOPIC: Youth Recognition Award. (5 min.) - Josie Sutner /Battle Mountain High School - Drew Riley / Vail Mountain School Vail Youth Ambassador Award - Christina Harrison /Battle Mountain High School - Kyle Moore /Battle Mountain High School 3. Matt Mire ITEMITOPIC: Resolution No. #8, Series 2005, A resolution conditionally approving. the consolidated service plan for Vail Square Metropolitan District No. #1, No. #2, and Vail Square Metropolitan District No. #3. (10 min.) ACTION REQUESTED OF COUNCIL: Approve Resolution No. 8, 2005. BACKGROUND RATIONALE: As was discussed at the Town Council work session of April 19, 2005, Resolution No. 8 operates to approve the Consolidated Service Plan for three (3) metropolitan districts within the LionsHead core area for the primary purpose of financing public improvements associated with the "Vail Square" redevelopment project. The formation of up to three (3) metro districts. was agreed to in the Development Agreement between the Town of Vail and Vail Resorts for the above-referenced project. The Consolidated Service Plan for the proposed districts (which is contained in the council packets and available to the public) provides greater detail on the purpose, intent and operation of the proposed districts. The resolution states it is a "conditional" approval simply because it is conditioned upon an Inter-governmental Agreement (IGA) being executed between the ~ Vail Reinvestment Authority and Vail Square Metropolitan District No. 1 regarding the transfer of increment tax revenue. STAFF RECOMMENDATION: ,approve Resolution No. #8, Series 2005. 4. Greg Hall ITEM/TOPIC: Construction Update. (10 min.) 5. Chad Salli ITEMITOPIC: Ford Park Parking Lot Overlay. (10 min.) ACTION REQUESTED OF COUNCIL: Authorize the Town Manager to enter into an agreement with B&B Excavating for the overlay of the Ford Park Parking Lot in the amount not to exceed $69,000.00. BACKGROUND RATIONALE: The existing Ford Park Parking Lot surtace is due for a maintenance overlay. Staff has received bids for overlaying the existing surtace. B&B Excavating submitted the low bid. Staff recommends entering into an agreement with B&B Excavating for their construction services. STAFF RECOMMENDATION: Authorize the Town Manager to enter into an agreement with B&B Excavating for the overlay of the Ford Park Parking Lot in the amount not to exceed $69, 000.00. 6. Matt Gennett ITEM/TOPIC: First reading of Ordinance No. #12, Series of 2005, Gen Wright an ordinance repealing and re-enacting Ordinance No. #8, Series of 1995, Cascade Village, amending and re-establishing the approved development plan for the Westhaven Condominiums site located within Area A of SDD No. 4, in accordance with Section 12-9A-10, Vail Town Code, to allow for the construction of thirteen dwelling units; and setting forth details in regard thereto. (30 min.) ACTION REQUESTED OF COUAICIL: Approve, approve with modifications, or deny Ordinance Na„ 12, Series of 2005. BACKGROUND RATIONALE: On February 8 and April 11, 2005, the Town of Vail Planning & Environmental Commission (PEC) held public hearings to consider a request for a major amendment to a special development district (SDD) pursuant to Section 12- 9A-10, Amendment Procedures, Vail Town Code, to allow for an amendment to Special Development District No. 4, Cascade Village, for an approved development plan of a new condominium building, located at 1325 Westhaven Drive /(Westhaven Condominiums, aka, "The Ruins")/Area A, Cascade Village, and setting forth details in regard theretca. Upon consideration of the request, the Commission voted 6-0-'1 (Viele recused) to forward a recommendation of approval with_conditions of the applicant's request to the Vail Town Council. A copy of the staff memorandum to the Planning and Environmental Commission, dated April 11, 2005, with revised conditions has been attached for reference. STAFF RECOMMENDATION: The Community Development Department is recommending that the Town Council approves Ordinance No. 12, Series of 2005, upon first reading. 7. Matt Mire' ITEMROPIC: First reading of Ordinance #13, Series of 2005. An ordinance providing certain amendment to Title 3, Chapter 4, "Design Review Board," of the Municipal Code of the Town of Vail; Changing the composition of the Design Review Board (DRB} from five to seven members; and setting forth details in regard thereto. (10 min.) ACTION REQUESTED OF COUNCIL: Approve, approve with amendments or deny Ordinance #13, Series of 2005, on first reading. BACKGROUND RATIONALE: The Town Council requested an ordinance that would change the composition of the design review board from five members to seven members. STAFF RECOMMENDATION: Staff has reviewed this proposal with the Design Review Board and .has the following recommendations: 1. .Increasing the number of DRB members to 7 will increase the time and complexity of the DRB review process. It will be more difficult to come to consensus on issues to be addressed for proposed projects subject to DRB approval. If the primary concern is attendance, then staff would recommend reasonably enforcing attendance. The Town Council has latitude to remove members that have attendance issues. 2. Although the town was very fortunate to find a number of qualified members for the last round of interviews far DRB, this has not always been the case. 3. In considering the above mentioned issues, both the existing DRB and staff recommend not approving Ordinance 13, Series of 2005. Staff would recommend that regular attendance reports are provided to the Vail Town Council and if attendance is an issue with individual members, then the Town Council should take appropriate action. 4. If the Town Council, chooses to approve Ordinance 13, Series of 2005 staff would request authorizing approximately $1,900 in the next supplemental budget to pay for benefits (ski passes, parking passes) and expenses (lunches) associated with two additional board members. 8. Warren Campbell ITEMITOPIC: Second Reading of Ordinance No. #10, Series of 2005, an ordinance approving the Commercial Core Construction Mitigation Sign and Construction F~E;ncing Package which will be implemented by the Town to mitigate the impacts of construction in the commercial cores over the next several years. (15 min.) ACTION REQUESTED. OF COUNCIL: Approve, approve with modifications, or deny Ordinance No. #10, Series of 2005, on second reading. BACKGROUND RATIONALE: Ori April 19, 2005, the Town Council approved with modifications the first reading of Ordinance #10, Series of 2005. Staff has revised the Ordinance to change the time period in which- the appeal's board has to respond from ten days to two days. STAFF RECOMMENDATION: 'The Community Development Department, Public Works Department, and Community Information Office recommends that the Town Council approves Ordinance No. #1.0, Series of 2005y on second reading. 9. George Ruther ITEM/TOPIC: Second Reading of c.~rdinance No. #11, Series of 2005, an ordinance amending Section 12-1414, Restaurants, Bars, and Similar Uses,. Vail Town CAode, and setting for details in regard thereto. (10 min.) ACTION REQUESTED OF COUNCIL: Approve, approve with modifications, or deny the first reading of Ordinance No. #11, Series of 2005. BACKGROUND RATIONALE: On I~Aarch 28, 2005, the Planning and Environmental Commission voted 5-0-0 to forward a recommendation of approval for the proposed text amendment. The purpose of the proposed amendment is to resolve existing conflicts relating to noise'regulations in the Vail Town Code. On April 19, 2005, the Vail Town Council unanimously approved Ordinance No. #11, Series of 200!i upon first reading with no modifications STAFF RECOMMENDATION: The Community Development Department recommends that the Town Council approves the second reading of Ordinance No. #111, Series of 2005. 10. Bill Gibson ITEMITOPIC: Second reading of Orcinance No. #17, Series of 2004, an ordinance amending Special Development District #4, Cascade Village, to allow' for the creation of Development Area E, located at Tract K, Glen Lyon Subdivision, and setting forth details in regard thereto. (5 Mina) ACTION REQUESTED OF COUNCIL: Approve, approve with modifications, deny, or table the second reading of Ordinance No. 17, Series of 2004. The applicant is request that the Town Council table the second reading of Ordinance No. #17, Series of 2004, to June 21, 2005. BACKGROUND RATIONALE: On July 12, 2004 the Town of Vail Planning and Environmental Commission voted 4-2 to forward a recommendation of approval, with conditions, for the proposed amendments to Special Development District #4, Cascade Village. On August 3, 2004 by a vote of 7-0 the Town Council approved the first reading of Ordinance No. 17, Series of 2004, with a condition that the applicant, Vail Resorts, resolve any issues related to the Protective Covenants of Glen Lyon Subdivision, prior to the second reading of this ordinance. On August 17, 2004; October 5, 2004; and January 4, 2005 the Town Council tabled the second reading of Ordinance No. 17, Series of 2004, to allow the applicant additional time to resolve issues related to the protective covenants. The outstanding protective covenant issues have not yet been resolved; therefore, Vail Resorts is requesting that the second reading of Ordinance No: 17, Series of 2004, again be tabled to a future Town Council meeting. 11. ITEM/TOPIC: Town Manager's Report. (10 min.) - Vail America Day's Update (4th of July) With the uncertainty of the exact parade route and the challenges faced in staging the parade due to construction, we are hoping to attract approximately 50 quality entries into the parade. We feel that by keeping the entries to around 50, the parade will move more continuously through town. Our goal is to emphasize the after-parade experience in Ford Park with a family-friendly afternoon of continuous entertainment culminating with a live simulcast of the fireworks display with a regional orchestra staged in Ford Park. We are working with the Vail Valley Foundation on use of the Amphitheater as well. If you have any suggestions or comments, please contact Laurie Asmussen at 376-3756. 12. ITEMITOPIC: Executive Session: Pursuant to C.R.S. §24-6- 402(4)(a)(e). Re: An Executive Session to discuss the purchase, acquisition, lease, transfer, or sale of property interests and to determine positions, develop a strategy, and to instruct negotiators. (30 min.) 13. ITEM/TOPIC: Adjournment. (8:30 p.m.) NOTE UPCOMING MEETING START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) THE NEXT VAIL TOWN COUNCIL REGULAR EVENING MEETING WILL BEGIN AT 6 P.M. TUESDAY, MAY 3, 2005, IN VAIL TOWN COUNCIL CHAMBERS Sign language interpretation available upon request with 24-hour notification. Please call 479-2106 voice or 479-2356 TDD for information RESOLUTION No. 8 Series of 2005 A RESOLUTION CONDITIONALLY APPROVING THE CONSOLIDATED SERVICE PLAN FOR VAIL SQUARE METROPOLITAN DISTRICT NO.1, VAIL SQUARE METROPOLITAN DISTRICT N0.2, ` AND VAIL SQUARE METROPOLITAN DISTRICT N0.3 WHEREAS, pursuant to Sections 32-1-204.5 and 32-1-205, C.R.S., as amended; the Consolidated Service Plan for Vail Square Metropolitan District No. 1, Vail Square Metropolitan District No. 2, and Vail Square, Metropolitan District. No. 3 has been- submitted to the Town Council. of the Town of Vail (the "Council"); and WHEREAS, pursuant to the provisions of Title 32, Article l,~ C.R.S., as amended, the Council held a public hearing on the Consolidated Service Plan for Vail Square Metropolitan District No. 1, Vail Square Metropolitan District No. 2, and Vail Square Metropolitan District No. 3 on May 3, 2005; and WHEREAS, the Council has considered the Service Plan, and all other testimony and evidence presented at the hearing; and NOW THEREFORE,, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO; 1. The hearings before the Council were extensive and complete; that all pertinent facts, matters and issues were submitted; that all interested parties were heard or had the opportunity to be heard; and,. that evidence satisfactory to the Council of each of the following was presented:. a. There is sufficient existing and projected need for organized service in the area to be served by the proposed special districts. b. Existing service in the area to be served by the proposed special districts is inadequate for present and projected needs. c. The proposed .special districts are capable of providing economical and sufficient service to the areas they intend to serve. d. The areas. to be included within the proposed special; districts have or will have the financial ability to discharge the proposed indebtedness on a reasonable basis. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Vail, Colorado: 1. That the Town Council of the Town of Vail, Colorado, does hereby determine that the requirements of Sections 32-1-202(2) and 32-1-203(2;1, C.R.S., relating to the filing of a Consolidated Service Plan for Vail Square Metropolitan District No. 1, Vail Square Metropolitan District No. 2, and Vail Square Metropolitan District No. 3 and the requirements of Sections 32- 1-204.5, C.R.S., relating to the hearing by the Council, have been fulfilled in a timely manner. 2. That the Town Council of the Town of Vail, (.'olorado, does hereby approve the Consolidated Service Plan for Vail Square Metropolitan District No. 1, Vail Square Metropolitan District No. 2, and Vail Squaze Metropolitan District No. 3 Iistrict as presented to Council on May 3, 2005, conditioned on execution of an intergovernmental agreement by and between Vail Square Metropolitan District No. 1 and the Vail Reinvestment .Authority regarding the transfer of increment tax funding revenue from the Vail Reinvestment Authority to Vail Squaze Metropolitan District No. 1 for the purpose of funding certain infrastructure to be built by Vail Squaze Metropolitan District No. 1. 3. A certified copy of this Resolution shall be fi1F,;d in the records of the Town and submitted to the petitioners for the purpose of filing in the District Court of Eagle County. 4. That all resolutions or parts thereof in conflict. with the provisions hereof shall be and the same are hereby repealed. INTRODUCED, READ, APPROVED AND ADOPTED this day of 2005. TOWN COLTNCIII, OF THE TOWN OF VAIL, EAGLE COUNT`', COLORADO By: Rodney E. Slifer, Mayor ATTEST: Lorelei Donaldson, Town Clerk 2 CONSOLIDATED SERVICE PLAN VAIL SQUARE METROPOLITAN DISTRICT NOS. 1, 2 & 3 TOWN OF VAIL, COLORADO Apri126, 2005 Prepared by White, Bear & Ankele Professional Corporation 1805 Shea Center Drive, Suite 100 Highlands Ranch, CO 80129 (303) 858-1800 TABLE OF CONTENT'S I. INTRODUCTION ................................... ........................................................................... 1 A. Purpose and Intent .:................. ............................................. ..... .............................. 1 B. Need for the Districts......... .................................. ] the Town Re C. Ob'ective of gardmg Distracts Service Plans ...................................... 1 II. DEFINITIONS ......................................... ....................~...................................................... 2 III. BOUNDARIES ........................... ..................................,...................................................... 4 ~. PROPOSED LAND USE/1'OPULATION PROJECTIONS/ASSESSED VALUATION. 4 V• DESCRIPTION OF PROPOSED POWERS, IMPRO~~'EMENTS AND SERVICES....... 4 A. Powers of the Districts and Service Plan Amendment. .......................................... 4 1 • Operations and Maintenance Limitation ........................... 2• Construction Standards Limitation..... ............................... ~~~~~~"~~ 3, Privatel Placed Debt Li ~~~~~~~~""""""""" 5 Y mitation............. .......................... 4. Inclusion Limitation ...............................,. .......................... 5 ................................................... 5 5• Debt Limitation ................ ................................................... 6. Total Debt Issuance Limitation........ ~~~'~~~~~•~~~'~~~~ 5 .. ................................................ 7• Monies from Other Gove """""' rnmental Sources ................................ 8. Bankruptcy Limitation ............... ................ 5 ... Amendment Re uirement ...................................................... 6 9• Service Plan q .. .......................................... B. Preliminary Engineering Surve """""' C. Multiple District Structure. Y ........................,,.................................................... 6 .....:...........................,.................................................... 7 VI. VI. FINANCIAL PLAN.....,...,,, ...................................~ ......... 7 A. Gen .......................................... ei'al ........................... ..................................................... D. Maximum Voted Interest Rate and .................................... 7 Maximum TJnderwriting Discount ................. 7 E. Maximum Debt Mill Le vy ............................................................... F. Maximum Debt Mill Le """""""""""' ~ vy Imposition Term....,. ............................. G. Debt R ........................ 8 epayment Sources ................. H. Debt Ins ~ .................................. I. trument Disclosure R uirement ................................................................ Security for D 9 ebt .................................. J. TABOR ........................ Compl2ance ................:...... K. Districts' Operatin """" g Costs ....................................................................................... 9 VII. VII. ANNUAL REPORT .......................................... . ..................................................... 10 VIII. A. General........... . ...................................................................... B. .................................... 10' Reporting of Significant Events .................... ........................................................... 10 ~• DISSOLUTION .......... ' .............................................~............................................... 10 X• DISCLOSURE TO PURCHASERS .....:................... ............................................... 11 ~. INTERGOVERNMENTAL AGREEMENTS .................................................... 11 i XII. CONCLUSION ...................... .................................................................................. 11 EXHIBITS EXHIBIT A Legal Descriptions for Vail Square Metropolitan Districts Nos. 1, 2 and 3 EXHIBIT B Districts' Initial Boundaries Map EXHIBIT C Vail Vicinity Map EXHIBIT D Intergovernmental Agreement between the Districts and Vail ii I• INTRODUCTION A. Purpose and Intent The Districts are independent units of local government, separate and distinct from the Town, and, except as may otherwise be provided for by State or local law or this Service Plan, their activities are subject to review by the Town only insofar as they may deviate in a material matter from the requirements of the Service Plan. It is intended that the Districts will provide a part or all of various Public Improvements necessary and appropriate for the development of a project within the "Lionshead Core" azea within the Town of Vail to be known as "Vail Square" (the "Project"). The Public Improvements will be constructed for the use and benefit of all anticipated inhabitants and taxpayers of the Districts. The primary purpose of the Districts will be to finance the construction of these Public Improvements. The Districts are not being created to provide ongoing operations and maintenances services other than as specifically set forth in this Service Plan. District No. 1 is proposed to be the Operating District, and is expected to coordinate the financing and construction of all Public Impro~rements. District Nos. 2 and 3 are proposed to be the Taxing Districts. District No. 2 is proposed to encompass residential development. District No. 3 is proposed to encompass non-residential development. The Districts may, however, include any mix of residential and non.-residential development. B. Need for the Districts There are currently no other governmental entities, including the Town, located in the immediate vicinity of the Districts that consider it desirable, feasible or practical to undertake the planning, design, acquisition, construction, installation, relocation, redevelopment and financing of the Public Improvements needed for the Project. Formation of the Districts is therefore necessary in order for the Public Improvements required for the Project to be provided in the most economic manner possible. C. Obiective of the Town Re azding Districts Service :Plans. The Town's objective in approving the Service Plan for the Districts is to authorize the Districts to provide for the planning, design, acquisition, construction, installation, relocation and redevelopment of the Public Improvements from the proceeds of Debt to be issued by the Districts. All Debt is expected to be repaid by taxes imposed and collected for no longer than the Maximum Debt Mill Levy Imposition Term for residential properties and at a tax mill levy no higher than the Maximum Debt Mill Levy for commercial and residential properties. Debt which is issued within these parameters and, as further described in the Financial Plan, will insulate property owners from excessive tax burdens to support: the servicing of the Debt and will result in a timely and reasonable dischazge of the Debt. This Service Plan is intended to establish a limited purpose for the Districts and explicit financial constraints that are not to be violated under any circumstances. The primary purpose is to provide for the Public Improvements associated with development of the Pro ect. activities are allowed in accordance with the provisions of Section V.A.1. It is the inOtpentaof the Districts to dissolve upon payment or defeasance of all Debt incurred or upon a court 1 determination that adequate provision has been made for the payment of all Debt, and if any District has authorized operating functions under an intergovernmental agreement with the Town, to retain only the power necessary to impose and collect taxes or fees to pay for these costs. The Districts shall be authorized to finance the Public Improvements that can be funded from Debt to be repaid from tax revenues collected from a mill levy which shall not exceed the Maximum Debt Mill Levy on commercial and residential properties and which shall not exceed the Maximum Debt Mill Levy Imposition Term on residential properties. It is the intent of this Service Plan to assure to the extent possible that no commercial or residential property bear an economic burden that is greater than that associated with the Maximum Debt Mill Levy in amount and that no property developed for a residential use beaz an economic burden that is greater than that associated with the Maximum Debt Mill Levy Imposition Term in duration even under bankruptcy or other unusual situations. Generally, the cost of Public Improvements that cannot be funded within these parameters are not costs to be paid by the Districts. II. DEFINITIONS In this Service Plan, the following terms shall have the meanings indicated below, unless the context hereof clearly requires otherwise: Approved Development Plan: means those approvals contemplated by that certain "Core Site Development Agreement" between the Town, the Vail Reinvestment Authority and The Vail Corporation dated as of November 8, 2004 (the "Development Agreement") or other process established by the Town consistent with the terms of the Development Agreement for identifying, among other things, Public Improvements necessary for facilitating development for property within the Service Area as approved by the Town pursuant to the Town Code and as amended pursuant to the Town Code from time to time. Board: means the board of directors of one District or the boards of directors of all Districts, in the aggregate. Bond, Bonds or Debt: means bonds or other obligations for the payment of which any District has promised to impose an ad valorem property tax mill levy. Town: means the Town of Vail, Colorado. Town Code: means the Town Code of the Town of Vail, Colorado. Town Council: means the Town Council of the Town of Vail, Colorado. District: means any one of the Vail Square Metropolitan District No. 1 through 3. Inclusion Area Boundaries: means the boundaries of the subdivided azeas in the airspace above the Initial District Boundaries that may exist from time to time through subsequent plats establishing such areas in accordance with the Approved Development Plan. 2 Initial District Boundaries: means the initial boundaries of the Districts as described in Exhibit A attached hereto and as depicted on the Initial District Boundary Map. Districts' Initial" Boundaries Map: means the map attached hereto as Exhibit C describing the initial boundaries of the Districts. District No. 1: means the Vail Square Metropolitan District No. 1. District No. 2: means the Vail Square Metropolitan District No. 2 District No. 3: means the Vail Square Metropolitan District No. 3. Districts: means District No. 1, District No. 2 and District No. 3 collectively. External Financial•Advisor: means a consultant that: (i) advises Colorado governmental entities on matters relating to the issuance of securities by Colorado governmental entities, including matters such as the pricing, sales and. marketing of such securities and the procuring of bond ratings, credit enhancement .and insurance in respect of such securities; (ii) shall be an underwriter, investment banker, or individual listed as a public finance advisor in the Bond Buyer's Municipal Market Place; and (iii) is not an officer or employee of the District and has not been otherwise engaged to provide services in connection with the transaction related to the applicable Debt. Financial Plan: means the Financial Plan described in Section VII which describes (i) how the Public Improvements are to be financed; (ii) how the Debt is expected to be incurred; and (iii) the estimated operating revenue derived from property taxes for the first budget year. Maximum Debt Mill Lew: means the maximum mill levy any of the Districts is permitted to impose for payment of Debt as set forth in Section VII.C below. Maximum Debt Mill Levy Imposition Term: means the maximum term for imposition of a mill levy on a particular property developed for residential uses as set forth in Section VI.F below. Oaeratin District: means District No. 1. Pr_ oject: means the development or property commonly referred to as Vail Square, consisting of an area including approximately 4.855 acres within the Town of Vail, located.adjacent to the base of the Eagle Bahn Gondola. Public Improvements: means a part or all of the improvements authorized to be planned, designed, acquired, constructed, installed, relocated, redeveloped and financed as generally described in the Special District Act, except as specifically limited in Section V below, and except as limited by the Development Agreement, to serve the future taxpayers and inhabitants of the Service Area as determined by the Board of one or more of the Districts. - Service Area: means the property within the Initial District Boundaries and the Inclusion Area Boundaries. _. . :~ ___.~- ..~__._..v _ _ __- ~ --- ---------- - ervice Plan: means this service plan for the Districts approved by Town Council. Service Plan Amendment: means an amendment to the Service Plan approved by Town Council in accordance with the Town's ordinance and the applicable state law. Special District Act: means. Section 32-1-101, et se~C ., of the Colorado Revised Statutes, as amended from time to time. State: means the State of Colorado. Taxing District: means District Nos. 2 and 3. III. BOUNDARIES ~ , The combined' azea-within the Initial District Boundaries is. approxunately 4.855 acres, Legal descriptions of the boundaries of'District. Na 1, District No. 2 and District No. 3 aze attached hereto as Exhibit A. A map of the Initial District Boundaries is attached hereto as Exhibit B. A vicinity map is attached hereto as Exhibit C. It is anticipated that the Districts' boundaries may change from time to time as it undergoes inclusions and exclusions pursuant to Section 32-1-401, et sue., C.R.S., and Section 32-1-501, et seg., C.R.S., subject to the limitations set forth in Article V below. 1V. The Service Area consists of approximately 4.855 acres of land. The current assessed valuation of the District Boundaries is $5,238,300 for purposes of this Service Plan and, at build out, is expected to be sufficient to reasonably discharge the Debt under the Financial Plan. The population of the Districts at build-out is estimated to be approximately 150 people. Approval of this Service Plan by the Town.. does not imply approval of the development of a specific area within .the Districts, nor does it imply approval of the number of residential units or the total site/floor area of commercial or industrial buildings identified in this Service Plan or any of the exhibits attached thereto, unless the same is contained within an Approved Development Plan. V. DESCRIPTION OF PROPOSED POWERS IMPROVEMENTS AND SERVICES A. Powers of the Districts and Service Plan Amendment. The Districts shall have the power and authority to provide the Public Improvements and related operation and maintenance services within and without the boundaries of the Districts as such power and' authority is described in the Special District Act,. and other applicable statutes, common law and the Constitution; subjectao the limitations set forth herein. 4 1. Operations and Maintenance Limitation. The purpose of the Districts is to plan for, design, acquire, construct, install, relocate, rc;develop and finance the Public Improvements. The Districts shall dedicate the Public Improvements to the Town or other appropriate jurisdiction or owners association in a manner consistent with the Approved Development Plan and other rules and regulations of the To~am and applicable provisions of the Town Code. The Districts shall not be authorized to operate and maintain any part or all of the Public Improvements, other than the On-Site Streetscape Improvements and the Lionshead Place Improvements, as those terms are defined in the Development Agreement, and any other portions of the Public Improvements as may otherwise be authorized by the Town Manager. 2. Construction Standards Limitation. '['he Districts will ensure that the Public Improvements are designed and constructed in accordance with 'the standards and specifications of the Town and of other governmental entities having proper jurisdiction and of those special districts that qualify as "interested parties" under Section 32-1-204(1), C.R.S., as applicable. The Districts will obtain the Town's approval e~f civil engineering plans and will obtain applicable permits for construction and installation. of Public Improvements prior to performing such work. 3. Privately Placed Debt Limitation. Prior to the issuance of any privately placed Debt, the District shall obtain the certification oi~ an External Financial Advisor substantially as follows: We are [I am] an External Financial Advisor within the meaning of the District's Service Plan. We [I] certify that (1) the net effective interest rate (calculated as defined in Section 32-1-103(12), C.R.S.) to be borne by [insert the designation of the Debt) does not exceed a reasonable current [tax- exempt] [taxable] interest rate, using criteria deemed appropriate by us [me] and based upon our [my] analysis of comparable high yield securities; and (2) the structure of [insert designation of the Debt], including maturities and early redemption provisions, is reasonable considering the financial circumstances of the District. 4. Inclusion Limitation. The Districts shall not include within any of their boundaries any property outside the Service Area without the prior written consent of the Town Council. 5. Debt Limitation. The Districts shall not be authorized to incur any indebtedness until such time as the Districts have approved and executed the form of Intergovernmental Agreement attached as Exhibit D. 6. Total Debt Issuance Limitation. The Districts shall not issue Debt in excess of $20 Million. 7. Monies from Other Governmental Sources. The Districts shall not apply for or accept Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds available from or through governmental or non-profit entities that the Town is eligible to apply 5 for, except pursuant to an intergovernmental agreement with the Town. This Section shall not apply to specific ownership taxes which shall be distributed to and a revenue source for the Districts without any limitation. 8. Bankruptcy Limitation. All of the limitations contained in this Service Plan, including, but not limited to, those pertaining to the Maximum Debt Mill Levy and the Maximum Debt Mill Levy Imposition Term have been established under the authority of the Town to approve a Service Plan with conditions pursuant to Section 32-1-204.5, C.R.S. It is expressly intended that such limitations: A. Shall not be subject to set-aside for any reason or by any court of competent jurisdiction, absent a Service Plan Amendment; and B. Are, together with all other requirements of Colorado law, included in the "political or governmental powers" reserved to the State under the U.S. Bankruptcy Code (11 U.S.C.) Section 903, and are also included in the "regulatory or electoral approval necessary under applicable nonbankruptcy law" as required for confirmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section 943(b)(6). Any Debt, issued with a pledge or which results in a pledge, that exceeds the Maximum Debt Mill Levy and the Maximum Debt Mill Levy Imposition Term, shall be deemed a material modification of this Service Plan pursuant to Section 32-1-207, C.R.S. and shall not be an authorized issuance of Debt unless and until such material modification has been approved by the Town as part of a Service Plan Amendment. 9. Service Plan Amendment Requirement. This Service Plan has been designed with sufficient flexibility to enable the Districts to provide required services and facilities under evolving circumstances without the need for numerous amendments. Actions of the Districts which violate the limitations set forth in Sections V.A.1-7 above or in Section VI.B- G shall be deemed to be material modifications to this Service Plan and the Town shall be entitled to all remedies available under State and local law to enjoin such actions of the Districts. B. Preliminary En 'neerin~ Survey The Districts shall have authority to provide for the planning, design, acquisition, construction, installation, relocation, redevelopment, maintenance and financing of the Public Improvements within and without the boundaries of the Districts, to be more specifically defined in an Approved Development Plan. An estimate of the costs of the Public Improvements which may be planned for, designed, acquired, constructed, installed, relocated, redeveloped, maintained or financed was prepared based upon a preliminary engineering survey and estimates derived from the zoning on the property in the Service Area and is approximately $10 Million. All of the Public Improvements will be designed in such a way as to assure that the Public Improvements standards will be compatible with those of the Town and shall be in accordance with the requirements of the Approved Development Plan. All construction cost estimates are based on the assumption that construction conforms to applicable local, State or Federal requirements. 6 C. Multiple District Structure It is anticipated that the Districts, collectivea~~, will undertake the financing and construction of the Public Improvements. The nature of the functions and services to be provided by each District shall be clarified in an intergovernmental agreement between and among the Districts. All such agreements will be designed to help assure the orderly development of the Public Improvements and essential services in accordance with the requirements of this Service Plan. Implementation of such intergovernmental agreement is essential to the orderly implementation of this Service Plan. Accordingly, any determination of any Board to set aside said intergovernmental agreement without the consent of all of the Districts shall be a material modification of the Service Plan. Said intergovernmental agreement may be amended by mutual agreement of the Districts witriout the need to amend this Service Plan. VI. FINANCIAL (PLAN A. General. The Districts shall be authorized to provide for the planning, design, acquisition, construction, installation, relocation and/or redevelopment c-f the Public Improvements from their revenues and by and through the proceeds of Debt to be issued by the Districts. The Financial Plan for the Districts shall be to issue such Debt a,s~ the Districts can reasonably pay within the Maximum Debt Mill Levy Imposition Term iE'rom revenues derived from the Maximum Debt Mill Levy and other legally available revenues. The total Debt that the Districts shall be permitted to issue shall not exceed $20 Million and shall be permitted to be issued on a schedule and in such year or years as the Districts deterxrrine shall meet the needs of the Financial Plan referenced above and shall be phased to serve development as it occurs. All bonds and other Debt issued by the Districts may be payable from any and all legally available revenues of the Districts, including general ad valorem taxes to be imposed upon all taxable property within the Districts. The Districts will also rely upon various other revenue sources authorized by law. These will include the power to assess fees, rates, tolls, penalties, or charges as provided in Section 32-1-1001(1), C.R.S., as amended from time to time. B. Maximum Voted Interest Rate and Maximum Underwriting Discount The interest rate on any Debt is expected to be tyre market rate at the time the Debt is issued. In the event of a default, the proposed maximum interest rate on any Debt is not expected to exceed 18%. The proposed maximum underwriting discount will be 5%. Debt, when issued, will comply with all relevant requirements of this Service Plan, State law and Federal law as then applicable to the issuance of public securities. C. Maximum Debt Mill Lew The "Maximum Debt Mill Levy" shall be the ~rnaximum mill levy a District is permitted to impose upon the taxable property within such District for payment of Debt, and shall be determined as follows: 7 1. For the portion of any aggregate Debt which exceeds 50% of the District's assessed valuation, the Maximum Debt Mill Levy for such portion of Debt shall be fifty (50) mills less the number of mills necessary to pay unlimited .mill levy_Debt described in Section . VII:C:2 below; providedthat if, on or after January 1, 2005, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement; the mill levy limitation applicable to such Debt may be increased or decreased to reflect such changes, such increases. or decreases to be determined by the Board in good faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the mill- levy, as adjusted for changes occurring after January 1, 2005, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation shall be deemed to be a change in the method of calculating assessed valuation. 2. For the portion of any aggregate Debt which is equal to or less than 50% of the District's assessed valuation; either on the date of issuance or at any time thereafter,.. the mill le to be m osed to repay such porn v3' , p on'of Debt shall not be subject to the Maximum Debt Mill Levy. and, ;'as a result„'the mill .levy :may be such amount as is necessary to pay the Debt service on such-Debt, without limitation'of rate. 3. For purposes of the foregoing, once Debt has been determined to be within Section VILC.2 above, so that the District is entitled to pledge to its payment an unlimited ad valorem mill levy, such District may provide that such Debt shall remain secured by such unlimited mill levy, notwithstanding any subsequent change in such District's Debt to assessed ratio. All Debt issued by the Districts must be issued in compliance with the requirements of Section 32-1-1101, C.R.S. and all other requirements of State law. To the extent. that the Districts are composed of or -subsequently organized., into one or more subdistricts as permitted under Section 32-1-1101, C.R.S., the' term "District" as used in this shall be deemed to refer to the District and to each such subdistrict separately, so that each of the subdistricts shall be treated as a.separate, independent district for purposes of the application of this definition:: D: Maximum Debt Mill Lev position Term The Districts shall not impose a levy for repayment of any and all Debt (or use the proceeds of any mill levy for repayment of Debt) on any single property developed for residential uses which exceeds forty (40) years after the year of the initial imposition of such mill levy unless a majority of the Board of Directors of the District imposing the mill levy are residents of such District and' have voted in favor of a refunding of a part or all of the Debt and such refunding will result in a net present value savings as set forth in Section 11-56-101, C.R.S.; et seg. E. ,Debt Repayment Sources Each "of the Districts may impose a mill levy on taxable property within its boundaries as a primary, source of revenue for repayment of debt service and for operations and mauitenance: The Districts may also rely upon various other revenue sources authorized by law. 8 At the Districts' discretion, these may include the power to a.;ssess fees, rates, tolls, penalties, or charges as provided in Section 32-1-1001(1), C.R.S., as amended from time to time. In no event shall the debt service mill levy in any District exceed the 1Vlaximum Debt Mill Levy or, for residential property within a District, the Maximum Debt Mill Levy Imposition Term, except pursuant to an intergovernmental agreement between the Operating District and the Town for Regional Improvements. F. Debt Instrument Disclosure Requirement In the text of each Bond and any other instnu:nent representing and constituting Debt, the District shall set forth a statement in substantially the following form: By acceptance of this instrument, the owner crf this Bond agrees and consents to all of the limitations in respect: of the payment of the principal of and interest on this Bond contained herein, in the resolution of the District authorizing the issuance of this Bond and `in the Service Plan for creation of the District. Similar language describing the limitations i~ci respect of the payment of the principal of and interest on Debt set forth in this Service Plan shall be included in any document used for the offering of the Debt for sale to persons, including„ but not limited to, a developer of property within the boundaries of the Districts. G. Securi for Debt The Districts shall not pledge any revenue or pnc>perty of the Town as security for the indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed as a guarantee by the Town of payment of any of the Districts' obligations; nor shall anything in the Service Plan be construed so as to create any responsibility or liability on the part of the Town in the event of default by the Districts in the payment of any such obligation. H. TABOR Compliance The Districts will comply with the provisions of TABOR. In the discretion of the Board, the Districts may set up other qualifying entities to mauiage, fund, construct and operate facilities, services, and programs. To the extent allowed by law, any entity created by the Districts will remain under the control of the Districts' Boards. I. Districts' Operatin Costs The estimated cost of acquiring land, engineering services, legal services and administrative services, together with the estimated costs of the districts' organization and initial operations, are anticipated to be $250,000, which will be eligible for reimbursement from Debt proceeds. In addition to the capital costs of the Public Improvements, the Districts will require operating funds for administration and to plan and cause the Public Improvements to be constructed and maintained. The first year's operating budget is estimated to be $250,000 which 9 is anticipated to be derived from property taxes and other revenues. The first year's operating budget is an estimate only, and variations from this estimate shall not be considered a material modification of this Service Plan. The Maximum Debt Mill Levy for the repayment of Debt shall not apply to the District's ability to increase their mill levy as necessary for provision of operation and maintenance services to their taxpayers and service users. VII. ANNUAL REPORT A. General. Each of the Districts shall be responsible for submitting an annual report to the Town Manager no later than August 1St of each year following the year in which the Or~ter and Decree creating the Districthas been issued: 'ti:, ,,, B. Retorting of Significant Events The annual report ahall.include information as to any of the following: 1. Boundary changes made to the District's boundary as of December 31 of ` the prior year. 2. Intergovernmental Agreements with other governmental entities entered into as of December 31 of the prior year. 3. A list of all facilities and improvements constructed by the Districts that have been dedicated to and accepted. by the Town as of December 31 of the prior year. 4. The assessed valuation of the Districts for the current year. 5. Current year budget including a description of the Public Improvements to be constructed in such year. 6. Audit of the Districts financial .statements, for the year ending December 31 of the previous year, prepared in accordance with generally accepted accounting principles or audit exemption, if applicable. 7. Notice of any uncured events of default by the District, which continue beyond a ninety (90) day period, under any Debt instrument. VIII. DISSOLUTION Upon an independent determination of the Town Council that the purposes for which the Districts were created have been accomplished, the Districts agree to file petitions in the appropriate District Court for dissolution, pursuant to the applicable State statutes. In no event shall a dissolution occur until the Districts. have provided for the payment or discharge of all of 10 their outstanding indebtedness and other financial obligations as required pursuant to State statutes. lX. DISCLOSURE TO PURCHASERS The Districts will use reasonable efforts to assure that all developers of the property located within the Districts provide written notice to all pure;hasers of property in the Districts regarding the Maximum Debt Mill Levy, as well as a gexieral description of the Districts' authority to impose and collect rates, fees, tolls and charges. The form of notice shall be filed with the Town prior to the initial issuance of the Debt of the District imposing the mill levy which is the subject of the Maximum Debt Mill Levy. X. INTERGOVERNMENTAL AGREEMENTS The form of the intergovernmental agreement relating to the limitations imposed on the Districts' activities, is attached hereto as Exhibit D. The Districts shall approve the intergovernmental agreement in substantially the form attached as Exhibit D at their first Boazd meeting after their organizational elections. Failure o:f the Districts to execute the intergovernmental agreement as required herein shall constitute a material modification and shall require a Service Plan Amendment. The Town Council shall approve the intergovernmental agreement in substantially the form attached as Exhibit D prior to execution by the Districts. In accordance with paragraph 6.b) of the Developmient Agreement, the Districts are expected to execute an intergovernmental agreement with the Vail Reinvestment Authority relating to construction andlor maintenance of certain Public Improvements, and the payment to the Districts of tax revenues collected by the Authority on beha:tf of the Districts. XI. CONCLUSION It is submitted that this Service Plan for the Districts, as required by Section 32-1-203(2), C.R.S. establishes that: 1. There is sufficient existing and projected need fQ)r organized service in the area to be serviced by the Districts; 2. The existing service in the area to be served by the Districts is inadequate for present and projected needs; 3. The Districts aze capable of providing economical and sufficient service to the area within its proposed boundaries; and 4. The area to be included in the Districts does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis. Respectfully submitted this day of 2005. 11 By: Attorneys for the Proponents of the Districts V SMD~SPLANRFC 1535041105 0801.0003e 12 EXHIBIT A Legal Descriptions Vail Square Metropolitan District No. 1 - Lot 3, Lionshead Sixth Filing, Town of Vail, County of Eagle, State of Colorado. Vail Square Metropolitan District No. 2 - Lot 1, Lionshead ;sixth Filing, Town of Vail, County of Eagle, State of Colorado. Vail Square Metropolitan District No. 3 - Lot 2, Lionshead Sixth Filing, Town of Vail, County of Eagle, State of Colorado. VAIL SQUARE METROPOLIT_A_N DISTRICT _ - - - - - LIONSHEAD SIXTH FILING - - _ _ - - I ~ _ I I ~ f `~ \ ~` -~ - ~ , - i I ~~_; I / ~\ 1~ - I I ---- I / / Y' I i _ ~ 1 / I -----.T ~ ~~.. I I ~------------------ __~-------~------ I I ----~ F ~ ~..,,~~. ,:.., ~-- ~ ,---- ,~,~ _J ~ - ~-------~ ~-----~ r ,---,-______ \\MIFNDFD ~aNMNN NM r 1 I ~ I 1 ~ - -- ~ ~~~~ ~ r ti ~ // ~ I - -~ ~ ~ ... ' _ J mncr c I ~~ ~ r - ~_ T ~ / / / wr zra..+c I r . a, =.:e"a~'a; ~ I -~-. l ~ I ' // ~ 'I ~ ' ~ I C ~ I ~ ~ .,~ '°"~~~- m~cT c r ~ I i ~e.~.~_y„ __---------__ ~ i 1 e. ~~~ ~ :iYv~;V1 // ` ~k~ / ` :~r.~, 1 / I ~~ T 1 I ~--r I ~ __ --~- -----r---- i ~,~ --; -- ..~,. ~ ~ / / I, / ~ - i' I /~ seasr z o~ z mom er. n ~® na. ,oee EXHIBIT D Intergovernmental Agreement between the Districts and Vail INTERGOVERNMENTAL AGREEMENT BETWEEN THE TOWN OF VAIL, COLORADO, VAIL SQUARE METROPOLITAN DIS'T'RICT NO.1, VAIL SQUARE METROPOLITAN DIS~['RICT N0.2, AND VAIL SQUARE METROPOLITAN DISTRICT N0.3 THIS AGREEMENT is made and entered into as of this _ day of , by and between the TOWN OF VAIL, a municipal corporation of the State of Colorado (`°Town"), and VAIL SQUARE METROPOLITAN DISTRICT NO. 1, VAIL SQUARE METROPOLITAN DISTRICT NO. 2, and VAIL SQUARE METROPOLITAN DISTRICT NO. 3, quasi municipal corporations and political subdivisions of the State of Colorado (the "Districts"). The Town and the Districts are collectively referred to as the Parties. RECITALS WHEREAS, the Districts were organized to provide those services and to exercise powers as are more. specifically set forth in the Districts' Service Play approved by the Town on ("Service Plan"); and WHEREAS, the Service Plan makes reference to the e:tecution of an intergovernmental agreement between the Town and the Districts; and WHEREAS, the Town and the Districts have determin~~,d it to be in the best interests of their respective taxpayers, residents and property owners to enter into this Intergovernmental Agreement ("Agreement"). - NOW, THEREFORE, in consideration of the covenants and mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: COVENANTS AND AGREEMENTS 1. Operations and Maintenance. .The Districts shall dedicate the Public Improvements (as defined in the Service Plan) to the Town or• other appropriate jurisdiction or entity in a manner consistent with the Approved Development Plan and other rules and regulations of the Town and applicable provisions of the Town t:ode. The Districts shall be authorized to operate and maintain the OrrSite Streetscape Improvements and the Lionshead Place Improvements (as those terms are defined in that certain "Core Site Development Agreement," dated as of November f~, 2004 by and among the Town, the Vail Reinvestment Authority, and The Vail Corporation), .and such other improvements as maybe approved by the Town Manager. CLIENTS~VSMDUPP 1332042605 2. Construction Standards. The Districts will ensure that the Public Improvements are designed and constructed in accordance with the standards and specifications of the Town and of other governmental entities having proper jurisdiction; as applicable. The Districts will obtain the Town's approval of civil engineering plans and will obtain applicable permits for construction and installation of Public Improvements prior to performing such work. 3. Issuance of Privately Placed Debt: Prior to the issuance of any privately placed Debt, the Districts shall obtain the certification of an External Financial Advisor substantially as follows: We are [I am] an External Financial Advisor within the meaning of the District's Service Plan. We [I] certify that (1} the net effective interest rate (calculated as defined in Section 32-1-103(12), C.RS.) to be borne by [insert the designation of the Debt] does not exceed a reasonable current [tax exempt] [taxable] interest rate, using criteria deemed appropriate by us [me] and based upon our [my] analysis of comparable high yield securities; and (2) the structure of [insert designation of the Debt], including maturities and early redemption provisions, is reasonable considering the financial circumstances of the District. 4. Inclusion The Districts shall not include within any of their boundaries any property outside the Service Area (as defined in the Service Plan) without the prior written consent of the Town Council. 5. Total Debt Issuance. The Districts shall not issue Debt in excess of $20 million 6. Debt Issuance Limitation The Districts shall not be authorized to incur any indebtedness until such time as the Districts have approved and executed the IGA. 7. Monies from Other Governmental Sources. The Districts shall not apply for or accept Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds available from or through governmental or non-profit entities that the Town is eligible to apply for, except pursuant to an intergovernmental agreement with the Town. This Section shall not apply to specific ownership taxes which shall be distributed to and a revenue source for the Districts without any limitation. 8. Banla~untcy All of the limitations contained in the Service Plan, including, but not limited to, those pertaining to the Maximum Debt Mill Levy and the Maximum Debt Mill Levy Imposition Term have been established under the authority of the Town to approve a Service Plan with conditions pursuant to Section 32-1-204.5, C.R.S. It is expressly intended that such limitations: CLIEI3T9,VSMDIJPP1332042605 2 (a) Shall not be subject to set aside for any reason or by any court of competent jurisdiction, absent a Service Plan Amendment; and (b) Are, together with all other requirement, of Colorado law, included in the "political or governmental powers" reserved to the State under the U.S. Bankruptcy Code (11 U.S.C.) Section 903, and are also included in the "regulatory or electoral approval necessary under applicable nonbankruptcy law" as required for cor>firmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section 943(b)(6). Any Debt, issued with a pledge or which results in a pledge, that exceeds the Maximum Debt Mill Levy and the Maximum Debt Mill Levy .Imposition Term, shall be deemed a material modification of the Service Plan pursuant to Section 32-1-207, C.R.S. and shall not be an authorized issuance of Debt unless and until such material modification has been approved by the Town as part of a Service Plan Amendment. 9. Dissolution Upon an independent determination of the Town Council that the purposes for which the Districts were created have been accorrlplished, the Districts agree to file petitions in the appropriate District Court for dissolution, pursuant to the applicable State statutes. In no event shall dissolution occur until the Districts :have provided for the payment or discharge of all their outstanding indebtedness and other :financial obligations as required pursuant to State statutes. 10. Disclosure to Purchasers. The Districts will use; reasonable efforts to assure that all developers of the property located within the Districts provide written notice to all purchasers of properly in the Districts regarding the Maximum Debt Mill Levy, as well as a general description of the Districts' authority to impose and collect rates, fees, tolls and charges. The form of notice shall be filed with the Town prior to the initial issuance of the Debt of the Districts imposing the mill levy which is the subject of the Maximum Debt Mill Levy. 11. Service Plan Amendment Requirement. Actions of the Districts which violate the limitations set forth in V.A.1-7 or VLB-I of the Service Plans shall be deemed to be material modifications to the Service Plan and the Town shall be entitled to all remedies available under State and local law to enjoin such actions of the Districts. 12. Annual Report The Districts shall be responsible for submitting an annual report to the Town Manager's Office no later than August 1st of each year following the year in which the Order and Decree creating the Districts has been issued, containing the information set forth in Section VIII of the Service Plan. 13. Maximum Debt Mill Lew. The "Maximum Debt Mill Levy" shall be the maximum mill levy the Districts are permitted to impose upon the taxable property within the District for payment of Debt, and shall be determined as follows: (a) For the portion of any aggregate District's Debt which exceeds 50% of the District's assessed valuation, the Maximum Debt Mill Levy for such portion of Debt shall be fifty (50) mills less the number of mills necessary to pay unlinvited mill levy Debt described in Section- VII.C.2 of the Service Plan; provided that if, on or after January 1, 2004, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax CLIENT9,VSMDUPPI332042605 3 credit, cut or abatement; the mill levy limitation applicable to such Debt may be increased or decreased to reflect such changes, such increases or decreases to be deternned by the Board in good faith (such determination to be binding and fmal) so that to the extent possible, the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2004, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation shall be deemed to be a change in the method of calculating assessed valuation. (b) For the portion of any aggregate District's Debt which is equal to or less than 50% of the District's assessed valuation, either on the date of issuance or at any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be subject to the Maximum Debt Mill Levy and, as a result, the mill levy may be such amount as is necessary to pay the Debt service on such Debt, without limitation of rate. (c) For purposes of the foregoing, once Debt has been determined to be within Section VII.C.2 of the Service Plan, so that the District is entitled to pledge to its payment an unlimited ad valorem mill levy, the District may provide that such Debt shall remain secured by such unlimited mill levy, notwithstanding any subsequent change in the District's Debt to assessed ratio. All Debt issued by the District must be issued in compliance with the requirements of Section 32-1-1101, C.RS. and all other requirements of State law. To the extent that the District is composed of or subsequently organized into one or more subdistricts as permitted under Section 32-1-1101, C.R.S., the term "District" as used herein shall be deemed to refer to the District and to each such subdistrict separately, so that each of the subdistricts shall be treated as a separate, independent district for purposes of the application of this definition. 20. Maximum Debt Mill Lew Imposition Term. The Districts shall not impose a levy for repayment of any and all Debt (or use the proceeds of any mill levy for repayment of Debt) on any single property developed for residential uses which exceeds forty= (40) years after the year of the initial imposition of such mill levy unless a majority of the Board of Directors of the District are residents of the District and have voted in favor of a refunding of a part or all of the Debt and such refunding will result in a net present value savings as set forth in Section 11- 56-101, C.R.S.; et seq. 21. Notices. All notices, demands, requests or other commusucations to be sent by one party to the other hereunder or required by law shall be in writing and shall be deemed to have been validly given or served by delivery of same in person to the address or by courier delivery, via United Parcel Service or other nationally recognized overnight air courier service, or by depositing same in the United States mail, postage prepaid, addressed as follows: CLIENT9,VSMDUPP1332042605 4 To the Districts: Vail Square Metropolitan District No. 1 Vail Square Metropolitan District No. 2 Vail Square Metropolitan District No. 3 1805 Shea Center Drive, Suite 100 Highlands Ranch, CO 80129 Attn: William P. Ankel.e, esq Phone: (303) 858-1800 Fax: (303) 858-1801 To the Town: Town of Vail 75 S. Frontage Road Vail, CO 81657 Attn: Matt Mire, Town Attorney Phone: (970) 479-2460 Fax: (970) 479-2157 All notices, demands, requests or other communications shall be effective upon such personal delivery or one (1) business day after being deposited with United Parcel Service or other nationally recognized overnight air courier service or three (3) business days after deposit in the United States mail. By giving the other party, hereto at least ten (10) days written notice thereof in accordance with the provisions hereof, each of the Parties shall have the right from time to time to change its address. 22. Amendment. This Agreement may be amended, modified, changed, or terminated in whole or in part only by a written agreement duly authorized and executed by the Parties hereto and without amendment to the Service Plan. 23. Assis?nment. No Party hereto shall assign any of its rights nor delegate any of its duties hereunder to any person or entity without having first obtained the prior written consent of all other Parties, which consent will not be unreasonably withhc;ld. Any purported assignment or delegation in violation of the provisions hereof shall be void anti ineffectual. 24. Default/Remedies. In the event of a breach or default of this Agreement by any Party, the non-defaulting Parties shall be entitled to exercise a:ll remedies available at law or in equity, specifically including suits for specific performance and/or monetary damages. In the event of any proceeding to enforce the terms, covenants or conditions hereof, the prevailing Party/Parties in such proceeding shall be entitled to obtain as part of its judgment or award its reasonable attorneys' fees. 25. Governing Law and Venue. This Agreement shall be governed and construed under the laws of the State of Colorado. 26. Inurement. Each of the terms, covenants and conditions hereof shall be binding upon and inure to the benefit of the Parties hereto and their res~~ective successors and assigns. CLIENT9,VSMDUPPI332042605 5 27. Integration This Agreement constitutes the entire agreement between the Parties with respect to the matters addressed herein. All prior discussions and negotiations regarding the subject matter hereof are merged herein. 28. Parries Interested Herein. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon, or to give to, any person other than the Districts and the Town any right, remedy, or claim under or by reason of this Agreement or any covenants, terms, conditions, or provisions thereof, and all the covenants, terms, conditions, and provisions in this Agreement by and on behalf of the Districts and the Town shall be for the sole and exclusive benefit of the Districts and the Town. 29. Severabili If any covenant, term, condition, or provision under this Agreement shall, for any reason, be held to be invalid or unenforceable, the invalidity or unenforceability of such covenant, term, condition, or provision shall not affect any other provision contained herein, the intention being that such provisions are severable. 30. Counterc~arts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which shall constitute one and the same document. 31. Paragraph Headings. Paragraph headings are inserted for convenience of reference only. 32. Defined Terms. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Service Plan. VAIL SQUARE METROPOLITAN DISTRICT NO. 1 Attest: By: President VAIL SQUARE METROPOI.,ITAN DISTRICT N0.2 By: President VAIL SQUARE METROPOLITAN DISTRICT N0.3 By: President By: Secretary Attest: By: Secretary Attest: By: Secretary CLIENT9,VSMDVPP 1332042605 6 TOWN OF VAIL, COLORADO By: Mayor APPROVED AS TO FORM: Town Attorney Attest: BY~ _. Its: CLIENT9,VSMDUPP 1332042605 ORDINANCE NO. 13 SERIES 2005 AN ORDINANCE PROVIDING CERTAIN AMENDMENTS TO TITLE 3, CHAPTER 4, "DESIGN REVIEW BOARD," OF THE MUNICIPAL CODE OF THE TOWN OF VAIL; CHANGING THE COMPOSITION OF THE DESIGN REVIEW BOARD FROM FIVE TO SEVEN MEMBERS; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Town of Vail, in the County of Eagle and State of Colorado (the "Town"), is a home rule municipal corporation duly organized and existing under laws of the State of Colorado and the Town Charter (the "Charter"); and WHEREAS, the members of the Town Council of the Town (the "Council") have been duly elected and qualified; and WHEREAS, it is the desire of the Council of the to make certain amendments to the Vail Town Code as it pertains to the composition of the Design Review Board; WHEREAS, pursuant to Sections 8.2 and 8.6 of the Charter, the Council has the authority to provide for terms and conditions of any appointments to the Town's Boards and Commissions via ordinance. NOW THEREFORE, BE IT ORDAINED BY .THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. Section 3-41 of the Vail Town Code is hereby amended to read as follows: (deletions are shown in s;tfik~-t#~r~~, additions are shown in bold and underline). 3-4-1: BOARD ESTABLISHED: There is established a design review board (DRB) of the town. The design review board shall be composed of €ive (-!~ seven 7 members. Each member shall be a resident of the town, and appointed by the town council. Section 2. Section 3-42 of the Vail Town Code is hereby amended to read as follows: (deletions are shown in stfilEe-#~-aagl~, additions are shown in bold and underline). 3-4-2: TERMS: The terms of office for the €eeF(~ Seven 7 members a~~e shall be two (2) years on an overlapping basis and shall expire on March 31 of the year. of termination. Ordinance 13, Series of 2005 j \, Section 3. Section 3-43 of the Vail Town Code is hereby amended to read as follows: (deletions are shown in e~sug#, additions are shown in bold and underline). 3-4-3: VACANCIES: A vacancy on the design review board shall occur whenever a member of the board is removed by the town council, dies, becomes incapacitated and unable to pertorm such duties for a period of sixty (60) days, resigns, ceases to be a resident of the town, or is convicted of a felony. In the event that a vacancy occurs, the town council shall appoint a successor to fill the vacancy and serve the remainder of the term of the former member. The board shall select its own chairman and vice chairman from among its members. The chairman, or in his/her absE~~nce, the vice chairman, shall be the presiding officer of its meetings. In the absence of both the chairman and the vice chairman from a meeting, the members present shall appoint a member to serve as acting chairman at the meeting. All brsiness of the board shall beheld at the municipal building of the town, unless otherwise specified, with adequate notice given to all interested parties. ~ Four 4 members shall constitute a quorum for the transaction of business, but in the absence of a quorum, a lesser number shall adjourn any meeting to a later time and date, and in the absence of members, any staff member shall adjourn any meeting to a later time and date. Section 4. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town (:ouncil 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 5. 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 6. The amendment of any provision of the Town Code as provided in this ordinance shall not affect any right which has accrued, amy duty imposed, any violation Ordinance 13, Series of 2005 2 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 7. 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 3rd day of May, 2005, and a public hearing for second reading of this ordinance set for the 17th day of May, 2005, at 6:00 P.M. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Rodney Slifer, Mayor Attest: Lorelei Donaldson, Town Clerk Ordinance 13, Series of 2005 3 ORDINANCE NO. 11 SERIES OF 2005 AN ORDINANCE AMENDING SECTION 12-14-14, RESTAURANTS, BARS, AND SIMILAR USES, VAIL TOWN CODE, AND SETTING FOR DETAILS IN REGARD THERETO. WHEREAS, the noise regulations ofSection 12-14-14, Restaurants, Bars, and Similar Uses, Vail Town Code, conflict with the noise regulations prescribed by Chapter 5-1, Public Nuisance, Vail Town Code; and, WHEREAS, said conflicts create difficulties in the implementation and enforcement of the noise regulations; and, WHEREAS, the Planning and Environmental Commission of the Town of Vail has held a public hearing on the proposed amendments in accordance with the provisions of the Vail Town Code; and, WHEREAS, the Planning and Environmental Commission finds that the proposed amendments further the development objectives of the Town of Vail; and, WHEREAS, the Planning and Environmental Commission of the Town of Vail has recommended approval of these amendments at its March 28, 2005, public hearing and has submitted its recommendation to the Town Council; and, WHEREAS, the Vail Town Council finds that the amendments are consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town; and, WHEREAS, the Vail Town Council finds that the amendments further the general and. specific purposes of the Zoning Regulations outlined in Section 12-1-2, Purpose, Vail Town Code; and, WHEREAS, the Vail Town Council finds that the amendments promote the health, safety, morals, and general welfare of the Town and promote the coordinated and harmonious developme`gt of the Town in a manner that conserves and enhances its natural environment and its established Ordinance No. 11, Series of 2005 character as a resort and residential community of the highest quality. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. Section 12-14-14, Restaurants, Bars, or Similar Uses, Vail Town Code, shall hereby be amended as followings: (deletions arE~ shown in c+riLo +hr,,,,,,-,~ 12-14-14: RESTAURANTS, BARS OR SIMIL.~~iR USES: In districts where restaurants, bars, or similar uses are allowed, they shall be subject to the following requirements: Dwelling units in the same structure or in structures adjoining restaurants, bars, or similar uses shall have the right to privacy and the restaurant, bar, or similar use shall be designed in such a way that view from the use is not directly .into adjoining dwelling unit or units. Windows may be treated with appropriate covering. Section 4. If any part, section, subsection, sentence, clause or phrase of this ordinance is"for any reason held to be invalid, such decision :~~hall not effect the validity of the remaining 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, s~,ibsections, sentences, clauses or phrases be declared invalid. Section 5. 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 6. 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. Ordinance No. 11, Series of 2005 2 Section 7. 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 19th day of April, 2005, and a public hearing for second reading of this Ordinance set for the 17th day of May, 2005, in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Rodney E. Slifer, Mayor ATTEST: Lorelei Donaldson, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this day of , 2005. ATTEST: Lorelei Donaldson, Town Clerk c Rodney E. Slifer, Mayor Ordinance No. 11, Series of 2005 3 MEMORANDUM TO: Planning and Environmental Commission FROM: Town Council DATE: May 3, 2005 SUBJECT: Second Reading of Ordinance 10, Series of 2005, an ordinance approving the Commercial Core Construction Mitigation Sign and Construction Fencing Package. On April 19, 2005, the Town Council approved with modifications the first reading of Ordinance 10, Series of 2005. Per direction from the Town Council, staff has added to Section 1 the location of the Commercial Core Construction Mitigation Sign and Construction Fencing Package for public review at the office of the Town Clerk of the Town of Vail. Staff has also revised the Ordinance to change the time period in which the appeals board has to respond to an appeal from ten days to two days under Section 2 Paragraph B. In addition, staff has made several changes to the Commercial Core Construction Mitigation Sign and Construction Fencing Package document in order to clarify the document and respond to comments of members of the Town Council. c ~, , 1 ORDINANCE NO. 10 SERIES OF 2005 AN ORDINANCE APPROVING THE COMMERCIAL CORE CONSTRUCTION MITIGATION SIGN AND CONSTRUCTION FENCING PACKAGE, AND SETTING FORTH A SPECIAL REVIEW PROCESS TO ALLOW FOR STAFF APPROVALS FOR TEMPORARY SIGNS, CONSTRUCTION FENCING, AND OTHER TEMPORARY IMPROVEMENT;i WITHIN VAIL'S COMMERCIAL CORES. WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of Colorado is a home rule municipal corporation duly organized and existing under the laws of the State of Colorado and the Town Charter (the "Charter"); and WHEREAS, the members of the Town Council of the Town (the "Council") have been duly elected and qualified; and WHEREAS, approximately $1 billion in redevelopment: is proposed in the Town of Vail over the next several years which will have many physical ar~c;l economic impacts on the Town's businesses, guests and residents; and WHEREAS, the Council wishes to minimize the negative impacts of this unprecedented amount of construction activity on the Town's businesses, guests and residents. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. The Town Council hereby endorses the Commercial Core Construction Mitigation Sign and Construction Fencing Package (Available for public inspection at the offices of the Town Clerk of the Town of Vail). Section 2. In order to facilitate the implementation of the Commercial Gore Construction Mitigation Sign and Construction Fencing Package, the following process shall be substituted for the customary zoning, design review, and sign review as set forth in the Municipal Code of the Town of Vail A. All temporary signs, construction fencing, and ol:her temporary improvements which comply with the Commercial Core Construction Mitigation Sign and Construction Fencing Package necessary for the mitigation of construction impacts in Vail's commercial cores shall be administered by the Public Works Department Director or his/her designee.. B. If Town staff and a private retailer disagree on the inclusion of their business signage on the General and Direct Business Impact Mitigation Signage, that retailer shall have the right to appeal the decision of staff to a three person panel comprised of the Town Manager, Director of Public Works, and Director of Community Development. This three person panel shall have ter- two business days to convene and make a ruling on the appeal. Should the private retailer still feel that ~ an incorrect decision was made they can then appeal the panel's decision to Town Council. Appeal ,~ to Town Council shall occur after the Municipal Code's requirr:;ments for appeals are met. Ordinance No. 10; Series of 2005 Section 3. The authority granted pursuant to this Ordinance shall terminate on April 1, 2008, unless sooner extended or terminated by separate ordinance of the Council Section 4. 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 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 5. 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. INTRODUCED, READ ON F1RST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 19`h day of April, 2005, and a public hearing for second reading of this Ordinance set for the 3rd day of May, 2005, in the Council Chambers of the Vail Municipal Building, Vail, Colorado. ATTEST: Lorelei Donaldson, Town Clerk Rodney E. Slifer, Mayor READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this 3rd day of May, 2005. ATTEST: Lorelei Donaldson, Town Clerk Rodney E. Slifer, Mayor Ordinance No. 10, Series of 2005 2 c Commercial Core Construction Mitigation Sign and Construction Fencing Package The following construction mitigation plan covers the following categories of signs and fencing applications. The elements described within this document are not intended to take the place of legally required vehicular traffic control rievices, OSHA required construction notices, and other devices intended for purpo:>es of public safety. 1. Overall marketing signs and features 2. Mitigation to businesses impacted by streetscape and utility construction activities 3. Construction fencing and pedestrian barricades on pedestrian area streets 4. Large Property redevelopment project site fencing 5. Traffic control activities on non pedestrian area streets Overall marketing signs and features Commercial area entry features Construction information Kiosks 2d and 3d Interactive Displays and Exhibits Purpose: As Overall marketing signs and features to provide public information; create visual interest, provides activities to increase dwell time (lingering), and enhance business and overall guest experience. Placement Criteria: • At primary and secondary entrances to business di~~tricts including but not limited to the following locations. o East Meadow Drive, east and west ends o Slifer Square o Check Point Charlie o Gore Creek Drive at Founders Park o Hanson Ranch Road at Mill Creek Chute o Lionshead Mall, east and west ends • At key, highly visible locations within business di:>tricts where space allows. • On or adjacent to development construction fencing where space allows. Period of Use: • During streetscape construction periods. • While development construction fencing is in place. • While weather and maintenance activities perniit without impact. General and Direct Business Impact Mitigation Purpose: To enhance and encourage pedestrian traffic through and between business areas, create visual interest, and reduce confusion by providing visual clues for moving about through town. To supplement currently allowed business signs by enhancing direct business identification, reducing confusion, and assisting patrons in negotiating through construction zones to individual businesses impacted by construction activities. Allows for small individual business plaques on a larger graphic sign format where construction activities are immediately in front of business entrance. Provide additional directional signs to help guests moving between general business areas. Placement Criteria: • At the beginning and end of each general construction zone to identify businesses located within that zone. • East Meadow Drive • Gore Creek Drive • Children's Fountain/Gore Creek Promenade • Upper Bridge Street • Hanson Ranch Road • Lionshead Mall • At intersections and key decision points to encourage pedestrian traffic between business areas. ~ Other locations as needed to mitigate impacts to business visibility caused by construction activities. Period of Use: • During streetscape construction periods. • While development construction fencing impacts visibility into business districts from main pedestrian routes. • While weather and maintenance activities permit without impact. Large Property redevelopment project site fencing Redevelopment projects area currently required to enclose and contain their sites with fencing. There are two to three options for fencing materials allowed. These are as follows. • Painted plywood, 8 `height, green • Chainlink fencing with green windscreen, 6' height • Chainlink fencing with green windscreen on concrete barriers, 9' approx height The type of fencing used is negotiated by the contractor with the Town of Vail, Department of Public Works on a case-by-case basis. This retains the three types of fencing currently in use and will allow for the addition graphics, color, and design to be applied. Developer sponsored two and three dimensional graphics and displays are allowed and encouraged where appro riate. Observation windows and platforms where the public can observe construction activities are allowed and encouraged. Temporary Site Development signs and graphics are to integrated into the fence design and installation. Temporary Site Development signs guidelir.~e~s are permitted by separate, existing regulations. All current and future redevelopment and building construction projects are be required to comply with this plan. Purpose: • As required by code. • To protect adjacent properties and public way from. debris and construction hazards. • To screen unsightly construction activities from priblic view. • To prevent unauthorized entry into construction zones. Opportunities: • Provide a backdrop for interactive features. • Provide visual interest. • Promote business and enhance guest experience. Construction fencing and pedestrian barricades on pedestrian area streets 'This section includes but is not limited to the following fence types. • 42" Pedestrian Barricades • 72" Chainlink fencing with or without concrete barriers • 42" plastic mesh Fencing is be covered with colored windscreen mater7al to improve appearance. Approximately one-third of the panels are to be printed with high quality graphics, approved logos, and/or photographs. Fence panels can remain uncovered where necessary to retain business visibility and for safety reasons. Purpose: • To separate pedestrians and construction activities • To prevent unauthorized entry into construction zones. • To define safe pedestrian routes through construction zones. Opportunities: • Create visual interest and reduce confusion. • Enhance appearance of construction zones. • Promote finished product. Traffic control activities on non pedestrian area streets No Special business signage. Follow MUTCD for traffic control devices and flagging. Drivers need to be paying attention to traffic and traffic control personnel not to other signs and information. Memo To: Town Council From: Todd Oppenheimer Date: Apri128, 2005 RE: East Meadow Drive Streetscape A meeting regarding the finalization of the East Meadow Drive Streetscape design is being scheduled for Tuesday, May 3, 2005 at 12:00. Additional details regarding the meeting agenda and location will follow. In preparation for this meeting I am forwarding to you the applicable pages from the Streetscape Master Plan Addendum. These pages represent the current "approved design" for East Meadow Drive. Additional detailed work, base on this design, has been done by the adjacent development design teams. This information will be presented at the meeting. The proposed process for finalizing the overall streetscape design and construction documents will also be presented at the meeting. Please call me at 479-2161 if you have any questions. .: y ~"`° w {~~' iiYV~^~ ~'~~.. ~r SONNENAIP REDEVELOPMENT VAIL VILLAGE INN PLAZA Improvements in this area anticipate the Flowline fountain, benches etsd plantero, ~~ .~''!~/~ ,~ _ . ~~ CROSSROAC ~r `.~ " ~~ t * ti , y ~ L f`rf ~ ,1~4 +~ L$x . ~ E~~~ ' _ SWISS CHAIET ~ ~ ~ ,REDEVELOPMENT TALISMAN ~ ~~ SONNENAIP/SWISS CHAIET REDEVELOPMENT - The d6ead!TN :)rive ~'le+?tSyPpP'~~c 4'OSely ~OOrr)inn'Pa gf`.,ris :,~;rh ~~,e Sor~~enolp! Swes Chale! ik^velopmera tes7!•, I~, provide ai, intgyralc::7;,rddcshior. C~nviroon,en± that includes an eosttu~und Transit Slop. Relait siorelronls abng the entire south side of Ihese devebpmenis wit serve to ocfivote East Meadow give. ~~ ~~~ Figure 9: East Meadow Drive Plan View -Vail Road to Willow Bridge Road TOWN OF VAIL STREETSCAPE MASTER PLAN ADDENDUM WPSt MPadnw nrive. East Meadow Drive, & Vi11aQe Core Page 25 j Ate. '~ '/ ~" 4 .S GRfJ~itOADS M ~MIII . r~ , 1 y'~tl„ ~ AN K\ r yAIfrTRMI3~ORfAllOli ClNITER ~1 ~'"l~Y! f Y •• yl • ' w v.~wn• y,t +~ a w... a.. ... .J Sr ... -'~~,w 1~ 7 [~'~ If A.1 _ . ~- ~ ~' WILLOW RRIDG~ ROAD ~,,. _ ....,,: rs ssv.. G..l Aust~w r+AUs .. ~.~ EAST ~MIE~-DC,VY QRIVE STREETSCAPE MASTER PLAN ~ ~~~~Qt~ Figure 17: East Meadow Drive Plan View -Willow Bridge Road to Vail Valley Drive TOWN OF VAIL STREETSCAPE MASTER PLAN ADDENDUM Page 36 West Meadow Drive, East Meadow Drive, & Village Core ~uaaro~rAnc~ ~_ ClNRR Additions to the Master Plan Street enhancements have been developed along the embankment slope that covers the south side of the parking structure from the Village Center Road/East Meadow Drive intersection to the central access stairs, across from Slifer Square. A retaining wall installed in the embankment creates a cavity that varies in depth from 10 to 20 feet, providing space for seasonal vending opportunities, a seating wall, water features, and public art. A pedestrian walkway will extend along the length, as well. These street enhancements are designed to generate points of interest and pedestrian activity to the west of the parking structure's central access. TRANSPORTATION ~: C,ange ~; ` __ ' ~~ TOV LiyM Sian)srd wt Nm~ng B~skros ~' l fr ~ ~~ ~,~ -, Lcinmp sloped Back . . -s+l1 .hiA'e Chmbma Wall h' Hyt. Tcttacc ~~m-I Figure 21: East Meadow Drive at Bridge Street Cross Section -looking east Bridpc Ruxd & Yuil 45titµc f • «~• Figure 20; Transportation Center Area TOWN OF VAIL STREETSCAPE MASTER PLAN ADDENDUM West Meadow Drive, East Meadow Drive, & Village Core Page 39 ,~~. -- ,. ,. a . TOWNOFVAII, FEBRUARY 2005 VAIL BUSINESS REVIEW Apri122, 2005 Overall February sales tax increased 1.9% with Retail increasing 3.4%, Lodging increased 2.4%, Food and Beverage decreased 1.0% and Utilities/Other (which is mainly utilities but also includes taxable services and rentals) increased 1.5%. Town of Vail sales tax forms, the Vail Business Review and the sales tax worksheet are available on the Internet at www.vailgov.com. You can subscribe to have the Vail Business Review and the sales tax worksheet e-mailed to you automatically from www.vailgov.com. Please remember when reading the Vail Business Review that it is produced from sales tax collections, as opposed to actual gross sales. If you have any questions or comments please feel free to call me at (970) 479-2125. Sincerely, t~.J~C.~ Sally Lorton Sales Tax Administrator February 2005 SALES TAX VAIL VILLAGE Retail Lodging Food & Beverage Other Total February 2004 Collections 363,704 458,426 343,511 16,008 1,189,649 ;333,571 12,032 1,1151,566 -2.9% -24.8% -2.5% LIONSFIEAD February 2004 Collections Retail Lodging Food & Beverage Other Total 139,792 284,1:04 February February 2005 Collections Change 365,105 0.4% 440,858 -3.8% , February 2005 Collections 89,533 6,850 520,279 139,562 x'93,461 86,090 9,274 5,28,387 February _Chanc~e_ -0.2% 3.3% -3.8% 35.4%° i 1.6% February 2005 SALES TAX CASCADE VILLAGE/EAST VAIL/SANDSTONE/WEST VAIL February February February 2004 2005 A _ ~. _ A ^• Retail Lodging Food & Beverage Other Total ~.~nccuv~~s ~.c~nectic~ns ~.nan e 177,410 180,124 1.5% 191,777 - 220,576 15.0% 77,590 85,852 10.6% 8,462 3,782 -55.3% 455,239 490,334 7.7%° DUT OF TOWN February February February 2004 2005 Retail Lodging Food & Beverage Utilities & Other Total ~.v~~C~~~u~~s ~.~nec~iun5 ~nan e 30,349 50,740 ~~ 67.2%°. 7,803 9,887 26.7% 1,468 1,613: 9.9% 166,025 175,148 5.5°/a 205,645 237,388 15.4% February 2005 SALES TAX T®Ti4L February 2004 ' Collections February 2005 Collections February Change Retail ~, 711,255 Lod in 9 9 942110 , Food & Beverage ~ 512,1 Q~2 Utilities & 197,345 Other Total ~~ 2,362,812 7359!i31 9649 ~~82 3.4% 2.4% 507,'126 ~1.0% 200,;?36 1.5% 2,40'x, 675 1.9% RETAIL SUMMARY February 2004 Collections February 2005 Collections February % Change FOOD 135,367 137,750 1.8% LIQUOR 30,563 33,566 9.8% APPAREL 93,499 97,911 4.7% SPORT 315,382 317,002 .5% JEWELRY 30,895 31,464 1.8% GIFT 15,347 14,210 -7.4% GALLERY 11,513 3,275 -71.6% OTHER 77,707 99,635 28.2% HOME 982 718 -26.9% OCCUPATION TOTAL 711,255 735,531 3.4% '~+ r 7DWNOFYAII, Apri122, 2005 FEBRUARY 2005 VAIL BUSINESS REVIEW Overall February sales tax increased 1.9% with Retail increasing 3.4%, Lodging increased 2.4%, Food and Beverage decreased 1.0% and Utilities/Other (which is mainly utilities but also includes taxable services and rentals) increased 1.5%. Town of Vail sales tax forms, the Vail Business Review and the sales tax worksheet are available on the Internet at www.vailgov.com. You can subscribe to have the Vail Business Review and the sales tax worksheet e-mailed to you automatically from www.vailgov.com. Please remember when reading the Vail Business Review that it is produced from sales tax collections, as opposed to actual gross sales. If you have any questions or comments please feel free to call me at (970) 479-2125. Sincerely, ~ n `~~ ~.J~C.~ Sally Lorton Sales Tax Administrator February 2005 SALES TAX V~4IL VILLAGE February February February 2004 2005 Collections Collecttions Change Retail 363,704 .:365,105 0.4% Lodging 458,426 ~~t405858 -3.8% Food & Beverage 34x,511 :333,571 -2.9% i Other 16,008 12,032 -24.8% Total 1,18 ,649 1,'1! 51,566 -2.5% LSONSIIEAD February 2004 Collections Retail Lodging Food & Beverage Other Total 139,792 284,104 Februiary February 2005 Collections Change 139,562 -Oo2°~ .:!93,461 3.3°! 89,533 86,090 -3.8% 6,850 9,274 35.4% 520,279 °a283~7 1.6% ,~ Y S February 2005 SALES TAX CASCADE VILLA(aE/EAST VAIL/SANDSTONE/WEST VA/L February February February 2004 2005 Retail Lodging Food & Beverage Other Total ~,vneciivns ~.vneciivns `.nan e ', 177,410 ~ $0,124 1.5%' 191,777 220,576 1' 5.0% 77,590 85,852. 10.6% ~~. 8,462.. ~ ~ ,~ ` 8,782_ 55.3°/a 455239 490,334 ~ ~~ 7.7%' OUT OF TOWN February February February 2004 2005 Retail Lodging Food & Beverage UtilltleS 8c ®ther Total arVnCVUC~ns wnec~ivns ~,nan e 30,349 50,740 fi7.2°I° 7,808 9,887 26.7°la 1',468 1,613 9.9% ~~ 166025 ~ 75,E 48 _. 5.5%° M 205,;645.:.. ti. .. _ 237,38$ 15.4°Io February 200 SALES TAX . r®rA~ February February February 2004 2005 Collections Collections Change Retail 711,255 735y6i31 3.4% Lodging ' 942,110 964,~~~82 2.4% Food & Beverage 512,102 5079'126 ~1.0% Utilities & 197,345 2Q0, ~?3f 1.5% Other Total 2y362,612 2,40' ,,675 1.9% r `' RETAIL SUMMARY February 2004 Collections February 2005 Collections ~ February % Change FOOD 135,367 137,750 1.8% LIQUOR 30,563 33,566 9.8% APPAREL 93,499 97,911 4.7% SPORT ~ 315,382 317,002 .5% JEWELRY 30,895 31,464 1.8% GIFT 15,347 14,210 -7.4% GALLERY 11,513 3,275 -71.6% OTHER 77,707 99,635 28.2% HOME 982 718 -26.9% OCCUPATION TOTAL 711,255 735,531 3.4% r MEMORANDUM Apri126, 2005 To: Vail Town Council Stan Zemier Pam Brandmeyer Judy Camp From: Sally Lorton Re: March Sales Tax On the reverse side, please fmd the latest sales tax worksheet. I estimate I'll collect another $21,000.00 in March sales tax to bring March collections to $2,776,231.00. If so, we will be up 24.43% or $545,114.00 from budget and up 18.43% or $432,053.00 from March 2004. Attached please find two worksheets that report on the conference center tax collection. onth 994 995 996 997 998 999 Town of Vail Sales Tax Worksheet 4/26/2005 2000 2001 2002 003 004 udger Change % Change 2005 Budger Jrom /rom Co/%ctlons Var/ance 2004 Budget January 1,805,707 1,894,597 1,935,782 2,052,569 2,115,359 2,066,459 2,034,529 2,210,547 2,073,481 1,997,091 2,225,841 2,118,488 2,267,540 149,052 1.87% 7.04% February 1,814,495 1,816,.107 1,993,389 2,089,673 2,153,121 2,021,486 2,223,670 2,366,321 2,281,833 2,111,163 2,362,825 2,248,865 2,420,849 171,984 2.46% 7.65% March 2.250,656 2,139,298 2,240,865 2,580,992 2,368,077 2,415,202 2,545,573 2,568,871 2,699.664 2,372,942 2,344,178 2,231,117 2,755,231 524.114 17.54% 23.49% Total 5,870,858 5,850.0:,2 ~ 1:0.0" b,72 c 5s7 ~ ~~"P,,1~1, ~'~°~^.772 214.5, ;~}-i - i>}'=,11'±~ r_q',, ~_ t, 23 .1T '-t-l r." -1~i1 -,% April 794,668 791,092 966,993 874,427 1,107,334 952,843 926,771 1,043,431 870,875 871,468_. 992,.157. 84.4,305- May 287,315 324,681 318,920 329,783 382,718 370,864 388,121 448,234 414,248 428,919 411,595 391,744 June 548,820 590,685 594,907 630,366 633,400 692,811 721,774 751,439 657,707 742,755 732,113 696,803 July 882,830 893,483 963,717 1,043,637 1,107,882 1,130,883 1,235,470 1,157,867 1,044,966 1,075,532 1,128,514 1,074,085 August 891,566 867,125 990,650 1,073,430 1,183,926 1,050,004 1,038,516 1,124,275 1,084,318 1,029,446 994,445 946,482 September 725,205 645,902 630,453 637,831 735,608 806,600 817,313 747,766 713,574 679,208 757,033 720,521 October 408,405 461,791 413,573 472,836 515,531 536,204 547,201 486,570 484,425 508,092 532,537 506,853 November 594,491 611,147 601,208 707,166 656,596 582,260 691,445 571,783 642,293 591,269 623,646 593,567 December 1,992,855 1,994,540 2,068,851 2,254,709 2,070,834 1,883,805 2,062,205 1,933,940 2,139,417 2,171,098 2,362,095 2,248,170 Total 13,007,013 13,030,448 13,719,308 14,747,419 15,030,386 14,509,421 15,232,588 15,411,044 15,106,801 14,578,983 15,466,979 14,621,000 7,443,620 ~ 845,150 ti-''. onth Town of Vail Conference Center Lodging Tax (1.5%)Worksheet 4/26/2005 2005 Budget 2003 2004 Budget Collections Variance hange from 2004 ~ Change liom Budget January 258,035 304,140 276,303 308,075 31,772 1.29% 11.50% February 314,645 354,159 321,744 364,104 42,360 2.81 % 13.17% March 342,984 333,006 302,527 410,391 107,864 23.24% 35.65% Total 915,664 991,305 900,574 1,082,570 181,996 9.21% 20.21% April 64,246 87,147 79,171 May 15,964 18,027 16,377 June 54,153 56,662 51,476 July 84,422 94,611 85,951 August 81,820 82,900 75,312 September 42,569 48,706 44,248 October 25,131 28,707 26,080 November 29,089 33,037 30,013 December 260,232 289,276 262,798 Total 1,573,290 1,730,378 1, 572,000 1',082,570 181,996 onth 003 Town of Vail Conference Center Retail Tax (.5%) Worksheet 4/2612005 2005 Budget 2004 Budget Co/%ctions Variance Change from 2004 Change from Budget January 233,274 267,013 245,637 270,941 25,304 1.47% 10.30% February 250,236 283,480 260,830 289,411 28,581 2.09% 10.96% March 283,013 284,547 258,952 330,947 71,995 16.31% 27,80% Total 766,523 835,040 765,419 891,299 125,880 6.74% 16.45% April- 99,694 - 11-5,624 109,419 May 46,376 46,172 45,406 June 83,981 83,918 80,741 July 122,562 130,300 124,611 August 119,843 115,092 109,760 September 78,107 87,126 83,472 October 57,330 60,325 58,721 November 67,602 71,641 68,792 December 253,449 276,725 260,659 Total 1,695,467 1,821,963 1,707,000 891,299 125,880 r Trick or Treat Trot Outline of Expenses The Trick or Treat Trot (TROTT) is a small event and does not have a sepazate budget. All of the costs associated with the TROTT had to be pulled out of our regular budget structure. This document is an "extra" that would not be generated in the regular course of VRD business; it was created expressly to respond to the CSE's request for a TROTT budget. Cash Ex eases: Item O erating Balloons, Helium, etc.) _ -Cost Advertising $350 Miscellaneous (Candy, decorations, etc.) $500 Hourly Em to ees Event Pre azation $50 Hourl Em to ees Day of Event $50 Sub-Total $325 $1275 Other Allocations: Item Youth Volunteers (8 5 hrs each on event day) .Amount Salaried Staff (3 @ 7 hrs each on event day + 25 hrs or anization & 40 hours marketing) g 43 hours Sub-Total $1150 83 hours Total $1150 $2425 Although this is a small event, it still requires substantial hours prepazing and significant adult staff at the event to ensure the event runs smoothly and safely. The VRD Youth Services (and Mazketing) salaried staff spends over 25 hours marketing and organizing this event. l00 posters aze created and mailed to participating merchants. The coloring contest (and related newspaper ad) are created and distributed to area preschools and early elementary students (800). 200 information sheets are created, copied and made available at the event. A black & white, %2-page advertisement is created and runs in the Vail Daily for 7 to 10 days. In addition to this marketing, merchants need to be contacted, informed on how the event functions and given their decoration showing that they are participating. Volunteers need to be recruited and organized. Easter Egg Hunt Outline of Expenses The Easter Egg Hunt (EEH) is a small event and does not have a separate budget. All of the costs associated with the EEH had to be pulled out of our regular budget structure. This document is an "extra" that would not be generated in. the regular course of VRD business; it was created expressly to respond to the CSE's request for an EEH budget. Cash Expenses: ---- - - Cost ~t~m-- __ --- - Prizes - $500 _ O eratin (Bunn suit, Eggs, marketin fliers)' $200 Advertising $500 Miscellaneous (Cand ,batteries, etc.) $50 Hourl Em to ees Event Pre aration $250. _ Hourl Em to ees Da of Event $300 __ Sub-Total $1800 Other Allocations: - -- Item Amount , ---- Youth Volunteers 9 3 hrs each on event day) 27 hours Salaried Staff (3 @ 4 hrs each on event day + 35 hrs organization & marketing) 47 hours $1200 Sub-Total ~ 74 hours $1200 Tota! $3000 Although thisis a small event, it still requires substantial hours preparing and significant adult staff at the event to ensure the event runs smoothly an~i safely. The VRD Youth Services (and Marketing) salaried staff spends over 35 hours marketing and organizing this event. 1600 flyers are created, copied and distributed to Eagle County Students (800 VRD newsletters and 800 EEH dedicated flyers). A mass email is sent out to all VRD Youth Services customers. 50 full color posters are created and laminated for use in the event. 200 color '/4-page information cards are created, copif;d and made available at the event. A full color, i/4-page advertisement is created and runs in the Vail Daily for 4 days. In addition to this marketing, eggs were inventoried and lost eggs from previous years are replaced. 2500+ prizes are purchased so that each egg can redeem a prize. Signs are made. Volunteers are recruited and organized. Mayor-Jon Stavney's analysis of Eagle's big-box dilemma contained an interesting sentence:. "We, are beginning to understand that residential growth does not pay its own way." . Hmmm. It's broadly agreed that Avon made a bum deal with the developers of the Village at Avon. Double hmmm. Let's hope Vail and Minturn pay attention. Before I moved here in 1974, I was a developer, so I know how this game is played, and it hasn't changed. The developer is always better prepared than the governing authorities, because the developer's livelihood is at stake. The developer. wants an increase in density, and makes persuasive arguments that the increase will provide great benefits to the governing body. As the Eagle and Avon examples show, the governing body usually buys the arguments, only to find. out years later that they were, I have to say it, snookered. The other part of these negotiations is that the developers always reduce the density of their initial request to the point where they say they simply can't give up any more and make a profit. The governing authority has no way to assess the veracity of such claims, and eventually they give in. There is a solution to this dilemma, and it's based on a simple principle. In the rare cases when government proposes to down zone property, developers and property.. owners complain that down-zoning. is a "taking." They're right, but if that's true, it's. equally true that up-zoning, which is what the developers want, is a gift. Since Mr. Knobel and Mr. Ginn are clearly asking Vail and Minturn for such-a gift, each government should ask the respective developers to pay for the services of a genuine expert,. mutually selected by the parties, to assess both the long-term economic benefits to the two towns; .; and the density that is required for them to make a reasonable profit. If they want to gain great credibility, to get their projects approved quickly, and to put many;t though not all, public concerns to rest, these two gentlemen should promptly agree to this'`'; proposal. Pete Feistmann Vail