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2005-07-19 Support Documentation Town Council Work Session
TOWN COUNCIL WORK SESSION AGENDA VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 12:00 NOON, TUESDAY, JULY 19, 2005 Lunch will be provided for Council 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. Lorelei Donaldson i.TEMITOPIC: Local Licensing Authority (the "LLA") Interviews. (5 min.) ACTION. REQUESTED OF COUNCIL: Appoint one applicant to the LLA to fill the vacancy left by Rob Rothenberg (he moved out of the Town of Vail); the applicant shall be appointed to complete the term which expires .May 31, 2006. BACKGROUND .RATIONALE: All applicants to the LLA must be citizens of the United States, qualified electors of the Town of Vail, and have resided in the Town of Vail for not less than two years preceding appointmenf, and"shall have no direct financial interest in any. license to sell alcoholic beverages or any location having any such license. Duties of the five-member board include review of all Town of Vail liquor license applications:. There is currently one vacancy on the LLA. .The Town received one (1') application for the vacancy. The Council needs to interview this applicant at the work. session;, and then make the appointment to the LLA at the evening meeting. 3. Tom Kassmel ITEMITOPIC: Westhaven Drive Sidewalk. (10 min.) ACTION REQUESTED OF COUNCIL: Provide staff direction as to whether or not to proceed with design work of a sidewalk to connect two pieces of the Gore Valley Trail. BACKGROUND RATIONALE: In the process of working through the numerous projects in the area, the possibility to implement a plan to construct a sidewalk along Westhaven Drive between "the Ruins" project and the Westhaven Drive Bridge was brought forward. Staff supports the addition of a sidewalk along the west side of the street for multiple reasons including significant safety concerns, the completion of an important pedestrian link, ease of construction, and input from the public who use the area and who see problems on a regular basis. STAFF RECOMMENDATION: Staff is requesting direction from the Council at this time as whether or not to proceed with the design and bidding of the sidewalk project. A final decision on whether to build the walk can be made at the September 6 meeting once final layout and pricing is determined. 4. Judy Camp ITEM/TOPIC: Revenue Analysis. (20 min.) ACTION REQUESTED OF COUNCIL: Discuss the projected revenue items for the 2006 budget and provide staff with direction. BACKGROUND RATIONALE: The start of every budget cycle begins with the discussion of major revenues. We look at year-to -date, projected, five-year averages and trends to calculate future revenues. STAFF RECOMMENDATION: Discuss and provide any changes or recommendations to the 2006 revenue projection. 5. George Ruther ITEM/TOPIC: A work session meeting to discuss a proposed text amendment application amending Section 12-7A-7, Height, Vail Town Code, pursuant to Chapter 12-3, Amendments, to increase the height limitation for a sloping roof from 48' to 56' in the Public Accommodation zone district, and to inform the Vail Town Council of the Planning and Environmental Commission's recommendation on the application. (30 min.) ACTION REQUESTED OF COUNCIL: Listen to a brief staff presentation on the proposed text amendment and the recommendation of the Planning and Environmental Commission and then provide any input the Town Council may have at this time. BACKGROUND RAT{ONALE: On June 13, 2005, the Planning and Environmental Commission held a public hearing on the proposed text amendment. Upon deliberating the text amendment, the Commission voted unanimously to table the final hearing on the proposed text amendment until July 11, 2005. The purpose of the tabling was to allow staff and the applicant an opportunity to address the various questions of the Commission prior to the Commission taking action on the request. On July 11, 2005, the Planning and Environmental Commission voted unanimously to forward a recommendation of approval with modifications of the proposed text amendment to the Vail Town Council.- A draft copy of the minutes of the PEC public hearing along with a copy of the staff memorandum, dated July 11, 2005, have been attached for reference. STAFF RECOMMENDATION: As this is a work session discussion only, staff will not be providing a recommendation at this time. 6. George Ruther ITEMITOPIC: A work session meeting to discuss a proposed map and text amendment application to amend the LionsHead Redevelopment Master Plan to include the Evergreen Lodge property, located at 250 South Frontage Road, into the study area of the Plan and to amend Chapter 5 of the Plan to include Detailed Plan Recommendations for future redevelopment of the property. (30 min.) ACTION REQUESTED OF COUNCIL: Listen to a brief staff presentation. on the proposed map and text amendment and then provide any input the Town Council may have at this time. BACKGROUND RATIONALE: On June 27, 2005, the Planning and Environmental Commission held a public hearing on the proposed text amendment: Upon discussing the text amendment, the Commission voted unanimously to table the final hearing on the proposed text amendment to a future meeting date. The purpose of the. tabling was to allow staff and the applicant an opportunity to address the various questions of the Commission prior to the Commission taking action on the request. The Commission specifically requested. that any amendments to Chapter 5; Detailed Plan Recommendations, should make reference to the .following: • Vehicular and pedestrian access • Maintenance- of the existing accommodation units on the site, • Impacts on Middle Creek • South Frontage Road improvements • Physical relationship to the Vail Valley Medical Center ~,. ,, J • Relationship to the proposed Vail Conference Center • Need for architectural improvements • Loading and delivery improvements • Pedestrian connection to West Meadow Drive A copy of the minutes of the PEC public hearing along with a copy of the staff memorandum, dated June 27, 2005, have been ' attached for reference. STAFF RECOMMENDATION: As this is a work session discussion only, staff will not be providing a recommendation at this time. 7. Matt Mire ITEM/TOPIC: Consideration of an Intergovernmental Agreement ("IGA") between Vail Square Metropolitan Districts 1, 2 and 3 (the "Districts) and the Town of Vail regarding operation and maintenance of the On-Site Streetscape Improvements and the LionsHead Place Improvements. (10 min.} ACTION REQUESTED OF COUNCIL: Approve or approve with amendment the IGA, via motion, at the evening meeting. BACKGROUND RATIONALE: The IGA was approved as to form, as Exhibit D, to the Consolidated Service Plan for Vail Square Metropolitan Districts 1, 2 and 3, which was approved by the Town Council via Resolution No. 8, 2005, on May 3, 2005. It was represented at that time that a final version of the IGA would be brought back to the Town Council for review and approval prior to its execution. No substantive. changes have been made to the LGA since the Council last saw it on May 3, 2005. .STAFF RECOMMENDATION: Approve the IGA, via motion, at the evening meeting. 8. Matt Mire ITEM/TOPIC: Resolution No. #12, Series 2005, A resolution approving the amendment to core site development agreement (the "Amendment") among the Town of Vail (the "Town"), Vail Reinvestment Authority (the "Authority"), -and the Vail Corporation, d/b/a Vail Associates, Inc., A Colorado corporation ("Vail Associates"), which the amendment pertains to certain respective rights and responsibilities of the Town, the Authority and Vail Associates in relation to the core site development proposed to be undertaken by Vail Associates and affiliates. The topic is an ' Amendment- to the Core- Site Development Agreement ("DIAL): Because the original DlA was negotiated and adopted prior to final design approvals, there are several douse keeping matters that need: .to be amended! in.order to comply with.certain conditions adopted; by the PEC. The, main items._ are as follows: 1) The Town is "agreeing to various Easement Dedications subject to final review by the town staff:. These were anticipated. by the original DIA and the amendment sets them out with specificity. 2) The Town is agreeing to designate Vail Associates and its designees (contractors and utility companies) to install the off-site improvements: -The- original DIA mandated tha#-Vail Associates do the work. This Amendment authorizes and enables Vail Associates to do the work. 3) The Town and Vail Associates are agreeing as to the areas of responsibility on an ongoing basis for utilities and off-site improvements. The original DIA did .not specify in detail these areas. 4) The Town is agreeing to give Vail Associates a license agreement for various encroachments for footings,. etc. The Original DIA called for transfer of ownership of the property. 5) The town is agreeing to transfer the $4,300,000 obligation for additional parking to the Core Site. The Original DIA tied the obligation to the Gore Creek Town homes. This is an accounting issue which serves to properly allocate the money to the Core Site. The- condition, as before, is a personal obligation of Vail Associates and is not conditioned upon the building of the Core Site. This Amendment does 'not, limit the effect of any condition to closing under the original DIA which presently remains unsatisfied. (20 min.) ACTION REQUESTED OF COUNCIL: Approve or approve with amendment. Resolution No. #12, Series 2005, and/or the underlying Amendment to Core Site Development Agreement, at the evening meeting. BACKGROUND RATIONALE: The Amended agreement will update the. original Core Site Development Agreement based upon all current approvals as set forth above. STAFF RECOMMENDATION: Approve Resolution #12, Series 2Q05, at the evening:: meeting: 9. Matt Mire ITEMITOPIC:: Resolution. No. #13, Series of 2005, a Resolution ' approving the".parking capital investment`agreement between the Town of Vail (The "Townfl) and the.' Vail; Corporation, D/B/A Vail Associates, Inc., A Colorado Corporation (Vail Associates") which theagreement relates to the Arrabelle at Vail Square Development by Vail Associates: (20 min.) . ACTION. REQUESTED OF COUNCIL: Approve or approve with amendment ;Resolution ; No. #13, Series 2005,. at the evening meetino. , is an accounting issue which serves to properly allocate the money to the Core Site.. The condition, as before, is a personal obligation of Vail Associates and is not conditioned upon the building of the Care Site. STAFF RECOMMENDATION: Approve Resolution No. #13, Series 2005. 10. Matt Mire ITEM/TOPIC: Resolution No. #14, Series 2005, a resolution approving the adoption and confirming the effect of the intergovernmental agreement by and among the Authority, The Vail Square Metropolitan District No.'s 1, 2, and 3, and the Vail Corporation, D/B/A Vail Associates Inc. (10 min.) ACTION REQUESTED OF COUNCIL: Approve or approve with amendment Resolution No. #14, Series 2005, at the evening meeting. BACKGROUND RATIONALE: Resolution #14, Series 2005, is simply an acknowledgement by the Town Council that the condition of approval for the Consolidated Service Plan for Vail Square Metropolitan Districts 1, 2 and 3 (the "Districts") has been satisfied. STAFF RECOMMENDATION: Approve Resolution No. #14, Series 2005, at the evening meeting. 11. ITEMITOPIC: Information Update. (10 min.) 12. ITEMITOPIC: Matters from Mayor & Council. (30 min.) 13. Matt Mire ITEMITOPIC: Executive Session, pursuant to C.R.S. § 24-6- 404(4)(b)&(e) - (1) Attorney conference -conference with attorney to receive legal advice on specific legal questions; and (2) NeQOtiations -determine positions, develop a strategy, and instruct negotiators regarding an Intergovernmental Agreement for use of the Town of Vail Gymnastics Center. (30 min.) 14. ITEM/TOPIC: Adjournment. (4:15 p.m.) NOTE UPCOMING MEETING START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) THE NEXT.VAIL TOWN COUNCIL REGULAR WORK SESSION WILL BEGIN AT 12 NOON, TUESDAY, AUGUST 2, 2005 IN THE 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. ~. 11~YN~'VA~ . MEMORANDUM TO: Town Council FROM: Lorelei Donaldson DATE: July 13, 2005 SUBJECT: Appointment to Local Licensing Authority (the "LLA°) a TbWNOF VAIN ` Town Clerk There is currently one vacancy on the LLA. The Town has received one (1) application for the vacancy. The Council needs to interview this applicant at the work session and then make an appointment to the LLA at the evening meeting. The applicant is Robert McKown. Staff is requesting that the Town Council appoint one member to the LLA to complete the term vacated by Rob Rothenbert, which expires May 31, 2006. I would also ask the Town Council to recognize and thank Rob Rothenberg for his three (3) years of service on the LLA board. 75 South Frontage Road • Vail, Colorado 81657.970-479 2136/FAX 970-479 2320. www. vailgov.com :~ RECYCLSDPgPER To: Vail Town Council Attn: Lorelei Donaldson I, Robert A. McKown, residing and working in Vail, Colorado for the past seventeen yeazs, would request that my name be listed as an applicant for the position that is vacant on the Town of Vail Local Licensing Authority. Having worked in the hotel and restaurant business for better than twenty years, I believe my experience would prove a value to the authority and the Town of Vail. Thank you for your consideration. ~~ Robert A. McKown ~~ _ ~lz~ C~,) n~ga- t~l~ e°~ V~k~I, Goo-BjGsB ~g2, ~'e~rmo-#~ 1,~~~ ~Cu,~~ C~-~I~s3' PLANNING AND ENVIRONMENTAL COMMISSION PUBLIC MEETING ,• July 11, 2005 3'~I~IVOPVAIIy'' PROJECT ORIENTATION -Community Development Dept. PUBLIC WELCOME MEMBERS PRESENT Chas Bernhardt Doug Cahill Anne Gunion Bill Jewitt Rollie Kjesbo George Lamb David Viele MEMBERS ABSENT Site Visits: 1. Dantas Builders - 1772, 1778, 1788 Alpine Drive Driver: George Public Hearing -Town Council Chambers 12:00 pm 2:00 pm A request for a final review of a conditional use permit, pursuant to Section 12-9C-3, Conditional Uses, Vail Town Code, to allow for a public convention facility and public parking facilities and structures, located at 395 East Lionshead Circle/ Lot 1, Block 2, Vail Lionshead Filing 1, Lot 3 and 5, Block 1, Vail Lionshead Filing 2, and setting forth details in regard thereto. Applicant: Town of Vail, represented by Pylman & Associates, Inc. Planner: Bill Gibson ACTION: Tabled to July 25, 2005 MOTION: Lamb SECOND: Jewitt VOTE: 6-0-1 (Viele recused) Bill Gibson presented the project according to the memorandum. Kurt Fentress, of Fentress Bradburn~Architects, presented an overview of the proposed conference center building using powerpoint slides and a model of the conference center. Rick Pylman introduced a model of the project to the Commission members at which time discussions regarding the specifics of grade, loading docks, access with the Vail International, and other basic topics, ensued. Brent Lloyd, a landscape architect working on the project, detailed the landscaping, finishes, and pedestrian environment. Jim Lamont, representing Vail Village Homeowners, commented that 2,000 lineal feet of retaining wall seemed a little generic for the development site and use. He also expressed interest in seeing digital visual representations of the building and surrounding structures, much as has been done for other development projects within the Town. Russ Forrest and the Commission member discussed why the number of proposed parking spaces was proposed. Bill Jewitt commented that a major parking problem existed along the Frontage Road already. He added that the study done by HVS did not seem fair or reasonable. The parking plan seemed clearly designed to fit the building, instead of the opposite scenario occurring. The money that was received from Vail Resorts was intended to address the lack of public parking, and not to provide parking for the conference center. Chas Bernhardt asked Russ Forrest how many high-use days were expected for this facility, to which Russ Forrest replied that the calendar of events and the actual availability of parking could be studied on a deeper level if necessary. Chas replied that the developments which were being considered throughout the area were already prompting an increase in the number of necessary spaces available to Lionshead locals and visitors. It was mentioned that many visitors will not be needing parking due to their original locales outside of the Vail Valley. Bill Jewitt commented that more parking spaces, not details, were needed as a part of this application. Kaye Ferry commented that parking has been a concern to her since the beginning of the project. The parking numbers have been "massaged" into. paying for themselves. She was concerned by comments from the applicant indicating the Holy Cross site was not selelcted a conference center because the project won't comply with the Town's own rules and regulations. She commented that a parking calculation had been applied to private developers, which is not being proposed for this Town project. Bill Jewitt asked if the whole area was considered one development site, if such consideration prompted that the parking structure be sprinkled. Rick Pylman noted that for building code purposes there is a perceived property line between the conference center and parking structure and that the existing parking structure needs to be updated to meet building codes regardless of the conference center. Some discussion ensued regarding the need for part-time employee parking. Doug Cahill commented that the parking standards which are currently in place maybe as effective or accurate as they need to be and may need to be revisited. The applicant promised further Employee Housing and parking calculations at following meetings, as well as some additional digital representations of the project. Bill Jewitt commented that this was a big building which entirely dominated the parking structure. However, he added that if the project was to be built, the parking structure would most certainly be re-developed and the design of the Center would likely change. From East Lionshead Circle,. the structure's significance could be overwhelming. In sum, he still wished for the "mushroom design". Rollie Kjesbo commented that turning left out of Lionshead Circle could be potentially very difficult and hazardous. Regarding other aspects, some work needed to.be done to address the relationship to the Vail International and Evergreen Lodge. He also noted that only 125 parking spaces were: not adequate and would not be approved for a private conference center project. George Lamb considered parking the biggest issue of the entire project. To allow parking to continue to be an issue would be a grave error. Regarding employee housing, apay-in-lieu system seemed to make sense and needed to be approved with expediency. Receiving CDOT approval early in the review process was a wise move on the applicant's part. Anne Gunion commented that this site should be viewed as an urban infill site, with no way to meet the landscaping requirements. When viewed from that perspective, many more aspects of the project could be well-managed and "compliant". The HVS study should be read thoroughly by all and critiqued equally as thoroughly, since the study results are based upon numerous assumptions that have many "outs". Regarding employee housing, the formula for calculating housing provision is currently inadequate should be amended. The pay-in-lieu concept is a good one, but is not conducive for providing housing for all types of employees. Chas Bernhardt agreed with Ms. Gunion's comments regarding urban infill. Vail Resort's money for parking should be used to expand the existing structure, especially since other uses such as the medical center's employees are using the structure on a daily basis. Vail Resort's money should not be used to subsidize the conference center. The pay-in-lieu employee housing system makes sense considering the high values of land within the Town. The design, he finished, was simple and sensible. Doug Cahill summarized the Commission's comments by saying that more information was going to be needed on a variety of issues. A master plan should be devised that is flexible enough to address all of the issues and future development along the Frontage Road. As for employee housing, the lack thereof (on this site) further exacerbated the existing parking problem. Additional information about parking should be presented soon and the uses of the facility should never be hindered by a lack of parking. The conference center should function as a stand-alone project in regard to parking. Russ Forrest asked Ms. Gunion if illustrating the relationship of this project to the streetscape would be helpful in evaluating the landscaping requirements, etc. It was decided that digital presentations would be quite valuable. Ms. Gunion added that unique approaches could be taken while evaluating the "requirements" of landscaping, transition areas, and other similar development standards. She encouraged the committee to cut costs only on the things which could not be seen. Jim Lamont commented that this redevelopment effort was the Town's last chance for several years to update the roadways and circulation patterns. Perhaps some thought should be paid to creating around-about in this area. He added that the addition of landscaping, even in the most urban areas, created green canopies in the summer and filtered sunlight in the winter. Nature needed to be incorporated ihto urban landscapes as much as possible, enhancing the buildings. He finished by saying that it would be better to present a project which exceeded expectations rather than to simply cut costs to make the project politically viable. 2. A request for a correction to the Vail Land Use Plan to designate the Lionshead Redevelopment Master Plan Area and an amendment to the Lionshead Redevelopment Master Plan to amend, in part, Chapter 5, Vail Civic Center Detailed Plan Recommendations, and setting forth details in regard thereto. Applicant: Town of Vail, represented by Pylman & Associates, Inc. Planner: Bill Gibson ACTION: Tabled to July 25, 2005 MOTION: Lamb SECOND: Jewitt VOTE: 6-0-1 (Viele recused) 3. A request for a final review of a variance from Section 12-6C-6, Setbacks, Section 12-6C-8, Density Control, and Section 12-6C-9, Site Coverage, pursuant to Chapter 12-17, Variances, Vail Town Code, to allow for a residential addition, located at 1448 Vail Valley Drive/Lot 18, Block 3, Vail Village Filing 1, and setting forth details in regard thereto. Applicant: Robert Stephenson, Jr. and John Schofield, represented by Snowdon & Hopkins Architects Planner: Bill Gibson ACTION: Tabled to July 25, 2005 MOTION: Jewitt SECOND: Viele VOTE: 7-0-0 4. A request for a recommendation to the Vail Town Council of an amendment to the Lionshead Redevelopment Master Plan, pursuant to Chapter 2, Section 2.8, Lionshead Redevelopment Master Plan, to amend the boundaries of the study area to include Evergreen Lodge, located at 250 South Frontage Road West, Lot 2, Block 1, Vail Lionshead Filing 2, and setting forth details in regard thereto. Applicant: Evergreen Lodge at Vail, represented by HB Development Company Planner: George Ruther ACTION: Tabled to July 25, 2005 MOTION: Jewitt SECOND: Viele VOTE: 7-0-0 5. A request for a final review of a text amendment to Section 12-7A-7, Height, Vail Town Code, pursuant to Chapter 12-3, Amendments, to increase the height limitation for a sloping roof from 48' to 56' in the Public Accommodation zone district, and setting forth details in regard thereto. Applicant: Mauriello Planning Group, LLC Planner: George Ruther ACTION: Recommendation of approval MOTION: Kjesbo SECOND: Viele VOTE: 7-0-0 George Ruther made a presentation per the staff memorandum. The Commissioners asked several questions regarding the proposal. Such as were there any limits on how high the eave of a structure could be located. Commissioner Cahill expressed concern that the PEC had recently reviewed the Crossroads redevelopment application and many people were concerned with the height of the proposed building and changing the feel of the Village. Changing the height in Public Accommodation zone district could change the feeling of the Village gas many of the properties are located on the periphery of the Village. George Ruther stated that the proposed text amendment did not include any provisions for limiting the height of eaves. It was felt that all the Public Accommodation zoned properties are different and each situation would be different and the Design Review process would serve as the process for ensuring good design. 6. A request for a final review of a variance from Section 12-6D-6, Setbacks, Vail Town Code, pursuant to Chapter 12-17, Variances, Vail Town Code, to allow for the construction of a garage addition within the front setback, located at 2608 Arosa Drive/Lot 2, Block D, Vail Ridge Subdivision, and setting forth details in regard thereto. Applicant: Brenda and Steve Herman, represented by Mauriello Planning Group, LLC Planner: Warren Campbell ACTION: Approved with condition(s) MOTION: Kjesbo SECOND: Viele VOTE: 7-0-0 CONDITION(S): 1. That the applicant reduce the width of the proposed garage from 24 feet to 22 feet in width which will be reflected in the plans to be submitted for design review. Warren Campbell made a presentation per the staff memorandum. Dominic Mauriello reiterated the applicant's proposal and expressed the ability to resolve several existing encroachments on the adjacent property. 7. A request for a final review of an amended final plat, pursuant to Chapter 13-12, Exemption Plat Review Procedures, .Vail Town Code, to allow for an amendment to existing property lines; and a request for a final review of a variance from Section 12-6D-5, Lot Area and Site Dimensions and Section 12-6D-6, Setbacks, Vail Town Code, pursuant to Chapter 12-17, Variances, Vail Town Code, to allow building within the setback, located at 1772, 1778, 1788 Alpine Drive/Lots 10, 11, Vail Village West Filing 1, and setting forth details in regard thereto. Applicant: Dantas Builders Planner: Elisabeth Eckel ACTION: Approved with conditions MOTION: Kjesbo SECOND: Viele ~ VOTE: 7-0-0 CONDITION(S): 1. This approval shall be contingent upon the applicant receiving Town of Vail approval of the design review application associated with this variance request. 2. The applicant shall maintain a limits of disturbance line as shown on the site plan. No building encroachments or construction disturbance shall be allowed beyond this line. 3. Prior to submittal of a building permit for Lot 10, Lot 11, or Lot 12, the applicant shall record with Eagle County the amended plat, reflecting the access easement and its associated language. Elisabeth made a presentation per the staff memorandum. The applicant, Dantas Builders, Inc. was available to answer questions of the Commission and staff. Diana Mahan, representing the owner of Lot 13 to the west, inquired about setbacks and landscape requirements. Bill Jewitt acknowledged the need for shared access and limits on site disturbance. George Lamb expressed his support of the applications and applauded the applicant for the creative solution that was reached jointly with the Design Review Board during the spring. No other Commissioner~comments were provided. Doug Cahill asked about the ownership/development structure to which the applicant replied that each of the residences would be developed by him and sold separately at a later date. 8. A request for a final review of an amended final plat, pursuant to Chapter 13-12, Exemption Plat Review Procedures, Vail Town Code, to amend the allowable Gross Residential Floor Area, located at 3967 Lupine Drive/Lot 1B, Block 1, Bighorn Subdivision Addition 1, and setting forth details in regard thereto. Applicant: William and Jan Burrow Planner: Warren Campbell ACTION: Approved with conditions MOTION: Kjesbo SECOND: Lamb VOTE: 7-0-0 CONDITION(S): 1. The applicant shall add a note to the plat which restricts the allowable GRFA to 4,610.5 square feet. This note shall appear on the mylar copies of the plat which are submitted to the Town of Vail staff for recording with Eagle County. 2. The applicant shall remove the footprint of the existing structure, deck, stairs, and driveway currently depicted on the proposed Amended Final Plat, Bighorn Subdivision, First Addition, Lot B, A Resubdivision of Lot 1 Block 1, prior to submitting, mylars for recording with Eagle County. Warren Campbell made a presentation per the memorandum. Seth Bossung, with Morter Architects, described the request in greater detail. No.public comments were offered. Rollie Kjesbo clarified that several years ago his company performed some preliminary pricing for an addition on this lot, however, he felt he did not have a conflict of interest. George Lamb stated that he hoped, if the other lot came in for review, the review process would be as easy as possible. 9. A request for a final review of a variance, from Section 12-13-4, Requirements by Employee Housing Unit (EHU) Type, Vail Town Code, pursuant to Chapter 12-17, Variances, Vail Town Code, to allow for additional Gross Residential Floor Area, located at 2883 Kinnikinnick Road/Exception to Phase II, Vail Intermountain Swim and Tennis Club Condominiums, and setting forth details in regard thereto. Applicant: Chuck Ogilby Planner: Bill Gibson ACTION: Approved with condition(s) MOTION: Kjesbo SECOND: Viele VOTE: 7-0-0 CONDITION(S): 1. This approval shall be contingent upon the applicant submitting, to the Town of Vail, the written approval of this proposal by the Vail Intermountain Swim and Tennis Club Condominiums and the Lodges at Timber Creek Condominiums. Bill Gibson presented the project according to the memorandum. George Sink, representing the applicant, noted that the additional GRFA was for a mechanical room and the he was available for questions. Neither the Commission nor the public offered further comments. 10. Approval of June 27, 2005 minutes MOTION: Lamb SECOND: Viele VOTE: 7-0-0 11: Information Update 12. Adjournment MOTION: SECOND: VOTE: The applications and information about the proposals are available for public inspection during regular office hours at the Town of Vail Community Development Department, 75 South Frontage Road. The public is invited to attend the project orientation and the site visits that precede the public hearing in the Town of Vail Community Development Department. Please call (970) 479-2138 for additional information. Sign language interpretation is available upon request with 24-hour notification. Please call (970_ ) 479-2356, Telephone for the Hearing Impaired, for information. Community Development Department Published July 8, 2005, in the Vail Daily. DESIGN REVIEW BOARD AGENDA July 6, 2005 3:00 P.M. ~~~ ~ PUBLIC MEETING PUBLIC WELCOME PROJECT ORIENTATION /LUNCH -Community Development Department 11:30am MEMBERS PRESENT .MEMBERS ABSENT Pete Dunning Lynn Fritzlen Sherry Dorward Joe Hanlon Margaret Rogers SITE VISITS 1. O'Neill Residence - 1385 Westhaven Circle 2. Dantas Residence - 1788 Alpine Drive 3. Viele & Johnson - 2109 Chamonix Lane 4. Flaum Residence - 1631 Buffehr Creek Road 5. Ranallo Residence -1701 F Buffehr Creek Road 6. Village Inn Condominiums - 100 East Meadow Drive 7. Marsico Residence - 362 Mill Creek Circle 8. Anderson Residence - 1418 Vail Valley Drive 9. Kjesbo Residence - 3877 Lupine Drive 10. Burrow Residence - 3967 Lupine Drive 11. White Rock Properties East Vail LLC - 4057 Lupine Drive 12. Nugget, LLC - 4288 Nugget Lane 13. Racquet Club Condominiums - 4695 Vail Racquet Club Drive Driver: George 2:OOpm PUBLIC HEARING -TOWN COUNCIL CHAMBERS 3:OOpm Viele and Johnson Residences DR605-0230 Matt Final review of a residential addition (new office & bedrooms) 2109 Chamonix LanelLot 13 B, Vail Heights Applicant: David Viele and Diana Johnson ACTION: Approved MOTION: Hanlon SECOND: Dunning VOTE: 4-0-0 2. Racquet Club Condominiums DR605-0237 Matt Final review of a minor alteration (tree removal) 4695 Vail Racquet Club Drive/Lot 1, Vail Racquet Club Condominiums Applicant: Racquet Club Owners Association, represented by John Russell ACTION: Tabled to July 20, 2005 MOTION: Hanlon SECOND: Dorward VOTE: 4-0-0 3. Burrow Residence DR605-0098 Conceptual review of a residential addition (living room addition) 3967 Lupine Drive/Lot 16, Block 1, Bighorn Subdivision Applicant: William Burrow, represented by Morter Architects Conceptual review: no vote 4. eill Residence DRB05-0241 Fina view of a minor alteration (exterior painting) 1385 thaven Circle/Lot 51, Glen Lyon Subdivision Applicant: atricia O'Neill ACTION: Ta d to July 20, 2005 MOTION: Dunrn SECOND: Hanlon VOTE: 4-0-0 CONDITION(S): 5. Kjesbo Residence DRB05-0250 Conceptual review of new construction (duplex) 3877 Lupine Drive/Lot 6, Block 1, Bighorn Subdivision Addition 1 Applicant: Jeanne and Rollie Kjesbo Conceptual review: no vote 6. Marsico Residence DRB05-0256 Final review of a minor alteration (tree removal) 362 Mill Creek Circle/Lot 9, Block 1, Vail Village Filing 1 Applicant: Tom and Cindy Marsico ACTION: Approved MOTION: Hanlon SECOND: Dunning VOTE: 4-0-0. 7. White Rock Properties East Vail LLC DRB05-0262 Conceptual review of new construction (new two-family residence) 4057 Lupine Drive/Lot 4, Bighorn Subdivision Applicant: White Rock Properties East Vail LLC, represented by William Restock Conceptual review: no vote 8. Ranallo Residence DRB05-0261 . Final review of new construction (single family residence) 1701 F Buffeter Creek Road/Lot 6, Eleni Zneimer Subdivision Applicant: Pat and Patricia Ranallo, represented by Bobby Ladd ACTION: Approved with conditions MOTION: Hanlon SECOND: Dorward VOTE: 4-0-0 CONDITION(S): Warren Matt Matt Elisabeth Bill Warren 1) The applicant or a representative shall file a revised plat which depicts the revised platted building envelope which must be reviewed by staff and recorded prior to~the issuance of a Temporary Certificate of Occupancy. 2) That the amended building envelope is approved for this design only and will revert back to the previous 'platted envelope in the event this project is not constructed or there is a design change. 3) The applicant shall obtain proper approval to locate landscaping improvements in the designated utility easement at the time of building permit submittal. 4) The applicant shall submit engineer stamped drawings for all retaining walls over four feet in height with the building permit application. 9. Flaum Residence DRB05-0268 Warren Final review of new construction (new residence) 1631 Buffehr Creek Road/Lot A, The Valley Phase 5 Applicant: Jim and Cookie Flaum, represented by Scott Turnipseed, AIA ACTION: Approved with conditions MOTION: Hanlon SECOND: Dunning VOTE: 4-0-0 CONDITION(S): 1) The applicant shall submit the appropriate Town of Vail documents for recording with Eagle County to deed restrict the Employee Housing Unit prior to the issuance of a Temporary Certificate of Occupancy or Certificate of Occupancy. 10. Anderson Residence DRB05-0264 Matt Conceptual review of new construction (new primary/secondary) 1418 Vail Valley Drive/Lot 19, Block 3, Vail Valley Filing 1 Applicant: Ronald Anderson Conceptual review: no vote 11. Dantas Residence DRB05-0299 Elisabeth Conceptual review of new construction (single family residence) 1788 Alpine Drive/Lot 12, Vail Village West Filing 1 Applicant: Dantas Builders, represented by Michael Pukas Conceptual review: no vote 12. Nugget, LLC DRB05-0275 Elisabeth Conceptual review of new construction (single family residence) 4288 Nugget Lane/Lot 2, Bighorn Estates Subdivision Applicant: Nugget, LLC, represented by TRD Architects Conceptual review: no vote 13. Hess Residence DR605-0300 Warren Conceptual review of exterior changes 1220 Ptarmigan Road/Lot 2, Block 3, Vail Village Filing 7 Applicant: Ronnie and Donald Hess, represented by Nedbo Construction Conceptual review: no vote 1 illage Inn Condominiums DR605-0281 Bill Fi I review of a minor alteration (re-roof) 100 EastJVleadow Drive/Lot O, Block 5D, Vail Village Filing 1 Applicant:~illage Inn Condominium Association, represented by Red Eagle Construction ACTION: Table~l.to July 20, 2005 MOTION: Hanlon ~ SECOND: Dunning VOTE: 40-0 15. Vail Conference Center DR605-0010 Bill Conceptual review of new construction (new conference center) 395 South Frontage Road/Lot 1, Block 2, Vail Lionshead Filing 1, Lot 3 and 5, Block 1, Vail Lionshead Filing 2 Applicant: Town of Vail, represented by Pylman & Associates Inc. Conceptual review: no vote 16. Vail's Front Door DRB05-0269 George , Final review of new construction (skier services building, ski club, thirteen residences, parking and loading facility) 145 & 165 Vail Road/Lots 1 and 2, Millcreek Subdivision Applicant: Jack Hunn, representing Vail Resorts ACTION: Tabled to July 20, 2005 MOTION: Hanlon SECOND: Dorward VOTE:4-0-0 Withdrawn Munch Residence DRB05-0152 Elisabeth Final review of a minor alteration (roof hip and shutters) 2517 Arosa Drive/Lot 4, Block D, Vail das Schone Filing 10 Applicant: Gunther Munch, represented by Bret Young Staff Approvals Angelovic Residence DRB05-0240 Elisabeth Final review of change to approved plans 2801 Basingdale Boulevard, Unit 3/Lot 3, Block 8, Camelot Townhouses Applicant: Chris Angelovic and Kelly Asher Town of Vail DRB05-0249 Bill Final review of a change to approved plans (snowcat access route) Tract K, Glen Lyon Subdivision Applicant: Town of Vail, represented by Vail Resorts Crack of Noon DRB05-0251 Elisabeth Final review of change to approved plans 1722 Buffehr Creek Road/Lot 5, Block A, Lia Zneimer Applicant: Don and Donna List, represented by K.H. Webb Architects Alfond Residence DRB05-0276 Matt Final review of change to approved plans (modification to east elevation) 1345 Westhaven; Circle/Lot 50, Glen Lyon Subdivision Applicant: John and Jill Alfond, represented by Kyle Webb Schwartz Residence DRB05-0286 Joe Final review of a minor alteration (re-roof) 1136 Horn Silver Circle, Unit D6/Lot 10, Block 6, Vail Village Filing 7 Applicant: Kathy Schwartz Spiers Residence DRB05-0246 Matt Final review of a minor alteration (new deck) 2466 Chamonix Lane/Lot 4, Block B, Vail das Schone Filing 1 Applicant: Michael Spiers Saltz Residence DR605-0266 Final review of a minor alteration (new windows) 174 Gore Creek Drive/Lot A, Vail Village Filing 1 Applicant: Leonard Saltz, represented by Slifer Designs 1082 Riva Glen Road LLC DRB05-0258 Final review of a residential addition (garage) 1082 Riva Glen/Lot 3, Spraddle Creek Estates Applicant: 1082 Riva Glen Road LLC, represented by Stuart Smith Phillips Residence DRB05-0211 Final review of a minor alteration (re-roof) 2696 Davos Trail/Lot 6, Block C, Vail Ridge Applicant:. Carol Phillips, represented by TCC Roofing Contractors Gore Valley Water District DR605-0289 Final review of a minor alteration (re-roof) 5613 Black Gore Drive/Block 16, Vail Meadows Filing 2 Applicant: Gore Valley Water District, represented by Red Eagle Construction Welaj Residence DR605-0282 Final review of a minor alteration (addition of a skylight) 5177 Black Gore Drive, B-1/Lot 15, Block D, Cedar Point Townhomes Applicant: John Welaj Poncher Residence DR605-0287 Final review of a minor alteration 4298 Nugget Lane/Lot 10, Bighorn Estates Applicant: Sheila Poncher Piergeorge Residence DRB05-0270 Final review of change to approved plans (deck extension and new stairs) 2510 Kinnikinnick Road, L3/Meadow Creek Subdivision Applicant: Peter Thompson and Heidi Piergeorge O'Loughlin Residence DR605-0279 Final review of change to approved plans (snowmelt boiler, landscaping) 5148 Main Gore Drive/Lot 11, Vail Meadows Filing 1 Applicant: Frank and Susan O'Loughlin, represented by Randy Kilgore Founder's Parking Association DRB05-0291 Final review of a sign 360 Gore Creek Drive/Lot P3, Block 5A, Vail Village Filing 5 Applicant: Founder's Parking Association, represented by Dan Feeney Matt Elisabeth Elisabeth Warren Bill Elisabeth Elisabeth Bill George Higgins Residence DR605-0272 Warren Final review of a minor alteration (windows) 14656 Greenhill Court/Lot 9, Glen Lyon Subdivision Applicant: Paul and Ursula Higgins, represented by Zehren & Associates Cedar Point Townhomes DRB05-0296 Joe Final review of a minor alteration 5175 Black Gore Drive/Block 15, Cedar Point Townhomes Applicant: Cedar Point Townhomes Homeowners Association, represented by Amy Lewis Vail Development LLC DRB05-0310 George Final review of change to approved plans (demolitions of gas station and Chateau Vail Hotel) 13 Vail Road/Lot A, Vail Village Filing 1 Applicant: Vail Development LLC, represented by T.J. Brink Town of Vail Public Works Shop DRB05-0238 Final review of a minor alteration (re-paint) 1309 Elkhorn Drive Applicant: Town of Vail, represented by John Gallegos O'Neill Residence DRB05-0242 Final review of a minor alteration (landscaping) 1385 Westhaven Circle/Lot 51, Glen Lyon Subdivision Applicant: Patricia O'Neill Crossroads East One LLC DR605-0181 Final review of a minor alteration (removal of railroad tie planters) 0143 East Meadow Drive/Lot P, Block 5D, Vail Village Filing 1 Applicant: Eagle Rifler Water & Sanitation District George Matt Warren Keller Williams DRB05-0104 Bill Final review of a sign 288 Bridge Street/Lot D, Block 5A, Vail Village Filing 1 Applicant: Keller Williams Mountain Properties, represented by Gailyn Brock. Bradley Residence DRB05-0225 Matt Final review of a. minor alteration (re-roof) 4396 Columbine Road/Lot 11, Block 4, Bighorn Addition 3 Applicant: Michael Bradley , Thomas Residence.DRB05-0255 Elisabeth Final review of a minor alteration (tree removal) 4027 Lupine Drive/Lot 6, Bighorn Subdivision Applicant: Trudy Thomas, represented by A Cut Above Forestry The Balance Wheel DR605-0257 Bill Final review of a sign 286 Bridge Street/Lots A, B and part of C, Block 5A, Vail Village Filing 1 Applicant: Kevin Cannell Hubbard Residence DR605-0267 Final review of a residential addition (family room) 146 Forest Road/Lot 6, Block 7, Vail Village Filing 1 Applicant: Tom and Kathy Hubbard, represented by Slifer Designs Kaplan Residence DR605-0233 Final review of a minor alteration (re-roof) 3030 Booth Creek Drive/Lot 5, Block 4, Vail Village Filing 11 Applicant: Werner and Gilda Kaplan Sammons Residence DRB05-0288 Final review of a minor alteration (repaint) 2734 Basingdale Boulevard/Lot 1, Block 3, Vail Intermountain Subdivision Applicant: Scott and Nancy Sammons Bartlett Residence DRb05-0277 Final review of a residential addition (bedroom and storage) 1886 West Gore Creek Drive/Lot 50, Vail Village West Filing 7 Applicant: Christopher Bartlett, represented by New Millennium Carpentry Vail Religious Foundation DRB05-0274 Final review of a sign 19 Vail Road/Lot Lot I, Vail Village Filing 2 Applicant: Rich Brown, representing Vail Religious Foundation 458 WD LLC DR605-0292 Final review of a minor alteration (outdoor gas fireplace) 458 Vail Valley Drive, Unit R4/Tract F, Vail Village Filing 5 Applicant: 458 WD LLC, represented by Nedbo Construction Vail Resorts DRB05-0312 Final review of change to approved plans (temporary stairs) 536 East Lionshead Circle/Lot 2, Block 1, Vail Lionshead Filing 3 Applicant: Vail Resorts, represented by Dan Feeney Temporary Fence DR605-0313 Final review of a minor alteration (to be erected 7/1/05 and dismantled 7/5/05) 141 East Meadow Drive, Unit A119/Lot P, Block 5D, Vail Village Filing 1 Applicant: Crossroads East One LLC, represented by Donato Lipari Welaj Residence DRB05-0294 Final review of change to approved plans (skylights) 5177 Black Gore Drive, Unit B1/Lots 1, Cedar Point Townhouses Filing 2 Applicant:. John Welaj DeLauro Residence DRB05-0304 Final review of a minor alteration (skylights) 5177 Black Gore Drive/Lot 15, Cedar Point Townhomes Applicant: John and Nancy DeLauro Matt Elisabeth Bill Warren Elisabeth Bill George Warren Joe Joe Selberg Residence DRB05-0284 Warren Fnal review of a residential addition (exterior window revision) 1116 Sandstone Drive/Lot 15-1/Lion's Ridge Filing 1 Applicant: Jeff and Gigi Selberg, represented by Peel/Langenwalter Architects LLC Tanglewood of Colorado, LLC DRB05-0259 Bill Final review of change to approved plans (master bedroom) 600 West Forest Road/Lot 4, Block 1, Vail Village Filing 6 Applicant: Tanglewood of Colorado, LLC, represented by Bob Boymer Becker Residence DRB05-0260 Bill Final review of a minor alteration (driveway resurfacing) 5053A Snowshoe Lane/Lot 26, Vail Meadows Filing 1 Applicant: Lois Becker Town of Vail DRB05-0283 Matt Final review of a minor alteration (parking space) 75 South Frontage Road/unplatted Applicant: Town of Vail, represented by Charlie Turnbull Leeds Residence DR605-0305 Matt Final review of a minor alteration (new deck rails) 786 Potato Patch Drive/Lot 14, Block 1, Vail Potato Patch Applicant: Gary and Liz Leeds, represented by K.H. Webb Architects Cascades on Gore Creek Condominiums DRB05-0297 ~ Elisabeth Final review of change to approved plans (repaint) 1390 Westhaven Drive/Cascades on Gore Creek Applicant: Cascades on Gore Creek Condominiums, represented by Fritzlen Pierce Architects Dunning Residence DRB05-0311 Final review of a minor alteration (re-roof) 1461 Greenhill Court/Lot 7, Glen Lyon Subdivision Applicant: Pete Dunning Elisabeth Gunion / Sorenson- Residence DRB05-0293 Bill Final review of a minor alteration (re-roof) 4284 Columbine Drive, Units E and F/Streamside Duplexes Applicant: Chris Gunion and John Sorenson, represented by Horizon Roofing, Inc The applications and information about the proposals are available for public inspection during regular office hours in the project planner's office, located at the Town of Vail Community Development Department, 75 South Frontage Road. Please call 479-2138 for information. Sign language interpretation available upon request with 24 hour notification. Please call 479-2356, Telephone for the Hearing Impaired, for information. Memorandum To: Vail Town Council From: Tom Kassmel, Town Engineer Gregg Barrie, Landscape Architect Date: July 19, 2005 Re: Westhaven Drive Sidewalk Dear Council Members, As you know, Staff has been working on several projects with the Cascade Village Metropolitan District (CVMD). These projects include improvements to the existing Gore Valley Trail, widening of the Westhaven Drive bridge, reconstruction of the "skier" bridge, and resolution of the recreation path easements through Cascade Village. In the process of working through these projects, the possibility of implementing the plan to construct a sidewalk along Westhaven Drive between "the Ruins" project and the Westhaven Drive bridge was brought forward. In Staff's opinion, this connection has always been a 'missing link' and an important safety concern. Staff and Council. have had limited discussions regarding this connection, and in light of concerns raised by Council, Staff hopes to fully present the merits of the project, and requests that Council provide direction as to whether or not to proceed any further with the idea. This is not a request for an approval for construction. A final decision can be made in September once the final layout and construction pricing is determined. Please consider the following: Safety First and foremost, CVMD and Town Staff both feel that there is a significant safety concern in this area. The combination of a tight and somewhat blind curve, fast moving vehicles, and a heavily traveled pedestrian corridor create a potentially dangerous situation. During any summer day, it only takes few minutes of observation to witness conflicts between vehicles and pedestrians. (Please refer to the attached photos taken over several one hour periods in late June and early July of this year.) Pedestrian Links The construction of the walk makes sense in relation to other projects in the area. (Please refer to the attached vicinity map.) The recently approved design for the Westhaven Condominiums ("the Ruins") requires the installation of a sidewalk from the Cascade Parking Structure westward, across the front of the new development, to the Gore Valley Trail. The widening of the Westhaven Drive bridge creates a pedestrian walk from Coldstream Condominiums to the Gore Valley Trail leading east along Gore Creek. The addition of a new sidewalk would simply connect these two new pedestrian routes and the Gore Valley Trail. • Ease 'of Construction The construction of a 5' wide concrete pedestrian walk vvould cause minimal disturbance along the western edge of Westhaven Drive. No trees would be disturbed, no lighting fixtures or utilities would require relocation, and the entire project can be constructed within Town of Vail Right-of-Way. Impacts would include removal of up to 5' of turf from two of the adjacent properties, relocation of the existing curb and gutter, and relocation of some private irrigation components located on public right-of-way. In fact, it should be noted that during the design review process of these properties, a public access easement was granted to the Town on Parcel A (1335 Westhaven Drive) for the potential of a future pedestrian link, although the easement will not likely be exercised as part of this project. (See attached Final Plat). Budget The construction of this section of the Gore Valley Trail could be paid for in the existing Recreation Path budget. The current project estimate is $45,000. In addition, as part of the Intergovernmental Agreement between the Town and CVMD, the metro.district has included $10.,000 to help construct the path as well as to maintain the walk through the winter. Scheduling The Town is preparing to start the bid process for the reconstruction of the Gore Valley Trail from Donovan Park to Westhaven Drive, and from Westhaven Drive to the skier bridge. In addition, the Westhaven Bridge project and the Westhaven Condominium Projects are scheduled to start this coming fall, including the reconstruction of Westhaven Circle and Greenhill Ct to the south of Gore Creek. If it was determined that this project is appropriate, it makes sense that it.should be constructed in conjunction with the other work in order to limit the inconvenience to residents, guests, and other users of the area. • Public Input Please note the multiple letters attached, both favoring (7) and opposing (1) this project from residents of Glen Lyon Subdivision, from the Cascade Village Associations, the Cascade Village Metropolitan District, and from those who would be directly impacted by a pedestrian walk. Council Action At this time, the sidewalk design in only. in preliminary stages. It would be relatively simple to complete the design,'and to plan for construction this coming fall as part of the other projects in the area. The estimated cost of the design work is between $800 and $1500. per a proposal from Marcin Engineering. The combination of the Town projects in the area will require that Town Council approve the Contract with the successful bidder, tentatively scheduled for the September 6 Council Meeting Staff is requesting direction from the Council at this time as to whether or not to proceed with the design and bidding of the sidewalk project. As noted above, a final decision on whether or not to build the walk can be made at the September 6 meeting once the final layout and pricing have been determined. ~ ~ WESTHAVEN CONDOMINIUMS CONSTRUCTION SCHEDULED FOR FALL 2005 O S~ {ti:~ BACK OF PROPOSED.•• CONCRETE WALK -" AIAd1ANON R610ENCE rwsGDE c~mc 1333 NORM WESIHAVEN DR WAL70N RESI~ICE G~SGIDE CREOC 1333 SOIJIH wessnavE-i oR MILLRACE PHASE I LEGEND: PEDESTRIAN WALKS AND GORE VALLEY TRAIL EXISTING CURB AND GUTTER LOCATION NOTE: THIS IS A PREIJMINARY SIDEWALK LAYOUT. THE WORK WOULD REQUIRE REMOVAL OF THE EXISTING CURB AND GUTTER ALONG THE WEST SIDE OF WESTHAVEN DRNE, MOVE CT TOWARDS THE CENTER OF THE STREET, AND ATTACH A 5' WIDE SIDEWALK BEHIND THE NEW CURB AND GUTTER. ALONG MOST OF THE LENGTH OF THE WALK. R WOULD ENCROACH LESS THAN 1' FROM THE EXISTING BACK OF !~!lS9. THE ENTIRE PROJECT CAN BE COMPLETED WffHIN TOWN OF VAIL RIGHT-OF-WAY. PRELIMINARY LAYOUT .JULY 19, 2005 SCALE: 1'-40' N C ~ $~ s -- 9 ~. L O ~ .n y 9~ O NFR R6IDENCE L S THAVEIi OR ~ ~ `,. SHADED LINE INDICATES EXISTING CURB AND GUTTER LOCATION BACK OF PROPOSEC CONCRETE WALN PROP05ED `'•~ PEOESTRUW `•;WALKWAY ON ~\ BRIDGE ~F ,\ P,p `\ MILLRACE PHASE II CURB AND GUTTER flN EAST SIDE TO REMAIN IN PLACE ~I Site Photos Site Photos (Continued) ~ ~a LEGEND: ~~~ GORE VALLEY TRAIL EXISTING AND APPROVED i PEDESTRIAN WALKS ~ PROPOSED CONNECTION 3 ~y~ pP~ ~ E G fiP o ~~ a~ aa~ ~~ ~y 0 `1 ~ ~O o~ WESTHAVEN ~ CONDOMINIUMS o ', ~~ (PROPOSED) ~y~c ~~ ~o G~ ~P P ~ yF a ~'~~~ _" ~ GO .\ 3 COLDSTREAM CONDOMINIUMS ~~~ 0 r~"~ ~ \~ a o~~ i ,~ - a ~' ~, a ~ ~-- a ~, C a$ ~t t~ ~.~ Parcel A 1335 Westhaven Drive Public Access Easement _.,;,~ ~ x.t FI~'AL PLAT, CAS CA A RESt"BDT4ZSIbN OF FINAL P: TOWV OF VAIL, EAGLE ~OL':dT ~~.~~ ~s•~er. 1 -e... w.c.nsar a :a< ,~T ,a ..w ,ner a-rr ar~ll:p r <, rl~an- a yr e~,W aT d V- •+ ~, r! `,Nir~ ~ M/~ST'riAV%..1` 5TE N~~' ~Ptti '',0 ,~~ ~,0. `~ ~ 1 %9' ~ J, tw °.`• ~°"+:i n„ -.,,, t •+3..12 ~k ~ zz I ~. O L T r.. Jf c~v~.w ` / j~ ~ w... a~ ~ ,. Y I . ~ ~- .1~`.. / N r " ~ ~ PARCE~:s s n - .r(_ 1~,~ iR~l \ ~..,` ~. ,.. ~. +arl ~ y ~ +'.'° ~ i °~an'. ~i ~y SORE CREEK TRACT \ ~, ~ __ ~. ~ l PARCEL A ~, y~.~ :a ~ art \( i r~i~ •~s e - .a 9 ~ ro.s via . ~r r.~ i i 3~'yL 6~'A ~ \ 'Y .= ~M ~ y~y:a Y ~i T +`-•aae ci r7N T..,J N ~t• ~ i IP t'/ I I . < -IVlro-t ~ . r~•~a Y:. ~ I i ~ f ;t.r ~ y,. W ~~ ~ e ~-~ . era r ._ ~v _ ~ \ z??? ~ rw ~ tiIC ice{ M4.0^ ~ `. ~ ` fte anw as , . \ ~~ _ w~ ~ M 1r 7r :in.MK Tv~ ~~tq'OII'3 Y R- : U.20 La 7 72.b7 T~EivB LL-1 i9.50 C13~^ 1S~Ti$' E C~ 2~ v i- 5 ~UJ2'1~ E - J.OC 1.~9't='ttY q~~,2! L-66.30 ~~ ,/' T.J5.15 tta8t2® ;t. s~ ~• c9.5 t556•tY5 E /', n 0 0 3 aW~i V /i s~~<tl.~ aY~ ~ C t ~ ~~. .,Gregg Barrie.- sidewalk/bike_path proposed project __ .~ %, _ Page_1 From: "Ann Williams" <annwilliams@waltonbuilt.com> To: <tkassmel@vailgov.com>, <gbarrie@vailgov.com> Date: 7/12/2005 7:18:51 AM Subject: sidewalk/bike path proposed project Gentlemen: Our home is at 1333 Westhaven Drive. We are writing to express our concern of the sidewalk bike path project that is being contemplated by the Town of Vail. We have had conversations with Gregg Barrie, who has been very accommodating and we have discussed this project at length. However, we wish to state our strong concerns and objections over this proposed project. Currently we have very a very small front lawn; which if the sidewalk proceeds, will take away a flower bed, a large tree and most of our lawn area. This project also threatens the curb appeal, not to mention property value and neighborhood. We understand the growing needs of the community, but to lose the charm, intimacy and the nearness of nature that Vail provides its residents, will reduce one of the main reasons people have flocked to this area over the years. As a suggestion, rather than sacrificing the homeowner privacy and value, has there been any consideration given to stripping off a 2 foot area between the curb and traffic for.foot traffic and bikes. I have seen this work very effectively in other communities. Lastly, I urge the City Council to find another alternative -let's keep Vail a "green-growing town" and not become a "city" made of concrete. We appreciate your consideration. GREGORY AND SANDRA WALTON Sent via Ann Williams Walton Construction Company, L.L.C. Corporate Secretary & Assistant to Chairman 3252 Roanoke Kansas City, MO 64111 (T) 816-753-2121; (F) 816-931-9008 Cell: 816-985-3240 annwilliams@waltonbuilt.com . - ~ - .--; ~~ ~~~~ ~~~ 19GI'V,LIHIY rRUran i 1CD F'HVt by/b.~, .i'• '. I'• ' ~ ~ ~ . ' ~ ~ ~ Stebbxxls & ,Assocate~~, ~L~: ~ . •~ •. ~ ~~!~ . , '. '.; . ' ~ ~ • ~ ~ ' ' ~.• • • ~ ': Investrtlent lVYaaagendent ~. ~ . .. ' , ' ,. .July ti'k; ~~20D,5 ~ ~ ~ ~ ~ ~ ~ , ' •,i . • ~ ~' N1r; GI'egg Berrie . ; °; „ ~ . ., : ., . ,• . ~ ~ ';1'~bfl S,;.Front~~e;a~d 1VVest ~ ~ ~ :.. ~~;, ; ~ . • ,~ ~ v~ia;,C'a, 81857;.:,. ~; ~ ~ ~ ~ -,. ~~;~ '~ : , ~ Dyer {Vllr. B>sFfie::_., .: ~ ; ~ .. • • I:•am President•of'th~ ~~Millrai:e Homt3owners" Assc~iatiotr,,~r~pr®a~iiGing~.•30;.condominium~~ownei .~ • ~ •: NVestFiaveh Driue.hoPders t17e Millrace property on the n~rth ani~;weet~ ' `' ~ .~ : ~ ,;~:' iVliUraae. awrrjers.have expressed very strong:support~:i`ar tf,;e.d®vali9pmen4~of~~the 1yUe~thavi+rrr': ~ ' , • G~ndarriinium~(formerly the'"RU~i~s°)~Qrcject and h~v®voted tb taat;themsel~e$ tct'fund a,portiorA:ofi' .. ; • • • '~ie• rt~developirient of che•. westhi3ven Bridge, whicfi;.ciossea• ,Gore; ~Creefc'~ at the Millrack's •, , :• ~. • ~ .BOutliWest ppmet,: .. ~ ,.. • , . '. ~ ~ , As: you., knrw,, khe V1lestheven :avondaminium ~ro~~ct includes. ~ ;pgdestrian sidewalk ;{the' "1r?VGP':.. . ' ' gideweJk"7,,.~v~hiieh:~will tun on the;norkii side Df Wastfiavi:n Driva~froM the:Arla.Spa.ta tha bike patfi: .Fii~ier, the' i'edi>ueldped UllestFtaverr Bridge ~rill~ fiaVe apedestrian ~sld~~9.welk ~on ~It9 west ~side~•(th'e ;~ ~ ' ~~ "`tN6'siddwdlk°).-AJliflface owners are~strong in thelr~sapp6rt•fbr•#~ew'sidewalR on'the west si+iG°of ~•• ' . . ,. W®stliaven~ thrive ~I[nking'tlis WCt3 sidewalk with ,the U11B sideti~i~lk~.: ~ I : , • ' '~ ~ ~ ~F-e~estrian`saPe~ty!i~, the h~ejor.reason for~Millra~e's ~suppQrt df;ttj,e•Re-h~sidewallt: ~ ~'.; . .. ..~: '`t: 1Nel3thaven: Drive slopes tlownuvar~i as•it runs'frgrit:tFie:~j~tia.:Bpe•to tfi® bike p~:4h; •~ ~. ' • ~ ~ . ~ ~ ~ .:During winter; : auto.moliiles frequently ; have, d"if#culty ;iiavlg~tin'g 'the 9o degree ;• ,• I~fl-hand turn at the bottom •of the' decline,' •eridahgering: any; •pede~triar~e wing, . • .. ,;the Cfnve ~ ,. ~ • . ; ~ . :. , ' , .. ~ ~. Further, uVesthavan Drive turns sharply. (~0•:dagrt3es).'tothe~left; et:the bottci~~at • . ; ~ .~ ' • ~~ ~ ..'~ •:the.~lopo;~n~tinga~blindsPQtfOr~bdth'motcristsand~patl®sfrtsrls; ~ ~ ,,.: : ~, ~. ..: ~ ,,~.. ' ''~.~''.`~Cwrrently,,:bike:path.'users (cyclists;jnggers,;:walkers,~'tiaby~cs~ri:a e•~p~yshers;;~tv)';~ 9 . . ~ ~ ,~ ,~~ ~ • ,'proceed ~diagorialiy across Vveathavan.;Drive.t6 ~recei~nec{:wltii.•tNe Bike- ~atfi", , ~ ~ ~ ' • .-.entrance 'at ttie o~apos~e side of We~tfi8ve~n dt'iu'e;..;a~~dfetai~ce, of perhaps';??, ,. •- ~ ~ ~~ '_' '.`_'Pee#.; Thus: bike path u'si~rs a~:e expo$ed tt} ~:':vehicuiar•:~traffC'.~Veling~' dp1i~~'':S " '• . ~;,feasoh8bly~ste~p irigline ihto~a{~arttallytilind'`•90-di3gr~i~IQfi~~he,~d~•turn_ • • ~ ~ ';''• • ,.. .~~. • . .. ~, , • ~ 'The: ~urrehteir'almstances•des~rili~d.above have long ;beer~~a"cgncern•'toMil~race owners.~.'The•~ ~ .' ~~ ~~~t:,Kh~, l'Nestllaven.'Candominiuni Project. vvill~ •adii~, to; •bQth, •Yehricular and' pedesttiara, ' corrrpleton'~ ,. ~ ti~ffic on~ UN~estFiauen :Drive ~at~~a;:relatively unsafe p©int.~:'VIle ~beligve cQjstructlgn of a Sitiewalk;ora.• ' , • ' .. •'i;he ;wash slde• af: Westfiaveri,:.linkirig the WCP sibevfrdlk'~wlth ~~tie~ Vu$,~~sidew~,lk~~is +3$13ential ~~nd ~~ ~ • . . • ~~ logical,,Bike'path:tr:aPiiccould;pr3•r..outed directl~+a'crasglAlesth~Yl:n~at'ttie~bike;pathat~Mlllraa~;~~a~ •• ~• : :' distance o~~at,I~~ast 75 feet distant'~frorii ~lhe.li0zards described: at3ove;~ ~d;e~ttriaR traftlc.iiD111a•. , . .also move ;~cl'ois;~,tfe tariage atl the ~ws~y~~to'the~Ar~:Spav~+itYiod~°the'ri5k,o~ an ~~Geiddttt. • ; . ~I' ,' . . ~~ • We li~ape :you~will' agree with, us.th'at tha~'~roposed~ sidewalk~:mak~s s~n~e..:lt.~ is,hoC,COmpl~ted ~ ~ . , .' wR lryill~havir,.'two•peda~ian:'~'sideWalks,'each frSrcing.:pedesj:ri~ris,;ti`rt:to''ari unsafe'~iprtiofi''of.• •. .• • , •. ~ ~ • VfJesi!Fieven IDciy~. The possl6le coheequ®ncee of sucf~. arr error, far outvilelgh'~'ie-oast' of "d~ii~r~~,. It~. „ , ' ri~h~ the frsi; tile, 'I would nqt tie' ha~apy to participate in•s ~igci~ioti ~:td constrtict: tlis~ sitlevuelk'~ •~~~ '~! •~ ' ; 2129 1~t1i ~traa"t , , ~ . • . •: ~•j; , • - ~ '. ~~ Boulder,'/oXo~ado,~0302~. • • ~~'~ ~ • .. ..:~~ ~ • '303'41=9780 :. ~ ~ ~ • ..' •i~ ..~ ~ ' • ~ ~ • ~ stebbo@:gwes>rne>: ~ ~ .~ ' ' .. ~ ~ ~ . ~ ~ '•&77 '321-9752 ~3'dl~ ~~rCC . ` .. .. ~ : ~ . ~ . Z0 3~dd SOQN00 3QbOSt10 ~IG(1 9b6b9Lb0L6 0b~L0 5002/£TILO 0111/2005 07:17 9704764946 .NAIL CASCADE CONDOS "PAGE 06 VAI ~ CASCA[7E RE50RT & SPA July 8, 2005 Mr. Gregg Barrie Landscape ,A,rchiteet Town of, Vail Engineering 108 S. l~rontage Road W, Vail, CO 81657 Dear Mr. Barre, We would like the letter to serve as written documentation far our support of the proposed. sidewalk, fTOm the cessation of the bike path and ,forthcoming sidewalk at the Westhaven Condominiums, to the bridge spanning Gore Creek (north to south) on Westhaven Drive: Daily we bear witness to the general public, resort guests and vehicular traffic having to negotiate each other, on this section of road. The construction of a dedicated sidewalk would inevitably reduce the risk of accident and offer a safer means of passage to pedestrians; cyclists and vehicles. tiVe feel. that the approval and execution of this project is nothing short of. essential for the wellbeing of all traffic of this stretch of road. If there is anything further that we can do to assist in supporting this plan, do not hesitate in, contacting me directly on my cell phone ~9~0} 331-4224. Sincerely, 1 Neil Colclough .Director of Risk Management and Security Vail Cascade Resort & Spa 1300 `4~sthnvcn Arivc Vail. Colorado A16K7 970.d76,711a ,~e•',~ 9in.~7~:70~0 www,vailca.sradc.com Nn~r•l E:" f:nn~r..rence (,:r!f!.fBT ~1ri~t Sf~n E~ Club Ch.s+p'a Grill f~ [:lan~~h•ousr. Gr~ndomini.s<tns Pr,i7reste R.r..si~cnr,r..s gESTINATiON qvf Koiccs a unAGn.T. HAUEI{OST + ASSOCIATES P.C. 11 21 GRANT STREET duly 12, 2005 Town of Veil 75 South T'rontage Roacl. Vail, Colorado 81 b57 ATTN: Greg Bettie; RE: Westhaven Drive Pedestrian Walk Dear Mr, Barrie: OENVER,C^ 8203 3 ° ~ ~ ~ ~ ~ - 1 ~ 2 ~ This letter is to confirm Cascade Village Metropolitan District's support for FAX 3 O 3 /B 6 3 - O c, b 9 the construction 4f the Xizonosed pedr:strian walk along the west Side of Westk~xven Drive between the Gore Creek. Bridge and Gore Valley Trail contin~ktl'ion toward :Donovan Park. T lielieve the exiw~iing condition r~vhioh results in pedestrians and bicyclist being forced from the safety of the Gore Valley Trail oa to a very dangerous section of Westhaven Drive results in the most hazardous area of ~t1,e entire trtill mui:e. Wcsthsven L-riue transitions from aneast-west aligwnent to a north-south alignment vritli a totally bIu-d corner and a very steep grade. 1?eclc:stxians and cyclists unfamiliar with the Clore Valley Trail routing open Continue slowly up the hill from the bridge due to the steep Bade and confusion as to the trail' s continuation inward Donovan Park. The condition is ospeeislly dangerous For child cyclists, family groups utilizing bike trailers and pedestrians during winter months when the street is slippery. 1 have owned a ltiiillt~ce Condarniniurn located at the north-east corner of the Westl~aven Bridge since 1982 and have witnessed a growing number of near misszs due to ever increasing traff c on the Gore Valley Trail System conf] feting with autos, trucks and vans traveling on this rnosK dangerous section of Westhaven Drive. As yeti know, the Cascade Village Metmpolitan District has eotnmiitcd 10,000.00 toward construction of the glanned west side pedestrian walls in addition to 50,000.04 toward reconstruction oPthe Gore Valley Trail through the District. Wr urge you to include the proposed W ~sthaven Pedestrian'UValk as a part of the coordinated Gore Valley Trail reconstruction tuoether ~4vi.th the new Westh;aven Drive Pedestrian Bridge across Gon: Creek and continuation of pCdestrian walk along the new Westhavc:n Condominiimz Development at the "Ruins" site. Sincerely, Cascade Village Metropolitan District AACHITECTUR P L A N N I N URB/aN D~SICN `_. E0 39bd SOQNOO SQdOSaO ~I17/1 9b6b9Lb6L6 6b~L6 5062/EI/L0 07/11/2005 07:17 9704764946 HAIL CASCADE CONDOS PAGE 04 M.A. ]3RAMANTE 1285 WE57'HAVEN CIRCLE VAIL , CO .81657 July 8, 2005 Mr. ©regg Barrie Town of Vail 1 OS S.Frontage Road Vail, Co. 81657 Dear Gregg, This letter is in support of the proposed side walk !bike path on the west side of Wcsthaven Rd. extending from the bridge up to the new walk which is also proposed, upon the completion oftbe of condominiums at the site of th.e "ruins `. After years i.f playing auto slalom with bikers and walkers on that very dangerous piece of roadway i4 is encouraging hearing the town is finally addressing the pmbl,em. This is a very treacherous curve with very poor sight lines even when there are no cyclists or pedestrians wand ring up the middle of the road. A,n added benefit will be the single continuous path from S.Frontage Rd, ,joining with a continuous bike path from along the creek. This has been an area of great concern, for years to all drivers either residential or commercial. i hope the town does the smart and safe thing by approving it. Thank you, ~ ~~ ~ ~y~- Gus Bramante 07/11/2005 07:17 July 8, 2005 9704764946 Mr. Gregg Barrie Town of Vail 108 S. Frontage Rd West Vail, CO 81657 Dear ]V.[r. Barrie: WAIL CASCADE CONDOS PAGE .05 1 am a resident at the Coldstream Condominiums and aware of the extensive plans for improvements in the Cascade Village area. My purpose is to state what I understand is taking place and suggest an important improvement by the addition of a sidewalk leading from the Cascade Bridge up to the continuation of. the bike/pedestrian path towards Donovan Park The Westhaven Bridge will have a sidewalk on the West side on the bridge. Westhaven Condos (the ruins) will be installing a sidewalk from the bike path to the Aria Spa. Therefore a sidewalk will run from the~south side of Westhaven Bridge to the Frontage road except for the stub running from the north side of Westhaven Bridge to the continuation of the bike/pedestrian path to Donovan park and beyond. We residents are constantly seeing bikers, pedestrians, baby carriage pushers, and runners as they cross Westhaven Drive, using various parts of the road including down the middle up to the 90. degree turn to cross the street and join the path toward Donovan Park, This is a poor situation and dangerous, particular for the many visitors who are unaware of traffic patterns in this vicinity. I and others are urging: *Thc b' a nth nn'rn throu h the Vail Valle should directl cross over Wes haven Drive at the North end of tltc We thaven rid c from the exist' bike nth b Millrace.l~ marked cro 4walk sho d be ins lied and connect tote ro osed new nth unpin No h on the West side of Westhaven Drive to the continuation o[the oath to Donavon Par and beyond. *CVNID (Metro District) has offered $10,000 of co op funding for the sidewalk. The metro district is spending more than ~1mm to address safety issues in the area and this is a very critical safety issue that should be simultaneously addressed. i da urge you to give this reasonable and serious consideration. ucrely, Jam ufman Westhaven Drive Coldstream # Z5 Vail, Co 81657 970 479 0701 G12 869 6603 cell ~~ • .07/1112005 07:17 Jul 11 05 09:3'7G 9704764946 new market VAIL CASCADE CONDOS PAGE 02 301 865 003® p. +? Marc Lessans 1325 Westhaven Circle Vail, Colorado 81G57 July 8, 2005 Mr• Gregg Barrie Town of Vall Engineering Department 1(1115. t'++ontage Rd W. Vail, Colorado 81857 Dear Mr. Barrie: I havE t~eerr a second homeowner in Vall and specifically In Cascade Village for quite a few years hdving vriginaliy awned a Coldstream condommlum and now a duplex on westhaven Circle. Tlie status of Westhaven Drive around the ninety degree turn has been an ongoing cartcem For us at all times of year, Pedestrians and bikers are uncertain where bo go and part-cularly as tliey get close ip the ninety degree tum end up often coming out into the road creating d hazard for everyone Involved. With tile. various projects going on in the anew this year, we believe that it Is very Important right nvw to Install a sidewalk from the Westhaven Bridge bo ef~e bike path towards Donovan Park. T#~is will create a sidewalk from the bridge to the Frontage Roan as weN as make the Town of Vall bike path transition liirough Casmde Village save far all users. Since n Mart l~ssan5 07/11/2005 07:17 9704764946 VAIL CASCADE CONDOS PAGE. 03 1476 Westhaven Dr. #l8 Vail, CO 81657 Judy 8, 2005 Mr, Gregg Barrie Town of Vail 10$ So~+th Frontage Road West Vail, CO 8165? Dear Mr. Barrie, I understated that the Town of Vail will soon deliberate tl'xe merits of adding a sidewalk/path connection to the Weathavert bridge. N[y wi~'e and Ihave-been residents in Coldstream since 1989 and have long feared far the safety of pedestrians sled bicyclists between the bridge and the Aria spa. Our Cascade Village community has seen exponential i~nereases in both pedestrian acid vehicular.tra~c in the past few years, especially over the bridge, I have personally witnessed more than one near-miss as vehicles rounded the blind tutu toward the bridge only to meet with pedestrians too far out in the street, The town does a responsible job o£ keeping the road maintained is the winter, but tt~o dangerous slope and blind curve make any quick stop or avoidance maneuver virtually impossible. I arze a member of the Cascade Village Metxo Llistrict Board. The safety of pedestrians and cyclists across and around the bridge played no small part in our decision to seek levy approval to modify the budge arNd include an isolated pedestrian walk, I appreciate the town council's charge to be wise stewards of public funds. A, decision to forego the extension of the sidewalk, however, is one' I fear we would all refit. ;,..~ cerely, ~~ es Luek MEMORANDUM TO: Planning and Environmental Commission FROM: Community Development Department DATE: July 11, 2005 SUBJECT: A request for a final review of a text amendment to Section 12-7A-7, Height, Vail Town Code, pursuant to Chapter 12-3, Amendments, to increase the height limitation for a sloping roof from 48' to 56' in the Public Accommodation zone district, and setting forth details in regard thereto. (PEC05-0035) Applicant: Mauriello Planning Group, LLC Planner: George Ruther SUMMARY The applicant, Mauriello Planning Group, is proposing a text amendment to Section 12-7A-7, Height, Vail Town Code, to increase the height limitation for a sloping roof from 48' to 56' in the Public Accommodation zone district, and setting forth details in regard thereto. Based upon Staffs review of the criteria in Section V of this memorandum and the evidence and testimony presented, the Community Development Department recommends the Planning and Environmental Commission forwards a recommendation of approval with modifications to the Vail Town Council for the proposed text amendment, subject to the findings noted in Section VI of this memorandum. DESCRIPTION OF THE REQUEST The intent of this application is to amend the building height limitation for development located within the Public Accommodation (PA) zone district. The applicant, Mauriello Planning Group, is proposing a text amendment to Section 12-7A-7, Height, Vail Town Code, to increase the height limitation for a sloping roof from 48' to 56' and fora flat roof from 45' to 53', in the Public Accommodation zone district. Currently, Section 12-7A-7, Height, Vail Town Code, limits the maximum allowable height for buildings with sloping roofs to forty-eight feet (48') and forty-five feet (45') for flat or mansard roofs in the Public Accommodation zone district. In order to facilitate the adoption of the proposed text amendment, staff has identified several other amendments which should also be considered for inclusion into an amending ordinance. Each of the additional amendments is described below: The proposed text amendments to Title 12, Zoning Regulations, Vail Town Code, are as follows (deletions are shown in strileeg# additions are shown in bold): 12-7A-7: HEIGHT: For a flat roof or mansard roof, the height of buildings shall not exceed #sr#~re f°°rcc~v7 fifty three feet (53'). For a sloping roof, the height of buildings shall not exceed f^~*~~ °~^~' f°°~ ~~ fifty six feet (56'). 12-2-2: DEFINITIONS: Roof, Sloping: A shed, gabled, hipped, or similar roof form with a pitch of at least one foot of vertical rise over four feet of horizontal distance measured in the direction of the pitch. Roof, Flat: A roof with a pitch less than one foot of vertical rise over four feet of horizontal distance measured in the direction of the pitch. III. BACKGROUND The specific building height provision of Section 12-7A-7, Vail Town Code, was originally adopted by Ordinance No. 8, Series of 1976. According 'to Town records, at the time of the original adoption, the maximum allowable building height in the Public Accommodation zone district was 45 feet, regardless of roof type. The maximum allowable building height limitation was amended pursuant to Ordinance No. 37, Series of 1980. Pursuant to Ordinance No. 37, among other revisions, the maximum allowable building height in the Public Accommodation zone district was increased from 45 feet to 48 feet for sloping roofs, and 45 feet for mansard or flat roofs. In 1991, the Vail Town Council adopted the DEVELOPMENT CODE REVISION REPORT, Phase I, "An Assessment of the Town of Vail Zonin_g Code and Recommendations for Action" The purpose of this report was to analyze the regulations prescribed in the Town of Vail Zoning Regulations and make recommendations for improvements. Upon review of the development standards prescribed for the district, the report recommends amendments to the density control provisions. It makes no reference or recommendations for amendments to the building height standard. In 1999, the Vail Town Council approved Ordinance No. 23, Series of 1999, which provided for a comprehensive amendment to each of the development standards prescribed for the Public Accommodation zone district with the exception of building height. Amendments to the building height limitation were considered at the time, however, it was determined that the maximum building height should not be amended. In 2003, Bob Lazier, represented by Jay Peterson, proposed a text amendment to Section 12-7A-7 (Height) of the Vail Town Code. The amendment was intended to increase the maximum allowable building height of structures built in the Public Accommodation zone district from 48 feet to 56 feet for buildings with 2 sloping roofs and from 45 feet to 53 feet for buildings with flat or mansard roofs. Following a worksession discussion with the applicant, the PEC and the Town Council, the applicant withdrew the text amendment application and submitted a development application to establish a special development district (SDD). As a result, SDD #37, Tivoli Lodge, was created. The Tivoli Lodge was approved with a maximum building height of 56'. According to the Official Zoning Map, there are sixteen properties in the Town of Vail zoned Public Accommodation. These properties are generally located around the periphery of the village commercial core area and include the Austria Haus'', Bavaria Haus, Chateau at Vail (Holiday Inn)*, Christiania Lodge*, First Bank of Vail, Galatyn Lodge*, Mountain Haus, 9 Vail Road (Holiday House), Ramshorn Condominiums*, One Willow Bridge Road`, Roost Lodge, Talisman, Tivoli Lodge'', Vail Athletic Club"`, Vail Village Inn*, and Villa Valhalla. Of these sixteen properties, nine have received approvals for special development districts or were granted a height variance and have been identified with an asterisk ('"). IV. ROLES OF REVIEWING BODIES Order of Review: Generally, text amendment applications will be reviewed by the Planning and Environmental Commission and the Commission will forward a recommendation to the Town Council. The Town Council will then review the text amendment application. Planning and Environmental Commission: The Planning and Environmental Commission is responsible for the review of a text amendment application, pursuant to Section 12-3-7, Amendment, Vail Town Code, and forwarding of a recommendation to the Town Council. Design Review Board: The Design Review Board has no review authority over a text amendment to the Vail Town Code. Town Council: The Town Council is responsible for final approval, approval with modifications, or denial of a .text amendment application, pursuant to Section 12-3-7, Amendment, Vail Town Code. The Town Council has the authority to hear and decide appeals from any decision, determination, or interpretation by the Planning and Environmental Commission and/or Design Review Board. The Town Council may also call up a decision of the Planning and Environmental Commission and/or Design Review Board. Staff: The Town Staff facilitates the application review process. Staff reviews the submitted application materials for completeness and general compliance with the appropriate requirements of the Town Code. Staff also provides the Planning and Environmental Commission a memorandum containing a description and background of the application; an evaluation of the application in regard to the criteria and findings outlined by the Town Code; and a recommendation of approval, approval with modifications, or denial. V. REVIEW CRITERIA The review criteria and factors for consideration for a text amendment application are established by the provisions of Section 12-3-7, Amendments, Vail Town Code. According to the Vail Town Code, the following review criteria shall be used to evaluate a text amendment to the Zoning Regulations, 1. The extent to which the text amendment furthers the general. and specific purposes of the Zoning Regulations; and, Staff believes this text amendment furthers the general and specific purposes of the zoning regulations. The„general and specific purposes of the Zoning Regulations can be found in Chapter 1 of the Title 12 of the Vail Town Code. According to Section 12-1-2, Purpose, Vail Town Code, the general and specific purposes of the Zoning Regulations are, "These regulations are enacted for the purpose of promoting the health, safety, morals, and general welfare of the Town, and to promote the coordinated and harmonious development of the Town in a manner that will conserve and enhance its natural environment and its established character as a resort and residential community of high quality." And, "These regulations are intended to achieve the following more specific purposes: 1. To provide for adequate light, air, sanitation, drainage, and public facilities. ' 2. To secure safety from fire, panic, flood, avalanche, accumulation of snow, and other dangerous conditions. 3. To promote safe and efficient pedestrian and vehicular traffic circulation and to lessen congestion in the streets. 4. To promote adequate and appropriately located off-street parking and loading facilities. 5. To conserve and maintain established community qualifies and economic values. 6. To encourage a harmonious, convenient, workable relationship among land uses, consistent with Municipal development objectives. 7. To prevent excessive population densities and overcrowding of the land with structures. 8. To safeguard and enhance the appearance of the Town. 9. To conserve and protect wildlife, streams, woods, hillsides, and other desirable natural features. 10. To assure adequate open space, recreation opportunities, and other amenities and facilities conducive to desired living quarters. 11. To otherwise provide for the growth of an orderly and viable community. " 4 Upon review of the stated general and specific purposes of the Zoning Regulations, staff believes that the proposed text amendment complies with the general purpose of the Zoning Regulations and with numbers 1, 5, 6, 8, and 11 of the list outlined above. Staff does not believe that the other six specific purposes are directly related to the proposed text amendment. A review of the Town's records indicates that there are sixteen properties in the Town of Vail with a zoning designation of the Public Accommodation (PA). Of the sixteen properties, more than one-half (9) have recently undergone some form of redevelopment. For example, Four Seasons (aka Holiday Inn), Vail Plaza Hotel, One Willow Bridge Road (aka Swiss Chalet), Tivoli Lodge, Vail Mountain Lodge, etc., have all recently received approvals for redevelopment which included increases in building height over 48 feet. 2. The extent to which the text amendment would better implement and better achieve 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, Staff believes this text amendment will better implement and achieve the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan by more realistically acknowledging the development trends within the resort community environment. For example, according to the Vail Village Master Plan, Objective 1.2, the Town shall "encourage the upgrading and redevelopment of residential and commercial facilities" and Policy 2.3.1 states, "the development of short term accommodation units is strongly encouraged." In order to achieve these objectives and policies the Town's regulations must keep pace with changes in the market. Staff believes that in the instance of building height the Town's standards have not kept pace with the changes in the market. For. example, a .nine foot floor=to floor section is used in the Vail Village Master Plan to determine the allowable number of stories of buildings within the plan area. As demonstrated by the recent redevelopment of the Austria Haus, a nine foot floor-to-floor section results in a building containing 7'- 6" ceiling heights in areas such as hallways, bathrooms, and kitchens. These areas contain lower ceilings due to the need to provide for heating, cooling, and venting. In the end, development may meet the technical requirements of the Town's regulations but fails to adequately address the goals, objectives and policies of the Town's master planning documents. The Town's comprehensive planning documents, zoning regulations, and recent development approvals appear to be in conflict with one another. For instance, the Vail Village Master Plan Conceptual Building Height Plan suggests building height in terms of "building stories" and defines a "building stork' as "...9 feet of height (no roof included). Exact height restrictions will be determined by zoning." However, the Town has acknowledged the need for taller "building stories" (ie, Lionshead) and i granted approval of projects with floor to floor heights of 11 feet. Given that nine development applications have been approved by the Town for redevelopment projects within the Public Accommodation zone district in the recent past, it could be reasonably inferred that these approvals met the development objectives of the Town. All nine of these approvals exceeded the maximum height limitation prescribed in the Public Accommodation zone district. With the issue of precedence set aside, each of these projects was reviewed for compliance with factors such as impact on building bulk and mass and the effects that may have on the character of the area, impacts on the availability of light and air to surrounding uses, impacts on sun/shade on adjacent properties and public spaces, impacts on views from public spaces and established view corridors, impacts on the enclosure of streets and spaces between buildings, and impact on the urban design considerations with respect to the height of roof eaves and overhangs and the presence of flat roofs and parapet walls. 3. The extent to which the text amendment demonstrates how conditions have substantially changed since the adoption of the subject regulation and how the existing regulation is no longer appropriate or is inapplicable; and, Staff believes .that the existing maximum allowable building height limitation is outdated and in need of amending due to changes in conditions within the resort development industry. The existing height limitation is over 25 years old and may no longer be appropriate or applicable in today's resort community environment. A review of the most recent redevelopment approvals granted by the Town of Vail illustrates a need to increase the maximum building height allowance in order to achieve the Town's development objectives. With the exception of the Sonnenalp Hotel addition, no development or redevelopment project located in the Public Accommodation zone district complies with the 48 foot maximum building height limitation. As was discussed at length during the Lionshead Redevelopment Master Plan process, industry standards and guest expectations for lodging units have increased since the Public Accommodation development standards were adopted. Two-hundred fifty square foot rooms with seven and one- half foot ceilings no longer meet the expectations of our resort guests. In response to these changes in standards and expectations, an increase in floor-to-floor sections was factored into the determination of the maximum allowable building height standard in the Lionshead Mixed Use-1 zone. district. A ten foot to eleven foot floor-to-floor building section has become the norm in the hotel development industry. When four stories of buildings with eleven foot floor-to-floor sections are constructed with a sloping roof of approximately twelve feet in height, the resulting building exceeds 48 feet j4 stories X 11 foot floor section + 12 foot roof height = 56 feetJ. An increase in maximum allowable building height to 56 feet better accommodates the needs and expectations of the resort development industry and addresses the change in conditions since the last amendment was adopted in 1980. 4. The extent to which the text amendment provides a harmonious, convenient, workable relationship among land use regulations consistent with municipal development objectives; and, According to the Official Town of Vail Zoning Map, properties zoned Public Accommodation are generally located around the periphery of the village commercial core area. Further, the Vail Land Use Plan designates the village commercial core area.as "Vail Master Plan': Pursuant to the Vail Land Use Plan, the Vail Master Plan designation indicates the Village Core Area where development and growth is guided by the goals, objectives and policies as outlined in the Vail Village Master Plan (adopted November 18, 1986). An exception _ to the general spatial location of the Public Accommodation zone district around the periphery of the village commercial core area is the Roost Lodge. The Roost Lodge is located at 1783 North Frontage Road. According to the Vail Land Use Plan, the Roost Lodge has a land use designation of "Medium Density Residential" Staff believes this text amendment will ensure a harmonious, convenient, workable relationship among land use regulations consistent with the Town's development objectives. While it is true that the absolute height of buildings located in the Public Accommodation zone district will increase by 8 feet or 16%, the increase will likely have minimal impacts on adjoining land uses. Past redevelopment approvals have demonstrated that the increase in height granted as a result of a variance approval or a special development district approval did not necessarily result either an increase in density or site .coverage, or a reduction in landscape area or setbacks. The recent approval of the Tivoli Lodge is an example of where an increase in building height to fifty six feet did not result in substantial impacts to the remaining development standards of the zone district. . VI. STAFF RECOMMENDATION The Community Development Department recommends that the Planning and Environmental Commission forwards a recommendation of approval with modifications to the Vail Town Council of a proposed text amendment to Section 12-7A-7, Height, and Section 12-2-2, Definitions, Vail Town Code, to increase the height limitation for a sloping roof from 48' to 56' in the Public Accommodation zone district, to define the terms "sloping roof' and "flat roof', and setting forth details in regard thereto. This recommendation is based upon the review of the criteria outlined in Section V of this memorandum and the evidence and testimony presen#ed. Should the Planning and Environmental Commission choose to forward a recommendation of approval to the- Vail Town Council for the proposed text amendment, the Community Development Department recommends the Commission pass the following motion: "The Planning and Environmental Commission forwards a recommendation of approval to the Vail Town Council of a proposed text amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to Section 12-7A-7, Height, Vail Town Code, to increase the height limitation for a sloping roof from 48' to 56' in the Public Accommodation zone district, and setting forth details in regard thereto. " Should the Planning and Environmental Commission choose to forward a recommendation of approval to the Vail Town Council for the proposed text amendment, the Community .Development Department recommends the Commission makes the following findings: "Based upon the review of the criteria outlined in Section V this memorandum, and the evidence and testimony presented, the Planning and Environmental Commission finds: 1. That the amendment is 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 2. That the amendment furthers the general and specific purposes of the Zoning Regulations outlined in Section 12-1-2, Purpose, Vail Town Code; and 3. That the amendment promotes the health, safety, morals, and general welfare of the Town and promotes the coordinated and harmonious development of the Town in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality." MEMORANDUM TO: Planning and Environmental Commission FROM: Community Development Department DATE: June 27, 2005 SUBJECT: A request fora recommendation to the Vail Town Council of an amendment to the Lionshead Redevelopment Master Plan, pursuant to Chapter 2, Section 2.8, Lionshead Redevelopment Master Plan, to amend the boundaries of the study area to include Evergreen Lodge, located at 250 South Frontage Road West, Lot 2, Block 1, Vail Lionshead Filing 2, and setting forth details in regard thereto. (PEC05-0048) Applicant: Evergreen Lodge at Vail, represented by HB Development Company Planner: George Ruther DESCRIPTION OF THE REQUEST The applicant, Evergreen Lodge at Vail, represented by HB Development Company, is requesting a public hearing with the Town of Vail Planning & Environmental to present an amendment to the Lionshead Redevelopment Master Plan. The proposed amendment amends the boundaries of the study area to include the Evergreen Lodge, located at 250 South Frontage Road, and Chapter 5, Detailed Plan Recommendations, of the Plan to include detailed recommendations for the Evergreen Lodge site. The purpose of the amendment is include the Evergreen lodge site into the study area prescribed by the Lionshead Redevelopment Master and to adopted detail plan recommendations for the site: The purpose of the amendment, however, is. NOT to amend or otherwise alter the overall goals, objectives and policies as stated in the Master Plan. This amendment is being proposed and shall be considered in accordance with Section 2.8. Adoption and Amendment of the Master Plan Lionshead Redevelopment Master Plan. BACKGROUND On June 4, 1996, the Vail Town Council approved a request from Vail Associates to enter into a joint, study and evaluation of the feasibility of a public/private partnership for the redevelopment of Lionshead, and thus initiated the creation of the Lionshead Redevelopment Master Plan. One of the first steps in the creation of the Master Plan was to evaluate and identify the boundaries of the area to be influenced by the Plan. The boundaries of the were later identified to be Middle Creek on the east, the north side of the South Frontage Road right of way on the north, Red Sandstone Creek on the west and the northerly edge of Forest Road on the south, with the exception of the residential development on Beaver Dam Circle and West Forest Road. On .December 15, 1998, the Vail Town Council adopted the Lionshead Redevelopment Master Plan. A primary goal of the Master Plan was to establish a new zone district which would further the goals, policies and objectives outlined in the Master Plan. On February 7, 2002, Evergreen Lodge at Vail, LTD, submitted an application to the Town of Vail Community Development Department proposing an amendment to boundaries of the Lionshead Redevelopment Master Plan Study Area to include the Evergreen Lodge and the Vail Valley Medical Center sites. Due to the inability to reach consensus regarding development options and opportunities with the between the two property owners, the application was later withdrawn by the applicant. The Evergreen Hotel is currently zoned Special Development District No. 14 with an underlying zoning of High Density Multiple Family. The Special Development District was created in 1986, by Ordinance No. 5, Series of 1986. In 1989, Ordinance No. 7, Series of 1989, was approved which allowed for amendments to Special Development District No. 14. In 1990, the Town Council approved Ordinance No. 1, Series of 1990, to allow for amendments to the development plan. Only portions of the Special. Development District approvals have been J constructed. The hotel currently includes 128 accommodation units, 19 dwelling units, a restaurant, lounge, spa, and meeting room/conference facility space III. PROPOSED MASTER PLAN AMENDMENT The applicant is proposing to amend both the Lionshead Redevelopment Master Plan study area map (Map A) and Chapter 5, Detailed Plan Recommendations of the Plan to include detail recommendations for development on the Evergreen Lodge site. While not yet complete, the applicant has submitted a copy of the proposed text to be included in Chapter 5 of the Plan. The proposal as currently submitted includes recommendations for the Vail Valley Medical Center site as well as the Evergreen Lodge. Since the Vail Valley Medical Center is no longer included in this application, all references to the Medical Center must be removed from the applicant's materials. A copy of the applicant's proposal is attached for reference (attachment A). Amendments to the Lionshead Redevelopment Master Plan require a public hearing review process as outlined in Section 12-3-6 of the Town Code. If approved, amendments are adopted by resolution by the Vail Town Council. According to the Lionshead Redevelopment Master Plan, amendments to the Master Plan must address the following review criteria: How conditions have changed since the plan was adopted? The Lionshead Redevelopment Master Plan was adopted in December of 1998. The study area, as currently defined in the Master Plan is generally defined by the following features: 2 • On the north by I-70 • On the east by Middle Creek (west of the Vail Valley Medical Center) • On the south by the Town of Vail boundary (south of Forest Road, not including single-family lots) • On the west by Red Sandstone Creek (east of the Glen Lyon Office Building.) The lack of an adequate pedestrian connection between Lionshead and the Vail Village was identified early in the master planning process. The primary solution to this connection issue was focus on the Town of Vail Streetscape Master Plan's recommendations for West Meadow Drive. While recognizing that the implementation for the streetscape along West Meadow Drive is of extreme importance, redevelopment of the Evergreen Hotel and the Vail Valley Medical Center were not necessarily considered at the time. The Evergreen Hotel is adjacent to the Vail International and Dobson Arena, both included. in the study area. The Evergreen Lodge is not included within the study area of the Vail Village Master Plan, and is therefore subject only to the Design Guidelines as outlined in Title 14 of the Town Code. The existing Evergreen Hotel is an extremely visible, prominent building in the Town's overall landscape. Staff believes that with the proposed redevelopment of the Evergreen, it is imperative that the site be included in the Lionshead Redevelopment Master Plan, and as such, will be subject to the site and architectural design guidelines outlined in Chapters 6, 7, and 8 of the Lionshead Redevelopment Master Plan. How the plan is in error? The Lionshead Redevelopment Master Plan may be in error in this situation. The error results from omitting the Evergreen Lodge site from the study area. The site adjoins the east of the eastern boundary of the Lionshead Redevelopment Master Plan study area, and the site is an important connecting piece between Vail Village and Lionshead. According to the Vail Land Use Plan, both Vail Village and Lionshead. are intended to be the primary locations for hotels and commercial uses for the mountain. Staff believes that since the Evergreen Lodge site is not currently located within one of these two important master planned areas, the Plan is in error. How the addition, deletion or change to the plan is in concert with the plan in general? The Vail Land Use Plan designates this property as "Resort Accommodations and Service° which is consistent with the designation for Lionshead (portions also designated as Tourist Commercial). The Vail Land Use Plan defines "Resort Accommodation and Service" as: This area includes activities aimed at accommodating the overnight and short term visitor to the area. Primary uses include hotels, lodges, service stations, and parking structures (with densities up to 25 dwelling units or 50 accommodation units per buildable acre.) These areas are oriented toward vehicular .access from I-70, with other support commercial and business services included. Also allowed in this category, would be institutional uses and various municipal uses. As this designation is consistent with the Vail Land .Use Plan designations for much of Lionshead, staff believes that the addition of the Evergreen Hotel site within the Lionshead Redevelopment Plan is compatible with the Vail .Land Use Plan. The Lionshead Redevelopment Master Plan has identified the following policy objectives which staff believes area applicable to this application: 2.3.1 Renewal and Redevelopment Lionshead can and should be renewed and redeveloped to become a warmer, more vibrant environment for guests and residents. Lionshead needs an appealing and coherent identity, a sense of place, a personality, a purpose, and an improved aesthetic character. 2.3.3 Stronger Economic Base Through Increased Live Beds In order to enhance the vitality and viability of Vail, renewal and redevelopment in Lionshead must promote improved occupancy rates and the creation of additional bed base ("live beds" or "warm beds') through new lodging products. 2.3.4 Improved Access and Circulation The flow of pedestrian; vehicular, bicycle and mass transit traffic must be improved within and through Lionshead. 2.3.5 Improved Infrastructure The infrastructure of Lionshead (streets, walkways, transportation systems, parking, utilities, loading and delivery systems, snow removal and storage capacity) and its public and private services must be upgraded to support redevelopment and revitalization efforts and to meet the service expectations of our guests and residents. Staff believes that amending the boundaries of the Lionshead Redevelopment Master Plan study area to include the Evergreen. Lodge site into the Lionshead Redevelopment Master Plan is in concert with the policy objectives of the Plan. IV. STAFF RECOMMENDATION The Community Development Department recommends that the Town of Vail Planning & Environmental Commission directs staff to prepare all the necessary amendments to the Lionshead Redevelopment Master Plan to facilitate the requested change in the study area boundary and the inclusion of the Evergreen Lodge into the detail plan recommendations of the Master Plan. 4 ~1! ±I I~ PMKW09TNUCTUg2 ! _ L~t~~ ~1~ ~// /~/~ ~` _ ^---.-.._- _. _~ ' . ~~'.~ I-70 R.O.W. LI4NSHEAD Rf:D_EVELOPivIF.NT Ivi A S _T ~R ~Y _L__A_ DESIGN WORKSHOP -_~=`~~ ~? ~ ~ ~,~ ~ SOUTH FRONTAGE ROAD CONNECTION TO CASCADE VILLAGE AND WEST VAIL APPENDIX GEVERGREEN-MEDICAL CENTER APPENDIX G Evergreen -Medical Center G.1 General 07 FEB 02 The Evergreen Lodge and Medical Center sites represent areas within the town of Vail that are both physically, economically, and visually connected to areas within the Lionshead Redevelopment Plan. The two sites represent an opportunity for redevel- opmentwithin the fi-amework of an existing plan and long term vision that would encourage the upgrading of deteriorating public and private facilities to meet the needs of a growing population and an increasingly competitive tourist industry. G.2 Existing Conditions G.2.1 The Evergreen Lodge The Evergreen Lodge study area is located directly east of Middle Creek and is bordered to the north by the South Frontage Road, and to both the south by the Medical Center, and to the east by the WestStar Bank off ce complex.. The lot area is 114,337 square feet or 2.625 acres. Physical improvements that currently exist on the site are a nine story stucco hoteUcondominium structure with an adjoining two story hotel facilities wing, two below-grade structured parking garages, and paved surface parking. The nine story structure has apredominanteast-west orientation along the southerly edge of the site while the facilities wing has anorth-south orien- tationalong the western edge of the site. The eastern parking garage is uti lized by the Medical Center for employee parking and is access from the South Frontage Road through a shared entry/exit with the WestStar Bank complex. (Photo Cz 1). Pl~oro G. I ;~ ~~. ~I it '•.i ~ IZI f)L\ I:LOPMENT M:\STER PLAN PAGE ~i-1 07 FEB 02 APPENDIX G EvEItGREEN -MEDICAL CENTER The property is currently privately owned and is zoned as a Special Development District. The underlying zoning is defined as aHigh Density Multi-Family District. The existing development contains 128 short term accommodation units and 19 individually owned dwelling units consisting of 73,577 Gross Residential Square Feet. The existing development also contains a restaurant, lounge, spa, and meeting space incidental to the operation of the Lodge. High Density Multi-Family Zoning allows for an overall roofheight of forty eight feet, (45' flat roof). The current roof stands at eighty nine feet, a deviation of forty one feet from the underlying zoning. Although the site borders the Middle Creek Stream Tract, there is no significant amount of quality vegetation on the site, and the parcel lies out of the 100 year flood plain. The site is currently accessed by vehicles from the South Frontage Road from two, two-way access points. Service functions for the hotel are accommodated on grade from the westerly entrance. There is can ently a four foot wide, gravel, pedestrian path located along the southern edge of the lot connecting a existing parking areas to the east with the "Dobson" recreation path at Middle Creek. There aze currently no pedestrian improvements located along the South Frontage Road. G.2.2 The Medical Center The Medical Center is located on two parcels of land north of West Meadow Drive, east of the Middle Creek Stream Tract, and west of the 141 West Meadow Condominium and WestStar Bank office complex. The lot area is 166,007 square feet or 3.811 acres. Physical improvements currently approved for the site include a three story brick medical facility, structured parking garage, and paved surface parking lot. The medical facility has aneast-west orientation that fronts West Meadow Drive along the southern edge of the site. The property is privately owned and zoned as a General Use District. All develop- ment standazdswithin the General Use Zoning District including building height, setbacks, density, site coverage, l W ~ ci~caping, and parking are prescribed by Planning and Environmental Commission. The approved gross square footage, (currently under construction), is 169,450 square feet. The approved building height is fifty one feet. The medical center is currently acc~~sed from West Meadow Drive for Outpatient/ Emergency services wit11 employees accessing structured parking across an existing easement from the South Frontage Road. An existing bus stop and primary pedes- PAGE G-~ LIUNSHEAD REDEVELUP~IENT MASTER PLAN APPENDIX GEVERGREEN-1VIEDICAL CENTER 07 FEB 02 trian route is located along the north side of West Meadow Drive. The parcel contains no significant landscaping or natural features and a small portion of the parcel lies within the 100 year flood plain. A legal easement at the southwest comer ofthe site limits the height ofany improve- ments inthis area without the consent ofthe Evergreen Lodge. G.2.3 The Town Parcel The Town Parcel lies directly to the south and west of the Medical Center and north ofthe West Meadow Drive right of way. The property is owned by The Town of Vail and is zoned as a General Use District. There are no substantial physical improvements located on the site and is can-ently utilized as surface parking bytown employees and the medical center. The parcel contains no significant landscaping or natural features with portions of the parcel lying within the 100 year flood plain. The Town Parcel is located at a point that represents a significant transition zone within the town both in terms a transit and scale. TIn terms of transit, area is one in which a variety of networks collide including pedestrian, public transit, emergency, the roadway transitions from the wider two lane "public" roadway to a limited access single width roadway that is accessed primarily by the public transit system, emergency vehicles, and pedestrians. In addition, three heavily trafficedpedestrian/ recreation paths collide in this general area. The Gore Creek Recreation path lies to the southwest ofthe public right ofway, the "Dobson" recreation path lies to the northwest ofthe right of way, and pedestrians, bicyclists, and vehicles currently mix along the north side of West Meadow Drive. [n terms of use, scale, and density the Town Parcel represents a transition from civic areas to the west containing the library, ice arena, and large amounts of open space, to the higher density "transition" zone to the northeast containing the Medi- cal Center and the Evergreen Lodge, and to the south a low density residential zone containing smaller homes tucked within stands of large coniferous trees. Tl~e current space, including the existing cul-de-sac witltin the right ofway is too expansive and lacks any definitive edge or definition as a portal. (~2.~ The Middle Creek Tract ~fl~e Middle Creek Tract lies to the west ofthe Evergreen Lodge and Town parcel. ~\ ithough the site is part of tl~e original study area in the Lionshead Redevelopment Master Plan, it is referenced here because ofit's proximity to the enlarged study I ;~ ~~,;,~ .~ ~ I:i i>i.~~~:t.c»~-iE~T M,~s~ i:it P[.:~N P.~acE.G-3 o~ Fes oz APPENDDC G EVERGREEN -MEDICAL CENTER area and as an opportunity to provided for detailed recommendations. The Middle Creek Tract is owned by The Town of Vail property and zoned as a Natural Area/ Preservation Distr ict. Much of the parcel lies within the 100 year flood plain. The tract is heavily veg- etatedwith some substantial deciduous trees and a low quality layer of thick under- brashthat obscures views of and along Middle Creek from surrounding properties. Pedestrian and vehiculaz bridges cross the creek at the southern end of the pazcel with a paved recreation pathway running along the edge ofDobson IceArena. Several pedestrian, "social" trails that connecting the South Frontage Road and the "Dobson" recreation trail have developed over time. PAGE G-~ LIONSHEAD REDEVC-LOP;~IENT MASTER PLr\N f~PPENDIX Cr EVERGREEN-MEDICAL CENTER 07 FEB 02 IUU YE.~\R }TLOOD PLAIN Eris~ing Concliriurrs -Diagram G.1 LIC TRANSIT STOPS T h1EADOW DR[VE R1h1ARY PCDF_STRIAN \YALK -. - - -_c -- _.: PEDESTRIAN PATH FII(E AC'CI:SS l.ll I~~I II ',I> IZI I11 ~'f~:LUP~IEVT MASTER PLA\ PA(iI: V-5 07 FEB 02 APPENDIX G EVERGREEN -MEDICAL CENTER G 3 Plan Recommendations X3.1 The Evergreen Lodge Redevelopment of the existing or new structures should be encouraged to help defer costs of any proposed improvements and to improve the architectural character of the Evergreen Lodge. The vehicular access to the Evergreen Lodge from the South Frontage Road should be realigned and coordinated with the Medical Center to provide for improved safety. Improvements should incorporate a grade separated pedestrian walk, improved grades at access points, greater sight distances, and possible realignment of the South Frontage Road. Pazking and loading for the Evergreen Lodge should occur underground or be hidden from public view. With realignment of the vehicular access points, attention should be given to the location of service and pazking azeas. An additional level of structured parking at the can ent Frontage Road level would help to minimize the appazent height of the existing or future structures, decrease the grade at existing access points, increase the amount of landscaping on the surface of the structure, and hide service functions below grade. The pedestrian experience along the pedestrian easement along the southem prop- ertyline should be improved. The existing pedestrian path should be improved both in terms of physical appearance and location. The existing gravel path should be improved to a suitable surface and width to accommodate pedestrians comfortably.. The pathway should connect the West Meadow Drive pedestrian systems with proposed pedestrian improvements on the South Frontage Road. The eastern end of the path should be coordinated with proposed improvements at the Medical Center entry to give both a logical connection point and to minimize potential vehicular/pedestrian conflicts. Attention should be given to grading and landscaping along the proposed medical center parking structure along the southem edge of the site. The height of the existing or new structures should be minimized through the use of the Lionshead Redevelopment Master Plan Site Design Guidelines. The existing east-west orientation should be minimized. Any future development should be focused along the Middle C~-~ •: ~ ~;~:ndor with multiple breaks and vertical steps in the building to help minimise t17~ iii r ik ofthe project. Areas tazgeted for redevelop- mentare the northwest corner o~'tlu: lodge pazcel and the southwest comer of the Medical Center parcel. The southwest corner of the Medical Center site has been identified For a possible land trade with the Medical Center. Any redevelopment in this area should have a pedestria; ~ ui ; .: ;;stion such as food/beverage or retaiU PAGE G-6 LIUNSHEAD REDEVELOPMENT M.~\STER PLr\N APPENDIX GEVERGREEN-MEDICAL CENTER 07 FEB 02 commercial along West Meadow Drive. G.3.2 The Medical Center Redevelopment of the existing or new structures should be encouraged to help defer costs ofanyproposed improvements, to improve the architectural characterofthe Medical Center, and to provide for the medical needs of a growing population. All vehicular access to the Medical Center for including outpatient services, emer- gencyservices, and deliveries should occur the area of the existing easement and parking structure along the South Frontage Road. Removing these vehicles would eliminate a substantial amount of vehicular traffic along West Meadow Drive, potential for pedestrian/vehicular conflicts, and substantially improve the residential character of that roadway. Any improvements should be coordinated with the WestStar Bank access points, proposed realignment of the South Frontage Road, and proposed pedestrian systems through the Evergreen Lodge site. This area has been identified for a potential land trade with the Evergreen Lodge. Surface parking areas should be eliminated from pedestrian orientated areas along West Meadow Drive. Existing surface parking at the southwest corner of the parcel should be relocated into a parking structure integrated into a comprehensive access and parking plan. This is an area that has been identified as an area for a potential land trade with the Evergreen Lodge. West Meadow Streetscape improvements should be incorporated along with architectural improvements to the Medical Center to create a visually interesting pedestrian experience. Care should be given to improve the residential character of the roadway along the southern edge and maintain a safe separation of pedestrian, bicycles, and vehicles. G.3.3 Town Parcel The town parcel is located at a crossroads of several pedestrian and vehicular networks. As such, it physically must accommodate the conflicting tragic patterns of pedestrians, bicycles, and vehicles. The existing cul-de-sac should be relocated to the northwest acting as a termination or transition space for the various circulation networks that are located within the area. By relocating the cul-de-sac and Gore Creek recreation path to the northwest, a buffer would be created between tl~e existing low density homes to the southeast ar-d the heavily traveled circulation networks, visibility and waiting areas for buses waiting to enter the library/ice arena gate would be significantly improved, and a single area would be designated, located west of"public" auto areas for pedestrian transitions instead of at multiple I.i~ ~~~I II ~,I ~ IZi.(>L:VFLUP~tENT Mf\STER PLAN ~ PAGE G-7 07 FEB 02 APPENDIX G EVERGREEN -MEDICAL CENTER locations along the roadway. Additionally, the concept of ariEast Lionshead Pedestrian Portal would berein- forcedthrough all of the networks terminating ortransitioning in one, identifiable location that should be significantly different in scale, feel, and detail to the to the connecting trails, paths, and roadways. Relocation and/oradditionalpuhlic art should be considered in this location in order to visually reinforce the identity of this public plaza. In addition, a visual connection to the natural environment should be maintained from the proposed plaza thought the adoption of a view corridor south to the mountain. (Seephoto C2). Photo Q2 G.3.4 Middle Creek Tract Improvements within the Middle Creek tract should be encouraged in order to foster a physical connection to the natural environment. These improvements should include but not be limited to removing the thick layerofunderbrush and creation of a low impact trail system connecting existing pedestrian networks to the proposed pedestrian networks along the South Frontage Road. Preservation of the natural environment while creating safe, interactive areas for contact with the creek are essential elements to any development of this area. Additionally, interpretive signage and educational opportunities should be considered as part of any recreational improvements in tlus area. P,\GEi G-8 LEONSHEAD REDEVELOPMENT Mf\STER PLAN APPENDIX GEVERGREEN -MEDICAL CENTER 07.FEB 02 Visual environment should be maintained to both to the creek and south along the creek to the ski mountain. Opportunities for view comdors exist at the predominant creek crossings but do not warrant adoption due to the lower volume ofpedestrian use in these areas. (See Photo C3) Photo G3 I.i„~.iii :~i~ IZi.ni~:~~I:LOP~iEi~T~ iVl:»rER PL~~N P.~<cr G-~) _. 07 FEB 02 ___ C"iRANS1T STDPS MIiAUUW URIVC• MARY PEDESTRIAN WALK /~ I-LANDMAkK'PUk'rAL~VIEW ~VEFIICLE GATE ~-PEDCS'fRIAN PATII ~I APPENDIX G EVERGREEN -MEDICAL CENTER , EAST VF.IIIi PGUfiSTR1AN PATH C:IVIC:(:I~VTI~R --- PI:•at u• rkA Nil r s rur P/un Krruarnrcru/ulial~ -Diagram Gc3 ErVD OF,9PPENDIX C rM rtlJ rvli KAMY- PEDESTRIAN PATl1 P.~~GE G-1 O LIONSHEAD REDEVELOPMENT Mt\STER PLr\~ PHYSICAL ADDRESS 1. 272 West Meadow Drive 2. 252 West Meadow Drive 3. 232 West Meadow Drive 4. 212 West Meadow Drive 5. 182 West Meadow Drive 6. 162 West Meadow Drive 7. 141 West Meadow Drive 8. 300 West Lionshead Circle 9. 268 Lionshead Circle 10. 108 Suuth Frontage Road 1 1. 181 West Meadow Drive PARCEL ID OWNER(S) OWNER'S NUMBER . ~ ADDRESS 210107101024 James U. King, Jr. 11931 Wickchester Ln, Suite 401, Houston, TX 77043 210107101002 H.F. Kepner, 310 Jasmine St A.D. Haley Denver, CO 80220 M. Martz R & R Holman M. Beauregard 210107101004 Mervyn Lapin 232 West Meadow Dr Vail, CO 81657 210107101005 Irving J. Shwayder 1900 E. Girard PI #1501 Englewood, CO 80110 210107101006 Maud B. Duke 5550 S. Steele St. Qualified Personal Littleton, CO 80121 Residence Trust 210107101008 Richard A. Eddy 162 West Meadow Dr Vail, CO 81657 210106407009 Town of Vail c/o Finance Dept. 75 S. Frontage Road Vail, CO 81657 210106402057 .Vail International 300 E. Lionshead Cir Condo Association Vail, CO 81657 210106407005 Town of Vail c/o Finance Dept. 75 S. Frontage Road Vail, CO 81657 210106408001 Vail 108 Ltd. c/o Weststar Bank Admin Center P.O. Box 1210 Gypsum, CO 81637 210106401020 Evergreen Lodge 250 S Frontage Road At Vail, Ltd. Vail, CO 81657 PHYSICAL PARCEL ID ADDRESS NUMBER 12. 181 West Meadow Drive (Lot E) 210107101013 13.281 South Frontage Road 210106407009 14. 181 South Frontage Road 210106407011 15.249 South Frontage Road 210106408001 16. 300 East Lionshead Circle 17. 141 West Meadow Drive OWNER(Sl ~ : ~ ~~ OWNER'S ADDRESS Vail Clinic, Inc. 181 West Meadow Dr Vail, CO 8167 Town of:Vail c% Finance Dept. 75 S Frontage Road Vail, CO 81657 Town of Vail c% Finance Dept. 75 S. Frontage Road Vail, CO 81657 Vail 108, Ltd. c% Weststar Bank Admin Center P.O. Box 1210 Gypsum, CO 81637 Snowen Smith 300 E Lionshead Cir General Manager Vail, CO S16`- Vail International Condominiums General Manager 141 West Meadow Dr Skaal House Vail, CO 81657 Condominiums Memorandum To: Town Council From: Stan Zemler Judy Camp Date: July 14, 2005 Subject: 2006 Budget -Major Revenue Analysis In accordance with our budget timetable (Attachment A) we are attaching our latest estimate of 2005 projected revenue and proposed revenue for the 2006 budget (Attachment B -Major Revenue Analysis). Impact of Redevelopment We have included the projected impact of major development projects in the 2005 revenue projection and 2006 proposed budget for sales tax, construction permit fees, and real estate transfer tax. Projects included are summarized on Attachment C. Based on our experience in 2004 and May 2005, we have assumed there is no negative impact on sales tax from the Village Streetscape project. We further believe the impact of fewer rooms available from hotel projects is somewhat offset by increased occupancy in other hotels and have therefore reduced the negative impact of hotel construction from what we had previously. Construction permits (building, mechanical, plumbing, electrical and sprinkler) are expected to continue at a strong pace during redevelopment; however timing of these fees is difficult to predict and revenue could change dramatically if a single project is either delayed or comes forward sooner than expected. Additional Assumptions Conference center sales and lodging taxes are based upon a study conducted by Stan Bernstein and Associates in connection with the proposed conference center bond issue. Property tax is based on preliminary assessment numbers from Eagle County adjusted downward because property owners may still appeal their 2005 assessed valuations. Other major revenue items were individually assessed based on trends and information available at this time. Summary Our current proposal shows a total of $41.2 million in 2006 revenue compared with $44.9 million in the 2005 projected, a reduction of $3.7 million. Most of the reduction can be accounted for by grants and reimbursements in the Capital Projects Fund (included on the "All Other Revenue" line of Attachment B),_ which show a reduction of $2.8 million. These items will be looked at in greater detail during the Capital Projects Fund budget review- and as more information becomes available. An additional reduction- of $1.8 million comes from Construction .Fees (construction permits,. plan ,check fees,. and other construction-related fees).. This is because several large projects are in process in 2005 and we have not projected a similar impact in 2006. 050719 Major Revnue Analysis_1 _ 1 _ Version 4 Changes Highlighted Town of Vait Proposed 2006 Budget Timetable Contributions Council criteria discussion 05/03/05 Complete Out of cycle funding requests (if needed) ~ 06/07!05 Complete Deadline for return of packets 07/29/05 Council evaluation of requests and direction for 2006 budget 08/16/05 Budget Guidelines Council discussion of budget timetable 05/03/05 Complete Council discussion of budget philosophies 06/07/05 Complete Guidelines distributed to de artment heads , p 06/15/05 Complete 2005/2006 parking plan recommendation TBD Compensation and benefits discussion 08/16/05 Presentation of 2004 audit report to Council 08/02x05 Budget Preparation Capital budget request for county funds submitted 07/08/05 Complete Staff prepares departmental budgets 06/15/05 to 07!18!05 Council discussion of major revenue items 07/19/05 Town Manager reviews departmental budgets 07%25/05 to 08/12/05 Council decision on major revenue items ~ 08/02/05 Council discussion of Capital plan 08/02/05 Council discussion of RETT plan 08/02/05 Council review of Vail Reinvestment Authority budget 08/16/05 Council review of first draft of 5-year'capital plan 08/16/05 Council review of first draft of 5-year RETT fund 08/16/05 Council review of second draft of 5-year capital plan 09/06/05 Council review of second draft of 5-year RETT fund 09/06/05 Council review of first draft of Town Manager's budget 09/20/05 Council review of second draft of Town Manager's budget . 10/04/0.5 Budget Documentation and. Reporting First reading of 2005-Supplemental Number Two 08/16/05 Second reading of 2005 Supplemental Number Two 09/06/05 First reading. of 2006 budget.ordinance 10/04/05 Second reading of 2006 budget ordinance 10/18/05 First reading of mil levy certification ordinance 11!15/05 First reading of 2005 Supplemental NumbecThree . 11/15/05 First reading-of 2006 Conference Center Budget Ordinance. 1`1/15/05 Second reading of mil levycertification ordinance ~: ;~.. 12/06/05 Second: reading of 2005 Supplemental Number Three- - 12/06/ 05 Second`reading of 2006 Conference Center Budget=Ordinance , 12/06/05 . Mil levy certifcation;deadlne tb Ea Ie Coun ~` ~" 9 tY "~ ` 12/15/05 Budget book ubmission ` . ~ Q1/31L06= Attachment A ' ,, Version 4 Changes Highlighted Attachment A Last year's Basis 310.1.1-00 Retail Sale sTax °310=12-00 Prior Adj .310:13-00 40%: Cap Projects Fund 310.1:400 Sales of Business `'310:15-00 Spec Events r' 310.21-00 Properly Tax ". 310:22-00 delinquent Prop Tax 310;30-00 Specific Ownership Tax - 310.40-00 flat-conservative Ski Lift Tax Franchise Fees rr :.310.51-00; 5% over projectec Public Service ::310:52-00 -flat _ :.C+,west _310.53-00 based~on activi ty= Holy Cross 31054,00 1°k conservative -Cable N 310;71-00,flat Tax Penalty-&Jnterest 310 72-00 Flat Prop.Tax Penalty B~ Int Construction Fees 311.11-00 flat Construction Permits'. 311.21-00 projected:flat , Street Cut Fees/PW Permits ' 311.22-00`5°k projected Design Review Fees 311.23-0Q flat Plan Check Fees ' $11.24.00'. flat ' Food Serv. Pfan 311.25,OOIS%activity PEC~Variance-Fees 311=.26-00 Clean-up Deposit Revenue •311.28-00 flat - WiltCall Insp. Fee - Total Construction Fees Town of Vail Construction Fee Revenue Unaduted Actual 2001 Actual Actual Actuals 2005 To-Date Projection 5-year 2002 2003 2004 Amended 2005 2005 Average 2006 15,411,044 125 345 15,106,799 120 399 14,578,983 107 620 15,466,981 14,621,000 8,795,853 15,146,000 15,142,000 15,243,050 0.6% , (6,765,744) , (4,926,729) , (5,893,821) 60,240 (6,700,095) (5,848,400) 24,562 (3,335,825) (6,373,400) 103,400 (6,132,000) (6 097 220) -4 3% 187,600 4,419 3,245 11,368 2,000 700 51 , , . 10,298 32,964 44,704 42,986 5,746 , 32 700 8,968,543 10,337,85Y 8,840,731 8,881,480 8,772,600 5,492,336 8,772,600 , 9,197,800 9,145,830 4.3% 2,420,327 1 959 2,629,445 660 2,667,154 2,466,313 2,473,458 2,010,384 2,473,458 2,531,300 2,685,000 8.6% , 184,362 169,805 342 155,246 1,344 153,837 164,000 651 67,135 1,000 153,837 1,100 163 400 164 000 8 8% 2,145,587 2,344,921 2,273,055 2,496,162 2,438,000 2,067,798 2,500,000 , 2,351,900 , 2,567,500 . 2.7% 132,916 46,579 90,363 39 403 91,414 42 415 144,475 40 136,500 114,713 150,000 121,800 150,000. 0.0% 309,277 , 305,966 , 303,753 ,715 323,357 43,000 325,000 19,013 119 064 40,000 325 000 41,800 313 500 40,000 3 00 0.0% 139,654 628 426 144,640 580 372 155,293 592 875 167,992 6 155,000 , 44,082 , 155,000 , 152,500 25, 0 155,000 0.0% 0.0% , , , 76,539 659,500 296,872 670,000 629,600 67,0,000 51,686 4,925 32,703 4 612 ~ 23,015 4 620 19,193 3 25,000 12,518 20,000 29,300 25,000 25.0% , , ,918 4,000 250 3,918 4,400 4,000 2.t°~ 505,952 9.688 526,541 6 928 581,889 19 513 920,218 1 '2,150,000 556,933 1,962,100 899,300 1,070,500 -45.a% 35,990 , 58,530 , 63,115 9,657 70,556 15,000 63,000 11,434 45 580 19,657 70 000 15,100 59 0 16,000 -18.6% 219;626 375 210,555 298,791 539,551 263,400 , 569,227 , 748,300 ,6 0 403 400 65,000 400 000 a,t°~ 46 5% 13,360 300 48,230 225 55,691 525 56,100 300 42,000 75 28 320 525 56 100 , 400 45 00 , 400 - . -23.s% 1,200 (150) (1,400) (1,650) , , (1,650) ,9 (700) 45,000 - -ts.s% 2,979 3,441 3,093 3,504 3,100 1,545 3 504 3 300 3 0 -100.0% , , ,1 0 -11.5% 789,170 854,375 1,020,917 1,608,461 . 2,536,800 1,213,114 2,858,536 1,426,300 1,600,000 -aa.o% . Construction Permits and Plan Check Fees were increased 20% effective January 1, 2003. Licenses 8 Permits 312.10-00 average 312 20=00 average : 'Restaurant Licenses Liquor License Hearings 9,986 23 623 14,051 8,685 14,747 11,300 6,388 11,300 11 800 12 000 8 2 / 312.30-00 average ` 3 0 Contractor's Lic , 27,991 20,551 28,115 19,710 28 499 14,628 27 005 21,600 7,806 15,000 , 18,700 , 15,000 . ° 0.0% .. 12.40-0 average Sign Apps 373 504 , 956 , 32,000 15,615 27,005 27,700 30,000 1t1 % 312 60-00 5% projected 3 2 Business Licenses (Spec Evei 12,500 ~ 14,825 16 630 586 19 650 700 281 586 600 600 2.a% 1 80-00 flat Fire Fees 8. Permits 300 350 , 300 , 17,850 7,375 19,650 16,700 18,000 -s.a % 200 200 150 200 300 200. o.o % 74,773 78,396 74,780. 76,816 83,650 37,615 73,741 75,800 75,800 2.8% 313.11-00 average County sales Tax 511,870 491,952 484,152 515,268 476,200 274 727 492 300 499 100 495 500 o i% 313.12-00 flat w/projected County Road & Bridge 477,279 492,166 474,919 440,550 450,000 , 169 297 , 450 000 , 467 000 , 450 000 . 0 0 % 313.13-00 flat: Additional Motor Vehicle Reg 27,049 26,320 25,283 25,834 26,600 , 9,833 , 25 834 , 26 100 , 000 26 . o s % 313.21-00 flat, Cigarette Tax 98,604 92,665 85,159 89,445 87,000 18,001 , 70 000 , 87 200 , 75 000 . 7 ~ % 313.22-00 flat Highway Users 219,674 217.835 195,571 182,908 197,397 75,661 , 175 000 , 198 200 , 175 000 . o o°i :313.23-00 flat Health Insp. Contract 12,117 6,398 6,285 14,274 12,400 11,748 , 14,274 , 10 700 , 12 500 . -t2 a% 313:29-00 average Other State Revenue 12,914 7,500 22,494 115.280 20,000 36,584 50,000 , 41,600 , 41,600 . MisdUnknown - 1,479 74,992 Drug Task FED003 for 2003 #DN/0! - Drug Task Force FED003 51,786 55,000 22,156 51,786 51800 52,000 -Round _ _ _ 1-70 sinkhole 150,000 - 75 000 313.39-00 FEp003 Other Federal Grants - 1,479 224,992 51,786 55,000 22,156 51,786 #DNl0! 52,000 Mtergovemmenta/Revenue 1,359,507 1,336,315 1,518,855 1,435,345 1,324,597 618,007 1,329,194 #DN/0! 1,327,600 -o.~% 314.11-10-Flat Maps 890. 745 319 688 500 591 688 700 700 ~ ~% :314.11-11 flaYw/projected . Misc Sales 10,331 14,193 5,146 5,779 5,000 675 5,000 100 8 5 000 . o°r° o 314.11-12 decline in activity Code Books 758 405 210 265 200 110 265 , 400 , 200 . -zas% 314.11-14 average. Coin-op Rev-guard Pk 4,205 3,388 3,744 3,821 4,300 1,953 821 3 3 800 4 000 4 ~°i° $14.12-10 average- Library Copies 1,715 1,602 1,243 1.451 1,600 510 , 1 451 , 1 500 , 1 500 . a% 3 314.12-11.averdge Blueprint Machine 798 728 706 2,297 1,100 490 , 1 100 , 1 100 , 1 100 . 0 0% 314.12-0 round'average Copies/Faxes 104 1,710 302 466 500 213 , 466 , 600 , 500 . 7 3% 314.14-00 JP-insreimb -Helipad 4,650 7,500 7,500 7.875 7,500 - 7 875 7 100 7 875 . 0 0% 314.15-00 flat Pay Phone 720 365 201 204 350 - , 204 , 300 , 200 . -z.o°i° ` VLMD Mgt Fee 10,864 14,868 14,717 15,014 15,500 13,814 15,500 14 200 15 500 Moved to 17-16 .: Mktg Fund Mgt Fee 15,914 15,535 , , 314.16-00 314:17-14 perRETT Mgt'fee VLMD ;RETT 26,778 30,403 14,717 15,014 15,500 13,814 15,500 14,200 15,500 0.0% 314.17-15 Dispatch-IS -Occupancy Chg 87,000 30 000 87,000 30 000 87,000 240,987 30 83 231,150 99,350 300,000 160,400 260,000 -13.3% 314.17-17 Conference Ctr Fees , , - 163,849 , 5 178,354 32,387 163,950 16,194 107 340 32,387 177 000 24,600 173 100 33,000 179 250 31.4.17-18 314 18-00 BL Mgtfees -Mktg Fund 15,743 15,410 15,400 , 14,779 , 15,400 , 15,500 , 15,400 . 314:19-00 Mgmt Fees-VLHA Mgmt Fees-VRA 800 1,200 1,200 - 1,200 1,200 314.21-00 Lowest Out of District Fire Resp 31,065 57,844 35,998 4,372 32,091 15,000 - (2 824) 4,372 15 000 400 34 4,400 15 000 0 0% 314.22-00 314.24-00 .Flat Police Alarm Monitoring Police Contr t OT 56,990 57,171 58,962 56,014 59,000 , 26,106 , 56,014 , 57,000 . 57,000 . ts% •'314.25-00 Flat ac Peace Off. Ski Race 12,013 9 295 14,049 10 824 15,658 6 618 22,955 8 965 15,200 8,237 15,200 16,000 16,000 5.3°k 314.27-00 average " Snow Removal , 8.122 , 17,897 , 3,054 , 8,967 9,000 500 9 14,389 6 628 15,000 967 8 10,100 400 9 9,000 9 000 -ao.o% a% o 314.28-00 Flat 314 36-00 CDOT~Frontage Rd 100,000 100,000 100,000 100,000 , 100.000 , 50,000 , 100,000 , 100,000 , 100,000 . 0.0% . Stormwater Inspections - 1 000 1 500 .314.29-00 DNB Fire Contract Labor 1,190 58,719 15,350 (893) - , - , - 14 900 Lib Misc 20 _ _ _ , 314.35-00 Volvo Contract - 20 000 20 000 _ 314.42-00 30 xgames + othe Charter Bus 29,777 126,682 30,553 69,923 50,000 , 60,492 . 70,000 65,400 50,000 -2e.s % 314.51-00 314 52-00 Village Pkg -Daily 1,099,638 1,221,102 1,623,575 1,691,023 1,582,000 957,180 1,400,000 1,407,100 1,582,000 X3.0% . 314.53-00 Lionshead Pkg -Daily Pass s 829,602 877,635 1,063,769 1,257,770 878,000 778,715 1,200,000 1,045,800 878,000 -2s.a% 314.54-00 e Value Passes 171,583 206 954 157,383 21 4 130,068 146,158 157,000 29,083 146,158 150,300 157,000 7.a% , 3;5 8 107,356 106,094 214,000 39,460 106,094 148,000 214,000 ioi.7% 314.57-00 Valet '314.58-00 EE/PinkB Green Passes flat Parking Only Charges for Services ;315.11-00 flat Muni Court rest °315.12-00 flan.. Cty Court Rst '315:13-OO.average Court Costs/Fees `..315.14-00 average Parking Fines ';315:17-00 average Other Fines 315:20-00 Off Hours Inspection 315.30-00 conservatve avg Permit Penalties 315.40-00 Towing 315.50-00 -flat Library Fines 315.61-00 Spec. Assessments 315.62-00 Spec Asst. Interest Fines 8i Forfeits 316.10-00 1.2596 Interest-per Syr projection 317.10-00 flat 317.20-01~ Flat .31.7.40-00 Old Acct 317.40-01 perHSG .31.7.40-02 per HSG 317.40-04 per HSG ;317.40-05 per HSG 317.10-06. per HSG ,31.7.40-07 perHSG 317.40-08 per HSG 377.40-09 perHSG 317:60-00 Per Mgti 317..80-00 average 317:90-00 average 319.11-00 average 319.12-00 TY negative :.319.21-00 .DNB` :319.22-00 DNB Space Rentals New Box Fee Buzard Park Master Leases Creekside Library VaitDs Shone Fire Saflon 2 Inssbruck Val Heights ~ompan~ Donovan Pavilion Rental Parking Structure Other flat 319.31-00 conservative 319.32-00 319.33-00 319.35-00 - 319.37-00 Police Misc Police LosUFound Library Grants Library donations BNY -Western Trust Misc - WCTB Return Seed $ Misc -Holy Cross Refunds Event Fees/Other Misc Over/Short Sales of Fixed Assets AIPP Manhole Covers 5,668 5,128 5,147 5,800 - 5,800 5,800 5,500 - 74,010 63,463 79,087 74,000 4,600 65,000 56,300 74,000 2,313,445 2,548,806 2,993,378 3,285,932 2,905,000 1,814,838 2,923,052 2,813,000 2,905,000 2,729,846 3,170,051 3,581,051 4,092,972 3,643,337 2,254,885 3,791,462 3,531,600 3,680,825 3,161 5,500 2,847 4,559 2,500 282 2,500 3,700 2,500 9,365 10,819 3,355 6,130 5,000 3,085 6,130 7,200 6,200 15,207 9,049 13,174 10,348 12,100 4,744 10,348 11,600 11,000 72,404 53,113 77,590 62,735 65,300 41,717 62,735 65,700 65,500 127,696 110,200 92,193 108,097• 107,000 52,624 107,000 109,000 107,000 75 _ _ 4,667 3,734 2,342 10,917' 4,000 5,769 10,917 6,500 6,500 13,365 15,608 1,808 935 - 50 100 6,400 - 6,298 7,171 7,127 5,940 7,000 3,044 5,940 6,500 6,500 16,774 7,455 - - - - - 4,800 - 1,950 578 - - - - - 500 - 270,962 223,227 200,436 209,661 ~ 202,900 111,315 205,670 221,900 205,200 270,208 163,460 112,178 171,475 120,000 - 171,475 177,800 150,000 143,841 121,029 122,326 192,896 130,000 62,302 130,000 142,000 130,000 51 8,830 10,325 10,132. 10,500 - 10,132 7,900 10,000 127,439 143,624 147,860 139,988 157,775 87,315 139,988 139,800 140,000 27,069 25,386 17,401 - 10,980 - - 14,000 - 93,417 78,819 82,648 84,089 79,673 45,473 84,089 84,600 80,000 10,605 12,174 15,809 16,004 12,978 7,785 13,000 13,500 13,000 10,384 11,760 11,702 12,010 16,470 9,017 12,010 11,600 12,000 8,650 8,650 8,300 3,577 - 2,100 3,577 6,600 - 12,023 8,193 5,730 11,134• 10,980 6,990 11,134 9,600 10,000 2,400 9,600 7,900 9,748 • 9,888 4,944 9,748 7,900 10,000 31,896 224,436• 210,422 76,328 224,436 160,300 230,000 110,113 69,367 152,188 92,381; 95,200 45,701 92,381 103,300 95,000 3,321. 2,184 2,327 7,544 4,000 600 7,544 4600 7,500 549,313 499,616 616,412 803,939. 748,866 348,555 738,039 705,700 737,500 8,557 5,942 ~ 19,136 18,193• 10,700 10,212 13,000 13,000 12,000 141 603 (315) 195 - 8 100 100 16,319 23,944 23,015 6,889 - - 6,889 15,400 359 639 27 - - - - 200 194,376 _ 107,933 - _ 31,338 39,378 40,846 37,200 139,199 39,765 _ 364,913 187,076 65,367 61,807, 25,000 18,448 25,000 37,200 30,000 55 31 84 14 - - _ 600 - 93 100 400 702 1,700 - - 800 10 25,874 - 9,013 1.5,000 13,600 13.8% -0.6% -2.7 0.0% ~.~ 6.3 a.a°i o.o a0.5% -100.0% 9.4% -0.2% -12.5% 0.0% -1.3°~ 0.0 #DN/01 -4.9% 0.0% -0.~% -10.2 % 2.6% 2.5°.6 2.8% -0.8% -0.1% #VALUEI #VALUEI 20.0% 31.9.38-00 Manhole Cover Jewelry 18,508 - 10,709 18,000 319.39-00 Suspense 150 16 - - 100 319.41-00 3rd Party Accident 1,500 (5) (325) 2,627 - 900 .319.44-00 Proj. Reimbursement -Robyn 41,279 56,176 123,038 106,021 63,500 122,929 63,500 78,000 30,000 319.46-00 flat Damage Revenue 4,433 5,722 4,549 4,665 3,750 1,079 4,665 4,800 3,800 319.47-00 Shipping chgs 277 1,746 - 527 1,746 319.49-00 Haz Mat Incidents 18,150 18,150 VRI Agreement 2005 111,590 192,000 192,000 192000 Tranasfer from RETT 27.435 20,888,452 22,706,088 21,937,392 23,484,719 23,491,658 14,722,603 24,121,080 #DIV/0! 23,316,055 -s.s% 6.3% 20,888,452 22,706,090 21,898,396 - 2 (38,996) (23,316,055) 132 -Vail Marketing Fund - BL 312.60-00 Business Licenses 318,284 310,692 318,000 316,000 314,500 #va.uEi 15,914 15,535 15,900 15,800 #VALUE! 15,725 298,775 #VALUE! 311.11-00 Actual ConsWc6on Permits' 505,952 526,541 581,889 550,000 538,100 #vP,LUE! Adjust for Large and/or redevelopment projects Belfor (33,041) Commercial Design Engineer (40,745) Hyder (twice) (43,504) Encompass (24,540) HC Beck (23,756) Vail Mtn School (69,618) Lunsford Bros (23,780) Vail Mtn Lodge P3&J (Hyde) (25,600) Subtotal 472,911 393,996 488,491 524,400 Plus 20°k pre-increase years 94,582 78,799 None None None None Base line adjusted for increa 567,493 472,795 488,491 524,400 - - 382,200 Plus Identified Redevelopment Projects . , Due soon Gore Creek Residences ???????? August 2004 Swiss House . November 2004 Vail Village InnNail Plaza Hotel ???????? August 2005 Lionshead Core 1,300,000 :luly 2004 - Recei~ Tivoll May 2004 Vail Mtn Lodge #VALUE! #VALUE! #VALUE! May 2004 P3&J (Hyder) 25,600 June 2003 Vail Mtn School 69,618 Lunsford Bros 23,780 April'02 Commercial Design Engineer 40,745 April'02 Hyder (twice) 43,504 Jan'02 Encompass 24,540 Jan'02 HC Beck 23,756 May 2001 Belfor 33,041 Total;,Estimate 600,534 605,340 581,889 #VALUE! 1,300,000 #VALUE! #VALUE! - 311 23.,00 Actual Plan Check Fees 219,626 210,555 298,791 263,400 243,000 #vALUEi Adjust for l.arge.and/drredevelopment projects _ Belfor (21,477) 'Commercial Design Engineer Hyder (twice) Encompass HC Beck Vail Mtn School Lunsford Vail Mtn Lodge Marriott Subtotal 198,149 Plus 20°k pre-increase years 39,630 Base 11ne adjusted for incre~ 237,778 Plus Indentified:Redevelopment Projects Due Soon ' Gore Creek Residences August'04 Swiss House Fall '04 FourSeasons November'04 Vail Village InnNail Plaza Hotel August'05 Lionshead Core July'04-Received Tivoli May'04 Vail Mtn Lodge May -'04 Marriott June '03 Vail Mtn School Lunsford (8,624) (28,277) (6,135) (4,632) , (42,019) (5,945) (13,148)` (16,640) 162,887 250,827 233,612 . 32,577 None None None None 195,464 250,827 233,812 _ ~o ~~ ?7? 13,148 16,640 42,019 5,945 Apnl .02 Commercial Design Engineer 8,624 -April ~ Sept'02 Hyder (twice) 28,277 Jan'02` Encompass 6,135 Jan'02 HC Beck 4,632 -May'01 Belfor 21,477 Total Estimate 259,256 243,132 298,791 263,400 _ 171,000 171,000 ??? s 2001 2002 2003 2004 2005 2005 2005 Proposed Actual Actual Actual Actual Budget Thru June Projected 2006 General Sales Tax 15,734,387 15,264,581 14,734,552 15,466,981 14,621,000 8,795,853 15,146,000 15,243,050 2.4% -3.0% -3.5% 5.0% -5.5% 3.6% 4.3% Conference Center Saies Tax 1,708,461 1, 830,421 1,707,000 1,048,071 1,805,000 1,830,000 Public Accomodations Tax 1,573,289 1,730,378 1,572,000 1,176,373 1,735,000 1,755,000 Conference Center 3,281,750 3,560,799 3,279,000 2,224,444 3,540,000 3,585,000 County Sales Tax 511,870 491,952 484,152 515,268 476,200 274,727 492,300 495,500 -1.0% -3.9% -1.6% 6.4% -7.6% 3.4% 4.1°h Property Tax Revenue 2,420,327 2,630,105 2,667,496 2,467,657 2,473,458 2,011,035 2,473,458 2,685,000 16.2% 8.7% 1.4% -7.5% 0.2% 0.0% 8.6% Lift Tax Revenue 2,145,587 2,344,921 2,273,055 2,496,162 2,438,000 2,067,798 2,500,000 2,567,500 9.4% 9.3% -3.1% 9.8% -2.3% 2.5% 5.3% Road 8~ Bridge RevenuE 477,279 492,166 474,919 440,550 450,000 169,297 450,000 450,000 2.4% 3.1 % -3.5% -72% 2.1 % 0.0% 0.0% Highway Users Tax 219,674 217,835 195,571 182,908 197,397 75,661 175,000 175,000 -2.6°k -0.8% -10.2% -6.5% 7.9% -11.3% -11.3% Parking Revenue 2,313,445 2,548,806 2,993,378 3,285,932 2,905,000 1,814,838 2,905,000 2,905,000 16.8% 10.2% 17.4% 9.8% -11.6% 0.0% 0.0% Franchise Fees 628,427 580,372 592,875 676,538 659,500 296,872 670,000 670,000 8.9% -7.6% 2.2% 14.1% -2.5% 1.6% 1.6%. Construction Fees 789,170 854,377 1,020,917 1,608,461 2,536,800 1,213,114 2,860,000 .1,600,000 30.1% 8.3% 19.5% 57.6% 57.7% 12.7% -36.9% RETTTax 3,029,526 2,943,338 3,270,723 4,921,961 4,623,000 3,086,894 6,000,000 5,200,000 -13.9% -2.8% 11.1% 50.5% $.1% 29.8% 12.5% All Other Revenue 7,063,279 6,555,874 7,058,132 9,121,209 7,520,738 3,525,846 7,678,857 5,595,946 -5.5% -7.2% 7.7% 29.2% -17.5% 2.1% -25.6% Total Revenue 35,332,971 34,924,327 39,047,520 44,744,426 42,180,093 25,556,379 44,890,615 41,171,996 1.6% -1.2% 11.8% 14.6% -5.7% -39.4% -2.4% * Percentage compared with 2005 budget Comments Trend, inflation, and redevelopment Stan Bernstein and Associates study Stan Bemstein and Associates study Total of conference center and public accomodation: taxes. Same historical relationship to sales tax Estimate pending information from county Inflation Trend is down; left flat with projected. Trend is down; left flat with projected. Assuming parking rates to stay the same as '04-'05 left flat Inflationary increase; based on utility sales u61ity company revenues 2005 increase due to redevelopment projects Increase due to redevelopment projects OS inGuded 2.8 million in gpital project grants and reimbursements. Major Revenue Analysis 050714_1 Attachment B 7/14/2005 Version 1 Town of Vail Impact of Redevelopment Included in Revenue Projections Revenue Source Pro'ect Projected Dates Sales Tax Construction Permits Real Estate Transfer Tax Villa a Streetsca a 04/04 to 10/06 No im act No Im act No Im act Founders".Park Gara a 05/04 to 11/04 No Im act Received in 2004 Received in 2005 Forest Place 2004 -2006 No Im act Received and projected for 2005 Received in 2004 Vail Mountain LodgeNail Athletic Club 05/04 to 12/04 No Im act . - Received in 2004 Received in 2005 Tivoli 07/04/ to 11/05 Reduced 2005; increased 2006 Received in 2004 N/A Gore Creek Place 07!04 to 10/05 No Im act Received in 2004 and 2005; additional projected for 2005 Projected for 2005 and 2006 One Willow Bridge Road Swiss Haus 08/04 to 12/05 Reduced 2005 and 2006 Received 2004 and 2005 ~ Projected for 2006 Sonnenalp - 20 Vail Road 03/05 to 12/05 No Im act Received 2005 Sale to Sonnenal received 2004 Arrabelte and Lionshead Core Site 08/04 to 12/06 Reduced 2005 and 2006 Basic building permit projected for 2005; other permits projected 2006 Projected for 2007 Vail Plaza Hotel (Vail Village Inn 11/04 to12/06 No impact vs. base; property had not been generating revenue Received 2004 and projected 2005- Not included pending more information Manor Vail 07/05 to 12/06 Reduced 2005 and 2006 Projected for 2005 and 2006 N/A -Hotel units Crossroads 2004 to 12/06 Reduced 2005 and 2006 Not included pending more information/decision Sales to developer received in 2004 and 2005 Four Seasons 06/05 to 12/06 Not included pending more information/decision Projected 2005 and 2006 Sale to developer received in 2005 Redevelopment Projects Attachment C 7/14/2005 Memorandum To: Town Council From: Stan Zemler Judy Camp Date: July 14, 2005 Subject: 2006 Budget -Major Revenue Analysis In accordance with our budget timetable (Atta.chment A) we are attaching our latest estimate of 2005 projected revenue and proposed revenue for the 2006 budget (Attachment B -Major Revenue Analysis). Impact of Redevelopment We have included the projected impact of major development projects in the 2005 revenue projection and 2006 proposed budget for sales tax, construction permit fees, and real estate transfer tax. Projects included are summarized on Attachment C. Based on our experience in 2004 and May 2005, we have assumed there is no negative impact on sales tax from the Village Streetscape project. We further believe the impact of fewer rooms available from hotel projects is somewhat offset by increased occupancy in other hotels and have therefore reduced the negative impact of hotel construction from what we had previously. Construction permits (building, mechanical, plumbing, electrical and sprinkler) are expected to continue at a strong pace during redevelopment; however timing of these fees is difficult to predict and revenue could change dramatically if a single project is either delayed or comes forward sooner than expected. Additional Assumptions Conference center sales and lodging taxes are based upon a study conducted by Stan Bernstein and Associates in connection with the proposed conference center bond issue. Property tax is based on preliminary assessment numbers from Eagle County adjusted downward because property owners may still appeal their 2005 assessed valuations. Other major revenue items were individually assessed based on trends and information available at this time. Summary Our current proposal shows a total of $41.2 million in 2006 revenue compared with $44.9 million in the 2005 projected, a reduction of $3.7 million. Most of the reduction can be accounted for by grants and reimbursements in the Capital Projects Fund (included on the "All Other Revenue"~ line of Attachment B), which show a reduction of $2.8 million. These items will be looked at in greater detail during the Capital Projects Fund budget review and as more information becomes available. An additional reduction of $1.8 million comes from Construction Fees (construction permits, plan check fees, and other construction-related fees). This is because several large projects are in process in 2005 and we have not projected a similar impact in 2006. 050719 Major Revnue Analysis_1 - 1 _ Version 4 Changes Highlighted Town of Vail Proposed 2006 Budget Timetable Contributions Council criteria discussion Out of cycle funding requests (if needed) Deadline for return of packets Council evaluation of requests and direction for 2006 budget Budget Guidelines Council discussion of budget timetable Council discussion of budget philosophies Guidelines distributed to department heads 2005/2006 parking plan recommendation Compensation and benefits discussion Presentation of 2004 audit report to Council Budget Preparation Capital budget request for county funds submitted •• ~ :~ Staff prepares departmental budgets Council discussion of major revenue items Town Manager reviews departmental budgets Council decision on major revenue items Council discussion of Capital plan Council discussion of RETT plan Council review of Vail Reinvestment Authority budget Council review of first draft of 5-year capital plan Council review of first draft of 5-year RETT fund Council review of second draft of 5-year capital plan Council review of second draft of 5-year RETT fund Council review of first. draft of Town Manager's budget. Council review of second draft of Town Manager's budget Budget Documentation and Reporting First reading of 2005 Supplemental Number Two Second reading of 2005 Supplemental Number Two First reading of 2006 budget ordinance Second reading of 2006 budget ordinance First reading of mil levy certification ordinance First reading of 2005 Supplemental Number Three First reading of 2006 Conference Center Budget, Ordinance Second reading of mil levy_cerfification ordinance Second. reading of 2005 Supplemental Number Three. Second reading of 2006 Conference Center Budget Ordinance. Mil levy certification deadline to Eagle County Budget book submission Attachment A 05/03/05 06/07/05 07/29/05 08/16/05 05/03/05 06/07/05 06/15/05 TBD X8%16/05 08/02/05 07108/,05 i 06/15/05 to 07/19/05 07%25/05 to 08/02/05 08/02/05 08/02/05 08/16/05 08/1,6/05 08/16/05 09/06/05 09/06/05 09/20/05 10/04/05 08/16/05 09/06/05 10/04/05 10/18/05 11 /15/05 11/15/05 1.1/15/05. 12/06/05 12/06/05 12/06/05 12/15/05 01 /31 /06 Complete Complete Complete Complete Complete Complete 07/18/05 08/12/05 Version 4 Changes Highlighted Attachment A Town of Vail Construction Fee Revenue Unaduted .. Last year's Basis Actual 2001 Actual 2002 Actual Actuals 2005 To-Date Projection 5-year 2003 2004 Amended 2005 2005 Average 2006 310.11-00 '310-12-00 Retail Sate sTax Prior Adj 15,411,044 12 15,106,799 14,578,983 15,466,981 14,621,000 8,795,853 15,146,000 15,142,000 15 243 050 310.13-00 310.14-00 40°k Cap Projects Fund Sales of Business 5,345 (6,765,744) 120,399 (4,926,729) 107,620 (5,893,821) 60,240 (6,700,095) (5,848,400) 24,562 (3,335,825) (6,373,400) 103,400 (6,132,000 ) , , 097 220) (6 310.15-00 Spec Events 187,600 10,298 4,419 32,964 3,245 44 704 11,368 42 986 2,000 51,700 , , - 8,968,543 10,337,852 , 8,840,731 , 8,881,480 8,772,600 5,746 5,492,336 8,772,600 32,700 9,197,800 9,145,830 310.21-00 310.22-00 Property Tax delinquent Prop Tax 2,420,327 1 959 2,629,445 2,667,154 2,466,313 2,473,458 2,010,384 2,473,458 2,531,300 2,685,000 310.30-00 31 SpeciflaOwnershipTax , 184,362 660 169,805 342 155,246 1,344 153 837 164 000 651 67 1,000 1,100 0.40-00 flat-conservative Ski lift Tax 2,145,587 2,344,921 2,273 055 , 2 496 162 , 2 438 000 ,135 2 0 153,837 163,400 164,000 , , , , , , 67,798 2,500,000 2,351,900 2,567,500 Franchise Fees 310.51-00 5°k over projectec Public Service 310.52-00 flat Qwest .310.53-00 based on activity Holy Cross 310.54-00 1°,6.conservative Cable TV 310.71-U0 flat Tax Penalty & Interest 310.72-00 Flat Prop Tax Penalty 8: Int Construction Fees 311.11-00 flat Construction Permits 311.21-00 projected flat Street Cut Fees/PW Permits 311.22-00 5°k projected Design Review Fees 311.23-00 flat: Plan Check Fees 311.24-00 flat Food Serv. Plan 311.25-00 5%.activity ' PEC Variance Fees 311.26-00 " Clean-up Deposit Revenue .311.28-00 flat WIII Call Insp. Fee Total Construction Fees 132,916 46 579 90,363 39 403 91,414 42 4 144,475 136,500 114,713 150,000 121,800 150,000 , 309,277 , 305,966 , 15 303,753 40,715 323,357. 43,000 325,000 19,013 119 064 40,000 325 000 41,800 313 5 40,000 139,654 144,640 155,293 167,992 155,000 , 44,082 , 155,000 , 00 152 500 325,000 155 000 628,426 • 580,372 592,875 676,539 659,500 296,872 670,000 , 629,600 , 670,000 51,686 4 925 32,703 4 612 23,015 4 62 19,193 25,000 12,518 20,000 29,300 25,000 , , , 0 3,918 4,000 250 3,918 4,400 4,000 0.6% -a.3% 4.3% 8.8°~ 6.8 2.7% 0.0% 0.0°k 0.0% 0.0°h 25.0% 2.1 °,6 505,952 9,688 526,541 6 928 581,889 19 513 920,218 1 2,150,000 556,933 1,962,100 899,300 1,070,500 -a5.a% 35,990 , 58,530 , 63,115 9,657 70,556 15,000 63 000 11,434 45 580 19,657 70 15,100 16,000 -t8.8% 219,626 210,555 298,791 . 539,551 , 263,400 , 569,227 ,000 748,300 59,600 403 400 65,000 400 000 -7.t% 375 13,360 300 48,230 225 55,691 525 56,100 300 42 000 75 28 320 525 56 1 , 400 , 400 -as.s% -23.8% 1,200 (150) (1,400) (1 650) , , , 00 45,900 45,000 -19.8% 2,979 3,441 3,093 , 3,504 3,100 1,545 (1,650) 3 504 (700) 3 300 - 3 10 -100.0% , , , 0 -tt.s% 789,170 854,375 1,020,917 1,608,461 _ 2,536,800 1,213,114 2,858,536 1,426,300 1,600,000 -4a.o% Construction Permits and Plan Check Fees were increased 20°k effective January 1, 2003. ' Licenses & Penn/ts 312.10-00 average 312.20-00' average Restaurant Licenses Liquor License Hearings 9,986 23 623 14,051 8,685 14,747 11,300 6,388 11,300 11 800 12 000 s 2°i 312.30-00 average _ Contractor's Lic , 27,991 20,551 28 115 19,710 28 499 14,628 21,600 7,806 15,000 , 18,700 , 15,000 . 0.0% 312.40-00 average Sign Apps 373 , 504 , 956 27,005 32,000 15,615 27,005 27,700 30,000 tt.t% 312.60-00 5% projected 312 80-00 fl t Business Licenses (Spec Evei 12,500 ~ 14,825 16,630 586 19 650 700 17 850 281 7 586 600 600 2.a% . a . Fire Fees & Permits 300 350 300 , 200 , ,375 19,650 16,700 18,000 -s.a% 200 150 200 300 200 0.0% 74,773 78,396 74,780. 76,816 83,650 37,615 73,741 75,800 75,800 z.8% 313.11-00 average 313.12-00 flat w/projected County sales Tax County Road 8 Brid e 511,870 477 279 491,952 484,152 515,268 476,200 274,727 492,300 499,100 495,500 0.l% 313.13-00 flat g Additional Motor Vehicle Reg , 27 049 492,166 26 320 474,919 25 283 440,550 25 834 450,000 169,297 450,000 467,000 450,000 0.o i< 313.21-00 flat Cigarette Tax , 98,604 , 92,665 , 85,159 , 89,445 26,600 87,000 9,833. 18 001 25,834 70 000 26,100 87 200 26,000 75 000 os% 7 ~ % 313.22-00 flat 313 23-00 flat Highway Users ~ 219,674 217,835 195,571 182,908 197,397 , 75,661 , 175,000 , 198,200 , 175,000 . 0.0% . . 313.29-00 average Health Insp. Contract Other State Revenue 12,117 12 914 6,398 7 5 6,285 14,274 12,400 11,748 14,274 10,700 12,500 -i2.4% , , 00 22,494 115,280 20,000 36,584 50,000 41,600 41,600 Misc/Unknown - 1,479 74,992 Drug Task FED003 for 2003 Drug Task Force FED003 51,786 55,000 22,156 51,786 #DN/0! 51800 - 52 000 Round , 313 39-00 FED003 -70 sinkhole Oth F 150,000 _ 75,000 . er ederal Grants - 1,479 224,992 51,786 55,000 22,156 51,786 #DN/0! 52 000 Intergovemmenfal Revenue 1,359,507 1,336,315 1,518,855 1,435,345 ~ 1,324,597 618,007 1,329,194 #DN/0! , 1,327,600 -o.~% 314.11-10 Flat 314.11-11 flatw/projected Maps MiscSales 890 745 319 688 500 591 688 700 700 t.l% 314.11-12 decline in activity Code Books 10,331 758 14,193 405 5,146 5,779 5,000 675 5,000 8,100 5,000 0.0% 314.11-14 average Coin-op Rev-guard Pk 4,205 3,388 210 744 3 265 3 821 200 4 300 110 1 953 265 821 3 400 200 -za.s% 314.12-10 average.. 1 Library Copies 1,715 1,602 , 1,243 , 1,451 , 1,600 , 510 , 1 451 3,800 1 500 4,000 1 500 a.~% 3 4% 3 4.12-11 average 314.12-0 round average Blueprint Machine Copies/Faxes 798 728 706 2,297. 1,100 490 , 1,100 , 1,100 , 1,100 . 0.0% 314.14-00 JP-ins reimb Helipad 104 4,650 1,710 7 500 302 7 500 466 7 875 500 7 500 213 466 600 500 l.s% 314.15-00 flat Pay Phone 720 , 365 , 201 , 204 , - 7,875 7,100 7,875 0.0% 350 - 204 300 200 -z.o % Moved to 17,16 VLMD Mgt Fee Mktg Fund Mgt Fee 10,864 15,914 14,868 15,535 14,717 15,014 15,500 13,814 15,500 14,200 15,500 314.16-00 314.17-14 perRETT Mgt Fee VLMD RETT 26,778 30,403 14,717 15,014 15,500 13,814 15,500 14,200 15,500 0.0% 314.17-15 Dispatch-IS -Occupancy Chg 87,000 30 000 87,000 30 000 87,000 240,987 3 231,150 99,350 300,000 160,400 260,000 -13.3% 31.4.17-17 Conference Ctr Fees , , - 0,835 32,387 16,194 32,387 24,600 33,000 314.17-18 BL Mgt Fees -Mktg Fund 163,849 178,354 163,950 107,340 177,000 173,100 179,250 314.18-00 Mgmt Fees-VLHA 15,743 15,410 15,400 14,779 15,400 15,500 15,400 314.19-00 Mgmt Fees-VRA 800 1,200 1,200 - 1,200 1,200 314.21-00 Lowest 314 22-00 Out of District Fire Resp 31,065 57,844 35,998 4,372 32,091 15,000 (2,824) 4,372 15 000 34 400 4,400 15 000 0 0% . 314.24-00 Flat Police Alarm Monitoring Police Contract OT 56,990 12 013 57,171 14 049 58,962 56,014 59,000 26,106 , 56,014 , 57,000 , 57,000 . t.s% 314.25-00 Flat Peace Off, Ski Race , 9 295 , 10 824 15,658 6 618 22,955 8 96 15,200 8,237 15,200 16,000 16,000 5.3% 314.27-00 average Snow Removal , 8,122 , 17 897 , 3 054 , 5 8 967 9,000 9 500 14,389 15,000 10,100 9,000 -ao.o% 314.28-00 Flat 314 36-00 CDOT Frontage Rd 100,000 , 100,000 , 100,000 , 100,000 , 100,000 6,628 50,000 8,967 100 000 9,400 100 000 9,000 100 000 o.a% 0 0 % . Stormwater Inspections , , , . 314.29-00 DNB Fire Contract Labor 1,190 58,719 15,350 (893) - - 1,000 - 1,500 Lib Misc 20 - 14,900 314.35-00 Volvo Contract - _ 314.42-00 30 xgames + othe Charter Bus 29,777 - 126,682 - 30,553 - 69 923 50 000 20,000 60 492 20,000 70 000 , , , , 65,400 50,000 -2s.s % 314.51-00 314.52-00 VillagePkg-Daily Lionshead Pkg -Daily 1,099,638 829 602 1,221,102 877 1,623,575 1,691,023 1,582,000 957,180 1.400,000 1,407,100 1,582,000 X3.0% 314.53-00 Passes , 171 583 ,635 157 1,063,769 1,257,770 878,000 778,715 1,200,000 1,045,800 878,000 -2s.e% 314.54-00 Value Passes , 206 954 ,383 213 548 130,068 107 356 146,158 157,000 29,083 146,158 150,300 157,000 l.a% , , , 106,094 214,000 39,460 106,094 148,000 214,000 ioi.l% 314.57-00 Valet 314.58-00 EEJPink& Green Passes flat Parking Only Charges for Services 315.11-OO,flat Muni Court rest 315.12-00 flat Cty Court Rst 315.13-00 average Court Costs/Fees 315:14-00'average Parking Fines 315:17-00 average Other Fines 315.20-00 Off Hours Irispection 315.30-00 conservative avg Permit Penalties 315.40-00 Towing 315.50-00 flat Library Fines 315:61-00 Spec. Assessments 315.62-00 Spec Asst. Interest Fines 8 Forfeits 316.10-00 1.25% Interest-per Syr projection 317.10-00 flat 317.20-01 Flat 317.40-0O.OId Acct 317.40-01 per HSG 317.40-02 per HSG 317.40-04 per HSG 317.40-05 per HSG 317:10-06 per HSG 317.40-07 per HSG 317.40-08 per HSG 317.40-09:per HSG 317.60-00 -Per Mgt ' 317:80-00 average 317.90-00 average `319.11-00 average 319.12-00 TY negative 319.21-00 DNB _319.22-00 DNB Space Rentals New Box Fee Buzard Park Master leases Creekside Library Vail Ds Shone Fire Sation 2 Inssbruck Val Heights ;ompan~ Donovan Pavilion Rentaf Parking Structure Other flat 319.31-00 conservative 319.32-00 319.33-00 319.35-00 319.37-00 Police Misc Police LosVFound Library Grants Library donations BNY-Western Trust Misc - WCTB Retum Seed $ Misc -Holy Cross Refunds Event Fees/Other Misc Over/Short .Sales of Fixed Assets AIPP Manhole Covers 5,668 5,128 5,147 5,800 - 5,800 5,800 5,500 - - 74,010 63,463 79,087 74,000 4,600 65,000 56,300 74,000 2,313,445 2,548,806 2,993,378 3,285,932 2,905,000 1,814,838 2,923,052 2,813,000 2,905,000 2,729,846 3,170,051 3,561,051 4,092,972.. 3,643,337 2,254,885 3,791,462 3,531,600 3,690,825 3,161 5,500 2,847 4,559 2,500 282 2,500 3,700 2,500 9,365 10,819 3,355 6,130 5,000 3,085 6,130 7,200 6,200 15,207 9,049 13,174 10,348 • 12,100 4,744 10,348 11,600 11,000 72,404 53,113 77,590 62,735 65,300 41,717 62,735 65,700 65,500 127,696 110,200 92,193 108,097: 107,000 52,624 107,000 109,000 107,000 75 - - 4,667 3,734 2,342 10,917 4,000 5,769 10,917 6,500 6,500 13,365 15,608 1,808 935 - 50 100 6,400 - 6,298 7,171 7,127 5,940: .7,000 3,044 5,940 6,500 6,500 16,774 7,455 - - - - - 4,800 - 1,950 578 - - ~ - - - 500 - 270,962 223,227 200,436 209,661 202,900 111,315 205,670 221,900 205,200 270,208 163,460 112,178 171,475 120,000 - 171,475 177,800 150,000 143,841 121,029 122,326 192,896; 130,000 62,302 130,000 142,000 130,000 • 51 8,830 10,325 10,132: 10,500 - 10,132 7,900 10,000 127,439 143,624 147,860 139,988 157,775 87,315 139,988 139,800 140,000 27,069 25,386 17,401 - 10,980 - - 14,000 - 93,417 78,819 82,648 84,089 79,673 45,473 84,089 84,600 80,000 10,605 12,174 15,809 16,004 12,978 7,785 13,000 13,500 13,000 10,384 11,760 11,702 12,010. 16,470 9,017 12,010 11,600 12,000 8,650 8,650 8,300 3,577 - 2,100 3,577 6,600 - 12,023 8,193 5,730 11,134 10,980 6,990 11,134 9,600 10,000 2,400 9,600 7,900 9,748• 9,888 4,944 9,748 7,900 10,000 31,896 224,436 210,422 76,328 224,436 160,300 230,000 110,113 69,367 152,188 92,381 95,200 45,701 92,381 103,300 95,000 3,321 2,184 2,327 7,544 4,000 600 7,544 4,600 7,500 549,313 499,616 616,412 803,939 748,866 348,555 738,039 705,700 737,500 8,557 5,942 19,136 18,193, 10,700 10,212 13,000 13,000 12,000 141 603 (315) 195 - 8 100 100 16,319 23,944 23,015 6,889 - - 6,889 15,400 359 639 27 - ~ - - - 200 194,376 - 107,933 - - - 31,338 39,378 40,846 37,200 139,199 39,765 - 364,913 187,076 65,367 61,807 25,000 18,448 25,000 37,200 30,000 55 31 84 14' - - - 600 - 93 100 400 702 1,700 - - 800 10 25,874 - 9,013 1.5,000 13,600 13.8 -0.8 -2.7 o.o i° 1.1% 6.3% 4.4% o.o .ao.s% -1oo.o°r° s.a -0.2% -12.5% o.o°~ -1.3% 0.0 #olvrol -a.s% 0.0% -o.t -10.2% 2.6% 2.5% 2.8% -0.6°h -0.1 % #VALUEI #VALUEI 20.0% 319.38-00 Manhole Cover Jewelry 18,508 - 10,709 18,000 319.39-00 Suspense 150 16 - - 100 319.41-00 3rd Party Accident 1,500 (5) (325) 2,627 - 900 319.4400 Proj.Reimbursement-Robyn 41,279 56,176 123,038 106,021 63,500 122,929 63,500 78,000 30,000 319.46-00 flat Damage Revenue 4,433 5,722 4,549 4,665 3,750 1,079 4,665 4,800 3,800 319.47-00 Shipping chgs 277 1.746 527 1,746 319.49-00 Haz Mat Incidents 18,150 18,150 VRI Agreement 2005 111,590 - 192,000 192,000 192000 Tranasferfrom RETT 27,435 20,888,452 22,706,088 21,937,392 23,484,719 23,491,658 14,722,603 24,121,080 #DIV/0! 23,316,055 -3.3/ 6.3% 20,888,452 22,706,090 21,898,396 - 2 (38,996) (23,316,055) 132 -Vail Marketing Fund - BL 312.60-00 Business Licenses 318,284 310,692 318,000 316,000 314,500 #vnLUEt 15,914 15,535 15,900 15,800 #VALUE! 15,725 298,775 #VALUE! 311.11-00 Actual ConstructionPertnits" 505,952 526,541 581,889 550,000 538,100 #vALUE~ Adjust for Large and/or redevelopment projects Belfor (33,041) Commeroial Design Engineer (40,745) Ryder (twice) (43,504) Encompass (24,540) HC Beck (23,756) Vail Mtn School (69,618) Lunsford Bros (23,780) Vail Mtn Lodge P3&J (Hyde) (25,600) Subtotal 472,911 393,996 488,491 524,400 Plus 20%pre-increase years 94,582 78,799 None None None None Base Ilne adjusted for incref 567,493 472,795 488,491 524,400 - - 382,200 Plus Identified Redevelopment Projects Due soon Gore Creek Residences ?~~~?7?? August 2004 Swiss House November 2004 Vail Village InnNail Plaza Hotel ???1???~ August 2005 Lionshead Core 1,300,000 July 2004 - Recei~ Tivoli May 2004 Vail Mtn Lodge #VALUE! _ #VALUE! #VALUE! May 2004 P3&J (Ryder) 25,600 June 2003 Vail Mtn School 69,618 Lunsford Bros 23,780 April '02 Commercial Design Engineer 40,745 April '02 Ryder (twice) 43,504 Jan '02 Encompass 24,540 Jan '02 HC Beck 23,756 May 2001 Belfor 33,041 ' Total Estimate 600,534 605,340 581,889 #VALUE! 1,300,000 #VALUE! #VALUE! 311.23-00 Actual Plan Check Fees Adjust for Large and/or redevelopment projects Belfor Commercial Design Engineer Hyder (twice) Encompass HC Beck Vail Mtn School Lunsford Vail Mtn Lodge Marriott Subtotal Plus 20%pre-increase years Base Ilne ad)usted for incre2 Plus Indentified Redevelopment Projects Due Soon Gore Creek Residences August'04 Swiss House Falt'04 Four Seasons November'04 Vail Village InnNail Plaza Hotel August'05 Lionshead Core July'04-Received Tivoli MaY'04 Vail Mtn Lodge May'04 Marriott June '03 Vail Mtn School Lunsford 'I '02 219,626 210,555 298,791 263,400 (21,477) (8,624) (28,277) (6,135) (4,632) (42,019) (5,945) (13,148) (16,640) 198,149 162,887 250,827 233,612 39,630 32,577 None None 237,779 195,464 250,827 233,612 ??? 13,148 16,640 None _ None _ ?? ?? ?7? 243,000 171,000 171,000 #VALUEI 42,019 5,945 APn Commercial Design Engmeer 8,624 April 8 Sept'02 Hyder (twice) 28,277 Jan'02 Encompass 61~ Jan'02 HC Beck 4,632 May'01 Belfor 21,477 Total Estimate 259,256 243,132 298,791 263,400 , 2001 2002 2003 2004 2005 2005 2005 Proposed Actual Actual Actual Actual Budget Thru June Projected 2006 General Sales Tax 15,734,387 15,264,581 14,734,552 15,466,981 14,621,000 8,795,853 .15,146,000 15,243,050 2.4% -3.0% -3.5% 5.0% -5.5% 3.6% 4.3% Conference Center Sales Tax 1, 708,461 1,830,421 1, 707,000 1,048,071 .1,805,000 1,830,000 Public Accomodations Tax 1,573,289 1,730,378 1,572,000 1,176, 373 1,735,000 1, 755,000 Conference Center 3,281,750 3,560,799 3,279,000 2,224,444 3,540,000 3,585,000 County Sales Tax 511,870 491,952 484,152 515,268 476,200 274,727 492,300 495,500 -1.0% -3.9% -1.6% 6.4% -7.6% 3.4% 4.1 Property Tax,Revenue 2,420,327 2,630,105 2,667,496 2,467,657 2,473,458 2,011,035 2,473,458 2,685,000 16.2% 8.7% 1.4% -7.5% 0.2% 0.0% 8.6% Lift Tax Revenue 2,145,587 2,344,921 2,273,055 2,496,162 2,438,000 2,067,798 2,500,000 2,567,500 9.4% 9.3% -3.1% 9.8% -2.3% 2.5% 5.3% Road 8 Bridge Revenue 477,279 492,166 474,919 440,550 450,000 169,297 450,000 450,000 2.4% 3.1 % -3.5% -7.2% 2.1 % 0.0% 0.0% Highway Users Tax 219,674 217,835 195,571 182,908 197,397 75,661 175,000 175,000 -2.6% -0.8% -10.2% -6.5% 7.9% -11.3% -11.3% Parking Revenue 2,313,445 2,548,806 2,993,378 3,285,932 2,905,000 1,814,838 2,905,000 2,905,000 16.8% 10.2% 17.4% 9.8°k -11.6% 0.0% 0.0% Franchise Fees 628,427 580,372 592,875 676,538 659,500 296,872 ~ 670,000 670,000 8.9% -7.6% 2.2% 14.1% -2.5% 1.6% 1.6% Construction Fees 789,170 854,377 1,020,917 1,608,461 2,536,800 1,213,114 2,860,000 1,600,000 30.1% 8.3% 19.5% 57.6% 57.7% 12.7% -36.9% RETTTax 3,029,526 2,943,338 3,270,723 4,921,961 4,623,000 3,086,894 6,000,000 5,200,000 -13.9% -2.8% 11.1 % 50.5% ~.1 % 29.8% 12.5% All Other Revenue 7,063,279 6,555,874 7,058,132 9,121,209 7,520,738 3,525,846 7,678,857 5,595,946 -5.5% -7.2% 7.7% 29.2% -17.5% 2.1% -25.6% Total Revenue 35,332,971 34,924,327 39,047,520 44,744,426 42,180,093 25,556,379 44,890;615 41,171,996 1.6% -1.2% 11.8% 14.6% -5.7% -39.4% -2.4% • Percentage compared with 2005 budget Comments Trend, inflation, and redevelopment Stan Bemstein and Associates study Stan Bemstein and Associates study Total of conference center and public accomodation: taxes. Same historical relationship to sales tax Estimate pending infonnaGon from county Inflation Trend is down; left flat with. projected. Trend is down; left flat with projected. Assuming parking rates to stay the same as '04-'05 left flat Inflationary increase; based on utility sales utility company revenues 2005 increase due to redevelopment projects Increase due to redevelopment projects 05 inGuded 2.8 million in capital project grants and reimbursements. Major Revenue Analysis 050714_1 Attachment B 7/14/2005 Version 1 Town of Vail Impact of Redevelopment Included in Revenue Projections Revenue Source Pro'ect Projected Dates Sales Tax Construction Permits Real Estate Transfer Tax Villa a Streetsca a 04/04 to 10/06 No im act No Im act No Im act Founders" Park Gara a 05/04 to 11!04 No Im act Received in 2004 Received in 2005 Forest Place 2004 -2006 No Im act Received and projected for 2005 Received in 2004 Vail .Mountain LodgeNail Athletic Club 05/04 to 12/04 No Im act Received in 2004 Received in 2005 Tivoli 07/04/ to 11/05 Reduced 2005; increased 2006 Received in 2004 N/A Gore Creek Place 07/04 to 10/05 No Im act Received in 2004 and 2005; additional projected for 2005 Projected for 2005 and 2006 One Willow Bridge Road Swiss Haus 08/04 to 12/05 Reduced 2005 and 2006 Received 2004 and 2005 Projected for 2006 Sonnenalp - 20 Vail Road 03/05 to 12/05 No Im act Received 2005 Sale to Sonnenal received 2004 Arrabelle and Lionshead Core Site 08/04 to 12/06• Reduced 2005 and 2006 Basic building permit projected for 2005; other permits projected 2006 Projected for 2007 Vail Plaza Hotel (Vail Village Inn) 11/04 to12/06 No impact vs. base; property had not been generating revenue Received 2004 and projected 2005. Not included pending more information Manor Vail 07/05 to 12/06 Reduced 2005 and 2006 Projected for 2005 and 2006 N/A -Hotel units Crossroads 2004 to 12/06 Reduced 2005 and 2006 Not included pending more information/decision Sales to developer received in 2004 and 2005 Four Seasons 06/05 to 12/06 Not included pending more information/decision Projected 2005 and 2006 Sale to developer received in 2005 Redevelopment Projects Attachment C 7!14!2005 RESOLUTION NO. 12 Series of 2005 A RESOLUTION APPROVING THE AMENDMENT TO CORE SITE DEVELOPMENT AGREEMENT (THE "AMENDMENT") AMONG THE TOWN OF VAIL (THE "TOWN"), VAIL REINVESTMENT AUTHORITY (THE "AUTHORITY"), AND THE VAIL CORPORATION, D/B/A VAIL ASSOCIATES, INC., A COLORADO CORPORATION ("VAIL ASSOCIATES"), WHICH AMENDMENT PERTAINS TO CERTAIN RESPECTIVE RIGHTS AND RESPONSIBILITIES OF THE TOWN, THE AUTHORITY AND VAIL ASSOCIATES IN RELATION TO THE CORE SITE DEVELOPMENT PROPOSED TO BE UNDERTAKEN BY VAIL ASSOCIATES AND AFFILIATES WHEREAS, the Town, Vail Associates and the Authority are parties to that certain Core Site Development Agreement dated November 8, 2004, and pertaining to the development of the "Core Site Project" defined therein (the "Development Agreement"); and WHEREAS, the Town, acting through its applicable departments and agencies (including the Director of Public Works), and Vail Associates, in furtherance of implementing the Core Site Project, as the owner and developer of the Core Site Project, have determined. to modify and supplement the Development Agreement pursuant to the terms and conditions of an Amendment to Core Site Development Agreement that has been negotiated among the parties (the "Amendment"); and WHEREAS, the approval of the Amendment is necessary and proper for the health, safety and welfare of the Town and its inhabitants; and WHEREAS, the Amendment complies with all applicable laws and regulations of the State of Colorado and the Town, and the Town has the authority to enter into the Amendment pursuant to such laws. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO as follows: Section 1. The Amendment is hereby approved, and the Town shall enter into the Amendment and perform, observe and discharge its obligations under the Amendment. The Town Manager is hereby authorized and directed to execute and deliver the Amendment, on behalf of the Town, with such terms and provisions as the Town Manager, after consultation with the Town Attorney, considers to be necessary or appropriate in furtherance of this Resolution. Resolution No. 12, Series of 2005 Section 2. The Town Council hereby finds, determines and declares that this Resolution is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. INTRODUCED, READ, APPROVED AND ADOPTED this 19th day of July, ?005. Rodney E. Slifer, Mayor, Town of Vail ATTEST: Lorelei Donaldson, Town Clerk, Town of Vail Resolution No. 12, Series of 2005 2 AMENDMENT TO CORE SITE DEVELOPMENT AGREEMENT THIS AMENDMENT TO CORE SITE DEVELOPMENT AGREEMENT (this "Amendment") is made effective as of the _ day of , 2005, by and between the TOWN OF VAIL, a municipal corporation duly organized and existing under and by virtue of the laws of the State of Colorado (the "Town"), VAIL REINVESTMENT AUTHORITY, a body corporate duly organized and existing as an urban renewal authority under the laws of the State of Colorado (the "Authority"), and THE VAIL CORPORATION, D/B/A VAIL ASSOCIATES, INC., a Colorado corporation (`.`Vail Associates"). RECITALS: A. The Town, the Authority and Vail Associates are the parties to that certain Core Site Development Agreement dated as of November 8, 2004 (the "Development Agreement"). Initially capitalized terms used but not defined in this Amendment shall have the meanings ascribed thereto under the provisions of the Development Agreement. B• The parties have mutually determined to modify and supplement the provisions of the Development Agreement in certain respects, as set forth in and in accordance with the provisions of this Amendment. NOW, THEREFORE, in consideration of the above premises and the mutual covenants and agreements set forth herein, the parties agree as follows: 1 • Acceptance of Easement Dedications. In connection with the Core Site Project, the Town has received or will receive various easement grants, made expressly as public dedications and recorded or to be recorded in the real property records for Eagle County, Colorado (the "Records"), from Vail Associates and various other parties with interests as adjacent owners or adjacent governing owners' associations, for purposes pertaining to specified utilities and/or storm drainage, or access ways, streetscaping and other surface improvements. Those easement grants made and to be made are identified on Exhibit A hereto (collectively, the "Public Easements"). The Town hereby agrees that effective upon execution and delivery by The Town Manager, or upon the final written confirmation of the Town Manager, as applicable pursuant to paragraph 5 below, the Town accepts the public dedication under the grant of each Public Easement, for the use of the public, including the use of vehiculaz and pedestrian ways for public access purposes. This acceptance will be subject to and without limitation upon the teams of the grants under the Public Easements themselves, and fiuthermore will not be construed to limit the applicable construction warranty obligations of Vail Associates under the Development Agreement for the improvements and facilities installed by or through Vail Associates in the applicable easement areas. 2. Desienation of Vail Associates. (a) The various Public Easements provide in part that they may be used and enjoyed by the Town and its designees or invitees. In furtherance of the completion of the Core Site Project, the Town hereby designates Vail Associates, 644376.7 RCFISH together with its designees and affiliates and any metropolitan district formed with jurisdiction over the pertinent easement areas, and the contractors and agents of Vail Associates or any such designees, affiliates, or metropolitan districts, and subcontractors and other parties engaged by, through or under any of them (collectively the "Designees"), to act as the Town's designees and/or invitees under the Public Easements for purposes of the construction and installation of the following improvements and work, together with any related construction warranty work or subsequent repairs, maintenance or replacements for which Vail Associates or any such Designees may otherwise be obligated: (i) The Off; Site Streetscape Improvements; (ii) The Lionshead Place Improvements; (iii) All equipment, facilities and improvements for or related to sanitary sewer, water, gas, electric, telecommunications and other utility services, and also storm drainage, as the same are to be installed in connection with the Core Site Project in accordance with the plans and specifications for the Core Site Project approved by the Town, and otherwise in accordance with the ordinary generally applicable utility and storm drainage regulations and practices of the Town and the pertinent utility suppliers (collectively the "Utilities Improvements"). The designation under this pazagraph 2(a) will also extend. to the applicable utilities suppliers, and their contractors and agents, and any subcontractors and other parties engaged by, through or under any of them (all of which parties shall be regarded as included within the "Designees"), to the extent any such utility supplier undertakes the installation of or other work pertaining to any Utilities Improvements; and . (iv) Any other work of improvement within the applicable easement areas provided or required for the Core Site Project under applicable "Development Approvals," as hereinafter defined ("Core Improvements"). (b) The Town further grants Vail Associates and the applicable utilities suppliers and the other Designees an irrevocable license, coupled with an interest and non-terminable, to construct and install those portions of the Off-Site Streetscape Improvements, Utilities Improvements, Lionshead Place Improvements and any other Core Improvements that are to be located within properties owned by the Town. Those parties are further authorized to enter those properties and undertake therein any related construction warranty work or subsequent repairs, maintenance or replacements for which Vail Associates may otherwise be obligated and which pertain to the Core Improvements that remain in place from time to time, with Vail Associates' obligations in this regard being conditioned on the effectiveness of this authorization or other authorization provided by the Town for allowing timely entry. The subject properties of the Town specifically include, without limitation, those utility and drainage easement areas established or to be established by the Town pursuant to recorded declazations of public easement dedications that are identified on Exhibit B attached hereto; Vail 644376.7 RCFlSH Associates and the other Designees are hereby made express beneficiaries of those easements for undertaking the applicable work. (c) Vail Associates will indemnify and defend the Town from and against any and all liabilities to third parties, including those pertaining to any personal injury or physical damage to property, which may be imposed upon or incurred by the Town and which arise from and are caused by the use and enjoyment by, through or under Vail Associates of any of the license rights granted under paragraph 2(b) above, together with all costs and expenses, including reasonable attorneys' fees, that the Town may incur in connection with any such indemnified liability. In any case this indemnity shall not apply, however, to any liabilities to the extent attributable to any negligence, willful misconduct or other breach of any legal duty by the Town or its contractors or agents; in addition, this indemnity shall be applied in accordance with generally prevailing laws governing contract rights, remedies and liabilities. 3. Utilities and Snowmelt Undertakin s. (a) Notwithstanding the provisions of paragraph 5(c) of the Development Agreement, the parties acknowledge that the snowmelt facilities within the Off-Site Streetscape Improvements (the "Off-Site Snowmelt Facilities") will connect to and be served by the same common boiler(s) and heat source facilities that serve snowmelt facilities within the On-Site Streetscape Improvements and/or the Lionshead Place Improvements, as well as building and other improvements ~ within the Core Site Project (the "Central Heat Facilities"), and the Town will not have separate heat source facilities for the Off-Site Streetscape Improvements. In that regard: (i) The utility charges incurred in so providing heat to the Off- Site Snowmelt Facilities will be separately metered, and the Town will be solely responsible for paying the utility charges incurred. The Town will also bear its proportionate share of the costs incurred by Vail Associates from time to time to maintain, repair and replace the Central Heat Facilities in the ordinary course of Core Site Project operations (the "Central Snowmelt Costs"), with the Town's proportionate share to be based on the relative utilities consumption for the Off- Site Snowmelt Facilities in comparison to such consumption incurred for the snowmelt facilities within the On-Site Streetscape Improvements and the Lionshead Place Improvements, and building and other improvements served thereby. The amount of the Central Snowmelt Costs and their apportionment between Vail Associates and the Town shall be determined in accordance with the ordinary accounting and management practices prevailing from time to time in connection with the Core Site Project. Vail Associates agrees that it shall provide maintenance, repairs and replacements for the Central Heat Facilities (or any substitutions thereof) as necessary to keep the same in good operating condition, and operate the same in accordance with its ordinary business practices to furnish snowmelt capacity for the Off-Site Snowmelt Facilities, provided such capacity shall be materially consistent with the general operating standards presently maintained for other public properties of the Town served by mechanical 644376.7 RCFISH snowmelt systems. The Town will provide maintenance, repairs and replacements for the Off-Site snowmelt Facilities as part of its maintenance obligations for the Off-Site Streetscape Improvements under the Development Agreement. (ii) The Town's proportionate share of Central snowmelt Costs will be billed and invoiced to the Town from time to time, but no more frequently than once in any calendar month, and each payment owing from the Town will be due and payable within thirty (30) days after notice thereof. If any such payment owing from the Town is not made when due, it shall thereafter bear interest until paid at an annual interest rate equal to one percent (1 %) plus the prime interest rate published from time to time by The Wall Street Journal. At any time that any such payment is delinquent, i. e., remains unpaid after its due date, Vail Associates at its election may suspend the provision of heating services to the Off-Site Snowmelt Facilities. until the pertinent delinquency and all interest accrued thereon are paid in full; provided Vail Associates must first give the Town an additiona130 days' notice of the pending suspension of services upon or after the occurrence of the delinquency. This right of suspension will be cumulative with and without limitation upon other rights or remedies available at law or equity for enforcement of any delinquency, including, without limitation, an appropriate collection action. (iii) The parties specifically acknowledge that the Off-Site Snowmelt Facilities will encompass and include certain snowmelt facilities (the "Lionshead Centre Snowmelt Facilities") located or to be located within and serving the condominium property (the "Lionshead Centre Property") governed by Lionshead Centre Condominium Association (the "Lionshead Centre Association"), and that the Lionshead Centre Property will receive snowmelt services pursuant to a certain Construction Agreement and Easement made or to be made between Vail Associates and Lionshead Centre Association (the "Lionshead Centre Agreement"). The Lionshead Centre Snowmelt Facilities will be regarded as part of the Off-Site Snowmelt Facilities for all purposes. Effective upon the final written confirmation of the Town Manager pursuant to paragraph 5 below, the Town assumes the obligations under the Lionshead Centre Agreement for maintaining, repairing, replacing and operating the Lionshead Centre snowmelt Facilities (except to the extent the same fall within Vail Associates' construction warranty obligations), and shall bear and discharge all liabilities associated therewith. Effective upon the rendering of that final written confirmation, Vail Associates assigns to the Town (i) the easement rights under the Lionshead Centre Agreement to enter the Lionshead Centre Property for performing these assumed obligations (this assignment being non-exclusive, with Vail Associates retaining the right to use and enjoy the easement rights under the Lionshead Centre Agreement), and (ii) all rights to receive, under the terms of the Lionshead Centre Agreement, reimbursements from the Lionshead Centre Association for Central Snowmelt Costs which have been reimbursed by the Town to Vail Associates in the first instance, and for costs associated with the 644376.7 RCFISH maintenance, repair, replacement and operation of the Lionshead Centre Snowrnelt Facilities that the Town incurs. (iv) The parties agree that the boundary between Off-Site Streetscape Improvements and the Lionshead Place Improvements, including, without limitation, the allocation of snowmelt facilities between the two, shall be in material conformity with the depiction of that division attached as Exhibit C hereto: In addition, the parties mutually confirm that (i) the skating rink area and facility within the Core Site Project will constitute part of the On-Site Streetscape Improvements, and (ii) the Lionshead Place Improvements will encompass and include right-of--way, streetscape and related improvements which, pursuant to the Development Approvals and as part of the Core Site Project, are constructed or installed within the Lionshead Place right-of--way and adjacent areas owned by the Town in Tracts A and E, VaiULionshead Third Filing, according to the recorded plat thereof, as well as within the applicable easement areas adjacent to the Lionshead Place right-of--way established under the applicable easement dedications to the Town, as set forth on Exhibit A hereto, from Lion Square Condominium Association, Inc., Lion Square Phase II and III Condominium Association, Inc., Lion Square North Condominium Association, Inc., and Antlers Condominium Association, Inc. The On-Site Streetscape Improvements may be owned from time to time in whole or part by any Metropolitan District, any owner of the Core Site Project or any portion thereof, or any other public or private entity. . (b) Vail Associates covenants and agrees that it shall complete or cause the applicable utilities suppliers to complete the Utilities Improvements in connection with and as part of the Core Site Project. The completion of the Utilities Improvements that will be publicly dedicated to the Town (i. e., storm drainage) will be subject to the same warranty, guarantee and other provisions governing the On-Site Streetscape .Improvements, the Off-Site Streetscape Improvements, and the Lionshead Place Improvements that are set forth in paragraph 5 of the Development Agreement; for other Utilities Improvements, Vail Associates will be obligated to satisfy any warranty requirements of the applicable utility supplier. However, notwithstanding any provisions to the contrary under the foregoing, all maintenance, repairs and replacements of Utilities Improvements following their initial completion will be solely the obligation of the Town or the pertinent utility supplier, as applicable, except that (i) Vail Associates will remain liable for its applicable construction warranty obligations, for any maintenance obligations to which Vail Associates otherwise agrees in writing, and for any maintenance obligations lawfully imposed upon Vail Associates by any applicable utility supplier other than the Town, and (ii) any utility improvements in the nature of private connections serving individual properties shall be the responsibility of the pertinent owner to maintain. Furthermore, to the extent any maintenance, repairs or replacements for the Utilities Improvements conducted by or through the Town or other applicable utility supplier also necessitate maintenance, repairs or replacements of On-Site Streetscape Improvements or Lionshead Place Improvements which are damaged or disturbed as a result thereof, the Town or pertinent utilities supplier, as applicable, will 644376.7 RCFlSH c undertake the maintenance, repairs or replacements of the On-Site Streetscape Improvements or Lionshead Place Improvements that are so damaged or disturbed, except to the extent otherwise agreed in writing by Vail Associates for any applicable utility supplier. The Town shall cause the applicable utilities suppliers to conform to the foregoing provisions. (c) Notwithstanding any provisions of the Development Agreement to the contrary, Vail Associates and its successors in interest in the Core Site Project will not have any liability or responsibility for maintenance, repairs or replacements of any Lionshead Place Improvements to the extent that Vail Associates or its successors secure any covenant or agreement of any adjacent owner or governing owners' association to undertake any such maintenance, repairs or replacements, and the applicable owner or owners' association will become .solely responsible for the maintenance, repairs or replacements so undertaken and will be regarded as included within the Designees. The foregoing will not be construed, however, to limit Vail Associates' applicable construction warranty obligations. (d) The rights and obligations of Vail Associates in connection with operations, maintenance, repairs or replacements under this paragraph 3 will be assignable and maybe delegated, in whole or in part, in accordance with paragraph 14 of the Development Agreement, and as provided therein, Vail Associates will be relieved of any further liability for any obligations so assigned. (e) In connection with paragraph 4(b)(i) , of the Development Agreement: (i) The Town agrees that pursuant to and as partial discharge of its obligations under that paragraph 4(b)(i), the Town will grant by declaration a public utility and drainage easement of a general nature over the entirety of the Town's ownerships in Tract C, Lionshead Sixth Filing, according to the recorded plat thereof heretofore or hereafter recorded (which shall be "Tract C" for purposes of this Amendment). Under that easement the Town will retain the same regulatory rights and powers as are applicable to the use of public easements in Town rights-of--way. The Town will further grant by declaration anon-exclusive public access easement over its ownerships in Tract C for pedestrian and emergency vehicle use, and also make the other easement dedications and grants for utility, access and construction purposes which, along with the foregoing, are identified on Exhibit B hereto. The foregoing grants under this paragraph (i) will be made pursuant to paragraph 5 below. (ii) Pursuant to Ordinance No. 8, Series of 2005, the Town is undertaking to terminate certain pre-existing public utility and drainage easements established under VaiULiorishead First Filing and VaiULionshead Third Filing, according to the recorded plats thereof, in connection with the plat of Lionshead Sixth Filing. The Town agrees that it will confirm the termination of the applicable easements when the applicable termination conditions under Ordinance 644376,7 RCFlSH 6 No. 8 have been satisfied, and that upon such satisfaction the Town will also process and adopt an amended and restated version of Lionshead Sixth Filing that will clearly reflect of record the termination of the pertinent easements. (iii) The Town and Vail Associates mutually acknowledge that they collectively own all record interests, and the benefited and burdened real properties, under the "Termination Agreements" defined below, and that the Termination Agreements are now obsolete, pertain to real estate improvements that either have not and are not to be undertaken or have been abandoned, confer no benefit on either party, and create an unwarranted cloud on title; accordingly, Vail Associates and the Town mutually agree to make and record in the real property records for Eagle County, Colorado, a termination and. release of the Termination Agreements. The "Termination Agreements" are constituted by (A) the Easement Agreement recorded August 25, 1972, in Book 225 at Page 183, (B) the Agreement recorded December 5, 1978, in Book 279 at Page 340, and (C) the Easement Agreement recorded February 21, 1984, in Book 378 at Page 915, all such recordings being in the real property records for Eagle County, Colorado. 4. Licenses. The Town acknowledges that the Core Site Design Approvals, as the same have been and may be further amended or supplemented in connection with the Town's development process by additional development and construction plans and otherwise (collectively the "Development Approvals"), provide for certain balconies and other overhangs, foundation footings and other improvements that encroach (the "Core Encroachments") into Tract C. In addition, the Core Site Design Approvals also provide for (i) a vehicular/pedestrian access way constituting part of the Core Site Project (the "Tract C Access Way") that crosses a segment of Tract C adjacent to the westerly boundary of the Core Site Project and (ii) underground access tunnel improvements constituting part of the Core Site Project that extend from the Core Site into the right-of--way of Lionshead Place (the "Tunnel Improvements"). The Town agrees that it shall grant, without further action by Town Council, to Vail Associates and its successors in interest, as a benefiting appurtenance to the Core Site, one or more irrevocable licenses, coupled with an interest and non-terminable, permitting the construction, installation, modification, replacement, maintenance, repair, use and enjoyment of the improvements causing the Core Encroachments and also of the Tract C Access Way and the Tunnel Improvements, as the same have been and may be approved from time to time by the Town pursuant to its development processes. A pending license grant for these purposes is identified on Exhibit B hereto. 5. Implementation and Acceptance of Grants. The Town hereby authorizes the Town Manager, in consultation with the Town Attorney, to execute and deliver, on behalf of the Town and on terms acceptable to the Town Manager, such easements and license agreements and other documents and instruments with or for the benefit of Vail Associates as may be necessary or appropriate to establish and effectuate the easement and license grants from the Town and the termination of the Termination Agreements provided for under paragraphs 3 and 4 above, and also any Public Easement grants to which the Town is a signatory party: In addition, the other Public Easements and the Lionshead Centre Agreement, as it pertains to the Lionshead 644376.7 RCFlSH '7 Centre Snowmelt Facilities, are to be on terms determined to be acceptable by the Town Manager, in consultation with the Town Attorney, and upon that determination being completed, the Town Manager will execute a written confirmation thereof, in form reasonably satisfactory to Vail Associates, for recording in the real property records for' Eagle County, Colorado. 6. Parking Investment. The Town and Vail Associates are parties to that certain Parking Capital Investment Agreement dated as of November 8, 2004, under which Vail Associates, pursuant to requirements and conditions of Town approvals for developing the "Gore Creek Project" referenced therein, made certain contractual undertakings to invest the sum of $4,300,000 in additional public parking facilities within the Town that the Town may develop (the "Parking Agreement"). The Town and Vail Associates have now mutually determined that it is more appropriate to allocate and attribute the parking investment obligation under the ...Parking Agreement to the Core Site Project in lieu of the Gore Creek Project: Accordingly, the Town and Vail Associates mutually agree to make an amended and restated parking capital investment agreement which will supersede the existing Parking Agreement and will be made upon substantially the same terms as those set forth in the Parking Agreement, except that the amended and restated agreement shall be predicated upon Town conditions and requirements for the Core Site Project, in lieu of the Gore Creek Project. The existing Parking Agreement will be expressly superseded by the amended and restated agreement. The capital investment obligations under the amended and restated agreement will constitute the personal obligation of Vail Associates and will not run with the ownership of the Core Site Project, and correspondingly will not be conditioned upon the undertaking of the Core Site Project.. 7. Approval; Further Action. This Amendment shall not become effective until the Town Council's adoption and approval of this Amendment by resolution. As part of that resolution, the Town Council will designate and authorize the Town Manager to execute and deliver this Amendment on behalf of the Town. The effective date of this Amendment shall be the date upon which this Amendment has been executed and delivered by Vail Associates and so executed and delivered as set forth above by the Town Manager. Furthermore, upon this Amendment becoming effective, the Town Manager will be further authorized to execute all documents and instruments on behalf of the Town, without further action of Town Council, in furtherance of executing and discharging the terms and provisions of this Amendment, provided such documents and instruments are not materially inconsistent with the terms of this Amendment, or constitute only a minor change to the terms of this Amendment or the Development Agreement as determined in accordance with paragraph 22 of the Development Agreement. 8. Effect of Amendment. Except as modified hereby, the Development Agreement shall remain in full force and effect in accordance with its stated provisions. In the event of any conflict or inconsistency between the provisions of this Amendment and the provisions of the Development Agreement, the provisions of this Amendment shall be controlling. The terms of this Amendment shall be interpreted and given force and effect in accordance with the non-conflicting provisions of the Development Agreement, which shall be applied to the terms and provisions of this Amendment as if this Amendment were a part of the Development Agreement in the first instance. The terms of this Amendment will not be 644376.7 RCFISH 8 construed to limit the effect of any conditions to Closing under the Development Agreement which presently remain unsatisfied. 9. Counterparts. This Amendment may be executed in counterparts, each of which shall constitute an original, and which together shall constitute one and the same agreement. 10. Recording. Like the Development Agreement, this Amendment shall be recorded in the Records. 11, Exhibits. Exhibits referenced under the other provisions hereof as being attached hereto are incorporated herein by this reference and made a part hereof. [Balance of page intentionally left blanl~J 644376.7 RCFISH ~ O IN WITNESS WHEREOF, the Town, the Authority and Vail Associates have made this Amendment to Core Site Development Agreement as of the day, month and year first above written. ATTEST: Lorelei Donaldson, Town Clerk STATE OF COLORADO ) ss. COUNTY OF EAGLE ) TOWN: TOWN OF VAIL, a municipal corporation duly organized and existing by virtue of the laws of the State of Colorado By: Name: Title: Town Manager The foregoing instrument was acknowledged before me this _ day of 2005, by as Town Manager of the Town of Vail, a municipal corporation duly organized and existing by virtue of the laws of the State of Colorado. Witness my hand and off cial seal. My Commission expires: Notary Public [Signature blocks continue on following pages) 644376.7 RCFISH 10 VAIL ASSOCIATES: STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this _ day of 2005, by , as of The Vail Corporation d/b/a Vail Associates, Inc., a Colorado corporation. Witness my hand and official seal. My Commission expires: Notary Public [Signature blocks continue on following pages) THE VAIL CORPORATION, D/B/A VAIL ASSOCIATES, INC., a Colorado corporation By: Name: Title: 644376.7 RCFISH 11 VAIL REINVESTMENT AUTHORITY: STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this _ day of 2005, by , as of Vail Reinvestment Authority, a body corporate duly organized and existing as an urban renewal authority under the laws of the State of Colorado Witness my hand and official seal. My Commission expires: VAIL REINVESTMENT AUTHORITY, a body corporate duly organized and existing as an urban renewal authority under the laws of the State of Colorado ay: _ Name: Title: Notary Public [Signature blocks continue on following pages) 644376.7 RCFISH 12 EXHIBIT A (Easement Dedications to be Accepted by the Town of Vail) GRANTOR CODE LION SQUARE PHASE II AND III CONDOMINIUM 6. DR1-LS-II&III ASSOCIATION, INC., a Colorado nonprofit corporation LION SQUARE NORTH CONDOMINIUM 11. H_A1 & 12. H_A2 LSN ASSOCIATION, INC., a Colorado nonprofit corporation LION SQUARE PHASE II AND III CONDOMINIUM 13B. H_A3B LSII&III ASSOCIATION, INC., a Colorado nonprofit corporation LION SQUARE CONDOMINIUM ASSOCIATION, 14. H_A4 & 15. H_AS LSC INC., a Colorado nonprofit corporation THE VAIL CORPORATION, a Colorado corporation, dba 20. VR H_A1 & 21. VR H_A2 Vail Associates, Inc. LION SQUARE NORTH CONDOMINIUM 23. WS1-BG LSN ASSOCIATION, INC., a Colorado nonprofit corporation LION SQUARE NORTH CONDOMINIUM 24. WS2-AG LSN ASSOCIATION, INC., a Colorado nonprofit corporation THE VAIL CORPORATION, a Colorado corporation 25. WS 1-AG VR d/b/a Vail Associates, Inc. ANTLERS CONDOMINIUM ASSOCIATION, INC., a 28. Antlers DR Colorado non-profit corporation ANTLERS CONDOMINIUM ASSOCIATION, INC., a 29. Antlers HA Colorado non-profit corporation ANTLERS CONDOMINIUM ASSOCIATION, INC., a 30. Antlers W1 Colorado non-profit corporation ROBERT T. LAZIER and DIANE J. LAZIER 34. Lazier DR-UTIL 644376.7 RCFISH A-1 GRANTOR CODE LANDMARK-NAIL CONDOMINIUM ASSOCIATION, 37. Landmark DR INC., a Colorado non-profit corporation THE LIFT HOUSE CONDOMINIUM ASSOCIATION, 40. Lift House DR INC., a Colorado non-profit corporation LIONSHEAD ARCADE BUILDING CONDOMINIUM 41. Arcade DR ASSOCIATION, a Colorado non-profit corporation LANDMARK-NAIL CONDOMINIUM ASSOCIATION, 42. Landmark Mall INC., a Colorado non-profit corporation THE LIFT HOUSE CONDOMINIUM ASSOCIATION, 43. Lift House Mall INC., a Colorado non-profit corporation LIONSHEAD ARCADE BUILDING CONDOMINIUM ~ 44. Arcade Mall ASSOCIATION, a Colorado non-profit corporation ROBERT T. LAZIER and DIANE J. LAZIER 45. Lazier Mall NAIL 21 CONDOMINIUM ASSOCIATION, INC., a 46. Vai121 Mall Colorado non-profit corporation NAIL LIONSHEAD CENTRE CONDOMINIUM 47. VLC Mall ASSOCIATION, a Colorado non-profit corporation THE NAIL CORPORATION, a Colorado corporation, dba 52. TRACT A 1ST FIL UTIL Vail Associates, Inc. THE NAIL CORPORATION, a Colorado corporation, dba SSA. TRACT B VR UTIL Vail Associates, Inc. THE NAIL CORPORATION, a Colorado corporation, dba 56. TRACT C DR-UTIL Vail Associates, Inc. THE NAIL CORPORATION, D/B/A NAIL 57. TRACT G-DR-UTIL ASSOCIATES, INC., a Colorado corporation 644376.7 RCFlSH A-2 GRANTOR CODE THE VAIL CORPORATION, a Colorado corporation, 59, 60 & 63. TRACTS C, D d/b/a Vail Associates, Inc. & B DR THE VAIL CORPORATION, a Colorado corporation, dba 64 & 65. TRACTS C & D Vail Associates, Inc. DUCT THE VAIL CORPORATION, a Colorado corporation, dba 66. TRACT B FIL 1 UTIL Vail Associates, Inc. 67. TRACT B FIL 2 UTIL THE VAIL CORPORATION, a Colorado corporation, dba 68. TRACT D UTIL Vail Associates, Inc. THE VAIL CORPORATION, a Colorado corporation, dba 69. TRACT X UTIL Vail Associates, Inc. THE VAIL CORPORATION, a Colorado corporation, dba 70. REPLATTED LOT 1 HC Vail Associates, Inc. THE VAIL CORPORATION, a Colorado corporation, dba 71. TRACT D PHONE Vail Associates, Inc. 72. TRACT C PHONE THE VAIL CORPORATION, D/B/A VAIL 73. TRACT A 1 sT FIL PATH ASSOCIATES, INC., a Colorado corporation THE VAIL CORPORATION, a Colorado corporation, dba 77. TRACT D EX-GAS Vail Associates, Inc. THE VAIL CORPORATION, a Colorado corporation, dba 82. TRACT G TOWN Vail Associates, Inc. (this easement is not to be a public ACCESS dedication, but is to be subject to Town acceptance in conjunction with and as if part of the Public Easements) THE VAIL CORPORATION, a Colorado corporation, dba 83. PUBLIC TURNAROUND Vail Associates, Inc. ACCESS 644376.7 RCFISH A-3 GRANTOR CODE THE VAIL CORPORATION, a Colorado corporation, dba 84. COURTYARD Vail Associates, Inc. PEDESTRIAN ACCESS The foregoing numbered codes or a variant thereof will appear on the face of each recorded easement. 644376.7 RCFISH A-4 EXHIBIT B Declarations by Town of Vail of Public Easement Dedications 53. TRACT B 1sT FIL-UTIL 54. TRACT A 3RD FIL-UTIL 80. TRACT C-ACCESS 81. TRACT C -DR and UTIL Other Town Easement Grants 31. ANTLERS-GAS [to Antlers Condominium Association, Inc.] 74. TRACT A 3RD FIL TUNNEL [to Vail Associates, Lion Square Condominium Association, Inc., Lion Squaze Phase II and III Condominium Association, Inc., and Lion Squaze North Condominium Association, Inc.] 75. TRACT A 3RD FIL ROAD 76. TRACT E 3RD FIL ROAD [a combined grant to Vail Associates, Lion Square Condominium Association, Inc., Lion Square Phase II and III Condominium Association, Inc., and Lion Square North Condominium Association, Inc.] 78. TRACT A 3RD FIL & TRACT B 1sT FIL Access [to Vail Associates] 79. TRACT C SH [to Vail Associates] Pending License Grant Under Parasraph 4~ 90. TOV Encroachment License The foregoing numbered codes or a variant thereof will appeaz on the face of each recorded easement: 644376.7 RCFISH B-1 EXHIBIT C Depiction of Boundary between Off-Site Streetscape Improvements and Lionshead Place Improvements (see the attached) 644376.7 RCFISH C' 1 RESOLUTION NO. 13 Series of 2005 A RESOLUTION APPROVING THE PARKING CAPITAL INVESTMENT AGREEMENT BETWEEN THE TOWN OF VAIL (THE "TOWN") AND THE VAIL CORPORATION, DB/A VAIL ASSOCIATES, INC., A COLORADO CORPORATION ("VAIL ASSOCIATES"), WHICH AGREEMENT RELATES TO THE ARRABELLE AT VAIL .SQUARE DEVELOPMENT BY VAIL ASSOCIATES WHEREAS, the Town, acting through its .applicable deparhnents and agencies, including the Planning and Environmental Commission and Design Review Board, has previously approved design development plans proposed by Vail Associates for its intended development of the "Arrabelle at Vail Square" mixed-use real estate project (the "Project"); and WHEREAS, as part of and in conjunction with the Project, the Town and Vail Associates have determined to make and enter into a "Parking Capital Investment Agreement" whereby Vail Associates will make a capital investment of up to $4,300,000 for augmenting the public parking supply in the Town of Vail (the "Agreement"), which Agreement will replace and supercede the Parking Capital Investment Agreement dated November 8, 2004, made between the parties and pertaining to the "Gore Creek Place" residential project; and WHEREAS, the Town, acting through its applicable departments and agencies (including the Director of Public Works and the Director of Community Development), and Vail Associates have negotiated terms and conditions for the Agreement; and WHEREAS, the approval of the Agreement is necessary and proper for the health, safety and welfare of the Town and its inhabitants; and WHEREAS, the Agreement complies with all applicable laws and regulations of the State of Colorado and the Town, and the Town has the authority to enter into the Agreement pursuant to such laws. NOW, THEREFORE, BE TT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO as follows: Section 1. The Agreement is hereby approved, and the Town shall enter into the Agreement and perform, observe and discharge its obligations under the Agreement.. The Town Manager is hereby authorized and directed to execute and deliver the Agreement, on behalf of the Town, with such terms and provisions as the Town Manager, after consultation with the Town Attorney, considers to be necessary or appropriate in furtherance of this Resolution. .Resolution No. 13, Series of 2005 Section 2. The Town Council hereby finds, determines and declares that this Resolution is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. INTRODUCED, READ, APPROVED AND ADOPTED this day of _ , 2005. ATTEST: Lorelei Donaldson, Town Clerk, Town of Vail Rodney Slifer, Mayor, Town of Vail Resolution No. 13, Series of 2005 2 AMENDED AND RESTATED PARHING CAPITAL INVESTMENT AGREEMENT THIS AMENDED AND RESTATED PARKING CAPITAL INVESTMENT AGREEMENT (this "Agreement") is made effective as of the day of 2005, by and between THE VAIL CORPORATION, DB/A VAIL ASSOCIATES, INC., a Colorado corporation ("Vail Associates"), and the TOWN OF VAIL, a municipal corporation duly organized and existing under and by virtue of the laws of the State of Colorado (the "Town" )• RECITALS A. Vail Associates is the owner of certain real property in the Lionshead area of the Town of Vail, Eagle County, Colorado, which is commonly referred to as the "Core" site and which is legally described on Exhibit A attached hereto (the "Core Property"). Vail Associates has secured approvals from the Town's Planning and Environmental Commission and other Town agencies of certain design and development plans (the "Core Design Approvals") for the development of a mixed-use real estate project, including hotel/lodge and residential condominium uses and certain commercial, public and recreational uses, to be located within the Core Property, and presently intended to be developed under the trade name "Arrabelle at Vail Square" (the "Core Project"). B. The parties mutually acknowledge and agree that as a requisite part of and as a remaining Town requirement for the rendering of the Core Design Approvals, and as a condition to Vail Associates' right and ability to undertake the Core Project, Vail Associates must undertake certain obligations to make a capital investment in additional public parking facilities for the Town of Vail, which undertaking shall be in accordance with and subject to the terms of this Agreement. But for the making of this Agreement, Vail Associates would not be eligible to secure the remaining building permit and other construction approvals from the Town that are requisite to proceeding with the Core Project. This development requirement has arisen in part because the parties have mutually determined, as a more appropriate allocation, to attribute the parking capital investment undertaking to the Core Project in lieu of the Gore Creek Project (as defined in the Original Agreement, which in turn is hereinafter defined). It is mutually intended that Vail Associates' capital investment in this regard be applied efficiently to maximize the resulting community benefit by the enhancement of public parking. NOW, THEREFORE, in consideration of the above premises and the mutual covenants and agreements set forth herein, the parties agree as follows: 1. Capital Investment in Parking. .Subject to the following terms and conditions, Vail Associates agrees to make or cause the making of a capital investment in public parking in the Town of Vail in the amount of $4,300,000 (the "Parking Investment"). This obligation to make the Parking Investment will apply only (i) to the establishment of new permanent public parking facilities in the Town that are. owned by the Town and that act as an increment to the inventory of ~ public parking:. facilities: presently available in the Town, or alternatively (ii) to other;.. means of augmenting.. the. Town's public: parking supply that may be 647291.2 acceptable to and approved in writing by. Vail Associates in its discretion (the parking provided under clause (i) or clause (ii), as applicable, being referred to hereinafter as the "Requisite Parking Increment"). If the Town is to provide the Requisite Pazking Increment pursuant to new permanent facilities under clause (i) above, then the schematic design plans therefor (the "Parking Plans") will be subject to the prior written approval of Vail Associates, not to be unreasonably withheld. Vail Associates agrees that it will fund the Parking Investment in hand to the Town within thirty (30) days after satisfaction of the following conditions, with such satisfaction to be reasonably substantiated to Vail Associates: (a) The Town has entered into bona fide binding construction contracts or other agreements, made on anarm's-length basis with third parties, for the provision of the Requisite Parking Increment in accordance with the approved Parking Plans; (b) Those applicable construction contracts or agreements expressly establish payment and funding obligations of the Town (the "Project Costs") in furtherance of providing the Requisite Pazking Increment in amounts that on their face equal or exceed $4,300,000; and (c) On-site construction or other work for furnishing the Requisite Pazking Increment (the "Pazking Project") has actually been commenced ("Project Commencement"). Vail Associates' obligations hereunder are not conditioned upon its actual undertaking of the Core Project. 2. Diluent Completion. Following the Project Commencement and the funding of the Parking Investment, the Town will cause the Parking Project to be diligently prosecuted and completed in accordance with the approved Pazking Plans and the governing construction contracts or agreements, such that it maybe lawfully used for its intended purposes. 3. Remedies. This Agreement may be enforced by any remedies available at law or equity, including, without limitation, the recovery of damages and, where appropriate, injunctive relief to compel performance. All remedies shall be cumulative with and non- exclusive of one another, and may be pursued successively or concurrently, and the exercise of any one remedy shall not be construed as an election to the bar of any other remedy. However, neither party shall be entitled to recover lost profits, or consequential or punitive damages. 4. Notices: Business Davs. Any notice required or permitted under the terms of this Agreement shall be in writing, may be given by the parties hereto or such parties' respective legal counsel, and shall be deemed given and received (i) when hand delivered to the intended recipient, by whatever means; (ii) three (3) business days after the same is deposited in the United States mails, with adequate postage prepaid, and sent by registered or certified. mail, with return receipt requested; (iii) one (1) business day after the same is deposited with an overnight` courier service of national or international reputation having a delivery area encompassing the address of the intended recipient, with the delivery chazges prepaid; or (iv) when received via facsimile on' the intended. recipient's facsimile facilities accessed by the 647291.2 'Z applicable telephone number set forth below (provided such facsimile delivery and receipt is confirmed on the facsimile facilities of the noticing party). Any notice under clause i ii or (), (~~) (iii) above shall be delivered or mailed, as the case may be, to the appropriate address set forth below: If to Vail Associates: c/o Vail Resorts Development Company Post Office Box 959 137 Benchmark Road Avon, Colorado 81620 Attention: Jack Hunn, Vice President of Design and Construction Fax No.: (970) 845-2555 Phone: (970) 845-2359 with a cop~to: c/o Vail Resorts Development Company Legal Department Post Office Box 959 137 Benchmark Road Avon, Colorado 81620 Attention: Karsten Canada, Esq. Fax No.: (970) 845-2555 If to Town: Town of Vail 75 S. Frontage Road Vail, Colorado 81657 Attention: Town Manager Fax No.: (970) 479-2157 with a copy to: Town of Vail 75 S. Frontage Road Vail, Colorado 81657 Attention: Town Attorney .Fax No.: (970) 479-2157 t Either party may change its addresses andlor=fax numbers for notices pursuant to a written notice which is given in accordance with the- terms hereof. As used herein, the term "business day"' shall mean any day other than a Saturday, a Sunday, or 'a legal holiday for which U.S. mail service is not provided. Whenever any date or the expiration of any period specified under this Agreement. falls on a day other than `a business day, then such date or period shall be deemed extended to the next succeeding business day thereafter.. 5. Severability. In the event any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future laws, the legality, validity and enforceability of the remaining provisions in this Agreement shall not be affected thereby, and in lieu of the affected provision there shall be deemed added to this Agreement a substitute provision that is legal, valid and enforceable and that is as similar as possible in content to the affected provision. It is generally intended by the parties that this Agreement and its separate provisions be enforceable to the fullest extent permitted by law. 6. Entire Agreement. This Agreement and the other contracts or agreements specifically referred to herein represent the entire agreement between the parties hereto with respect to the subject matter hereof, and all prior or extrinsic agreements, understandings or negotiations shall be deemed merged herein; without limitation on the generality of the foregoing, this Agreement "shall supersede and reinstate in its entirety the Pazking Capital Investment Agreement dated as of November 8, 2004, between Vail Associates and the Town (the "Original Agreement"), which is hereby terminated and of no further force or effect. 7. Rules of Construction. The headings which appear in this Agreement are for purposes of convenience and reference and aze not in any sense to be construed as modifying the pazagraphs in which they appeaz. Each party hereto acknowledges that it has had full and fair opportunity to review, make comment upon, and negotiate the terms and provisions of this Agreement, and if there arise any ambiguities in the provisions hereof or any other circumstances which necessitate judicial interpretation of such provisions, the parties mutually agree that the provisions shall not be construed against the drafting party, and waive any rule of law which would otherwise require interpretation or construction against the interests of the drafting party. References herein to the singular shall include the plural, and to the plural shall include the singulaz, and any reference to any one gender shall be deemed to include and be applicable to all genders::. The titles of the paragraphs in this Agreement are for convenience of reference only and aze not intended in any way to define, limit or prescribe the scope or intent of this Agreement. 8. Town Council Approval. This Agreement shall not become effective until the Town Council's adoption and approval of this Agreement by resolution. As part of that resolution, the Town Council will designate and authorize the Town Manager to execute and deliver this Agreement on behalf of the Town. The effective date of this Agreement shall be the date upon which this Agreement has been executed and delivered by Vail Associates and so executed as set forth above by the Town Manager. 9. Waivers and Amendments. No provision of this Agreement may be waived to any extent unless and except to the extent the waiver is specifically set forth in a written instrument executed by the party to be bound thereby. No modification or amendment to this. Agreement shall have any force or effect unless embodied in an amendatory or other agreennent executed' by Vail Associates and the Town,: with. the 'Town's execution to be authorized by .Town Council ordinance or resolution, as applicable. However,; if; on behalf of the Town, the Town 1Vlanager, after, consultation with the Director of Community Development, . determines °that any proposed amendment "or modification constitutes a minor: change; then. thee,, Town Manager shall have the unilateral power and authority to execute and deliver such: amendment or modification on behalf of the. Towri and to, bind the Town .thereby. In any event 64~z9~z` - _ 4 the Town Manager will have the unilateral power and authority to furnish any estoppel certificates, approvals, confirmations of whole or partial termination, or other documents or communications contemplated by the provisions of this Agreement. 10. Governin Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado. 11. Additional Assurances. The parties agree to reasonably cooperate to execute any additional documents and to take any additional action as may be reasonably necessary to carry out the purposes of this Agreement. 12. No Third Party Beneficiary. Except for the corporate affiliates of Vail Associates, who are expressly intended to be third-party beneficiaries of Vail Associates' rights hereunder, no third party is intended to or shall be a beneficiary of this Agreement, nor shall any such third party have any rights to enforce this Agreement in any respect. 13. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, and which together shall constitute one and the same agreement. 14. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Vail Associates and the Town and their respective successors and assigns. This Agreement shall not run with the land as a burden to the ownership of the Core Property. 15. No Joint Venture or Partnership. No form of joint venture or partnership exists between the Town and Vail Associates, and nothing contained in this Agreement shall be construed as making the Town and Vail Associates joint venturers or partners. 16. Attorneys' Fees. In the event any legal proceeding arises out of the subject matter of this Agreement and is prosecuted to final judgment, the prevailing party shall be entitled to recover from the other all of the prevailing party's costs and expenses incurred in connection therewith, including reasonable attorneys' fees (and the presiding court will be bound to make this award). [Balance of page intentionally left blank] 647291.2 ~ 5 IN WITNESS WHEREOF, the Town and Vail Associates have made this Parking Capital Investment Agreement as of the day, month and year first above written. TOWN: TOWN OF VAIL, a municipal corporation duly organized and existing by virtue of the laws of the State of Colorado By: _ Name: Title: ATTEST: Lorelei Donaldson, Town Clerk Town Manager [Signature blocks continue on following page] ~~z9~.Z 6 VAIL ASSOCIATES: THE VAIL CORPORATION DB/A SAIL ASSOCIATES, INC., a Colorado corporation By: _ Name: Title: 647291.2 '~ EXHIBIT A Legal Description of Core Property Lot 4, Block 1, and Tract D, VaiULionshead First Filing, according to the plat recorded May 10, 1970, in Book 217 at Page 675; Tract C, Vail/Lionshead First Filing, according to the plat recorded May 10, 1970, in Book 217 at Page 675, but excluding therefrom those portions conveyed to the Town of Vail in deeds recorded in Book 560 at Page 180 and in Book 389 at Page 502; together with any further portions of said Tract C hereafter acquired of record by Vail Associates; Tract C, VaiULionshead Third Filing, according to the plat recorded October 15, 1971, in Book 221 at Page 992, but excluding therefrom that portion conveyed to the Town of Vail in deed recorded in Book 560 at Page 180, and excepting portions thereof included within Concert Hall Plaza Condominiums according to the Condominium Map recorded in Book 286 at Page 698; together with any further portions of said Tract C hereafter acquired of record by Vail Associates; and Lot 2, Block 1, Tract G and Tract H, VaiULionshead Third Filing, according to the plat recorded October 15, 1971 in Book 221 at Page 992; County of Eagle, State of Colorado. ~~z9~.2 A-1. RESOLUTION No. 14, Series of 2005 A RESOLUTION APPROVING THE ADOPTION AND CONFIRMING THE EFFECT OF THE INTERGOVERNMENTAL AGREEMENT BY AND AMONG THE VAIL REINVESTMENT AUTHORITY, THE VAIL SQUARE METROPOLITAN DISTRICT NOS. 1, 2 AND 3, AND THE VAIL CORPORATION, DB/A VAIL ASSOCIATES, INC. WHEREAS, on May 3rd 2005, the Town of Vail passed a resolution (the "Plan Resolution") approving the Consolidated Service Plan for the Vail Square Metropolitan District Nos. 1, 2 and 3 (the "Districts"), conditioned upon execution of an intergovernmental agreement between Vail Square Metropolitan District No. 1 and the Vail Reinvestment Authority ("Authority") to transfer tax increment revenues for the purpose of funding of certain infrastructure; and WHEREAS, the proponents of the Districts, the Authority, and The Vail Corporation (the "Parties") have agreed upon an Intergovernmental Agreement to be made by and among the Parties in the form attached hereto as Exhibit A (the "TIF Agreement"); and WHEREAS, the Council considers that the condition under the Plan Resolution will have been met upon the Districts' formation and subsequent execution of the TIF Agreement; and WHEREAS, the adoption of the TIF Agreement, the implementation of the Plan Resolution, and the actions under this Resolution are necessary and proper for the health, safety and welfare of the Town and its inhabitants; and WHEREAS, the., actions under this Resolution comply with all applicable laws and regulations of the State of Colorado and the Town. 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, approves and acknowledges that the Authority has approved the form of TIF Agreement by and among the Vail Reinvestment Authority, the Vail Square Metropolitan District Nos. 1, 2 and 3, and The Vail Coporation, D/B/A Vail Associates, Inc. regarding the transfer of increment tax funding revenue from the Vail Reinvestment Authority to Vail Square Metropolitan District No. 1 or the other Districts at its direction for the purpose of funding certain infrastructure. 2. That the Town Council of the Town of Vail, Colorado, hereby finds that the condition to the approval of the Consolidated Service Plan. for the Vail Square Metropolitan District Nos. 1, 2 and 3, as set forth in the Plan. Resolution, will have been met upon execution of the TIF Agreement by The Vail Corporation (or its successor in interest) and by the Districts subsequent to their formation. Resolution No: 14, Series of 2005 3. A certified copy of this Resolution shall be filed in the records of the Town and, in connection with the Districts' formation, 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. 5. The Town Council hereby finds, determines and declares that this Resolution is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. INTRODUCED, READ, APPROVED AND ADOPTED this day of _ , 2005. Rodney E. Slifer, Mayor, Town of Vail ATTEST: Lorelei Donaldson, Town Clerk, Town of Vail 2 INTERGOVERNMENTAL AGREEMENT BETWEEN THE VAIL REINVESTMENT AUTHORITY, VAIL SQUARE METROPOLITAN DISTRICT NO. 1, VAIL SQUARE METROPOLITAN DISTRICT N0.2, AND VAIL SQUARE METROPOLITAN DISTRICT N0.3, AND THE VAIL CORPORATION, d/b/a/ VAIL ASSOCIATES, INC. This INTERGOVERNMENTAL AGREEMENT is made effective as of the day of 2005, by and between the VAIL REINVESTMENT AUTHORITY, a body corporate duly organized and existing as an urban renewal authority under the laws of the State of Colorado, VAIL SQUARE METROPOLITAN DISTRICT Nos. 1, 2 and 3, quasi- municipal corporations and political subdivisions of the State of Colorado; and THE VAIL CORPORATION, d/b/a VAIL ASSOCIATES, INC., a Colorado Corporation. RECITALS WHEREAS, the Town, the Authority and Vail executed the Development Agreement (as defined below) to set forth their intentions regarding redevelopment of the area within the collective boundaries of the Districts; and WHEREAS, the Development Agreement required Vail to construct certain improvements, including• the On-Site Streetscape Improvements, the Off-Site Streetscape Improvements and the Lionshead Place Improvements, and provided that if the Districts were formed and made a commitment to construct the District Improvements, the Authority would enter into an agreement with the Districts to transfer to the Districts the District Tax Increment Revenues; and WHEREAS, the formation of the Districts was conditionally approved by the Town in conjunction with the conditional approval of the Service Plan on May 3, 2005; and WHEREAS, the Town conditioned its approval of the Service Plan upon the Districts' commitment to execute atax-increment refunding agreement with the Authority in coordination with the Development Agreement, and the Parties intend this Agreement to fulfill that commitment, as well as to fulfill the obligation of the Authority to enter into an agreement with the Districts, as discussed above; and WHEREAS,, the Districts intend to commit. to .construct or cause to be constructed the District Improvements under the Development Agreement; and . WHEREAS, sections 31-25-105 and. 31-25-112 of the Colorado Revised Statutes, and section 4.5 of the Urban Renewal Plan authorize`` the Authority to enter into contracts and agreements with other parties, including public bodies, for the purpose of aiding the Authority in execution of its projects, programs, works, operations, and activities; and WHEREAS, Article 1 of Title 32 of the Colorado Revised Statutes and the Service Plan authorize the Districts to enter into contracts affecting the affairs of the Districts, authorize the Districts to borrow money and to issue bonds, including revenue bonds, and authorize the Districts to construct, operate and maintain certain public improvements such as the District Improvements; and WHEREAS, the Urban Renewal Plan authorizes the Authority to revitalize areas within the Town of Vail by redeveloping infrastructure therein, including but not limited to the District Improvements; and WHEREAS, the purposes for which the Districts were formed include the provision of the District Improvements and the undertaking of certain operation and maintenance obligations related thereto; and WHEREAS, the Parties desire for the Districts to enter into an agreement with the Authority for the purpose of aiding the Authority in execution of the Authority's projects, programs, works, operations and activities within the boundaries of the Districts; specifically, the Parties desire for the Authority to contract with the Districts to construct the District Improvements in accordance with the terms of the Development Agreement governing such construction, and undertake any operation and maintenance activities related thereto; and WHEREAS, under this Agreement and in consideration for the District's commitment to undertake construction of the District Improvements, the Authority will transfer to the Districts. the District Tax Increment Revenues, to which the Authority would otherwise be entitled under the Urban Renewal Plan, as consideration for the Districts' assumption of Vail's obligation to construct the District Improvements; and WHEREAS, the Districts anticipate issuing the District Bonds to pay for construction of the District Improvements, the interest and principal payments of which the Districts intend to pay from various revenue streams, including but.. not limited to, funds received from the Authority pursuant to this Agreement, and the Parties recognize that the timely transfer of funds to the Districts pursuant to this Agreement will be critical for the Districts to comply with their obligations arising from the District Bonds as well certain other obligations and undertakings. NOW THEREFORE, for and in consideration of the covenants and mutual agreements herein contained, and of other good and valuable consideration, the receipt and .sufficiency of which is hereby acknowledged, the Parties agree as follows: SPECIFIC PROVISIONS 1. DEFINITIONS 2 -` .. a. Agreement means this Intergovernmental Agreement, executed and entered into by and among the Parties as of the date first written above. b. Authority means the Vail Reinvestment Authority, a body corporate duly organized and existing as an urban renewal authority under the laws of the State of Colorado. c. Base Valuation means, with respect to the area within the boundaries of the Districts, the total assessed valuation of all taxable property last certified by the assessor prior to the effective date of the original approval of the Urban Renewal Plan. d. Core Site Property means a parcel of property located in Eagle County, Colorado, and more specifically described in Exhibit A, attached hereto and incorporated herein. e. Development Agreement means the Core Site Development Agreement entered into by and among the Town, the Authority and Vail, dated November 8, 2004, as may be amended or supplemented from time to time. f. District Bonds means bonds, notes, or any other instrument (including but not limited to contract-based obligations such as loan agreements and reimbursement agreements between the Districts and Vail or other private parties), or any combination thereof issued by one or more of the Districts for the purpose of financing the District Improvements, and secured in whole or in part by a Pledge of ad valorem property taxes imposed by the Districts and/or District Tax Increment Revenues paid to the Districts by .the Authority pursuant to this Agreement. g. District IGA means an intergovernmental agreement as described in section 3.a.(2). h. .District Improvements means the On-Site Streetscape Improvements, the Off-Site Streetscape Improvements and the Lionshead Place Improvements, collectively. i. District Tax Increment Revenues means the amount of ad valorem property taxes or levies collected on the Increment Valuation of all taxable property located within the boundaries of the Districts as a result of ad valorem taxes or levies imposed by the Districts for both operations and maintenance purposes as well as for payment of debt service on District Bonds. j. Districts means Vail Square Metropolitan District No. 1, Vail Square Metropolitan District No. 2 and Vail Square Metropolitan District No. 3, collectively. k. Increment Valuation means, with respect to the area within the boundaries of the Districts, the amount of assessed valuation, as established from time to time, on all taxable properties therein, which exceeds the Base Valuation, if any. 1. Lionshead Place Improvements shall have the meaning set forth in the Development Agreement. 3 m. Off-Site Streetscape Improvements shall have the meaning set forth in the Development Agreement. n. On-Site Streetscape Improvements shall have the meaning set forth in the Development Agreement. o. Party and Parties mean one or more of the following as indicated by context: the Authority, one or more of the Districts, and/or Vail. p. Pledge means such assignment, conveyance, promise to pay, remittance or other transfer as may be customary and necessary or appropriate to make fully available for payment of District Bonds any District Tax Increment Revenues. q. Section xx means a section of this Agreement as indicated by the section numbers herein. r. Service District means Vail Square Metropolitan District No. 1. s. Service Plan means the Consolidated Service Plan for the Vail Square Metropolitan District Nos. 1, 2 and 3, conditionally approved on May 3, 2005, as amended from time to time. t. Taxing Districts means Vail Square Metropolitan District No. 2 and Vail Square Metropolitan District No. 3, collectively. u. Town means the Town of Vail, ahome-rule municipal corporation and political subdivision of the State of Colorado. v. Urban Renewal Plan means the Lionshead Public Facilities Development Plan of the Vail Reinvestment Authority, as adopted by the Town of Vail in March 2004, and as amended in June, 2005, and as may be further amended from time to time. w. Vail means The Vail Corporation, d/b/a Vail Associates, Inc., a Colorado Corporation, and any successor thereto in accordance with the terms hereof. 2. Transfer and Pledge of District Tax Increment Revenues. a. Transfers for Operations and Maintenance Functions. In order to provide for operating revenues to allow the Districts to perform their governmental functions (including the performance of its obligations under this Agreement), and, following construction of District Improvements, to enable the Districts to operate, maintain and repair such District Improvements (to the extent such District Improvements are not dedicated to the Town or other entity), the Districts intend to impose an operating mill levy upon property within the Districts. The Authority will transfer revenues generated from the Districts' operating mill levy as provided herein. When the Authority receives any portion of the District Tax Increment Revenues 4 generated from the operating mill levy, it shall immediately pay over, or cause the payment over of such District Tax Increment Revenues directly to the Service District, in immediately available funds, (which transfer shall be accompanied by a copy of any statements received by the Authority in conjunction with receipt of the District Tax Increment Revenues). b. Pledge of District Tax Increment Revenues for Debt Service. In connection with the issuance of District Bonds, and pursuant to the written direction of the Service District, the Authority will Pledge and pay to the Districts (or any one of them in accordance with the requirements of the District Bonds), or to any trustee or escrow agent engaged to administer receipts and payments in connection with the District Bonds all of the District Tax Increment Revenues, except those revenues to be transferred to the Districts pursuant to Section 2.a. hereof. The Pledge shall take such form and contain such terms as may then be required in order permit the issuance of District Bonds, subject to the approval of the Authority, which will not be unreasonably withheld consistent with the intent of the parties hereto that a Pledge sufficient to support the issuance of the District Bonds as if the District were levying and collecting the District Tax Increment Revenues directly. If and when the Authority receives any portion of the District Tax Increment Revenues, it shall immediately pay over, or cause the payment over of such District Tax Increment Revenues directly to the Service District, in immediately available funds, (which transfer shall be accompanied by a copy of any statements received by the Authority in conjunction with receipt of the District Tax Increment Revenues). Alternatively, pursuant to the written direction of the Service District, and if consented to by the Eagle County Treasurer, the District Tax Increment Revenues shall be paid directly to the Districts (or any one of them in accordance with the requirements of the District Bonds or otherwise per the direction of the Service District), or to any trustee or escrow agent engaged to administer receipts and payments in connection with the District Bonds. 3. Parties' Obligations. a. Districts' Obli atg ions. (1) The Districts hereby agree to use their best efforts to obtain financing for construction of the District Improvements, including but not limited to financing from private developer entities. Contingent upon the District's ability to obtain financing for construction of the District Improvements, and otherwise subject to the provisions of Paragraph 4 hereof, the Districts will construct the District. Improvements to the extent required by the Development Agreement and as permitted in the Service Plan, in compliance with applicable requirements imposed by all state and local authorities with proper jurisdiction pursuant to applicable laws, and consistent with the Urban Renewal Plan. Following construction, and as contemplated by the Development Agreement, and to the extent of available funds, the Districts shall conduct (or cause to be conducted) such operations and maintenance activities as may be necessary for those District Improvements that are not dedicated to other governmental entities, in order to assure that the District Improvements confer the benefits intended. (2) The Districts shall proceed to negotiate and execute the District IGA by and. among themselves to manage, and coordinate construction of the District Improvements. The District IGA shall contain provisions under which the Service District will. 5 be the party entitled to direct the receipt and expenditure of the District Tax Increment Revenues on behalf of the Districts in accordance with the Service Plan. The obligations of this Section 2(a)(ii) shall be deemed fulfilled if such an intergovernmental agreement already exists or if the Districts amend an existing intergovernmental agreement so as to conform to the requirements set forth in this Section 2(a)(ii). (3) The Districts shall keep proper books of record and account, in which full and correct entries shall be made of financial transactions and the assets and operations of the Districts in accordance with generally accepted accounting principles to the extent applicable to governmental entities. (4) At any reasonable time, from time to time and as may be reasonably requested, the Districts shall permit other Parties or any of their respective agents or representatives to examine and make copies of the abstracts from the minutes, records and books of account of, and visit the properties of the Districts. b. Authority's Obli atg ions. In addition to its obligations in Section 1 of this Agreement, the Authority agrees to the following: (1) The Authority shall keep proper books of record and account, in which entries of all transfers of District Tax Increment Revenues pursuant to Section 1 shall be made, and shall make such books available, at any reasonable time, from time to time and as may be reasonably requested, to the other Parties or their respective agents or representatives for examination and the making of copies from such books; and (2) The , Authority acknowledges and agrees that, as might be necessary, the. Districts may negotiate .for and .obtain certain security or credit enhancement for . the District Bonds from persons which as of the date hereof-own property within the Districts. The Authority further. acknowledges and agrees that if it breaches this Agreement, such breach may result in the inability of the Districts to comply with obligations owing to such persons in connection with security or credit enhancements for the District Bonds. Consequently, the Authority ,agrees that it shall not be entitled to terminate this Agreement except pursuant to the express provisions of Section 7 below, and that this Agreement is intended to be strictly enforced and will be specifically enforceable to the maximum extent permitted by law. Nothing in this paragraph shall be construed as granting any rights to third parties; and (3) The Authority acknowledges and agrees that the Districts intend to issue the District Bonds in the future, and the District Bonds will be issued in reliance upon the Authority's obligations to transfer the District Tax Increment Revenues to the Districts consistent with. the provisions of this Agreement. Consequently, the Authority agrees that trustees and bondholders related. to the issuance of the District.Bonds shall be considered intended third party. beneficiaries of this Agreement with rights to enforce this Agreement with, respect to the transfer of District Tax Increment Revenues as set forth herein. The Authority further acknowledges that. a breach of its duties.to pay over the District-Tax Increment Revenues to the- Service District under Section 2 may result in the inability of the Districts to' perform their duties regarding 6': maintenance of portions of the District Improvements in accordance with the Development Agreement. (4) The Authority agrees to take all commercially reasonable action reasonably necessary to cause Eagle County to pay to the Authority (or, in the event direct payment to those parties permitted in Paragraph 2 hereof, then to such parties directly) the District Tax Increment Revenues. In the event Eagle County fails to do so in whole or in part, the Authority agrees to take all commercially reasonable action necessary to effect a direct cause of action and exercise its full right and authority to collect the District Tax Increment Revenues. The costs .of such collection shall be offset against the District Tax Increment Revenues. 4. Assignment of Vail's Obligations Under Development Agreement. With respect to Vail's rights and obligations under the Development Agreement to construct, operate and/or maintain the Off-Site Streetscape Improvements, the On-Site Streetscape Improvements and the Lionshead Place Improvements, Vail hereby assigns and delegates, respectively, such rights and obligations, to the Districts, and the Districts, cumulatively with their direct obligations to the Authority under this agreement, to the extent of available funds, and otherwise subject to the Districts Service Plan, hereby accept assignment and delegation of such rights and obligations and assume Vail's .obligations to construct, operate and/or maintain the same (the "Assignment"). The parties agree and acknowledge that the Districts' financing capability is limited and that the Districts will not be able to finance all of the District Improvements; accordingly, this Assignment shall be subject to the designation of specific projects or types of improvements in the future based on the .then-current information concerning the Districts' financing capabilities. Vail shall take no action that could impair the ability of the Districts to construct or obtain financing for construction of the District Improvements. 5. Events of Default and Remedies. a. Default. The occurrence of any of the following events shall bean "Event of Default" hereunder, unless waived by the non-defaulting party pursuant to Section 5 hereof: (1) Subject to the provisions of Paragraph 4 hereof, the failure of the Districts to make a good faith effort to construct the District Improvements or issue debt necessary to construct the District Improvements to the extent required by the Development Agreement; or (2) The failure to pay any payment within five (5) business days of the date upon which the same shall become due and payable as provided herein and to cure such failure within three (3) business days- of receipt of notice from the Service District of such failure; or ` (3) The failure of the Authority to provide copies of any statements received by the Authority in conjunction with receipt and payment over to the Service District of the District Tax Increment Revenues;=or ~ . 7 (4) The filing of a voluntary petition under federal or state bankruptcy or insolvency laws by the Districts or the Authority or the appointment of a receiver for any of the Authority's assets which are not remedied or cured within thirty (30) days of such filing or appointment. b. Remedies. Whenever any Event of Default shall have occurred and is continuing, the non-defaulting party may take whatever action at law or in equity which may appear necessary or desirable to enforce performance and observance of any obligation, agreement or covenant of the defaulting Party under this Agreement. c. Payments During Liti ag tion. The Authority acknowledges and agrees that during the pendency of any litigation which may arise hereunder, all payments owing under this Agreement shall be made by the Authority for the purpose of enabling the Districts to make payments on the District Bonds and to perform maintenance and other authorized functions, until such claims have been finally adjudicated. Only upon such final adjudication may the Authority then seek to recover any payments the Authority believes the Districts were not entitled to, by actions at law or in equity for damages or specific performance, respectively. d. Inability to Obtain Financing to Construct District Improvements. If, despite the Districts' best efforts, the Districts are unable, for any reason, to obtain financing for the District Improvements designated to be constructed by the Districts in accordance with the Assignment referenced in Paragraph 4 hereof, or are unable to construct said District Improvements, then to the extent of the Districts' inability to obtain financing, this Agreement shall be considered null and void and all obligations owing hereunder shall be unenforceable. 6. Amendments and Waivers. No amendment or waiver of any provision of this Agreement nor consent to.any departure by any Party from any of its obligations hereunder shall in any event be effective unless the same be in writing and signed by the Parties, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which such waiver or. consent is given. 7. Obligations Absolute.. The obligations of the. parties hereunder shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement.. The Parties' obligations shall be specifically enforceable and time shall be of the essence. Without limitation of the foregoing, the Parties' obligations shall not be affected by any of the following circumstances: ` a. Any. lack of validity or enforceability of the District Bonds or any document or instrument relating thereto; tiv with. this Agreement or any unrelated agreement or transaction, and all funds owing hereunder shall be paid without any setoff or reduction. 8. Termination. This Agreement shall terminate upon the earlier of: a. Expiration of the power of the Authority to utilize tax increment funds; or b. Acknowledgment, in writing, by the Districts, that the Districts have paid all capital costs and satisfied all obligations with respect to the costs of constructing the District Improvements, including costs of issuance of and principal and interest paid for debt used to finance construction of the District Improvements, together with the execution of a supplemental agreement to address remaining maintenance functions of the Districts. 9. Assignment. No Party may assign this Agreement or parts hereof or its duties hereunder without the express written consent of the other Parties; provided, however, that any of the Districts may assign any or all of its rights and obligations herein to an assignee without the consent of the Authority so long as such assignee assumes such rights and obligations of the assigning District as set forth herein. Such assignment by a District in accordance with the terms set forth herein shall release such assigning District from such assigned and assumed duties and obligations. 10. Authorization. Each Party represents to the other that it has taken all action necessary to enable it to enter into this Agreement, and that the persons whose signatures appear below are authorized to execute this Agreement and bind their respective Parties to the terms hereof. 11. Third Party Beneficiaries. Except as expressly provided in this Agreement, this Agreement is not intended to give any rights to third parties, and no such third party who is not a party to this Agreement shall be entitled to enforce any provision hereof or claim any damages arising from a breach hereof. 12. Notices. All payments, notices, and other communications provided for hereunder shall be effective upon being sent by registered or certified mail, postage fully prepaid, addressed to the respective parties as follows: To the Districts: Vail Square Metropolitan District Nos. 1, 2 and 3 Attn: William P,. Ankele, Jr. White, Bear & Ankele Professional Corporation 1805 Shea Center Drive, Suite 100 Highlands Ranch, CO 80129 To Vail: Vail Associates, Inc. Attn: . 9 To the Town: Town of Vail Attn: With a copy to: To the Authority Vail Reinvestment Authority Attn: 13. Miscellaneous a. Subject to and without limitation of the provisions hereof restricting or limiting rights of assignment and transfer, all of the terms, covenants, conditions and agreements herein set forth shall be binding upon and shall inure to the benefit of Vail, the Authority, and the Districts and their respective successors and assigns. b. This Agreement and the provisions hereof shall be governed by and construed in accordance with the laws of the State of Colorado. c. If any provision of this Agreement or the application thereof to any party or circumstance is determined to be invalid, illegal or unenforceable to any extent, the remainder of this Agreement and the application thereof shall not be affected and shall be enforceable to the fullest extent permitted bylaw. d. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. e. This Agreement constitutes the entire agreement between the Parties hereto relating to the matters set forth herein, and sets forth the rights, duties and obligations of each Party. Any prior agreements, promises, negotiations or representations not expressly set forth in this Agreement are of no force and effect. f. The various headings and numbers herein and the grouping of the . provisions of this Agreement into separate Sections or paragraphs are for information and convenience only and do not limit or construe the contents of any provision hereof g. If any Party brings any action or. proceeding to enforce, protect or establish any .right or 'remedy, the prevailing Parry shall be entitled to recover reasonable attorneys' fees and costs to be fixed by the court wherein such judgment is entered. ~10 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers as of the date first above written. VSMDWGTS\v4 JPP0110061405 0801.0302 VAIL REINVESTMENT AUTHORITY By: _ Name: Title: THE VAIL CORPORATION DB/A VAIL ASSOCIATES, INC. By: _ Name: Title: VAIL SQUARE METROPOLITAN DISTRICT NO. 1 By: _ Name: Title: VAIL SQUARE METROPOLITAN DISTRICT N0.2 By: Name: Title: VAIL SQUARE METROPOLITAN DISTRICT N0.3 By: Name: Title: 11 " ,, .~ EXHIBIT A CORE SITE PROPERTY Lot 4, Block 1, and Tract D, VaillLionshead First Filing, according to the plat recorded May 10, 1970, in Book 217 at Page 675; Tract C, VaiULionshead First Filing, according to the plat recorded May 10, 1970, in Book 217 at Page 675, but excluding 'therefrom those portions conveyed to the Town of Vail in deeds recorded in Book 560 at Page 180 and, in Book 389 at Page 502; Tract .C, VaiULionshead Third Filing, according to the plat recorded October 15, 1971, in Book 221 at Page 992, but excluding therefrom that portion conveyed to the Town of Vail in deed recorded in Book 560 at Page 180, and excepting portions thereof included within Concert Hall Plaza Condominiums according to the Condominium Map recorded in Book 286 at Page 698; and Lot 2, Block 1, Tract G and Tract H, Vail/Lionshead Third Filing, according to the plat recorded October 15, 1971 in Book 221 at Page 992; County of Eagle, State of Colorado. INTERGOVERNMENTAL AGREEMENT BETWEEN THE TOWN OF VAIL, COLORADO, VAIL SQUARE METROPOLITAN DISTRICT NO. 1, VAIL SQUARE METROPOLITAN DISTRICT 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 N0.2, and VAIL SQUARE METROPOLITAN DISTRICT N0.3, 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 Plan, conditionally approved by the Town on May 3, 2005, with the applicable condition approved by the action of the Town on July 19, 2005, ("Service Plan"); and WHEREAS, the Service Plan makes reference to the execution of an intergovernmental agreement between the Town and the Districts; and WHEREAS, the Town and the Districts have determined 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 Code. The Districts shall be authorized to operate and maintain the On-Site Streetscape Improvements and the Lionshead Place Improvements (as those terms are defined in that certain "Core Site Development Agreement," dated as of November 8, 2004 by and~among the Town, the Vail Reinvestment Authority, and The Vail Corporation, as the same maybe amended or supplemented from time to time), and such other improvements as may be approved by the Town Manager. CLIENTS\VSMDUPP 1332042605 2. Construction Standazds. The Districts will ensure that the Public Improvements are designed and constructed in accordance with the standazds 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.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. 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. million. 5. Total Debt Issuance. The Districts shall not issue Debt in excess of $20 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 Towm 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. Bankruptcy. 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: (a) Shall not be subject to set-aside for any reason or by any court of competent jurisdiction, absent a Service Plan Amendment; and- CLIENTS\VSMDUPPI332042605 2 (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 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 Flan Amendment. 9. 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 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 property 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 VI.B-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 Regort: The Districts shall be responsible for submitting an annual report to the Town Manager.'s Office no later than August 1 st 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 unlimited mill levy Debt described m 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 credit, cut or abatement; the mill levy limitation applicable to such Debt maybe increased or decreased to reflect such changes; such increases or decreases. to be determined by CLIENTS\VSMDUPP1332042605 3 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, 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 maybe 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.R.S. 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 apart 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 communications 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: To the Districts: Vail Square Metropolitan District No. 1 Vail Square. Metropolitan District No. 2 Vail Square 1Vlettopolitan District No. 3 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 maybe 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. Assignment. 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 withheld. Any purported assignment or delegation in violation of the provisions hereof shall be void and ineffectual. 24. DefaultJRemedies. In the event of a breach or default of this Agreement by any party, the non-defaulting Parties shall be entitled to exercise all 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 respective successors and assigns. 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. Parties Interested Herein. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon, onto. give to; any person. other than the Districts and the Town any right, remedy, or c1alm under or by reason of this. Agreement or any covenants, terms, conditions,. or provisions thereof, and all the covenants, terms; conditions; and CLIENTS\VSMDUPPI332042605' ~ 5 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: Severability. 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. Counterparts. This Agreement maybe 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 METROPOLITAN DISTRICT N0.2 By: President VAIL SQUARE. METROPOLITAN DISTRICT N0.3 By: Secretary Attest: By Secretary Attest: CLI~NTJ\VJMUVrrr3~w~+~ov~ TOWN OF VAIL, COLORADO Attest: By: Rodney E. Slifer, Mayor APPROVED AS TO FORM: Rv~ Lorelei Donaldson, Town Clerk J. Matthew Mire, Town Attorney