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2005-10-18 Support Documentation Town Council Evening Session
TOWN COUNCIL EVENING SESSION AGENDA 6:00 P.M. TUESDAY, OCTOBER 18, 2005 VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 NOTE: Times of items are approximate, subject to change, and cannot be relied upon to determine at what time Council will consider an item. 1 • ITEM/TOPIC: Citizen Input (10 min.) 2. Greg Hall ITEM/TOPIC: Review and approve recommendations of the Parking Task Force for 2005-2006 season. (30 min.) ACTION REQUESTED OF COUNCIL: Review the parking recommendations of the Parking Task Force and approve parking policies for 2005 -2006. BACKGROUND RATIONALE: The Town Council established the Parking Task Force to provide direction to the Vail Town Council regarding parking operation policies for, each year. The three areas in which the task force believed attention was warranted included the need to adjust the inequities of the shopper parking with the rates within the structure, address the price of the value passes to reflect the price increases from years past, and to address the increased demand of the construction workforce this season. STAFF RECOMMENDATION: The Parking Task Force recommended the following changes to the parking policies for the 2005-2006 season. All rates remain as last year with the exception of the following: 1. Provide two options for the shopper spaces - 0-2 hours for the $3 rate; or - 0-3 hours for $5 rate 2. Raise the price of the value pass which has remained constant for the last five years - Vail Status from $5 to $6 non peak and from $10 to $12 peak - Eagle County Status from $6 to $7 non peak and from $12 to $14 peak In recognition of increased demand during the week due to the construction workforce, it is recommended the town provide a construction company pass option. This pass would be allowed in LionsHead only, Monday to Thursday, when LionsHead typically has 300-400 available spaces. The pass would be restricted during the peak period of the holidays, 12.26.05 - 01.05.06. Sales. of the pass would be limited to construction companies to be used by employees and sub contractors. The construction pass would be $400 for the season. 3. Matt Mire ITEM/TOPIC: First reading of Ordinance No. 24, Series George Ruther of 2005, an ordinance deleting Title 4, Chapter 4, Articles A and B, Vail Town Code as they relate to time share disclosure and registration requirements; amending Title 12, Zoning Regulations, to clarify the time share regulations, and setting forth details . in regard thereto. (30 min.) ACTION REQUESTED OF COUNCIL: Approve, approve with modifications, or deny Ordinance No. 24, Series of 2005 on first reading. BACKGROUND RATIONALE: On September 12, 2005, the Town of Vail Planning and Environmental Commission held a public hearing on the proposed amendments. Upon review of the amendments, the Planning and Environmental Commission voted 7-0-0 to forward a recommendation of approval of the request to the Vail Town Council. Please refer to the staff memorandum to the Vail Town Council dated October 18, 2005, for further details. STAFF RECOMMENDATION: The Community Development Department recommends that the Vail Town Council approves Ordinance No. 24, Series of 2005. 4. Judy Camp ITEMlTOPIC: Second reading of Ordinance No. #22, Series 2005, an ordinance to adopt the 2006 Budget. (15 min.) ACTION REQUESTED OF COUNCIL: Approve or approve with amendments, Ordinance No. #22, Series 2005, on second reading. BACKGROUND RATIONALE: To be provided in separate memo STAFF RECOMMENDATION: Approve or approve with amendments, Ordinance No. #22, Series 2005, on second reading. - 5. Matt Mire ITEM/TOPIC: Second .Reading. of Ordinance No. #23, Series . 2005, , an ordinance repealing and reenacting Title. 6, Chapter 3, v Article I. of the Municipal Code of the Town of Vail relating to restraining order violations and setting forth details in regard thereto. (10 min.) ACTION REQUESTED OF COUNCIL: Approve, amend or deny Ordinance No. #23, 2005. BACKGROUND RATIONALE: Since the Town of Vail's adoption and codification of its restraining order legislation in 2004, several of the Colorado Revised Statutes referenced and cited in the Town Code relating to restraining orders have been repealed by the Colorado General Assembly. As such, the restraining order prohibition as set forth in the Vail Town Code prohibition has been re-written to delete the repealed statutes. STAFF RECOMMENDATION: Approve Ordinance No. 23, Series 2005, on first reading. 6. ITEM/TOPIC: Resolution No. 11, Series 2005, a resolution supporting Referenda C and D, The Colorado Economic Recovery .Plana (10 min.) BACKGROUND RATIONALE: The Council is authorized, pursuant to C.R.S. § 1-45-117(1)(b)(III)(A) to pass a resolution taking a position of advocacy on a referred measure. Resolution No. 11 is such a resolution for your consideration. (10 min.) 7. ITEM/TOPIC: Resolution No. 18, Support for Referendum ia, the Home Rule Charter Commission. (10 min.) BACKGROUND RATIONALE: The Council is authorized, pursuant to C.R.S. § 1-45-117(1)(b)(III)(A) to pass a resolution taking a position of advocacy on a referred measure. Resolution No. 18 is such a resolution for your consideration. 8. Greg Hall ITEMlTOPIC: Resolution #19, Series 2005, a resolution authorizing the Town Manager to enter into an intergovernmental agreement with the Colorado Department of Transportation for Maintenance of I-70 Frontage Roads for 11.24 miles from milepost 172.2 to milepost 180.3. (10 min.) ACTION REQUESTED OF COUNCIL: Approve Resolution No. 19, 2005. BACKGROUND RATIONALE: The Town of Vail entered into a contract with the Colorado Department of .Transportation on October 24, 2000, and took over maintenance seniices on the Frontage Roads between MP 172.2 to MP 180.3. The contract was a five year contract and expires on October 24, 2005. Resolution #19, Series 2005, authorizes the Town. Manager to enter another five year contract with the Colorado Department of Transportation at a renegotiated amount. STAFF RECOMMENDATION: Approve Resolution No. 19, Series 2005. 9. ITEMROPIC: Town Manager's Report. (10 min.) 10. ITEM/TOPIC: Adjournment. (8:05 p.m.) NOTE UPCOMING MEETING ART TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) THE NEXT VAIL TOWN COUNCIL REGULAR EVENING MEETING WILL BEGIN AT 6 P.M. TUESDAY, NOVEMBER 1, 2005, IN VAIL TOWN COUNCIL CHAMBERS 1. Sign language interpretation available upon request with 24-hour notification. Please call 479-2106 voice or 479-2356 TDD for information. 4. ~ TOWN OF VAIL PROPOSED 2006 BUDGET OCTOBER 18, 2005 Second Reading Town of Vail Proposed 2006 Budget Contents 2006 Budget Highlights This is a verbal summary of the key assumptions, changes, and results of the 2006 proposed Budget. Major Revenue Analysis-for 2006 Budget 4 This schedule compares percentage and dollar amount changes for 2002, 2003, 2004, 2005 and 2006 for the town's ten largest revenue sources. Chart Comparing Sales Tax with Inflation - ~ 5 1995 revenues thru 2006 projected in comparison to inflationary rates. Summary of Changes in Personnel 6 This report shows all changes in personnel from the 2005 budget to the 2006 proposed budget. Employee Benefits Summary ~ This report shows the list of employee benefits by percentage and costs. General Fund Revenue and Expenditures g This schedule shows the major revenue and expenditures by category in the General Fund for 2006 compared with 2005. Contributions and Special Events Final numbers for 2006 budget as seen in the General fund. 9 Capital Projects Fund Revenue and Expenditures 10 This schedule shows revenue by type and expenditures by project in the Capital Projects Fund for 2005 and 2006. Real Estate Transfer Tax Fund Revenue and Expenditures 12 See explanation for Capital Projects Fund above. Marketing Fund Revenue and Expenditures 14 See explanation for General Fund above. Debt Services Fund and Expenditures 14 See explanation for General Fund above. Heavy Equipment Fund Revenue and Expenditures 15 See explanation for General Fund above. Health Insurance Fund Revenue and Expenditures. 15 See explanation for General Fund above. Dispatch Services Fund Revenue and Expenditures 16 See explanation for General Fund above. Changes l~ighli~htec TOWN OF VAIL 2006 BUDGET PROPOSAL HIGHLIGHTS The Town of Vail 2006 budget proposal presented in this document continues to support the five areas of focus identified by Town Council in 2004: 1) facilitate Vail's redevelopment; 2) address issues proactively; 3) elevate community leadership; 4) improve local economy; and 5) add to Vail's appeal as a place to live, work, and play. Particular attention has been paid to recognizing the impact on revenue of major redevelopment projects and to providing resources to support Vail's redevelopment and to improve the local economy. Sa145 Tax lle~enu~ ~ -L, r _ r ,~ ~ - ,~, tr,_~ ~ ,~ Salc.a t~ix r~ the: Lori m 5 largest revenue generator . It r~.irifluen~cd by a numl}er of tactors~otirt5id of the,frn~n's~ control~~iiicluding~the~ general tcorioniy, tdurrsrti;~andsnowfall:` ~ccordrnglyt sale: ta.~ rev'enue. has flucrtiatcd. from year to year and hits not kcpf pace «-ith rriflatrori 'Qier `tlie pas, l(} ti cars (l y9~ to ?OOd), general 'saps: tax collectrons ha~re increased i total ot~ l K 7° o- for ,a compoundannual growth rate of 1.7°0. 'Fur the carne time period; inflat~ori (as measured~by th Cun~imer Prici: Index (CPII);has increased a total of 2~:0"o for acompound annual;era~~~th ot~ 2=?0 ~:" ~ (See chart on page 5.) ~ ~ ~~~ a Tl>rei~ major redevelopment projects, the Tivoli, Sonnenalp addition and One Willow Bridge Road, are expected to be completed by the end of this year and.have a favorable impact on sales tax revenue beginning in 2006. On the other hand, significantly lower sales tax is anticipated from the LionsHead area where Arrabelle construction will be underway throughout 2006 and from Crossroads where we have already seen a decline in sales tax althou_ gh construction is no longer imminent. Other factors taken into consideration in developing the sales tax budget include: general inflation of 2.5%; increases in sales tax paid on utilities as a result of higher fuel prices; and a continuing trend of increases in sales tax revenue from out-of--town retailers delivering into Vail. This budget proposal allocates 60% of the town's 4% general sales tax revenue to the General Fund and 40% to the Capital Projects Fund. Any allocation of less than 50% to the Capital Projects Fund requires a supermajority vote. Therefore, approval of this budget will require a favorable vote of five out of seven council members. General Fund The general fund supports the town's basic operations. Its primary source of revenue is sales tax ($9.3 million) followed by parking and charter bus service ($3.3 million), property and ownership tax ($2.9 million) and lift tax ($2.6 million). Licenses and permit fees are also expected to provide significant amounts of revenue ($1.9 million) in 2006, primarily due to redevelopment projects. Parking revenue assumes no change in the current pricing structure. The largest component of licenses and permits is construction permit fees, which includes building, mechanical, plumbing, and electrical permits. The 2006 budget for construction permits totals $1.4 million with $520,000 (an increase of 5%) coming from non-major projects and $860,000 from redevelopment .projects including Arrabelle, Four. Seasons, and Westhaven Condominiums (Ruins). -1- Chati~„res Highlighted General Fund expenditures include salary increases of 4% and a combined benefits rate of 36.5% (39.3% for full time regular employees and 11.7% for seasonal and part-time employees.) The full-time rate and the combined rate are. unchanged from last year while the seasonal rate is slightly- lower. Two Code Enforcement Officers and one Fire Inspector have been added to headcount solely to support redevelopment. One position has been added supporting construction communications, economic development, and special projects. A software support specialist position has been eliminated with the work now contracted out. Contributions and special events are included at the levels directed by ('ouncil. As directed during the first reading of the budget ordinance, the foll~win~ items are- included: VCBA Prenucr lmpressions$1?,~00'as_a matching contribution: VVCTB ~-,,.adminisErative costs tar the{ .~.ir Service.Prograin X1,200: Vaif~ alley~l ouildation -- Bii~is_of Prey bus sen~ice,$~14,000; Battlt~ ~tilountainHibh School Hq'ckey~Booster(.lub'- two..daysof ice`time at the Dobson Arena plug' hard costsvalued at X2,000 to beused for afund-raising event: changes have been made for the arnzndc d budget 1`D t b! d et s u~vn on pt;g~y as increased by ~ 136,774 or 16.7°~~ from the 200' "All Other Operating Expenses" show an increase of $388,681 or 7.4% over the 2005 amended budget. This increase is primarily due to: approximately $300,000 in utility cost increases; $50,000 additional funding for economic development per Council's direction; and $38,861 increased liability insurance premium. Heavy Equipment Operating Charges, up_ $193,793 or 12.0%; are also impacted by the cost of fuel. The proposed General Fund budget includes a use of construction permit revenue collected in 2005 to offset expenses in 2006. This is because the town follows a practice of collecting building permit fees when the building permit is issued; however, costs associated with the building project, including building inspections, continue long after the permit is issued. The 2005 budget was constructed to show a surplus with the knowledge that funds would be needed in subsequent years to support redevelopment. ~[ he budgeted fund balance at the end of 2006 is ~ i L4 mil lion or 47~ o of annual revenue, whichi is in accordance with Council's direction to maintain a fund balance of at least 35°,% of annual' tevznuc thz©ug~opt tl~ie period ofredevelopment. Capital Projects Subsequent to the review by Council of the five-year projection, Eagle County ranked our request for an additional $250,000 for the West Vail Fire Station as a high priority. Although still subject to final. approval and appropriation by the county commissioners, we have included this amount in 2006. The second reading of the budget ordinance includes X925,000 appropriated from the C:apitaL Projects Fund tier debt sen-ice guaranty on 'I~imbrr_Ridge :~ffordahle H~~using Corporation bonds; ~if called upon: ~Che same amount ~a°as appropriated in ?00-t and ?005, but not spent. Forty per cent, of the general sales tax is allocated to this fund as described above. Real Estate Transfer~Tax (RETT) Fund- ~` The primary revenue„source for this fund is the 1% real estate transfer tax: Its use is restricted` to parks; recreation, and open space: Expenditures are per the five=year plan as previously discussed with Council. An adjustment was. been made to .the RETT revenue line in the. first reading. to -.2- Chanles Highlighted better reflect current trends. Sales of Gore Creek Residences and One Willow Bridge Road are also anticipated in revenue. Vail Marketing Fund Business license fees provide the revenue for this fund, which is restricted to marketing Vail. Revenue is expected to be down from the 2005 budget as a result of.fewer business licenses being issued during redevelopment. Accordingly, expenditures for marketing through the Commission on Special Events (CSE) are flat at $280,000. Debt Service Fund This fund is used to manage principal and interest on the town's outstanding debt. The town is required to transfer equal monthly amounts sufficient to cover the next upcoming principal and interest payments on the 1998 and 2002B bonds. Since the 2007 payments are lower than the 2006 payments, the required fund balance is lower at the end of 2006 than 2005. Heavy Equipment Fund This is an internal services fund that manages the maintenance and repair of town vehicles and equipment and the purchase of replacement vehicles other than buses and fire trucks. Costs are charged back to departments using the vehicles and equipment. Increases in 2006 costs are primarily due to increased fuel costs. Health Insurance Fund This internal services fund manages the costs of providing health and short-term disability insurance to employees. Net costs are charged to departments as employee benefits. Since the town is self-insured on these items, a sufficient fund balance is maintained to absorb extraordinary claims. Dispatch Services Fund This is an enterprise fund, e.g., more than half of its revenue is from sources outside of the town, managing emergency communication for all of Eagle County. Revenue for 2006 is up $91,729 or 5.2% primarily due to an increase in funding.from the E911 Authority Board. This funding had been cut back in prior years, but will be increased as a result of recently approved increases in the 911 surcharge on phone service. The increase in fund balance in 2006 is to provide a capital reserve fund for future communications center needs. -3- MAJOR REVENUE ANALYSIS 2002 2003 2004 2005 2005 Proposed Actual Actual Actual Budget Projected 2006 General Sales Tax 15,264,581 14,734,552 15,466,981 14,621,000 15,146,000 15,576,100 -3.0% -3.5% 5.0% -5.5% 3.6% 6.5% Conference Center Sales Tax 1,708,461 1,830,421 1,707,000 1,805,000 1,830,000 Public Accomodations Tax 1,573,289 1,730,378 1,572,000 1,735,000 1,755,000 Conference Center 3,281,750 3,560,799 3,279,000 3,540,000 3,585,000 County Sales Tax 491,952 484,152 515,268 476,200 492,300 495,500 -3.9% -1.6% 6.4% -7.6% 3.4% 4.1% Property Tax Revenue 2,630,105 2,667,496 2,467,657 2,473,458 2,473,458 2,750,000 8.7% 1.4% -7.5% 0.2% 0.0% 11.2% Lift Tax Revenue 2,344,921 2,273,055 2,496,162 2,438,000 2,585,000 2,620,000 9.3% -3.1 % 9.8°h -2.3% 6.0% 7.5% Road & Bridge Revenue 492,166 474,919 440,550 450,000 450,000 450,000 3.1% -3.5°k -7.2% . 2.1% 0.0% 0.0% Highway Users Tax 217,835 195,571 182,908 197,397 175,000 175,000 -0.8% -10.2% -6.5% 7.9% -11.3% -11.3% Parking Revenue 2,548,806 2,993,378 3,285,932 2,905,000 2,955,000 3,248,000 10.2% 17.4% 9.8% -11.6% 1.7% 11.8% Franchise Fees 580,372 592,875 676,538 659,500 670,000 670,000 -7.6% 2.2% 14.1% -2.5% 1.6% 1.6% Construction Fees 854,377 1,020,917 1,608,461 2,536,800 2,750,000 1,856,775 8.3% 19.5% 57.6% 57.7% 8.4% -26.8% RETTTax 2,943,338 3,270,723 4,921,961 4,623,000 6,000,000 6,175,000 -2.8% 11.1% 50.5% -6.1% 29.8% 33.6% All Other Revenue 6,555,874 7,058,132 9,121,209 7,520,738 7,662,269 6,158,937 ~ ~ -7.2% 7.7% 29.2% -17.5% 1.9% ~ ~ ~ ~~~ Total Revenue 34,924,327 39,047,520 44,744,426 42,180,093 44,899,027 ,`43,760;312 1 -1.2% 11.8% 14.6% -5.7% 3.7% "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 accomodations tax. 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, InGudes summer parking revenue Inflationary increase; based on utility sales utility company revenues Increase due to redevelopment projects 05 included 2.8 million in capital project grants and reimbursements. Version 3 Changes Highlighted F:\FINANCEIBUDGET16udget06~Book\Second Reading 051018 - 4 - 10/13/2005 Sales Tax Compared with Inflation 18.0 16.0 14.0 12.0 N C O 10.0 ~ 8.0 w d N 6.0 4.0 2.0 0.0 205.0 185.0 165.0 145.0 x m C 125.0 ~ .` a L d 105.0 ~ N C O V 85.0 65.0 45.0 25.0 _ t, ~. 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Amended Budget Town of Vail 2006 Budget Summary of Changes in Personnel From 2005 Original Budget to 2006 Budget FTE's Fixed Term Redevelopment Fire Inspector 1.00 PW Summer Office Help (0.25) Code Enforcement Officer 1.00 Code Enforcement Officer 1.00 Subtotal to Support Redevelopment 2.75 Comments additional fire inspector needed with redevelopment reduced for actual needs part of redevelopment construction team part of redevelopment construction team Fixed Term Other Special Projects 1.00 for economic development and special projects Subtotal Fixed Term Positions 1.00 Regular, Seasonal Positions Software Support (1.00) to be covered by contract services Police Officer 0.50 I-70 Noise mitigation program Other seasonals 0.43 for schedule adjustments (0.93) Total Changes 2.g2 -6- Town of Vail Employee Benefits 2006 Budget Proposal Full-Time Regular Employees Fee Based Health Insurance Group Term Life and Accidental Death Insurance Long-term Disability Insurance Survivor's Life Insurance Short-term Disability Insurance Wellness Benefit FPPA Contribution Subtotal Fee Based Payroll Based Pension Contribution Medicare Workers' Compensation Insurance Unemployment Compensation Insurance Subtotal Payroll Based Total Full-Time Benefits Part-Time and Seasonal Employees Fee Based Wellness Payroll Based Pension contriburion Medicare Workers' Compensation Insurance Unemployment Compensation Insurance Subtotal Payroll Based Total Part-Time and Seasonal Benefits Total Benefits - AII.Employees $ % Salary 1, 914, 800 16.4% 66,800 0.6% 50,$00 0.4% 65,500 0.6% 56,000 0.5% 96,000 0.8% 38,600 0.3% 2,288,500 19.6% 1,819, 726 15.6% 169,109. 1.5% 275,000 2.4% 29, 200 0.3% 2,293,035 19.7% 4,581,535 39.3% 79,600 6.2% 19,381 1.5% 18, 735 1.5% 30, 500 2.4% 3,230 0.3% 71,846 5.6% 151,446 11.7% 4,732,981 36.5% senefits o5os2o - 7 - 10/13/2005 Version 2 Changes Highlighted , TOWN OF VAIL 2006 BUDGET PROPOSAL SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND 2005 2006 2004 2005 Amended Proposed Actuals Budget Budget Budget Revenue Local Taxes: Sales Tax $ 8,881,480 $ 8,772,600 8,796,600 $ 9,345,660 Property and Ownership 2,621,493 2,632,920 2,637,458 2,914,000 Ski Lift Tax 2,496,162 2,438,000 2,585,000 2,620,000 Franchise Fees, Penalties, and Other Taxes 699,649 688,500 688,500 819,000 Licenses & Permits 1,685,277 2,620,450 2,839,950 1,936,575 Intergovernmental Revenue 1,435,982 1,324,597 1,356,511 1,288,684 Transportation Centers 3,285,932 2,955,000 2,955,000 3,298,000 Charges for Services 807,041 688,337 785,237 853,832 Fines 8 Forteitures 210,497 202,900 202,900 195,000 Earnings on Investments 172,806 120,000 120,000 150,000 Transfer from RETT 27,435 Rental Revenue 803,939 748,865 748,865 765,913 Miscellaneous and Project Reimbursements 359,829 283,950 362 481 261 550 Total Revenue 23,487,522 23,476,119 24,078 502 24 428 214 Expenditures Salaries 10,039,142 10,703,391 .10,804,803 11,250,569 Benefits 3,368,357 3,710,434 3,719 634 3 928 957 Subtotal Compensation and Berefits 13,407,499 14,413,825 14,524 437 15 179 526 Contributions and Special Events. 996,662 811,876 817,876 ` 954,650 All Other Operating Expenses 4,338,334 4,798,983 5,261,982 . ,_ 5,650,663 Heavy Equipment Operating Charges 1,406,066 1,609,506 1,609,506 1,803,299 Heavy Equipment Replacement Charges 424,478 581,522 581,522 578,738 Dispatch Services 463,813 559,034 559 034 525 994 Total Expenditures 21,036,852 22,774,746 23 354 357 24 692 870 Revenue Over (Under) Expenditures 2,450,670 701,373 724,145 (284 658) Transfer to Capital Projects Fund (1,773,800) (62,000) - Transfer to RETT (10,762) Transfer to Dispatch Services Fund (19,500) Beginning Fund Balance 10,376,744 9,228,248 11,053,614 11,685,497 Ending Fund Balance $ 11,053,614 $ 9,929,621 $ 11,685,497 $ 11,420,841 Fav (Unfav) vs 2005 Amended 549,060 276,542 35,000 130,500 (903,375) (87,827) 343,000 68,595 (7,900) 30,000 1.7,048 (100,931) 349,712 (445,766) . (209,323) (655,089) (136,774) (388,681) (193,793) 2,784 33.040 (1,338,513) (988,801) Second Reading 051018 - $ - 10/13/2005 Version 2 Changes Highlighted Town of Vai12006 Proposed Contributions Vail Chamber and Business Association (VCBA) Premier Impressions The Vail Guide Vail Loves You Coupon Book Subtotal VCBA WCTB / Vail Info Inc Information Services Vail Valley Chamber & Tourism Board (WCTB) Secure commercial Air Service Admin Costs to manage Air Service Program Commission on Special Events Vail Valley Foundation Subtotal Vail Valley Foundation Birds of Prey Gerald R. Ford Ampitheater (Hot Summer Nights) Vail International Dance Festival Winter concert Series/Street Beat Other Miscellaneous Contributions Arrangements 8~ Agreements Bravo! Colorado -New York Philharmonic Bravo! Colorado Vail Jaa Foundtion Vail Farmers' Market -Traffic Control Eagle Valley Alliance for Sustainability Vail Valley Exchange -Operations Vail Valley Institute BMHS Hockey Booster Club Eagle Valley Child Care Vail Valley TV/Channel 5 (38% franchise fee) Channel 5 Capital Request Vail Valley Exchange -Youth Recognition Award Vail Valley Althete Commission Vail Alpine Garden Foundation -Operating Support (RETT) Vail Alpine Gardens -Pond Reconfiguration '05, GOCO grant match '06 (RETT) Eagle River Watershed -line item in RETT (RETT) Vail Memorial Park (RETT) Total Contributions from all Funds Summary by Fund General Fund . Marketing Fund Capital Projects Fund RETT Fund * 2005 - $2,500 funded from Town Manager's Economic Development Proposed 2005 2006 Budget Budget 25,000. 12,500 25,000 - 5,355 - 55,355 12,500 170,675 205,000 10,000 1,200 590,000 650,000 14,000 20,000 25,000 12,500 15,000 16,571 20,000 49,071 74,000 95,000 100,000 21,375 25,000 6,650 7,500 5,000 - 15,000 6,000 2,500 2,000 30,000 40,000 57,000 64,000 8,200 7,000 7,000 4,750 4,750 50,000 50,000 44,000 30,000 100,000 100,000 50,000 1,285,876 1,464,850 811,876 954,650 280,000 280,000 194,000 230,000 1,285,876 1,464,650 Second Reading 051018 - 9 - 10/13!2005 Version 3 Changes Highlighted TOWN OF VAIL 2006 BUDGET PROPOSAL CAPITAL PROJECTS FUND SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE Sales Tax Federal Grant Revenue Lease Revenue CDOT Reimbursement Transfer from General Fund Transfer from Dispatch Services Fund Transfer from RETT Project Reimbursement Eagle County Grant Revenue Interest Income 8 Other Total Revenue Ezpendituees Equipment Purchases Document Imaging Software & Hardware Upgrades Software Licensing Com Dev Plotter Web Page Development/Ecommerce Eagle County CAD / RMS Project Police Copier Police Vehicles Hardware Laptop Video Security for' Jaii Patrol Cal Video Cameras Quick Response Vehicle -Fire Dept Fire Department Breathing Apparatus RepowerBuses Replace Buses GPS for Buses Police Vehicles Vehicle Expansion Subtotal Equipment Purchases .Capital Maintenance 'Bus Shelter Replacement Capital Street Maintenance Parking Structure Improvements General Facility Improvements Environmental Improvements Subtotal Capital Maintenance Buildings & Improvements Town Managers Residence Town Manager's Office Fire infrastructure improvements Fiber Optics in Buildings Dobson Ice Arena 2005 2006 2004 2005 Amended Proposed Actuals Budget Budget Budget Project Infonnatfon 6,700,095 5,848,400 6,349,400 6,230,440 1,412,098 2,130,832 1,740,240 811,800 189,480 150,000 150,000 150,000 40,322 - - - 1,773,800 - 62,000 - 110,000 - - - 1,130,205' - - - 1,031,157 27,000 1,100,468 27,000 366,510 1,000,000 250,000 250,000 354.995 25,000 25,000 19,000 13,108,862 9,181,232 9,677,108 7,488,240 40°~ of total sales tax allocated to Capital Projects Bus Replacements Lease revenue from City Mkt & employee housings VRI agreement, ERWS, VRI, Eagle Cty Sch Dist, VRD, Mill Crk Ct Eagle County Grant Revenue for W. Vail Fire Station 20,437 40,000 20,000 40,000 OCE maintenance, software upgrades, contract position 205,872 42,000 140,486 77,000 Desktop OS upgrades, replacement PC's, server upgrades 67,000 Registering software 9,000 New plotter machine 50,000 50,000 12,000 Intemst security & application interfaces 662,804 50,000 188,290 50,000 County wide Computer Aided Disptach, Records Mgmt System 10,310 10,310 Purchase of new copier for records 65,808 - - 10,628 - - - 45,000 45,000 108,555 - - 24,772 25,000 25,000 30,000 Replacement ofcylinders/compressor - - 126,000 Replace transmissions and engines to extend useful life 2,295,622 2,401,200 2,430,700 30,720 274 272 240,000 269,280 375,000 40.300 40,300 3,899,490 2,943,810 3,219,366 786 000 10,532 30,000 38,000 10,000 620,054 890,000 1,584,565 1,006,940 520,000 420,000 508,740 627,000 482,542 331,500 331,500 365,000 24 000 1,633,128 1,871,500 2,482,805 2 032 940 56,786 - - 8,309 - - Preventative maint., patching, ovedays Various Pricing Structure ImprovemerKS ; O6 heat entry ramp Various Facility Capital Improvemems: $40k per TOV building for windows, carpet, interior finishes, upkeep, etc Flammable storage cabinets,Mag Chloride secondary containment Masterplan costs/Design W. Vail Fire Station contingent on the ability 56,730 250,000 270,635 500,000 to fund operations. 21,650 90,000 75,000 15,000 Cabling /Network infrastructure 163,880 - 10,000 Vail Recreation DisMct -Design fees to expand capacity F:IFINANCEI6UDGET1Budget061BooklSecond Reading 051018 - 10 - i0/13/2005 Version 3 Changes Highlighted TOWN OF VAIL 2006 BUDGET PROPOSAL CAPITAL PROJECTS FUND SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE 2005 2006 2004 2005 Amended - Proposed Actuals Budget Budget Budget Project Information Way Finding Improvements .6,289 - 79,284 Revise TOV map w/ a electronic directory, directory for merchants' Donovan Park Pavilion 46,976 42,000 42,000 Additional blinds Multi-Purpose Recreation Facility 1,451,816 - 88.000 Red Sandstone faciltiy; revenue from partners included above Subtotal Bldgs /Improvements 1,812,438 382,000 564 919 515 000 streetscape rrojects West & East Meadow Drive 55,256 - 199,360 900,000 ConsWCt streetscape, drainage, lighting, public art, landscaping - adds maintenance from Library to Fire Station East Meadow Drive-Streetscape Heat - - 965,000 Per councils request on 9/21/04 Village Streetscape _ 3,146,996 1.295,190 2,674 615 1 535300 also funded in RETT Subtotal Streetscape Projects 3,202,254 1,295,190 2,873 975 3400 300 Housing Program Buy-Down Program - 200,000 200,000 - Net cost of deed restricted units for resale Timber Ridge Debt Service Guarantee - 925,000 925,000 ?:d t.'" 925,000 Timber Ridge Loan 700,000 Subtota{ Housing Program 1,125,000 1 825 000 925 000 LionsHead Redevelopment LionsHead Improvements 90,659 300,000 313,955 - Design costs to implement Town improvements: Constructlon costs for LionsHead Redevelopment will De funded from developer contributions, TIF 8 o0ter sources. Subtotal LionsHead Redevelopment 80,659 300,000 313 955 Other tmprovements Revise TOV Master Plans (W. Vail) _ 100,000 100,000 50,000 Including Village, LionsHead and West Vail Street Light Improvement Program 62,804 50,000 50,000 50,000 Add new street lights and refurbish residentlal lighting program Drainage Improvements 75,000 75,000 75,000 - Contlnue implementation of drainage master plan,'06 w! Cap Streets I-70 Noise 58,340 550,000 526 000 250 000 Subtotal Other Improvements 196,144 775,000 751,000 350,000 ~ Total before Financing 10,634,113 8,492,500 12,011 020 .:8 009,240 . Transfer for Debt Service 2,337,905 2,422,154 2,422,154 2,236,200 Total Expendftures 12,972,018 10,914,654 14433 174 --'<;10 245440 Revenue Over (Under) Expenditures 136,644 (1,733,422) (4,756,066), ;;;;.;,,(2;757;20,0,) Beginning Fund Balance 8,054,258 6,289,891 8,190,902 3,434,836 Ending Fund Balance $ 8,190,902 $ 4,556,469 $ 3,434,836 $... 677,836 F:(FINANCE\BUDGET\Budget06\Book\Second Reading 051018 - ~ ~ - 10/13/2005 Version 2 REVENUE Real Estate Transfer Tax Golf Course Lease Lottery Revenue Project Reimbursements AIPP Revenue Interest Income & Other Transferftom GF Recreation Amen(ty Fees Total Revenue EXPENDITURES Annual Maintenance RETT Collection Costs Rec. Path Capital Maintenance Betty Ford Alpine Gardens Support Tree Maintenance Forest Health Management Street Furniture Replacement Black Gore Creek Sand Mitigation Park Capital Maintenance Bear Proof Containers Park, Path & Landscape Maintenance Subtotal Maintenance Recreation PathfTrall Development Katsos Ranch Cascade Skier Bridge Cascade Bike Path Trailhead Development N. Frontage Rd. (Schootto Roundabout' Village Streetscape .Design 8 Implement Meadow Drive Subtotal Pathways Capital Malntenance ADA Compliance w/VRD Raw Water Project Stream Tract Mitigation Pirate Ship Park -Per Safety Plan Big Hom Park -Per Safety Plan Retrofit Park Restrooms-3 seasons TOWN OF VAIL 2006 BUDGET PROPOSAL REAL ESTATE TRANSFER TAX FUND SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE 2004 2005 2006 Audited 2005 Amended Proposed Actuais Budget Budget Budget Project Information 4,850,152 4,623,000 6,000,000 6,175,000 107,941 115,956 115,956 119,435 21,686 20,000 20,000 20,000 56,600 - 3,300 35,000 _ _ 116,372 51,000 79,000 56,000 - 10,762 - 226,745 194,600 360,000 125,000 5,414,496 5;004,556 6,589,018 8,495,435 Adjusted to trend 2005 adjusted due to redevelopment outer years due to trend. 240,987 231,150 300,000 308,750 62,178 140,608 213,628 140,000 75,000 94,000 122,000 80,000 28,410 87,000 87,000 33,000 50,000 250,000 12,969 25,000 37,030 25,000 150,000 100,000 100,000 100,000 0 114,500 114,500 95,000 0 10,000 19,500 - 749,963_ 1,097,991 11)97 991 1 213 768 1,319,507 1,900,249 2,141,649 2,245,518 Collection fee remitted to the General Fund Capital maintenance of the town's rec. path system 05 $44K for pond reconfiguration, 'O6 $30K match for GOCO Provide additional trees to Vail's public areas Pine beetle mitigation in conjunction w/ VA $ Forest Service Additions and replacement of street furniture New in'05 to maintain playgoumds, restrooms, etc. In TOV parks Ongoing path, park and open space maintenance - 500,000 Resurface rec path from Sunburst to E. Vail 106,305 Bridge improvements contingent on Tract K 150,000 150,000 Widen recreation path from W. Haven to tennis courts 3,443 20,000 36,555 20,000 Improve trailheads 592,744 - 57,256 Fund Path from Red Sandstone Pedestiran Brdg to Roundabout 2,450,000 2,300,000 2,525,000 1,250,000 Included Mitl Creek Court, also funded from Capital 25,000 1,025,000 3,046,187 2,470,000 2,900,118 2,795,000 50,000 50,000 50,000 Shared costs with VRD -recreational facilities 1,042 228,097 228,097 - Convert parks from treated water to raw water 35,000 - 298,782 - 36,888 - 225,000 225,000 - 200,000 F:IFINANCEI6UDGET1Budget061BooklSecond Reading 051018 - 12 - 10113/2005 Version 2 TOWN OF VAIL 2006 BUDGET PROPOSAL REAL ESTATE TRANSFER TAX FUND SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE 2004 2005 2006 Audited 2005 Amended Proposed Actuals Budget Budget Budget Project Information Public Art 62,555 120,000 167,419 75,000 Seibert Circle 1,134,000 Subtotal Capital Maintenance 362,379 623,097 1,876,404 325,000 Park Development Donovan Park . White Water Park Gore Creek Promenade Bridge Skate Park Vail Memorial Park Subtotal Park Development Open Lands Open Space Acquisition Subtotal Open Lands Project Management Parks and Landscaping AIPP Subtotal Project Management Total Expenditures Revenue Over (Under) Expenditures Transfer to Capital Projects Fund Transfer to Genreral Fund Beginning Fund Balance Ending Fund Balance 3,266 41,000 49,734 41,683 - - 118,317 Funds 3rd hole at Whitewater Park -will move '04 to '06 - - 125,000 Will move '04 to 'O6 100,000 .100,000 300,000 Per councils request 10/19/04 2,250 50 000 Council contribution 44,949 741,000 149,734 593,317 - 500,000 500,000 300 000 500,000 500,000 300,000 79,491 81,735 81,735 - Landscape architect, '06 included w! Park, Path 8 Landscpe 84,326 84 326 58 732 AIPP salary and operating expenses related to RETT 79,491 166,061 166,061 58,732 4,854,763 5,800,407 7,733,964 8,317,567 559,733 (795,851) (1,144,946) 177,868 (1,130,205) _ (27,435) _ 6,280,458 4,589,872 5,682,551 4,537,605 S 5,682,551 $ 3,794,021 $ 4,537,605 $ 4,715,473 F:IFINANCEIBUDGET16udget0618ook1Second Reading 051018 - 13 - 10/13/2005 Version 1 TOWN OF VAIL 2006 BUDGET PROPOSAL SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE VAIL MARKETING FUND 2005 2006 2004 2005 Amended Proposed Actuals Budget Budget Budget Revenue Business Licenses Eamings on Investments Total Revenue Expenditures Marketing Expenses Collection Fee -General Fund Total Expenditures Revenue Over (Under) Expenditures Beginning Fund Balance Ending Fund Balance $ 308,198 $ 308,000 $ 308,000 $ 304,000 940 - - 309,138 308,000 308,000 304,000 311,000 280,000 280,000 280,000 15,410 15,400 15,400 15,200 326,410 295,400 295,400 295,200 (17,272) 12,600 12,600 8,800 36,702 25,902 19,430 32,030 $ 19,430 $ 38,502 $ 32,030 $ 40,830 DEBT SERVICE FUND Revenue Transfer from Capital Projects Fund Eamings on Investments and Other Total Revenue Expenditures Principal Interest Expense Fiscal Agent Fees Total Expenditures Revenue Over (Under) Expenditures Beginning Fund Balance Ending Fund Balance 2005 2006 2004 2005 Amended Proposed Actuals Budget Budget Budget $ 2,337,905 $ 2,422,154 $ 2,422,154 $ 2,236,200 9,621 - - 2,347,526 2,422,154 2,422,154 2,236,200 1,605,000 1, 695,000 1,695,000 1, 755,000 689,098 620,299 620,299 562,324 1,400 2,500 2,500 2,500 2,295,498 2,317,799 2,317,799 2,319,824 52,028 104,355 104,355 (83,624) 130,210 171,508 182,238 286,593 $ 182,238 $ 275,863 $ 286,593 $ 202,969 Second Reading 051018 - 14 - 10/13/2005 Version 1 TOWN OF VAIL 2006 BUDGET PROPOSAL SUMMARY OF REVENUE, EXPENDITURES AND CHAN GES IN FUND BALANCE HEAVY EQUIPMENT FUND 2005 2006 2004 2005 Amended Proposed Actuals Budget Budget Budget Revenue Town of Vail Interagency Charge 1,883,150 2,256,246 2,256,246 2,452,651 Insurance Reimbursements & Other 118,757 37,900 37,900 37,900 Eamings on Investments 7,452 5,300 5,300 8,000 Equipment Sales and Trade-ins 41,925 101,860 101,860 49,330 Total Revenue 2,051,284 2,401,306 2,401,306 2,547,881 Expenditures Salaries & Benefits Operating, Maintenance & Contracts Capital Outlay Total Expenditures Revenue Over (Under) Expenditures Beginning Fund Balance Ending Fund Balance 797,550 841,209 841,209 878,289 738,583 801,842 801,842 937,100 341,192 519,920 619,920 384,171 1,877,325 2,162,971 2,262,971 2,199,560 173,959 238,335 138,335 348,321 489,897 449,889 663,856 802,191 $ 663,856 $ 688,224 $ 802,191 $ 1,150,512 HEALTH INSURANCE FUND Revenue Towri of Vail lnteragency Charge -Premiums Employee Contributions Insurer Proceeds Eamings on Investments Total Revenue Expenditures Health Inusrance Premiums Claims Paid Short-term Disability Pay Professional Fees Total Expenditures Revenue Ov®r (Under) Expenditures Beginning Fund Balance Ending Fund Balance 2005 2008 2004 2005 Amended Proposed Actuals Budget Budget Budget 1,661,804 1,794,500 1,794,500 1,970,800 256,479 278,000 278,000 248,600 68,958 - - - 12,844 10,000 10,000 13,500 2,000,085 2,082,500 2,082,500 2,232,900 242,510 248,000 248,000 279,000 1,551,632 1,782,500 1,782,500 1, 864,300 91,141 25,000 25,000 56,000 22,857 27,000 27,000 33 600 1,908,140 2,082,500 2,082,500 2 232 900 91,945 - - - 815,372 815,372 907,317 907,317 907,317 815,372 907,317 907,317 Second Reading 051018 - 15 - 10/13/2005 Version 1 TOWN OF VAIL 2006 BUDGET PROPOSAL SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE DISPATCH SERVICES FUND 2005 2006 2004 2005 Amended Proposed Actuals Budget Budget Budget Revenue E911 Board Revenue 369,000 345,660 345,660 473,074 Interagency Charges 719,068 814,058 835,928 864,376 Town of Vail Interagency Charge 463,813 .559,034 559,034 525,994 Earnings on Investments 6,317 - - - E911 BOARD Capital Grant ~ - - - - Other State Revenues - - 11,593 - Transferfrom General Fund - - 19,500 - Total Revenue 1,558,198 1,718,752 1,771,715 1,863,444 Expenditures Salaries & Benefits 1,290,383 1,326,856 1,332,646 1,418,874 Operating, Maintenance & Contracts 217,094 354,085 ,401,258 367,398 Capital Outlay 120,299 11,750 11,750 12,250 Total Expenditures 1,627,776 1,692,691 1,745,654 1,798,522 Revenue Over (Under) Expenditures (69,578) 26,061 26,061 ' 64,922 Transfer to Capital Projects Fund (110,000) - - - Beginning Fund Balance 386,692 214,327 207,114 233,175 Ending Fund Balance 207,114 240,388 233,175 298,097 Second Reading 051018 - 16 - 10/13/2005 ORDINANCE N0.22 SERIES OF 2005 ANNUAL APPROPRIATION ORDINANCE: ADOPTING A BUDGET AND FINANCIAL PLAN AND MAKING APPROPRIATIONS TO PAY THE COSTS, EXPENSES, AND LIABILITIES OF THE TOWN OF VAIL, COLORADO, FOR ITS FISCAL YEAR JANUARY 1, 2006 THROUGH DECEMBER 31, 2006 WHEREAS, in accordance with Article IX of the Charter of the Town of Vail, Colorado, the Town Manager prepared and submitted to the Town Council a proposed long-range capital program for the Town and a proposed budget and financial plan for all Town funds and activities for the fiscal year; and WHEREAS, notice of public hearing on the proposed Town budget and capital program was published on the 4th of October, 2005, more than seven (7) days prior to the hearing held on the 18th of October, 2005, pursuant to Section 9.5 of the Charter; and WHEREAS, it is necessary for the Town Council to adopt a budget and financial plan for the 2006 fiscal year, to make appropriations for the amounts specified in the budget; and NOW, THEREFORE, be it ordained by the Town Council of the Town of Vail, Colorado, that: 1. The procedures prescribed in Article IX of the Charter of the Town of Vail, Colorado, for the enactment hereof, have been fulfilled. 2. Pursuant to Article IX of the Charter, the Town Council hereby makes the following annual appropriations for the Town of Vail, Colorado, for -its fiscal year beginning on the first day of January, 2006, and ending on the 31St day of December, 2006: Ordinance No. 22, Series of 2005 FUND AMOUNT General Fund 24,692,870 Capital Projects Fund 10,245,440 Real Estate Transfer Tax Fund ~ 6,317,567 Vail Marketing Fund 295,200 Debt Service Fund 2,319,824 Heavy Equipment Fund 2,199,560 Health Insurance Fund 2,232,900 Dispatch Services Fund 1,798,522 Total Before Interfund Transfers 50,101,883 Less Interfund Charges & Transfers 7,733,102 NET EXPENDITURE BUDGET 42,368,781 3. .The Town Council hereby adopts the full and complete Budget and Financial Plan for the 2006 fiscal year for the Town of Vail, Colorado, which are incorporated by reference herein and made part hereof, and copies of said public records shall be made available to the public in the Municipal Building of the Town. This Ordinance shall take effect five (5) days after publication following the final passage hereof. 4. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. 5. The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 6. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. Ordinance No. 22, Series of 2005 7. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ ON FIRST READING, APPROVED AND ORDERED PUBLISHED ONCE IN FULL, this 4th day of October, 2005. A public hearing shall be held hereon on the 18th day of October, 2005, at 6:00 pm at the regular meeting of the Town Council of the Town of Vail, Colorado, in the Municipal Building of the Town. Rod Slifer, Mayor ATTEST: Lorelei Donaldson, Town Clerk READ AND APPROVED AS AMENDED ON SECOND READING AND ORDERED PUBLISHED IN FULL this 18~' day of October, 2005. Rod Slifer, Mayor ATTEST: Lorelei Donaldson, Town Clerk Ordinance No. 22, Series of 2005 RESOLUTION NO. 11 SERIES OF 2005 A RESOLUTION SUPPORTING REFERENDA C AND D THE COLORADO ECONOMIC RECOVERY PLAN WHEREAS, state voters will have the opportunity November 1 to advance the quality of life and economic health of Coloradoans by supporting Referenda C and D, known together as the Colorado Economic Recovery Plan; and WHEREAS, during and since the recent recession the state has cut spending severely, and state spending cannot be restored to pre-recession levels without voter approval even though state revenues have recovered from the recession; and WHEREAS, municipal revenues and programs are adversely affected whenever state finances are in crisis, and municipal revenues and programs, as well as those of other.local governments, will be severely affected if statewide voters do not approve Referendum C; and WHEREAS, the following specific programs in our municipality or region have suffered or are expected to suffer as a result of state budget cuts and the inability of the state to resume pre-recession levels of spending; and . WHEREAS, Referendum C would provide funding for transportation, education, health caze, and police and fire retirement plans; and WHEREAS, Referendum C permits the state to retain excess revenues for five years and eliminates the "ratchet" effect of TABOR following economic downturns, without revising TABOR or raising taxes; and WHEREAS, Referendum D would accelerate construction and other expenditures for highways and bridges, K-12 and higher education facilities, and police and fire retirement plans through the issuance of voter approved bonds; and WHEREAS, Referenda C and D utilize the opportunity afforded voters by TABOR for the state to retain excess revenue in order to provide services in the same manner as local voters in our community and throughout Colorado have done. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL THAT: The Vail Town Council hereby endorses state referenda C and D and urges its citizens to vote for both measures. Resolution No. 11, Series of 2005 INTRODUCED, READ, APPROVED AND ADOPTED this 18`x' day of October, 2005.. (SEAL) ~, Rodney Slifer, Mayor ATTEST: Lorelei Donaldson, Town Clerk Resolution No. 11, Series of 2005 2 RESOLUTION NO. 18 SERIES OF 2005 A RESOLUTION SUPPORTING REFERENDUM lA (ESTABLISHING A HOME RULE CHARTER COMMISSION FOR THE PURPOSE OF DEVELOPING A HOME RULE CHARTER) WHEREAS, the Board of County Commissioners for Eagle County ("Board") as authorized by section 30-11-502, C.R.S., has placed before the registered electors the question of whether a Home Rule Charter Commission ("Charter Commission") should be established for the purpose of developing a proposed Home Rule Charter for Eagle County; and WHEREAS, the Board is authorized by section 1-45-117(1)(b)(III)(A) to pass a resolution taking a position of advocacy on a referred measure; and WHEREAS, proposed Referendum lA would provide a comprehensive review process for possible improvement and reorganization of the current form of county government in Eagle County; and WHEREAS, the Vail Town Council wishes to support the passage of Referendum 1 A to begin this comprehensive review process not only to ensure the most effective form of local government, but to also promote the progressive development and discussion of alternative governmental structures that maybe available through home rule; and WHEREAS, the Vail Town Council is not advocating a position as to the final adoption of a yet to be determined charter for Eagle County. Rather, the Town Council is advocating that the review and discussion process commence through the passage of Referendum 1 A. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL THAT: The Town Council hereby supports acid encourages voters to approve proposed Referendum 1 A (Establishing a Home Rule Charter Commissioner for the Purpose of Developing a Home Rule Charter) at this year's coordinated election to beheld on November 1, 2005. Resolution No. 18, Series of 2005 INTRODUCED, READ, APPROVED AND ADOPTED this 18TH day of October, 2005. Rodney Slifer, Mayor ATTEST: By: Lorelei Donaldson, Town Clerk RESOLUTION NO. 19 SERIES OF 2005 A RESOLUTION AUTHORIZING THE TOWN MANAGER TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT WITH THE COLORADO DEPARTMENT OF TRANSPORTATION FOR MAINTENANCE OF I-70 FRONTAGE ROADS FOR 11.24 MILES, FROM MILEPOST 172.2 TO MILEPOST 180.3; AND SETTING FORTH DETAILS RELATING THERETO. WHEREAS, the Town of Vail (the "Town") has reviewed an Intergovernmental Agreement (the "Agreement") proposed by the Colorado Department of Transportation ("C-DOT") for the maintenarice of I-70 Frontage Roads; and WHEREAS, Section 18(2)(a) and (b), Article XIV of the Colorado Constitution, Section 29-1-203, C.R.S., and Section 32-1-1001, C.R.S., .provide for the. ability of the Town and C-DOT to enter into contracts and agreements with one another to provide intergovernmental services and facilities, when so authorized by their governing bodies; and WHEREAS, the Constitution and statutes of the State of Colorado permit and encourage agreements between political subdivisions of the State, in order that the inhabitants of such political subdivisions may thereby secure high quality governmental services. NOW, THERFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: The Town Manager is hereby authorized to enter into the Agreement, on behalf of the Town, with C-DOT in the form approved by the Town Attorney. 2. The Town Manager and the Town staff are authorized to take whatever steps are necessary to execute the Agreement and to carry out the Town's obligations pursuant thereto. 3. This resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED this 18th day of October, 2005. Rodney Slifer, Mayor ATTEST: By: Lorelei Donaldson, Town Clerk CORY S atat ~ stands; Hi~v~ag~ce~ Rev 10/03 Town of Vail OS HA3 00083 REGION 3/(LML) CMS ID 05-233 CONTRACT THIS CONTRACT made this _ day of 20_, by and between the State of Colorado for the use and benefit of the Colorado Department of Transportation hereinafter referred to as the State and Town of Vail, 1309 Elkhorn Drive, Vail, Colorado, FEIN: 840571385 hereinafter referred to as the "Contractor" or the "Local Agency." RECITALS 1. Authority exists in the law and funds have been budgeted, appropriated and otherwise made available and a sufficient uncommitted balance thereof remains available for payment of proj ect and Local Agency costs in Fund Number 400, Appropriation Code 010, Organization Number 3200, Program 3000, Function 2040, Object 1920 1N, Reporting Category 3200, (Contract Encumbrance Amount: $115,008.00).. . 2. Required approval, clearance and coordination has been accomplished from and with appropriate agencies. 3. Section 43-2-102 and 103, C.R.S require the State to maintain state highways (including where such highways extend through a city or an incorporated town), and § 43-2-135 describes certain specific responsibilities of the State and affected local entities (respectively) with respect to state highways that are also part of a local street system; 4. The parties desire to enter this Contract for the Contractor to provide some or all of the certain maintenance services on state highways that are the responsibility of the State under applicable law, and for the State to pay the Contractor a reasonable negotiated fixed rate for such services; 5. The parties also intend that the Contractor shall remain responsible to perform any services and duties on state highways that are the responsibility of the Contractor under applicable law, at its own cost; 6. The State and the Contractor have the authority, as provided in Sections 29-1-203, 43-1-106, 43-2-103, 43-2-104, and 43-2-144 C.R.S., as amended, and in applicable ordinance or resolution duly passed and adopted by the Contractor, to enter into contract with the Contractor for the purpose of maintenance on the state highway system as hereinafter set forth; and 7. The Contractor has adequate facilities to perform the desired maintenance services on State highways within its jurisdiction. Page 1 of 12 THE PARTIES NOW AGREE THAT: Section 1. Scope of Work The Contractor shall perform all "maintenance services" for the certain State Highway System segments described herein, located within the Contractor's jurisdiction, for a total length of 11.24 miles ("the Highways") 11.24 miles on I-70 Frontage from MP 172.2 to MP 180.3 Such services and highways are further detailed in Section 5. Section 2. Order of Precedence In the event of conflicts or inconsistencies between this contract and its exhibits, such conflicts or inconsistencies shall be resolved by reference to the documents in the following order of priority: 1. Special Provisions contained in section 22 of this contract 2. This contract 3. Exhibit A (Scope of Work) 4. Exhibits C~and D (Contract Modification Tools) 5. Other Exhibits in descending order of their attachment. Section 3. Term This contract shall be .effective upon approval of the State Controller or designee, or on the date made, whichever is later. The term of this contract shall be for a term of FIVE (5) years. Provided, however, that the State's financial obligation for each subsequent, consecutive fiscal year of that term after the first fiscal year shall be subject to and contingent upon funds for each subsequent year being appropriated, budgeted, and otherwise made available therefore. Section 4. Project Funding and Payment Provisions A. The Local Agency has estimated the total cost of the work and is prepared to accept the state funding for the work, as evidenced by an appropriate ordinance or resolution duly passed and adopted by the authorized representatives ofthe Local Agency, which expressly authorizes the Local Agency to enter into this contract and to complete the work under the project. A copy of this ordinance or resolution is attached hereto and incorporated herein as Exhibit B. B. Subject to the terms of this Contract, for the satisfactory performance of the maintenance services on the Highways, as described in Section 5, the State shall pay the Contractor on a lump sum basis, payable in monthly installments, upon receipt of the Contractor's statements, as provided herein. 1. The lump sum payments shall be based solely on the rate negotiated by the parties per mile of the Highways, times the number of miles of the Highways - figured to the hundredth Page 2 of 12 of a mile, per fiscal year of the Contract term. Provided, however, that the total of such payments during the term of the Contract shall not exceed the particular maximum amount determined by that formula of "rate X miles", unless the Contract is amended or extended accordingly. The rate negotiated by the parties per mile for this Contract is $10,232.00 per mile, and the number of miles of the Highways for which the Contractor will provide maintenance services is 11.24 miles, for a total maximum amount of $115,008.00 per fiscal year. The negotiated rate per mile shall remain fixed for the full term of the Contract, unless this rate per mile is renegotiated in accord with the procedure set forth herein in Section 17. The total payments to the Contractor during the term of this Contract shall not exceed that maximum amount of $115,000 ("rate X miles"), unless this Contract is amended or extended accordingly. 2. The statements submitted by the Contractor for which payment is requested shall contain an adequate description of the type(s) and the quantity(ies) of the maintenance services performed, the date(s) of that performance, and on which specific sections of the Highways such services were performed, in accord with standard Contractor billing standards. 3. If the Contractor fails to satisfactorily perform the maintenance for a segment of the Highways (or portion thereof), or if the statement submitted by.the Contractor does not adequately document the payment requested, after notice thereof from the State, the State may deduct and retain a proportionate amount from the monthly payment, based on the above rate, for that segment or portion. Section 5. State and Local Agency Commitments A. The Contractor shall perform the "highway maintenance services" for the certain State Highway System segments described herein: Such services and highways are detailed in Section 1 (or Exhibit A). B. As used herein the term "maintenance services" shall mean only those maintenance services normally performed by the State to comply with its responsibility under §§ 43-2-102 and 43-2-135, C.R.S., as described in the State's then current "Maintenance Management Information Manual", as amended, which is incorporated herein bythis reference. The Contractor shall obtain a copy of that Manual from the State before it performs any maintenance services under this Contract. ("Maintenance services" do not include reconstruction of portions of the highways destroyed by major disasters, fires, floods, or Acts of God. Provided, however, that the Contractor shall give the State immediate notice of the existence of any such conditions on the Highways.) 1. Maintenance services to be performed by the Contractor, at State expense, for the Highways under this Contract shall include (without limitation) the following services: a. Removal of snow, sanding and salting. Page 3 of 12 b. Minor patching, making safe, repairing, spot reconditioning, spot stabilization and spot seal coating, including shoulders, and damage caused by ordinary washouts. c. Warning the State's representative of any "dangerous condition" (as that term is defined in §24-10-103(1) C.R.S., as amended), and/or repairing that condition. d. Inspecting State Highway signing and regulatory devices on the Highways at least weekly and notifying the State's Region Transportation Director as soon as the Contractor has notice of any State Highway signing and regulatory devices in need of repair. 2. Contractor shall also continue to perform, at its own expense, all activities/duties on the Highways that Contractor is required to perform by §43-2-135 (1) (a) and (e), C.R.S., as amended, including, but not limited to: cutting weeds and grasses within the State's right of way; cleaning of roadways, including storm sewer inlets and catch basins; cleaning of ditches; and repairing of drainage structures, excluding storm sewers. C. The Contractor shall perform all maintenance services on an annual basis. The Contractor's performance of such services shall comply with the same standards that are currently used by the State for the State's performance of such services, for similar type highways with similar use, in that year, as determined by the State. The State's Regional Transportation Director, or his representative, shall determine the then current applicable maintenance standards for the maintenance services. Any standards/directions provided by the State's representative to the Contractor concerning the maintenance services shall be in writing. The Contractor shall contact the State Region office and obtain those standards before the Contractor performs such services. D. The Contractor shall perform the maintenance services in a satisfactory manner and in accordance with the terms of this Contract. The State reserves the right to determine the proper quantity and quality of the maintenance services performed by the Contractor, as well as the adequacy of such services, under this Contract. The State may withhold payment, if necessary, until Contractor performs the maintenance services to the State's satisfaction. The State will notify the Contractor in writing of any deficiency in the maintenance services. The Contractor shall commence corrective action within 24 hours of receiving actual or constructive notice of such deficiency: a) from the State; b) from its own observation; or c) by any other means. In the event the Contractor, for any reason, does not or cannot correct the deficiency within 24 hours, the State reserves the right to correct the deficiency and to deduct the actual cost of such work from the subsequent payments to the Contractor, or to bill the Contractor for such work. Section 6. Record Keeping The Local Agency shall maintain a complete file of all records; documents, communications, and other written materials, which pertain to the costs incurred under this contract. The Local Agency shall maintain such records for a period of three (3) years after the date of termination of this contract or final payment hereunder, whichever is later, or for such further period as may be Page 4 of 12 necessary to resolve any matters which may be pending. The Local Agency shall make such materials available for inspection at all reasonable times and shall permit duly authorized agents and employees of the State and FHWA to inspect the prof ect and to inspect, review -and audit the project records. Section 7. Termination Provisions This contract maybe terminated as follows: A. This Contract may be terminated by either party, but only at the end of the State fiscal year (June 30), and only upon written notice thereof sent by~registered, prepaid mail and received by the non- terminatingparty not later than 30 calendar days before the end of that fiscal year. In that event, the State shall be responsible to pay the Contractor only for that portion of the highway maintenance services actually and satisfactorily performed up to the effective date of that termination, and the Contractor shall be responsible to provide such services up to that date, and the parties shall have no other obligations or liabilities resulting from that termination. Notwithstanding subparagraph A above, this contract may also be terminated as follows: B. Termination for Convenience. The State may terminate this contract at any time the State determines that the purposes of the distribution of moneys under the contract would no longer be served by completion of the project. The State shall effect such termination by giving written notice of termination to the Local Agency and specifying the effective date thereof, at least twenty (20) days before the effective date of such termination. C. Termination for Cause. If, through any cause, the Local Agency shall fail to fulfill, in a timely and proper manner, its obligations under this contract, or if the Local Agency shall violate any of the covenants, agreements, or stipulations of this contract, the State shall thereupon, have the right to terminate this contract for cause by giving written notice to the Local Agency of its intent to terminate and at least ten (10) days opportunity to cure the default or show cause why termination is otherwise not appropriate. In the event of termination, all finished or unfinished documents, data, studies, surveys, drawings, maps, models, photographs and reports or other material prepared by the Local Agency under this contract shall, at the option of the State, become its property, and the Local Agency shall be entitled to receive just and equitable compensation for any services and supplies delivered and accepted. The Local Agency shall be obligated to return anypayments advanced under the provisions of this contract. Notwithstanding the above, the Local Agency shall not be relieved of liability to the State for any damages sustained by the State by virtue of any breach of the contract by the Local Agency, and the State may withhold payment to the Local Agency for the purposes'of mitigating its damages until such time as the exact amount of damages due to the State from the Local Agency is determined. If after such termination it is determined, for any reason, that the Local Agency was not in default or that the Local Agency's action/inaction was excusable, such termination. shall be treated as a termination for convenience, and the rights and obligations of the parties shall be the same as if the Page 5 of 12 contract had been terminated for convenience, as described herein. D. Termination Due to Loss of Funding. The parties hereto expressly recognize that the Local Agency is to be paid, reimbursed, or otherwise compensated with federal and/or State funds which are available to the State for the purposes of contracting for the Project provided for herein, and therefore, the Local Agency expressly understands and agrees that all its rights, demands and claims to compensation aiising under this contract are contingent upon availability of such funds to the State. In the event that such funds or any part thereof are not available to the State, the State may immediately terminate or amend this contract. Section 8. Legal Authority The Local Agency warrants that it possesses the legal authorityto enter into this contract and that it has taken all actions required by its procedures, by-laws, and/or applicable law to exercise that authority, and to lawfully authorize its undersigned signatory to execute this contract and to bind the Local Agency to its terms. The person(s) executing this contract on behalf of the Local Agency warrants that such person(s) has full authorization to execute this contract. Section 9. Representatives and Notice The State will provide liaison with the Local Agency through the State's Region Director, Region 3, 222 South Sixth Street, Room 317, Grand Junction, Colorado 81501. Said Region Director will also be responsible for coordinating the State's activities under this contract acid will also issue a "Notice to Proceed" to the Local Agency for commencement of the Work. All communications relating to the day-to-day activities for the work shall be exchanged between representatives of the State's Transportation Region 3 and the Local Agency. All communication, notices, and correspondence shall be addressed to the individuals identified below. Either party may from time to time designate in writing new or substitute representatives. If to State: Weldon Allen Maintenance Superintendent CDOT Region 3 606 S. Ninth Street Grand Junction, CO 81501 (970) 248-7363 If to the Local Agency: Greg Hall Public Works Director Town of Vail 1309 Elkhorn Drive Vail, Colorado 81657 (970) 479-2160 Section 10. Successors Page6of12 Except as herein otherwise provided, this contract shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. Section 11. Third Party Beneficiaries It is expressly understood and agreed that the enforcement of the terms and conditions of this contract and all rights of action relating to such enforcement, shall be strictly reserved to the State and the Local Agency. Nothing contained in this contract shall give or allow any claim or right of action whatsoever by any other third person. It is the express intention of the State and the Local Agency that any such person or entity, other than the State or the Local Agency receiving services or benefits under this contract shall be deemed an incidental beneficiary only. Section 12. Governmental Immunity Notwithstanding any other provision of this contract to the contrary, no term or condition of this contract shall be construed or interpreted as a waiver, express or implied, of any of the immunities, rights, benefits, protection, or other provisions of the Colorado Governmental Immunity Act, § 24-10-101, et seq., C.R.S., as now or hereafter amended. The parties understand and agree that liability for claims for injuries to persons or property arising out of negligence of the State of Colorado, its departments, institutions, agencies, boards, officials and employees is controlled and limited by the provisions of § 24-10-101, et seq., C.R.S., as now or hereafter amended and the risk management statutes, §§ 24-30-1501, et seq., C.R.S., as now or hereafter amended. Section 13. Severability To the extent that this contract maybe executed and performance of the obligations of the parties may be accomplished within the intent of the contract, the terms of this contract are severable, and should any term or provision hereof be declared invalid or become inoperative for any reason, such invalidity or failure shall not affect the validity of any other term or provision hereof. Section 14. Waiver The waiver of any breach of a term, provision, or requirement of this contract shall not be construed or deemed as a waiver of any subsequent breach of such term, provision, or requirement, or of any other term, provision or requirement. Section 15. Entire Understanding This contract is intended as the complete integration of all understandings between the parties. No prior or contemporaneous addition, deletion, or other amendment hereto shall have any force or effect whatsoever, unless embodied herein by writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto shall have any force or effect unless embodied in a writing executed and approved pursuant to the State Fiscal Rules. Section 16. Survival of Contract Terms Page7of12 Notwithstanding anything herein to the contrary, the parties understand and agree that all terms and conditions of this contract and the exhibits and attachments hereto which may require continued performance, compliance or effect beyond the termination date of the contract shall survive such termination date and shall be enforceable by the State as provided herein in the event of such failure to perform or comply by the Local Agency. Section 17. Modification and Amendment A. This contract is subject to such modifications as may be required by changes in federal or State law, or their implementing regulations. Any such required modification shall automatically be incorporated into and be part of this contract on the effective date of such change as if fully set forth herein. Except as provided above, no modification of this contract shall be effective unless agreed to in writing by both parties in an amendment to this contract that is properly executed and approved in accordance with applicable law. B. Either party may suggest renegotiation of the terms of this Contract, provided that the Contract shall not be subject to renegotiation more often than annually, and that neither party shall be required to renegotiate. If the parties agree to change the provisions of this Contract, the renegotiated terms shall not be effective until this Contract is amended/modified accordingly in writing. Provided, however, that the rates will be modified only if the party requesting the rate change documents, in accord with then applicable cost accounting principles and standards (including sections 24-107-101, et seq., C.R.S. and implementing regulations), that the requested increase/decrease is based on and results from (and is proportionate to) an increase/decrease in the "allowable costs" ofperfortning the Work. Any such proposed renegotiation shall not be effective unless agreed to in writing by both parties in an amendment to this contract that is properly executed and approved by the State Controller or his delegee. Section 18. Change Orders and Option Letters A. Bilateral changes within the general scope of the Contract, as defined in Section lA above, may be executed using the change order letter process described in this paragraph and a form substantially equivalent to the sample change order letter attached as Exhibit C, for any of the following reasons. 1. Where the agreed changes to the specifications result in an adjustment to the price, delivery schedule, or time of performance: 2. Where the agreed changes result in no adjustment to the price, delivery schedule, or time of performance. The change order shall contain a mutual release of claims for adjustment of price, schedules, or time of performance. 3. Where the changes to the contract are priced based on the unit prices to be paid for the goods and/or services established in the contract. 4. Where the changes to the contract are priced based on established catalog generally extended to the public. Page 8 of 12 Other bilateral modifications not within the terms of this paragraph must be executed by formal amendment to the contract, approved in accordance with state law. B. The State may increase the quantity ofgoods/services described in Exhibit A at the unit prices established in the contract. The State may exercise the option by written notice to the contractor within 30 days before the option begins in a form substantially equivalent to Exhibit D. Delivery/performance of the goods/service shall continue at the same rate and under the same terms as established in the contract C. The State may also unilaterally increase/decrease the maximum amount payable under this contract based upon the unit prices established in the contract and the schedule of services required, as set by the state. The State may exercise the option by providing a fully executed option to the contractor, in a form substantially equivalent to Exhibit D, immediately upon signature of the State Controller or his delegate.. Performance of the service shall continue at the same rate and under the same terms as established in the contract. Section 19. Disputes Except as otherwise provided in this contract, any dispute concerning a question of fact arising under this contract which is not disposed of by agreement will be decided by the Chief Engineer of the Department of Transportation. The decision of the Chief Engineer will be final and conclusive unless, within 30 calendar days after the date of receipt of a copy of such written decision, the Local Agency mails or otherwise furnishes to the State a written appeal addressed to the Executive Director of the Department of Transportation. In connection with any appeal proceeding under this clause, the Local Agency shall be afforded an opportunity to be heard and to offer evidence in support of its appeal. Pending fmal decision of a dispute hereunder, the Local Agency shall proceed diligently with the performance of the contract in accordance with the Chief Engineer's decision. The decision of the Executive Director or his duly authorized representative for the determination of such appeals will be final and conclusive and serve as final agency action. This dispute clause does not preclude consideration of questions of law in connection with decisions provided for herein. Nothing in this contract, however, shall be construed 'as making final the decision of any administrative official, representative, or board on a question of law. Section 20. Does not supercede other agreements This Contract is not intended to supercede or affect in any way any other agreement (if any) that is currently in effect between the State and the Contractor for other "maintenance services" on State Highway rights-of--way within the jurisdiction of the Contractor. Also, the Contractor shall also continue to perform, at its own expense, all such activities/duties (if any) on such State Highway rights-of--ways that the Contractor is required by applicable law to perform. Section 21. Subcontractors Page 9 of 12 The Contractor may subcontract for any part of the performance required under this Contract, subject to the Contractor first obtaining approval from the State for anyparticular subcontractor. The State understands that the Contractor may intend to perform some or all of the services required under this Contract through a subcontractor. The Contractor agrees not to assign rights or delegate duties under this contract [or subcontract any part of the performance required under the contract] without the express, written consent of the State [which shall not be unreasonably withheld]. Except as herein otherwise provided, this agreement shall inure to the benefit of and be binding only upon the parties hereto and their respective successors and assigns. Page 10 of 12 Section 22. SPEC[AL PR~VISI~NS (For Use Only with Inter-Governmental Contracts) CONTROLLER'S APPROVAL. CRS 24-30-202 (1) This contract shall not be deemed valid until it has been approved by the Controller of the State of Colorado or such assistant as he may desighate. 2. FUND AVAILABILITY. CRS 24-30-202 (5.5) Financial obligations of the State of Colorado payable after the current fiscal year are contingent upon funds forthat purpose being appropriated, budgeted, and otherwise made available. 3. INDEMNIFICATION To the extent authorized bylaw, the contractor shall indemnify, save, and hold harmless the State against any and all claims, damages, liability and court awards including costs, expenses, and attorney fees incurred as a result of any act or omission by the Contractor, or its employees, agents, subcontractors, or assignees pursuant to the terms of this contract. No term or condition of this contract shall be construed or interpreted as a waiver, express or implied, of any of the immunities, rights, benefits, protection, or other provisions for the parties, of the Colorado Governmental Immunity Act, CRS 24-10-101 et seq. orthe Federal Tort Claims Act, 28 U.S.C. 2671 et seq. as applicable, as now or hereafter amended. 4. INDEPENDENT CONTRACTOR. 4 CCR 801-2 THE CONTRACTOR SHALL PERFORM ITS DUTIES HEREUNDER AS AN INDEPENDENT CONTRACTOR AND NOT AS AN EMPLOYEE. NEITHER THE CONTRACTOR NOR ANY AGENT OR EMPLOYEE OF-THE CONTRACTOR SHALL BE OR SHALL BE DEEMED TO BEAN AGENT OR EMPLOYEE OF THE STATE. CONTRACTOR SHALL PAY WHEN DUE ALL REQUIRED EMPLOYMENT TAXES AND INCOME TAX AND LOCAL HEAD TAX ON ANY MONIES PAID BYTHE STATE PURSUANT TO THIS CONTRACT. CONTRACTOR ACKNOWLEDGES THAT THE CONTRACTOR AND ITS EMPLOYEES ARE NOT ENTITLED TO UNEMPLOYMENT INSURANCE BENEFITS UNLESS THE CONTRACTOR OR THIRD PARTY PROVIDES SUCH COVERAGE AND THATTHE STATE DOES NOT PAY FOR OR OTHERWISE PROVIDE SUCH COVERAGE. CONTRACTOR SHALL HAVE NO AUTHORIZATION, EXPRESS OR IMPLIED, TO BIND THE STATE TO ANY AGREEMENTS; LIABILITY, OR UNDERSTANDING EXCEPTAS EXPRESSLY SET FORTH HEREIN. CONTRACTOR SHALL PROVIDE AND KEEP IN FORCE WORKERS' COMPENSATION (AND PROVIDE PROOF OF SUCH INSURANCE WHEN REQUESTED BYTHE STATE) AND UNEMPLOYMENT COMPENSATION INSURANCE IN THE AMOUNTS REQUIRED BY LAW, AND SHALL BE SOLELY RESPONSIBLE FOR THE ACTS OF THE CONTRACTOR, ITS EMPLOYEES AND AGENTS. 5. NON-DISCRIMINATION. The contractor agrees to comply with the letter and the spirit of all applicable state and federal laws respecting discrimination and unfair employment practices. 6. CHOICE OF LAW. The laws of the State of Colorado and rules and regulations issued pursuant thereto shall be applied in the interpretation, execution, and enforcement of this contract. Any provision of this contract, whether or not incorporated herein by reference, which provides for arbitration by any extra-judicial body or person or which is otherwise in conflict with said laws, rules, and regulations shall be considered null and void. Nothing contained in any provision incorporated herein by reference which purports to negate this or any other special provision in whole or in part shall be valid or enforceable or available in any action at law whether by way of complaint, defense, or othervvise. Any provision rendered null and void by the operation of this provision will not invalidate the remainder of this contract to the extent that the contract is capable of execution. At all times during the performance of this contract, the Contractor shall strictly adhere to all applicable federal and state laws, rules, and regulations that have been or may hereafter be established. SOFTWARE PIRACY PROHIBITION Governor's Executive Order D 002 00 No State or other public funds payable under this Contract shall be used for the acquisition, operation, or maintenance of computer software in violation of United States copyright laws or applicable licensing restrictions. The Contractor hereby certifies that, for the term of this Contract and any extensions, the Contractor has in place appropriate systems and controls to prevent such improper use of public funds. If the State determines that the Contractor is in violation of this paragraph, the State may exercise any remedy available at law or equity or under this Contract, including, without limitation, immediate termination of the Contract and any remedy consistent with United States copyright laws or applicable licensing restrictions. 8. EMPLOYEE FINANCIAL INTEREST. CRS 24-18-201 & CRS 24-50-507 The signatories aver that to their khowledge, no employee of the State of Colorado has any personal or beneficial interest whatsoever in the service or property described herein. Effective Date: August 1, 2005 Page 11 of 12 SIGNATURE PAGE THE PARTIES HERETO HAVE EXECUTED THIS CONTRACT CONTRACTOR: Town of Vail Legal Name of Contracting Entity 840571385 Social Security Number or FEIN Signature of Authorized Officer Print Name & Title of Authorized Officer CORPORATIONS: (A corporate attestation is required.) STATE OF COLORADO: BILL OWENS, GOVERNOR By Executive Director Department of Transportation LEGAL REVIEW: JOHN W.SUTHERS. ATTORNEY GENERAL By Attest (Seal) By (Corporate Secretary or Equivalent, or Town/City/County Clerk) (Place corporate seal here, if available) ALL CONTRACTS MUST BE APPROVED BY THE STATE CONTROLLER CRS 24-30-202 requires that the.State Controller approve a-I state contracts. This contract is not valid until the State Controller, or such assistant as he may delegate, has signed it. The contractor is not authorized to begin performance until the contract is signed and dated below. If performance begins prior to the date below, the State of Colorado may not be obligated to pay for the goods and/or services provided. , STATE CONTROLLER: LESLIE M. SHENEFELT BY. Date Effective Date: August 1, 2005 Page 12 of 12 Exhibit A SCOPE OF WORK Maintenance Services, as detailed in Section 5, for 11.24 miles on I-70 Frontage from MP 172.2 to MP 180.3 within the jurisdiction of Vail, Colorado. Exhibit A, Page 1 of 1 Exhibit B LOCAL AGENCY ORDINANCE or RESOLUTION Exhibit C SAMPLE BILATERAL CHANGE ORDER LETTER Date: .State Fiscal Year: Bilateral Change Order Letter No. In accordance with Paragraph of contract routing number , [your agency code here ] ,between the State of. Colorado Department of or Higher Ed Institution [your agency name here ] ( division) and [ Contractor's Name Here ] covering the period of [July 1, 20 through June 30, 20 ]the undersigned agree that the supplies/services affected by this change letter are modified as follows: Services/Supplies Exhibit ,Schedule of Equipment for Maintenance or Schedule of Delivery, is amended by adding ,serial numbers and Price/Cost The maximum amount payable by the State for servicel [suppler in Paragraph is (increased/decreased) by ($ amount of change) to a new total of ($ ~ based on the unit pricing schedule in Exhibit 'The first sentence in Paragraph is hereby modified accordingly; The total contract value to include all previous amendments, change orders,, etc. is [ $ ]. OR T'he parties agree that the changes made herein are "no cost" changes and shall not be the basis for claims for adjustment to [price] [cost ceiling], delivery schedule, or other terms or conditions of the contract. The parties waive and release each other from any claims or demands for adjustment to the contract, including but not limited to price, cost, and schedule, whether based on costs of changed work or direct or indirect impacts on unchanged work. Controller approval of this "no cost" change is not required. contractor initials. Agency initials. [ Include this sentence: This change to the contract is intended to be effective as of , or on approval by the State Controller, whichever is later. ] Please sign, date, and return all copies of this letter on or before 20 APPROVALS: Contractor Name: By: State of Colorado: Bill Owens, Governor By: Date: Name For the Executive Director/College President Title Colorado Department of or Higher Ed Institution ALL CONTRACTS MUST BE APPROVED BY THE STATE CONTROLLER CRS 24-30-202 requires that the State Controller approve all state contracts. This contract is not valid until the State Controller, or such assistant as he may delegate, has signed it. The contractor is not authorized to begin performance until the contract is signed and dated below. If performance begins prior to the date below, the State of Colorado may not be obligated to pay for goods and/or services provided. State Controller, Leslie M. Shenefelt By: Date: Exhibit C -Page 1 of 1 Exhibit D Date: SAMPLE OPTION LETTER State Fiscal Year: Option Letter No. SUBJECT: [Amount of goods(Level of service change] In accordance with Paragraph(s) of contract routing number , [your Agency code here ], between the State of Colorado Department of or Higher Ed Institution [your agency name here ], [ division], and [Add Contractor's name here] covering the period of [July 1, 20 through June 30, 20 , ]the state herby exercises the option for [an additional one year's performance period at the (cost) (price) specified in Paragraph .] and/or [increase/decrease the amount of goods/services at the .same rate(s) as specified in Paragraph/Schedule/Exhibit .] The amount of funds available and encumbered in this contract is [ increased/decreased ] by [ $ amount of change] to a new total funds available of [ $ ] to satisfy services/goods ordered under the contract for the current fiscal year [ FY 0 ]. The first sentence in Paragraph is hereby modified accordingly. The total contract value to include all previous amendments, option letters, etc. is [ $ ]. APPROVALS: State of Colorado: Bill Owens, Governor BY~ Date: [ Executive Director/College President ] Colorado Department of or Higher Ed Institution ALL CONTRACTS MUST BE APPROVED BY THE STATE CONTROLLER CRS 24-30-202 requires that the State Controller approve all state contracts. This contract is not valid until the State Controller, or such assistant as he may delegate, has signed it. The contractor is not authorized to begin performance until the contract is signed and dated below. If performance begins prior to the date below, the State of Colorado may not be obligated to pay for goods and/or services provided. State Controller Leslie M. Shenefelt By: Date: Exhibit D Page 1 of 1 MEMORANDUM TO: Town Council FROM: .Timber Ridge Affordable Housing Corporation DATE: October 18, 2005 SUBJECT: Monthly Reporting Requirements Attached please find the July and August, 2005 Timber Ridge Village Income Statement, Variance Report, Balance Sheet, and Projected Cash Flow report as well as the weekly management reports. This is provided to Town Council per the reporting requirements agreement. This information is updated and provided to Town Council on a monthly basis. TIMBER RIDGE VILLAGE Income Statement Basis: Accrual For the Month Ending August 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 1 4001 4005 OPERATING INCOME Gross Potential Rent Vacancies 127,850.00 (13,859.68) 129,909 (2,300) (2,059) (11,560) 1,012,658.79 (56,034.68) 1,039,272 (14,950) (26,613) (41,085) 1,558,908 (18,400) MONTHLY RENT 113,990.32 127,609 (13,619) 956,624.11 1,024,322 (67,698) 1,540,508 4070 Laundry Income 667.00 1,480 (813) 16,305.99 11,840 4,466 17,760 4085 Miscellaneous Income 38.93 108 (69) 13,401.06 864 600 12,537 (575) 1,296 900 4090 Late Fees/NSF Cbeck Fees 0.00 75 0 (75) 0 25.00 00) 475 (6 0 475) (6 0 4120 4125 Rent Concessions Employee Apartments/Garage 0.00 0.00 (575) 575 . , 0.00 (4,600) , 4,600 (6,900) 4140 ReletFees 0.00 275 (275) 0.00 1,100 (1;100) 1,100 6117 Bad Debt Expense 0.00 0 0 (6,739.07) 0 (6,739) 0 TOTAL INCOME 114,696.25 128,972 (14,276) 973,142.09 1,034,126 (60,984) 1,554,664 TIMBER RIDGE VILLAGE, Income Statement Basis: acorua~ For the Month Ending August 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD. YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 2 OPERATING EXPENSES ADMINISTRATIVE 5110 Advertising/Promotion 5120 Auto Expense 5121 Meals 5122 Lodging 5125 Marketing Expense 5130 Credit Checks 5135 11~lanagement Fee 5140 Office Expense 5145 Printing/Copying 5150 Postage 5165 Phone/Fax 5170 Dues/Subscriptions 5175 Banking Fees 441.45 150 (291) 2,020.76 1,200 (821) 1,800 323.60 285 (39) 2,461.82 2,280 (182) 3,420 64.97 0 (65) 581.93 0 (582) 0 0,00 0 0 21.53 0 (22) 0 0.00 100 100 688.55 800 111 1,200 0.00 70 70 (59.08) 280 339 350 5,766.95 6,449 682 46,658.01 51,707 5,049 77,734 540.59 350 (191) 2,628.70 2,800 171 4,200 194.22 250 56 1,440.89 2,000 559 3,000 231.26 125 (106) 817.00 1,000 183 1,500 974.66. 495 (480) 4,794.68 3,960 (835) 5,940 66.67 250 183 2,026.25 1,150 (876) 1,150 24.00 30 6 257.30 240 (17) 360 TOTAL ADMINISTRATIVE 8,628.37 8,554 (74) 64,33834 67,417 3,079 100,654 PAYROLL 5220 Wages Administrative 5230 Wages Maintenance 5250 Wages Landscaping 6,698.08 6,250 (448) 53,391.13 51,995 (1,396) 76,995 4,358.21 7,953 3,595 60,211.40 75,013 14,802 106,823 1,764.30 1,225 (539) 5,020.92 7,350 2,329 7,350 TOTAL PAYROLL 12,820.59 15,428 ~ 2,607 118,623.45 134,358 15,735 191,168 TIMBER RIDGE VILLAGE Income Statement Basis: Accrual For the Month Ending August 31 2005 ACCT MONTIILY MONTHLY MONTHLY YTD YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 3 REPAH2 & MAINTENANCE IIVAC/PLUMBING 5315 HVAC -Repairs 0.00 500 500 0.00 4,000 4,000 6,000 5320 HVAC -Supplies 0.00 100 100 0.00 800 800 1,200 5345 Plumbing Repairs 740.89 525 (216) 2,741.57 4,200 1,458 6,300 5350 Plumbing Supplies 94.26 300 206 822.90 2,400 1,577 3,600 TOTAL HVAC/PLUMBING 835.15 1,425 590 3,564.47. 11,400 7,836 17,100 GROUNDS 5620 Trash Removal 939.13 660 (279) 8,508.07 5,280 (3,228) 7,920 5625 Snow Removal 0.00 0 0 10,481.57 6,475 (4,007) 9,250 5645 ~ Pest Control 87.52 0 (88) 298.98 0 (299) 0 5655 Grounds Equipment 0.00 0 0 89.35 700 611 1,250 TOTAL GROUNDS 1,026.65 660 (367) 19,377.97 12,455 (6,923) 18,420 GENERAL REPAIR/MAINTENANCE 5325 Electrical -Repairs O.OQ 50 50 0.00 400 400 600 5330 Electrical -Supplies 0.00 50 ~50 116.49 400 284 600 5365 Maintenance/Repair Supply 0.00 200 200 104.66 1,600 1,495 2,400 5367 Door/Window Repair/Maintenance 0.00 100 100 179.08 800 621 1,200 5370 ~~Iiscellaneous Repairs and Maintenan 971.15 75 (896) 3,181.10 600 (2,581) 900 5380 Painting Supplies 851.43 125 (726) 1,233.51 1,000 (234) 1,500 5385 Appliance Maintenance 0.00 0 0 68.84 0 (69) 0 5395 Uniforms 0.00 0 0 351.37 400 49 800 5720 Locks 657.24 0 (657) 1,068.17 600 (468) 900 5760 Other Fire & Life Safety 2,624.08 0 (2,624) 3,573.08 1,290 (2,283) 1,570 TOTAL GENERALREPAIR/1VIAIN" 5,103.90 600 (4,504) 9,876.30 7,090 (2,786) 10,470 TIMBER RIDGE VILLAGE Income Statement Basis: Accrual For the Month Ending August 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD .YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 4 UTILITIES 5410 Electricity -Common Area 2,039.18 5,292 3,253 22,030.79. 54,720 32,689 85,026 5450 Water/Sewer 4,618.31 5,468 85.0 44,628.23 41,744. (2,884) 62,116 TOTAL UTILITIES 6,657.49 ~ 10,760 4,103 66,659.02 96,464 29,805 147,142 JANITORIAL 5510 Janitorial -Labor/Contract 5520 Janitorial - Supplies 5530 Carpet/Drape Cleaning 0.00 0 0 (930.00) 0 930 0 47.59 125 77 153.60 1,000 846 1,500 0.00 350 350 838.30 1,400 562 2,100 TOTAL JANITORIAL 47.59. 475 427 61.90 2,400 2,338 3,600 OTHER EXPENSES Property Insurance 5,515.50 5,295 (221) 43,366.49 42,360 (1,006) 63,540 TOTAL OTHER EXPENSES 5,515.50 5,295 (221) 43,366.49 42,360 (1,006) 63,540 TOTAL EXPENSES 40,635.24 43,197 2,562 325,867.94 373,944 48,076 552,094 NET OPERATING INCOME 74,061.01 85,775 (11,714) 647,274.15 660,182 (12,908) 1,002,570 OWNER EXPENSES 6110 Accounting/Audit 0.00 0 0 5,800.00 5,900 100 ti,900 6151 Remediation 154,831.50 0 (154,832) 229,758.81 0 (229,759) 0 TOTAL OWNER EXPENSES 154,831.50 0 (154,832) 235,558.81 5,900 (229,659) 5.900 TIMBER RIDGE VILLAGE Income Statement Basis: Accrual For the Month Ending August 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 5 INTEREST & MISCELLANEOUS INCOME 8105 Interest Income -Miscellaneous 1,371.25 360 1,011 5,018.20 2,880 2,138 4,320 TOTAL INT &MISC INCOME 1,371.25 360 1,011 5,018.20 2,880 2,138 4,320 CASH FLOW AVAILABLE FOR DI (79,399.24) 86,135 (165,534) 416,733.54 657,162 (240,428) 1,000,990 INTEREST EXPENSE 6165 Letter of Credit Fees 0.00 0 0 182,070.44 183,069 999 244,092 6170 Financing Fees 3,963.54 0 (3,964) 25,749.16 17,835 (7,914) 23,780 6202 MISC Interest Expense 4,979.00 1,250 (3,729) 14,304.34. 10,000 (4,304) 15,000 6205 Interest Ezpense - Series A 59,540.43 31,708 (27,832) 394,865.20 253,664 (141,201) 380,496 6210 Interest Expense - Series B 7,578.00 7,578 0 60,624.62 60,624 (1) 90,259 TOTAL INTEREST EXPENSE 76,060.97 40,536 (35,525) 677,613.76 525,192 (152,422) 753,627 INCOME BEFORE DEPR AND AMA (155,460.21) 45,599 (201,059) (260,880.22) 131,970 (392,850) 247,363 AMORTIZATION AND DEPRECIATION 6470 Amortization 3,586.50 3,587 1 28,692.00 28,696 4 43,044 6480 Depreciation Expense 43,787.17 43,787 0 350,297.36 350,296 (1) 525,444 TOTAL AMORT AND DEPR 47,373.67 47,374 0 378,989.36 378,992 3 568,488 NET INCO(\~IE/(LOSS) (202,833.88) (1,775) (201,059) (639,869.58) (247,022) (392,848) (321,125) TIMBER RIDGE VILLAGE Income Statement Basis: Accrual For the Month Endin g August 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 6 CASHFLOW ADJUSTMENTS -CHANGES IN: FIXED ASSETS DEPR. & AMORT. Depr. & Amort. 47,373.67 47,374 0 378,989.36 378,992 (3) 568,488 DEBT SERVICE PYMTS / ESCROWS 1040 Replacement Reserve Fund (92,774.27) 0 (92,774) (93,039.52) 0 (93,040) 0 1120 Debt Service Reserve Fund (37.86) 0 (38) (229.06) 0 (229) 0 1121 Debt Service Reserve - B (480.96) 0 (481) (1,505.04) 0 (1,505) 0 2080 Bonds Payable - B 0.00 0 0 0.00 0 0 (130,000) 2741 Notes Payable-Townof Vail 0.00 0 0 700,000.00 0 700,000 0 RECEIVABLES AND OTHER ASSETS 1300 Accounts Receivable 1,109.68 0 1,110 (3,252.01) 0 (3,252) 0 1310 Prepaid Insurance 0.35 0 0 (134.50) 0 (135) 0 1325 Allowance for Doubtful Accounts 0.00 0 0 4,908.26 0 4,908 0 2010 OTHER LIABILITIES Accounts Payable 92,876.27 0 92,876 43,271.43 0 43,271 0 2035 Other Accruals (667.00) 0 (667) (5,336.00) 0 (5,336) 0 2050 Accrued Interest Payable 12,720.93 0 12,721 .46,157.76 0 46,158 0 2055 Prepaid Rent (1,075.00) 0 (1,075) 78,084.56 0 78,085 0 Security Deposits (1.11) 0 (1) (1,011.06) 0 (1,011) 0 DISTRIBUTIONS /CONTRIBUTIONS TOTAL CASHFLOW ADJUSTA4EN 59,044.70 47,374 11,671 1,146,904.18 378,992 767,912 438,488 NET CASHFLOVI' (143,789.18) 45,599 (189,388) 507,034.60 131,970- 375,065 117,363 _ TIMBER RIDGE VILLAGE APARTMENTS August, 2005 VARIANCE REPORT OPERATING INCOII~IE: Monthly Rent Monthly Rent is under budget $13,990 because of vacancies. OPERATING EXPENSES 5410 Electricity Common Area Electricity common area is under budget $3,253 due to a lower occupancy because of the mold problem. 5230 Wages Maintenance Wages Maintenance is under budget by $3,595. because we just filled our maintenance vaccancy. YEAR TO DATE TOTAL EXPENSES ARE FAVORABLE TO BUDGET $48,076 YEAR TO DATE NET OPERATING INCOME IS UNFAVORABLE TO BUDGET $12,908 Owners Expense Interest Expense 6151 Remediation Remediation is over budget $154,832 because we started remediation an additional 44 units. 6170 Financing Fees Financing fees are over budget by $3,964 6202 MISC Interest Expense . Misc. interest expense is over budge by $3,729 6205 Interest expense - series A Interest Expense Series - A is over budget $27,832 due to reclassification of financing fees in the budget. Page 1 Database: CORUM_MRI BALANCE SHEET Page: 1 ENTITY: TBR Corum Real Estate Group Date: 10/4/2005 TIMBER RIDGE VILLAGE Time: 11:00 AM Accrual Aug 2005 ASSETS Current Assets Cash 521,836.50 Restricted Cash-Security Deposits 14,449.88 CASH TRUSTEE ACCOUNTS Replacement Reserve Fund 183,851.79 Series A Bond Fund 0.48 Debt Service Reserve Fund 17,704.70 Debt Service Reserve - B 224,887.48 Accounts Receivable 1,688.84 Prepaid Insurance 5,514.80 Total Current Assets 969,934.47 Investment in Real.Estate Land Costs 4,399,500.00 Building 15,578,000.00 Computer & Equipment 30,897.00 Less: Accum Depreciation (1,116,571.89) Total Investment in Real Estate 18,891,825.11 Intangibles Bond Cost 825,897.55 Accum Amort Bond Cost (90,760.00) Total Intangibles 735,137.55 TOTAL ASSETS 20,596,897.13 Database: CORUM_MRI BALANCE SHEET Page: 2 ENTITY: TBR Corum Real Estate Group Date: 10!4/2005 TIMBER RIDGE VILLAGE Time: 11:00 AM Accrual Aug 2005 LIABILITIES & SHAREHOLDER'S EQUITY Current Liabilities Accounts Payable. Security Deposit Payable Other Accruals Accrued Interest Payable Total Current Liabilities Other Current Liabilities Prepaid Rent 1`otal Other Current Liabilities Long Term Debt Bonds Payable - A Bonds Payable - B Notes Payable-Townof Vail Total Long Term Debt SHAREHOLDER'S EQUITY Equity Current Year Profit (Loss) 158,011.56 13,800.00 3,327.00 101,580.17 101,580.17 19,025,000.00 1,455,000.00 1,700,000.00 (1,335,551.79) Total Shareholder's Equity TOTAL LIABILITIES AND EQUITY Timber Ridge Village Weekly Report August 12, 2005 Overview: Occupancy and released overview: Total # of Units 200 Total # Occupied 106 Total # Vacant 94 Total # Vacant Preleased/Applications (incl. transfers) 0 Total # of Notice to Vacates (incl. transfers) 0 Total # of Leases.Expiring this Month 0 Total # of Expirations that gave Notice 0 Total # of Wait List Applications 0 Total # of units available to lease 94 Leasing Report Summary Current occupancy is 93.8% of 114 units. There are 106 units occupied out of 114 units that have been made available to be leased. The occupancy rate for the units occupied compared to the units that are available for rent is 94% Occupancy based on the entire 200 units is 55%. Marketing Issues (concessions, traffic trends, new marketing tools) Timber Ridge Village is now advertising in the Vail Daily. COMPANIES CONTACTED FOR POSSIBLE MASTER LEASES: Kitchel Development Bill .390-1381 R A Nelson Jessica 949-5152 Property Management Issues (incidents, major problems) Nina found a plumber from Denver that will start the modifications so the shower walls will fit in the units that are being remediated. The dry wallets worked one day in B; they still have a lot of work to do there. Maverick flooring has ordered the carpet and will be ready to install it on the 16th. CoCat has put the kitchen floor installation on hold, until they have completed their cleaning. We are still looking for a maihtenance person. Collection Issues Total Outstanding = $1,355.85 1. $500.00 is employee rent that has not been credited 2. $855.85 In unpaid rent Timber Ridge Village Weekly Report August 26, 2005 Overview Occupancy and released overview: Total # of Units 200 Total # Occupied 106 Total # Vacant 94 Total # Vacant Preleased/Applications (incl. transfers) 0 Total # of Notice to Vacates (incl. transfers) 0 Total # of Leases Expiring this Month 0 Total # of Expirations that gave Notice 0 Total # of Wait List Applications 0 Total # of units available to lease 94 Leasing Report Summary Current occupancy is 93.8% of 114 units. There are 106 units occupied out of 114 units that have been made avail able to be leased. The occupancy rate for the units occupied compared to the units that are available for rent is 94% Occupancy based on the entire.200 units is 55%. Marketing Issues (concessions, traffic trends, new marketing tools) Timber Ridge Village is now advertising in the Vail Daily. COMPANIES CONTACTED FOR POSSIBLE MASTER LEASES: Guida Construction Bill 845-9100 Beck Building Gweyn 949-1800 Property Management Issues (incidents, major problems) We have received additional cabinets from the Town of Vail and are installing the cabinets in units with linoleum. The dry wailers have hung sheetrock in buildings J & H, but have not tape and mudded the walls as of this date. Maverick flooring will not be back on property until September 15th. Linoleum has been installed in 11 units as of 08-25-OS with the anticipation of having an additional 10 units on Friday the 26th.. Eagle Valley Glass company will not be available to start work on glass until Late September. Alpine was called in their place and they will be here on Monday August 29th. We are still in the process of finding a replacement maintenance technician. Collection Issues Total Outstanding = $1,355.85 1. $500.00 is employee rent that has not been credited 2. $855.85 In unpaid rent Timber Ridge Village Weekly Report September 2, 2005 Overview• Occupancy and released overview: Total # of Units 200 Total # Occupied ~ 107 Total # Vacant 93 Total # Vacant Preleased/Applications (incl. transfers) 0 Total # of Notice to Vacates (incl. transfers) 0 Total # of Leases Expiring this Month 0 Total # of Expirations that gave Notice 0 , Total # of Wait List Applications 0 Total # of units available to lease 93 Leasing Report Summary Current occupancy is 93.8% of 114 units. There aze 107 units occupied out.of 114 units that have been made available to be leased. The occupancy rate for the units occupied compared to the units that are available for rent is 94% Occupancy based on the entire 200 units is 55%. Marketing Issues (concessions, traffic trends, new marketing tools) Timber Ridge Village is now advertising in the Vail Daily. COMPANIES CONTACTED FOR POSSIBLE MASTER LEASES: Kitchel Development Bill 390-1381 R A Nelson Jessica 949-5152 Prouerty Management Issues (incidents, major problems) We have at least 4 freeze breaks in the water lines in B. Maverick flooring will be back on Sep. 15, to finish the carpet. CoCat has installed all of the linoleum, but has not installed the baseboazd. We have hired a maintenance person and will start on September 15th. Collection Issues Total Outstanding = $1,355.85 I. $500.00 is employee rent that has not been credited 2. $855.85 In unpaid rent TIMBER RIDGE AFFORDABLE HOUSING CORP. MONTHLY OPERATING STATEMENTS July 31, 2005 Prepared by: Corum Real .Estate Group, Inc. TIMBER RIDGE VILLAGE Income Statement Basis: Accrual For the Month Ending July 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 1 OPERATING INCOME 4001 Gross Potential Rent 127,850.00 129,909 (2,059) 884,808.79 909,363 (24,554) 1,558,908 4005 Vacancies (13,150.00) (2,300) (10,850) (42,175.00) (12,650) (29,525) (18,400) MONTHLY RENT 114,700.00 127,609 (12,909) 842,633.79 896,713 (54,079) 1,540,08 .4070 Laundry Income 672.00 1,480 (808) 15,638.99 10,360 5,279 17,760 4085 )vliscellaneous Income 52.02 108 (56) 13,362.13 756 12,606 1,296 4090 Late Fees/NSF Check Fees 0.00 75 (75) 25.00 525 (500) 900 4120. Rent Concessions 0.00 0 0 (6,475.00) 0 (6,475) 0 4125 Employee Apartments/Garage 0.00 (575) 575 0.00 (4,025) 4,025 (6,900) 4140 Relet Fees 0.00 275 (275) 0.00 825 (825) 1 100 6117 Bad Debt Expense (372.50) 0 (373) (6,739.07) 0 (6,739) 0 TOTAL INCODIE 115,051.52 128,972 (13,920) 858,445.84 905,154 (46,708) 1,554,664 TIMBER RIDGE VILLAGE Income Statement Basis: Accrual For the Month Ending July 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 2 OPERATING EXPENSES ADMINISTRATIVE 5110 Advertising/Promotion 0.00 150 150 1,579.31 1,050 (529) 1,800 5120 Auto Expense 236.83 285 48 2,138.22 1,995 (143) 3,420 5121 Meats 93.30 0 (93) 516.96 0 (517) 0 5122 Lodging 0.00 0 0 21.53 0 (22) 0 5125 Marketing Expense 0.00 100 100 688.55 700 11 1,200 5130 Credit Checks (3.83) 70 74 (59.08) 210 269 350 5135 Management Fee 5,684.60 6,449 764 40,891.06 45,258 4,367 77,734, 5140 Office Expense 302.97 350 47 2,088.11 2,450 362 4,200 5145 Printing/Copying 203.30 250 47 1,246.67 1,750 503 3,000 5150 Postage 25.00 125 100 585.74 875 289 1,500' 5165 Phone/Fax 673.09 495 (178) 3,820.02 3,465 (355) 5,940 5170 Dues/Subscriptions 148.54 0 (149) 1,959.58 900 (1,060) 1,150 5175 Banking Fees 69.20 30 (39) 233.30 210 (23) 360 TOTAL ADA4INISTRATIVE 7,433.00 8,304 871 55,709.97 58,863 3,153 100,654 PAYROLL 5220 Wages Administrative 6,724.07 6,250 (474) 46,693.05 45,745 (948) 76,995 5230 Wages Maintenance 6,087.62 7,953 1,865 55,853.19 67,060 11,207 106,823 5250 Wages Landscaping 2,210,28 2,450 240 3,256.62 6,125 2,868 7,350 TOTAL PAYROLL 15,021.97 16,653 1,631 105,802.86 118,930 13,127 191,168 TIMBER RIDGE VILLAGE Income Statement Basis: Accrual For the Month Ending July 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 3 REPAIR & MAINTENANCE HVAC/PLUMBING 5315 HVAC -Repairs - 0.00 500 500 0.00 3,500 3,500 6,000 5320 HVAC -Supplies 0.00 100 100 0.00 700 700 1,200 5345 Plumbing Repairs 1,001.35 525 (476) 2,000.68 3,675 1,674 6,300 5350 Plumbing Supplies 108.15 300 192 728.64 2,100 1,371 3,600 TOTAL HVAC/PLUMBING 1,109.50 1,425 316 2,729.32 9,975 7,246 17,100 GROUNDS 5620 Trash Removal 938.69 660 (279) 7,568.94 4,620 (2,949) 7,920 5625 Snow Removal 0.00 0 0 10,481.57 6,475 (4,007) 9,250 .5645 Pest Control 0.00 0 0 .211.46 0 (211) 0 5655 Grounds Equipment 23.23 175 152 89.35 700 611 1,250 TOTAL GROUNDS 961.92 835 (127) 18,351.32 11,795 (6,556) 18,420 GENERAL REPAIR/MAINTENANCE 5325 Electrical -Repairs 0.00 50 50 0.00 350 350 600 5330 Electrical -Supplies 23.99 50 26 116.49 350 234 600 5365 Maintenance/Repair Snppl}~ 0.00 200 200 104.66 1,400 1,295 2,400 5367 Door/VVindow Repair/Maintenance 71.25 100 29 179.08 700 521 1,200 5370 Miscellaneous Repairs and 1\Iaintenan 100.00 75 (25) 2,209.95 525 (1,685) 900 5380 Painting Supplies 62.16 125 63 382.08 875 493 1,500 5385 .Appliance Aaintenance 0.00 0 0 68.84 0 (69) 0 5395 Uniforms 0.00 0 0 351.37 400 49 800 5720 Locks 0.00 150 150 410.9 ~ 600 189 900 5760 Other Fire & Life Satety 169.26 0 (169) 949.00 1,290 341 1,570 TOTAL, GENERAL REPAIR/AIAIN' 426.66 750 323 4,772.40 6,490 1,718 10,470 Basis: Accrual ACCT # DESCRIPTION UTILITIES 5410 Electricity -Common Area 5450 Water/Sewer TIMBER RIDGE VILLAGE Income Statement For the Month Ending July 31 2005 MONTHLY MONTHLY MONTHLY YTD YTD YTD' ANNUAL ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 4 1,274.72 5,292 4,017 19,991.61 49,428 29,436 85,026 5,400.00 5,468 68 40,009.92 36,276 (3,734) 62,116 TOTAL UTILITIES 6,674.72 10,760 4,085 60,001.53 85,704 25,702 147,142 JANITORIAL 5510 Janitorial -Labor/Contract 5520 Janitorial - Supplies 5530 Carpet/Drape Cleaning (255.00) 0 0.00 125 150,00 350 255 (930.00) 0 930 0 125 106.01 875 769 1,500 200 838.30 1,050 212 2,100 TOTAL JANITORIAL (105.00) 475 580 14.31 1,925 1,911 3,600 OTHER EXPENSES 5830 Property Insurance 5,569.19 5,295 (274) 37,850.99 37,065 (786) 63,540 TOTAL OTHER EXPENSES 5,569.19 5,295 (274) 37,850.99 37,065 (786) 63,540 TOTAL EXPENSES 37,091.96 44,497 7,405 .285,232.70 330,747 45,514 ~ 552,094 NET OPERATING INC0111E 77,959.56 84,475 (6,515) 573,213.14 574,407 (1,194) 1,002,570 O~~'NER EXPENSES 6110 Accounting/Audit 6151 Remediation 0.00 0 0 5,800.00 5,900 100 5,900 40,571.62 0 (40,572) 74,927.31 0 (74,927) 0 TOTAL OWNER E\PENSES 40,571.62 0 (40,572) 80,727.3.1 5,900 (74,827) 5,9001 TIMBER RIDGE VILLAGE Income Statement saris: Aooruai For the Month Ending July 31 2005 ACCT - MONTHLY MONTHLY MONTHLY YTD # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL INTEREST & MISCELLANEOUS INCOME 8105 Interest Income -Miscellaneous 1,044.61 360 685 3,646.95 YTD .YTD ANNUAL JDGET VARIANCE BUDGET page 5 2,520 1,127 4,320 TOTAL INT &MISC INCO1vIE 1,044.61 360 685 3,646.95 2,520 1,127 4,320 CASH FLOW AVAILABLE FOR DE 38,432.55 84,835 (46,402) 496,132.78 571,027 (74,894) 1,000,990 INTEREST EXPENSE 6165 Letter of Credit Fees 61,357.07 61,023 (334) 182,070.44 183,069 999 244,092 6170 Financing Fees 0.00 $,945 5,945 21,785.62 17,835 (3,951) 23,780 6202 MISC Interest Expense 1,825.34 1,250 (575) 9,325.34 8,750 (575) 15,000 6205 Interest Expense - Series A 56,522.50 31,708 (24,815) _ 335;324.77 221,956 (113,369) 380,496 6210 Interest Expense - Series B 7,578.00 7,578 0 53,046.62 53,046 (1) 90,259 TOTAL INTEREST EXPENSE 127,282.91 107,504 (19,779) 601,552.79 484,656 (116,897) 753,627 INCOME BEFORE DEPR AND AA~I~ (88,850.36) (22,669) (66,181) (105,420.01) 86,371 (191,791) 247,363 AAIORTIZATION.AND DEPRECIATION 6470 Amortization 3,586.50 3,587 1 25,105.50 25,109 4 43,044 6480 Depreciation Expense 43,787.17 43,787 0 306,510.19 306,509 (1) 525,444 TOTAL Al\IORT AND DEPR 47,373.67 47,374 0 331,615.69 331,618 2 568,488 NET INCO~IE/(LOSS) { 136,224.03) (70,043) (66,181) (437,035.70) (245,247 (191,789) (321,125) TIMBER RIDGE VILLAGE - Income Statement Bans: Aocruai For the Month Ending July 31 2005 ACCT MONTHLY MONTHLY MONTHLY YTD ~ YTD YTD ANNUAL # DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE BUDGET page 6 CASHFLOW ADJUSTMENTS - CIIANGES IN: FIXED ASSETS DEPR. & AMORT. Depr. & Amort. 47,373.67 DEBT SERVICE PYMTS / ESCROWS 1040 Replacement Reserve Fund (83.67) 1120 Debt Service Reserve Fund (33.61) 1121 Debt Service Reserve - B (426.95) 2080 Bonds Fayable - B 0.00 2741 Notes Payable-Townof Vail 700,000.00 RECEIVABLES AND OTHER ASSETS 1300 Accounts Receivable (1,100.00) 1301 Accounts Receivable - Oth (13,444.20) 1310 Prepaid Insurance 54.04 1325 Allowance for Doubtful Accounts 372.50 OTHER LIABILITIES 2010 Accounts Payable (57,311.65) 2035 Other Accruals (667.00) 2050 Accrued Interest Payable 13,922.45 2055 Prepaid Rent 1.00 Security Deposits (699.35) DISTRIBUTIONS /CONTRIBUTIONS 47,374 0 331,615.69 331,618 (2) 568,488 0 (84) (265.25) 0 (265) 0 0 (34) (191.20) 0 (191) 0 0 (427) (1,024.08) 0 (1,024) 0 0 0 0.00 0 0 (130,000) 0 700,000 700,000.00 0 700,000 0 0 (1,100) (4,361,69) 0 (4,362) 0 0 (13,444) (13,444.20) 0 (13,444) 0 0 54 (134.85) 0 (135) 0 0 373 - 4,908.26 0 4,908 0 0 (57,312) (36,160.64) 0 (36,161) 0 0 (667) (4;669.00) 0 (4,669) 0 0 13,922 33,436.83 0 33,437 0 0 1 79,159.56 0 79,160 0 0 (699) (1,009.95) 0 (1,010) 0 TOTAL CASHFLOW ADJUSTA4EN 687,957.23 47,374 640,583 1,087;859.48 331,618 756,241 438,488 NET CASHFLOW 551,733.20 (22,669) 574,402 650,823.78 86, X71 564,453 117,363 TIMBER RIDGE VILLAGE APARTMENTS JULY, 2005 VARIANCE REPORT OPERATING INCOME: Monthly Rent Monthly Rent is under budget $12,909 because of vacancies, due to remediation not being done on all units that were budgeted.. OPERATING EXPENSES: 5230 Wages Maintenance - Wages Maintenance is under budget $1,865 because we are currently short a staff member. 5410 Electricity Common Area Electricity common area is under budget $4,017 due to a lower occupancy because of the mold problem. YEAR TO DATE TOTAL EXPENSES ARE FAVORABLE TO BUDGET $45,514 YEAR TO DATE NET OPERATING INCOME IS UNFAVORABLE TO BUDGET $1,194. OWNER EXPENSES: 6151 Remediation Monthly remediation is over budget $40,572 due to the fact that we started remediation on an additional 44 units that were not in the original budget. INTEREST EXPENSE: 6170 Financing Fees Financing fees are under budget $5,945 due to the timing of the expense. 6205 Interest expense - series A Interest Expense Series - A is over budget $24,815 due to a reclassification of financing fees in the budget. Page 1 Database: CORUM_MRI BALANCE SHEET Page: 1 ENTITY: TBR Corum Real Estate Group Date: 9/9/2005 TIMBER RIDGE VILLAGE Time: 11:49 AM Accrual Jul 2005 ASSETS Current Assets Cash Restricted Cash-Security Deposits CASH TRUSTEE ACCOUNTS Replacement Reserve Fund Series A Bond Fund Debt Service Reserve Fund Debt Service Reserve - B Accounts Receivable Prepaid Insurance Total Current Assets Investment in Real Estate Land Costs Building Computer & Equipment Less: Accum Depreciation Total Investment in Real Estate Intangibles Bond Cost Accum Amort Bond Cost Total Intangibles 665,625.68 14,448.77 91,077.52 0.48 17,666.84 224,406.52 2,798.52 5,515.15 1,021,539.48 4,399,500.00 15,578,000.00 30,897.00 18,935,612.28 825,897.55 rR~ ~~~ ~m 738;724.05 TOTAL ASSETS 20,695,875.81 Database: CORUM_MRI BALANCE SHEET Page: 2 ENTITY: TBR Corum Real Estate Group Date: 9/9/2005 TIMBER RIDGE VILLAGE Time: 11:49 AM Accrual Ju12005 LIABILITIES & SHAREHOLDER'S EQUITY Current Liabilities Accounts Payable 65,135.29 Security Deposit Payable 13,800.00 Other Accruals _ 3,994.00 Accrued Interest Payable 102,878.84 Total Current Liabilities 185,808.13 Other Current Liabilities Prepaid Rent 102,655.17 Total Other.Current Liabilities 102,655.17 Long Term Debt Bonds Payable - A 19,025,000.00 Bonds Payable - B 1,455,000.00. Notes Payable-Townof Vail 1,700,000.00 Total Long Term Debt 22,180;000.00 SHAREHOLDER'S EQUITY Equity (1,335,551.79) Current Year Profit (Loss) (437,035.70) Total Shareholder's Equity (1,772,587.49) TOTAL LIABILITIES AND EQUITY 20,695,875.81 Timber Ridge Village Weekly Report July 8, 2005 Overview Occupancy and released overview: Total # of Units 200 Total # Occupied 107 Total # Vacant 93 Total # Vacant Preleased/Applications (incl. transfers) 0 Total # of Notice to Vacates (incl. transfers) 0 Total # of Leases Expiring this Month 0 Total # of Expirations that gave Notice 0 Total # of Wait List Applications 0 Total # of units available to lease 93 Leasing Report Summary Current occupancy is 94% of 114 units. There are 107 units occupied out of 114 units that have been made available to be leased. The occupancy rate for the units occupied compared to the units that are available for rent is 94% Occupancy based on the entire 200 units is 55%. Marketing Issues (concessions, traffic trends, new marketing tools) Timber Ridge Village is now advertising in the Vail Daily. COMPANIES CONTACTED FOR POSSIBLE MASTER LEASES: High Country Hardwoods. 476-7777 Sundance Custom Floors 328-0882 Property Management Issues (incidents, major problems) We have placed an ad in the Vail Daily for a replacement, for Kevin. Kevin's last day will be July 15. We have re-keyed all of the units that will be remediated. We have received 803 work orders from VR, for their 95 units. The sewer line in front of D has been fixed. Collection Issues Total Outstanding = $5,656.85 1. $1500.00 is, employee rent that has not been credited 2. $4,156.85 In unpaid rent Timber Ridge Village Weekly Report July i, 2005 t5 Overview Occupancy and released overview: Total # of Units 200 Total # Occupied 107 Total # Vacant 93 Total # Vacant Preleased/Applications (incl. transfers) 0 Total # of Notice to Vacates (incl. transfers) 0 Total # of Leases Expiring this Month 0 Total # of Expirations that gave Notice 0 Total # of Wait List Applications 0 Total # of units available to lease 93 Leasing Report Summary Current occupancy is 94% of 114 units. There _aze 107 units occupied out of 114 units that have been made available to be leased. The occupancy rate for the units occupied compared to the units that aze available for rent is 94% Occupancy based on the entire 200 units is 55%. Marketing Issues (concessions, traffic trends, new marketing tools) Timber Ridge Village is now advertising in the Vail Daily. COMPANIES CONTACTED FOR POSSIBLE MASTER LEASES: High Country Hardwoods 476-7777 Sundance Custom Floors 328-0882 Property Management Issues (incidents, major problems) Today is Kevin's last day We dug a drainage ditch behind J. We patched all of the holes in the sidewalks azound B. Collection Issues Total Outstanding = $3,156.85 1. $1,000.00 is employee rent that has not been credited 2. $2,156.85 In unpaid rent a Timber Ridge Village Weekly Report July 22, 2005 Overview Occupancy and released overview: Total # of Units 200 Total # Occupied 107 Total # Vacant 93 Total # Vacant Preleased/Applications (incl. transfers) 0 Total # of Notice to Vacates (incl. transfers) 0 Total # of Leases Expiring this Month 0 Total # of Expirations that gave Notice 0 Total # of Wait List Applications 0 Total # of units available to lease 93 Leasin>? Report Summary Current occupancy is 93.8% of 114 units. There are 107 units occupied out of 114 units that have been made available to be leased. The occupancy rate for the units occupied compared to the units that aze available for rent is 94% Occupancy based on the entire 200 units is 55%. Marketiri~ Issues (concessions, traffic trends, new marketing tools) Timber Ridge Village is now advertising in the Vail Daily. COMPANIES CONTACTED FOR POSSIBLE MASTER LEASES: V VMC 476-2451 Sonnenalp Terri 328-0882 Property Management Issues (incidents, major problems) Co-Cat has started remediation in B. 5 units have been tested by the hygienist, the results will be known early next week. 11 pre-built cabinets. and all of the blinds were delivered this week. We found the cause of the constant leak in the B building. It was a cracked pipe that goes into the turn-off valve. It has been repaired. Manager is on vacation Friday and the following Monday. Collection Issues Total Outstanding = $3,005.85 I. $1,000.00 is employee rent that has not been credited 2. $2,336.02 In unpaid rent Timber Ridge Village Weekly Report August 5, 2005 Overview Occupancy and released overview: ' Total # of Units Total # Occupied Total # Vacant Total # Vacant Preleased/Applications (incl. transfers) Total # of Notice to Vacates (incl. transfers) Total # of Leases Expiring this Month Total # of Expirations that gave Notice Total # of Wait List Applications Total # of units available to lease Leasing Report Summary Current occupancy is 93.8% of 114 units. 200 106 94 0 0 0 0 0 94 t There are 106 units occupied out of 114 units that have been made available to be leased. The occupancy rate for the units occupied compared to the units that are available for rent is 94% Occupancy based on the entire 200 units is 55°/a. Marketiri~ ISSUes (concessions, traffic trends, new marketing tools) Timber Ridge Village is now advertising in the Vail Daily. COMPANIES CONTACTED FOR POSSIBLE MASTER LEASES: Guida Construction Bill 845-9100 Beck Building Co .Joanne 949-1800 Property Mana>?ement Issues (incidents, major problems) - Co-Cat has started remediation in H. The dry wailers have not done any work in J or H and have a lot of work to do in B Maverick flooring will be here on the 15th of Aug to install carpet. CoCat has put the kitchen floor installation on hold, until they have completed their cleaning. We are still looking for a maintenance person. Collection Issues Total Outstanding = $7,955.85 1. $750.00 is employee rent that has not been credited 2. $7,205.85 In unpaid rent h