Loading...
HomeMy WebLinkAbout2006-11-07 Support Documentation Town Council Evening Session PART 3 OF 31 1 i ~ s - J; . ,' ~ .. , : { - ~ Lio'rishead Parking~Structure . , . Q fJ/ t r s a/ r / +. 7 ~{ g ~~./ J'..,.~ t'! ° d ~ ~~ ~ j ~~~q''n~•>'r r= ,at,_~r~f~ru. pS ~'~`~_;--..s:`+~~.1~~;:/fir;pECTION~S ~ ~ - - .. ~~ I .. f <. ~ ~ ~ ~ ~'J ci' a r P F ~r x r 1., , fh a ~ -~~ ~ ---- ~ ;, I I %' '6'I'.// e f " f/~ f "~ J :1', ~~ ~ ~ n 1% I f 1t ~`.fJ /,rrY ~ ~f,d. F ~~, ~. ~ .J~ ., 'l f-. r/ A~~ s % ,?~,~d' ,r~ 4iS:.q f(~ (~ rs,. ~ I' ~; - ~+ `j ~ +'_'•{`-, / ~>f, P'~1.:ef Tr .i,,,.'t` r/~~„4';1/ i.~/3!<. /f~/~ ~..'{, ./ ~ = a ''~ r -- "~ ~" ~ ~ ~ ~'*'"'# I l ' L-r-1 I~ i , p`z~ ~ S r/ /~ ~ . / f ., ,~ //y~j a. - t~.%. fit.. ~ 9 ~ } t I~,','{y ";' / .~1~ ~ -~~,.~ f ' ."'I f- I I - 'f~l Vin",," it , ,~.(r / •~i~o~ ;!~/4e~O~ rJ% 9Ra-~ ,.GX • ~ // :: ,G,` • I - ~"+ I I ~1 _ ~ I I t' i t I J/~ 7a~~c~c.~,, ~ .. , j ~ ~ r~, r •nf-~. ,;j .~~ - r;,~ >? ~' 'i~:' t _ •;i;;~+x--;..r. ~-/ -. L.li,~-bt,,, ~r,'. r l~:y~tll~', ;r ~...~.~~~ ~p. ~ j~/~.a ;p ~' '`°J'`~~ _ ~, I `~ - -~. ~: } ~ ~ zf- ~ - .t fr:~p`ry, ' ~ ,+i f'°.1~ ~~ _. ~ _ Yy r 4r;r f/ fN ,~'!~s~.y.,\ ; ,~ ~ i ~ _ _ I ter . _ - ' F ~ ~~ rl ~ ~ ~ _ ~ r,~G~,,~-. ~:t %~;:•f , r t n !r, 41 :"~i ~,, I s ~I I I If. °'.>._.~ i~i I~~' ~. ~~~y.~. I - ,l~di. ~jt /~r,f `~ ,:r., ca p - ~\i "~ ~i _,'t~' ,~ ~ C.,, I ~f I t ~'h,. ~r I 1~~' r.4ui: ,y'. F~~-~ ,'r' 7/r %J ~~(" ~f'~ Vii' ~ i°`'-"_ ~'(.~. -, a ~~ f' n •E , -_~ I - I _ u''=~~},'I "! ~ r: ~ ~ (~ ~~_- _~'>~ ;4,~~'.~ ,:l ,;.~~';'`~!~~ ralf~fl: $ ±i ~~ x' • - ~ _~1_1-~.-~-~ ~ - I I ~l rt ', - -~ 4 ~ ii f I I i II,. -11 - _ _ _ ~ ~i .~~ ,F~ ft ~~ ~ I _ , ~. ~l~~c~~ ~ear_ rir- ~=~; eTr--~ „r ~r: t/ ,I ~j, ~! ~ ,t.. it ~ ~ f' ~ ~ '1 , I I i, !~ '~ y~' r,. ~ ~~ . II jl N i ~ S>r Ifry 9~!`' ~~~ s~~ ~,w __, i I ~ fl~ ~. ~ ~y,~I ~ - ~i I~ ~// {~°P ~I W '..~~ I',I Pt, _ // '•f~~ !~~ l I It~ Ii_ ~ ~ ,'~` ~~~z~ry ~.~.~ I :l - . ~ ~I ' I I If ~ --~ -_ r~ ~ l IlI -~'- !~ r? • ~ r yam. ~ ~' s ~ I !~ r+--~~r ~. _ _ ~r~Ltr(~~y~17~,:- t.~1 ~(n. I' ~~ . _ i I- ' 8 I'' -'IIi ~- ~~.`- 1 'I i~_.~ ~`~ ~ -''~~'d: ~~` _ --~'y~.rr' _~ 11~ "". i -~~ap5 ~ I yr~~ t1 'y GG ,ice ,~- .T T _ k I,.~=' i ~ ~ ~~~ - - ~ ( ~ n ~-,:.I I Itt Ir_ i ~ ~, (~ w,.l, _ - I I ~~~ I~ I I ~: ; ~ ~ ~ ~ - ~ y t_,~` ~,~~~. - ,~. - ~ ~~r~ ~ -rte x. . ~ I I ~'r 'T~ - -- _ ~ I I ~ .r ~ - _ ~ { I. , 'i ~ __•- ~ ~ { ~ • f ~ - - I ~ _ I frl I~ ~~ ~ r ~ - ~.~ `k ~^J / ~ _~-- i ~~ ~ ~I~ ~~ If :mac. ~ ..~ _ ~ ~ J~ ~ ~I '~^ .i~.. ~p~ i ` I ' ' :l . ,S~'. `ke~ ~' ~ I I = ~'~-' d ~;', Ili I ' ~al'~ ' ~ `-'4YS NT ~ ~ ; ~ li I "t ,. ~ - ~ ~~^ ~ " ~I ~#.r- r;`i ~ --- -J-- '' r , a!.~ I ~ ~I ~ ` , , ~ti, , ~£ t~ s , .I~j` s1f ~ 111-~ ~ I +p w:7;5~ju a r„ "~ ~, ~} ~ i`_f~~,, " 2 ' ~ _~'~.S ',~ f~"',; ~ / ~-j~~rb~ Iii if .r I ~ -- %~ux ~~~"~^~ .,~ r' r- ~ ~r I`~ ? I '~ ~~ ' 4 :i v. ..y r' ~ `` ~`t ,~ `` II `Rf r ~~~~ d~`~ I~ ~ ~ - •~ ~ ~ ~ ;~I ,fir ~ t I ~ ~'" .-.:_ _~ - : ~' ~~{ ~ ~ ! ~ {: - ' ~ {. ,, '• _ ~~ ~V •1 -_ ~/-~~ +M \ ~~'} ^ `~f' ~~ lC~c t \~' ' Yrj '~ %~' - ~::/( ~ ``~.n~t ~ 3r ~_,_A.I ~ III~.,J' 6~-~~ ' PP@~ ~~~, y ~ , c, f 'F ~~r'~ :.~ I r ' ~;~~ L '+ 'K ;~' l . _ . ; ~ ~s ~~~~ East ~Xlest ~P-artr~ers t ~ ~. 1 1 1 i\ i \ i \ \ o ~ \ fV ~ JQy \ ~~ / \ \ // ~O/~/ \\\ \\ / EXIT ~ / //S REEN ,~ //,//~i ~pEO ,- V ~ u ST GE u u Lj - - ~ i. +3~~~ ~~ ~~ i ~~~ ~ i q ~ ~ ~ 'G a // ~ " ~ ~ s ss /1\ / ~ ~ as y, et / '1k "' rsJ ~, ~'s ~'s3 J3 ,~ ~ l\~I VM~ a q u ~ s J y sJ /~ ~ u `= ~ ~ ~' 'P as y ss zz '^ i ° ~r ~ ~ . a3 ri J + y ( W ~ ~ a s J, ~ ' y ~ fr i~ in m i \ ~~~ o \\ N 4.Oa W ~ a ~, ~- ! ," ~t 11 ~ ct ct t 4 ~ ct ~, zz ~ \ 4 `t ,, ~ R ~ ~ \ -. \" v a d ~ ~ ~ ~ C ~ ~" v ~ /~/ +,y'J ~''~~+~a 's J~ ~z~~le tz zz zzuR~~24cz +S\ ~ttt, 4`~4~4~4~\~ s~\ / ~ i dz cz q v - zz zz cc - CJ`'' ~ Lc Yt, ' ~~py~p ~ E ~ 0 ,,. J3 ~ fZ Ct tt ~ '~ ~ 5 ~ 1\_/~ y y zz ~ ~ f tz cz u fz a ¢ zz zt cz tic £t £t 1\`/~ 4cY 4~ Q ~ a ~ ez ~ ______ ~ ~ ~ £t z A° b tt ~ C q °3 J ~ fz ~ ~ SO ND ~ ~ ~ " ~t ~ ~ ~ a '~ £ y sJ s y / L-- -J ~ ~' ~ ~ ss a ,~ y y a3 y 1\ _ /1~ - - - ~~ ` / ~ t £z t ct ~ ~ a 4 t ~t ct ~ a y y 3j sa ¢" 4 b J3 JJ 3, ct ~ _~ tt d,, JJ d~ aT SJ C2 Cf. 6E CZ CZ 6t Lt CL L Ct LL a -t-l, ~ ~ sJ u u u L` tt ` ~' ct V J3 JJ • LL £t V y y s3 s Js y ~ ~ tz tz ez zz tz zz a zt cz u at tt £t et d '~ ~ ss y z y s '~ si i ~z yz a ct ~ 4 ~, tt /~~, ~ 'JL~r1i. sJ y .. 'z zz _ -. n zz le ., cz 4 4 /®%J\~' / q,-0„ SEATING PLAN -WIDE FAN CONFIGURATION ~ U8i =1'-0" - EXIT -~ ' I --- ~~ : ~ O ~ ,P \\ o \\ ~ 1 0 SEAT TOTALS: GANGED CHAIRS 1027 ADA SEATING SPACES 10 TOTAL SEATS 1037 PROJECT: AUERBACH•PDLLOCK•FRIEDLANDER VAILCENTER Pedormino AmlNedi~ fullitle~ Plulnino end Darn GATE: DPAWING o.: muse,.. snr~u~lll ' SEP 19 O6 r~~lsmme re<<ISmTSn NWat7M5eM IMPoer NnrckMI00I8 DRAWN fiV: SK r I ntunssen r~n3KSSSn EB I 5.1 ,~-_- ,. i~ i ~ i ~ ~ \ o ~ ~ N ~0~~~ ~ ~ JQy ~ / / ~ ~ /~ ~O/~/ \\\ \\ / ~ ~~// STAGE ~~~~ / ~a~ c~~ ~ 'o, U / / / EXIT / , / // r/ / / /~ // ~ // / / / /~~ / / / / // /~ / ,r / // ~ / / / / ^~ / / / / ~+ °a / s // / ss ~, r / // // ~ ~ / ~ / / / ~' f s~ ~ ~G ~, / ~ ~' EXIT ~ o / / io // // / / / ~ o // // ./ 1 zr ez /~(,V// // , 1 CZ fz C CZ Cy ' G/ / 1 1 f CZ R a CZ a R ~/ / ~ ~ ~ zz / tt zz zy ~ 1 2z zz ~ \ R zz u zz a u a zz a / ~ s ~ \ ~z ( u //~ s ,~ \\ \ zz ~ zz R a a zz a a n zz / ~ ~ \ ~ /" ~ ~ \ / •u '" ,~~ ~ t Raesaaacl y J' / ~~ / ~ ~ 1R az o ~ ~ ~~~'+~~'// l1'° ~ a z zz ~z 0 b EXIT m ~ ~~ 1 ~ ~~_/ w zz Cz izz _ - - - - - - cz et ~. .. ~~~/~' a I SO ND I w~ ~ cy ~~ MX ~ ~ -.~ w L_-- --_J ~~ 1 +1~, +y, '•0" 4' 0" ~S~EATING PLAN -NARROW FAN CONFIGURATIONPLAN -NARROW FAN CONFIGURATION ~ 118r' =1'-0" q N Q.0 EXIT l ~ \_~/ 4 ~ ® e 4 ~~ti a A' 7 ~ \\\ ~ \ ~~ ~ EXIT \ ~\ e~ v ~ ry ~ \\ ~ ~ \ ~ 6 ~ \ `,~~ \ c~ ti \ 0 \ ~" \~ \ v ti ~ \ ~ ~ +~ ,~ ~ ~ \ v ~ \ ~ ~ ~ _ ~ ~ ~ ~ Ai9a .rod ~~~ ` \\~ EXIT SEAT TOTALS: b GANGED CHAIRS 1032 ADA SEATING SPACES 10 TOTAL SEATS 1042 PROJECT: AUERBACH•POLLOCK•FRIEDLANDER VAILCENTER Pedarmint ArulNedh Fullllla Pltnniry end Dmiln DATE: DRAWING o.: llso.~seed:nR.amaHw SEP1906 //~ ~ Td115391TS71 fe115 511 7 53 0 EB WN BY'. SKI 2 NWm0Bdt90es IM Rmr NrYaYNY 1001! Td31376V5iL fw]I3TN56- 5.2 \\ ~\ ~~ J/ I v ~ Q / ~ ~\~ \~~ ^ ^ ^ ^ ^ ^ ^_ ^ ^ ^ ^ ^ ^ ^ ^ O ^ 2 ^ ^ ^ ^ ^ ~~~ o 0 h h h h h ii -'[{- -h._ .h h h h ~i - -h -~~ .1~ I 1 CENTERLINE-SIGHTLINE SECTION -WIDE FAN (SK-1 118" =1'-0" =+x i ~= -- -- - - - - -~r~.~,~~ . ---- -- --- -- - m - ~~~~~~~ ~ ~~~~i~~i~~r~~i i~l CENTERLINE -SIGHTLINE SECTION -NARROW FAN (SK-2 1l8" - 1''On PROJECT: AUERBACH•POLLOCK•FRIEDLANDER I VAILCENTER Performing Arts/Media Fuilltiea Planning end Design DATE: DRAWING No.: nsGaaashmt sar~.dwauwm SEP 19 O6 ra,ls3nme F«,IS392A30 ,9Wmt3Blh9haa! ILhRoarNexYakNYIWIg DRAWN BY: S K-3 rauz~s,ss3o r~~lv~,ssn EB REVISED WITH 17'-0"CEILING HEIGHT SEP 20 06 5.3 78'_0" M 'a 6_7" TRUCK TRUCK TRUCK TRUCK PLTRUCOKM P~TRUCOKM PTRUCKM PTRUCOKM P~TRUCOKM v TRUCK TRUCK TRUCK TRUCK P TRUOKM P TRUCKM P TRUOKM P TRUOKM P TRUOKM CHAIR CHAIR CHAIR CHAIR P~TRUCKM P TRUCOKM P~TRUCKM P TRUCOKM P TRUCOKM TRUCK TRUCK TRUCK TRUCK CHAIR CHAIR CHAIR CHAIR P~TRUCOKM P TRUCKM P~TRUCOKM P T~RUCOKM P TRUCOKM TRUCK TRUCK TRUCK TRUCK P TRUOKM P TRUCKM P~TRUCKM P TRUCKM P`TRUCOKM CHAIR CHAIR ' PI IfiCJ R RUCKM P~'RUCOKM TRIUCK TRIUCK TRUCK TRUCK TRUCK TRUCK TRUCK TRIUCK TRIUCK TRUCK TRUCK TRUCK TRIUCK TRIUCK STAIR MODULES TRUCK TRUCK TRUCK TRUCK TRUCK 22 28 11 6 STORAGE TRUCK TOTALS: CHAIR TRUCK (48 CHAIRS PER TRUCK) PLATFORM TRUCK PLATFORM FRAME TRUCK RAILING TRUCK TOTAL TRUCKS SEATING AND PLATFORM STORAGE PLAN 118" =1'-0" CHAIR CHAIR CHAIR CHAIR TRUCK TRUCK TRU 67 PRDJECT: AUERBACH•PDLLOCK•FRIEDLANDER VAILCENTER I PeAartning Art~l Medle Fullitie~ %mning and DeOlgo DATE: DRAWING No.: ns~ee"aea s.~R.amuKNl SEP 2106 ~Ta,lsmrm Rx,133917530 SK-4 NWaO]Rh 9Oea 131h ROOT NrNY"RNY IOOIg DRAWN BY: Tail:r„wo Ro<an„seu EB 5.4 1 1 1 1 1 1 1 1 s'-o° 5.5 AUERBACH•POLLOCK•FRIEDLANDER Perform,~g ArtslMedia Faulihes Planning and Design ERNEST N. MORTAL CONVENTION CENTERTHEATRE New Orleans, Louisiana S.6 T `2T.Y_CYG C_~'~7 ~.3 ~.2T.2S.i w N~ ~~ 1 ^ ,, AUERBACH POLLOCK•FRIEDLANDER Perfo~m~ng ArtslMedia Facilities Planning and Design BORGATA HOTEL AND CASINO EVENTS CENTER BALLROOM Atlantic City, New Jersey ERNEST N. MORIAL CONVENTION CENTERTHEATRE New Orleans, Louisiana 5.7 I'holo murtesv of Monal C~nvenUOn Cenic~-New Orleans "j^•. i:>~ ~4 /rf ~ I £Pr ~ --'. ~, Sd . , ~ A u / ~~ ~ ~~ ~ ?, _ ~~ "e~' - ~ ~ ~~`' East ~XI~e`s=t~.~Partne .~.Y._., ~~ _ _ ~ O'cto'ber 27, 200'6 t _ __.. .... _ ~.._ ~_ - - ~/ ~~ ' ~L ~ ~ (~ ~ ,/' " r ~ ~~ s EI ~ ~ , ~ ,r ~ -~ ~~ = ~ l ~`' , r .~'-, r ~. _. ~~._'~ '`Y _ ~ .- ~ ~ ~.~ r ,~,~ / 1 r'p\-~; ' h ~ , ~~ "t} ~' ~ ~ ,' .• ' ~~ I .~ E `~^ __ ~. ~' ~ . ~~ ,~ .: , '~ ~ ~ #~~ =F ~ ~ ~ f~~_~- ~1 ~ ~ _~. r -~ 111 r""~ ~. 'ft r q ;~ ~ ~ ~ ~~ { ~ e,. ~~. ~ ,~ r~r ~ _~ ~ w .6 t ~ ~ - ~ r ;~ ~ ~~ ~ ~ ~ ~ >~~ . , ~r a+- , S I f~~ -~ ~ /p/p a ye lt~e~/~~. r~ ~'~r N'.~~~~~ ra 1 ~F ~ I~~~• y :t f 1. s rwsc~ fe r4 ~eg ~ r. ;r a r f: ~ _ ~rf ~ ~ kj ~. ~-r ~ ,/~~y :, _ - %. Via' -~ ^ ^ ^ ~ ^ ^ ^ ^ ^ Thomas Consultants Inc. Suite 1650, Commerce Place 400 Burrard Slreet Uancouver, BC Canada. U6A 3A6 Mr. Chuck Madison Partner East West Partners 100 East Thomas Place P.O. Drawer 2770 Avon Colorado 81620 Dear Mr. Madison, Tel: 604.687.2110 Faz: 604.688.1788 www.ihomasconsu Itants.ca As per your request, it is with pleasure That we submit this review of the retail component of your planned "One Vail" development. In addition, we are also providing you with a proposed "Tenant Mix" and "Merchandise Plan." Our review is proposed as follows: 1. Project Understanding 2. Lionshead Overall Objectives 3. Role of Retail in a Resort 4. Tenant Mix 5. Merchandise Plan East West Partners are proposing to redevelop the single purpose Lionshead Parking Structure into a mixed use, multi purpose project incorporating: ^ Hotel - Hyatt ON ^ Condominium ^ Fractional ^ Wellness Center ^ Conference Center ^ Retail Village ^ Youth Center ^ Vail Non-Profit Center ^ Parking (Underground) 150 rooms 120 Units (with lockoffs) 75 Units (with lockoffs) 22,000 sq fi 35,000 sq ft 35,000 sq ft 2,500 sq ft 3,000 sq ft 1,800 Stalls The hospitality component will be branded overall as Hyatt. The hotel component consistin 3 of 300 keys will be branded "Hyatt ON" which is Hyatt`s response to the very successful ''W'' brand which is part of the Starwood chain. _ )ne Vail Retail Revlew ~ Fl:r. Page 2 O~tober25.2~Qf, The proposed "Wellness" component adds a further dimension to the project; a use which is already well established in the Vail region. In addition, It will be the largest lacility of its type in Vail. The '`Wellness" component will play off and round out the appeal of the adjacent hospital and the renowned Steadman-Hawkins Clinic. The conference facility is an excellent medium through which to provide new destination traffic to Lionshead. Not only does the Conference Center attract a captive market of delegates but it also creates necessary "Body Heat" in the development and surrounding village. The Conference Center Itself is a multi purpose facility and it is proposed to also host many events in addition to conferences. Furthermore. Hyatt is considered an industry leader in the conference management segment; this will add further credibility and momentum to this element. The Youth Center is seen io be a valuable addition io the overall project mix. For years, Vail has not had the benefit of up to date facilities and amenities for this important segment. Now youths will have a place they proudly can call their own. Following the current trend towards sustainable development One Vail not only recognizes its importance but goes many steps further by building to LEED Certification. Accordingly, the proposed uses and attractions will create a natural and latent demand for the critical Retail !Food & Beverage experience. Lionshead is undergoing a massive transformation and upon completion will hardly be recognizable from its former self. Most of this transformation was seen to be necessary. Lionshead developed an architectural style that for a short time was seen to be popular; however, because of its minimalist 70s style, Lionshead simply did not have the charm and serendipity of Vail Village. As a consequence Lionshead's performance suffered in all segments and accordingly was always seen to be "the poor sister" to neighboring Vall Village. The retail offering at Lionshead was always seen to be second rate. It lived in the shadow of Vail Village. Rather than creating synergy to Vail Village and thus providing more desirable critical mass through greater selection and diversity of tenants, Lionshead marched to its own drumbeat. '~ ~ ... ~~,.. _~ . - ~...,. 6.1 Now Lionshead is literally starting over again and meeting the challenge head on. 1 One Vad Retail Review & Plan Pare 3 Octahei 25 200. The success of the initial anchor project, Arrabelle, has created a desirable ripple effect on the surrounding parcels. To the west, the Marriott Hotel has been remodeled and substantially upgraded, additionally; a Ritz Carlton Residence project is also planned together wish peripheral development. To the east, One Vail will be the catalyst for further Lionshead renewal. This ripple effect is also positively addressing some of the Lionshead circulation challenges, for example: ^ The 35 ft grade change from the frontage Road and East Lionshead Circle: ^ Bus Transit Facility. ' As such, One Vail has devised solutions that create a better arrival experience. At the same time it F~ ;ilitates the movement of people through the project by means of an elevatorlescalator system. b~i~!lors :~~ill imirrediately land at the retail street. thus. energizing this critical component. 1Ni1h the retail transformation and upgrading of Lionshead, it is going to attract a much better retail tenant. In addition, futlher new developments in the west of Vail Village including the r,~development of CrossRoads and the Four Seasons Hotel will bring Vail Village closer to I ~onshead and vice versa, Accordingly, in the future, much greater traffic can be expected between the two nodes. The One Vail redevelopment will create a much enhanced overall retail experience ~.nd retail sales will increase with thus greater benefits io the Town In summary, together with the neighboring state of the art projects, Lionshead is starting to be an ~rttraction in its own right as their individual projects seamlessly link together to crease an overall critical mass. However. the key to Lionshead's ultimate success will be in activating the streets and i ~16rq ~ ~i:h~-nit ~ ~ Li~r_~ a~~~ niili~ ~ ~l~,il t~l ~j~ >t',~ ~,il iulr~ j'~ i hiHVni~ it °, I~n;l ,I I~ r;'IU=, 1 1 Resorts have long realized the importance of place making. Visitors appear drawn to the casual, alfresco environment in these amenity rich villages -the community's gathering place for interaction and socializing -with retail space at grade level, seamlessly linked to the hotel above. The overall atmosphere of such places plays an active role in transforming shopping into an experience -one for which visitors seem ready to pay a premium. A resort can, therefore, be a microcosm of something bigger. The resort village is the town center of its respective community. Developers now recognize the inherent framework that resorts provide in establishing their own town centers. The key to attracting new and repeat customers lies In the creation o1 these organic, multipurpose environments where the trip visitation time gets substantially extended, a phenomenon that emerges today from the blurring of leisure, recreation, entertainment, and dining pursuits that are integral to the magnetic appeal of shopping. In essence, people embrace such blurring of uses in multipurpose environments that provide diverse opportunities, and offer activities for each member of the family. The result is that the industry is developing new projects that possess an intrinsic sense of place. One Vail will help fulfill this role and thus enhance the overall retail experience in Lionshead As part of this process, new and key principles are emerging for the retail element, including: ^ Provide High-Amenity Environments. Resorts have long recognized the importance of providing a strong sense of place within an appealing, high-quality environment. ^ Extend the Offering to Nightlife and Entertainment. Retail centers today are attempting to provide a more mature destination for recreation and entertainment. Restaurants, brew pubs, piano bars, and other entertainment are increasingly prominent. ^ Focus on Health, Wellness, and Longevity. The rapid growth in resorts in recent years has been driven largely by baby boomers who are focusing on quality of life, particularly on their health and wellness. This can include day spas, medical/wellness facilities, yoga studios.. yoga clothing and accessories, and specialty organic food and restaurants. Such uses resonate with today's market, and increase the sense that the retail center reflects its lifestyle. ^ Increase the Identity of the Village. Resorts provide a unique and compelling environment. Likewise, retail villages more and more are providing a strong theme and cohesive image through the extensive use of landscaping, art, icons, water features, and attractive storefronts. ^ Focus on the Sequence of Experiences. Resorts provide much of their charm through well-planned design. The concept focuses on choreographing visitors' experience in order to maximize the feeling of discovery and sense of immersion on their shopping trip. This concept recognizes that the experience is as important as the goads or services purchased in terms of encouraging repeat visits. It is the deft orchestration of uses, amenities. attractions, and placement of buildings and public spaces that cumulatively creates a framework for success. Furthermore, it is not just the buildings and their juxtaposition but rather the articulation and animation of the spaces between buildings that become the backbone of public spaces. The ultimate objective is that the visitor connect emotionally to the place. 6.2 1 I Ji~r- `Jolt Retail R~~~.~u- " I~:r- Page 5 0~'< < e~ ~r~ _- ^ Provide a Great Public Space. Retail developments recognize that to provide bustling environments with numerous opportunities to people-watch simply helps to attract more people. ^ Introduce Nontraditional Uses. Part of the resort village's charm also stems from its pedestrian scale and proportion, with a retail armature at grade and office, residential, and hotel uses above. Increasingly, retail projects are demonstrating potential uses to include public libraries, civic centers,. as well as educational, cultural and civic facilities. Such multipurpose environments allow for multitasking opportunities, provide something for every member of the family, and result in extended visits. But best of all, they provide the all- , important sense of place that todays consumer responds to so well. Tho Aad test of this new generation "Lifestyle" retail is its acceptance by the marketplace. Already lire response lrom retailers and shoppers is overwhelmingly favorable. Leading-edge retailers are lumping on the bandwagon as they find an eager new generation of resort retail centers. i-inally, one question remains, whether resorts stay a quintessentially local "ma & pa" independent r~fferin as some see it sell their soul or whether to acce t more national stores and , . , , g p ~~,ccordingly, some resorts have remained steadfastly loyal to their original tenants. While others, ,rticularly because they have been successful in annualizing their business and thus mitigating the r,herent peaks and troughs of resorts, are now on the retail radar screen. In so doing, they have Totten the attention of national tenants. I here is no doubt that national tenants provide legitimacy and credibility to a retail offering. For one thing they typically have zone pricing, which means an item cannot be any more expensive simply because it is in a resort. This may not necessarily be the case with independent merchants who charge what they think the market will bear. National stores also provide credit worthiness which facilitates a developer with their financing. 3~~me tourist oriented resorts have opted for national stores. While successful, they become no ~~ifferent than an average suburban mall. In so doing the serendipity of discovering something new ,rnd different is lost. In a resort environment, people love to discover. ~,^Jhat alpine resort operators are opting for is a 70:30 mix; 70°b local tenants and 30°o national i:~, ands. This is seen to be progressive and thus provides a necessary balance. It also seems a rood compromise because we increasingly are influenced by brands and never more so than in upscale resorts. The cache of five star hotels, designer goN courses, 3 star Michelin restaurants, n_<tional and international brand stores are all part of the overall attraction. 1 dne Vail Re ~ i ;'•-view & Plan Page 5 .;ct~-~ber 25.200E In devising an appropriate tenant mix, the salient site features and characteristics must be considered. ^ The on-site demographic based on the Gen X target market of the proposed "Hyatt ON"brand is seen to be younger. ^ Conference delegates have typical price point thresholds which are mid to upper price points but not at the haute couture levels. ^ The adjacent Hospital and Medical Clinic together with an on-site "Wellness" center would suggest a "Health and Wellness" zone. ^ The Bus Interchange will provide a captive market as visitors are programmed through the space. Their needs are more spontaneous and impulse oriented. ^ The Parking Garage with 1,400 stalls devoted to visitors, which is distinct from the additional 400 stalls for on-site guests, will be a source of constant traffic to the retail. Again. it is properly programmed so that people will enter and exit through the retail. ^ The yardstick of implementing the 70:30 mix of local to national tenants is seen to be both progressive and a point of difference. ^ The Vail Non-Profit Center will be a draw-card for the entire Vail Valley region with its unique "Business Center' style function. In so doing, it also provides that necessary "Body Heat" function for the Village. The following, tables illustrate two options for a possible tenant mix. Table 1.1 illustrates a Lifestyle concept retail mix which is typical of an alpine resort environment. Table 1.2 illustrates a combination WellnesslLifestyle retail mix which takes info account the context of the site and its adjacency to the Hospital and expanding Medical Clinic. 6,3 P ~„e ~' - 2006 Table 1.1 Lifestyle Concept Tenant Mix. Lifestyle = al Mmloual =of Laud National Lotal r:alegary Truant Esamples Site Teuauk Teumrls Teuauls SF T euaun SF T aal SF Lomen;ence ~_eneral Store 1971 0 I - IYA 1,570 ktnewear Iululemon, W[I's, Nape rioddess, Puma, Lti{ogo 1,770 I I I7A 1750 1,500 Fashion AOparellFootwear ChrtoS, Coldwater Creek, Whhe HOUSe 61acN Markel. Children's Clothing. Um<e~Fashinn ?,570 I ~ 2,500 5,0]0 7,5L0 Fashion Ai[essones Sunglass HN, Oakley 500 0 1,Offl ~ 1,000 BathEBody Lush,L'Oc~oanne, AreOa, luomalhwapy (loca9, Wehl's I,CrA 1 0 1,000 - 1,000 Spenahy Grfls La[al lenar~t 1,500 0 I ~ 1,500 1,500 Home De[or Garsu[h Home 2,D]0 0 I - 1,000 2,000 Spotls Apparel&Acwssories the Nohh Face, Pelagoma, lo[al tenants 1,001 1 I 2,000 1,000 4,000 Jewehy J Curter Gallery, Golden Bear, local tenants 750 0 2 ~ 1,500 1,500 Casual Ommq Lionshead Brew Pub, local Colorado reslauranis 3,000 0 1 ~ 6,070 6,f7fi Impulse FoaO Starhu[Ls, Canboa CoOee, Rochy Mtn Chocolate Fa[iory, Ice CreaonGelato, Paussene 1,000 I 1,007 2,OU 7,OfA Fine Onmg the YSg 2,500 I 6 1,500 - 2~ Toed B It 11.750 23.150 15.000 „. Table 1 2 Welln esslLifestyle Concept Tenant Mix, Wellness & Lifestyle Ilallmral = of Local Natloual Loud a[erpny lerenrt Exaugrles Sire Tnraurs 7enauts Teu.ons SF i roarrts SF T aal SF Wellnesa Pharmacy '; 77 I 0 :Olli 1006 MPah BBeaclj a.n:L~sn Li7i[n;nos, AVeda. Arcmathz~apM leta), kehr5j 1,077 I 1 IuA 1007 1,~ Heahh FOOds e~N~;l 7`-0 I 0 rE-0 - 7W Beauty Saion 750 0 1 ~ 757 750 Alhlet~.[FOOtwear 1750 0 1 1750 1150 HeahlrPmfessronala lChuoprapm, Physl[~heraprsQ 1,500 0 1 1910 1,500 Gomemenre General score 2,5177 0 1 ~ 2500 2100 Anrcewear lululemon, Lury s, Ogago 17LI I 0 1,250 ~ IA Fashion Apparel t:h¢o's, r:oldwater CreeF, Wane Housn Bla[k Markel, Ch;ldren's Clothing. Umse. Festoon 1,070 I 2 2,000 d,0.Tl 6,000 Fashion Attessones Sunglass HUl, Oakley 500 I 0 4Ji ~ 500 Specially i7rfls Lo[al tenant 1010 0 1 - 1,17p Ipm Home Dewr Gorsuch Home 1 p71 0 I - 1,077 1,(q0 $poAS AgpdrelAACCE55Dries Tha Nonh Faf e, Palagenia, IOCdl tenanl5 2000 I I 2,000 2,000 d,(II~I 7mmhy JCmter Gallery, Golden Bear, locattenams 7W 0 - I,~ I,500 ~'asual Clrnmg Nonh,ihe ~oanl=r, w000ower, local Caloratlo reatauranls 1,500 0 ~ ~ 5000 5,000 Impulse FOOtl Jambe lw[e,Slarhutks,iarrhoo CaOee,Ro[pp Mln r:hocolate Fe[lory,lce CreaMGelato 1000 I 2,OW 1,17[0 3,000 total 4 15 11.500 21,500 15.000 33'. 6T. one Jail Retell Review ~ F Paye 8.O~tobel 25.21 The best retail is always seen to be seamless and continuous. It should be facing the streets so that it becomes more lively and animated with natural street movement. People are inherently attracted to busy, active places. In resort environments, shopping is the bi-product of other experiences - no one goes to a resort with a shopping list -however visiting `'The Street" they gel wrapped up in the intoxicating environment and quickly move from an observer to a participant - so activating East Lionshead Circle with appropriate retail, as shown, becomes necessary. Another aspect to consider is whether the slope from Frontage Road to East Lionshead Circle can be activated. From the outset, it must be stated that multi-level retail is inherently challenging. Gravity is the problem. Retail always wants to be at grade. Accordingly, it must be your desire io facilitate the consumer experience by animating and externalizing the street at East Lionshead Circle and further activating it rather than internalizing your development with multi-levels of retail. One Vail represents an important addition to the new Lionshead. With the dye already cast with Arrabelle, One Vail fulfills the Lionshead vision as surrounding land owners and stakeholders further embrace this vision. In particular, One Vail expands the appeal of the retail offering at Lionshead at the same time adding vitally necessary critical mass. Furthermore, by keeping the retail at grade, One Vail flows seamlessly into the new anchor, Arrabelle and thus provides more rhythm at the important street level. The Tenant Mix, as proposed, marries the needs and aspirations of these new Lionshead user segments. We thank you again for the opportunity to prepare This study and look forward to answering any questions you may have. Yours Very Truly, THOMAS CONSULTANTS INC. I~in F. Thomas Lf181I'1ll~11 ~ - - - ~~ ~~ Lionshead Parking Structure ~ I ' r"\~u ~~ ~ \ , ~ .L v` Ii~g~ `~ ~ I ~ ~ ~ ~ 5 F, I ~ f ~~~ 1 ~~~~ I' '~ ~ _ 1 w~p,/ ~.~Iz ~``~ ~Y'~. 1 ' .~ ~- ;~-~. r ~ ~~ ~, 1-.' i ~ -'"'.. <i ~ ~ C r _ ~ . ~~ _~eJ ~ _ :~5.. ;. ~ I ~ ~ ti i r ~ ~,~ ~. S ~~ •/`! t ~ i' -~j~ '~ ~ 11~~i,.Y~,41~ ~; ~,, .f- 1 ~ ~ Ttl~ ~ _ . ~ ~}4 ~ ~ wl ~ ~ - t ~. ~ ~' ~ Y- I~ - ~ I ~{y ~ ~ s ~ ~ ' ,r , ~, .~ ~~ ri 4- ~ ~I ' ~~~ ~ ~ f ' ~ ~ ~ ;c f ~ ~/V~j' ~I ~~~. ~ ~~ - / _ ~ i ~ ~~ _ _`t'- -_ ~*, ,.vim ~~ _ F : ¢ _~ ~ ~ -~, Y d// _~ ~rxt it en.. E y.,: ~ t ~1_, s~ ~1 ~4 :~:. e~ l eY~ ~ „i~ ; ,~ ~ `~ ~~i '''y ~ try ~- _ r + y .~ r- i~-» s ~~ •P -~ :' Y ~ t ~.i ~ nr ' y~J~~'* ~fPL~~ d 1'a 4+~ f 4 ~ k ~~1.~ ~ t ~t ~i ii((~~~' } ~ ~,K~ _ (~r~~~ i LW.~ ma"y" SECTION 7 ~tsra ~ ,~ ~u~t~l~~~"~~ ~~ mar .~ ~ _ ~ ~_ y ~( ~I II ~; A ~~I ~I T I r+:~~~~ - ~~~rt e '~~ ~ IIc~y,, ^r - . ! ~1~lj~~k ~\\~ , ` - ~ .y ~ / _ __~W - Gr ,9--. ~& ~ ~~ !.n _ . , East ~1est . ~~~ . ~, _ .. `~ ~ October ,' ~- ~~ -~ ~. t ~a t~~1 '~ ,~ ~ ~ ~ ~`` U ''F ~ ~ VI t ~ ~~. ;~.. =gyp ~~ y ~'~1~ 't, ~ ¢ ~' '~ N~ ~ `. 7 r ..~ ~ ` ~ ~~~ ~ .. .-ter` ~ ~ ~.. ~~~.~,~~ v `/ r :-~ ~ y ~~ s ~ f",r-' ~ ry ['artners __ t --_ _ ~ - s. _ .-_ _.~. 1 1 1 1 1 1 1 INTRODUCTION: This Executive Summary is intended to highlight the key elements of the collaborative, creative, visionary, feasible, phased, multi-year and multi-million dollar project known as orrE • It cannot be viewed in isolation • It is interconnected • It involves the entire Town as well as the site • It moves the concept of One Vail closer to reality! The One Vail you see here is a collaborative of fort. The cornerstone reflects the goals the Town outlined in its initial memorandum. To this has been added the experience and expertise o f hundreds o f combined years mountain resort development by our team members; the track record o f bi llions o f prudently invested dollars in resort properties; quality mountain construction o f millions o f mixed use square feet; the designing and delivering thousands o f parking spaces; recognition for award winning "green" building; and in summary creating scores o f success f ul, sustainable resort developments that h. the test of time. East ~Xlest Partners Since our initial presentations to the Town Council we have conducted formal community "open houses" to discuss important aspects of the plan with all stakeholders; simultaneously we have had our "ear to the ground" listening to individuals and entities-from Lionshead businesses to non-profit agencies, so we can work on common goals; we have strengthened and finely defined our team o f pro f essionals; we conducted a nationwide study to determine the right hospitality partner for this unique opportunity; we have reaffirmed financial commitments; and all and all we have worked enthusiastically, continuously, creatively and vigorously to prepare the enclosed proposal. `---- ~,,, PLAN SUMMARY i0 parking spaces in one construction Cason, 250.400 incremental parking spaces f or skiers and events; to providing the new, energetic, Hyatt ON hotel brand, Hyatt fractional and high occupancy residential units with lock-offs (500+ "hot-beds"); along with a new Civic ~ Learning Center to attract new guests; to enhancing he retail experience; solving congestion-and on a schedule that will limit disruptions to onshead community. A plan that provides n parking during summer construction and c parking during the ski season-this plan ~ practical, but because o f the strong background and experience o f East ~X1est and Kiewit, it is doable. The elements and requirements of the Town are a~~.., ~M ding but doable. From replacing the existing 7.1 ~ Town o f Vail's Objectives: ~:I A Comply with the Lionshead Redevelopment Master Plan and Mixed Use 1 zoning. ~( ~:I B The development shall help pay for the public improvements. A strong preference is given for uses I that generate "hot beds." ~( ~:J C Provide conference space (25,000 sq ft ballroom desired). ~,:I D Create a new public parking structure with a minimum of 1,150 spaces. ~:I E Public parking in excess of the 1,150 spaces. ~:I F Create a new Lionshead Information Center 1 with public restrooms. ~:I G Redevelop Lionshead Annex with consideration given to relocating the Youth Recreation Center and the Colorado Mental Health offices. ~( ~J H Improve pedestrian, transit and vehicular circulation between the parking structure and the Lionshead Retail Mall. ~.:I I Provide loading and delivery for uses created on site. l l ~:I J Improve Hote bus circu ation... create a Lionshead transit facility to accommodate 5 buses. K Creation of a retail connection along the south side of the project site that is consistent with the Lionshead Redevelopment Master Plan. L Frontage Road Improvements consistent with the Lionshead Redevelopment Master Plan and acceptable to the Colorado Department of Transportation. M Other public amenities that would augment the vitality and economic impact of the development. ' ~:I N Use of the U.S. Green Building Council s LEED Green Building Rating System, or a comparable alternative, to guide project design. Town o f Vail Improvements~Financial Bene fits BENEFITS: In preparing this plan, we are providing to the Town significant improvements/assets with cost estimated at $101.2M. These improvements are the payment for development rights for the Project. The Town will receive deeded, fee simple, interests to a new, state-o f the-art Lionshead Parking Facility, Lionshead Transportation Center, hail Family/Youth Center, the Lionshead Information Center, the Vail Non-Profit Community Center and other office space as well as public improvements (transportation and pedestrian access improvements, and roundabouts). The Town will receive the Bene f its o f a new Vail Civic and Learning Center ("the Center") at the expense of the Project without the financial operating risk. The $29M capital cost and a portion of the operating loss of the Civil and Learning Center will be borne by the Developer. In addition, the Town will receive the financial Bene f it o f incremental tax revenues. These include, for example, increased sales taxes on lodging, f ood and beverage, retail, and li f t tickets as well as receipts from Tax Increment Financing (TIF) to the Vail Reinvestment Authority and fees equal to 1.4% of incremental lodging sales to the Vail Local Marketing District. Collectively, these will be ongoing sources o f incremental tax revenue for the Town. Meeting the Town o f Uail's Objectives HERE IS A SUMMARY OF THE TOWN'S FINANCIAL BENEFITS (in 2006 dollars): Improvements received in lieu of payments for land .... . ........ 101.2M Total incremental tax revenues ("material" sources only) Total -first ten years .................................. 51.6M Total -first ten years :.... . ........ . ...................... 152.8M 10th year incremental revenues (ongoing) ................ . ... 5.55M TOWN OF VAIL IMPROVEMENTS FUNDED BY THE PROJECT The Project includes all requested improvements in the Town's Request for Proposal. These are listed below, along with the approximate cost/value o f each. Improvement: Estimated Cost~Value State-of-the-Art Lionshead Public Parking Facility* ..... . ............. .......... . .. $ 56.OM Vail Civic and Learning Center ... . ............ ...... . ........ . 29,6M Lionshead Transportation Center~pedestrian access .. . ........ . ... . . 4.5M Frontage Road~E. Lionshead Circle, roundabouts .. ............... . . 6,2M Vail Youthf Family Recreation Center ........... ................. 1.OM Lionshead Information Center ................. ...... . .......... 1.3M Vail Non-Profit Community Center ............ ............... . .1.2M Other office space ........................... ...................9M Public art .................................. ....... . ..... .5M Total assets ........................................ . ..... $ 101.2M Value of Land~Development Rights** .......... ............ 101.2M Net Difference ............................. ............. 0.0 *Includes parking for the Vail Civic and Learning Center which uses the new Lionshead Public Parking Facility **Assumed to be equal to value of Town of Vail improvements received for proposal purposes. ~. Z Incremental Tax Revenues to the Town o f Vail and Related Entities The Town of Vail will receive incremental tax revenues as a result of the One Vail development. An independent consulting f irm, Stan Bernstein and Associates, has completed a study of incremental tax revenues. This independent study indicates the Town, the Vail Reinvestment Authority ("VRA") and the Vail Local Marketing District's incremental tax revenues will total about $ 51.6 for the 10-year period from 2011 throe-ugh 2020 and the 2020 "stabilized" incremental tax revenues (all in 2006 dollars) are estimated at about $5.55M SUMMARY; Total Annual Total (20l l - 2020) 1020 and Beyond Sales taxes .......................$16.7M..................$2.04M Lift ticket tax revenues ................ 1.2M ................. .1 SM RETT ............................. 8.6M ................. .37M Other revenues ................... 3.3M ..........,..... .24M Total Town of Vail .............. $ 29.8M.................. ~ 2.8M ['roperty Taxes to VRA (TIF) ... , ..... 19.7M .... . .. . . . ........ . 250M Marketing Local Marketing District ... Z.1M ................. .25M Total Incremental Funds ... , ..... S1.6M .................. S.SSM Project Cost Estimates (2006 dollars) SOURCES OF FUNDS: Total equity financing .................................... 100.OM Debt financing: Bank debt ................................................417.1M Bond debt -metro district, net of developer subsidy ............... 2S.OM Total debt financing ..................... . .. . ............... 440.2M Total Sources .................. . ........................ S 2.?M I,~SES OF FUNDS: Town of Vail Improvements ................................ $ 101.2M Construction interest and cost of capital ........................ S2.OM Development costs ................................. . .. . . . . . 389.OM Total Uses ............................................. S 2.2M Anticipated Project Schedule for building the Lionshead Parking Facility and the rest of the One Vail project, 2006 200) Mayllun leVAug Seplgcl NeulNec laNFeh Marllpr Mayllun IuVAug SaplOct Novlgec Town RFQ Town Meetings Town/Public Input Design Negotiate Contract with Construction Document; BiddinglNegotiation Pre-Sales Initial Sales of Condos Demo Existing Parking Phase I - Parkingllntras Phase II -Hotel, Confers Phase III.95-145 Cond re enter, Retail, ctional nity Center, -100 Cand 2ooa IaNFeh Marllpr Mayllun lullAUg SeplOCl NNVIUec slFrpctiopal 2009 IaNFeh Marllpr Mayllun lullleg Seylgcl NovlNec it 2010 2011 lanlFeh MarlApr Mayllun luVlug SeplOct NorIDec laalFeN Marllpr Mayllun luVlug Seplgcl NavlVec 2012 IaNfeN Marllpr Mayllun luVlug SeplOct Norlgec 7.3 ONE VAIL PROGRAM SUMMARY No. Units/Area S . Ft. er unit Square Feet Total Accommodations Fractional/Timeshare Ownershi : 75 1,683 126,225 Whole Ownershi Condominiums: 120 1,752 210,240 Em to ee Housin : 30 450 13,500 Subtotal 349,965 Hotel Hotel Rooms: 150 420 63,000 Hotel Lobb : 6,000 s . ft. 6,000 Front of House: 3,000 s . ft. 3,000 Back of House: 12,900 s . ft. 12,900 Subtotal 84,900 Other Market/Galler Retail: 29,000 s . ft. 29,000 Restaurant: 6,000 s . ft. 6,000 Wellness Center & Fitness Facilit : 21,700 s . ft 21,700 Transit Center, includin restrooms 4,000 s . ft. 4,000 Stora e & Delivery: _ 6,000 s . ft. 6,000 Subtotal 66,700 Vail Civic & Learnin Center Main Ballroom": 25,300 s . ft. 25,300 Hotel Circulation, Prefunction, Back of House, & Su ort 35,600 s . ft. 35,600 Officelother Vail Information Center: 1,500 s . ft. 1,500 Vail Famil !Youth Center: 2,500 s . ft. 2,500 Vail Non-Profit Center: 3,000 s . ft. 3,000 Other: 2,000 s . ft. 2,000 Subtotal 9,000 Sub Total S uare Feet 571,465 15 % for circulation 85,720 Total Square Feet (approximated 657,185 ' Square footage does not include pool terrace. " Square footage includes ballroom only, no back o1 house, break out space. etc. Private/Public Development Land Uses ONE VAIL PARKING SUMMARY _ No. Units/Area Parking Calculation Parking Spaces Accommodations Hotel Rooms: 150 X.7 105.0 Fractional/Timeshare Ownershi : 75 X.7 52.5 Whole Ownershi Condominiums: 120 X1.4 168 Em to ee Housin~ 30 X1.4 42 _ __ Sub-total: 367.5 Other Market/Galler Retail: 29,000 s . ft. /1000 X 2.3 67 Restaurant: 6,000 s . ft. /250 24 Vail Conference/Event Center. '25,300 s . ft. Wellness Center: 21,700 s . ft Sub-Total: 91 Office Vail Information Center: 1,500 s . ft. !1000 X 2.3 3.5 Vail Family/ Youth Center: 2,500 s . ft. /1000 X 2.3 5.8 Vail Non-Profit Center: 3,000 s . ft. !1000 X 2.7 8.1 Other: 2,000 s . ft. /1000 X 2.7 5.4 Sub-Total: 22.8 Total Parkin Demand: 481.3 15% Reduction for Multi-use: -72.1 Parkin for Pro'ect; 409.2 Public Uses Re lace Public Parkin 1,150 Incremental Parkin Provided "" 252.8 Total Parkin 1,812 spaces " Square footage includes ballroom only, no back o1 house, break out space, etc. " Available for skiers, Wellness Cenler, and events 7.4 NEXT GENERATION PARKWG COMES TO LIONSHEAD Our Base Plan calls for the reconstruction on the Lionshead Parking Garage site of the existing 1,150 parking spaces plus an additional 250 public parking spaces to be used as incremental skier parking and for cunferenceJevent parking. In addition, we will construct approximately 400 parking spaces for the residential and commercial uses to be built on the site. Consequently, the new parking garage would have a total of 1800 spaces. As an alternative to the plan above, we are able to add a fu11400 incremental skierJevent parking spaces (increased from 2S0 incremental spaces) on site by reducing the size of the Civic & Learning Center (including the Main Ballroom) by approximately 25%,. In either case, the plan also calls for a modern design for the new garage with user-friendly escalators, two way drive isles and substantially improved vehicular and pedestrian ingress and egress, pre-pay kiosks and other technology, minimizing congestion during peak periods. Rebuil~~ling in One Construction Season The Lionshead parking garage currently has 1150 public parking spaces. We recognize the importance of having a plan that assures the town, the merchants, the neighborhood and Vail Resorts that these parking spaces are not lost during any ski season. Accordingly, we have carefully worked through a construction schedule and sequencing plan with Kiewit Construction to demolish and rebuild about two-thirds of the existing parking structure in one construction season between April and December of 2009. Some earlier construction work will likely commence in the fall of 2008 but would not disrupt utilization of the existing garage during the 2008J2009 ski season. This constructiunf sequencing plan allows for reopening of 1,150 public parking spaces by December 1S, 2009• Parking Plan Parking During Construction Emergency Backup Plan for 2009/2010 Ski Season We have also devised a plan with Kiewit to keep about 350 on site parking spaces available to the public during construction of the new garage - - so at no time will Lionshead he without public parking. Keeping these 350 spaces available is possible because the current parking garage was built in three equal sections from a structural point of view. This allows for demolition and construction to occur on the eastern two-thirds of the existing garage site while at the same time keeping the western one-third of the existing garage open for public use. PHASE 3 SUMMER 2009 - 350 SPACES USABLE IN R'ESTERN i~ OF EXISTING STRUCTURE FALL 20 PHASE 1 SPRING 2008 -REMOVE EXISTING RU PARKING RELOCATE ATTENDANT BOOTHS THROUGH FALL 2008 /~ PARKING STRUCTURE \HASING In the highly unlikely event the completion of the l,l SO parking spaces were delayed beyond December 15th, 2009 East West Partners would pay to have a temporary all-weather surface installed on the Ford Park fields to allow 800 cars to parkin this location. The 800 cars at Ford Park plus the 350 parking spaces that would stay in service in Lionshead would provide an interim backup plan until the newly constructed 1,150 parking spaces could be placed in service. East West Partners would also pay for bus transportation from Furl Park to Vail Village and Lionshead during this interim period as well as for the cost to restore the Ford Park fields to their original condition. PLAN 8 7 7.5 PHASE 2 SPRING 2009 -DEMOLISH EASTERN ~$ OF EXISTING STRUCTURE HYATT INTROhUCES HYATT ON VAIL MOUNTAIN, A NEW 4 + STAR HOTEL f lyatt lL~rel~.A R~~~~nt~,,~ith their ne~~~ Ilyatt l1N f I~~tel, is the perfect rhuice fur the proposed ~~nc Vail project. Whys • New Brand. ~1any brands have °tired" hotels which dilute the value of the bran) and truest experience. This brand is new, distinctive runrept. As one of the first Hyatt ON hotel>, the Vail hotel a~ill set ~~ high srand~u~d t~,r the brand...othen will t~~llrnv our lead. • Selective Brand. Hyatt (~N will only he employed in select locations. Example;: Myatt l~N London, Hyatt ~~N Wall Street, Hyatt ~~N Vail Mountain, etc. • Group~cunferences. Hyatt ranks in the top two brands in the country in tint tier corporate group business. Hyatt is a brand that has proven capability in bringing insignificant groups, and a proven ability to operate sorb a h~cility. • New Customer, to Vail. f{yatt ~~N ~i~ill hring younger more stylish custumei:~ to Vail. The skier population is aging; let's ener.'i_e Fail. • International. Hyatt is anuuag the snungest international brands, and gill hring new international customers to Vail. • Hyatt Knuwlcd~e in the Market. ~1orr rooms in ~a market create a~h~anriges as nru~keting dollars arc better leveriged. Hyatt ~1N Vail Mountain aan r~kc a~h~anrige of nearly ?0 years of Hyatt loch market knowledge as the operator r,i the `i-star Park Hy~itt in Beaver Creek. Thr ~+-;tar Hyatt (~N Vail i~~lounriin rumplrment. that well b~~ having another Hyatt hotel in the market at a lower prier point. • Famil~Fractional Experience. l lyart has built an inat~ressive network nt fractional properties, including ski resort properties in Beaver Creek, Aspen, and Breckenridge. Hyatt knua°,~ hoc to hring in rustonu~rs. By the ~s~ay, ~ehat's the customer profile.' Families. • Residences lncrease Hut Reds. Thr project will include condominium residences which will fe;iture lock-off hotel rooms, and the owners will he able to enter into a vuluntar~~ rental program. This ~~~ill increase bed base for the hotel to over X00 kc~s. • khan-Loyal Customers. Hyatt is an esrihlished brand with loyal costumer,. Their Gold Passport customer loy~alt~ program is well established and rea,gni~ed as a leader in the indusnv. RETAIL COMPONENT BRINGS LIFE TO LIONSHEA~ We have hired retail consultant Ian Thomas to analyze the retail component of One Vail, anti provide a preliminary retail mix. fan indicates that there well may be a "wellness" component to the "lifestyle" retail experience given proximity to the Wellness Center and possible synergies with Vail Valley Medical Center. He also notes that the retail needs to enhance the connection of Lionshead anti Vail Village, be seamless with Lionshead, and complement other Liunshead retail, including the new Arrahelle retail "anchor". The retail should have public spaces as well as an appropriate mix of national (30%, suggested) and local (70`%, suggested) merchants. This type of "lifestyle" retail would hring much-needed activity to the area to "raise the tide" for all of Liunshead. Combined with the conference and event business, it will provide activity and an attraction t~,r families, groups and other incremental visitors and help to bring visitors to and keep them in the Liunshead area Let's make Lionshead a fun place for Vail residents, guests and Eagle County residents as well. ON-SITE EMPLOYEE HOUS[NG CREATED As noted in our Proposal, we have included 30 on-site Employee Housing Units (EHU). The Town Council is currently studying implementing new employee housing regulations which may increase the employee housing requirement for the project. VAIL CIVIC ~ LEARNING CENTER 13R[NGS INCREMENTALV[SITORS The Civic & Learning Center (Center) halh~oom (Base Plan) is about 3X the size of the Marriot balhoom, and is bargee than any kialhoom in ~~ Colorado mountain resort We estimate that this sine ballroom will serve over 90`%, of the potential business that would have been served by the previously proposed Vail Civic Center. The Center can serve groups that can not currently he accommodated elsewhere in Vail It is oversized to hring incremental visitors to the Hyatt ON Vail Mountain hotel, as well as other lodging properties in the Town of Vail. The Center will he available to others, including other fudging properties about 50%~ of the time under a Use Plan. The Center will include state-of-the-art audio and video systems. The Center enhances VaiPs stature as the premier mountain resort community, by hosting meetings and recreation, learning and arts, activities and events. [n order to attract highly-educated guests to Vail, we believe it is appropriate to position the Center as a "learning center" where residents and conferees alike can enjoy life-long learning in a world-class recreational setting. The Center's uses would include the following: Conferences and conventions: Conventiun~theater--style seating for 2,200 to 2,500 people for a plenary session. The ballroom allows for two groups ut 500 or mire people to simultaneously use the facility. A possible and likely configuration would he to have a group of about 1,000 people fur a plenary session in one-half of the ballroom, and a seated luncheon fur the same group in the ~ther,me-half of the ballroom. This cannot occur today in Vail. Banquets: Banquet seating of 2,000 to 2,300 people. Banquets could he either as part of a convention or for a local event~charity. The largest banquet facility in Vail today seats up to 7S0 people. Receptions: Stand-up receptions for 2,500 m 3,000 people. Receptions could he "local" ur as part of a conference ur convention. The largest indoor reception in Vail today could he about 800 to 1,000 people. Events: The facility will comfortably accommodate event or theater- style seating for 1,150 to 1,500 people. Our consultants have designed a variety of stage~seating configurations, depending on the type of event. Events could include concerts, crnnedians, chamber music, renowned speakers, high school graduations, etc. 7.6 H yiQLT a `Aii~ N10L-11~~~\ F ~~~tel Partner 1 1 1 1 6Es A,o - East ~1est Partners W Q d Mountain resort construction is unique in virtually every aspect. In order to be successful, a project of this importance and magnitude requires significant mountain resort development and operations experience. The complexities here are magnified by schedules tied to seasonality, and from the public/private and mixed use nature of the project. There simply must be an experienced team with a lengthy track record on the job. To succeed, you need an award-winning lineup. East West Partners is a family of related but independent companies devoted to building, selling, managing, and supporting high-quality real estate in the communities in which they operate. We place faith in good people. Each company has broad-based employee ownership with day-to-day management responsibilities. Everyone works to delight customers in every transaction. We are dedicated to innovation. An entrepreneurial spirit is encouraged on the part of each employee, thus helping avoid "commodity" products or services that have little added value for our customers. We recognize that we all have responsibilities. We understand that it is good business to give back to the communities in which we work, and to vigorously protect the natural environment. Since it inception 20 years ago, East West Partners has focused its development efforts in the following areas: • Mixed use resort properties combining hotel, residential, retail and recreational facilities • All forms of resort residential, condominium, townhome, single family • Club and hospitality facilities • Resort and Primary Residential planned communities We are currently developing in five primary locations: • Vail Valley and Summit County • Lake Tahoe, California • Park City, Utah • Denver, Colorado • Charleston, South Carolina The Team is Experienced in Resort Mixed Use Projects H Y.~7 T VAIL MOUNTAIN CRESCENT COLORADO Hotel Partner There are 216 Hyatt branded hotels and resorts (over 90,000 rooms) in 44 countries around the world, currently operating under the Hyatt®, Hyatt Regency®, Grand Hyatt® and Park Hyatt® brands. Currently, there are an additional 30 Hyatt hotels and resorts under development, including 11 new hotels in China. Hyatt also owns Hyatt Vacation Ownership, developer and manager of Hyatt fractional properties. Hyatt will be a significant investor in the Hotel. Financial Partner Crescent is a public company with over $4B in assets. Crescent is the owner of the Park Hyatt Beaver Creek and investor in other East West projects, including the Riverfront Village project in Avon, Manor Vail, Eagle Ranch and most of our Beaver Creek~Bachelor Gulch projects. Financial Partner KSL Capital Partners was formed by the Mike Shannon, former president of Vail Resorts, and Eric Resnick, former vice president of Vail Resorts by raising nearly $1B to invest in resort hotels, resorts and and other recreation assets. Both Mike and Eric are former principals of KSL Recreation. KSL Recreation owned such assets as Doral (Miami), Arizona Biltmore (Phoenix), Grand Wailea (Maui), and La Quinta~PGA West (Palm Springs). KSL continues to have financial interests in the Hotel Del Coronado and La Costa (both near San Diego). ~. 7 t~ ~ ~ 1 _~ _t . 1 1 +___ ~ ~~ Lead Contractor Kiewit is the contractor of Denver's T Rex, which they completed ahead of schedule and under budget. They have been the contractor of choice for many large parking facilities, including 5 of over 2,000 parking stalls each in the past year. They were the contractor for the multi-phase facility at Sky.Harbor International Airport in Phoenix. In addition, they have completed many resort mixed-use and hotel projects. ~ Carl Parking Wa I Ice r Parking Engineer Planning Engineering Restoration "Carl Walker is one of the most experienced parking consultants in the industry. Carl Walker, Inc. has created innovative, flexible and cost-effective solutions for parking projects throughout the country since 1983. Retail Consultant Thomas Consultants operates out of Vancouver, British Columbia. The firm is recognized as a leader in the strategic planning of retail shopping centers, resorts, urban entertainment centers and transit projects. Thomas has a wealth of experience in over 30 countries which will be applied to Lionshead. Thomas was the retail consultants on the Arrabelle project. 1 1 1 Hornberger ~ -_ Worstetf 1RESOflT DESIGN essocurEs Lead Architect Hornberger + Worstell is recognized for its expertise in the master planning and design of destination resorts, urban business and conference hotels, recreation and wellness facilities, academic and residential communities, and mixed use complexes. They were the designers of the Park Hyatt Beaver Creek, Avon's Riverfront Village, and the Beaver Creek's Hyatt Mountain Lodge~Villa Montane mixed use project. Architect Gordon Pierce's firm was one of the original architectural firms in Vail, and has a wealth of experience in the Vail area. Resort Design has offices in the Vail Valley and San Francisco. Architect Gwathmey Pratt Schultz Architects, p.c. is a Colorado Professional Corporation for the practice of architecture, emphasizing design excellence and attentive service. Members of the firm have extensive experience in architectural master planning, design and construction administration ofsingle-family residences, multi-family residential projects, recreational facilities and commercial developments. 7.8 GREEN BUILDING CONCLUSION U~'h East U~lest Partners? y We live and work in a Valley based on "white" and "gold" but in this We feel an obligation to do an extraordinary job. This is not simply case we are offering up "green." We plan to design, build and operate a business interest but a personal one as well. We see the renaissance 1. Best Plan. Read the details. Ask the really tough this project utilizing the latest innovations of "green" building. EWP happening in Vail, and want to be a more significant contributor to questions. has completed several LEED designed buildings and has many more that renaissance. We need to do this not only for ourselves, but for underway. All partners are committed to carrying the concept the Town of Vail and for the Town's merchants, citizens and other 2. Best Team. In our heart we know that there is no forward at every stage of design and development. stakeholders. firm... no team.. ,better equipped to plan, construct, market and operate One Vail to the highest standards, This is what we do. , .develop and operate resort, mixed OPERATIONS EXPERTISE used communities. While the initial objective is to build it--on time and on budget- 3. Track Record. But it's not only that. 2006 is our 20th the long term goal is to design and build a project that operates anniversary in Vail...twenty years to prove that our plans successfully and provides an excellent guest experience. This begins and execution work, from the Park Hyatt Beaver Creek, the first day of design, not the moment a certificate of occupancy is to the hundreds of residences in Beaver Creek and received. EWP is a fully integrated development company with Bachelor Gulch, to Avon's Riverfront Village. We know current, significant management operations on-going in Vail. This what it takes and have the track record to prove it. advantage in managing hotel and residential units, coupled with Hyatt's ski resort hotel operating experience offers a winning 4. Commitment. As individuals and as a company East combination. West Partners is very involved in our communities. We Vall Valley ReSldentS live here, we ski here, we work here and we raise our ~~ families here. Our employees are involved in numerous, ~~~~~~ ~ & Community local non-profit and philanthropic organizations. 5. Collaboration. You have our pledge to work cooperatively and productively with the Town and other ~~~ stakeholders..,.to listen, consider, think through ramifications. We do this not only because it is the right thing to do but because with that input, dialogue and passion, One Vail will be better. .1 ~ Lodging, Retail & Business Community V A I L R E S O R T s'° 1 1 1 7.9 i I Lionshead Parking Structure ., ~, ... , ~ ~ u~=~ ~ SECTION 8 ~ - -I ~,.--a.-. ~I.A; i-~ ~~_ ii !/,: f, / 7~'.J% F /.~, 1< '/ :r /! r ~', ,r~ ;r.o J i p~,', 'r p;. I m-J_r 1. ~ 'i:'' f ~~- r ar y:, /' / ./ ~ a r / ~ r 'd r~~r,. ~! f,~q~P f~ y;~ - _. Ili _ ~--- ~~i ~' ~ i.'I -~.\,t"6:~, '. ~ ~ rl:tr F.,, ,`~ ! u',-~ l,~'//~°~a ~ ~'/~ ~ / ~r~~'/~,1`fc`_ :; A t_--^;-~>-"t{~ {~ .I .iF ~I IIr74, x . o, r! ~/ / ... i. .. ~ /r !/,.>f' I/. d, ~~f rf -, i/~~l~~t~~/1J ~ .4~ .~~i, e +~/l ~. rl~/ ^' ~1E1i I~~~~ •\. !, l~iH~,i~ ~~ rYA.1/ ~ ~r~fv.~/ //.r rird // ~r t1 --=r I I re 91{ ~ ` ~\ 1! /r , i ! / ''r f J ! r /'~ ''//~ ` r l F`1~~~ij r _ f 1 r ~ yy t =- g /' 1 ` ` ~, ~f '~ I it ~/ -..uf f~! / / ~a/,.a~/~ ~ /,' r ~ ~~ \ y r /~~k /~~~ ~' i ~ t i r i t ~.. ''8!r ~ Lr' :~~ If• pr .f J, v / 1xy y~1 _ t~~'~ IVj~~f \1 - I, { I ~ ' it i • I~LJ 1110 r i,~i/, ! rY ~ ~' ~Y ~r.\AAMM// ,I ~ I~I I I 1 1 ~ ~r _ ~ , I i t ` §Y fl' -- h r IJ fCx" f ~'_ +'~+ df - H ~- _ f ~ i ~.•-~~--~ P ~" r 1 . 5A~ r ! r ,//'. ~ l' ,+ - r h II - __ _._ iI ~~x~l ,~ ~/y. f!/,~% I.fY,rr /„' ~.'~1 ~R~ I ,'1 - ~ ~ ~-t- ~ ' ~~ i I *YYS ~ w - /.,~~~ / /i~! ~~r ~ . r{ ~Y pr l ! i "` ~ ~ t ~1~~~ ~(I . ~' 1~ .~~• 4 ii .. _ .y~>_ _~ ~ _ i ,i %~f''S / r a r fir, g ~.t / ~ e /1-~~ .rr I, 7 f~ ~ ~ ' _ ~r i ` I .. , ~q :III ' ~ ~ ~,~ "~~ r~ ~`'~ r ~/ ~~ / ~y.~ I I ~,- ~ t r ~'_.a _ ip; l~ .._ ~ - - _ _~~~a ~ 1.: .ll~!`1 ~i ~.~ II ~ I - r .r. ~~'V ~r. Tl~ f /i ~l~t"~~' J /i J~ ~% !~t':r __ t ~I ~ Y 9 I €;~ _ _ ~ y I ~ ~ ~ ~ ~ I ... _- ,a.- I - _ '~r!' I ~f 'gip'`// ;. r/ 0 ~~~'Y"f / r ! (f~r f~ ' - - - fl I ~ - ~ ~ ~- ~. (~-~ ~` x 1~~' ` y. _ }~- I C\I f /jN /rf! ~f / ,,/ °~j" - ~t ~ ~In (~ ~~ - _~ J. __ I' p-yf 'i k .-~, - .+'T~~~ I 1 11 { 3 I ~-I •. ~.Y af'~ ~r '.~ ~~ 1, ~ - ~ ~~~i f t "- / ~ `. -1 ~ ~f` ~7~ ! - --~. 1 ''t..~ ~- I ~., ~~~~lr r~ ,/r~:i ~~//~//;, y 51i~/~., ~i~i 1i1r ~ l F L ;~° - ~•: - ili "i~~'~, I~ - - r ~,'IJH `~ ! ~',~7{,+(., Ear ;~ :I - I ~ -_'.7 j; I i ~ ~ + ~ ! .. -x-~ ~ I - ~ r'~r'- ~ yr, / x '~ /, ~% ~~~' .G l ~~ yf. '' , X14 I _ ~ ~~ 1~ - 4j I _ _ 1 + . ~I~ r' .\ ~.~/fit ,.:~~-~r~._l~ /~,~~~~5 .f~ _..f` I ,. ,, ~~-- ~' ! ~' -~ _ ~ { ,I , i' I y. I ', _ 1) ~ ,~, .~ _ . ~. ;; ~ A _( ~ ~ + @@l~~ ~' ~ ~ ( '}t ~/ ~ nh / "s ~ E -~°. 4 n" ~~ ~ ~ ~ ~ d Via.. , i 11 •,S ) ,~` yY y ,~•~ h d/r'"C ~I i I ~ r / r ( ~'I~ ~~ -'r\ ~`-y, - y`~~ . I I ~ ; + ~~ '~.'" I -~ y I. ~ t I _ r , ~ ~~ ~~ I r ~~ ~i 11~^~ _ i ~~t ie.d _ I i i ~- . - f ~.~ k °r ~ S ~ - I x I I'i -IFv ,,r I~~.. ~ 1: i I 4 ~' ~' i; N+ t ~_ / ~`~. it J~ a ~ - r ' 1 .~,. „~~-~~ ~. - Imo. L~f ~ i f~'~` _ QV: .,r ~ ~-r-', f ~ - ~~~ ~' f _ xs, ~ ~ '.'- s. ~~ 4 r ~ ~ ~" ' °`;East r ~'~est~I'artners - ~ '-. f ' ., ~ ,< _. 1 PURE INSPIRATION HYATT ON Hyatt Hotels ~ Resorts and East West Partners Her. are prottid to announce Hyatt UN as the hotel brand at East West Partners' proposed One Uail ~ ~ , ~ ~ ,,, project. ~ ~ -l ~'l~l ~~ ~1 i~1_~ Not only will Hyatt UN Vail Mountain be one of the first hotels in the neat bratu{, Hyatt ON is being reserved to only certain select resort and city locations. ~IHY HYATT? Hyatt Hotels ~ Resorts, with their neu~ Hyatt ON Hotel brand, is the perfect choice for the propose( One Vail project. • The Vision: Hyatt ON is a totally new concept by Hyatt. "Hyatt ON is the perfect match fur today's modern, global lifestyle. Centered within the must vibrant urban and resort locations, each hotel eaill embrace the aisiun of the 21st century traveler while keeping the timeless benchmarks Hyatt has built its reputation un,..impeccable service, stunning design and seamless functionality,° Here is a summary of the Hyatt ON brand: ~~ m,~ ~ . ~~~ ~ ~~~ E ~ _ ,~ ~~\pfC» Ihl'll a,tiplltlCltln~. I~rand cspciicncc .Awakrn~ vom cic~~n~ iry I~rand pci~,unalit~~: The. local alrernan~e. St~~lisl~ V~l[~IUUC bCln~~ UYnd1'. ~~ timal'C pl'1'~nn ti bl~Ufl~~Ue hotel. I'rof~ile: ~enaial hurel~~ designed to rspres~ the ~tiCa~ IdenllC~' In a y~~Ung, l'\cl[Ing mannCl'. ~ l,U~tUmrn: Uppel' InCUme, ~~nlV'CnIC~~ r'dnGltl'd. ~~att Service: Young and std li.,h f'o(1d and bCA'Cra~e ~)UC~ets: CfCaIICC f~lod ally ~`e~'el'age In or adaacent Cl1 Che iUhby. }'ICnI'~s CenCeC: ~C11te Uf t~1C aft fl(nrss Centl'1'. ~ ~~UI~~~~),~l' ~)t l'Islt: bUslnts~ (~I' ~t'LiUI'r. 1 New Brand. Mani' brands have °tited" hotels which dilute the value of the brand and guc>t experirncc. This brand is ~~ nr~~~~, distinctive concept. As one of the tint Hyatt ~lN hutrls, thr Vail hotel mill x~t ~~ highstandard for the hrand..,uthn:~ will follow our lead. ~nnup~amfrrrnccs. 1 lyatt ranks in thr top two brands in the uuuln~y in first tier anpurote group husinrss. Hyatt is ~~ brand that has proven capability in bringing in significu~t groups, and a proven ability to operate such a huility. New aistomrn to Veil. Hyatt ON will bring ynunger, more std°lish costumers to Vail. The ~klCl' pnpU~allun Is aging; ~et~s elll'r~~l.e ~~al~. ~lltl'I'naUUna~. H<<l[[ Is an1t~rl~~ i~~~ ~ff,~ll~'~" iii rn ~~~~~~~~ ~ ~'1 ~~~ ~~~ ul,~ ~~i~~ ~~n~1~' international custumer~ to V~~~nl - - - ~~att Knuwled;~~e in the ~larl.~ ~ ~1urr loom, in a nnrkrt creair ~~ i~l.~-~ ~ ~ ~ ~ ~ ,-1 ~~~~ advuntagrs ~~~ marketing dullan ~ir~~ ~ E D ~ ~ ~ 1 ®9 ~ ~ ~ ~, better ~r~ rragcd. I lyatt ON can t~ik~~ ~l ~ ~"' ~, ~ ti ,~ D ~1 ~ f ~ `i~ . a~h~anrige of ne~arl~~ ?0 }'ear; of H~°ait r ~ _~ ~~r ~. r ~. ~ , ;l, ~ ,~ ~ ~ local market knu~tlcdgr» the ~° , - ~ ~, oprr,iror of the i-,tar ['ark Hyatt in ,~,.: ~~ ~ ' ~ ~ 1 ~ ~~,~~~ I~e~~wer (:reek. The ~}+-star Hyatt ~~N ~umplrment~ th~~u well by hawing another I I~~uti ho~~~l in she market ar a lo~~rr pticc prnnl. • Fami~y~Fractiunal Experience. Hyatt hay built an imprrs~ive network of fr~ctiunal pruper~irs, including ski re,urt properties in Eiraver (week, Aspen, and Breckenridge, Hyatt knows how n, bring in cu:nunrrs. By the a°~l}', what's the h~actiunal costumer profile.' Families, • Rcsidaues lncrrase Hut Beds. The project will include condominium residence which art availahlr her rent. These Residence; mill feature lurk-off hotel rooms, and the owners will he able cu enter in~u the renril pt~~gram. This will increase lied bast in the hotel to over i00 keys. • ~~att-Lu}'~il Custumec~. Hyatt is an established brand with loyal costumers. Their Gold ~~asspof[ CUstllnil'r ~Uya~Cy pf~~grmil IS lve~~ esGlb~l~~hed and IYCUgnl=ed ~L'adl'1' In (hr Indlisll')'. Commitment to Colorado. H~~att bets many hutch and resorts in Cu~uradu. Because of their ~~ron~; group~contrrrnce prrfurmance, Hyatt was selected to he the operator of the Hyatt Rrgenc~~ l~envcr, Col~iradu Convention Center hi the City and County of Lem°er. • ~~ro~raphic ti~larkcts. Geugraphicall}~, Hy~att'> nru~kcts ~ilign well with Veil's market.<. • Affluent Trnrlcrs. Yrs~,nvich, ['errerdine, Brown ~ Russell's Zhl~6 portrait of the Affluent Traveler (a survey of n~avelen with annual incomes greater than hl~h,l~~~0) indicates th~it I lyatt is the preferred brand among business trn~clrrs, and is second only to Rite (~~arltun ~in,~,n~, aHlnrnr Iri<nm n~:n~rli~r: ~.1 1 GROUP AND CONFERENCE BUSINESS Hyatt ranks amongst the top two brands nationwide in its presence within first tier corporate markets. To illustrate the breadth of Hyatt's experience in managing lrtrge- scale properties, consider that Hyatt currently has 23 domestic hotels ~~~ith over 700 rooms each, comprising nem~ly 25,000 rooms in total. Even more remarkable, in 2005 these hotels had a ~ceighted ai~erage Reveni.~e Per Available Room ("RevPAR") index of over 100%~, an indication of consistent brand strength and rate stability across markets even while competing against smaller hotels. J Below is a sampling of Hyatt'sfoll-service, convention center hute~s in the U.S. and Canada. Location Hyatt Regency Chicago Manchester Grand Hyatt San Diego`" Grand Hyatt New Yurk~' Hyatt Regency Atlanta Hyatt Regency New Orleans* Hyatt Regency DalLas* Hyatt Regency O'Hare Hyatt Regency Denver CC* Hyatt Regency Houston: Hyatt Regency Jacksonville Grand Hyett Washington* Hyatt Regency Washington Hyatt Regency DFW Airport Hyatt Regency San Francisco'` Hyatt Regency McCormick Place" Hyatt Regency San Francisco Airport Hyatt Regency Dearborn Hyatt Regency Crown Center* Hyatt Regency Minneapolis Hyatt Regency Century Plaza Hyatt Regency Phoenisx Grand Hyatt San Francisco" Hyatt Regency Gystal City Hyatt Regency Vancouver Hyarr Regency San Antonio~'~ (*) Supports convention center Ruums Locatio^ Rooms 2,019 Hyatt Regency Columbus'" 631 1,625 Hyatt Regency Miami~~ 615 1,336 Hyatt Regency St Louis 550 1,279 Grand Hyatt Denver 540 1,184 Hyarr Regency Irvine 536 1,123 Hyatt Regency Minneapolis" 534 1,099 Hyatt Regency Sacramento` 532 1,100 Hyatt Regency Long Beach` 5Z1 958 Hyatt Regency Tampa 517 966 Hyatt Regency Cincinnati` 500 891 Hyatt Regency lndianapolis~' 496 834 Hyatt Regency Baltimore'" 487 811 Hyatt Regency Los Angeles 487 803 Hyatt Regency Mihvaukeea~ 484 800 Hyatt Regency Austin~'~ 448 793 Grand Hyatt Seatrle~` 425 771 Hyatt Regency Alhuyueryuc* 405 731 Hyatt Regency Buffalo" 400 731 Hyatt Regency Louisville 388 728 Hyatt Regency Lexingtun~" 365 711 Hyatt Regency Calgary~~ 355 693 Hyatt Regency Ruchester* 337 685 Hyatt Regency Greenville 329 644 Hyatt Regency Wichita* 303 632 The Hyatt Lodge at McDonald's 218 Total Conference and Convention Ruums 35,450 8.2 I^ ~ , °~. ~~VANTAGES ~F THE HYATT BRAND Hyatt has advantages over non•branded hotels because Hyatt provides: l) economies o f scale a ff ord branded hotel 1 ~~roperties operatirtig of ficiencies; ?)proprietary technology; 3) marketing and sales power; and -ll in~<<~rative prodtticts and of festive ti~ield-management, ~t~hich otherwise rt~ould b~~ eery costly for an independent hotel. Rene{its ]nclucle: ~ ~,ltl~~n~l~ grt~U~~~l~~n~erCn~e I1T~u~~CCln~„ ~lnd ~'~I~l'~ e~fUrfs. ~~Irel[ In~relllenCal rate ;tnd t~llUpanl~' ~'~ r~ UZg brand a11'al'L'ne~~, linked lilt( sllpenUl' Illal~~~e[I11~; gales, genel"~1Ce a dGpRlpurClUnille rel'l'nUe tih~IfC ui~~e to e~~en the mn>r ~~igoruus competition. ~`Upl'n~N' C~7st Inan11ge111enC, q'Ifh sn't~ng trill( on ~~back i ht~use ettlClCnl""~~, Usl' of ~Glte ~~t [he '~lrt R'lhntllog)', I the levera,~;in~~ of H}~att's purchasing power to illllll.e pUTCIYd~ing, In~UI'an~e, healdl 121x1', anal Ufhel' rating cosh. Upl9l(U prlhlUCC, lUIl1~~IRing dll 1'Ibrant ~tiC1'll', CCtlnelllent, and ~lllahtl' t~~l' R'111111 ltl~a[t has bec~~mC ~.ntitl~n. l.cisure 1larketing piu~~rums including H~~att Vac,~tiumii ~ ,imp Hy~ottJ, Gulf f I} irti{, and tip~~ H}~itt~k'~ ~~~~d ~a~~~'i~lt~F~' CII~R~IIII'r ~~~1~,11h' }ir~~',!I'llll I~ An 0 HYATT RESIDENCES Hyatt Residence Owners will participate in the on-site rental program.,. ~f fectiv~ly ~loti~blin~ the size of the Hotel from 150 to 300 keys. Several high profile Hyatt projects include a residential component Perk H~<~tt Chic,~gu The Park Hyatt Chicago, a flagship property completed in 2000 with such luminary partners as Lucien Lagrange architects and Tonychi Associates, was a leader in the trend toward luxury mixed-use projects. This development, located prominently un Chicago's Magnificent Mile, features 20 flours of pure hotel rooms, with the 47 floors above in this 67-flour structure dedicated to condominium re>idences, including eight full-door penthouses. All hotel amenities and services arc available to residents, The condominium residences at the ['ark Hyatt Chicago were sold out during cunstructio^ in unfinished condition and ~at record levels in die Chicago market There is nu `standard' floor plan in' average sire of these units. Re- sales of die finished units rcm<lin et the top of the Chicago condutninium market. i ~, Grand Hyatt San Ant~uliu In San Antonio, Hyatt has agreed to manage the new 1,000-room Grand Hyatt hotel that will be adjacent to the convention center in downtown Sun Antuniu along the Riverwalk. This project will have upwards of 60 residential units on the top floors of the building. Cusnwp~~~itan Res~~rt & Casin~~ -Las Vegas Similarly, Hyatt has announced that it will operate the 2,700 room hotel and condo-hotel residences of The Cosmopolitan Resort ~ Casino un the Las Vegas Strip. The ability of the Grand Hyatt brand to attract a diverse international clientele as well as the scope of services provided by Hyatt on a national basis was instrumental in being selected as the operator for this prestigious project. ~E1 ~~ 4 ,~,, e ~~ ~~Ir~ _ ~ ,~~, . _ ~ ''•, r~ ~{ ~. ~~ ~q~ 1~ . ) HYATT VACATION OWNERSHIP Kith the entry of Hyatt and other brands into the vacation o~t~nership industry, the traditional "time share" industry has been transformed, Hyatt brought ~~t focus on the customer, creati~~ity and the marketing poaver to the indlrstry ''ii~u in A Hyatt Vacation Ownership Resort ("HVO") is a perfect complement to the Hyatt ON Hotel and One Vail Residences. Hyatt has been an innovator e~~ithin the inilustr}'. For example, Hyatt has created innovative, market appropriate owner use plans, including enhanced exchange privileges within dle Hyatt Vacation Cluh and independent exchange agencies, and creative use of lock-off units. What Hyatt Vacation Ownership will du for Vail: • Hot ~~eds. ~{yat[ pfopl'C[le~ fUn CUnsl>tenC~y ~llg~l oCCUpanCy...ln the ~~~~~~~ C11 ~)~~ii rangy. Thls i> driven b5~: I) Ou~ner use, ?) Inirrnal Eschangc. Onners ar other I IVO prupertirs "esdlange" into other properties ~t~hen nut occupied by Ownrr~. ~) Other eschan~~cs. O~~~ners in other (nun-H~;itt) vacation ownership resorts will esch;mge into Veil through third-party exchange agencies such as Interval Intrrnation,il. ~Il Rental. When nor occupird by Owners and cschanges, thc° properties m~iy he a~~ailuhlc fnr renril. F~~{milies: Quite simply, the HVO iu<tomer~ arr f~unilies. That's good h>r Veil. • Flexible use plans. R<<ther than u~t~nership only in week-lung inter~~nl, like n~,iditional time share, I~VO has developed rr~°~iti~~r un~l m,irke~-~~pprnpri,~~r ii~;c pl~~~ns. Fur rx,~mplr, I {}~;~tt M~xmtain Lodge in Beaver (:reek cny~lu}~s a mix of ~i "fixed" winter ~~~eek plus about 10 d<+ys floating lino in a "?lath share° tluuughuut the rest of the }tar to maximise rnencr ri,c sued satisfaction, as ~~~ell maximi_e occupancy. All of this timr can hr converted to "poinrs° t~n~ exchange purposes. • Conuniuuent to ~~ualit ~. Cunsi~tent with I lyatt's rn~erall mission, thr } IVO properties are of amsistenrl}~ high duality°. • Ski fouls. From the heginning,llVO pLucd significant emphasis un ski destinations, ~~~hich include H}~att Mountain Lodge (Braver ~:rerkl, I lyatt Iv~l,iin Sn~ert Station (Breckenridge). I I~~~att grand Aspe^ (Aspen) and Hyatt High Sierra Lodge (L<<ke Tahur). • Diverse purtf~,liu of properties. In addition to ski lueations, I It'll has pruprrties in such locales as Kc}' West, Florida; Naples, Flurid~a; Curmcl, C'ulihunia; The E fill (:uuntr}~, Trxas; an,l Sedum, Ari=una. 8.4 HYATT'S COMMITMENT TO COLORADO Hyatt Hotels Park Hyatt Beaver Creek Resort ~ Spit Avon, CO • E,I~I 1~~'~~~I I',~nn~r~ -~ ~~e~~e1~~E~c~r • ~tH~lll~~: Il)~l • Tv1cctin;; ~~ <~ce: 16,4h0 sf • ~~ fZC~l~~l'llltti ~U~l~ klti FfBLtli~ll~ll hPUt~UIf • Misr~l Use Ile~~elupmen~ n~itli Rcsi~lcnti~ll, Fractilmal, R~~rlil, ,unl ~~~a~Fimes~ Gnu~,uncnt~ Grand Hyutt Denver Denver, CO • ~~1r•rrin~l Sn;i~ r• ~4(i_~~l~l~ ~{ Hyatt Regen~~y Denver Convention Ctr Denver, CO • ~\i a ~II1~: ~ , ~ l1h • ~[crrin~l ~i~~ltc: bl~,~~hh sl Hyatt Regency Tech Center Der~iler, CO • ~num,: ~I71 • ~ieetin~, ~~~ace: Z4,~i~~h ~( ' i ~R 7 ~. 91 ~L i - ~ ~ 1 1 ~ e Y e ~ ~ ~ . ~. ~~~ ''~. --.,,. Hyatt Vacation Club Resorts Hyatt Main Street Station Breckenridge, CO • E,I~~ 1V'~~~t I',~rtn~~r, I ~~~~ cl~,~,er • 5l~ Rc~i~lcncc~ • i~1iac~l l hr 11r~~rlu~,ment «~ith Re>iJen~ial, Rrrlil, ~~u1J Cluh C~m~}~~ment~ Hyatt Morantain Lodge Beaver Creek, CO • E~I,r 11'~~~I h,Ir~iur~ I~r~cll,E,er • ~L~ R~~si~lrnce• • t.~1i~c~l U:r Ilr~~rlu~,ment ~~~ith R~;i~lcntial anal Rcrlil Cun~~~~mcnts Hyatt Grand Aspen • ~~i I\C~II~I'IIIC~ Park Hyatt Residences • E~,,111'~~II'~~irtnrr • I ~ Rr,~i~lcncr.; • E l~~trl ~cn~irr, Aspen, CO Beaver Creek, CO lle~~elu~~er !~,'.r. ~ 8.5 / / / !fj e / ~ ~ /, r tr r sr - .. r / Sri ! .!'i /, ^ ~ ~ t ~~ 9 ~lr r ~~! ' ' ~ ~~ ; , r, ~~ r Lionshead~ 'Parking Srructiure: ,: ~ ~~' ~,. ''~~'' ~ ~ . ,, /,r, y r' r„ r "%/ /'`I/7 r .. ~1~ 7 / <~1 ~ yY .,;'~ f ll... r I r f / /"' ri t.. ~, t /;' / ,1 t f /t 'r 5J', / !, ,I f ~~ R/, r J / ;r, /y. r iJ/ .:y r+.r y~ 1~~,;/ , - .~, ~/ / r9. r.r /. /%"~,r,Ar r /,r r ~~ r / ./ ~! r ,, , >, , , / ~ ~ • y . ~,/,~.. r,I SECTION 9 :~, ~r, ,r ~~; r , .;; , ,'` '. "1•r t //`/irit r "/~ I 7 f, rte f•, ' r '. r /,t r .: .~, j,. r0, •. .~4. ~y! ,. ti t C ,, // ! ~ /%~~/ r' L ,t% ,/ _, 1I. ~ - I,. /,, r ~ rr . ,,•, ",,, rl a.'r ! .,/ t.. ,i/ d/ G" ~rr~ //r /. r. /r/f ',:r frr f~°9 ~ / ;/ _f i`r r r r ,/ B / y', r, /' ~ ,~ t 'r ,"r~ / .~r ` .//~9 /~ rr, I i ~r 1•. J'r/ 1 /t , / r' ;« rt h / r/'r~r'"fr~ o / / ',~~j I r," / ~~ / / ~ r` !'~rpi ,n 7 / /'~ t /~'~ ?t4 ..l~~ ~~'t! 9 '~t /. ~ t ' 1!'y `' i t r / Vr - l! '/ r ! % r P rr,r>/r r J~ ;,l %+`! ` r"~ ~ ,/ r '' rat' - 1>!/ .. ~/7~ ,., C / r ' JY :!' , ` l brr1 ~+ ' i ~.,r~ ij I r t r - ~ , t r :/t ~ ~ a" t ~ "~F ./~r. }, tI nt,!l.:.. .. %7 i /.'~r r. ,1 / / 6' !' r fr r 1 ~~'r ,/r ~i .~ ~ ,/ ! r 9rI~~/ r ,i~,• h 1. .rt;r/~/t irtr l,ri~~'_ ~fc ~ 7t/f.~ 1 ;~ r / ity./ r r /- ///; r' ~ / l f ;. < r C zfo'/ r/1 ,n V ! /~ P., r'/ ~'i_,./ ,t !y / t /t~/~ i = f r~ ~ ~ . i y" i/ .,r ' 6 e !r , r~/%.` ~/a 4 ~"rr /~ ;/ ! `wr /'~ .,i~.!%' / ail. r~~~.%./!! ~r•' r {/~.~~' . ~ / ./ r ~f' ,y~ '"r ~. ,I /. 'L .6 {! ./' Jr /F' .r ,,, `r /.' ir~' ,/~t~ .( a`r't / '~.r ~/ { !.// r r / :r "I ! /t.t _ r. ,! ~ /r ~ ,f r 7 r9 y.l ~ r>t'I./• ~,t'l /~~ 6 ~! , //' r„/ r.[' - _, r' F, > i t. 7 r/ r /' A t' 6.,': t ''r. "/t /i ! /„-! „/!~ e /,, ;, rf - ~/~"y /. ~.a.-- ~. ~.. ,•~~ .£-'' _ ! r•, t .,t 'f ,J .. p/Y. ~•/I / ~, ,,~ /. r- Jfj l~`/ ~`i,;r. /: ~-'~-'! „/ ! 'r r -r,'b l~h I l _ / ~ ,! P 1 r' .tt i, ~1,, f / . ~! ~". ~. •r,/ ry > fi/. ' - t .r ~ . / v ~' `~~/ , I s. lrl ~", v _., .J ~~ern a'~1V.e-S ~;r, rr ~.'~, t t, /? li t,,, rrr ,~ rrl rrtr. 'i~ ,.,. ;/, ,;,r r r -~ ~r r,~,. r,/ ! ...~`rr<_. ~',~ '~- J.. /.~ r ~ ,~ ~r/•,. ! // f~",~,t ~r 9/lr ~ .rI 'r~, "t`/r P~'i, ///•/ ~,.:,.,,,. _ t ;r~ir.. ry. +~f ,r/ ,/// ~ ,•if r v ~ /~L' / ,/ /',- "' ~./ r.( ~fi~~ r d I ~ ,~ rr'^ ~~ / '•'r ;' / r a-t '' / / t / ~ ;~r r , .r/ / `"r/ t /~/'/ ,, ~ f jl,,,~/I a y:± / k r ` ~{ ~ '°"~{^'•. .. , ~ ~,..`G'a at.' ~,~' a I '~R" /r ~ !! r i, rr - r ~Ii;. /,'J!'i" ~ 'ra l~~ F ~ j!':. _. _ _ r f/ ~/ r > .?!`. .._ >n .~-.~~~s~`-' .'9 ~•~, ~ r r. , t " .Irrr~% .. rtl,~ /i r `r rd , t, ~ /U Fier ~/fr •~`ra! ..,r ~! ti ~^ ~7 t~~ _.` '.`•iFo~ t + ~ '` n. r~a/o ,.. i~ r Y / .S' ` '~ r,r Y,;,.. a , M1 ,.rt " 7r 9r/~ _ 6' ~I.,i~,'. } i:. (a ~",~ /' t ,;;s''t i<;.,r~ r ~~ /~yiy;,,: r,~ ' ,. -: r !. ~ .7~ ~ r r I~~ --_~-~ ..r ,: Z L71 `l,~` f r~' ~~ ~ _ ` ~ `~.'t 'tL j - r . I~> .,! .. ..~ !; fir..' : r ~ ~ / ~ ~ ~ ~'1 ~ f ' ~..i '-" _ ~ ~ ~ q L ~ ~!~.~ ' 4 ~ _ _ -~~ ff' 1 ~:. % r r/ _ ~ ... , " , s } s q ~ ~ O~u~ r k , - >~ ~ ; ,:r t r ~ }r.j~~~~ ~~i)~- ~. (? ~~~,`~?tf:` ~ p . ~~(',J r l~ ~ ~~'~-ar ~ ~ ~"_ ~ 4 ri ~ ~ ~~ ~_• ~:# _ "~~~~~ ~I ~ A ~ ' ~ ~__ ~ ,y ~~ ~-:G r ~'F tn~n 1 >,. 11 t~ l~- (~~--- ~-. ~~ Iv'. ~ I' [t ~/~. .QI ~ ~:d~ I.. I!! 'I / ~ -'".-'..-;_~~'!c't ~.1--~ G'- i .~ yq'~-~G~ ~ r ~ ,. ~ ~ ~I(~ ~ =~~ t ~ _ ~ jai ~'~ --_ r moo' ~i~~r~ / ~`,, 4~ t:~ ~. ~ _ r r-'~ st 1~ rile :L~ ~ i _7r i~.f p ~ ~i-.r~ Y~ c >_>/ ~ y~~.. .. _ ~~ ~ ~ ~' / c 1 ' ,r R. '`r^!{~ ~ e ij~ ~.~ r 4 J' r" '~-.`- ~ . '? 0 ~r = ~ _ ~ ? - .F~_".rl.~ /`f~ .. t ,~ ti `i ~ --t ~ r rtiY , .r fi o ~ S`~- , ~~ ~l' ~ Q~ ~ ~l~t; ~ /`. 4 .~._i - ~ ~ ~ \ - 2. / ~ f~ ~t~r=~ ~~' ~~alyC~' . _ _ ~~ ~ r ~ ~ ~% ,a ~ ,ti-., '~ ti.'~ - ~.. ~-~_'_ _ ~~ .. 1~~~ ~ ~ ~.~i~~--~ - -cat .~-?~ {_ `..l _- h!ra ._ ,``t ~ - .., . a~ . k~ -- ~-'~li - t. ~ i- ~' r ~ . { i ~ ~ /~ . ,~ fEas~t ~V ' ' ~ ~ - ! ^v / .~. ~ s J, OCt01 / P V ~ Gr ~,, ~ ~ l r f U V .y~~ /N ~ , ~`fl ~~ Y ~?•rA r i'~ t ~ i ~~1, ~. ~; ~ , r" 't ~~. ,'f ~/ / r~ ~ cr ~~. „_. _ .., .v._ 1 1 1 i I y--~~ ~T ~ ., . , ~ ~1~ir _ .~ ~, °~ -.a: ~. !,;~;i _ ,~ ;~ ,~ ~! SECTION 10 .,. ~~~. , ~Eal r ~~ ~' 'T ^~ ~ ~yR /~~; '=~-.. off!/,. : ~- ~~ ,~ .. t ~' ,a --,--, ``~ ~ ~ ~ ~ ~"~~ Vii, ~ ,~~\~~ -~~ ~~ , iE~,! I ~~ ~°~ vt ~~ - ~ ~, _ ~ ~ ~ _~~(I+Ir r{ r~y~ . J~ _ _,/,~ ~ r~ :~~ ~~ . ~1~-I~1~i~~~tA~ ~\c~~~-,~ ~~rin s -~ ~.- _ .?~J. T ~~ ~~ ~~ . - . F `~ - - _ ~ 1~' I' - ~: / -~`~ ?fir ~\ ~';1,.: .~ f'~''-'%~~/~~ i -~ ~3 / ' ~ ~'~ = j ~ ' ~ ~ - ~: C' --1. ~ I ~ I .b;.; _ 1 ~' j I I / 1 - -~y-~ ~v~~ ~ - i i I - _ •_ , ~' - F+ r+ ~f - at ~1 ,. ~ y„ r f t ~ 3'~--`_~~.-` ~`HI. (~~ '- I/ ./^. p' ~ r _ ~ ~ ' _ ~. ~° r ry ''~."~, ~ ,c i =fit d ~ k- ~----' ~t S. ~ _ ~~ a + ' "`~'--~- _ ~'w ` ~'s~ fy f f 'ti ~' ~ ~c- \` ~ ~' /1 ~~ ~~.;; s, < ~^. ! - 1~ fsl a ~ r r' ~ a ~ r ftt_ -~~ ~' ~ .~ ~ e ~ ~i _ -. ---t ~ "~ ~. <.< ~ ~ ";lam f oa ~ _ - ~~ _ _ ,- 4` ~ ti~ -~~-~ - y '.,,~ .4 -,~=..' i~-- .-~ ;; 1xY~Y _ _ Q ! :- .: _ - - ,~ _ y t '~~ rf., l (/ '~"~; ~_ `.`~- ,~ .:~. {~~+1-.~~ faa' ~ ~ ~~_. ~i~ sf fi; -~ '~j, -_ _..._I~ - - ~ ~ _- ~-~-=..- - s -.," ",.~ c \ ¢ ) #'_ ~ ~ _ 1 !a, ~_ I ~ ,t. ij~ r - -~-`~ i ( ~ 1 ' - } .~' /t ~~ t ~l r./ ~r s .~'~ ~' _r~. ~.~ W~ ,i; ,'~j4 :I '~ ~-.[~~ ;rF..c~ ~t'1! r.i . ~" - -~//c : k;,l y.• - .N._y., ~ _ ~~ ! ~. ~ "w,"~ I-" ~ !• ~ .I p:w ~ ~ I,;"'• I-0. . ~ ,~ I ~:' ~ ~4 ~I ` -~-~''°: "4^' it 9~~; _ e ... ." . ; F., r + i •~$ ~~~~i k..d1 ar .. i I Y Y. .', -~ r~; e ra >•fll i,~~~.~ ~ ~ ;;~ .Y ~.7. \ !•r, I;. ~'~~'~ ~1~ I„ ~`- - _. ___. ~ W,t~: ~ ~~+ ,7 . •., ~~ei ~~'.'Cr µ~~'~,$ ~'~<P 3 Y ~l tw Lil f. rµ~'i "~1 ,~ ~ I, - ~.~-: I t 0.~//yyy~..~~ _S i ~' ~ ~ r i ~ `r`,. .~ I ~ ,~ =~_ r~ i "'~'. r - r` ~ ,~i4`c,Yi1' ~ - ~~ Y : "{l/f „~ '^." ' lir4f;" r, , ~ °k ` ?7! 4.F ~j'.w "-`u d t .. ~ i~i'°7<' i ~~~„~, f ,7~ 7,~''~ ~ ~ ~ •_-=~ $•- ~; , r r NP!~ "i~ - _.. _ { .., h ~ t- r°~ e`i l~~ i . ~ !,' t,~ ~ ~ r ~ ~~~ 1~. -+i~'!`r# ~~ YI ~a ~I^.~ k~''r r.~ ~+-w, ,~~-. ~y.~ .._._ '~ _ t5 _ _ .- - °*L~~~C7ir n+• d`~ mss?" Y~ ~ ~ 'i, r '.6 1 g.'p~°~~~ \ ~\ ~I) ~ 1 :,~. ti.---~ ~'",_' ,~ Vim' - ~~ ti~ - ~r ~~~ t~ Yrf r~ ~.. , -;~ fyF ,'+~.' ~ -~i?4J~ . _ l _, ~~ fir-. ,y=+• '!`:-~ -'4 .~,~.~,` ",.~ `'- ~ ~'a`~'~" ~~ '_a#iY ~a ci r~ -~ l ~ - ' r'r~ r fry' /G! ~."~ - ~ r„~ r ~ - ~. If .. ~' -~ ~ /, `~~~~~ ._ .. ~ - -- ,. _ ~ II I _ East - ~ - _ _ - ~- .- WestPartners _ a ~-- - - . ;~ :~: ,~~ ~ 4.~ ~ October2Z; 2006 i _ , ., -r a Lionshead Parking Structure East West Partners ONE 1 View r~m V C`~l~ 1Vl~UntClln (Residences & Market/Gallery, left; Hotel & Conference, rik~ht) 10.1 1 .~, , P~ ~ R ~ '~ ~„~ ~~/k~t, ~ k ~ ,~ ~~ ~' ~ , ` ~ ~ ~ ~~ r/!f' ~ ~ ~ ~,.:, ~i -.. ~ t, 'kJ t ~ i '~~ ~- ~ ~, ~ ' i % ~ . ~. ~ ,. ~ ,,~ -; 1 ~_ ~ ~, -~ _ _~ - ~, I • _..~ , ~% ~ ~ ~ ` ~ I / ~ / I ~~ ~ ~. µ ~~ ~ 7 1, ~ ~ i ' 1 Y, ~, I ~ _ - y ' - , t ~ ~. „ ,. ~ t 1 i V ,... ~ - ~ ~/ ~ ~ t ~'~~~ l ~ ~ ~ ~ ' ~ ,J. ~ f l i .%s!/,. < ...7 y3~./ /~rf ~l~i'.~ .sail .~ %~ fin ~~ ~. ~ ~~., r ~ ' - ~ ~ _ ~ . ' ~ ~ ~ ~tl ~ ' t, ; ~ l~!' t"~~ a.-,_" ~ ~ _ -.~. ( ~~ a ~ 'J -'fi" may . }-, ~}~ - _ _ --- y 1`SYig~, ~ ~t ~ ~ ~ t .~' I ~ i III'[ ' - r - ~ ( \ 1..,~ a r -. ~ - S ~ ` "` ' ! ~ t - < ~' . ~ 1 F .++_ _ - _ ,~ ~, ': ~ ~t i ; 1 _ r-~-f. w -~ Y / ,,, / .. / f ! T,1.lr j /. 3 ! J 1- ~ _ ^ • ~ ~~~/,. ~ J ! ~. i^~~~'~~i'~~~7,~~'~ra%w ~f • e~s/. 'J' - /r - . -- -. -- -< *`~~~~, T, ~ ~, r, ''w+,~i a ~. ,~ ~y. ~.. c` C.~ ~''./_ ~~ j~5' t % ~ Y~ A' ~~ a.~/,y~~/tiA/. ~~ ~ . ~-dfli~~~~~r/i~„}SY6r ,, r ,,; ~ {~ ~~( ~~ _ , i ~'dy~ r / ~ ;ii'%j ~; ,~==-~_~ ~ . -. ,. „ ,~ ,; ~ ~, .. ~ .~/ira~ < J~rfi~;,~.~'( '~;. / ~ ,r,~,~t~y thy;. ~ < t / d~~l~',a ~ ~ ~ - - ,~r~ s' , l ~-r~~",,r~~ ! ,/'- 'Ya'- ..~~ ~>~~ ~~"- './ ~iJ ~/5~~,/,~ ?~(/ .'t`,~w'z/ ~J., -Y:' /i~-~ i :,,~-. f 9~', ~, 1,~.'~, ,5_ ~tif' !~ :f~~~ J J'! Jim' ~Jl'i N~ r.' .G~, '.;'6 ~! ~~`',) /:. Jf ` , '~ / // ~ ~ ~~ . i, ~ < ' r '~ ~ / ~ ~~'' / i,: ~ .~ :, / ~% /I', ~`°. r ? /~ %~i/„ , ley / fsf, A ' _ ~l~ ~~` ! #<//;~`r/~// ''i/,/f~` ~'+~/ ''~. ~/ ~/'.`~./.%,, yY, ,~~~rg,, /,r,f3l~~ , /~;,,.1~ !f!~`~i;~/~F ~yr jyr~~i~<? {. f !. ~ / /r- ~ ~~L~~~. 3'~!e/'C! ~ .~r~, ! ~il ~~'J /J ~~ l rN~~y ~ ./•~r i ! ~ r.7„~- ~ -,p.; yY J ~. ~/ :'//ff~ ~i _ ! ~'F'f ,~~. , 4~. ~ ., f~y/,.s, s,~ .. i~ !L ~.o/~ .~ ~ _ +~lq~~ ,.TS.` ~~ : >y ~ ~ ,,.1f Sr ~~ f ~ ~-~ ~ ! .~ J 5.,,. , _ _ ~ , ~~ ' ONE y~ ~ J~ East V~1est Partners ~ Nol t West V 1e~1~1 (Bus Transit Center, center; InfonTlati~m Center, udder flags; After-hours Info Kiosk right) 1 10.2 East West Partners ONE '~ Hote ,Terraces, Civic & Learnln Center (Fr~~tn E~~sr L~onshe~~d Cr~le> 10.3 g ~~ Easr West Partners ONE Hotel View to Vail Mountain ~P~~~~re.~~~~11«~e tr~~~ll F-~~~nra~e R~,a~~~ 10.4 ~~~ . ' (' East West Partners ONF, I1~larket lJ C~~~er (Retail Plan fr~~m Bus Stop at East Li~~nshead Circle) 10.5 v 1 I;. !' ~ East West Partners ONF, Market LJ C~~~er (Retail Plana facing West, par~lllel to East Li~mshea~l Circle) 10.6 y << Rw~std, 6c.3.o~ MEMORANDUM TO: Town Council FROM: Community Development Department DATE: November 7, 2006 SUBJECT: Lionshead Parking Structure Request for Proposals Staff: Stan Zemler and Russ Forrest I. Purpose The purpose of the evening meeting with the Vail Town Council (Council) is to: 1) Receive a presentation from the competing Lionshead parking structure request for proposal (RFP) development teams and ask questions of them regarding their proposals. 2) Provide staff with direction on additional information that would be helpful in making a decision on this RFP process. BACKGROUND A. Goals The Town of Vail (Town) owns and operates an 1,150 space parking structure and an unimproved charter bus parking lot, located at 395 South Frontage Road in Vail, Colorado (See Section 7 of RFP). This site is 6.3 acres in size and is located in the Lionshead Redevelopment Master Plan area, one of two pedestrian retail areas in Vail. In addition, this site is included in the Lionshead Urban Renewal area. A draft master plan for the parking structure was completed during the process of considering a conference center; the Town identified at that time, the following needs for the site: • The existing parking structure needs both capital and operational improvements to maintain its effectiveness in the future, • The Town currently needs 400-500 additional public parking spaces to minimize overflow parking on the Frontage Road for 15 days per winter . season, • Redevelopment of the parking structure should include retail development on the south side of the parking structure as called for in the Lionshead Redevelopment Master Plan, • Pedestrian access needs to be improved between the parking structure and the Lionshead retail area; and • Improve the Lionshead Information Center. In the last year, private developers have approached the Town of Vail and proposed redevelopment of the site to accommodate both public and private uses. To ensure a fair and equitable process, the Vail Town Council directed that a "Request for Proposals" be issued to solicit development proposals that meet the project goals of the Town for this site. The RFP seeks qualified developers who can develop the Lionshead parking structure consistent with the project goals of this RFP stated below. The following are project goals for any developer considering submitting a proposal: A. Development proposals shall comply with the Lionshead Redevelopment Master Plan (See http://www.vailgov.com/docs/dl forms/lionshead master plan 01 2006.pdf ) and be consistent with Lionshead Mixed Use 1 Zoning (See http://www.sterlingcodifiers.com/CO/Vail/ for Title 12 in the Vail Town Code). B. Development proposals consistent with the Lionshead Redevelopment Master Plan and the Lionshead Mixed Use 1 Zone District shall help pay for the public improvements. A strong preference is given to uses that generate "hot beds" such as accommodation units (hotels) and Employee Housing Units. Parking generated by private development shall be provided and paid for by the developer. C. Meeting/event/conference facilities accessory to hotel and lodging uses.;, . D. The Town anticipates extensive improvements to the Lionshead parkirig structure in the near future. Creation of a new public parking structure; paid for through the redevelopment of the site, should include a minimum of 1150 public parking spaces that would improve the operational performance of the structure compared to current operation (See 2005 Walker Parking Study in Attachment B). The Town is assuming that it would continue to own and operate public parking in Lionshead. E. Creation of new public parking in excess of the 1,150 existing spaces ~on the site based on circulation viability. F. Creation of a new Lionshead information center with public restrooms. G. Redevelopment of the Lionshead Annex with consideration given to the ` relocation of a Youth Recreation Center and the Colorado Mental Health offices. H. Improvement of the pedestrian, transit, and vehicular circulation between the parking structure and the Lionshead retail mall. . I. Provide loading and delivery for uses created on-site which can also be used by adjacent Lionshead retail uses. ' J. Improve hotel shuttle bus circulation which currently drops guests at the , southwest corner of the Lionshead parking structure. The Town is interested in siting a Lionshead transit facility to accommodate 5 buses for regional bus traffic. The parking structure area is one of the locations under consideration for that use (See Draft Master Plan for Parking Structure). K. Creation of a retail connection along the south side of the project site'that is consistent with the Lionshead Redevelopment Master Plan. ~ ' ' L. Frontage Road improvements consistent with the Lionshead Redevelopment Master Plan and acceptable to the Colorado Department of Transportation., M. Other public amenities that would augment the vitality and economic impact of the development. '' N. Use of the U.S. Green Building Council's LEED Green Building Rating System, or a comparable alternative, to guide project design. ' ~`,:. Attachment A includes the Executive Summary for Both Teams. It should be noted that proposed schedule changes are proposed below. B. Projected Costs for Maintaining the Lionshead parking structure and other associated improvements The Lionshead parking structure was built in 1980 and is projected to have 25 years more of life before major reconstruction is required. However, significant capital investments will be required to reach the 25 years. Necessary improvements to the Lionshead parking structure can be placed in the following categories: Structural/Capital Maintenance: MM • Repair all the stairs and stairways: $350,000 due next couple of years • Ongoing expansion joint work: $50,000/yr • Top deck slab: re-topping within the next eight years: $2,500,000 • Salt penetration repairs: $150,000 due next couple of years'' • Water infiltration repairs: $250,000 within 5 years • Painting/lighting/system maintenance: $150,000/yr'` • Parking equipment replacement: now $300,000, also every 5-7 years, will request for 2007MM Operational: The current structure does not function well as designed: • .Install pay on foot stations: $200,000 • Provide another exit to East Lionshead Circle: $750,000 • Convert the garage to one-way circulation and lose 100 spots: cost to replace the 100 spots: $3,500,000 • Roadway improvements for better ingress/egress: $3,000,000 Code/regulatory: Required improvements to meet current codes will be required with any enhancement or remodel. '' "` ''~ • Elevator to meet ADA: $400,000 a piece • Sprinkler and detection systems: $1,000,000 • Increase ventilation on certain levels: $350,000 • Egress and proper emergency access issues: $150,000 Enhancements: Keeping up with the customer expectations, matching the new neighborhood and keeping the Vail experience. • Bathrooms: $500,000 • Information booth: $900,000 • Auxiliary building: $1,700,000 • Heated entry stairs: $1,000,000 verses $300,000 • Elevators: See above • Streetscape: $1,000,000 • New heated streetscape entry/bus plaza: $3,000,000 Expansion: We have stated the need to expand the supply by 400 spaces. • 400 new spaces: $12,000,000 Currently, some of the structural and capital maintenance issues are budgeted over the next 5 years (*). Operational issues are not budgeted except the -, possibility of roadway improvements using Tax Increment Financing (TIF) funds. Enhancements are not budgeted except to use TIF funds for streetscape and entry plaza. The conference center, if approved, would have addressed all these issues with the exception of the topping slab, one-way circulation, the information booth and expanded capacity by only 250 spaces verses 400 spaces. The revised capital budgets for 2007-2010 will need to reflect increased costs to take care of the. shortcomings. C. Criteria for a Final Selection On September 5, 2006 the Council approved the following criteria (which is based on the original goals of the RFP). Regulatory CriteriaMM • Compliance with Lionshead Mixed Use Zoning, • Conformance to design guidelines in the Lionshead Redevelopment Master Plan, • Compliance with affordable housing policy. Circulation and Parking • Replacement of existing parking without affecting parking availability in the ski season, • Mitigation of lost parking during the construction of the parking ,facility, • Number of additional public parking spaces (beyond 1,150 spaces.), provided upon completion of construction, • Provide for loading and delivery for the site and surrounding area, • Provide for mass transit access to the Lionshead area, • Enhance circulation for pedestrians and vehicles, • Provide necessary improvements to Frontage Road in compliance with CDOT standards. ~ ~ ' Uses • Number of "live beds" and degree to which they provide diversity to the Vail bed base, • Provide retail opportunities on East Lionshead Circle which ~ ~~ complement existing retail areas, • Provide public amenities: recreation, entertainment, event/meeting facilities proposed on the site, • Provide a new Lionshead information center, • Consideration of the relocation for the Youth Recreation Center, Colorado Mental Health, and other tenant uses. !~ Financial Considerations ~., • Financial return to the Town through lease payments, air rights purchase or other payments, ~ _..:~ • Town's financial commitment for construction and maintenance of public improvements, 4 • Financial viability of the project, • Financial capability of the developer to construct and operate the project, • Financial guarantees for timely completion. Environmental/Carryina Capacity • Overall environmental sensitivity and ability to achieve an established environmental certification for the design and construction of the facility, • Overall innovation and creativity. Legal Ownership structure for the parking facilities and private improvements, Contractual arrangements necessary for joint ownership and operation of public amenities,. Assurance of completion and operational commitments. Staff and consultants will review the proposals and make a recommendation to Council regarding the extent to which each proposal meets the criteria. The Council will make a final decision in its sole judgment as to which ,~. proposal is in the best interests of the Town. The Council will reserve the right to reject all proposals. III. Action Requested from Council and DRB 8~ PEC representatives A. Receive Presentation from the two development teams and ask questions Staff has had the opportunity to question each team to clarify proposal responses. Attachment A includes an executive summary for each developer with some new information included in the summary. Attachment B is a numerical summary of the quantitative differences between each team as the competing development teams have presented their numbers. Attachment C includes responses from each developer to staff questions. Staff would like to emphasize that further work is needed to vet the values of the public improvements and how the utilization of tax dollars particularly TIF affects the overall public value of the projects. Staff is proposing that over the next month that we begin to develop written preliminary development agreements that are more specific in terms of the value of public amenities and the utilization of TI~F or other public funds to pay for public improvements. The following is a list of major points of difference in the proposals from staff's perspective: ' ' 1j Parking: Both teams have approached net new public parking differently. The major difference is that East West Partners (East West) is proposing to provide 1,,,150 spaces by December 2009 under both of its proposed options. In Open Hospitality Partners (OHP) 1St option they provide 285 net new parking spaces not required by zoning. However, this will result in only having 400 parking spaces from the commencement of construction to February 2010 when 1150 spaces would be available for public parking. OHP did come back with an option to park 285 spaces off-site and provide 1,150 spaces by December 2009. Off site parking based on current discussions with the parking task force could presumably be at the proposed West Lionshead parking structure or at Ford Park if that was deemed an appropriate location by the Town. ~ East West, based on the numbers presented to the Town has created an option which has the highest amount of net new parking. Staff has analyzed both parking proposals based on zoning and we are finding that the required parking for the private uses for East West may be less that what zoning requires. Staff will be verifying required parking numbers for both teams in the following weeks. Parking Open Hospitality Partners Both are proposing to park their proposed private development. OHP has provide two parking options: Option 1: Total Public Parking is 1,605 that include 1,150 spaces to replace existing parking, 170 spaces required for the retail and public uses, and 285 net new public parking spaces. There are 397 private parking spaces. 1,605 Public spaces + 397 Private spaces 2,002 Total spaces. Option 2: Another option offered by this developer is to reduce the total number of public parking spaces to 1,320 spaces (170 for public and retail uses) on site or 1,717 spaces (public+private) and then provide the net new parking of 285 spaces off site. The proposed benefit of this proposal is to provide 1,150 spaces of parking by the beginning of the 2009/2010 ski season. East West Partners The Developer is proposing to park their proposed private development: East West has two options for parking: ,, Option 1: Total Public Parking is 1,500 spaces (includes 65,parking spaces for civic center space,, ,97: for retail, and 188 net new spaces not required by zoning). { 1,500 Public Spaces 312 Private spaces 1,812 Total spaces .~. Option 2: Another option presented by East West is to reduce-the civic center/meeting space by 20% andr provide 308 net new spaces or . reduce the space by 25% and ~ '~ provide 338 net new spaces.. Its staff understanding that the additional incremental spaces (over 188 spaces) would be provide on site. 2) Parking Impacts During Construction: Both teams are proposing to commence construction on the parking structure in April 2009 with road improvement occurring in 2008. Both teams are proposing to provide 400 spaces during construction in a portion of the existing parking structure. The primary difference is that East West is proposing to provide 1,150 spaces by December of 2009 for the ski season. OHP will not provide 1,150 spaces until January/February of 2010. OHP did provide another alternative to provide 1,150 spaces by December 2009 by reducing the number of parking spaces from 2001 to 1,717 and providing 285 spaces off-site or doing a payment in-lieu. Another "back up" option for parking is to work with Vail Resorts to initiate the development of the West Lionshead parking structure by April 2009 and complete 400 net new public parking spaces by December 2009. Parkin Im acts Durin Construction O en Hos italit Partners East West Partners OHP has provided two options. East West is proposing to commence construction in April of Option 1: Commence demolition of 2009 and provide 400 spaces the parking structure in April 2009 during construction and return and maintain 400 spaces until 1,150 spaces by December 2009. January 2010 when 1,150 spaces would be available. Option 2: Commence demolition of the parking structure in April 2009 and maintain 400 spaces until ,, ,, December 2009 when 1,150 spaces would be available with only a total of 1,717 parking spaces. 3) Public Uses and Retail Both are proposing a comparable amount of public uses in square footage with East West at approximately 85,000 square feet and OHP at 90,600 square feet. The other difference is the major public use proposed by each developer. East West is proposing approximately 60,000 square feet of civic/event space which would be designed to accommodate events and meetings with the largest contiguous space being 25,000 square feet. East West in their submittals has illustrated how this space could be used for meetings, performances, and special events. It should be noted that East West proposes options to reduce this square footage and increase total public parking. OHP is proposing to provide a 32,000 square foot visual and performing arts facility with also has a high level of flexibility. The OHP facility would have approximately 600 fixed seats and 1,000 seats in more of a flat floor configuration. It should be noted that the Vilar Center has over 500 seats. Both uses would have an annual operational deficit that would need to be addressed. Both groups discuss using additional incremental tax revenues generated by the project to pay for operational deficits. Further negotiations are required to address how the Town would not be exposed to any operational deficit of the facilities. It should also be noted that both teams provide estimated values of the public improvements. Staff would urge caution in evaluating these numbers and suggest that further information is needed to verify these benefits. Both teams are also providing an information center with OHP providing a larger space compared to East West. The OHP information center is larger and well located on the site. Also East West is proposing a community not-for, profit center and replacing the VRD recreational center space as differences from +~. OHP in their written proposal Recreational uses are proposed by both teams. East West is proposing to replace the VRD space (publicly owned and operated) and provide public access to its proposed wellness center. OHP is proposing public access to both the public spas and fitness centers of the Regis and W. Public Uses Open Hospitality Partners East West Partners 1) Total Public Uses: 90,600 sq. ft. 1) Total Public Use: 85,000 sq. ft. 2) Visual and Performing Arts 2) Civic Center/Learning Center: Center: 32,000 sq. ft. 60,000 sq. feet with a 25,000 3) Information Center: 2,400 sq. ft. sq. 4) Access to Spas/Pools foot contiguous space. 3) Information Center: 1500 sq. ft. 4) Other Uses: Not-for-profit offices, VRD Rec Center, Wellness Center Access 4) Retail Retail provided by OHP is at 60,000 square feet and East West is providing approximately 30,000 square feet which is a significant point of difference. ~~ .~: 5) Hot Beds Hot Beds is a stated policy goal of the Town and specifically the Lionshead Redevelopment Master Plan. Staff would suggest that there are three critical issues to evaluate • Quantity and type (hotels vs. dwelling unit lock offs) of Live Beds ' • Average Daily Rate (ADR) , • Ability of the hotel brand to create new incremental business for Vail OHP is proposing two hotels the Regis and W both of the Stanwood Family totaling 240 hotel rooms. East West is proposing a new Hyatt Brand called "Hyatt On" with approximately 150 hotel rooms. The ADR proposed for the Regis and W are higher than the Hyatt Brand. The W and Regis brands are established known brands. Hyatt also has a very significant marketing program. The "Hyatt On" brand is a new product that is just coming on to the market. Further information is needed quantify the impact of the brands on Vail in terms of creating new customers. ,,. Hot Beds ~ f: ~ - -. ~ Open Hospitality Partners ~ East West Partners ~ Hotel Rooms: 240 Fractional Units: 25 units ADR: Regis is: $423 W is $383 Hotel Rooms: 150 120 Dwelling units with 227 Lock Off Keys Fractional Units: 75 units (150 keys) ADR: $ 275 (5th Year) 6) Transit Both teams are proposing to create a transit center-which would essentially satisfy the needs expressed in the Lionshead Redevelopment Master Plan. As currently designed, staff believes the OHP design most satisfies the needs for a transit center based on the Lionshead Redevelopment Master Plan by most effectively integrating the various modes of transportation needed for this use i.e. pedestrians, buses, and hotel shuttles: Transit O en Hos italit Partners East West Partners Transit Area: 26,179 sq.'ft. Transit Area: 17,500 sq. ft. (primarily out door area) 7) Affordable Housing The Town's housing policy is under development. Each team has proposed a quantity of affordable housing for the project. East West has acknowledged that some of the affordable housing may need to off set with TIF ($5 million) paying for a portion of road improvements. The proposals address on site housing and their follow-up responses indicate an interest in pay in lieu of off site housing. Both recognize that, like other developers,~~~. they will need to comply with any new housing policy approved by the Vail Town Council. ,~... Affordable Housing O en Hos italit Partners East West Partners 217 employee/beds 130 beds 8) Financial Value of Proposal Each team provides an estimated financial value for their public benefits. However, they make different assumptions about using tax increment funding and/or incremental sales or lodging tax. East West is not proposing to use TIF .but provides an estimate of how much TIF would be generated by the project which could be used for other public improvements i.e. Simba, Run, Frontage Road improvements. While OHP proposed to use TIF dollars to pay for a portion of their public improvements. Staff also believes that both teams may be over stating the true value of TIF generation from the project. Staff would like to further evaluate the development team's proposals to "vet" both the values of public improvements and the assumptions around the use of public funding. Steve Thompson is . continuing to analyze the financial viability of each development team and will provide a letter on his conclusions to the Town of Vail. The Teams have expressed the public following values: Value as Described by Developer O en Hos italit Partners East West Partners $145 M in .public improvements $101.2 M in public improvements ro oses to use TIF. '" Not ro osin to use TIF. 9) Environmental Standards -. East West is proposing to achieve a LEEDs certification for their project., Staff did not identify a specific environmental certification proposed in OHP proposal. B. Schedule of Next Steps The following is a series of next steps with several opportunities for public input and involvement. September 29, 2006 Phase 2 proposals due by 5:00 Mountain Time October 2-November 2, 2006 Technical Review of Proposals Design, Financial Feasibility ,~ This would include a meeting between the Town and representatives of each development team to .review the technical and scheduling issues associated with each proposal. Presentation to staff would occur on October 10, 2006, prior to a public meeting. October 10, 2006 Initial Public Presentation to Public/I'nput on public amenities November 7, 2006 Presentation to CommitteeMM on Proposals, November 8, 2006 Presentation to Community on Proposals 8:30 a.m. at the Donovan Park Pavilion & '`~''"'~ io 4:00 p.m. at the Donovan Park Pavilion (Presentations will start at 4:40) November 8-21, 2006 Staff will continue to critique construction values and financing in the form of developing a preliminary development agreement. November 21, 2006 Follow-up questions with Council December 5, 2006 Public Hearing/Decision on Proposals Attachment A: Executive Summary for Both Teams Attachment B: Numerical Comparison of Proposals Attachment C: Responses to Staff Questions F:\cdev\COUNCIL\MEMOS\06\LionsheadParking Structure Council Memo 110706.doc 11 From: Russ Forrest To: Town Council Date: 11/3/2006 2:05:51 PM Subject: Correction on Lionshead RFP Memo We have emailed the staff memo to the two development companies. We did catch one signficant correction and that was on Page 8 - we inverted the ADRs. The East West Hyatt has an ADR of $275 & Open Hospitality has the following ADRs (Regis is $423 W is $383). Attached is an updated memo for you to use. Thank you. Russell Forrest Director of Community Development Town of Vail 970-479-2146 rforrest@vailgov.com CC: Stan Zemler; Suzanne Silverthorn 4 ~i1 ~~~ l~T ~~ ~ ` y ri ~~ Y;.. ~.~ A H ~~ 'j ~. ~ V jf /' ~ ~`Sp A ~ . .;:i e, ~ i "~ ~ s ~- !i ~ r~~..~_j~_ ~ry, -, . ~~:~r,.l ~'w' , S 'r.-• .s ~ ~ F~ ~~W' `ac yin ~~~: ?`7i~' ~Tlt FS i y ~I <~4 , l ~ ~ ~t~ ~/ y 4 Y... LionsHead Parking Structure Redevelopment The Open Hospitality Partners &Hillwood Capital [Open ~ Hillwood] Partnership Executive Summary ;$. '; , ~~x~ ~...S E31.•. L` ~ c Attachment A ae the team The Developers: Open Hospitality Partners and Hillwood Capital (Open ~ Hillwood) have joined forces in this proposal to build a very exciting mixed-use project for the Town of Vail, Colorado, at the LionsHead Parking Structure. Our desire to pursue this fantastic opportunity is the result of many years of wonderful personal experiences in and an appreciation of Vail. Vacationing here since the 70's, principals of both firms proudly call Vail their favorite vacation and leisure destination and have watched its steady development and maturation admirably. We understand Vail's sensibility. Our team's collective desire is for any development in Vail never to detract from the unique beauty and elegance that has attracted us. Accordingly, as we propose this unique redevelopment we have assimilated aworld-class team. aa2aty~o f ° ^ UIl'~i~ ~ Ui:~ ~ ' I'I „~u,;,vcK~o OPEN ( ~~ COMMUNITY .........n...mn ~~r{~.''~ / Carle 4240 ._._~ i MoRrasoN' The Designers: ~~Collaboration ~~ is the best word to describe our team will work ea W s c~iucramc~I~n~ i ~l~i:n~,ln 8ailayb Mwson a,15rr~c~nmmro W~~ ~ ~oc.~mTm C~.® ' ~~~ ~DL~ Executive Summary The Brands: As stated above, the project team was selected specifically to meet the unique needs of this project, from the standpoint of design, development and most importantly operations. The development of "live beds" has been along-standing community goal in Vail and is one of the main goals that the town has specified for this project. In response to this goal, lodging is the single most significant component of our plans for the project as two very distinct and unique hotels are planned for the site - a W Hotel and a St. Regis. Not only are these hotels part of our plans, it should be noted that Starwood Hotels & Resorts Worldwide, Inc. has formally committed to operating these hotels for this project. These two hotels are far more than just ideas, they are ready to happen - Stanwood is a partner in this project and a key member of our project team. The design team will be led by the architectural firm of 4240 Architecture Inc. from Denver, Colorado. A familiar face in Vail, 4240 has designed many projects in the recent renaissance of Vail. CommArts will assist the design team on graphics, signage and streetscepe. Fisher Dachs Associates, a nationally recognized theater and event space design firm, will lead the programming and planning for the very exciting Vail Center for the Visual and Performing Arts (VCVPA). Other notable members of the team include Walker Parking Consultants and Open Realty Advisors. The importance of the parking component of this project cannot be overstated. Walker brings a great deal of experience in not only the design of large parking structures but also the complexities of construction and time constraints associated with of these type of facilities. Walker will work closely with Kimley Horn and Associates traffic consultants to integrate the on- site parking concerns with the town-wide traffic concerns. Retail is seen as a key element in energizing not only the project but as a vehicle for creating a vibrant and exciting pedestrian street along East LionsHead Circle. Open Realty Advisors, a nationally known retail consultant will be advising the team on the retail component of this project. "~'~"°~ The Contractor: t,~°s M.~°Flpl •°°,IrI°r, The M. A. Mortensen Construction Company -Our newest team member, enters our group as a fierce advocate of the Town of Vail. Mortensen brings a national level of experience and expertise `~ ~ to the group and one fully in tune with the complexities of mountain construction and the " QD challenging construction issues inherent in the locale. In addition, our contracting partner is well ~P~N known and respected within both the Vail community and by those in the staff and jurisdictional ... •. levels of the town itself. 7E*:~~e. .: mrrr=~r,, Brought on just after the presentation of our Phase One submittal, our "Mortensen people" have played a significant role in the formulation of our plan to selectively demolish portions of the Commzr¢s ('~, i existing parking structure and to construct the underground complex in sections; while providing -~ the neighborhood and the mountain with the highest level of parking service possible throughout the entire process. The team now.has a fully developed construction sequence schedule, a real ~:,;P=;, .1-~-.. plan for parking loss mitigation, and a clear constructible path to fruition -all provided by a builder of utmost quality and integrity: With the addition of M. A. Mortensen, we look forward as we strive to deliver this exciting new place in town. We welcome them to the development dialogue yet to come. G2,~O LionaHead Parking Shuctura Redevelopment The Open ~ HWwaod Partnermhlp design philosophy "It is about the making of One Vail. It is about the rising of one integrated town -one that is also alive with variety, discovery, and even a degree of mystery. " While the Town of Vail's interest in redeveloping the LionsHead Parking Structure may have initially been prompted by the need to replace an aging, inefficient auto storage facility and some misallocated and outdated retail space, the development opportunity on this site has come to embody the very idea of Vail's Renaissance. The occasion of renewal is exciting, unprecedented, and of benefit to nearly all who journey to or live within the town. The redevelopment presents an amazing chance to heal an initial, perhaps misguided break in the village fabric that could have been, and now has the chance to become, the keystone link between the main portal villages in town. By incorporating the scale, style, ornament, color, vigor, energy, beauty, and fun of both LionsHead and Vail Village, this new Vail center can not only philosophically connect the two, but can serve to draw them closer together physically and perceptually as well. A knowledgeable development team should wish, only to arrive at and then suggest a "proposed" vision of a place; a sort of collective image or dream. It should not attempt preliminarily to declare dogmatic beliefs as to what is absolutely appropriate here - on this site - in LionsHead - in Vail, Colorado. It is this collection of notions, big ideas, subtle nuances and random thoughts that has surfaced, and congealed to some degree, into what we would describe as the Open ~ Hillwood Vision for the redevelopment of one of Vail's most important places. Our vision is inspired by both the cultural context and physical context of this mountain community and is not necessarily client driven. Portions of our vision are program oriented and are therefore directly linked to the goals of the developer. The dominant notion is about the far reaching goals of the re-connection, re-linking, and re-healing of a town widely perceived in the past as being two or more separate places. Working within LionsHead Redevelopment Master Plan guidelines and town goals associated with this project, our design approach is committed to making the redevelopment of the LionsHead Parking Structure an important part of an even more significant and reinvigorated whole. It is not about dogmatic Bavarianism; not about stylistic repetition and boring reflection; not about the infliction of some arbitrary "mountain style". It is about the making of One Vail. It is about the . rising of one integrated town -one that is also alive with variety, discovery, and even a degree of mystery. It is about consistency within complexity; about clarity that allows for fussiness; it is about beauty and fun. It is about: BECOMING WHOLE. the design parameters: Within this pretense, program functions have been identified by Open ~ Hillwood to respond to key sub-area "hubs" identified in the LionsHead Master Plan (LWMP). Planning principles are woven into development strategies, physically, culturally and operationally. As an example, ground level retail activities are provided along East LionsHead Circle, energizing the street and responding to master plan recommendations. Public mixed uses and "hot beds" are proposed to stimulate activity and life on-site and within the LionsHead core and to provide the necessary density and diversity found in the.beloved European alpine towns. Program uses are arranged based upon adjacency requirements, master plan goals, operational efficiencies, physical site constraints and neighboring uses. Our design approach considers the end user at the forefront of the design process. Executive Summary ng Pmem n,.Op•n ~ Hmwooa PertrerntJp qz~o LionsHeatl Parki Structure ReCevelo project uses The specifics of each element of this conceptual development program will be further refined during the design process and in conjunction with the town. Public Uses: Replacement Parking Facility: The 818,480sf parking structure will replace 1,150 existing public parking stalls, provide 285 new on site public parking stalls, as well as 170 public use generated project parking stalls, and finally, provide parking for all new uses on the site. The shared, multiple use of new parking will result in a net 1,605 on-site public parking stalls. Retail ~rlented Pedestrian Street: Envisioned to be a public oriented extension of the LionsHead Core Area streetscape improvements.. Transportation Center: A 16,000sf on-site transit facility capable of accommodating 5 ECO Buses, as well as town shuttles and local day skier drop-offs. Vail Center for the Visual and Performing Arts (VCVPA): Seen as a complement to Ford Amphitheater and the Villar Center, the VCVPA shall provide a mix of program elements including VISU81 arts, performing arts, and meeting Spaces programmed and designed to be flexible, public, civic, and inspirational. The 40,000sf design allows for fixed seating of 610, banquet style seating for 250, or standing room for 1000+. Roundabout and South Frontage Road Improvements: Includes the construction of a new public roundabout along South Frontage Road, as well as, significant Frontage Road improvements. The overall conceptual plan includes improvements of over 89,850Sf of public roads. Town of Vail Information Center: Project provides a new 2,400Sf on site information center. Private Uses: W Vail- Hotel: Energetic 4-Star hotel with a room count of 120, and 50 condominium units which will have the opportunity to be in a rental pool run through the front desk of the hotel. Branded spa and banquet/meeting facilities shall be provided on-site The total W Vail Retreat includes 274,620Sf. St. Regis Hotel: Luxury 5-Star hotel with a room count of 120, as well as 50 condominium units and 25 fractional units with rental pool opportunities. Branded spa and banqueUmeeting facilities shall be provided on-site. The total St. Regis program includes 362,820sf. Retail Space: Approximately 60,000nsf street level retail. . Employee Housing: 7,350sf on-site and 68,950sf of off-site employee housing provided for a total of 281 employee beds. 'All square footage numbers are gross areas unless otherwise noted LionsHead Parkin Structure Retlevelo Executive Summary ~ 9 Pment nw o0.n ~ Huiwootl RertrrrsMp 4z~o the hotel brands - st. regis & w vail retreat Executive Summary • • • • excite and provide places of escape, entertainment, and fun for visitors and locals alike. Luxury 5-Star St. Regis & Energetic 4-Star W Vail Retreat 120 St. Regis Hot Beds + 120 W Vail Retreat Hot Beds 25 Integrated St. Regis Fractionals 50 Integrated St. Regis Residential Units + 50 Integrated W Vail Retreat Residential Units C47 nunnrl Rr~nrl Prnvir-1oc~ Tn~~in wi+h Info rn~linn~l st. regis st. regis overview CORE VALUES sr AeoA ww vorY ~~. ~EG~S St. Regis Hotels b Resorts St. Regis IS the leader Of the luxury brand segment For hotels and resorts. While i[ is the oldest hotel brand in North America, it remains the most innovative and sophisticated in the industry. St. Regis Hotels & Resorts was founded in 1904 and is [he oldest and most experienced hotel management company in North America. During its 100 years of service, the company has grown from a single landmark hotel in New York City, [o the luxury brand with the most growth momentum in the industry while creating a reputation for excellence among demanding travelers that is second to none. Historically, maximizing guest satisfaction was the main priority of the company. As a result, the commitment to profitability did no[ come a[ the expense of [he guest, a fact that is well documented by leading luxury travel magazines. Conde Nast Traveler magazine named 70°/a of the St. Regis hotel portfolio to its 2006 gold list, and 60% of the portfolio was listed on the 2006 Travel + Leisure Top 500. The St. Regis Hotel, New York was named the "Number One Hotel in the World' in 2005 by [he readers of Institutional Investor magazine. The hotel is the first New York hotel to win the coveted top spot in the survey's 25-year history. POSITIONING STATEMENT For connoisseurs who desire [he finest expressions of luxury, St. Regis Hotels & Resorts provide Flawless and bespoke service while capturing the distinctive personality of each location. Indelible memories are created as our guests experience an unfolding series of delightful moments and thoughtful gestures. There is no address like St. Regis. • - UNCOMPROMISING • SL Regis is uncompromising in its pursuit to create [he best experiences - no detail is overlooked and no length is too extraordinary to ensure [hat a flawless experience is delivered at every (; ~ turn. The St. Regis guests expect the very best and entrust St. Regis i y [o deliver no less. .l ~t BESPOKE The highest expression of personalization often associated with [he '~ finest Craftsmanship -whether it be a custom tailored suit, monogrammed stationery, or the interior of a luxury yacht designed -~ and executed to your personal specification. Likewise, every stay at SL _ Regis is effectively commissioned [o be a memorable experience, ~ '' ~~ crafted to meet your highest standards and refined to express the 1 subtlety of your unique tastes. ~~'~~ ~~ ~:~ SEDUCTIVE Creating a world for our guests that they never want to leave. St. Regis draws you in with beautiful settings, discreet recognition, rich textures, thoughtful lighting and the subtle bouquet of fresh flowers. This is a world unlike any other, yet familiar in a captivating way, where the guest is seduced by an unfolding series of delightful moments. ~ r ADDRESS ~ The driver immediately knows the address -the ultimate locations ~{~' within the world's most desired destinations, Important emerging ~/ \ markets and yet [o be discovered paradises. You have arrived and you ,/~`~~°~ are home, wrapped in exquisite surroundings. Home to an acclaimed restaurant with a Celebrity Chef, Original art adOrniOg the wdlls, the ` original bloody mary, and signature butler service addressing your r ~~ ~~ every need - a setting for the magical moments that become an enduring part of your life. The St. Regis - a perfect compliment to the W Hotel and a perfect addition to Vail, Executive Summary ,..,, _r~eea ae,k~~y snuci~re aeaeveioPmem .,,. wen I wuwooa vanrersrW, St Re3re ('varw N~tel R:.~ia w vail retreat overview W [AYtl -Wctory W HOTELS W Motels Overview W Motels is the industry's fastest growing Co11e000n of world-c1a55 desgn hotels. From the very First opening in 1998 with the W New York, W hotels have become the benchmark for an irres~s[ible new breed of hospitality. In Just over seven years, the W brand product offering has evolved [o include hotels, residences, condominiums and retail. Emotional Nigh W Hotels are world renowned for providing [he highest customer satisfaction in hip locations. "W Hotels have take the business travel trend toward boutique hotels antl 5uper5~2ed It travelers With a sense of style can't get enough of [he W chain for its hip (actor," gushed Entrepreneur magazine in April 2005. W hotels create the neighborhoods, and increase the buzz in every location. "Overau, the w is the most exciting addition to the San Diego hotel scene m a decaz:r. rave trc Journal News of San Diego. Other awards the brand has rece~.voa nc..dc Media hfetrix Hospdabty Index (MMHf) for Q3 2005 Ranked -1 in customer sa[isfacton overall. LV Hotels Fast Company, Ottober 2005 2005 Customers First Award, W Hotels Entrepreneur, April 2005 -Business Travel Awards Best Upscale Hotel Value, W Hotels Out Traveler Awards, December 2005 Best Mainstream Hotel Chain,W Hotels Best High Tech Hotel Chain, W Hotels W HollywootJ The W represents a fun, whimsical, youthful and luxurious lifestyle - a perfect match for the "Vail Lifestyle" W Hotels combines [he personality and Style Of a boutique hotel with [he infusion and energy of relevant tuzury. W offers total convenien[e and [omfort that only a full service property can offer. Perfectly designed ezpenences for both a business traveler and leisure guest co-exist in an envvonment [ha[ ~s Wired, yet Warm antl delights those staying or visiting this World with a take away WOW. Each W hotel is a destination on to itself featuring some of the hottest restaurants and bars within [heir respecUVe ones. W customers also have the benefit of enjoying exclusive access to Bliss spas, wrth the recent acgwsition of Blissworld by S[arwootl. W Hotels has the benefit of being a boutique hotel with the full support of S[drw00d's marketing, technplogy, loyalty programs, reservations and Sales systems that provides [he added advantage over other boutique hotels in the world. Worldwide Presence and Growing W currently operates 19 hotels located In New York, Chicago, Los Angeles, New Orleans, San Francisco, Seattle, Honolulu, Silicon Valley, San Diego, Atlanta, Mezico Gty, Montreal, and Seoul with 16 new properties to open in Barcelona, Maldives, Hong Kong, Shanghai, Scottsdale, Hoboken, Dallas and Ft. Lauderdale, Las Vegas, Denver, Boston and more. While W's primary competition includes upper-upscale hotels and boutique hotels, W's competitive sets may also include four Seasons, Loews, Inter Continental, Swissotel, Hyatt, Mandarin Oriental, Renaissance, Marriott, and Hilton, depending on the given market. Future W locations include W Hollywood', W Dallas', lV Ft. Lauderdale', W Scottsdale', W Hoboken', W Miami South Beach', W Las Vegas", W Martineau Bay', W Phoenix', Vy Boston', W Denver', W Hong Kong, W Barcelona, W Maldives, W LA Sunset, W Shanghai, W Vieques (Puerto Rico) and W Atlanta. Includes revdenbal component. W Target Customer Age: Twentyhve to forty-nine Household Income: One hundred thousand plus Psychographic: Young in spirit with a creative sensibility People who want a new and excepUOnal experience and who have their finger on [he pulse Internet savvy Target industries: fashion, entertainment, media, finance People who want to be around the "buzz" and vibe of a youthful, contemporary, colorful, stylish venue and people W Core Values flirty W flirts with guests' senses, Sexy with a touch of whimsy; it Seduces through mdrvidual attention providing an emotional connechon that results in unleashing the spirt; fulfilling desires and creating a need to return. Insider To be an insider a[ W Hotels is to be welcomed as a part of all that is "now." Escape V: allows guests to escape from their daily routine and have a little fun. Unique m design, fun of surprises and [he luxury of choices that embrace and transport you [o the eztraortlinary. EX@CU21VB $UfTlfTlflfY , "~=Nacre Parking Structure Redevalopmen; tfr oPOn I Hillwooa P.nr.rst>;P Parking Summary by Use: Public Parking Stalls: 1,605 Non-Public Parking Stalls: 397 Total On-Site Parking Stalls: 2,002 Parking Y of stalls total stalls Description N of Units Req'ts. I Unil req'd. provided REPLACEMENT PUBLIC PARKING STALLS 1.150 (t 150 slabs per RFP) NEW PUBLIC PARKING STALLS Full Size Stalls 0 200 Compaq Stalls 0 85 TOTAL NEW PUBLIC PARKING STALLS GRAND TOTAL NEW AND REPLACEMENT PUBLIC PARKING STALLS: Parking Stalls Generated by Development RETAIL PUBLIC PARKING STALLS: 50000 ns.f. 3 stalls 150 150 11000 ns.f. VCVPA PUBLIC PARKING STALLS: 16625 n.s.f. 3 stalls 50 50 11000 ns.f. TOTAL RETAIL AND VCVPA PUBLIC PARKING STALLS: 200 HOTEL NON-PUBLIC PARKING STALLS: 292 (0.7 stalls I unit) 240 keys 0.7 167 (3 stalls 1 1000Sf con`. 'acili6esJ 25000 s.f. 75 75 (4 stalls / 1006si spa! restaurant? etc.) 16500 s.f. 50 50 CONDO b FRACTIONAL NON-PUBLIC STALLS: 125 units 1.4 175 175 (1.4 stalls I unit) TOTAL HOTEL, CONDO, AND FRACTIONAL NON-PUBLIC PARKING STALLS: 487 TOTAL RETAIL AND VCVPA PUBLIC PARKMG STALLS. 200 15% MIXED USE REDUCTION FACTOR APPLIED: ~30 TOTAL HOTEL. CONDO, AND FRACTIONAL NON-PUBLIC PARKING STALLS: 467 15% MIXED USE REDUCTION FACTOR APPLIED. -70 STALLS PROVIDED Wt MIXED USE REDUCTION (t70+397J GRAND TOTAL PROVIDED STALLS (1435 +587); 2,002 TOTAL PUBLIC PARKING STALLS: 1,60 TOTAL NON-PUBLIC PARKING STALLS: 397 ~erel G2 lerel G3 I¢vel Gt level GS kvei Gs parking summary L Ngwbay sevice and delivery truds L - ~a - -- - r a .. in, o ~ h t, ~- -T ~~ I korel valet~operar,aes ~?-- _- __ -. ,a mMtr ( ~n• d ~ - F 4r-• S -. ' pednlna (~ shon~term park,r,g l bus and hael shurtlr ser.rze ~-' pubbc skx pa king ~- - - , • Fully Integrated Design • All Loading /Delivery /Transit Functions Located Below Grade -Away From Pedestrian Oriented Visitor Experience • Exiting Time at Peak Hours Cut in Half Over Existing Garage • High Ceilings to Accommodate Skis, Improve Visibility and Provides a Sense of Openness, Light and Security • Easily Understood by Infrequent Visitors • Minimized Search for Vacant Parking Spaces EX2CU11VB SUI'Ttflltif}/ l ~,~~.:noad Pa.tr,g svuaure aedeveiocme~.i 7Tr Open r7invaoa Pertrerstvp transit center summary • Ceremonial, Centralized, Public Oriented - "Great Hall of Arrival" Designed as Gateway into Town • Natural Light Penetrates Deeply into Below Grade Garage • Easy Wayfinding To and From All Parking Levels light filled transit center Executive Summary Open Light Well into Lower Garage Levels Skylights & Clerestory Windows Allow Natural Light Deep into the Arrival Spaces easy access from parking to retail vail center for the visual and performing arts (vcvpa) • Community-Oriented • Located within Town's Civic Center Hub, Per LHMP • Combination of Performing /Meeting /Arts Spaces • Divisible from Intimate to Grand -Flexible -Multi-Use • Complimentary to Villar Center & Ford Amphitheater • Nationally Renowned Theater Planners on Team • On-Site Cafe /Restaurant to Cater to Multiple Functions The LionsHead Redevelopment Master Plan references the southeast corner of the ~.. w ,~ project site as having a strong potential as "A Civic Hub of LionsHead". The defeat of _ ~ the convention center not withstanding, the Open ~ Hillwood team believes that the ' j 1~~ i . ; ., impulses that led the planners to make such adeclaration -the public ownership of the ~. .~ "~y `~ 1t~` !~• garage site, the presence and potential uses of the Dobson Arena, the obviously civic _~. ' ~ .L ~~ j' nature of the Library and the central location in the larger context of that end of the site - . ~ ~~ are as relevant today as they were pre-convention center debate. ~r s~ ~ For this reason, we focused our attention, early-on, towards providing an appropriately scaled civic use at this location -and contemplated appropriate meaning, use and function. We determined that it should not be overtly "convention center like" -for _ obvious reasons. It should be medium-sized; flexible; art-oriented; usable by a huge +r variety of arts and performing groups from kids to seniors -professional and amateur; it f ~_- ~ -'~ ~' - should have arestaurant /cafe function attached so that culinary delights can mix with the visual and the auditory; it should be CIVIC in presence, style and design -grand - luxurious -public -open -and delightful. With the possibility of the House of Blues ~,~~~~ group providing acts, and with the already strong connection of many of the residents of ~• ,.~ ~ '" ~., ~~'.~ ~ Vail and of the town itself with nationally known artists and art collections, We believe ~ ,• .' '~°~i we are on the right track and look forward to further public discussions ~~. ~~,.~ ~_;y.~,, related to this exciting community resource. Executive Summary the condition -parking structure construction phasing Executive Summary • We Heard... "Give the Merchants a Break"... We pushed back our schedule to a Spring 2009 Start • Never Less than 400 Public Parking Stalls Open to the Public somelanesarereversible Throughout Construction -even in the summers depending on peak Ilow • Never Less Than 1,150 Public Stalls Open to the Public During Complete public parking ticketstatwns Ski Season in Option 02 publicpark!ngentranceJezA • Phased Demolition & Reconstruction Builds Contingency Into Our Plan lanes • All Loading /Delivery and Transit Functions Provided Below Grade Away from the Visitor Experience tieightelewetortoVCVPA • Safe & Sensible Construction Phasing to Separate Pedestrians from receiving area Construction Traffic bus/truck through lane The Open ~ Hillwood team has come to fully appreciate what we now respectfully refer to as "The Condition". That is, the need to replace an aging, unattractive car storage facility; the one located VCVPAdock in possibly the most important position relative to the mountain, village, South Frontage Road, and core, in the entire Town of Vail, with a vibrant, active, and ultimately wonderful arrival, lodging and retail experience. hotei;residenceparking The Open ~ Hillwood team has been working closely with stakeholders in the ultimate outcome, and with our selected contractor and consultants to come up with a strategy that will allow for a maximum usable number of cars to be parked within the structure throughout the phased construction of the site. 5 ecobus 1 hotel shullle bays exi[directlyintotransithub The following pages will present two very different options for the replacement of the atrium to the south parking structure as follows: service e~evators to east~west hotel service spine above Option 01 Already presented in our Phase II RFP Response will ultimately provide 2,002 on-site parking spaces. All 1,150 public stalls will be constructed in 10 months and open to the public on truck maneuvenngyardand February 01, 2010. Option 01 will be constructed completely within regular working hours. shared docks Option 02 Accelerates the demolition, excavation and pre-cast concrete erection schedules to deliver the 1,150 public parking stalls in 8 months, open to the public on December 01, 2009. In order to achieve this extremely aggressive schedule, the final garage will provide a zoning minimum required total of 1,717 on-site stalls, with the remaining 285 public stalls to be built off-site or provided to the Town as cash-in-lieu. Option 02 will require round-the-clock demolition and excavation efforts, as well as, six day-a-week pre-cast structure construction. Both options provide for a minimum of 400 public parking stalls continuously open to the public. ,. F-., ... ,..:' TM Open I NOlwooa PaMerehip construction phasing -option 01 / ~- -- ~ s_ ' 1150 existing public stalls ~ / _- -__ under ,' construction ~- 400 public ' P1 stalls - ,, _ _ -~ i ~~ 1,150 under ,~;~ new ,__' construction public ~~ stalls P2 , i,- - _--- _ (\ v_ _ ~^ ~. ~~ ~ - o ~' - is final parking ;%~ ~,i'~ ( structure - 2,002 ~~~~' ~ parking stalls I ~" `~ ,, 'l ~ ' __--'-l~ L ~-. -- _ -. /mil activity round-about/frontage road duration aril 2008-October 2008 work Pre Phase 1: Realign South Frontage Road and Construct New Roundabout. -All 1,150 parking stalls remain available for public parking -New roundabout open for 2008- 2009 ski season to help alleviate existing traffic congestion Pi-parking garage construction P2-parking garage construction april 06, 2009-January 31, 2010 april 2010-June 2011 Phase 01: Demolition/reconstruction of west half of garage. Phase 02: Demolition/reconstruction of east half of garage. -Build 1,150 permanent stalls + valet entry ramps -400 public stalls remain open within existing parking structure. working hours / lam-7pm / M-F days Executive Summary lam-7pm / M-F -Build 850+/-permanent stalls + entry / exit ramps -1,150 public stalls remain open within western half of new parking structure. lam-7pm / M-F P2-parking garage complete June 2011 Final Completion: open new replacement garage /transit center / transit hub /info center -2,002 total on-site parking stalls -1,605 on-site public stalls (120 short term + 1,485 long term stalls) -5 ECO Bus Transit Hub -On-Site "Great Hall of Arrival" -On-Site ToV Information Center lam-7pm / M-F Option 01 Overview • 2,002 total on-site parking stalls (1,605 public + 397 private) • 1,150 public stalls will be constructed in 10 months and open to the public on January 31, 2010. ~ Constructed completely within regular working hours. ,ns Head Parking Structure Redevelovmant The Open I Htllwood Partnership -- - - _ -- __ __ ~- - , --- ~);, , /;%, 1150 existing public stalls ~ ~' ;~ ~. activity round-about/frontage road duration aril 2008-October 2008 work Pre Phase 1: Realign South Frontage Road and Construct New Roundabout. -All 1,150 parking stalls remain available for public parking -New roundabout open for 2008- 2009 ski season to help alleviate existing traffic congestion working hours / lam-7pm / M-F days Executive Summary under construction 400 public ' Pi ~; ells ~; P1-parking garage construction april 06, 2009-december 01, 2009 Phase 01: Demolition/reconstruction of west half of garage. -Build 1,150 permanent stalls + valet entry ramps -400 public stalls remain open within existing parking structure. - Round-the-clock demolition /excavation and pre-cast structure erection to meet aggressive schedule 24hrs per day / S-S construction phasing -option 02 - __ - 1,150 under J; new _ construction public stalls P2 -__ l ~\~~ _= _o__- = _ _v 4 ' i; final parking ; ~~ structure - 1,717 • ~ ' parking stalls ~ ,' `- _- -- P2-parking garage construction april 2010-June 2011 Phase 02: Demolition/reconstruction of east half of garage. -Build 567 permanent stalls + entry /exit ramps -1,150 public stalls remain open within western half of new parking structure. lam-7pm / M-F P2-parking garage complete une 2011 Final Completion: open new replacement garage /transit center / transit hub /info center -1,717 total on-site parking stalls -1,320 on-site public stalls (120 short term + 1,200 long term stalls) -5 ECO Bus Transit Hub -On-Site "Great Hall of Arrival" -On-Site ToV Information Center lam-7pm / M-F Option 02 1 °717 total on-site parking stalls (1,320 public + 397 private) • 1,150 public stalls will be constructed in 8 months and open to the public on December 01, 2009. Ove rv ~ ew Phase 1 constructed around-the-clock, 7-days-a-week. ~nsHead Parking Structure fiedevelopment The Open ~ Mihvaotl Partnership project costs & public contributions Economic Feasibility: A project of this magnitude and scope undoubtedly entails significant economic commitment. With the help of M. A. Mortenson Company, a reputable and experienced construction services firm attune to the nuances of the Vail market, we have developed preliminary development cost estimates that we believe are sufficiently conservative -notwithstanding the escalating cost environment in which we operate. At a total estimated development cost in excess of $600 million, and assuming the product components as presently contemplated, we are confident in the project's financial feasibility and its value proposition to the Town of Vail. Lionshead Garage Redevelopment - Project Development Costs - SAnrounl Public Parking Garabe, net alloc.t~' $84,970,000 Transit Hub $8,580,000 Information Center $420,000 Off'sitc improvements S14,S00,000 Vail Pcrforniin8 Ans Ccntcr 523,280,000 Employee Housin8 S19,S3Q000 St. Rel;is Hotel $102,740,000 St. Regis - Condos $1 OS,080,000 St. Regis - Fnctionals 539,920,000 W Hotel $89,600,000 W -Condos 577,2SQ000 Retail Component $35,380,000 Total Pre-Financing Development Costs S601,250,000 Public Amenity Control: It is assumed that ownership and control of the 1605 public parking stalls and transit hub will be turned over upon completion to the Town of Vail, which will in turn be responsible for ongoing operation/maintenance, as well as the beneficiary of ongoing revenues. Ownership and operation of the Vail Center for the Visual and Performing Arts is anticipated to be on a joint public/private basis to be determined upon further discussion and negotiation with the Town. Lionshead Garage Redevelopment - Public Use Elements - Puhlic Component Size GSF Amount Public Parking Gatage tll G68,S00 $95,000,000 -Transit Hub 16,000 S8,S80,000 information Center 2,400 5420,000 Vail Performing Arts Center 40,000 $20,700,000 Upper Retail Pedestrian Street 71,000 S6,000,000 Frontage Road Improvements 78,000 $12,000,000 East Lionshead Circle Im rovements 35,000 S2,S00,000 Total Public Use Bud et ~) 910,900 $145 200,000 (I) Includes garage allocations for the Vail Performing Ans Center and the public retail, but excludes all private use size and cost allocations (2) All public building clontcnls are fully finished and include FP&E items necessary to operate the buildings per their intended use. (I) Vote: Figures reflect allocation of garage development costs among various ox's (i.c. public, holcls/condos, retail, culutr;tl ttnter).'I'otal garage devclopmcm cost is estimated to lx approsintatcly $118.$p9M, of which S9$~1M is public use. HillwOOd's Equity Commitment - Hillwood invests significant equity in all of its transactions. The proposed project is expected t0 require an equity commitment approaching $200 million. Hillwood is prepared and has the internal resources and external relationships necessary to capitalize and execute the entire project in a prudent manner. ECOnOIY11C Imj)aCt t0 VBiI -Beyond the implicit value of a beautified and more fully utilized streetscape, the project is expected to generate meaningful and enduring economic value t0 the Town Of Veil. The combination of additional luxury-minded hotel guests and condo/fractional owners coupled with the increased foot traffic attributable to new on-site retail and the new Vail Center for the Visual and Performing Arts can be expected to drive lodging and sales taxes, transfer taxes, property taxes and other related town revenues. Moreover, and what is more difficult to measure yet nonetheless very real, is the positive reciprocal effects to the town from the ongoing marketing initiatives and allure of such global brands as the St. Regis and W Vall. ExecutlVe Summary LionsHeetl Perking Structure Redavelopmem rt,. Opan I Hrwooa Per4wsNp 4z4o r,. ~4 t 1~~~ -~ ~ _. ,, -,, f ~ j," ~ --. r „~ Featuring , ~ l i ~ ~ ~-'`_`' ~. ~ aL,+ ~ ,~~ ~' ~ F1~~~ Qh~`'1 4.. :.~1 ..~ •,~ l ~~ N ~ ~ ~ '~ ~ , ~t ` , .,l 1" s Nt~I:F ~ ~ ,, ~ 1 ..~- l I _ __ r ~ L ~~ i Attachment A • ~ 1 O J East West Partners INTRODUCTION: This Executive Summary is intended to highlight the key elements of the collaborative, creative, visionary, feasible, phased, multiyear and multi-million dollar project known as ONE • It cannot be viewed in isolation • It is interconnected • It involves the entire Town as well as the site • It moves the concept. of One Vail closer to'reality! The One Uail you see here is a collaborative effort. The cornerstone reflects the goals the Town outlined in its initial memorandum. To this has beer added the experience and expertise of hundreds of combined years mountain resort development by our team members; the successful track record of billions of prudently invested dollars in resort properties; quality mountain construction of millions of mixed use square feet; the designing and delivering of thousands of parking spaces recognition for award winning "green" building; and in summary creating scores or successful, sustainable resort developments that have stood the test of time. Executive Summary Since our initial presentations to the Town Council we have conducted formal community "open houses" to discuss important aspects of the plan with all stakeholders; simultaneously we have had our "ear to the ground" listening to individuals and entities-from Lionshead businesses to non-profit agencies, so we can work on common goals; we have strengthened and finely defined our team of professionals; we conducted a nationwide study to determine the right hospitality partner for this unique opportunity; we have reaffirmed financial commitments; and all and all we have worked enthusiastically, continuously, creatively and vigorously to prepare the enclosed proposal. ~~ _~ . \~~, nT ar.T cr irvIMARY dements and requirements of the Town are manding but doable. From replacing the existing 1,150 parking spaces in one construction season, to adding 250 - 400 incremental parking spaces for skiers and events; to providing the new, energetic, Hyatt ON hotel brand, Hyatt fractional and high occupancy residential units with lock-offs (500+ "hot-beds"); along with a new Civic f~ Learning Center to tract new guests; to enhancing the retail fence; solving congestion-and all on a ~,~K~wK that will limit disruptions to the Lionshead community. A plan that provides for interim parking during summer construction and increased public parking during the ski season-this plan succeeds. It is not only practical, but because of the . strong background and experience of East West and Kiewit, it is doable. .n+i~rJ- ~To(wn of Vail's Objectives: ~ :1 A Comply with the Lionshead Redevelopment ~( Master Plan and Mixed Use 1 zoning. tLJ B The development shall help pay for the public improvements. A s[rong ~( preference is given for uses that generate "hot beds." 4:1 C Provide conference space ~( (25,000 sq ft ballroom desired). ~~LI( D Create a new public parking structure with a minimum of 1,150 spaces. ~~:1( E Public parking in excess of the 1,150 spaces. ~!J F Create a new Lionshead Information Center ~( with public restruums. ~!J G Redevelop Lionshead Annex with consideration given [o relocating the ~( Youth Recreation Center and the Colorado Mental Health offices. 4L1 H Improve pedestrian, transit and vehicular circulation between the parking structure and the Lionshead Retail ~-~( Mall. 4~TJ( I Provide loading and delivery for uses created an site. ~TJ J Improve Hotel bus circulation... create a ~{ Lionshead transit facility to accommodate 5 buses. SLJ K Creation of a retail connection along the south side of the project site ~( that is consistent with the Lionshead Redevelopment Master Plan. 4:1 L Frontage Road Improvements consistent with the Lionshead Redevelopment Master Plan and acceptable to the Colorado ~( Department of 'Transportation. SSJ M Other public amenities tha[ would augment [he vitality and economic ~( impact of the development. ~TJ N Use of the U.S. Green Building Council's LEED Green Building Raring System, or a comparable alternative, to guide project design. Executive Summary Town of Vail Improvements/Financial Benefits BENEFITS: In preparing this plan, we are providing to the Town significant improvements/assets with a cost estimated at $101.2M. These improvemenu are the payment for development rights for the Project. The Town will receive deeded, fee simple, interests to d new, state-of--the-art Lionshead Parking Facility, Lionshead Transportation Center, Uail Family/Youth Center, the Lionshead Information Center, the Vail Non-Profit Community Center and other office space as well as public improvements (transportation and pedestrian access improvements, and roundabouts). The Town will receive the benefits of a new Uail Civic and Learning Center ("the Center") at the expense of the Project without the financial operating risk. In addition, the Town will receive the financial benefit of incremental tax revenues. These include, for example, increased sales taxes on lodging, food and beverage, retail, and lift tickets as well as receipts from Tax Increment Financing (TIF) to the Uail Reinvestment Authority and fees equal to 1.4% of incremental lodging sales to the Uail Local Marketing District. Collectively, these will be ongoing sources of incremental tax. revenue for the Town. See page 8 for more information. 3 Executive Summary NEXT GENERATION PARKING COMES TO LIONSHEAD Our Base Plan calls for the reconstruction on the Lionshead Parking Garage site of the existing 1,150 parking spaces plus an additional 250 public parking spaces to be used as incremental skier parking and for conference/event parking. In addition, we will construct approximately 400 parking spaces for the residential and commercial uses to be built on the site. Consequently, the new parking garage would have a total of 1800 spaces. As an alternative co the plan above, we are able to add a full 400 incremental skier/event parking spaces (increased from 250 incremental spaces) on site by reducing the size of the Civic & Learning Center (including the Main Ballroom) by approximately 25%. In either case, the plan also calls for a modem design for the new garage with user-friendly escalators, two way drive isles and substantially improved vehicular and pedestrian ingress and egress, pre-pay kiosks and other technology, minimizing congestion during peak periods. Rebuilding in One Construction Season The Lionshead parking garage currently has 1150 public parking spaces. We recognize the importance of having a plan that assures the town, the merchants, the neighborhood and Vail Resorts that these parking spaces are not lost during any ski season. Accordingly, we have carefully worked through a construction schedule and sequencing plan with Kiewit Construction to demolish and rebuild about two-thirds of the existing parking structure in one construction season between April and December of 2009. Some earlier construction work will likely commence in the fall of 2008 bur. would nor disrupt utilization of the existing gamge during the 2008/2009 ski season. This construction/sequencing plan allows for reopening of 1,150 public parking spaces by December 15, 2009. Parking During Construction Emergency Backup Plan for 2009/2010 Ski Season We have also devised a plan with Kiewit to keep about 350 on site In the highly unlikely event the completion of the 1,150 parking parking spaces available to the public during construction of the new spaces were delayed beyond December 15th, 2009 East West Partners garage - - so at no time will Lionshead he without public parking. would pay to have a temporary all-weather surface installed on the Ford Park fields to allow 800 cars to park in This location. The 800 Keeping these 350 spaces available is possible because the current parking garage was built in three equal sections from a structural point of view. This allows for demolition and construction w occur on the eastern two-thirds of the existing garage site while at the same time keeping the western one-third of the existing garage open for public use. cars at Ford Park plus the 350 parking spaces that would Bray in service in Lionshead would provide an interim backup plan until the newly constructed 1,150 parking spaces could be placed in service. East West Partners would also pay for bus transportation from Ford Park to Vail Village and Lionshead during this interim period as well as ---- _____ for the cost to restore the Ford Park fields to ~~- their original condition. \ \ One Vail Program Summary One Vail Parking Summary Executive Summary No.'WifsrArea Sq. F(. per unit S~uareFeer TOral Accommotlatbns FrecfionaUTmashare Ownetahi : 751 1.683 126 225 __ Whole Qwnershi Condominiums: 120 1.752 210.240 Em Ix ea Housin 30 450 13.500 Subtotal - Sag 968 Hotel _ _ _ Hotel Rooms: 150 620 63,000 _ Hotel Lo 6,000 aq. ft. 6.000 Front of House: 3,000 . ft. 3,000 Bad al Mouse: 72,900 . ft. 12 900 Subtotal I 64,900 Othx MarkeVGelle Retail: 29.000 . ft. 29.000 Restaurant: 6.000 . h. 6,000 Wellness Center 8 Feness Facili 21.700 . kl 21 700 Transit Center, includi restrooms 4,000 .Il. 6.000 Stor 6 D¢We 6,000 . It. 6.000 Subtotal 68,700 Va0 GNC 8 LearMna Canter Main Ballroom'-: 25.300 . f1. 25.300 Hotel cimulaaon. PrefuncDen Back of House. B Su h 35.600 . Ir. 35.600 OHlm/other _ veil Information Center: 1.500 aq. fl. 1.500 u Vail Family/ Vouth Center 2,500 sq. h. 2,500 Vail Non-Profit Center: 3,000 . N. 3,0(10 Other. 2.000 . ft. 2000 Suololel 9000 SuD Total uaro Feet 671,x66 I S % for circulation B6 7211 Toml Square Fact lapproximate)__ 867,185 No. Unils/Aroa ParW~ Calculation Parking S_pxxs Aaommodatlona Motel Rooms: 1501 X.7 105.0 FractionaVTimeshare Owrership_ 751 X.7 52,5 "~ Whole Oxnershlp Condominiums: 120. X1_4 168 Em a Housi 30 X1.4 42 Sutrbtal: I 387.5 Other I MarkeVGalle Retail: 29,000 , 0.1 /1000 X 2.3 87 Restaurant: 6,000 sq. h. i 250 - 2a Veil Conferer>celEvenl Caner: '25 300 s . fl7 I Wellness Center: 21,700 . h SutrTOtal: i 91 OHica Vail Informaton Cemer: 1.500 s . h. n000 X 2.3 1 3.5 Nail Famiy/ Vouth Cemer: 2.500 . n.l 11000 X 2.3 5.8 ( Vail Non-Profit Center: 3.000 s . h. n000 X 2.7 8.1 Other 2 000 . h.l 11000 X 2.7 1 5.4 ISutrTotal: ~ 22.8 I _ -~~~ Total Parki Oemend: -_-- ---~T------- 487.3 I t 5% Redutlion br Mutti-uso: -72.1 Porki for Project: 400.2 PuDllc Uaea Re ace Puhtic Parki I 1,750 Ilncremental Parki Provided I 252.8 I I Total Parkin 1 12 cru! • S9wro wonpo ineMreas eanroom anry, ro ma of roues. IYOaIr out wets, arc. " AwiNde fd Wer6. WolnesM Cents. ono evenb • souse mlago sons rMn oc~u4o vool mrraca .. soaaml Imago Mruaaos emo-ooar mN. ro exa s rouse. sash m wMOO. arc. Anticipated Project Schedule for building the Lionshead Parking Facility and the rest of the One mail project. 2006 2007 2008 2009 2010 2011 2012 aMMeeM pYbf nDxn M,es aMrl Ysaa ans. kMMS LMast Maras IauTJ YuaW arlMm IWAq Lyen M44r IMJ Wr/Mp MMIGU W4f YW4n MAS aartl M,Mpr aMre® aMArM >Nnq brlGS IMtl M//y a+r4u 1daiQ fµen Mae 1MNtl aaAp M+r4m 1WMVr 4MM TOwn Ne¢otiate Contract with town I r ~ . Pre-Sales Initial Sales of Condos Phase I - P Phase II - I Phaca III 0 5 HYATT INTRODUCES HYATT ON VAIL MOUNTAIN, A NEW 4 + STAR HOTEL Hyatt Hotels & Resorts, with their new Hyatt ON Hotel, is the perfect choice for the proposed One Vail project. Why? • New Brand. Many brands have "tired" hotels which dilute the value of the brand and guest experience. This brand is new, distinctive concept. As one of the firs[ Hyatt ON hotels, the Vail hotel will set a high standard for the brand...others will follow our lead. • Selective Brand. Hyatt ON will only he employed in selec[ locations. Examples: Hyatt ON London, Hyatt ON Wall Street, Hyatt ON Vail Mountain, etc. • Group/conferences. Hyatt ranks in the top two brands in the country in first tier corporate group business. Hyatt is a brand that has proven capability in bringing insignificant groups, and a proven ability to operate such a facility. • New Customers n, Vail. Hyatt ON will bring younger, more stylish customers to Vail. The skier population is aging; let's energize Vail. • International. Hyatt is among the strongest international brands, and will bring new international customers co Vail. • Hyatt Knowledee in the Market. More rooms in a market create advantages as marketing dollars are better leveraged. Hyatt ON Vail Mountain can take advantage of nearly 20 years of Hyatt local market knowledge as the operamr of the 5-star Park Hyatt in Beaver Creek. The 4+-scar Hyatt ON Vail Mountain complements that well by having another Hyatt hotel in the market at a lower price point. • Family/Fractional Experience. Hyatt has built an impressive network of fractional properties, including ski resort properties in Beaver Creek, Aspen, and Breckenridge. Hyatt knows how to bring in customers. By the way, what's the customer profiles Families. • Residences Increase Hot Beds. The project will include condominium residences which will feature lock-off hotel rooms, and the owners will be able to enter into a voluntary rental program. This will increase bed base for the hotel to over 300 keys. • hatr-Leval Customers. Hyatt is an established brand with loyal customers. Their Gold Passport customer loyalty program is well established and recognized as a leader in the industry. .. HyRiT _ ~~..~-1- tl~1L, 1tlIl'll JI /V1V 1t,11V Executive Summary RETAIL COMPONENT BRINGS LIFE TO LIONSHEAD We have hired retail consultant lan Thomas to analyze the retail component of One Vail, and provide a preliminary retail mix. Ian indicates that there well may he a "wellness" component ro the "lifestyle" retail experience given proximity to the Wellness Center and possible synergies with Vail Valley Medical Center. He also notes that the retail needs to enhance the connection of Lionshead and Vail Village, be seamless with Lionshead, and complement other Lionshead retail, including the new Arrabelle retail "anchor. The retail should have public spaces as well as an appropriate mix of national (30% suggested) and local (70% suggested) merchants. This type of "lifestyle" retail would bring much-needed activity to the area to "raise the ride" for all of Lionshead. Combined with the conference and event business, it will provide activity and an attraction for families, groups and other incremental visitors and help to bring visitors to and keep them in the Lionshead area Let's make Lionshead a fun place for Vail residents, guests and Eagle County residents as well. ON-SITE EMPLOYEE HOUSING CREATED As noted in our Proposal, we have included 30 nn-site Employee Housing Units (EHU). The Town Council is currently studying implementing new employee housing regulations which may increase the employee housing requirement for the project. Executive Summary VAIL CIVIC & LEARNING CENTER BRINGS INCREMENTAL VISITORS The Civic & Learning Center (Center) ballroom (Base Plan) is about 3X the size of the Marriut ballroom, and is larger than any ballruom in a Colorado mountain resort We estimate that this size ballruom will serve over 90% of the potential business that would have been served by the previously proposed Vail Civic Center. The Center can serve groups that can not currently he accommodated elsewhere in Vail. [t is oversized to bring incremental visitors to the Hyatt ON Vail Mountain hotel, as well as ocher lodging properties in the Town of Vail. The Center will be available to others, including other lodging properties about 50% of '~ the time under a Use Plan. The Center will v include state-of-the-art audio and video systems. g, The Center enhances Vail's stature as the 4' ~' -`,i. premier mountain resort community, by hosting ~ _-~ meetings and recreation, learning and arts, ~' activities and events. In order to attract highly- "' educated guests to Vail, we'believe it is appropriate to position the Center as a °leaming center" where residents and conferees alike can enjoy life-long learning in a world-class recreational setting. The Center's uses would include the following: Conferences and conventions: Convention/theater--style seating for 2,200 to 2,500 people for a plenary session. The ballroom allows for two groups of 500 or more people to simultaneously use the facility. A possible and likely configuration would be to have a group of about 1,000. people for a plenary session in one-half of the ballroom, and a seated luncheon for the same group in the other one-half of the ballroom. This cannot occur today in Vail. Banquets: Banquet seating of 2,000 to 2,300 people. Banquets could be either as part of a convention or for a local event/charity. The largest banquet facility in Vail today seats up to 750 people. Receptions: Stand-up receptions for 2,500 to 3,000 people. Receptions could be "local" or as part of a conference or convention. The largest indoor reception in Vail today could be about 800 to 1,000 people. Events: The facility will comfortably accommodare event or theater-style seating for 1,250 to 1,500 people. Our consultants have designed a variety of stage/seating configurations, depending on the type of event Events could include concerts, comedians, chamber music, renowned speakers, high school graduations, etc. ABOUT EASY WEST PARTNERS Mountain resort construction is unique in virtually every aspect. In order to be successful, a project of this importance and magnitude requires significant mountain resort development and operations experience. The complexities here are magnified by schedules tied to seasonality, and from the public/private and mixed use nature of the project. There simply must be an experienced team with a lengthy track record on the job. To succeed, you need an award-winning lineup. '- East West Partners is a family '~ of related but independent companies devoted to building, selling, managing, and supporting high-quality real estate in the communities in which they operate. We place faith in good people. Each company has broad-based employee ownership with day-to-day management responsibilities. Everyone works to delight customers in every transaction. We are dedicated to innovation. An entrepreneurial spirit is encouraged un the part of each employee, thus helping avoid "commodity" products or services that have little added value for our customers. We recognize that we all have responsibilities. We understand that it is good business to give back to the communities in which we work, and to vigorously protect the natural environment. Since it inception 20 years ago, East Wesr Partners has focused its development efforts in the following areas: • Mixed use resort properties combining hotel, residential, retail and recreational facilities • All forms of resort residential, condominium, townhome, single family • Club and hospitality facilities • Resort and Primary Residential planned communities We are currently developing in five primary locations: • Vail Valley and Summit County • Lake Tahoe, California • Park City, Utah • Denver, Colorado • Charleston, South Carolina Executive Summary Incremental Tax Revenues to the Town of Uail and Related Entities The Town of Uail will receive incremental tax revenues as a result of the One Uail development. An independent consulting firm, Stan Bernstein and Associates, has completed a study of incremental tax revenues. This independent study indicates the Town, the Uail Reinvestment Authority ("VRA") and the Uail Local Marketing District's incremental tax revenues will total about $ 51.6 for the l0year period from 2011 through 2020 and the 2020 "stabilized" incremental tax revenues (all in 2006 dollars) are estimated at about $S.SSM HERE IS A SUMMARY OF THE TOWN'S FINANCIAL BENEFITS (in 2006 dollars): Improvements received in lieu of payments for land ............. 101.2M Total incremental tax revenues ("material" sources only) Total -first ten years ................................... 51.6M Total -first ten years :..................................... 152.8M 10th year incremental revenues(ongoing) .................... S.SSM TOWN OF VAIL TAX REVENUE SUMMARY: Total Annual Total (2011 - 2020) 2020 and Beyond Sales taxes .................... ... $ 16.7M........ .......... $ 2.04M Lifc ticker tax revenues ........... ..... 1.ZM ....... .......... 15M RETT ........................ .....8.6M ....... .......... 37M Other revenues ................ .... 3.3M ....... .......... 24M Total Town of Vail ........... ... $ 29.8M........ .......... $ 2.8M Property Taxes to VRA (TIF) ..... .... 19.7M ........ ........... 2.50M Marketing Lucal Marketing District ... 2.1M ....... .......... ZSM Total Incremental Funds ...... ... 51.6M ........ .......... S.SSM TOWN OF VAIL IMPROVEMENTS FUNDED BY THE PROJECT The Project includes all requested improvemenu in the Town's Request for Proposal. These are listed below, along with the approximate cost/value of each. Improvement: Estimated Cost/Value Scare-of-che-Art Lionshead Public Parking Facility ................... ............. $ 56.OM Vail Civic and Learning Center ................ ................ 29.biv1 Liunshead Transpurtatiun Center/pedestrian access ................. 4.SM Frontage Road/E. Lionshead Circle, roundabouts .. ................. 6.ZM Vail Youth/Family Recreation Center ........... ................. 1.OM Lionshead Information Center ................. ................. 1.3M Vail Non-Profit Community Center ............ ................. 1.2M Otherufficespace ........................... ...................9M Public are .................................. ............. .5M Total assets ................................. ............. $ 101.2M Value of Land/Development Rights** ........... ............ ($ 101.2M) Net Difference ........, :.................... ............ 0.0 *Includes parking for the Vail Civic and Learning Center which uses the new Lionshead Puhlic Parking Facility **Assumed to he equal co value of Town of Vail improvements received for proposal purposes. PROJECT SOURCES OF FUNDS: Total equity financing ..................................... IOO.OM Debt financing Bank debt ................................................417.2M Bond debt -metro district, net of developer subsidy ............... 25.OM Total debt financing ........................................ 440.ZM Total Sources ............................................ 5 2.2M PROJECT USES OF FUNDS: Town of Vail Improvements ................................ $ 101.2M Construction interest and cost of capital ........................ 52.OM Development costs ......................................... 389.OM Total Uses .............................................. 5 2.2M Executive Summary Fair. , ,l __~~~T L _' VAIL 1V~O~JI~'TAIN r•• i Hotel Operator/Financial Partner There are 216 Hyatt branded hutels.and resum (uver 90,000 rooms) in 44 countries around the world, currently operating under the H}act®, Hyatt Regency®, Grand Hyatt® and Park Hyatt®brands. Currently, there are an additional 30 Hyatt hotels and resorts' under development, including I1 new hotels' in China. Hyatt also owns Hyatt Vacation Ownership, developer and manager of Hyatt fractional propetties. Hyatt will be a significant investor in the Hotel, as well. ° ,:~ ' _ - ~ o.~. Financial Partner KSL Capital Partner,; was formed by the Mikc Shannon, former president of Vail Resotts', and Eric Resnick, former vice president of Vail Resotts by raising nearly $1B to invest in resort hotels, resorts and and other recreation assets. Both Mike and Eric are former principals of KSL Recreation. KSL Recreation owned such assets as Dotal (Miami), Arizona Bihmore (Phoenix), Grand Wailes (Maui), and La Quinta/PGA Wes[ (Palm Springs). KSL continues nr have financial in[eresc- in the Hotel Del Coronado and La Costa (both near San Diego). ~, ~ `~.-, CR~S~EhT~® ~tl~r uF ~~~ COLORADO ---••~. -'' - _] Financial Partner Crescent is a public company with uver $4B in asseti. Crescent is the owner of the Park Hyatt Bcavcr Crcck and investor in othcr.East West projects, including the Riverfront Village project in Avon, Manor Vail, Eagle Ranch and most of our Beaver Creek/Bachelor Gulch projects. ?KsKiewt- Lead Contractor Kiewit is the contractor of llenver s T-Rex, which they completed ahead of schedule and under budget. They have been the cunrracwr of choice fur many large parking facilities, including 5 of over 2,000 parking stalls each in the pact year. Thep were the contmcmr for the multi-phase facility at Sky Harbor International Airport in Phoenix. In addition, they have completed many resort mixed-use and hotel projects. Hornberger ~ r, ~ • r ~r l i J~ tl~~r~ ~ urlar ~,~' ~ , ~ , Worsrell ~- - - ' - - ~-~ o ~_ Lead Architect Bomberger + Worstell is recognized for its expertise in the master planning and design of destination resons, urban business and conference hotels, recreation and wellness facilities, academic and residential communities, and mixed use complexes. They were the designers of the Park Hyaa Beaver Creek, Avon's Riverfront Village, and [he Beaver Creek's Hyazt Mountain Lodge/Villa Montane mixed use project. t'~ .; ~,, f ~. ~ r i ,.-~ = r, q~~ .ter ' w =,'- :' Retail Consultant Thomas Consultants operates out of Vancouver, British Columbia. The firm is recognized as a leader in the strategic planning of retail shopping centers, resorts, urhan entertainment centers and tramit projects. Thomas has a wealth of experience in over 30 countries which will be applied to Lionshead. Thomas was the retail consultant on the Arrabelle project. Carl Parking Wa 1 ke r PWnning Engineering xenoration Parking Engineer Carl Walker, Inc. is one of the most experienced parking consultants in the industry. They have created innovative, flexible and cult-effective solutions fur parking projects throughout the country since 1983. BESOflS DESIGN W 1 'r..~ ~ r~r essocrnres !~. Architect Gwarhmey Pratt Schultz Architects, p.c. is a Colorado Professional Corporation for the practice of architecture, emphasizing design excellence and attentive service. Members of the firm have exteruive experience in architectural master planning, design and construction administration ofsingle-family residences, multi-family residential projeeti, recreational facilities and commercial dcvclopmcncs. Architect Gordon Pierce, firm wac one of the original architectural firm, in Vail, and hat a wealth of experience in the Vail area. Resort Design has offices in the Vail Valley and San Francisco. '4 Attachment B Comparison Table for Lionshead Parking Structure RFP Data on Projects Based on Submittals to the Town of Vail ,. To is p „. Descn tion p ~ ,, _ _ . ast West Partners - peri Hospitality Partners .. Private Uses & Sizes # of Accommodation Units (based on Town Cotle) 150 hotel rooms (Hyatt Family) (120 St. Regis) + (120 W Vail) _ total: 240 accommodation units -Square Footage of Accommodation Units 420 sq. feet each, total of 63,000 square feet (77,462 NSF St. Regis) + (76,680 NSF W Vail) _ total: 154,142 NSF # of Dwelling Units 120 (50 St. Regis) + (50 W Vail) _ total: 100 Dwetlin Units # of Dwelling Units with lock offs Estimated at 107 2 and 3 bedroom units, each with lock-off hotel Not Available rooms. Estimated 13 4-bedroom units would not likely have lock- off hotel rooms. This totals 227 "ke s". -Total square Footage of Dwelling Units Average of 1,752 each, total of 210,240 square feet. (116,696 NSF St. Regis) + (98,766 NSF W Vail) _ total: 215,462 NSF -Describe how D.Us would be available to Available on-site Hotel rental program for owners. An All 100 whole ownership residential units (dwelling units) within guests? independent study fora 4-star, Vail Valley condominium hotel this development will be included (per each owner's discretion) indicates 80°1° oftwo-bedroom and 70% ofthree-bedroom in a rental pool to be operated by St. Regis and W Vail. dwelling units will rent their residence. Hotel rental program participation by owners is estimated at 157 "keys" in addition to the 150 hotel rooms for an estimated total of 307 keys. # of Time Share or Fractional Fee 75 Units, each with alock-off hotel room, for a total of 150 ke s. 25 Fractional Units St. Re is - S uare Foota a of Fractional Fee Avery a of 1,683 er unit, total of 126,225 s uare feet. 50,300 NSF Restaurant Square Footage About 6,000 square feet, plus kitchenlstorage (2,500 NSF St. Regis 3-Meal Restaurant) + (1,200 NSF St. Regis Bar I Lounge) + (1,800 NSF W Vail 3-Meal Restaurant) + (2,000 NSF W Vail Bar (Cafe (Lounge) =total: 7,500 NSF within hotels tota1:14,000 NSF within retail along East Lionshead Circle total: 1,000 NSF within UCVPA total: 22,500 NSF Total S uare Foota a of Retail About 29,000 s uare feet 60,OOOnsf 46,OOOretail + 14,000 restaurant # of em to ee housin units 130 beds 217 total em to ees rovided with a 30% multi tier - Sq. footage of employee housing units 450 square feet per unit, 2 beds per unit for a total of 60 on-site (7,350sf on-site + 41,300sf off-site) _ beds, total 13,500 sq. ft. total: 48,650 BGSF Other Square Footage (Back of house, lobby, 21,900 (hotel other), 21,700 (wellnesslspa), 6,000 (storage & (97,512 NSF St. Regis) + (84,947 NSF W Vail) _ circulation deliver 74,635 circulation, kitchen, story e, other . tota1:182,459 NSF Total Private Square Footage 572,200 (154,142 + 215,462 + 50,300 + 7,500 + 60,000 + 48,650 + 182,459) _ total rivate SF: 718,513 BGSF Page 1 Z abed ~(a~l wn; adeos}aaa}s '(ail wn; leuol;oea} g opuoo 'la}oy 'aa}ua~ lean}Ind '(ail uan}-a6e~e6 6ulilaed '~Saii-um} aq plM ~(ouednooo }o a}eol}!}aao a }o awg a6eu6ls pue }uo~}aao}s Ile;daoxa hays ~ a~oo aye saoeds lle;ail •saoueMOpe;no-pllnq algeuosea~ o};oafgns `sa,~ ay};e a}e~ado o} ~(peaa pue ,tail wn}„ sasn Ile aay •~a;ua~ }yon -uoN IIeA ay} unno plnoM;l}o~ -uou a}eaedas a ao uMOl ayl •aoeds aol}}o'aa}ua~ uogea~oa~ as}ua~ lean}Ind ao}_aoneapua y}no~~lllwed IIeA `swooa}sac ollgnd 'aa}ua~ uol}ew~obul a;enud !ollgnd }ulof alglssod '~a}ua~ uoyew~o}ul pue qny }Isue~} peaysuol~ 'qnH }lsu~sl sn8 's}uawanoadwl apn~ peaysuol~ •a}eaado pue uMo 6ulpnpul a6e~e8 6ulil~ed ollgnd a}eaado pue uMO plnoM uMOl .3 's}uawano~dwl ipeo~{ a6e}uo~d •S '~}!I!oe} 6ulii~ed ollgnd plnoM unnol ay; sasn pe a;e}s 'sasn anoge ay}and sasn a}enl~d Ile aldwls aa} ul uMO II!M ~adolanap ~ sasn ollgnd pe aldwls aa} ul uMO IIIM unnol •aldwls aa} ul 'aa}ua~ 6ulwea~ ~ olnp ay} ~o} }oadxa 's}uawanadwl asay} urno pIM uMO} ayl 's}y61~ }uawdolanap~a!e ao} uol}e~aplsuoo se s}uawano~dwl anlaoa~ IIlM uMOl ayl 'oN sasn a;enlad Ile uMO nor(IjIM ao uMOl ay} wad s;y6u ale ao sacs puei ~(ue aseal o; 6ulsodoatl anon( aay •~(~essaoau 11 log}uoo leuol;e~ado awnsse o} pa~eda~d ssalay~anau aye;nq saloualo~a as}eaa6 analyoe o} ~ap~o ul }uauodwoo oggnd ~a6ael ay} }o ao}eaado ~„s}lun„ 6ulil~ed ay} y}lM;uawaa~6e 6ugeaado ue ansmd ~(la~g lilts aM :a}e~adp sad :uMp oggnd pue a;enl~d ay; uaaM}aq 6ulaeys }soo ao~ „uol;eloosse a6e~e6 6ulilaed„ a aq IIIM aay;'lesodoad ay} ul pagl~osap sy •sa,~ ~}oafad ay} ul 6uli{~ed a}enlad ay} a}e~ado pue unno aadolanap ay}IIIM suol}dwnssb uol}eaadp~dlys~auMp dS 998`L9Z ~le}o} _ (aloal~ sash ollgnd aapun (o}a alo~l~ peaysuol~ }sea 'peon a6e}uoad) peaysuol~ }sea dS 006' bb + peon a6e}uad y;noS dS 996`56Z) anoge pa}ou 009'£ 6;0 }Isue~}snq 6ulpnloul }ou '001'£6 le}ol s}uawano~dwi peon ollgnd }o a6e}ood •bs dSJB bbb'608 ~lelol PueJJ _ (6£9`06 + £65`86L) (scoop;no 009'£6 snld 586'199) 989'OL9 a6e;ood aaenbs le;ol pue~~ dSN 6£9'06 ~dS o!Ign le}o} ~(MOlaq acs) ~}Aloe} _ (OOb`Z + b5£'£ 6 + 6L6'9Z + 000`Z£ + 869'96) 6ulil~ed olignd papaap s,lle~ }o uMol ay} 6ulpnloul }ou `g86'bg a6e}ood •bS ollgnd leaol • uol;elno~lo gay}o ~}} ~ s ggp' 6 6 algelleny }oN '(aa;ua~ }l}oad-uoN I!e~) }} •bs 000'£ `(sasn gay}o) ~}} •bs 000'Z (}d 'bS) aay}0 }aay • s o}s dSN OOb'Z ~le}o} sn8 }lsue~l ul papnloul aye swoa}sac olignd) '}aa} aaenbs ppg` 6 (}d •bs) as}ua~ uol}ew~obul dSN b5£'E6 ~le}o} _ (ssau;Id ~a}uao ssaupaM }oo} aaenbs I edS la}oH M dSN 09£'£) + (eds sl6a~ ~}S dSN b66'6) 000' 6Z +}aa} aaenbs 005'Zanoge sle}o; ~a;ua~ y}no,~~~(Ilwed IIeA (}} ~bs) ollgnd o} algel!ene sash uol}ea~oad dSN 6L6'9Z :le}o} swoa}say = ollgnd 6ulpnpur'~tggol aoopul }aa} •bs 000`b snld '(sasnq (slanal £qnH }Isue~16L£'S 6)+ (~(lup }}o-doaa sn8 dSN 008'06) g ~o}) aoeds tlo}s sn8 llsue~l poop}no }aa}aaenbs 009`£ 6 }nogg (}~ •bs) snq pazls iln} a ~o} do}s sn8 }lsueal dSJ 000`Z£ :le}o} = shy 6ulwao}~ad ~ lenslA ao} ~a}ua~ IIeA anoge pa}ou ~a}ua~ 6uluaea~ g olnl~ ay} w papnloul (}d •bs) s}~y~a~n;ln~ a81 Ueld asN o} }oafgns '}oafad ;Rq pauMp (sasn la;oy aay}o 'uol}elnoalo dSN 869'96 :le}o} 'a6eao}s `uayo}lil'aoeds;no ileaaq'uogoun}-aid 6ulpnloul saoeds _ (saoeds olpn}s ~ wooH }eaa~ I1eA M dSN bb9`8) + (saoeds wood 6ul}aaW ~ }anbue8 sl6a~{ ~}S dSNb96`8) la;oy pue aoua~a}uoo pa;elan gay}o) OOg'gE pa}ewl;sa ue snld 'wooapeq;oo} aaenbs OOE'SZ }0 6w}slsuoo ~a}ua~ 6uluaea~ ~ olnl~ (}d ~bs) aoeds 6w}aaW (a6e;ooh aaenbs) sash ollgnd s~au}~ed ~~l~ealdsoH uadp saau}~ed }saM }sea uoi}dlaasaQ . , aldol "'1 Topic Description East West Partners Open Hospitality Partners Parking # Parking for Lodging and Dwelling Units required 312 (hotel 105.0, FractionaUtime share 52.5, Whole ownership 397 by zoning 168, employee housing 42, less 15% mixed use reduction) # Parking for Retail required by zoning 57 (29,000 ` 2.311000, less 15% mixed use reduction) 127 # Parking for EventlMeetinglArtSpace required by 65 (25,300' 311000, less 15% mixed use reduction) 43 zonin Other parking generated by other uses as required b zonin 40 (restaurant 24 plus office 23, less 15% mixed use reduction) 0 Public Parking Not Required by Zoning East West has iwo options for parking: OHP has provide two parking options: 0 tp ion 1: Total Public Parking is 1500 spaces (includes 65 0 tp ion 1: Total Public Parking is 1,605 which includes 1150 parking spaces for civic center space, 97 for retail and 188 net spaces to replace existing parking, 170 spaces required for the new spaces not required by zoning. retail and public uses, and 285 net new public parking spaces. There are 397 private parking spaces. 1500 Public Spaces 312 Private spaces 1605 Public spaces + 1812 Total spaces 397 Private spaces 2002 Total spaces. 0 tp ion 2: Another option presented by East West is to reduce the 0 t~ ion 2: Another option offered by this developer is to reduce civic centerlmeeting space by 20% and provide 308 net new the total number of public parking spaces to to 1,320 spaces spaces or reduce the space by 25% and provide 338 net new (170 for public and retail uses) on site or 1,717 spaces spaces. Its staff understanding that the additional incremental (public+private) and then provide the net new parking of 285 spaces (over 188 spaces) would be provide on site. spaces off site. The proposed benefit of this proposal is to provide 1150 spaces of parking by the beginning of the 200912010 ski season. Construction Mitigation East West will return 1150 spaces by December of 2009 and maintain 400 arkin s aces from A ril 2009 to December 2009. Total Parkin 1,812 2002 Financial Total Cost of Project $540.2M $601 million (pre-financing); $676 million all-in cost Public Funds Needed to build project (Describe sources and amounts: yes 1. TIF (for example) None We expect to pursue a combination of TIF and Metro District bonds based on the project's incremental tax revenues. Based on preliminary tax impact analysis, we anticipate a combined TIFlMetro District bonding capacity of roughly $50MM. These bond proceeds would be used to partially reimburse the developer for public amenities delivered. In no event, however, is the developer requesting public funds which would reduce the value of the public facilities constructed on behalf of the Town of Vail below the appraised value of the propertyldevelopmentvights being transferred to the developer. We will always pay a minimum of appraised value by the construction and delivery of public facilities to the Town of Vail. Based on current projections, the difference between the value of public amenities delivered ($145MM) and the bond reimbursement re uested $50MM is $95MM. Page 3 b abed 'saa} aslyoueJ; se suJa;! yons apnloul pue ' pa;el}u! }ou 'g;pZ •sanuanaJ xe; ~(~adoJd }o WWS'£$ leuoglppe `£Zb'btiZ$ le;o} sanuanaJ le;uawaJOUI !lei;o unno j Jay;O :a;oN ue a}eJaua6 0; pa;oadxa s! (s;soo 6ugeJado pue spuoq }ou}slp •(palel;u! Jo}) !anal;olJ;sla of}aW;e sll!~ Oti-5£ leuol}lppe 6u!;eJOdJooul ;ou) 000'b9Z$;noge aq plnoM uMO j ay; o}saxe; ~}JadoJd !enuue •~(nal II!~ lb£'9b }uaJJno uo paseq (sJellop L lOZ u! `pazll!ge;s) le}uauJaJOUI `sll!w L'ti uo paseq ' l£OZ ul '0£OZ y6noJy; d;!Joy;ny (Jean(}ey; a;e}s pue uo!;ezlllge;s;o Jean( puol(aq pue ~}pZ u! WWO•~$ rSla}ewlxoJdde aq o} pa;ewgs3 }uauJ;sanwa~ lle/1 aya o} 06 saxe; rt;JadoJd }o %OOl pawnssy s~ ash) xej rS~adoJd u! saseaJOUI lenuue pa;oafoJd Jea (sJellop l ~pZ w `pazglge;s) puo~(aq }ey; a;e}s pue uo!}ez!llge;s }o Jean 5l ash)}oafoJd pue ti60Z u! ~Ilenuue WWO~t.$ dia;euJlxoJdde aq o; pa;euJgs3 (pale)}w }ou'L60Z) OL9`OZL$ ~ uaa}xej 6ul6po~ u! saseaJOUI !enuue pa;oa(oJd Jea (saxe j;}!~ sapnpul `sJepop ~ ~pZ u! pazll!gels) puo~(aq leyl a}els pue uo!lezll!gels;o Jea~(,S6 ash) loafoJd pue ~~OZ u! dpenuue WWZ'Z$ ~tlaleuJlxoJdde aq o} paleuJlls3 (paleBul lou `L lOZ) ZZL`OZ£' 6$ woJ; xe j saleg u! saseaJOw !enuue paloafoJd 00'000'OZ6'Sbl$ 00'000'OOZ' lOl$ 1tl101 0 000`009$ Ud o!Ignd '6 0 000`006$ aoe S aol};p Jaylp 'g 0 000'OOZ`l$ JaluaO llunuJUJO~}!}oJd-uoNl1eA'L 000`OZb$ 000'00£' L$ Jalua~ uollewJOlul peaysuo!q 'g 0 000'000' L$ Jalua~ uo!leaJOa~ ~llwed~ylno,~ .5 sluauJanoJduJl ueulsapad 000'009`OZ$ 000'OOZ'9$ +aloJlO peaysuo!l'3 •p~{ a6eluoJd'b 000'005`8 $ 000'005`b$ Jalua~ uollelJOdsueJl '£ 000'001`OZ 000'009'6Z$ s}Jy 6uluJJO}Jad~aouaJa}uo0 'Z (saoeds 6uhlJed alenud Jo}amen sapnpxa) 000'000'56 000`000'99$ saoeds 6ul~lJed ollgnd 6ul~lJed o!lgnd • l amen pue sluauJanoJ uJi lsl~) loafoJd .(q papun} sluauJanadwl o!Ignd ~anuanaJ paleJaua dl j ~(q pao!nJas aq plnoM 'JanaMOy 'spuoq Yong '~la~lll oN ~spuo8 anssl o} pa~lse aq unno j ay; II!M •anss! s!yl aul;ap Jay}Jn) Ol !len ~0 UMO j ayl yllM ~JOM Ol ~OOI l!IM aM 'SlSOo asay} las}}o dlay o} sanuanaJ dW~/1 ay} }o;Jed ~llellualod pue (spuoq loulslp oflaW ay;;o aolnJas lgap Jo; pazlllln sanuanaJ Jalua~ uluJea~ ~ olnl~ ay; puo~(aq) sanuanaJ xel lolJls!Q oflaW ieluauJaJOUI azlllln agj ay; u!la~lJeuJ o; paleolpap spun} aW~l1 'y of Baas plM aM leyl paledlogue s! ll `passasse 6u!aq p!ls aJe sassol (sassol 6wleJado Jalua~ leanlln~ !el}ualod 6ulpn!oul) loulslp ay} lenuue JaluaO u!uJea-l ~ olnl0 lasso }o sluauoduJOO ollgnd ay};o sasuadxa 6ulleJado lenuue al!yM ueld ash uo 6ulpuadap `Q8 j o}saxe; !eluawaJOUI woJ} lunowe lenuuy •£ •luaw olanap /lluawe ol!gnd ay} }o slsoo ay; to auJOS lasso o; pasn aq p!M'spaaoad dl j ay; yllM Jayla6ol `ley; spuoq oflaW paseq -xel asleJ o; amen ~(}Jadad passasse s,loafoJd ay; lsule6e sl!!w 0£ of OZ ~tly6noJ 6u!/nal pue lolJlsld oflaW aleJedas a do 6uglas aled!ogue aM `suogoafad mo uo pase8 •anogy asuodsa~ aag r(plsgns Jadolanap;o lau 'WgZ$ spuoq lolJlslp oflaW 'Z saau~ed J(llle~ldsoH uad0 sJau~Jed }saM }sea uogdlJOSaa ~ :oidol. ,:.,,. Topic ;Description East West Partners ~ Open Hospitality Partners construction fees, shared revenues, road and bridge fund, and count sales tax. Projected TIF annual revenue $2,504,249 (46 mills on incremental assessed value), (2014, not inflated) (see above under Property Taxes) In line with previous response, annual TIF revenue is expected to be approximately $4.OMM. Zoning Max Height Per Lionshead Mixed Use I Zoning, 82'.5" (82.5' to peak of Highest Ridge, No Occupied Space Above 82.5') Two Unoccupied Architectural Projections (AP): AP01 =112 feet AP02 =119 feet Avera a Hei ht Per Lionshead Mixed Use I Zonin , 71' 66.7 feet Site Covera a 50% 62.3% Front Setback closest oint to ro ert line 12'6" est 10' re wires existin utilities relocation East Setback closest oint to ro ert line 12'3" 10' North Setback closest oint to ro ert line 20'6" 10' South Setback closest oint to ro ert line 11' 10' Density 30.5 Dwelling UnitslAcre (19516.4); 35 allowed 100 DU's 16.384 acres = , 15.67 DU'slacre GRFA (Total Area of dwelling units) 336, 465 (126,225 fractionalltime share, plus 210,240 whole ownershi ,not includin circulation 215,462 NSF `Need to evaluate area of flat roofs with EW ro osal F:IcdevIRUSSIProjectslLionshead Parking RFPIComparison Table for Lionshead Parking Structure RFPfina11010.tloc Page 5 ~.jq~;' ~ ~ a. ~l ` A~.a ..,~r~~~~FSI~ ~, ~r a ~- ~ i Yea, ~ +~ d r ~~ ,~~ ~ ~ ', ~tr. t ,~.rt~, J . . ~~` A `~ ~.. Rttachment C t 1~~ i7~zy,`'f~'"~ ~,' ri ~;, `V1! .:~ ~ ,` a~ ~ {rii `. a -.....'• ~.: LionsHead Parking Structure Redevelopment The Open Hospitality Partners & Hillwood Capital [Open ~ HillwoodJ Partnership OHP response to Town of Vail letter of October 13, 2006 ^ October 27, 2006 Russell Forrest Community Development Corporation 75 Frontage Road Vail, CO 81657 Dear Russ: ~~ HOSPITALITY PARTNERS Enclosed, please find answers to the questions raised in your letter of October 13, 2006. Where appropriate, we have utilized exhibits to fully address the question. The exhibits will be emailed to you in a separate power point document. Please find our answers as follows: • Please submit audited financial reports for those entities investing in the project to Steve Thompson. Steve Thompson is in contact with Todd Platt of Hillwood. • Please provide projected tax revenues in your first stabilized year (state year) for property, sales, lodging, and TIF (only uses property tax). See exhibit A (A full tax analysis model is being sent in a separate excel document (Tax Analysis.xls) • Provide a detailed breakout of the value of all public uses including road improvements. Please review any and all assumption you made in determining a value for the public improvements. We are assuming that all public uses include final finishes. Which uses will have furniture and fixtures and which will not. See exhibit B • When will you receive a guaranteed maximum price for the project in relationship to your project time frame? Would completing a % of presales be a contingency for moving forward? Our proposed project will receive guaranteed maximum price agreements pursuant to our proposed construction schedule. As is customary with phased construction, we expect to negotiate the guaranteed maximum price agreements for individual phases in the months leading up to commencement of construction for each respective phase. Based on our past experience and consideration of the project, we anticipate presales contingencies in the 35% range. • Provide a site plan showing all road improvements (Frontage Road, East Lionshead Circle) which the project will provide (shaded in a different color). Also note where there is heated pavement. See exhibit C (2 exhibits) 2525 McKinnon Street Suite 750 Dallas, TX 75201 214.750.0011 Fax 214.750.0060 LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership i • Do you have a back up plan for providing more than 400 parking spaces during construction at the start of the ski season in December 2009? Are there trade offs to be made where you could propose to transfer some of the net new parking to other locations and provide more parking sooner at the beginning of the 2009/20010 ski season? Do you have other options to not impact ski season parking? See exhibit D (2 exhibits) Exhibits D will illustrate that we are prepared to offer several alternatives.relating to (1) number of spaces and (2) timing. We are 100% committed to delivering 2,002 parking spaces per our Phase II proposal. However, we are also committed to a plan that satisfies the Town, Vail Resorts and the Community. Therefore, if it is determined that the net' gain in additional spaces should occur in a location other than the existing Lionshead Garage, we are prepared to alter our proposal and apply the commensurate level of funds to construct said spaces in a location deemed suitable by the Town, Vail Resorts and the Community. • Are you using precast concrete to build the structure? If not what structural system will you use? Yes, we will be using precast concrete. • Can you combine the square footage currently shown for meeting space in the Regis and W and have a large contiguous meeting space without affecting your cost significantly? ,~ No. We believe that our facility should be accretive to the community and'. not compete with other existing product in such places as the Marriott and Vail Cascade. The W and St. Regis meeting spaces are stand-alone enterprises tied to each hotel and cannot be combined. Additionally, the meeting/conference space that can be created within the proposed VCVPA is meant to complement what is being offered at the W and St. Regis. • Do we accurately understand that your proposal will provide 285 net new proposals that would not be required by zoning? Yes • Is there a way to optimize the use of private parking (when not needed by residents) for the public? Yes • Please confirm the number of employee beds, units, and the average size of the units that would be provided by the project. Also you should assume that 30% of employees generated should be housed by the project. This most likely will be a regulatory requirement. It appears that on page 4c.020 of the proposal that the employee housing may be under grade. Will housing have natural light? See exhibit E Atl housing will have natural light. • What market analysis have you done for the demand and type of retail proposed and how it will affect other retailers in Vail? Also do you think an ADR of $450 has a strong market in Vail? You mentioned HVS did areport-Can we get a copy? 2525 McKinnon Street Suite 750 Dallas, TX 75201 214.750.001 I Fax 214.750.0060 LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership We have not completed a formal market analysis related to retail demand. However, having completed many successful retail projects throughout the country we have learned that true grass root research is far more telling than any formal research or analysis. Through such efforts, we have received preliminary verbal indications from more than two dozen prominent national retailers that if awarded this project, we are very confident there. will be more demand than l su y. pp See exhibit F (HVS Report- There are two separate reports, one. for the Proposed St. Regis and one for the Proposed W. These are lengthy documents which will be emailed separately and NOT included in the Exhibits power point document. • How would the operational deficit of public uses, particularly the performing arts center, be paid for by the development? The Town can not incur a risk to its general fund to pay for an . operational deficit for the performing arts facility. We will not look to the Town of Vail's general fund to cover any operational deficit incurred by the creation of the VCVPA. We anticipate. that operational deficits will be covered .through the project's incremental tax revenues generated and/or sponsorship dollars that we expect to receive. • Please clarify your assumptions for using public dollars (how much and for what uses) . See exhibit G detailing the projected incremental tax revenue generated by the project. ,Over the 10-yr period through 2020, we project total incremental tax revenues to be in excess of $86MM. Based on our analysis, we expect the project to generate incremental property tax revenues of roughly $7.5MM per annum on a stabilized basis, which suggests bonding capacity -after deductions for funds necessary to cover operating costs of the project district - in the range of $50MM. This assumes an incremental mill levy increase of approximately 40 mills,. which we believe the future property owners will be willing to bear based on the luxury-type product being delivered. It is understood that all TIF bond proceeds will used be for °public" uses in accordance with their intended purpose. • Please overlay the Town's Frontage Road plans that we provided you with your design to enable us to confirm that your Frontage Road improvements fit within the planned road corridor that has been conceptually approved by the Town and the Colorado Department of Transportation. See exhibit H • Clarify the ownership assumptions and how the land would potentially be subdivided. . The Town will own in fee simple all public uses, the developer will own in fee simple all private uses. • Please provide 1 electronic copy and a photo ready original of an executive summary (7-8 pages total) of your proposal which can be distributed to the public. This executive summary should include: 1) summary of the private and public uses with square footage, 2) Summary of proposed parking clearly describing public parking, 3) summary of the total cost of the project with the values of the specific public uses, 4) Brief summary of who is on your team and their experience, 5) Explanation of construction phasing and how you address parking during construction. 4240 will send the Executive summary CD and photo ready original directly to Russ. 2525 McKinnon Street Suite 750 Dallas, TX 75201 214.750.0011 Fax 214.750.0060 Lions Head Parking Structure Redevelopment The Open ~ Hillwood Partnership • The public has identified indoor recreational amenities as an important need in the community. Regarding your wellness center - to what extent are amenities (pool, rec equipment) available to the public. Are their opportunities recreational programs in the facility open to the public? Our project will have a Bliss Spa that will be open to the.. public. Russell, thank you again for the opportunity to further clarify our proposal. I hope the information being sent adequately addresses the questions posed in your letter. As we discussed, the information included in Exhibits F (the HVS reports) is highly confidential and I ask that you treat it as such. Cc:Jonas Woods Marc Stanworth 2525 McKinnon Street Suite 750 Dallas, TX 75201 214.750.00 l 1 Fax 214.750.0060 LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership 1 1 1 1 1 1 OPENlNILL1V000 LK3NSf3EAL} GARAGE RE9EVELOPMENT, TAX IMPACT SUNNARY 5~lralule 2DI1 ~ ~ ~ ~ ~¢ ~ X18 ~9 ~ TbTAL TOV 2076 "oat Bufldo m.remenAl L0A9m9, Sales, Utt, t raASiet 4, tAISC, I ON LccgingTax F.evenues • Hoa4s LccgingTaz Reti~enues • Condos LccgingTax Fesenues -(}9rer Novels ('~cn1 Atler~e~) Salts Tax F.evenves • Fn>iect Guess Gdven 521., Tax Revenues • 06>Er 11o;elg (~:crf..4ryrriEE<} SaL=s Tax Reronues ~ Com Sits Ra ali Total Increnenlal Lodglrgl5ales Tax Revenues Litt Tax Revalues Trdnsfe; Tax Revenues Frrdrt0lirg Fees ~ 49; Gf Sales Tax Revenues GonsWgloO Fees • Flan Ch?"~S aee ;~alydi; ~ 1f444 Fr3eavalue 51~e dC0 Shared Revs ;LM1rlor Uetuc4 Ci1., H~1lvray User's} ~ 29; of Sales Tax Rev, Couny Raed 8 Bridgefmd IRaBd 1'2 Mlls x Tcvm~ A'/I Couny 538s Tax 11590 of 1Yc';curty Sales-as} To4al SdaetedODter7ax Re~~enues Total Town of Vail Irraemantel Tan Revenues ' 51010 380,?16 701578 X57,8& ?68204 759,204 163,204 759,204 753,204 763104 6[6,011 2 14114 79,7£2 1?x.710 211,606 214 r,4 214,414 214114 214,c•4 214,414 2141'4 1,7f7,JD8 6 5090 34,161 64,1E9 31,732 63732 36,732 'x3,732 66,732 33,132 83.732 571;547 4 01506 S08,Cf9 909.56; 953.260 958280 913,280 9a328P 969,280 953,280 967.995 821(,169 5 1633 52,771 96.22E 1L'),099 100099 1)),099 10),099 1JQ,Q99 1~)J,099 10),099 $'.7,321 8 1.020ALG 1.02-0.000 1.OZ)000 1.020000 1.02J.000 1.OD)04D 1.420.000 1.020.000 1.020.000 A.ifiC!4D4 164.456 2,674-066 2,972,1'K2 3,114.401 3,127.128 3,121,;29 3,127.729 .,121,729 3,121,729 3,126.444 21,096;356 15,516,1]0 20 J 11,315 W,1:i 113,121 119,126 119,116 119,116 11'3,126 119,116 t19,3fi 113,966 1,N1,3T3 1,410,QJ0 4 9 992115 2,63',391 2,535,966 889,121 422.573 4'22,573 -022,371 42$573 422,573 421.5?3 9,551,736 6,100,07D 6 6784 83,045 116:906 124,58E 125109 125,109 125J09 125,109 926,'D9 126,056 1-065;372 790,OJD 15 1J94,7i1 1,794,742 - 3393 41,~..e'1 59E53 62192 62555 32,555 62,555 52,555 62,555 62.529 541,961 276,0)D 22 • 40~ii 43171 46~i4 41.474 43.474 4Gt74 43,474 4474 ?E5,365 450.0)0 10 3362 39.6ff '3.224 74.546 79040 13.-040 79.040 79.040 79.M0 73.992 671.927 445.5)7 15 1,611,285 164,167 292,13D 911,898 518.178 313,178 513,176 313,178 313,118 SI3A52 4-0.6',417 2,(11,590 15 1,974,529 4940,710 5,911;661 4,414,346 3,982.606 3,932,606 3,982,606 3;992,606 3,932,6D6 3,981,076 4$135,581 26,407,63D 15 42,125,192 LiSrlShaad URA Pra e ' Tail I~cirdnealal Retieroes to Yail IncrementalASSessedb'aPialimYOmPro}ect 7,8 21;]15158 64,34',8f1 81,154;683 84,05,841 84,?06841 84,745,8E1 84,~rh,841 84,7)5,641 84,701.841 E4?05.841 ?59,456,441 EstnatedOvedapphglEilLedieslNotlrxludnghletruDaidclsy 99:1' 46.?41 J6~1 46.341 d63~S 43,u' 45341 4fi34i 43.341 43341 U~he&d Fro 0C108+1 Pro ' Tax trlpremenlel AevOnUe4 913:648 1,981,9-01 3 760:761 925,363 3,925:360 3,925,353 928,353 3;92 363 3,925,353 3 9?5,353 35,194;J64 VaD Lacai tAarRattn Distdd Increnardal Rcnenuos ~hanTermLodclagAcoommoda9oaRevenueSubJeatoMal~etlrgTex 1,2,6 1,132668 12,382219 23,44D~E1 25,905563 2f,233T43 24,233,143 25,233,743 2E,233,i43 26,233,743 2f,233,i63 221,114,157 `ai acal Eladc~ug bslri~~. ~dgng Tan Bale 1 SOW 1.4C"m I.40~G 1 X096 1 EO'4 1.40`.6 1 ~O~i 1 ~O~a t.40~k 1 ~U1'e a8 Laaal hlarkatBl DiStdCt InCraner0al Tai Ravenu~ 24,499 173,3;1 331,153 362,676 361.173 331,2x3 941273 367,273 387,273 361,273 3,095598 _ _e ate_Tax_Reuenues _?._ _________.~ ____ 5'rc~<39T30;7 5 3,096AT7~;~u,a•>=.10003896'5•=- T0237r S"~- 8215.132°r5 ;' 827523? S'"'-•"" 275,132 5 "-Btr132KK+5"~"`' ,~8;2T5,23Y5 '8,2T3662A~"> 80`15244 ------.. _a_,_ exhibit A Tax Impact Analysis note: Lull tax analysis emailed separately LionsHead Parking Structure Redevelopment The Open Hillweod Partnership ^ ~! i i~ i i ^ i MO~tTENSON Lionshead Garage Redevelopment Public Use Elements Public Component Size (GSF) Amount ($) Public Parking Garage' 668,500 $95,000,000 Transit Hub 16,000 8,580,000 Information Center 2,400 420,000 Vail Performing Arts Center 40,000 20,700,000 Upper Retail Pedestrian Street 71,000 6,000,000 Frontage Road Improvements 78,000 12,000,000 East Lionshead Circle Improvements 35,000 2,500,000 Total Public Use Budget 2 910,900 145,200,000 1 Includes garage allocations for the Vail Performing Arts Center and the public retail, but excludes all private use size and cost allocations. 2 All public building elements are fully finished and include FF&E items necessary to operate the buildings per their intended use. exhibit B public use elements LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership r ~ ~ ~ ~ w ~ A r ~ ~ ~ ~ ~ ~ r ~ rr ~ ~ ~ ___,- -r ~__- - \ ~ ~ 1 ~, -_ ~~ ~, 1 'Conceptual Layout Only -Design to be further developed ~ with the Town of Vail m O a exhibit C1 public roadway improvements 3 v w ~w w w~ w w w w w w w ~^ ~~~ w w~ w w - --- _- -- ::~..:, - \?~ 'Conceptual Layout Only -Design to be further developed with the Town of Vail and CDOT 'Maintaining areas to hold snow will be a major consideration in final design exhibit C2 heated pavement / pavers --- - - -_ -~ o~- --f-- - ___ ____. - - a ~d ~ ~~eP ~='~~~ ~~ under ~.., ~==-F=~ ~ l 1,1.50 _ ,~ un er / \Q( --~~ ~_ , .. ~ 'r ~ ~ ~ l final parking. ~; ~ construction ~" ~ . nstructlon new' co ~. o ~ 9 a a ~ n p "~ ; . ,'p - r~,-.~._,~ ~ structure 2,002' , 1150~exlstln ~`~ l~ public stalls. f ~ ~~ ,- Pi 400 ublic ~~ ~ ~ stalls ' P2 ,~_~~~~ ~ C i ~ parking stalls; ~, e-,~' }t ` ~ C alts ~~ ~~ } ~ ~ .' ~ .~ C ~~ activity round-about/frontage road P1-parking garage construction P2-parking garage construction P2-parking garage complete duration aaril 2008-October 2008 april 06, 2009-January 31, 2010 april 2010-June 2011 June 2011 work Pre Phase 1: Phase 01: Phase 02: Final Completion: open new Realign South Frontage Road Demolition/reconstruction of west Demolition/reconstruction of east half replacement garage /transit center / and Construct New halt of garage. of garage. transit hub /info center Roundabout. -Build 1,150 permanent stalls + valet entry -Build 850+/- permanent stalls + entry / -2,002 total on-site parking stalls -All 1,150 parking stalls remain ramps exit ramps available for public parking -1,605 on-site public stalls (120 short term -400 public stalls remain open within -1,150 public stalls remain open within + 1,485 long term stalls) -New roundabout open for 2008- existing parking structure. western half of new parking structure. 2009 ski season to help alleviate -5 ECO Bus Transit Hub existing traffic congestion -On-Site "Great Hall of Arrival" -On-Site ToV Information Center hours / lam-7pm / M-F days lam-7pm / M-F Option 01 ~ 2,002 total on-site parking stalls (1,605 public + 397 private) • 1,150 public stalls will be constructed in 10 months and open to the public on January 31, 2010. Overview Constructed completely within regular working hours. lam-7pm / M-F lam-7pm / M-F exhibit D1 construction phasing -option 01 ~ ~ w ~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~, ~ - _ _~: _ . - -__-~_ o 0 \® ._ - ~-TBP~ __--~op `~11 under ~ ~-~ ~4` 1,150.1 _ under ~4~ ~. -_~ If,~ y i` construction ~ (' ` ~ new:i ~ construction ~ _ final parking ~ - ` Y r l 61150 exlsting~ •.~4 ~ ~ ~ ~~ ~' ~ public` ~• _ `-- , ~ , . ~= 'structure - 1,717 400 ublic , ~ arkln stalls public stalls ` ~ P ~'~ ~~ ~ ~ P 9 stalls a ~~ l P1 stalls 1 F--- ~ P2 .-~ _ . 1 1 ,. ';~ ~, activity round-about/frontage road Pi-parking garage construction P2-parking garage construction P2-parking garage complete duration aril 2008-October 2008 april 06, 2009-december 01, 2009 april 2010-June 2011 June 2011 work Pre Phase 1: Phase 01: Phase 02: Final Completion: Open new Realign South Frontage Road Demolition/reconstruction of west Demolition/reconstruction of east half replacement garage /transit center / and Construct New half of garage. of garage. transit hub /info center Roundabout. -Build 1,150 permanent stalls + valet entry -Build 567 permanent stalls + entry /exit -1,717 total on-site parking stalls -All 1,150 parking stalls remain ramps ramps available for public parking -1,320 on-site public stalls (120 short term -400 public stalls remain open within -1,150 public stalls remain open within + 1,200 long term stalls) -New roundabout open for 2008- existing parking structure. western half of new parking structure. 2009 ski season to help alleviate -5 ECO Bus Transit Hub existing traffic congestion -Round-the-clock demolition /excavation and pre-cast structure erection to meet -On-Site "Great Hall of Arrival" aggressive schedule -On-Site ToV Information Center working hours / lam-7pm / M-F 24hrs per day / S-S 7am-7pm / M-F lam-7pm / M-F days Option 02 ~ 1,717 total on-site parking stalls (1,320 public + 397 private) • 1,150 public stalls will be constructed in 8 months and open to the public on December 01, 2009. Overview Phase 1 constructed around-the-clock, 7-days-a-week. exhibit D2 construction phasing -option 02 EMPLOYEE HOUSING W Program gross description of use NSF units formula employees Lodging 120 1.2500 150.00 Multi-Family Units 50 0.4000 20.00 Meeting Rooms /Public Spaces 9,600 0.0010 9.60 Spa 2,688 0.0013 3.49 183.09 St. Regis Program gross description of use NSF units formula employees Lodging 120 1.2500 150.00 Multi-Family Units 50 0.4000 20.00 Fractionals 25 0.4000 10.00 Meeting Rooms /Public spaces 20,550 0.0010 20.55 Spa 8,000 0.0013 10.40 210.95 Other (provided by massing) gross description of use NSF units formula employees Retail /Service /Commercial 60,000 0.0050 300.00 Cultural Center 32,000 0.0010 32.00 332.00 gross employees ~2s.oa 30~o multiplier /total employee beds provided 217.81 *21 pillows/10% of required beds are currently provided on site *7,350sf currently allocated on site = 350sf per bed it nits d f ll i d d ff *350 f b d or a requ re on an o s e u s per e assume exhibit E employee housing analysis LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership ^ t ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ i ~ ~ ~ ~ ~ • ~ ^ ~, - ~ ~ ~ ~' ~ ~ ~ ~ ~' ~ ~ ~ ~ ~ ~ r ~' ~ ~ ~ ~ ~. ., -~~ ~, ~~ ~. r ~. ,~ I 1 2008 2009 2010 2011 2012 2013 2014 2015 Total: ' - - - $91,904,210 $239,243,120 $211,139,469 $44,614,800 $0 $586,902,199 ' 91,904,210 239,243,720 211,139,489 44,614,800 - 588,902,199 - - - - $37,285,714 - - - $37,285,714 ' - - - $40,842,857 - - - - $40,842,857 ' - - - - $2,171,429 - - - $2,171,429 - - - - $1,440,000 - - - $1,440,000 ' - - $2,114,286 - - - - $2,114,286 ' - $4,283,143 - - - - $4,283,143 - - - - $42,857,143 - - - $42,857,143 ' - $47,240,286 $83,154,288 - $130,994,571 ' - - - - $139,144,496 $322,998,006 $211,139,469 $44,614,800 $0 $717,896.770 ' - - - $7,315,575 $19,043,800 $16,806,702 $3,551,336 $0 $46,717,415 ' - - $13,699,683 $24,288,743 - - - $37,988,426 ' $21,015,258 $43,332,543 $16,806,702 $3,551,338 $0 $84,705,841 ' - - - $21,015,258 $64,347,801 $81,154,503 $84,705,841 $84,705,841 BOND CAPACITY Bonding Capacity Assessed Value Mills Annual Rev, ~ 19 vrs, 6%. 20% coverage TIF Bonds $84,705,841 46.341 $ 3,925,353 $35,039,640 Metro District Bonds $84,705,841 26.000 $ 2,202,352 $1 g~659,P79 Metro District Op. Rev. $84,705,841 14.000 1 185 882 86.341 $ 7,313,587 $ 54 898 919 exhibit G assessed value & property tax income revenues LionsHead Parking Structure Redevelopment The Open Hillwootl Partnership Planned road corridor that has been - conceplualy approved by the Town of Vall end the Colorado Departnwnt of TranaportaUon Proposed conceptual road layout -r-- ~1 ~_-- ~~ ~ ~~ w I _ _~ ~- J ~ ~n ~ ~ ~- n \ - _ _ o~ r~ i` -~_ -i--~ ~ ~ ~ 'Conceptual Layout Only -Design to be further devebped `- with the Town of Vail and CDOT m O m exhibit H a conceptual frontage road layout