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HomeMy WebLinkAbout2008-01-22 Support Documentation Town Council Evening SessionVAIL TOWN COUNCIL EVENING SESSION AGENDA VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 6:00 P.M., TUESDAY, JANUARY 22, 2008 NOTE: Times of items are approximate, subject to change, and cannot be relied upon to determine at.what time Council will consider an item. 1. ITEM/TOPIC: Citizen Input. (10 min.) 2. Stan Zemler ITEMITOPIC: Town Manager's Report. (10 min.) • Colorado Chapter of the American Public Works Association (APWA) Award Winners. Council will recall during the summer of '07, the town's Public Works Department was requested to present a session on their innovative and successful approach to managing redevelopment in this community. The town has just learned that in two categories, the Town of Vail. (Small Community Category) has been recognized as providing outstanding service. The categories are as follows: Engineering/Construction Management, the Vail Construction Inspection Team, which includes Public Works, Fire, Community Development and Building; and Building Code Administration, which includes Public Works and the Community Development Department and Building. • Non-Golf Course Facilities Lease. Staff will be bringing forward the first of two Vail Recreation District (VRD) leases, the Non-Golf Course Facilities lease, at the February 5th meeting for Council approval. Previous Council approved a draft Memorandum of Understanding (MOU) and draft Non-Golf Course Facilities lease at its regular meeting on November 6, 2007. Terms of that MOU were: reference to 5 year budget joint funding obligations (appropriated annually); 2007 funding commitments totalling $160,500; and that both parties agreed "to use their best efforts over no longer than the next three months to resolve the backlog of maintenance issues related to the Golf Course." • EverVail. • LionsHead Parking Structure. • North Day Lot. 3. Warren Campbell ITEMITOPIC: PEC/DRB Update. (15 min.) 4. ITEMITOPIC: Information Update. (10 min.) 5. ITEM/TOPIC: Matters from Mayor & Council. (10 min.) 6. Scot Hunn ITEM/TOPIC: Update the Council on progress made on the Chamonix Site Master Plan project. (10 min.) ACTION REQUESTED OF COUNCIL: Adopt as presented, or modify, the recommended planning and design parameters and considerations. BACKGROUND RATIONALE: On January 8, 2008, Staff conducted a "Kick-off" meeting with the Council to: 1) Introduce the Consultant Team to the Council and to present a brief overview of relevant, regional work by the Team (power point presentation); 2) Discuss previous master plan efforts and current opportunities for the Chamonix Site; 3) Discuss and clarify goals, objectives and "parameters" for the project; 4) Establish expectations for project and roles of Council, Staff and Advisory Committee; and, 5) Appoint representatives to the Advisory Committee. On January 16, 2008, Staff held a "Kick-Off' meeting with the Chamonix Site Master Plan Advisory Committee to review the existing, adopted master plan for the site and to discuss new opportunities apparent on the site. Also at this meeting, the Committee formulated recommendations for the parameters to be used in the planning and design process. Advisory Committee recommendations will be presented to the Council at the January 22, 2008 meeting. STAFF RECOMMENDATION: Staff recommends the Council adopt the recommended planning and design parameters and considerations, as presented. 7. Mark Masinter ITEMITOPIC: Timber Ridge Pro Forma Review. (60 min.) 8. Matt Mire ITEMITOPIC: Reading of Emergency Ordinance No. 2, Series 2008. (5 min.) An Emergency Ordinance Approving the Sale of Property owned by Town of Vail Described as Unit #201-A, Alltair Vail Inn, Also Known as 4192 Spruce Way #201-A, Vail, Colorado 81637; and Setting Forth Details in Regard Thereto. BACKGROUND RATIONALE: On December 18, 2007 the counsel released two deed restricted employee housing units at the Bell Tower. On January 3, 2008 the Town of Vail purchased Condominium Unit 201-A, Altair Vail Inn for a purchase price of $178,650.00 to be sold to a person currently listed on the Town Master Resale lottery. The Town is under contract to sell the property on January 24, 2008 to the designated purchaser. This is an emergency ordinance to ensure the Town meets that closing date. STAFF RECOMMENDATION: Approve Ordinance No. 2, Series of 2008. 9. ITEM/TOPIC: Adjournment. (8:10 p.m.) NOTE UPCOMING MEETING START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) THE NEXT VAIL TOWN COUNCIL REGULAR WORK.SESSION WILL BEGIN AT TBD, TUESDAY, FEBRUARY 5, 2008 IN THE VAIL TOWN COUNCIL CHAMBERS. 71 4 i-4 0 P-f APWA Colorado Chapter AWARD WINNERS 2007 January 11, 2008 Category Large " .. Community: ' ?,yblkWorl+s; Denver-Snow y; T' Administration : Removal Outreach . Program Engineering/Construction•°, Colorado Springs- Mahagement Union Boulevard Reconstruction Denver-Florida Interceptor Storm Sewer Fleet Arvada- "h'Management/Ops/Mtce Standardization of Outfitting Police Cruisers -Streets & Traffic Colo Springs- Engineering/Ops/Mtce COSMIX PROJECT 'Drainage and ,Flood Lakewood-Coyote Control Gulch Stream Restoration Water Treatment and Thornton- 5 MG °Distribution Buried Concrete Tank - , 4 Wastewater Denver-Justice Center Treatment/Collection Utilities Environntental ` DesignMainfenance/Ops `-:Building "Code Adndnistratiori Facilities Management- % Westminster-Energy /Maintenance ; Performance Audit & ,, ., Facility Improvements Medium Community Small community 1.4J. 09 Boulder-Foothills Montrose-Cerise Pkwy and Arapahoe Regional Park Avenue Project Parker-Pine Lane ( Vail-Construction / over Cherry Creek \ Inspection Team Extension Project Arapahoe County- Avon-Avon Station Arapahoe Rd Multimodal Trans. Corridor Study' Center Loveland-Fleet Software Conversion Arapahoe County- Fleet Division -Arapahoe County- Greenwood Recycled Paving Village-Belleview Program Avenue and Peoria Street Realignment Erie-Regional Detention Facility 1045 Clifton Water N. Table Mtn. W & District-Water S District-North Treatment Plant Table Mountain 1.5 Pretreatment Facility MG Tank Broomfield-2007 Colorado City Sheridan B1vd.Reuse Metro District - Project Colo City WTP Southgate-2006 Sanitary Sewer Program Colorado State- Storm Water Council Northglenn- Permi -Vail-Public Works Center Community Devt Dept `Erie-i?ne Community Center EVER VAIL Who • Vail Resorts Development Company • Callison Architecture, Inc. • Mauriello Planning Group, LLC What • A proposed real estate development project with an emphasis on green, sustainable development • A mixed use development - retail 164,450 sq.ft., hotel 157,800 sq.ft., residential 526,000 sq.ft. , office 53,500 sq.ft. , employee housing 48,000 sq.ft. • Governed by the Lionshead Redevelopment Master Plan • An 11 acre development site • Development site is located in the Lionshead Mixed Use -2 zone district • Creation of fifth skier portal to Vail Mountain • Proposes realignment of the South Frontage Road • Relocation of the mountain operations and ski yard maintenance facilities • New public parking structure • Creation of public transit facility Where West Lionshead (existing maintenance yard, Vail Professional Building, gas station) When • First phase of construction to begin in spring of 2009 Planning & Environmental Commission worksessions 1St and 2nd quarters of 200 • Town Council worksessions and meetings 2"d and 3rd quarters of 2008 Development Review Process • Lionshead Redevelopment Master Plan Amendment - completed • CDOT Frontage Road Relocation application - pending • De-annex & Annexation application - pending • Major Subdivision application - approved by PEC with conditions Rezoning application - approved by PEC with conditions • Major Exterior Alteration application - pending • Zone Regulation Text amendment - pending • Conditional Use Permit applications (parking garage and ski lift) - pending • Design Review application - pending Project Updates 2 1 1MORAd' Lionshead Parking Structure Who • Open Hospitality Partners 42/40 Architecture What • A mixed use development - retail (60,000 sq.ft.), hotel (180,000 sq.ft.), residential (100 dwelling units), public uses, employee housing (225 units) • Governed by the Lionshead Redevelopment Master Plan • A 6.25 acre development site • Development site is located in the General Use zone district • South Frontage Road and East Lionshead Circle improvements • New public parking structure - 1,900 spaces total • Two new hotels - St. Regis and a "W" (approx. 250 rooms) • Creation of public transit facility • Conference Center/Meeting Rooms -17,000 sq.ft. • TOV to own all public uses - Developer to own all private uses Where • Existing Lionshead Parking Structure site When By February 13, 2008, revised Conference Center proposal to be submitted. By March 15, 2008 - Project Plan (schematic, architectural internal and external layouts of the project) to be submitted for approval by the Council. Project plan submittal deadline above may be extended by either party to no later than September 15, 2008. Development Review Process • Lionshead Redevelopment Master Plan Amendment - pending • CDOT Frontage Road access permit application - pending • Major Subdivision application - pending • Rezoning application - pending • Major Exterior Alteration application - pending • Zone Regulation Text amendment - pending • Conditional Use Permit applications - pending • Design Review application - pending Project Updates TM OF VA;. DESIGN REVIEW BOARD AGENDA PUBLIC MEETING x January 16, 2008 TOWN OF V& Council Chambers 75 S. Frontage Road - Vail, Colorado, 81657 Matt Mire, Town Attorney - Board Training, Lunch will be provided 12:00pm PROJECT ORIENTATION 1:00pm MEMBERS PRESENT MEMBERS ABSENT Pete Dunning Mike Dantas Tom DuBois Brian Gillette Libby Plante SITE VISITS 2:00pm 1. Bridge Street Building - 288 Bridge Street 2. Snowcat access - Tract K, Glen Lyon Subdivision Driver: Scot PUBLIC HEARING - TOWN COUNCIL CHAMBERS, 3:00pm Pinkard Residence DRB070659 / 10 minutes Rachel Final review of a minor alteration (windows, dormer) 22 West Meadow Drive/Lot A, Vail Village Filing 2 Applicant: Jim Pinkard, represented by Michael L. Sanner, Architect, PC ACTION: Approved with condition(s) MOTION: Dantas SECOND: DuBois VOTE: 5-0-0 CONDITION(S): 1. This approval is valid for exterior changes to the Pinkard Residence only. Conceptual approval of the "Villa Cortina Master Plan for Exterior Changes" requires that all future exterior modifications gain design review approval prior to any changes being made. 2. Oehl Residence DRB07-0656 / 10 minutes Nicole Conceptual review of new construction (single family residence) 1325 Spraddle Creek Road/Lot 14, Spraddle Creek Estates Subdivision Applicant: SC Mountain Top LLC, represented by Berglund Architects, LLC ACTION: Conceptual, no vote 3. Bridge Street Building (Rucksack and Scott Buildings) DRB070709 / 30 minutes Scot Final review of an addition (new dwelling unit and increased commercial) 288 Bridge Street/part of Lot C and Lot D, Block 5A, Vail Village Filing 1 Applicant: Jeff Selby, represented by Jay Peterson and Fritzlen Pierce Architects ACTION: Approved with conditions MOTION: Gillette SECOND: Dantas VOTE: 5-0-0 CONDITION(S): Page 1 1. The applicant shall re-submit final details for all proposed exterior railings and any gate proposed to be installed between the existing "A$D Building" and any new construction on Parcel B, for review and approval by the Design Review Board, prior to submittal of building permit applications. 2. The applicant shall study the redesign of railing details for any re-constructed stairwells, decks and balconies located on the east, north and south elevations of the existing residential units within the Rucksack Condominiums Building. The DRB encourages the applicant to reconstruct such railings in a manner to more closely match the railing detail proposed on the west elevation of the Rucksack Condominium Building. 4. Vail Resorts Development DRB070711 110 minutes Bill Final review for a minor alteration (Tract K access road) No address/Tract K, Glen Lyon Subdivision and Unplatted Parcels Applicant: Vail Resorts Development, represented by Mauriello Planning Group LLC ACTION: Approved MOTION: DuBois SECOND: Gillett VOTE: 5-0-0 5. Lions Square Lodge South DRB070729 / 10 minutes Bill Final review of an addition (elevator/stairs) 660 W. Lionshead Place/Lot 1, Vail Lionshead Filing 1 Addition Applicant: Lions Square Lodge, Bill Anderson ACTION: Approved MOTION: DuBois SECOND: Gillett VOTE: 5-0-0 6. Lions Square Lodge South DRB070730 / 10 minutes Bill Final review of an addition (infill addition) 660 W. Lionshead Place/Lot 1, Vail Lionshead Filing 1 Addition Applicant: Lions Square Lodge, Bill Anderson ACTION: Approved with conditions MOTION: DuBois SECOND: Gillett VOTE: 5-0-0 CONDITION(S): 1. Pursuant to Sub-section 12-11-3C, Nonconforming Sites and Structures; Effect of Design Guidelines, the applicant shall replace all wood shake roofing materials on the Lion Square Lodge's south building with a non-combustible asphalt shingle material prior to the issuance of a final inspection approval for this project. 2. Prior to application for a building permit, the applicant shall pay all required employee housing mitigation fees required by Chapter 12-24, Inclusionary Zoning, Vail Town Code. The proposed addition of 1,963 sq. ft. of GRFA, times a 10% mitigation rate equals 196.3 sq. ft., times a mitigation fee of $236.65 per sq. ft. equals a required fee in lieu payment of $46,454.40 Staff Approvals Sciotto Residence DRB070499 Bill Final review of a minor exterior alteration (awning) 380 East Lionshead Circle/Lot 7, Block 1, Vail Lionshead Filing 1 Applicant: Anthony and Peggy Sciotto, represented by Frank Mason Page 2 The Little Diner DRB070599 Final review for a minor alteration (roof mechanical vents) 616 W. Lionshead Cr., Unit 204/Concert Hall Plaza Condo Applicant: James Brian Little-The Little Diner Rogers Residence DRB070632 Final review of a'residential addition (bedroom, decks, roof) 2605 Bald Mountain Road/Lot 12, Block 2, Vail Village Filing 13 Applicant: Bruce Rogers, represented by William Hein Associates Vail Chop House DRB070666 Final review of a sign 675 Lionshead Place/Lot 1, Vail Lionshead Filing 6 Applicant: Vail Resorts, represented by Sign Designs Arrabelle DRB070676 Final review of change to approved plans (revisions to approved DRB package) 675 Lionshead Place/Lot 2, Block 1, Vail Lionshead Filing 3 Applicant: Vail Corp, represented by Steve Roberts Rosenbach Residence DRB070677 Final review of change to approved plans (landscape) 107 Rockledge Road/ Lot 7, Block 7, Vail Village Filing 1 Applicant: Gary and Susan, Rosenbach, represented by George Shaeffer Construction Timberline Roost Lodge, LLC DRB070687 Final review to changes to approved plans (sidewalks, exterior facade) 1783 North Frontage Road, West/Lots 9-12, Buffehr Creek Subdivision Applicant: Timberline Roost Lodge, LLC Rondeau Residence DRB070691 Final review of changes to approved plans (deck enclosure) 1613 Matterhorn Circle/Lot 26, Matterhorn Village Filing 1 Applicant: Paul and Nancy Rondeau Steingraber Residence DRB070694 Final review for a change to the approved plans (roof, chimney and siding) 1028 Riva Glen/ Lot 1 Spraddle Creek Estates Applicant: Hans Berglund, Berglund Architects, LLC Marc Lessans DRB070695 Final review for a change to the approved plans (media room addition) 1325 Westhaven Cr., Unit "B"/ lot 49 Glen Lyon Sub. Applicant: Reslock & Sullivan, LLC The Little Diner DRB070697 Final review for a new sign 616 W. Lionshead Cr., Unit 204/Concert Hall Plaza Condo Applicant: James Brian Little Rachel Warren Nicole George Bill Warren Bill Scot Warren Rachel Page 3 William & Julie C. Ersey DRB070702 Final review for a minor alteration (deck) 1314 Spraddle Creek Road/Lot 15, Spraddle Creek Estates Applicant: Dave Kaselak, Zehren & Associates, Inc. Scot Bell Tower Partners, LTD DRB070705 Bill Final review for an addition (interior conversion) 201 Gore Creek Drive, Unit R-1/Part of Tract 'A', Vail Village Filing 1 Applicant: Vag Architects, Inc. Monogram Real Estate DRB070706 Final review for a change to the approved plans (exterior changes) 745 Forest Road/Lot 7, Block 2, Vail Village Filing 6 Applicant: K.H. Webb Architects Masters Gallery DRB070707 Final approval for a change to the approved plans (sign) 100 E. Meadow Dr. #27/Vail Village Plaza Condo Applicant: Paul Zueger, Masters Gallery Bob & Ursula Leeds DRB070708 Final approval for a change to the approved plans (windows) 965 Fairway Drive/Lot 2, Vail Village Filing 10 Applicant: Hans Berglund, Berglund Architects Vail Commons DRB070712 Final review for a minor alteration (windows) 2109 North Frontage Road West/Lot a Vail Commons Applicant: Mountain View Installations Braxton Residences DRB070717 Final review for a minor alteration (deck, windows, hot tub) 2674 Larkspur Lane./Lot 3, Block 1 Vail Intermountain Applicant: Carol Braxton Bill. Rachel Bill Rachel Bill Maslak Residence DRB070718 Bill Final approval for a change to the approved plans (roof) 1979 Sunburst Dr./Lot 12 Vail Valley 3rd Filing Applicant: Samuel & Luleta Maslak, represented by GPSL Architects Jart/S.A. DRB070722 Scot Final review for an addition (basement, window well) 1650 Vail Valley Drive, Unit 26/1-ot 2, Vail Golf Course Townhomes Applicant: Jart/S.A., represented by Marco Beltran, Extreme Builders Sharer Residence DRB070703 Rachel Final review for a change to the approved plans (exterior changes) 1187 Hornsilver Circle/Lot 13, Block 6, Vail Village 7th Filing Applicant: Debra Monroe, Shepherd Resources Inc. Page 4 McDonnell Residence DRB070719 Warren Final review for an addition (entry) 1234 Westhaven Drive, Unit C-32/1-iftside Condominiums Applicant: Thomas & Jean McDonnell, represented by Danny Swertfeger Quicksilver DRB070723 Final approval for a new sign 675 Lionshead Place/Lot 2, Vail Lionshead Filing 3 Applicant: Fricke Design Burton DRB070724 Final review for a new sign 675 Lionshead Place/Lot 2, Vail Lionshead Filing 3 Applicant: Fricke design Shade Sunglass Shop DRB070725 Final review for a new sign 675 Lionshead Place/Lot 2, Vail Lionshead Filing 3 Applicant: Fricke Design Patagonia DRB070726 Final review for a new sign 675 Lionshead Place/Lot 2 Vail Lionshead Filing 3 Applicant: Fricke Design Vail Sports Kids DRB070727 Final review for a new sign 675 Lionshead Place/Lot 2, Vail Lionshead Filing 3 Applicant: Fricke Design Ryan Residence DRB080002 Final review for a change to the approved plans (exterior facade) 54 Beaver Dam Rd./Lot 32, Block 7, Vail Village Filing 1 Applicant: Michael Suman, Architect, LLC Nicole Nicole Nicole Nicole Nicole Bill Resnick Residence DRB080003 Rachel Final review for an addition (bedroom) 1800 Lions Ridge Loop/Lot 16, Block 2, Dauphinais/Mosely Subdivision Applicant: Jeff Manley, J.P. Manley Architect, LLC Ritz-Carlton Preview Center DRB080001 Final review for a sign 1031 S. Frontage Rd. W./Unplatted Applicant: Mike Johnson, with Eclipse Sign Nicole The applications and information about the proposals are available for public inspection during regular office hours in the project planner's office, located at the Town of Vail Community Development Department, 75 South Frontage Road. Please call 479-2138 for information. Sign language interpretation available upon request with 24 hour notification. Please call 479-2356, Telephone for the Hearing Impaired, for information. Page 5 PLANNING AND ENVIRONMENTAL COMMISSION January 14, 2008 #• 1:00pm INNORK ' TOWN COUNCIL CHAMBERS / PUBLIC WELCOME op?WW OEMONE,,, 75 S. Frontage Road - Vail, Colorado, 81657 Matt Mire, Town Attorney - Commission Training, Lunch will be provided MEMBERS PRESENT Anne Gunion Michael Kurz Rollie Kjesbo Bill Pierce Susie Tjossem David Viele MEMBERS ABSENT Scott Proper Site Visits: 1. Rucksack and Scott Building- 288 Bridge Street 2. Canon and Vickers - 3140 A and B Booth Falls Court Driver: Scot 12:00pm 1:00pm Swearing in of new Commission Member Susie Tjossem by Lorelei Donaldson, Town Clerk 2. Selection of Chairperson and Vice Chairperson ACTION: Chairperson - Bill Pierce MOTION: Kurz SECOND: Kjesbo VOTE: 6-0-0 ACTION: Vice-Chairperson - Rollie Kjesbo MOTION: Viele SECOND: Gunion VOTE: 6-0-0 10 minutes 3. A request for final review of a variance from Chapter 14-6, Grading Standards, Vail Town Code, pursuant to Chapter 12-17, Variances, Vail Town Code, to allow for retaining walls in excess of six (6) feet in height, and a request for final review of a conditional use permit pursuant to Chapter 16, Conditional Use Permits, Vail Town Code, located at Tract K, Glen Lyon Subdivision and Unplatted Parcels, a more complete metes and bounds description is available at the Community Development Department and setting forth details in regard thereto. (PEC070080) Applicant: Vail Resorts Development, represented by Mauriello Planning Group LLC Planner: Bill Gibson ACTION (CONDITIONAL USE PERMIT): Approved with conditions MOTION: Kjesbo SECOND: Viele VOTE: 6-0-0 CONDITIONS: 1. This variance request approval shall be contingent upon the applicant obtaining Town of Vail approval of the associated design review application. 2. The applicant shall properly maintain the limits of disturbance fencing and erosion control methods throughout the construction of this proposal. Any modification to the location or configuration of the limits of disturbance area shall require review and approval by the Planning and Environmental Commission and the Design Review Board. 3. Prior to the issuance of grading permits, the applicant shall: Page 1 a. execute an easement agreement (or such other agreement deemed appropriate by the Town Attorney) with the Town of Vail for the use of Town property; and, b. shall prepare a construction staging plan for review and approval by the Town of Vail; and, c. shall survey and then install all limits of disturbance fencing and all erosion control methods for review and approval by the Town of Vail. ACTION (VARIANCE): Approved with conditions MOTION: Kjesbo SECOND: Viele VOTE: 6-0-0 CONDITIONS: 1. This variance request approval shall'be contingent upon the applicant obtaining Town . of Vail approval of the associated design review application. 2. The applicant shall properly maintain the limits of disturbance fencing and erosion control methods throughout the construction of this proposal. Any modification to the location or configuration of the limits of disturbance area shall require review and approval by the Planning and Environmental Commission and the Design Review Board. 3. Prior to the issuance of grading permits, the applicant shall: a. execute an easement agreement (or such other agreement deemed appropriate by the Town Attorney) with the Town of Vail for the use of Town property; and, b. shall prepare a construction staging plan for review and approval by the Town of Vail; and, c. shall survey and then install all limits of disturbance fencing and all erosion control methods for review and approval by the Town of Vail. Bill Gibson presented an overview of the proposal and the Staff memorandum. He also entered a photo simulation of the proposal, submitted by the applicant, into the record. There was no public comment. Commissioner Pierce asked when the Ever Vail project will occur so that snowcats will not need to cross the South Frontage Road. The applicant's representative Allison Kent, Mauriello Planning Group, noted that the Applicant is currently working through the CDOT review process to re-align the road so snowcat crossings will not be necessary. There was no additional Commission comment. 10 minutes 4. A request for a final review of variances from Section 12-7H-10, Setbacks, and Section 12-7H- 14, Site Coverage, Vail Town Code, pursuant to Chapter 12-17, Variances, to allow for a stair and an underground parking garage vehicle ramp within the setbacks, and deviations from the maximum site coverage requirements, located at 610 West Lionshead Circle/Lot 1, Block 1, Vail Lionshead Filing 3, and setting forth details in regard there to. (PEC070077) Applicant: Landmark Condominium Association, represented by Fritzlen Pierce Architects Planner: Bill Gibson ACTION: Approved with conditions MOTION: Viele SECOND: Gunion VOTE: 5-0-1 (Pierce recused) CONDITIONS: Page 2 1. This approval is contingent upon the applicant obtaining Town of Vail approval of the associated design review applications. 2. The applicant shall not construct any foundation elements including, but not limited to, footers, foundation drains, etc. within the West Lionshead Circle Right-of-Way. 3. Prior to the issuance of a building permit, the applicant must obtain final Town of Vail Public Works Department approval of a Traffic Engineered access control system for the access ramp. 4. Prior to construction of any shoring within the West Lionshead Circle Right-of-Way, the applicant must obtain approval of a license agreement (or any other such document deemed appropriate by the Town Attorney) from the Town of Vail. 5. As required by the March 26, 2007, variance and major exterior alteration approvals, the applicant shall pay a transportation impact fee of $6,500 per increased vehicle trip in the peak hour prior to requesting a Temporary Certificate of Occupancy for this proposal. Seven (7) trips will be generated by this proposal for a total assessed fee of $45,500.00. 6. Prior to requesting a Temporary Certificate of Occupancy for this proposal, the applicant must install, and make fully operational, the ramp's traffic control system. Commissioner Pierce recused himself as his firm is the architect on the project. Commissioner Kjesbo introduced the item as Vice Chair. Bill Gibson presented an overview of the proposal and the Staff memorandum. There was no public comment. There was no additional comment by the Applicant. Commissioner Kjesbo noted that the proposal complied with the review criteria. There was no additional Commission comment. 20 minutes 5. A request for a final review of variance from Section 12-6C-9, Site Coverage, Vail Town Code, pursuant to Chapter 12-17, Variances, to allow for additional site coverage to facilitate construction of a detached garage structure, located at 3140 A "and B Booth Falls Court/Lot 5, Block 2, Vail Village Filing 12, and setting forth details in regard thereto. (PEC070078) Applicant: John Canon and Becky & Ken Vickers, represented by John Perkins, AIA Planner: Nicole Peterson ACTION: Approved, with conditions MOTION: Kjesbo SECOND: Kurz VOTE: 5-1-0 (Viele opposed) CONDITIONS: 1. This approval shall be contingent upon the applicants obtaining Town of Vail approval of a design review application for the detached garage. 2. Any outdoor parking shall be outside of Vail Town Right-of-Way and in compliance with Vail Town Code. Page 3 3. The applicants shall'submit, as part of the design review application, a landscape plan including proposed screening of the outdoor parking spaces. 4. The applicants shall move any existing outdoor storage of trash, equipment or inoperable vehicles into the enclosed garage as soon as a Certificate of Occupancy is obtained. 5. The applicant shall sign an affidavit, approved by the Town Attorney and recorded with the Eagle County Clerk and Recorder, stating that no rental of the existing or proposed floor area shall take place, before a Certificate of Occupancy is obtained. Nicole Peterson presented an overview of the proposal and the Staff memorandum. The applicants had no comment. Alan Scott, 3150 Booth Falls Court, stated that he generally supported the construction of a garage. He stated his concern that the garage will be used for parking cars and not only be used for storage. He also voiced a concerned about there being adequate snow storage. Dominique Mauriello of the Mauriello Planning Group, LLC, representing the Vail Mountain School, noted concern about landscape improvements and a sewer line that were constructed on the school's property. Commissioners Viele and Pierce noted that this was a private matter outside this discussion. Commissioner Pierce entered a letter from the Scott's, Guerry's, and Lamb's into the record. Commissioner Gunion asked if the applicant is allowed to build within the utility easements. Nicole Peterson clarified that utility company approval is required in conjunction with the DRB application associated with this request. Commissioner Viele asked Staff to clarify the analysis of the review criteria and why we believed this was not a grant of special privledge. Nicole Peterson clarified. Commissioner Viele noted that the issue of the improvements on the school districts property and parking on the street can be resolved with private agreements, existing covenants, and existing Town Codes. Commissioner Pierce noted that the existing house is not accessible to vehicular parking and that the applicant is requesting a variance to accommodate the garage. He also noted the Design Review Board's approval of a separation request for this proposal. Commissioner Viele voted against the proposal since he believes it is a grant of special privilege. 30 minutes 6. A request for a final review of an exterior alteration, pursuant to Section 12-7B-7, Exterior Alterations or Modifications, Vail Town Code, to allow for the redevelopment of the Rucksack Condominium Building and the Scott Building, located at 288 Bridge Street/part of Lot C and Lot D, Block 5A, Vail Village Filing 1. (PEC070076) Applicant: Jeffery B. Selby, represented by Jay Peterson Planner: Scot Hunn Page 4 ACTION: Approved with conditions MOTION: Viele SECOND: Tjossem VOTE: 5-0-1 (Pierce recused) CONDITIONS: 1. The Developer shall be required to provide a building code and fire code analysis with any submittal for building permit, 2. The Developer shall address any and all issues and provide all necessary details related to trash storage and access located on the east side of the Bridge Street Building (a.k.a. The Rucksack Condominiums Building and Scott Building), in conjunction with any Design Review application. 3. The Developer shall resolve all issues regarding drainage from the existing and proposed building(s) on to adjacent properties; the provision of gutters, downspouts and other drainage methods tied into existing Town of Vail storm sewer improvements may be required as revisions to building permit set of drawings with any building permit application. 4. The Developer shall submit final details in conjunction with any Design Review application for final review, depicting any and all necessary hardscape, grading and drainage improvements at the rear (east) side of the combined properties, for the specific purpose of providing adequate and code compliant egress from the Rucksack Condominiums Building to a public way. 5. The Developer shall ensure that all new materials, sizes, textures, detailing and colors blend or compliment those materials not being replaced and that any portions of the building that need repair and/or replacement are included in the scope of this project in conjunction with any Design Review application. 6. The Developer shall submit a Design Review application for any and all new exterior signage for the property; a sign program pursuant to Section 11-8-2, Vail Town Code will be required. 7. The Developer shall be required to submit a detailed and final lighting plan, showing all existing light fixtures to be removed, as well as all new fixture locations, fixture types and lumens/output; such plan should be accompanied by cut sheets for each proposed fixture in conjunction with any Design Review application. 8. That the Developer pays in full, the employee housing mitigation fee, as established by the Town of Vail Staff and in accordance with Title 12, Chapter 23, Commercial Linkage, and Chapter 24, Inclusionary Zoning, Vail Town Code, prior to the issuance of the building permit for The Bridge Street Building project. 9. That the Developer pays in full, the traffic impact fee, as established by the Town of Vail Staff based on the net increase in trip generation, prior to the issuance of the building permit for The Bridge Street Building project. 10. The Developer shall, within 24 hours following any action by the Planning and Environmental Commission to approve File No. PEC070076, present to the Town of Vail Community Development Department a plan to mitigate and otherwise rectify the existing conditions of the Rucksack commercial space. Such plan shall be implemented within forty-eight (48) hours of any such final approval by the Planning and Environmental Commission and shall specify the means of providing screening or Page 5 other window covering, treatment or concealment on all windows with visibility from, and/or frontage on Bridge Street for the purpose of concealing any and all unsightly construction activity occurring within the commercial space located at 288 Bridge Street. Commissioner Pierce recused himself as his firm is the architect on the project. Scot Hunn gave a presentation per the staff memorandum. He highlighted the changes made since the last review of the project. The primary change was the incorporation of the Scott Building and a new dwelling unit. He noted that any motion requiring an employee housing fee and traffic impact fee reference the applicable sections of the Town Code, rather than a specific dollar amount. Jay Peterson, applicant's representative, agreed with Staff's recommendation to modify the conditions. Jay Peterson also noted that the applicant has begun screening the store windows. Ron Carlson, representing 286 Bridge Street, noted their concerns about the roof being raised by four feet. He believes this will block light and air to his client's windows. He also believes this will negatively impact his client's views. He noted concerns about how the sun/shade analysis affected his client's property. Commissioner Kjesbo clarified that the overall roof height changes, but it is within the allowable height. Scot Hunn confirmed. Commissioner Viele questioned if there are any adopted view corridors. Scot Hunn referred to the attachments within the Staff memorandum. Mr. Carlson proposed additional study be done to determine if the proposed addition is located within the view corridor. Kaye Ferry, Vail Chamber, referenced condition number 9 and noted that the Chamber has previously asked the owner to allow displays to be placed in the storefront windows. She recommended something be placed in those store windows to make the building and the Town appear attractive. She does not believe the present solution is acceptable, and the applicant should be required to do something decorative with the windows. Ross Davis, representing the Mill Creek Court Association, noted that their concerns were addressed by the acquisition of the Scott Building. They have concerns about any future use of the building for a bar or restaurant. He also noted concern about the proposed trash removal. Jim Lamont, Vail Village Home Owners Association, questioned the review process for trash removal. His clients were comfortable with the idea of trash removal from the rear of the building, but greater detail is required. He also asked for clarification about circulation at the rear of the building. Jay.Peterson, representing the applicant, noted that there is no adopted view corridor affecting the neighbor and the proposal does not block all light and air to the neighbor's windows. He noted that the neighboring A&D Building defines the view corridor, not the subject building. He noted that the A&D encroaches upon the Scott Building site. He further noted that Kaye Ferry's group made no financial offer to the applicants for use of their property. The applicant has concerns about insurance, liability, and construction activities and chose not to allow displays within the windows. Page 6 James Olhson, architect with Fritzlen Pierce Architects, provided details about the trash enclosure details at the rear of the building. Commissioner Kjesbo affirmed that the proposal will be reviewed by the Design Review Board. Jay Peterson clarified that Joe's Deli will continue to use its current enclosure and the new retail and residential will use the rear trash enclosure. Commissioner Kurz noted concerns about the employee housing calculations. He noted that the trash enclosure will be subject to design review. He also note concerns about the present appearance of the building. Commissioner Gunion had no additional comment. Commissioner Tjossem clarified that the neighboring A&D Building blocks the proposed Rucksack Building's impact to the adopted view corridor. Commissioner Viele noted that his question regarding the view corridor has been satisfied by Staff responding that the neighboring building blocks any affects of this proposal on the adopted corridor. The trash enclosure will be addressed by DRB. While he encourages the applicant to improve the appearance of the present building, but does not agree with requiring the applicant to provide displays for other businesses. He noted that the view may be blocked from the neighbor's windows, but the building complies with the height limits and both building are allowed to be located on the lot lines. 30. minutes 7. A request for a final recommendation to the Vail Town Council, pursuant to Section 12-3-7, Amendment, Vail Town Code, for a prescribed regulations amendment to Chapters 12-23, Commercial Linkage and 12-24, Inclusionary Zoning, Vail Town Code, to establish standards and criteria related to mitigating employee housing requirements, and setting forth details in regard thereto. (PEC070075) Applicant: Town of Vail Staff/Planner: Nina Timm and Bill Gibson ACTION: Table to January 28, 2008 MOTION: Kjesbo SECOND: Gunion VOTE: 6-0-0 Bill Gibson presented an overview of the proposal and the Staff memorandum. Several Commissioners asked questions regarding the applicability of the proposed amendments and the definition of demo/rebuild. Jim Lamont, representing the Vail Village Homeowners Association, reiterated some of the history of Ordinances No. 7 and 8, series of 2007. He used the example of the Fogata development to describe that the proposed amendments would require 50% on-site. He further asked if the PEC and Council could waive the 50% on-site. Bill Gibson described that a variance would need to be requested and approved in order to not be required to place 50% on-site. Dominic Mauriello of the Mauriello Planning Group, LLC, representing no-one in particular, provided a letter describing his concerns. He pointed out that this is a major change to the Ordinances and he feels that a significant public process needs to occur. He believes additional meetings are needed to obtain input from developers and other stake holders. Mr. Mauriello, Page 7 gave a hypothetical scenario on a development to depict the impacts of the Ordinances on a development. He highlighted the impacts of the proposed amendments to the village cores where development is property line to property line on small lots. The adopted Ordinances do no contain any.incentives for density, height, site coverage, parking reductions. There is no room on some sites to construct new EHUs. He suggested that the proposed amendments not be adopted. He further added that variances from this are not possible as all the decisions around providing EHUs are financial considerations. Jim Lamont, continued by stating that Dominic had some good arguments. He also pointed out that the only entity currently allowed to mitigate housing outside of Town boundaries is the town government. He agreed that there needed to be more public debate. He concluded that we are at the point of looking at allowing other individuals to mitigate housing off site. Commissioner Viele brought everyone's attention to Exhibit A in the memorandum. He continued by describing how loans are given by banks and allow almost 35% of debt. Nina Timm, Housing Coordinator, responded to Commissioner Viele's, question regarding the details of Exhibit A. Commissioner Viele thanked Nina for her explanation and stated that Bank of America may have different standards than HUD. He further added that there needs to be further discussion on the topic. He concluded that he feels that the entitlement of new people to the valley to "beach front' property is not appropriate. He feels the Town should be focused on housing middle management and upper management. He believes that taking cash is the best solution to aid in the construction row house and town houses. ' Commissioner Pierce added that several of the people on the Commission ruled on this previously. If this is a community problem it needs community support. He gave an example of the impacts to a new business and an existing business. For example a new business is required to mitigate housing the product must sell for more therefore the neighboring business can raise their prices to match the business that is trying to defer the housing mitigation requirement. Town needs a better revenue stream. He is concerned about going back and "patching" one issue with the Ordinance. Commissioner Tjossem, agreed with Commissioners Viele and Pierce. Stated how' these Ordinances have increased the cost of business. 50% on-site is unrealistic, and is driving businesses away. She too is concerned about the sense of entitlement. Commission Gunion, does not disagree with what was said, but she wanted to remind everyone that there were some housing successes in the past year. She also does not mind addressing concerns one issue at a time. She may not agree with what Staff is suggesting, but at least something is in writing to react to and she appreciates that effort. She feels Commission can not simply react by saying it is too complex and never address the issues. She believes a small piece at a time is appropriate. Commissioner Kurz believes there needs to be more input from the public. He does not disagree that what has been said holds importance. He does believe the goal of making the community viable is a valid goal that should be pursued. Commissioner Kjesbo believes there have been some valid points made. However, there is no more land and the housing issue needs to be addressed. He also believes there is a need to keep employees in Town or they will choose to work down valley. Page 8 Dominic Mauriello, stated that he does not believe there is "no land" left. If this is such an issue why not send out an RFP to redevelop the parking structures, Ford Park, etc., with employee housing. Commissioner Viele suggested that a diverse strategy needs to be implemented such as mortgage assistance, small loans, zoning incentives, etc. Jim Lamont likes the idea of having an on-site housing requirement, so long as the PEC and Council have the knowledge to review a project for acceptance of a housing mitigation plan. The standards need to be fairly uniform, but the relief needs to be on a case by case basis. A developer knows what type of housing they need to operate there development. The private developer should be allowed to examine housing options outside of the Town. He gave an example of the Town looking at participating in a project in Eagle. Highlighted the inequity in allowing the Town to explore options outside the Town and developers cannot that is not appropriate. 30 minutes 8. A request for a final recommendation to the Vail Town Council, to allow for Special Business Promotion Permits, and setting forth details in regard thereto. (PEC070073) Applicant: Town of Vail Planner: Rachel Friede ACTION: Table to January 28, 2008 MOTION: Kjesbo SECOND: Viele VOTE: 6-0-0 5 minutes 9. A request for a work session to review an amended final plat, pursuant to Chapter 13-12, Exemption Plat Review Procedures, Vail Town Code, to amend a platted building envelope, located at 1326 Spraddle Creek Road/Lot 14, Spraddle Creek Estates, and setting forth details in regard thereto. (PEC070069) Applicant: Ron Oehl, represented by Berglund Architects Planner: Nicole Peterson ACTION: Table to January 28, 2008 MOTION: Kjesbo SECOND: Viele VOTE: 6-0-0 5 minutes 10. A request for a work session on a proposed major amendment to a Special Development District (SDD), pursuant to Section 12-9A-10, Amendment Procedures, Vail Town Code, to allow for an amendment to Special Development District No. 4, Cascade Village, to allow for the development of a mixed use development, located at 1276 Westhaven Drive (Cornerstone site)/Unplatted, Vail Cascade Subdivision, and setting forth details in regard thereto. (PEC070055) Applicant: L-O Westhaven, Inc., represented by Pylman & Associates, Inc. Planner: Scot Hunn ACTION: Table to January 28, 2008 MOTION: SECOND: VOTE: 6-0-0 11. Approval of December 10, 2007 minutes MOTION: Kjesbo SECOND: Viele VOTE: 6-0-0 12. Information Update 13. Adjournment MOTION: Gunion SECOND: Viele VOTE: 6-0-0 Page 9 The applications and information about the proposals are available for public inspection during regular office hours at the Town of Vail Community Development Department, 75 South Frontage Road. The public is invited to attend the project orientation and the site visits that precede the public hearing in the Town of Vail Community Development Department. Please call (970) 479-2138 for additional information. Sign language interpretation is available upon request with 24-hour notification. Please call (970) 479-2356, Telephone for the Hearing Impaired, for information. Community Development Department Published January 11, 2008, in the Vail Daily. Page 10 MEMORANDUM TO: Town Council FROM: Community Development Department DATE: January 22, 2008 SUBJECT: Chamonix Site Master Plan Update Staff: Chamonix Site Master Plan Advisory Committee PURPOSE The purpose of this update is to summarize progress made, to date, on the Chamonix Site Master Plan project and to present recommendations from the Advisory Committee for adoption by the Vail Town Council. II. BACKGROUND On January 16, 2008, the Chamonix Site Master Plan Advisory Committee held its first meeting. The purpose of this meeting was to: • Introduce the Consultant Team to the Committee; • Review the existing master plan for the Chamonix Parcel; • Discuss new opportunities and changed conditions pertinent to the current master planning project, and; • Set forth recommendations on parameters that will guide the process and the creation of three alternative development scenarios. The recommended design parameters address issues of use, density, access, sustainable design, employee housing mix, ownership and financing options. Specifically, the following parameters and design considerations are recommended to guide the master planning and design of three alternative design scenarios for the Chamonix Site: Recommended Parameters and Design Considerations 1. Site to be used for development of a fire station and employee housing. 2. Housing for fire department employees should be considered in the design of the fire station. 3. An ambulance substation could be an ancillary use on this site. 4. Energy-efficient and sustainable design and construction techniques are important. Certification by a particular program (LEED, Green Globes) to be investigated, although not mandatory. 5. 100% of housing developed should be deed restricted, `for-sale' employee housing, with a mix of one, two, and three bedroom units. 6. The site should be optimized to provide the greatest amount of employee housing. 7. Housing District is preferred. 8. Additional traffic onto Chamonix Lane should be limited. 9. One-story of development at grade with Chamonix Lane is acceptable. 10. All financing and phasing options will be considered. Missing parameters? III. ACTION REQUIRED Staff recommends the Council adopt the recommended Chamonix Site Master Plan project parameters and design considerations. Timber RI*dge Vail, CO Presented by Open Hospitality Partners And Lincoln Property Company TABLE OF-CONTENTS. 1 Letter of Intent 2 Options Overview 3 Option 1 4 Option II 5 Option III 6 Option IV 7 Option V 8 Architectural Information LINCOLN PROPERTY COMPANY January 15, 2008 Mr. Stan Zemler Town Manager Town of Vail 75 South Frontage Road Vail. CO 81657 RE: Offer to Purchase approximately 6.2 acres of land at Timber Ridge Village Apartments in Vail, CO. Dear Stan: This Letter of intent summarizes the proposed ternts and conditions for the acquisition, development and operation of an approximate 316-unit employee housing and apartment complex ("DEVELOPMENT"). We are prepared to execute this Letter of Intent immediately. Purchaser: A to be formed partnership of Lincoln Property Company Southwest, Inc (`'LPC") or Assigns. Seller: The Town of Vail ('TOV") Property: Certain land and improvements described above and also known as 1280 North Frontage Road, Parcel Number 21031205008, Lots CI - C5, LionsRidge Filing #I. The property to be acquired by LPC for construction of the DEVELOPMENT consists of approximately 6.2 acres as shown highlighted on attached site plan, Exhibit A (the "property") Purchase Price: $13,200,000 in cash at closing. Earnest Money: Provided that both Purchaser and Seller agree on mutually acceptable terms, please be advised that Purchaser, upon execution of the contract, shall cause to be deposited with a mutually agreeable Title Company (the "Title Company") the amount of seventy five thousand dollars ($75,000.00) upon contract execution. And an additional seventy five thousand dollars ($75,000.00) shall be deposited at the expiration of the Feasibility Period. The Deposit shall be deemed an earnest money deposit hereunder and is herein referred to as the "Earnest Money," and shall be applicable to the purchase price at closing. Purchase and Sale Agreement: TOV and LPC will enter into good faith negotiations for a mutually acceptable Purchase and Sale Agreement containing the terms and conditions under which TOV will convey the Property to LPC and LPC will construct and operate the DEVELOPMENT, which terms and conditions will include but not be limited to the following: a) Desien ADnroval. TOV will have the right to review and approve the conceptual exterior design of the DEVELOPMENT to be constructed on the Property. b) TOV will use best efforts to facilitate all entitlements necessary for construction of the DEVELOPMENT, in conjunction with LPC Title: TOV, at TOV's expense, shall cause the "Title Company" to issue a Preliminary Title Report (the "Title Report"), accompanied by legible copies of all recorded documents relating to easements, rights-of-way, and all other matters of record affecting the Property. LPC shall have a period of time, to be acceptable to TOV, to review the title and object to same. TOV shall then have a period of time that shall be agreed upon by and between TOV and LPC to cure such objections. Survey: TOV, at TOV's expense, shall cause to be delivered a current survey of the Property, prepared by a duly licensed Colorado land surveyor acceptable to the Purchaser and the Title Company (the "Survey").LPC shall have a period of time to 'be agreed upon between LPC and TOV to object to the Survey, and TOV shall have a period of time agreed upon between LPC and TOV to cure such objections. The Title Report and Survey shall be updated by Seller at its expense within thirty (30) days of closing. Feasibility Period: LPC shall have a period of ninety (90) days from the execution of Contract or receipt of the last of the documents to be provided by Seller, whichever is the last to occur (the "Feasibility Period"), to enter upon the Property to determine if the Property is suitable, in LPC's sole discretion, for purchase by LPC. LPC shall be entitled to make such tests and do such other things as Purchaser, in its sole discretion, may deem necessary in making such determinations. In the event LPC in its sole and absolute discretion determines that the Property is not suitable to LPC, LPC at its sole option may notify the Title Company in writing on or prior to the date of expiration of the Feasibility Period that it has elected to terminate the Contract, in which event the Title Company shall be obligated to return the Earnest Money Deposit to Purchaser less the sum of One Hundred Dollars ($) 00) as independent consideration for the Contract. Zoning: The contract is subject to TOV obtaining a change in zoning, receipt of all permits, approvals or entitlements necessary to develop the project as designed Sale Agreement, and ant other necessary documents, are negotiated and executed by LPC and TOV. If the terns of Letter of Intent are acceptable, please indicate your acceptance by signing a copy thereof in the space provided and returning it to me. Town of Vail By: The foregoing Letter of Intent is hereby agreed to and accepted this Ir day of January, 2008 Lincoln Property Southwest, Inc. By: of twright v Best, Lincoln Property Southwest, Inc. 7efYCourtwright Senior Vice President Vail 1/7/2008 Timber Ridge Option I Assumotions 316 Units / 1,264 Beds $13,530,000 Land Allocation (6.2 acres) $2,280 Rent Cost Return on Cost 95,568,000 7.00% Option 11 Assumotions 316 Units / 1,264 Beds $13,530,000 Land Allocation (6.2 acres) $15,000/ Bed Reservation Fee $1,750 Rent for 116 Reserved Units $2,280 Rent for 200 Non-Reserved Units Cost Return on Cost 86,921,000 7.00% Option 111 Assumotions 316 Units / 1,264 Beds $13,530,000 Land Allocation (6.2 acres) Sell 632 Beds (Half) to VRI at: 100k/bed = $63,200,000 Use profit from sale to lower basis of remaining 632 beds $1,750 Rent @ Market Rate for 158 Remaining Units Cost Return on Cost 79,167,000 7.00% Option IV Assumotions 316 Units / 1,264 Beds $13,530,000 Land Allocation (6.2 acres) $3,840,000 Tap Fees Waived $10,000,000 in City Bonds $4,500/ Bed Resevation Fee $1,750 Rent for Reserved Units $1,910 Rent for Non-Reserved Units Cost 78,401,000 Option V Assumotions 7-Story High Rise 316 Units / 1,264 Beds $8,800,000 Land Allocation (4 acres) $3,000 Rent Cost 128,825,000 Return on Cost 7.00% Return on Cost 7.00% Vail Timber Ridge 1/7/2008 Option I Assumptions 316 Units / 1,264 Beds $13,530,000 Land Allocation (6.2 acres) $2,280 Rent Cost Return on Cost 95,568,000 7.00% owl Vail Option I Vail, CO Product Type: 3 AND / OR 4 STORY GARDEN Ve1N GARAGES ATTACHED GARAGES @ t-4TS DETACHED GRACES 0 UIM FINANCIAL ANALYSIS SUMMARY RENT SCHEDULE 4.00% 1 aR DATE UPDATED 01109108 Unit set Sell 200 Units At 50K over cost at Completion 100.00% PereemaDe Of Cost the Two Ara Udla DEVELOPMENT COSTS PR TOTAL PSF Unit Land A Related Costs ............... 142% 17,369,242 54.97 Hard Costs / Land Derv ............... 602% 57,505,000 181.98 Son Costs ............... 21.7% 20.693.758 65.49 Total Costs ............... 100.0% 95,568.000 302.43 302,430 LAND COST ANALYSIS Acreage ............... 10 6.200 $2,182K Per Acre Land Square Footage ............... 270,072 Square Fed Land Price / Unit ............... $42,813 Per Unit Total Land Price ............... 13,529,062 $50.09 /Land S F Tap I County (t-pact Fees ............... 3,840,180 BUILDING ANALYSIS Not Rentable Area ......................... 316,000 Square Fed Number of Units ............................ 316 Average Unit Size .................................... 1,000 Square Fed Apatment Density .................................... 51 Unks/Ace Parking Spaces ........................... 624 2.0 Per Unit HARD COST SUMMARY Base Construction Cost / Sq. Ft........... $180.00 Par Square Foot project Stan Monts .............. Apr-08 Bass Hard Costs ................. $56,880,000 Additional Land Development Cods ............... 625,000 Construction Time (mos.) ............. 21 - eMT .-ft TI@A `, oeewROx wmx -ft,. ,..? _ . Or mtR SOFT COST ANALYSIS Const 109mt Fees .................. 1.50% SSBZ575 E- :., wt Fees .................. 3.00% x 2,608,474 Financing Faes ................... 0.65% 621.188 Construction Period Interest 6 Reference.... 8,684,918 ArchtechwW & Design Fees ............... $24,362 Engineering Foes ................. 571,489 Taxes During Construction ............. 252,000 Legal ............................... 168,085 General Contingency ............ 2,875,250 Pre-development and Other Soft Costs... ........ 2,790,118 NOTE: Soft Costs lnWnie LOassup Las ofa $1.311 Per Square Foot FINANCING ASSUMPTIONS Total Development Costs .............. $95,567,368 Total Deer. Costs/Sq. FLNrdt........... 302.43 302,430 Total Developmam Costs (Rounded) .... $95,568,000 Nod. Avg. Cont. Period W. 6 Pref. Rate ....... $.16% Average Corot. Period Dra%n Balance ......... 58.11% Total Costs (For Year 1 return rate) ......... $95,568,000 Poet Completion Total Cost of Capital ........... 7.50% 1 R R Hurdle Rate (Look Back After Spll) ....... 9.00% Penn. Loan Fund Month (ARC Completion) 24 (A,ames 1. d Nam1 !merest Paid From Operations Beginning ....... 3110 Total Project I R R Year 1 Sale .......... 47.58% Assume Sale Year ................ 1 LEASE UP ASSUMPTIONS Post Completion Leaseup Deficit ......... 438,668 Stabilized Operating Expenses .... 55.57 Per Square Foot Leaseup Income DUinp Construction ......... 2,430,243 Month of Fret Lease ............. 18 Nevi Urdu perMonth .............. 48 SOURCES INPUT ATTACHED DETACHED Product Type 8 0 0 Source: Hard Costs B Source Rem d Expense 8 9.00% 2118 0.00% S 8R Total Unit Total M Ara Red Rem R 'See UNIT MIX TAB' Totals I Averages 1,000 316 316,000 2,280 720,480 STABILIZED OPERATING PRO FORMA PCT DOLLARS Total Mordhty Rents 98.9% 720,480 Premiums 316 Units a $0.00 per Unit (A) 0.0% 0 Miscellaneous Intone $25.00 ! unit 1.1% 7,900 Potential Monthly Income 160.0% 728,380 Gross Annual Income 100.0% 8,740,560 Less Vacancy ® 3.0% 3.0% 262,217 Effective Gross Annual Income 97.0% 8,478,343 Less Operating Expenses 20.1% 1.760.694 Not Operating Income (NOI) 76.9% 6,717,650 RETURN ON COSTS ........... ........ ............ ........ 7.03% (A) Sara •"-da sclNdso &trlg ddal of premium /p." arena. xexra EWBW $o M t d -Te Nrr1n TMTTRrY ,a 06WfT Y T rEV1E3T a AMC- RENTAL SENSITIVITY: COST SENSITIVITY: _Ram, Ran- Cents 1 Rents at 5.00% 52394 7.45% Costs at 3.50% 98,912,880 Rents at 3.00% $2348 7.29% Costs at 5.00% 100,346,400 Rents at -3.50% 52200 6.72% Costs at -3.50% 92,223,120 APPROVED BY: T. BnoE PAm- B. G- D. J- F. Ce y S. A.- D. Stsar EXPENSES: SF UNIT MONTHLY ANNUAL Salaries 51.06 $1,060 $27,913 $334,960 Advertising 0.07 70 1,843 22,120 Maintenance 0.66 680 17,907 214,880 Management Fee 3.50% 0.94 939 24,729 296,742 Administrative 0.18 100 4,740 56,880 Utilities 0.72 720 18,960 227.520 Taxes 1 1.19 1,191 31,370 376,438 Insurance 0.73 731 19,263 231,153 Other 0.00 0 0 0 Totals $5.57 55.572 5146,724 51.760,694 NOM ExpmO cd°gwv dMdls no" to the dom. Prmmdv Tax Assumo'- Insurance A-tims: Taxable Value/ Unit 257,054 Insurable Value / Unit Milage Ride I $100 0.4634 Mdlage Rate / $too Taxable Value as Pertantaoe at Cost 010% InarableVdw aPecamga o(Gq r LEASING SUMMARY: VAIL OPTION I -ady Cr- Actual New TOW ww Mardb Month Tar Units Urers 1 4 08 0 0 2 5 08 0 0 3 6 08 0 0 4 7 08 0 0 5 8 OB 0 0 8 9 08 0 0 7 10 08 0 0 8 11 08 0 0 9 12 OB 0 0 10 1 09 0 0 11 2 09 0 0 12 3 09 0 0 13 4 09 0 0 14 5 09 0 O 15 6 09 48 48 16 7 09 48 96 2.28 17 8 09 48 144 18 9 09 48 192 19 10 09 48 240 20 11 09 48 288 21 12 09 28 316 22 1 10 0 316 23 2 10 0 316 24 3 10 0 316 25 4 10 0 316 26 5 10 0 316 27 8 10 0 316 28 7 10 0 316 29 8 10 O 316 30 9 10 0 316 31 10 10 0 318 32 11 10 0 316 33 12 10 0 316 34 1 11 0 316 35 2 11 0 316 alum 36 3 11 0 316 09% 37 4 11 0 316 6.69% 38 5 11 0 316 7.28% 39 6 11 0 316 40 7 11 0 316 41 8 11 0 316 42 9 11 0 316 1 EXPENSE DETAIL: S F UNIT AWBtI1SM4G Normal Adwn/Prano 0.07 70 Cable Expense 0.00 0 Total Advertising 0.07 70 PCT MADRB4ANCE 19.0% Replacement Reserve 0.15 150 1.3% General Mairderome 0.49 490 12.2% Elevator 0.04 40 16.9% Total Maintenance 0.68 680 3.2% ADMOOSTRATPA 12.9% Normal Admin OAS 160 21.4% Security 0.02 20 13.1% Association Dues 0.00 0 0.0% Total Adminisbalive 0.18 180 100.0% un-MES ° ) Electricity 0.32 320 Gas 0.16 160 Water 0.19 190 126,821 Trash Service 0.05 50 0.3225 Total Utilities 0.72 e d 720 75.0% ° S. Ddal Texas a Uaees Scheele PRELIMINARY PfLNT DATE: 0$4."0 It AU _ m • y Nw Mora Total AterA dv Letset Oral Occupied Reds . „ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50,000 0 0 0 0 64,892 48 0 48 109,440 79,385 48 0 g6 218,880 94,077 48 0 144 328,320 108,759 48 0 192 437,780 123,462 8 0 200 456,000 138,154 48 0 248 585,440 146,724 48 0 298 674,880 146,724 11 0 307 699,960 146,724 0 0 307 699.960 146.724 0 0 307 699,960 146,724 0 0 307 698,960 146,724 0 0 307 699,980 146.724 0 0 307 899,960 148,724 0 0 307 899,960 146,724 0 0 307 088,960 146,724 0 0 307 889,960 146,724 0 0 307 889,960 146.724 0 0 307 699.960 146,724 0 0 307 699,980 146,724 0 0 307 699,960 148,724 0 0 307 099.960 146 724 0 0 307 688,960 146,724 0 0 307 699,060 146,724 0 0 307 699,960 146,724 0 0 307 eee,960 146,724 0 0 307 WON 146,724 0 0 307 699.960 146.724 VMT14LV A HUAL iPCT 1,543 22,120 1.3% CAP RATE VALUE 0 0 0.0% 4.50% 149,281,104 1,843 22.120 1.3% 4.75% 141,424,-03 5.00% 134,352.993 3.950 47,400 2.7% 5.25% 127,955.232 12,901 154,840 8.8% 5.50% 122,139,095 1.053 12640 0.7% AVERAGE 135.,030,523 17,907 214,880 12.2% 4,213 50,560 2.9% 527 6,320 0.4% 0 0 0.0% 4,740 58,880 3.2% 8,427 101,120 5.7% 4,213 50,560 2.9% 5,003 60,040 3.4% 1.317 15.800 0.9% 18,960 227,520 12.9% FLE' ON100 Vaa 316 1.0 91 Apt, 13.215 1and l 144 HOE: t 1 Vail Timber Ridge 1 1712008 Cost Return on Cost r Option 11 86, 921, 000 Assumptions 316 Units / 1,264 Beds $13,530,000 Land Allocation (6.2 acres) $15,000/ Bed Reservation Fee $1,750 Rent for 116 Reserved Units $2,280 Rent for 200 Non-Reserved Units 7.00% M" Vail Option It Vail, CO Pm*" T)is: 3 AND/OR 4 STORY "91791 WM GARAGES ATTACHIM GARAGES 6 LWM DETACHW GARAGES 6 LWTS FINANCIAL ANALYSIS SUMMARY RENT SCHEDULE a."% 1 BR DATE UPDATED 01/09108 lldt ad 100.00% Peroentaoe of Cost unit Toe Arm u its DEVELOPMENT COSTS PCT TOTAL PSI: Unit Land d Related Costs ............... 12.0% _ 10,409,242 3294 Hard Costs Hand ON ............... 662% 57,505,000 181.98 Son Costs ............... 21.9% _ 19,0116.758 60.15 ToW Casts ............... 100.0% 86,921,000 275.07 275,086 ' LAND COST ANALYSIS Acreage ............... 6.200 $1,060K Per Ace Land Square Fodsg. ............... 270,072 Square Fad Land Pate I Unit ............... $20,788 Par Unit Total Lard Price ............... 6.569,062 $24.32 / Land S F Tap I Canty I Impact Fees ............... 3,840,180 BUILDING ANALYSIS Not Rentable Area ......................... 315,000 Square Fed Numb. of Units ............................ 316 Average Unit Size .................................... 1,100 Square Fed Apartment Density... ..................... ........... 51 Unds/AQe Paridng Spaces ........................... 624 2.0 Per Unit HARD COST SUMMARY Base Construction Cost/Sq. Fl........... $180.00 Per Square Foot Proied start Month .............. Apr-08 Base Hard Costs ................. $56,880,000 Additional Land Development Costs. .............. 625,1100 Construction Time (mos.) ............. 21 awn oar sowrs eaeraawarr. PaM.- unit eev . agra7wtroa awl. SOFT COST ANALYSIS Const Mgmt Fe as .................. 1.50% 5862.575 Development Fees .................. 3.10%a 2,383.924 Flnancing Fees ................... 0.65% 564,982 Consauct on Period Interest 6 Preference..,. 7,456,243 Ard*tedunt 6 Design Fees ............... 824,362 Engineering Fees ...:............. 571,489 Taxes During Cons Auction ............. 194,000 Legal .............................. 168.085 General Cadingency ............ 2,875,250 Pra-development and Other Son Costs ........... 2,680,343 NOTE: sort casts Iodude I-.* Loss of a $1.34 Per Square Foot FINANCING ASSUMPTIONS Tow Development Costs .............. $86,920.366 Toot Dev. Costs/Sq, Ft1Urit ........... 275.07 275,066 Total Development Costs (Rounded) .... $86,921,010 VNd. Avg. Const. Period Int. 8 Pref. Rate ....,.. 8.16% Average Cmst. Period One" Balance .....,... 54.85% Total Costs (For Year 1 return rate) ......... $86.921,000 Post Completion Total Cost of Capital ........... 7.50% I R R Hurcle Rate (Look Bade Alter Spat) ....... 9.00% Penn. Loan Fund Month (After Completion) 24 IASS,mes 1tt d Nnanl Interest Paid From Operations Begin ring ....... 3110 Total Project 1 R R Year 1 Sale .......... 46.94% Assume Sale Year ................ 1 LEASE UP ASSUMPTIONS Post Canpb6on Leaseup Deficit ......... 424,812 Stabilized Operating Expenses.,.. $5.32 Per Square Foot Leaseup Income During Construction......... 2,173,653 Month of Fast Lease.. ........... 16 New Urats perMeath .............. 48 SOURCES INPUT ATTACHED DETACHED Product Type B 0 0 Source: Hard Costs B Source: Red d Expense B I PRELIMINARY' +o os.u 0.w% 211R a.wx 3DR LEASING SUMMARY: VAIL OPTION0 PRINT DATE 09-Jsn413 awo. err T.W that Total Monedy Ctaas Add NM Taw Now Moor Taw MmDN Ara Rem Rent R nvw Wool Month Y- units U.K. Lon Owls C..W tl R.Ab ev- 'See UNIT W TAB' Totals/Averages 1,000 316 316,000 2,085 659,000 STABILIZED OPERATING PRO FORMA PCT DOLLARS Total MaNhly Rents _ 98.8% 659,000 Premiums 316 Units C 50,00 per Unit (A) 0.0% 0 Miscellaneous Intone $25.00 (unit _ 112% 7,900 Potential Monthly Income 100.0% 6661900 Gross Annual intone 100,0% 8,002,800 Less Vacancy0 3.0:6 3.0% 240.084 Effective Gross Annual income 97.0% 7,762,716 Less Operating Expenses 21,0% 1,680.672 Not Operating Income ( NOI ) 76.0% 6,982,1144 RETURN ON COSTS .......... ................... .......... 7.00% (A) SN feparde •dadsa Bttl^9 ddaa or prarnk. /pWlg Income, Aawr I exr.Rta sower: - o-cs 6smw*s wiR enmeFRrv ---.W - savaw I Aerm.a RENTAL SENSITIVITY: COST SENSITIVITY: Rents Return Comb Rends at 5.00% 52190 7.42% Costs at 3.50% 89,963,235 Reins al 3.00% 52148 726% Costs at 5.00% 91,267,050 Rents at -3.50% $2012 6.69% Costs at -3.50% 83,878,765 APPROVED BY: T. B- PAma.R B. G.. D. JACK F. Cw our B. A.- , D. Smen _EXPENSES: SF UNIT MONTHLY ANNUAL Salaries 21.06 $1,060 $27,913 5334,960 Advertising 0.07 70 1,843 22,120 Maintenance 0.68 680 17,907 214,880 Management Fee 3.50% 0.86 860 22641 271,695 Ad.W.tratlve 0.18 180 4,740 56,880 Utilities 0.72 720 18,960 227,520 Tax- a 1.08 1,063 28,532 342,378 Insurance 0.67 665 17,520 210,238 Other 0.00 0 0 0 Totals $5.32 $5,319 5140.056 $1,680.672 _ NOTE Exile ss cd.gey aloft W441o the dg'4. Premed. Tax ASS Wi- Insu re A-.;- Taxable Value/Unit 233,805 Insurable Value/Unit MSlage Rate / 5100 0.4634 Milage Rate 15100 Taxable Vatsw as Ptrc.ntape of cost 85.0% braaabie Value as Prrc"t of Cost 1 4 08 0 0 0 0 0 0 0 2 5 08 0 0 0 0 0 0 0 3 6 Go 0 0 0 0 0 0 0 4 7 04 0 0 0 0 0 0 0 5 8 OB 0 0 0 0 0 0 0 6 9 08 0 0 0 0 0 0 0 7 10 all 0 0 0 0 0 0 0 8 11 08 0 0 0 0 0 0 0 9 12 OB 0 0 0 0 0 0 0 10 1 09 0 0 0 0 0 .0 0 11 2 09 0 0 0 0 0 0 0 12 3 as 0 0 0 0 0 0 0 13 4 09 0 0 0 0 0 0 0 14 5 09 0 0 0 0 0 0 50,000 15 6 09 48 48 C 0 0 0 63,679 16 7 09 48 96 48 0 48 100,101 77,359 2.09 17 8 09 48 144 48 0 96 200,203 91,038 18 9 08 48 192 48 0 144 300,304 104,718 19 10 02 46 240 48 0 192 400,405 118,397 20 11 09 48 288 8 0 200 417,089 132,076 21 12 09 28 316 48 0 248 517,190 140,056 22 1 10 0 316 48 0 298 617,291 140,056 23 2 10 0 316 11 0 307 640,731 140,056 24 3 10 0 316 0 0 307 640.131 140.056 25 4 10 0 316 0 0 307 840,731 140,056 26 5 10 0 316 0 0 307 640,231 140,056 27 6 10 0 316 0 0 307 640,231 140,056 26 7 10 0 316 0 0 307 640,231 140,056 29 8 10 0 316 0 0 307 640,231 140,058 30 9 10 0 316 0 0 307 640.231 140,056 31 10 10 0 316 0 0 307 840.231 140,056 32 11 10 0 316 0 0 307 640,231 140,056 33 12 10 0 316 0 0 307 640.231 140,056 34 1 11 0 ale 0 0 307 840,231 140,056 35 2 11 0 316 0 0 307 640,231 140,056 taturn 36 3 11 0 316 0 0 307 640,231 140.056 6.76% 37 4 11 0 316 0 0 307 640,231 140,056 6.66% 38 5 11 0 316 0 0 307 640,231 140,056 7.25% 39 6 11 0 316 0 0 307 640,231 140,056 40 7 11 0 316 0 0 307 640,231 140,056 41 8 11 0 316 0 0 307 640,231 140,056 42 9 11 0 316 0 0 307 640.231 140.056 EXPENSE DETAIL: S F UNIT MONTHLY ANNUAI, PC AVVERTIS04G Normal Advert/Promo 0.07 70 1,843 22,120 1.3% CAP RAE Y uE Cade Expense 0.00 0 0 0 0.0% 4.50% 135,156,{0 Total Advertising 0.07 70 1,643 22126 1.3% 4.75% 128,041,038 PCT wwrIE 1ANCe 5.00% 121,640.886 19.9% Replacement Reserve 0.15 150 3,950 47,400 2.8% 5.25% 115,848,463 1.3% General Maintenance 0.49 490 12,903 154,840 9.2% 5.50% 110,562,624 12.6% Eleed. 0.04 40 1.063 12640 0.8% AVEMGE 122,254,310 16.2% Total Maintenance 0.68 680 17,907 214,680 12.8% 3.4% A-......,.,.ATNE 13.5% Normal Admin 0116 160 4,213 50,560 3.0% 20,4% Security 0.02 20 527 6,320 0.4% 12.5% Association Dues 0.00 0 0 0 0.0% 0.0% Tow Administrative 0.18 180 4,740 56.880 3.4% 100.0% t nuns a Electricity 0.32 320 8,427 101,120 6.0% Gas 0.16 160 4,213 50,580 3.0% Water 0.19 190 5,003 60,040 . 3.6% 206,298 Trash Service 0.05 50 1.317 15800 0.9% 0.3225 Total U1586- 0.72 720 16,960 227,520 13.5% 750% a See Ddd Tess A UMYs Scht?M FILE 010701 Yd M Lhk Ape 1324 lain 11 raamt reca: n a n Vail Timber Ridge 9/7/2008 Option 111 Assumations 316 Units 11,264 Beds $13,530,000 Land Allocation (6.2 acres) Sell 632 Beds (Half) to VRI at: 100k/bed = $63,200,000 Use profit from sale to lower basis of remaining 632 beds $1,750 Rent @ Market Rate for 158 Remaining Units Cost Return on Cost 79,167, 000 7.00% t Vail ISO Market Units Vail. CO PRELIMINARY Product Tye.: s AND 1 OR 4 STORY GARDEN VSTH GARAGES ATTACHED GARAGES 1 UNITS DETACHED GARAGES / UNITS FINANCIAL ANALYSIS SUMMARY RENT SCHEDULE 4.0e% 1 OR 0.40% 2 BR 0.40% g tut LEASING SUMMARY: VAIL 158 MARKET UNITS PRINT DATE 0""S +e .- DATE UPDATED 01/09/08 We /a Tool Unit Taal Money Clron. Ac d Nwv Tatd New Move- Tod Irea :- Sell 2DO Units at 50K over cost at compledon 50.00% PvCentaee of Cost !salt Tore Ara /Ails Area Rent Real R.WW Month Name Yea Unts Ualtr I.- Outs Ocnpled Rants N_ I DEVELOPMENT COSTS 1 4 08 0 0 0 0 PCT TOTAL P S F 2 5 08 O 0 D O 0 0 0 0 0 0 Land 6-Related Costs ............... 272% 8,525,141 53.96 3 6 08 0 0 0 0 0 0 0 Hard Costs/ Land Dev............... 91.s% 28,752,500 181.98 4 7 08 0 0 0 0 0 0 0 Soo Costs ............... -19.1% 55.968.6411 (37.781 5 8 08 0 0 0 0 0 0 0 Total Costs ............... 180.0% 31.309,000 198.16 a 9 08 0 0 0 0 0 0 0 7 10 OB 0 0 0 0 0 0 0 LAND COST ANALYSIS I 8 11 08 0 0 0 0 0 0 0 Acreage ............... 3.025 S2,237K Pa Ace •See UNIT MIX TAB' 9 12 08 0 0 0 0 0 0 - 0 Land Square Footage............... 131,752 Square Fed 10 1 09 0 0 0 0 0 0 0 Land Prix / Unit ............... $42,813 Per Unit 11 2 09 0 0 0 0 0 0 0 Total Land Price ............... 6,784,531 $S1.341 Land SF 12 3 09 0 0 0 0 0 0 0 Tap / County / Impact Fees.... ........... 1,760,610 13 4 09 0 0 0 0 0 0 0 I BUILDING ANALYSIS ' 14 5 09 0 0 0 0 0 0 0 Not Rentable Area ......................... 158,000 Square Fed 15 6 09 0 0 D 0 0 0 0 Number of Units ............................ 158 16 7 09 0 0 0 0 0 0 0 Average Unit Size .................................... 1,000 Square Fed Totals/Averages 1,000 158 158,ODO 1,750 276,500 1.75 17 8 09 0 0 0 0 0 0 50,000 Apartment Density .................................... 52 UnkWAcre 18 8 09 34 34 0 0 0 0 52,894 Parking Spaces ........................... 312 2.0 Per Unit STARILI7ED OPERATING PRO FORMA PCT DOLLARS 19 10 09 48 82 40 0 40 70,000 56,497 I HARD COST SUMMARY Total Monthly Rents 98.6% 276,500 20 11 09 48 130 40 0 80 140,000 60,300 Base Consbudion Cost / Sq. FL .......... 5180.00 Pa Square Foot Premiums 158 Units @ $0.00 per Unit (A) 0.0% 0 21 12 09 28 158 40 0 120 210,000 62,519 Project Start Month .............. Apr-08 Miseeleneouz Incame $25.00 / unit 1.4% 3,950 22 1 10 0 156 33 0 153 267,750 62,519 Base Hard Costs ................. 528,440,000 Potential Monthly Income 100.0% 280,450 23 2 10 0 158 0 0 153 267,750 62,519 Additional Land r _ _.., ent Costs... ............ 312,500 24 3 10 0 156 0 0 163 267,750 62519 Construction Time(mos.) ............. mAee sort sauea vrsuaeAnr 21 GrossAnnual Income 100.0% 3,365,400 25 4 10 0 158 0 0 153 267,750 62,519 ..., .. arrx caao eAre c. .,, .., . o AOUr Less Vacancy s 3.0% 3'0%0 100.862 26 5 10 0 158 0 0 153 267,750 82519 SOFT COST ANALYSIS Effective Gross Annual Income 97.0% 3,264,438 27 8 10 0 158 O ? 0 153 287,750 82,518 Construction Mgmt Fees ......... 1.50% $431,288 Less Operating Expenses 22.3% 750.225 28 7 10 0 158 0 0 153 267,750 62,519 Development Fees .................. 3.00% m 864,503 NotOperating Income (NOI) 74.7% 2,514,213 29 8 10 0 158 0 0 153 267,750 62,519 Financing Fees ................... 0.65% 203,504 30 9 10 0 158 0 0 153 267.750 82519 Construction Period Interest & Preference.... 2,491,593 RETURN ON COSTS .......... ..................... ........ 8.03% 31 10 10 0 158 0 0 153 267,750 82,519 Architectural B Design Fees ............... 412,181 (A) See sepads %do" ldk+g ddaa of premium /panag kcanN. 32 11 10 0 158 0 0 153 267,750 62,519 Engineering Fees ................. 285,744 33 12 10 0 158 0 0 153 267,750 62519 Taxes During Construction............. 184,000 earcraaxPSe:E aanee LocAL Rrwes am+7a erru nvmram aarrACSearr v . Mn,_ s ammvu 34 1 11 0 158 0 0 153 267,750 62519 Legal ............................... 84,043 RENTAL SENSITIVITY: COST SENSITIVITY: 35 2 11 0 158 0 0 153 267,750 62519 General Contingency ............ 1,437,625 Rmt: Rd,_ Conn Roam 36 3 11 0 158 0 0 153 267.750 62519 Pre-development and Other Soft Costs ........... (12363,766) Rents at 5.00% $1.838 8.53% Costs at 3.50% 32,404,815 7.76% 37 4 11 0 158 0 0 153 267,750 82519 Rents at 3.00% $1.803 8.34% Costs at 5.00% 32874,450 7.65% 38 5 11 0 158 C 0 153 267,750 62519 Rents at -3.50% $1.689 7.67% Costs at -3.50% 30,213,185 8.32% 39 6 11 0 158 0 0 153 267,750 82519 NOME: Soft Costs ktotude Leasua Less of o SQOO Per Square Fool 40 7 11 0 158 0 0 153 267,750 82519 I FINANCING ASSUMPTIONS APPROVED BY: 41 8 11 0 158 0 0 153 267,750 62519 Total Development Costs .............. $31,309,355 42 9 11 0 158 0 0 153 267.750 62518 Tod Dw. Costs/Sq. FWnit........ ?. 198.16 198,158 T. Eveae PAmasA EXPENSE DETAIL: Tod Dwdopment Costs (Rounded).... 531,309,000 B. G__ 0. J_ SF UNIT "THLY ANNUAk PCT Wtd. Avg. Const. Period Int. d Prof. Rate ....... 5.62% F. C- B. Au- ADVERUSiNG Average Const. Period Drawn Balance ......... 7388% D. S_ Normal Adwrt/Prorno 0.07 70 922 11,060 1.5% PAP wTe VALUE _ Total Costs (For Year 1 return rate) ......... $31,309,000 Cable Expense 0.00 0 0 0 0.01A 4.5D% S5,871.397 Pod Completion Total Cost of Capital ........... 7.50% Total Advertising 0.07 70 922 11,060 1.6% -4.75% 52.930.797 I R R Hurdle Rate (Look Bade After Split) ....... 9.00% EXPENSES: SF UNIT M ONTHLY ANNUAL PCT MAINTENANCE 5.0D% 50 284257 Perm. Loan Furl Month (After Completion) 24 (ARVmr Id Nam) Sated" $1.06 $1,060 $13,957 $167,480 22.3% Replacement Reserve 0.15 150 1,975 23,700 3.2% 5.25% 47,889,769 Interest Paid From Operations B .,,... . , ....... 3/10 Adwtisng 0.07 70 922 11,060 1.5% General Maintenance 0.49 490 6,452 77,420 10.3% 5.50% 45,712981 Tod Project 1 R R Year 2 Sala .......... 35.80% Maintenance 0.68 680 8,953 107,440 14.3% Elevator 0.04 40 527 6.320 0.8% AVESAGE 50,537,836 Assume Sala Yea ................ 2 Management Fee 3.50% 0.72 723 9,521 114,255 15.2% Tod Maiten ance 0.68 680 8,953 107,440 14.3% LEASE UP ASSUMPTIONS Administrable 0.18 180 2,370 28,440 3.8% A., . N .ATPA Post Completion Lease up Deficit ......... 0 Utilities 0.72 720 9,480 113,760 15.2% Normal Admin OAS 161) 2,107 25,280 3.4% Stabilized C, ._:.' , Elpenses .... $4.75 Per Square Foot Taxes a 0.84 836 11,005 132,063 17.6% Security 0.02 20 263 3,160 0.4% Leasesp Income During Construction, ......... 562,102 In-ce 0.48 479 6,311 75,727 10.1% Association Dues 0.00 0 0 0 0.0% Month of First Lease ............. 19 Other _ 0.00 .0 0 0 0.0% Tod Administrasiw 0.18 180 2370 28,440 3.8% New Unilspw Month .............. 40 Totals $4.75 50,748 $62,519 $7K225 100.0% vnLines ° SOURCESINPUT NOTE Esneree cal-v dNde noted to GN dot. Electricity 0.32 320 4,213 50,560 6.7% ATTACHED DETACHED Gas 0.16 160 2,107 25,280 3.4% Product Type B 0 0 Ro_p erty Tax Aasumotimr. Insurance Assu aalons' Warta 0.19 190 2,502 30,020 4.0% Source: Hard Costs B Taxable Value / Unit 168,431 Insurable Value / Unit 148,616 Trash Service 0.05 50 658 7.900 1.1% Scree: Rent d Expense B Milage Rate / 5100 0.4963 Wage Rate/ $100 0.3225 Tod UUities 0.72 720 9,480 113,760 15.2% TaxeMe Value a P . ...., a of seat SL0% kwasble Value a Pmmtaoe of Cost 750% a S. DeIY Taa a WRies W.M. FILE: 0107011 VAN 199 stand Wd+rwewe Rom 150 Sde 11 tre'lea TAM + 0t - Vail Resorts (158 Units -Sold at Completion) Veit, CO Product ,Dam s AND I OR 4 STDRY GARDEN WIN GARAGES ATTACHED GARAGES 0 Ilta1S DETACHED GARAGES 0 UNITS FINANCIAL ANALYSIS SUMMARY RENT SCHEDULE 0.00% 1 SR DATE UPDATED 01!9908 Ur41 sae Set 200 Units at 50K over cost at corloktion 50.00% Percerdege of Cost !hit Two At. Ualb DEVELOPMENT COSTS PCr TOTAL P S F Unit ' Land 8 Related Costs ............... 18.1% 8,884,621 54.97 Hard Costs / land Dev ............... 60.1% 28,752,500 181.98 Soft Costs ............... 21.8% 10.420,879 65.95 Total Costs ............... 100.0% 47,858,000 302.90 302.699 LAND COST ANALYSIS Acreage ............... 3.025 SZ237K Per Ace Land Square Footage ............... 131,752 Square Fed Land Price I Unit ............... $42,813 Per Unit Total Land Price ............... 6,764,531 $51.34 / Land S F Tap I Canty I impact fees ............... 1,920,D90 BUILDING ANALYSIS Not Rentable Area ......................... 158,000 Square Fed Number of Units ............................ 158 Average Unit Size .................................... 1,DDO Square Fed Apartment Density .....:.............................. 52 Units/Ace Parking Spaces .............. ....:........ 312 2-0 Per Unit HARD COST SUMMARY Base Consevc8m Cast / Sq. Ft ........... $180.00 Per Square Foot Proved Stag Monts' .............. Apr-08 Base Hard Costs ................. $28,440,000 AddiLbnal Land Develop. mt Costs ............... 312,500 Construction Time (mos.) ............. 18 wren cans- aoutee rr ?s+wrlr meusuow rmx emwis ea+s?wrnw owur SOFT COST ANALYSIS Cots) Mgmt Fees .................. 130% $431,288 Development Fees.................. 3.00% P 1,329,179 Financing Fees ................... O,t%% 311,071 Construction Period Interest 8 Preference.... 3,551,138 Architectural 8 Design Fees ............... 412,181 Engineering Fees ................. 285,744 Taxes During C-.U,.Uon ............. 111,0DO Legal.............................. 64.043 General Contingency ............ 1,437.625 Pre-dev -:., .. and other Soft Costs ........... 1,396,064 NDT@ Soft Goats lndude I-.* Lass of a %678 Par Square Foot FINANCING ASSUMPTIONS Total Development Costs .............. $47,857,103 Total Dev. Costs/Sq. FI AJn it ........... 302.90 302,899 Total Development Costs (Rounded).... $47,858,000 NAd. Avg. Cost. Period ink. 6 Pref. Rate ....... 7.50% Avenge Cant. Period Dram Balance ......... 59.36% Total Costs (For Year 1 return rate) ......... $47,858,000 Post Completion Total Cost of Capital ........... 7.50% 1 R R FRSde Rate (Look Bair Aber Split) ....... 9.00% Perm. Loan Fund Month (After Cornpketim) 21 fASaxn.a to d ~1 Interest Paid From Operations Begimirg ....... 12 / 09 Total Prefect I R R Year 1 Sale .......... 8.97% Assume Sale Year ................ 1 LEASE UP ASSUMPTIONS Post Completion Leasetp Deficit ......... 1,070,652 St.NU.d Operating Expenses.... $5.36 Per Square Foot Leasew Income Durinq Construction......... 622,952 Month of First Leas. ............. 16 New Units pr Month .............. 48 SOURCES INPUT ,awacssm PErACHED Product Type a a 0 Scree: Hard Costs B Source Rent 8 Expense 8 FLB 010771 Yet /M 34110 Vns Resort N 0.01% 2 OR 0.04% a BR Total Val- Total Monty Ares RN RN RN/SF 'See UNIT MIX TAB' Totals I Averages 1,000 158 158,000 1,750 276,500 1.75 STABILIZED OPERATING PRO FORMA PCr DOLLARS Total Monthly Rents 98.6% 276,500 Premiuns 158 Units @ $0.00 per Urit (A) 0.0% 0 Miscellaneous Income $25.00 1unit 1.41A 3,950 Potential MmtNy Income 100.0% 280,450 Gross Annual Income 100.0% 3,365,400 Less Vacancy a 3.0% _ 3.096 100.962 EHeotlve Gross Annual Income 97.0% 3,264,438 Less Operating Expenses 25.2% 846.698 Not Operating Income (NCI 1 _ 71.8% 2,417,740 RETURN ON COSTS ............................... ........ 5.05% (A) S....para. schedule bang darns of premium/Paw" mama. M1FM a Eiepaa igan'E , r,nu OFRCE FliMti e1eIM eMIEmY e.1W CFFEIR V I r-Vleel a AH'II.VLL RENTAL SENSITIVITY: COST SENSITIVITY: Rmb So= Cana Min Rents ad 5.00% %1.838 5.381% Costs at 3.50% 49,533,030 4.88% Rents at 3.00% $1.803 5.25% Costs at 5.00% 50,250,900 4.81% Reds at -3.50% 31.1189 4.82% Costs at -3.50% 46,182,970 5.24% APPROVED BY: T. 8mra PAara-r 0. GMM D. J- F. Ca y _ B. Au- D. S- EXPENSES: SF UNIT MONTHLY ANNUAL Salaries $1.06 51,060 $13,957 $167,480 Advertising 0.07 70 922 11,060 Maintenance 0.68 680 8,953 107,440 Management Fee 3.50% 0.72 723 9,521 114,2555 Administrative 0.18 180 2,370 28,440 Utilities 0.72 720 9,480 113,760 Taxes ° 1.19 1,193 15,709 188,508 Insurance 0.73 733 9,646 115,754 Other 0.011 0 0 0 Totals $5.36 55,359 $70,558 $846,698 NOTE: E] peme c.1.9.v dda0s nd.dlo in. dgK Property Tax ASnrmemnn3 Innmana Aaumolimz' Taxable Value/Uno 257,459 Insurable Value/Unit Malage Rate/ $100 0.4034 Mitage Rate 1$100 Tuabl. Value as Pers.ntap..f Can 85.0% auraabl. Vdu. u Pac.m.g. of Cod I PRELIMINARY LEASING SUMMARY: VAIL RESORTS 1158 UNITS • SOLO AT COMPRINT DATE: 043-00 120" Caro. Acura N.w Tab1 New Now Tatd 1eanAN M.nth Month Year Nab tktb Lass 093 OccetAed RNs e meesu 1 4 08 0 0 O 0 O 0 0 2 5 08 0 0 0 O 0 0 0 3 6 08 0 0 0 0 0 0 O 4 7 08 0 0 0 0 0 0 0 5 8 08 0 0 0 0 0 0 0 8 9 08 0 0 a a 0 0 O 7 10 08 0 0 0 0 0 O 0 8 11 OB a 0 0 0 0 0 0 9 12 08 0 0 0 0 0 0 O 10 1 09 0 0 0 0 0 0 0 11 2 09 0 0 0 0 0 0 a 12 3 09 0 0 0 0 0 0 0 13 4 09 0 0 0 0 0 0 0 14 5 09 0 0 0 0 0 0 50,000 15 6 09 48 48 0 0 0 0 56,246 16 7 09 48 96 48 0 48 84,000 82,491 17 8 09 48 144 48 0 96 168.000 66,737 18 9 09 14 158 48 0 144 252,000 70,558 19 10 09 0 158 14 0 156 276,500 70,558 20 11 09 0 158 0 0 158 276,500 70,558 21 12 09 0 158 0 0 158 276,500 70,556 22 1 10 0 158 0 0 159 276,500 70,558 23 2 10 0 158 0 0 158 276,500 70,558 24 3 10 0 158 0 0 158 276.500 70,558 25 4 10 0 158 0 0 158 276,500 70,558 26 5 10 0 158 0 0 158 276,500 70,558 27 6 10 0 158 0 0 158 276,500 70,558 28 7 10 0 158 0 0 158 276,500 70,558 29 8 10 0 158 O 0 158 276,500 70,558 30 9 10 O 158 0 0 158 278,500 70.558 31 10 10 0 158 0 0 158 276,500 70,558 32 11 10 0 158 0 0 158 276,500 70,558 33 12 10 0 158 0 0 158 276,500 70,556 34 1 11 0 158 0 0 158 276,500 70,558 35 2 11 0 158 0 0 158 276,500 70,558 36 3 11 0 158 a 0 158 276.500 70.558 37 4 11 0 158 0 0 158 276,SDO 70,558 38 5 11 0 158 a 0 158 276,500 70,558 39 6 11 0 158 0 0 158 276,500 70,558 40 7 11 0 158 a 0 158 278,500 70,558 41 8 11 0 158 0 0 158 276,500 70,558 42 9 11 a 158 0 0 158 276.500 70,556 EXPENSE DETAIL: s F UNIT MONTHLY ANNUAL E0 ADVBiTSM Normal AdverUPromo 0.07 70 922 11,060 1.3% CAP RATE VALM Cable Expense 0.00 0 0 0 0.0% 4.50% 53,727552 Total Advertising 0.07 70 922 11,060 1.3% 4.75% 50,899,786 PCT MADC ENANCE 5.00% 48,354,797 19.816 R_,'..._ nt Reserve 0.15 150 1,975 23.700 2.8% 5.25% 46,052,188 1.3% General Mairdertance 0.49 490 6,452 77,420 9.1% 550% 43,958,901 12.7% Elevator 0.04 40 527 6,320 0.7% A%WtAGE 48,596,648 13.5% Total Maintenance 0.68 680 8,953 107,440 12.7% 3.4% AGmaSTRATIW 13.4% Normal Admin 0.18 180 2,107 25,280 3.0% 22.3% Security 0.02 20 263 3,160 0.4% 13.7% Association Dues 0.00 0 0 0 ea% 0.0% Total Administrative 0.18 180 2,370 28,440 3.4% 100.0% IrmiTIE9 ° Electricity 0.32 320 4,213 50.560 6.0% Gas 0.16 160 2,107 25,280 3.0% Water 0.19 190 2,502 30,020 3.5% 227.170 Trash Service 0.05 50 658 79M 09% 0,3225 Total Ublties 0.72 720 9,480 113,760 13.4% 7L0% ° Sao Detal Taxes A HAWS Schedule , e.ce ter 1 Vail Timber Ridge 1/7/2008 Option IV Assumptions 316 Units / 1,264 Beds $13,530,000 Land Allocation (6.2 acres) $3,840,000 Tap Fees Waived $10,000,000 in City Bonds $4,500/ Bed Resevation Fee $1,750 Rent for Reserved Units $1,910 Rent for Non-Reserved Units Cost Return on Cost 78,401,000 7.00% Vail Option IV Vail, CO Pr,4 A type: s AND I OR 4 STORY GARDEN VWF" GARAGES ATTACHED GARAGES 0 UKIM WTAlHEID GARAGES 0 UNITS Fi"ANCiAL ANALYSIS SUMMARY RENT SCHEDULE 0.40% 1 Et DATE UPDATED 01109/08 Ualt ad 100.00% Percentage of Cost unit TWe Area Uall DEVELOPMENT COSTS PCT TOTAL P s F Un0 Land 8 Related Costs 4.5% _ 3,529,062 11.17 _ Hard Costs I Land Dev ............... 73.396 57,505,000 181.98 San Costs ............... 22.2% 17.366.838 54.96 Total Costs ............... 100.11% 78,401,000 248.10 248,104 LAND COST ANALYSIS Acreage ............... 6.049 S583K Per Ave Land Square Footage ............... 283,503 Square Feet Land Price I U Y ............... $11,168 Per Unit Total Land Price ............... 3,529,062 513.39 / Land SF Tap I Canty I Impact Fees ............... 0 BUILDING ANALYSIS Net Rentable Area ......................... 316,000 Square Feet Number of Units.. .......................... 316 Average Unit Sae .................................... 1,000 Square Feet Apartment Density ................................. 52 UnitsfAve Parking Spars ........................... 624 2.0 Per Unit HARD COST SUMMARY Base Construction Cost / Sq. FL .......... $180.00 Per Square Foot Project Start Month .............. Apr-08 Base Hard Costs ................. 558.880,000 Additional Land D.- ._,.. ent Costs ............... 625,000 Construction Time (mos.) ............. cow cwt soua: rsakaeNrar oscvasroN corm eoroo 21 NAn corrsrwrna« oi mk? SOFT COST ANALYSIS Coast Mgmt Fees .................. 1.50% $862,575 Development Fees.................. 3.00% N 2,164,431 Financing Fees ................... 0.65% 509,605 Construction Period Interest 6 Preference.... 6,253,096 Architectural d Design Fees ............... 824,362 Engineering Fees ................. 571,489 Taxes During Constn coon ............. 150,000 Legal ............ ........... 168.085 General Contingency ............ 2,875,250 Pre-development and Other Son Costs ........... 2,632,395 NOTE. Soft Coors rnrtuds LW oup Loss of a $1.12 Per Square Fad FINANCING ASSUMPTIONS Total Development Costs.. ............ $76.404802 Total Dev. CostsfSq. FUUnit........... 24810 248,104 Total Development Costs (Rounded) .... $78,401,000 Wtd. Avg. Const. Period Hal. 8 Pref. Rate ....... 8.16% Average Consl. Period Drawn Balance ......... 51.00% Total Costs (For Year 1 return rate) $78,401,000 Post Completion Total Cost of Capital ........... 7.50% I R R Hunk Rate (Look Bade After Spit) ....... SAM Perm. Loan Fund Month (After Completion) 24 IAaswrNi xII a Anmaml Merest Paid From Operations Beginning ....... 3110 Total Prayed 1 R R Year 1 Sale .......... 47.65% Assume Sale Year ................ 1 LEASE UP ASSUMPTIONS " Post Completion Leaseup Deficit ......... 355,452 Stabilized Operating Expenses .... $5.08 Per Squae Foot Leaseuo Income Doing Construction ......... 1,944,640 Mono of First Lease ............. 16 New Units Par Month .............. 48 SOURCES INPUT ATTAtJ® ps`ra` O Product Type 8 0 0 Sovice: Hard Costs 8 Sorce: Rent 8 Expense B 0.40% 213R 0.00% 3 cat Total Urdt Tall mommy Ara Rent Ran R."M 'See UNIT MIX TAB' Totals/Averages 1,000 316 316,000 1,910 603,560 1.91 STARILIZED OPERATING PRO FORMA PCT DOLLARS Total Monthly Rents 98.7% 603,560 Premiums 316 Units Q $0.00 per Unit (A) 0.0% 0 Misce4laneous Income $25.00 f unit 1.3% 7,900 Potential Monthly Income _ 100.0% 611,460 Gross Annual Income 100.0% 7,337,520 Less Vacancy ® 3.0% 3.0% 220.126 Effective Gross Annual Income 97.0% 7,117.394' Less Operating Expenses 21.9% 1.603.920 Not Operating Inane (NO]) " 75.1% 5,513,474 RETURN ON COSTS ........... ..... ........ 7.03% (A) See sparse sdaO4e lisfig datl of pranWn Iparldg exome. InEM l EarEtaE aOUitf: IMAI ark[e EalrMiE nmN IRMfiRrY MwaEAtNr V r IaEVlw L AMnmYAI RENTAL SENSITIVITY: COST SENSITIVITY: Ron" Reum Cords Return Rents at 5.00% $2.006 7.46% Costs at 3.50% 81,145,035 6.79% Rends at 3.00% $1.967 7.30% Costs at 5.00% 82,321,050 6.70% Rents al -3.50% $1.843 6.72% Costs al -3.50% 75,656,965 7.29% APPROVED BY: 7. Bnoa: PAe B. 0- D. JACKS F. C- B. AusnN D. Saar EXPENSES: S F UNIT MONTHLY ANNUAL Salaries $1.06 (1,060 $27,913 5334.960 Advertising 0.07 70 1,843 22120 Mairdenance 0.68 580 17,907 214,880 Management Fee 3.50% 0.79 788 20,759 249,109 AdminishaWe 0.18 180 4,741) 56,880 Utilities 0.72 720 18,960 227,520 Taxes a 0.98 977 25,735 308,819 Insurance 0.60 600 15,803 189,632 Other 0.00 D 0 0 Totals $5.08 $5.076 $133,660 (1,603,920 NOTE: Exile se csanery dettls nsad to Da rind. PrnneMTax Aesurr mtimM: Insurance A--.lions: Taxable Value/ Unit 210,888 Insurable Value / Unit Mdlage Rate 15100 0.4634 Milage Rae 1$100• Taxable Van as Pmeaa4e of Cog 85.2% msur.N. Vd-. F ... al Cost LEASING SUMMARY: VAIL OPTION IV Chiron Aotud New Tata Marne Morro Yser units Units 1 4 08 0 0 2 5 08 0 0 3 6 OB 0 0 4 7 08 0 0 5 8 08 0 0 6 9 08 0 0 7 10 08 0 0 8 11 08 0 0 9 12 08 0 0 10 1 09 0 0 11 2 09 0 0 12 3 09 0 0 13 4 09 0 0 14 5 09 0 0 15 6 09 48 48 16 7 09 48 96 17 8 09 48 144 18 9 09 48 192 19 10 09 48 240 20 11 09 48 288 21 12 09 28 316 22 1 10 0 316 23 2 10 0 316 24 3 10 0 316 25 4 10 0 316 26 5 10 0 316 27 6 10 0 316 28 7 10 0 316 29 8 10 0 316 30 9 10 0 316 31 10 10 0 316 32 11 10 0 316 33 12 10 0 316 34 1 11 0 316 35 2 11 0 316 36 3 11 0 316 37 4 11 0 316 38 5 11 0 316 39 6 11 0 316 40 7 11 0 316 41 8 11 0 316 42 9 11 0 316 EXPENSE DETAIL: SF UNIT ADVERTIS94 " Normal Advert/Promo Cable Expense Total Advelisn9 PCT MANIW 44MCE 20.9% Replacement Reswe 14% General Maintenance 13.4% Elevator 15.5% Total Maintenance 3.5% A . .. i +..AT16E 14.2% Normal Admin 19.3% Security 11.9% Association Dues 0.0% Total Administrative 100.0% UTILITIES ° Electricity Gas Water 186,078 Trash Service 0.3225 Total Utilities 15a% I PRELIMINARY PRNT DATE O J-011 r00a Aar New N- Tatar Maee MY I- Was O-ANI P-0 aw-- _ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 0 0 0 0 0 0 50,000 0 0 0 0 62,708 48 0 48 91,680 75,416 48 0 96 183,360 88.124 48 0 144 275,040 100.831 48 0 192 368,720 113,539 8 0 200 382,000 126,247 48 0 248 473,680 133.660 48 0 296 565,360 133.600 11 0 307 586,370 133.660 0 0 307 $96.370 133.660 0 0 307 588,370 133.660 0 0 307 586,370 133.660 0 0 307 588,370 133,680 0 0 307 588.370 133,660 0 0 307 586.370 133,660 0 0 307 586,370 133,660 0 0 307 _ 588,370 133.660 0 0 307 586,370 133,650 0 0 307 586.370 133,660 0 0 307 586,370 133,660 0 0 307 586,370 133,660 0 0 307 586.370 133 860 0 0 307 588,370 133,650 0 0 307 586,370 133,6130 0 0 307 586,370 133,660 0 0 307 586,370 133.650 0 0 307 586,370 133,660 0 0 307 586.370 133.660 MONTHLY ANNUAL ecT 0.07 70 1,643 22,120 1.4% rJW RATE VALM 0.00 0 0 0 0.0% 4.50% 122.521,850 0.07 70 1,843 22120 1.4% 175% 116.073,142 5.00% 110.269.495 0.15 150 3,950 47,400 3.0% 5.25% 105,018,557 0.49 490 12903 154,640 9.7% 5.50% 100,244.987 0.04 40 1.053 12640 0.8%_ AVERAGE 110,825,564 0.68 680 17,907 214,880 11.4% 0.16 160 4,213 50,560 3.2% 0.02 20 527 6,320 0.4% 0.00 0 0 0 0.0% 0.18 1&) 4,740 56,880 3.5% 0.32 320 8.427 101,120 6.3% 0.16 160 4.213 50,560 3.2% 0.19 190 5.003 60,040 3.7% 0.05 50 1.317 15 800 1.0% 0.72 720 18,960 227,520 14.2% a See DOOM Tasa a UWes S&A&A* rACe r or k FiE 010700 Vtl 1161a1t AOts 112M land IV n,a•Smr Vail Timber Ridge 1/7/2008 Option V Assumotions 7-Story High Rise 316 Units / 1,264 Beds $8,800,000 Land Allocation (4 acres) $3,000 Rent Cost Return on Cost ' 128,825,000 7.00% 7Story High Rise Veit. CO Pr0drst /Yes: 7 AM I OR 4 STORY GARDEN WH GARAGES ATTACHED GARAGES 0 t_•1ra DETACHED GARAGES 0 UNITS FINANCIAL ANALYSIS SUMMARY RENT SCHEDULE 6.06% 1 OR DATE UPDATED 0101021,08 Welt star Set 200 Units at R K over cost at conviction 100.00% Parcentane of Cost U." Tvee Ara urns DEVELOPMENT COSTS M TOTAL Pat, mr.Lk Land d Related Costa ............... 9.0% 12,588,607 39.77 Hard Costs/Land Oev, ............... 692% 89,105,000 281.98 Soft Costs ............... 21.1% 27.151,393 85.92 Total Costs ............... 100.0% 128.825.000 407.67 407.674 LAND COST ANALYSIS Acreage ............... 4.000 $2182K Per Acre Land Square Footage ............... 174,240 Square Fed Land Price / Unit ............... $27,622 Per Unit Total Land Price... ............ 8,728,427 $50.09 /Land S F Tap / Canty / Impact Fees ............... 3,840,180 BUILDING ANALYSIS Not Rentable Arm ......................... 316,000 Square Fed Number of Units ............................ 316 Average Unit Sae .................................... 1,000 Square Fed Apartment Density .................................... 79 Units/Acre Parldng Spaces ........................... 624 2.0 Per Unit HARD COST SUMMARY Base Cmsouc im Cost / Sq. FI........... $280.00 Par Square Foot Projad Stan Month .............. Apr-08 Base Hard Costs ................. 588.480.000 Additional Land Develolment Costs ............... 825,000 Construction Tune (mos.) ............. 21 xue coder -em nauowar weussma wrM co-s coa.rrarcn noun SOFT COST ANALYSIS Const Mgmt Fees .................. 1.50% $1.338.575 Development Fees .................. 3.00% a 3.544.277 Financing Fees ................... 0.65% 937,358 Construction Period Interest 8 Preference.... 10,681,782 Architectural 8 Design Fees ............... 841,117 Engineering Fees ................. 571,489 Taxes During Construction ............. 270,000 Legal ............................... 200,000 General Contingency ............ 4.455.250 Pre-development and Omer Soft Costs ........... 2,834,529 MOTE: $eR Cosa Include I-.* Loss of o $4.99 Per Square Fed FINANCING ASSUMPTIONS Total Development Costs .............. $128,824.324 Total Den. Costs/Sq. FUUnit ........... 407.67 407,674 Total Development Costs (Rounded) .... $128,825.000 Wtd. Avg. Corot. Period bit. b Pref. Rate ....... 8.16% Avenge Const. Period Drawn Balance ......... 53.02% Total Costs (For Year 1 reran rate) ......... $128,825,000 Post Completion Total Cost of Capital ........... 7.50% 1 R R Hurdle Rate (Look Bads After Split) ....... 9.00% Pares. Loan Fund Monts (After Completion) 24 (A.erw.1R d M.nh) Interest Paid prove operations Begiming..:.... 3110 Total Prcie:d I R R Year 1 Sale .......... 47.49% Assume Sale Year ................ 1 LEASE UP ASSUMPTIONS Post Completion Lmsaiq Deficit ......... 1,578,361 Stabilized Operating Expenses .... $6.57 Par Square Foot Leaseup Income Ouino ConstruNon ......... 1,133,690 Montle of First Lease ............. 16 New Units Per Month .............. 22 SOURCES INPUT Product Type B ATTACHED 0 DGTACHID 0 Source: Hard Costs B Source: Rent 8 Expense B a.W% 2art 1.011% 311R Tom Uk Tend MRRry Ara Rent Rom R. NW 'See UNIT MIX TAB' Totals/Averages 1,000 316 316,000 3,000 948,000 3.00 STABILIZED OPERATING PRO FORMA PCT DOLLARS Total Monthly Rents 99.2°.6 948,000 Premiums 316 Units ® $0.00 per Unit (A) O.D% 0 Miscellaneous Income $25.00 /unit 0.8% 7,900 Potential Monthly Income 100.0% 955,900 Gross Annual Income 100.0% 11,470,800 Less Vacancy ® 3.0% 3.0% 344.124 Effective Gross Annual Income 97.0% 11,126,676 Less Operating Expenses 18.1% 2.077.464 Net Operating Income (NOS ) 76.9% 9,049,212 RETURN ON COSTS ................................ ....... 7.02% (A) Sae sepwala sc1aAL 13*V Wa0 of prwalun/parWg Icome. aawr aexraed .outu: tncac orwa Esrvwra Wa morErar reuwcarear VP eswIw . ammVal RENTAL SENSITIVITY: COST SENSITIVITY: Rsnfs of Cosh R ue Rents at 5.00% $3.150 7.44% Costs at 3.50% 133,333,875 6.79% Rents at 300% $3.090 7.28% Costs at 5.00% 135,266,250 6.69% Rents at -3.50% $2895 6.72% Costs at -3.50% 124,316,125 7.28% APPROVED BY: T. BWre P.anaa B. Gage D. Jsee F. Cw B. A- D. Snmr EXPENSES: SF UNIT MONTHLY ANNUAL Salaries $1.07 $1,070 (28,177 $338,120 Advertising 0.07 70 1,843 22,120 Maintenance 0:71 710 18,697 224,360 Management Fee 3.50% 1.23 1,232 32,453 389,434 AdmiNshalive 0.18 180 4,740 56,880 Utilities 0.72 720 18,960 227,520 T. a 1.61 1,606 42,288 507,437 Insumce 0.99 988 25,966 311,594 Other 0.00 0 0 0 Totals $6.57 SM74 $171122 $2077.464 NOTE Omenss cdepwy d.laes noted to ur rlotd. fs -rl, Tax Assumptions- lnsumx A-6-, Taxable Value/ Unit 346,521 Insurable Value/Unit Milage Rate / $100 0.4834 Miles. Rate/$100 Taxable Valve as Percents" of Cost 85.1% In oolm. Val" as P.rcartage of Cod LEASING SUMMARY: ?STORY HIGH RISE CIVM Actual New Total Month Menm yon tldt. Uott. 1 4 08 0 0 2 5 08 0 0 3 6 08 0 0 4 7 08 0 0 5 8 08 0 0 6 9 08 0 0 7 10 OB 0 0 8 11 08 0 0 9 12 08 0 0 10 1 09 0 0 11 2 09 0 0 12 3 09 0 0 13 4 09 0 0 14 5 09 0 0 15 6 09 48 48 16 7 09 48 96 17 8 09 48 144 18 9 09 46 192 19 10 09 48 240 20 11 09 48 268 21 12 09 28 316 22 1 10 0 316 23 2 10 0 316 24 3 10 0 316 25 4 10 0 316 26 5 10 0 316 27 6 10 0 316 28 7 tO 0 316 29 8 10 0 316 30 9 10 0 316 31 10 10 0 316 32 it 10 0 316 33 12 10 0 316 34 1 11 0 316 35 2 /1 0 316 36 3 11 0 316 37 4 11 0 316 38 5 11 0 316 39 6 11 0 316 40 7 11 0 316 41 8 11 0 316 42 9 11 0 316 EXPEN SE DETAIL' SP UNIT ADVERTISING Normal Advert/Prono Cable Expense Total Advertising PCT MAR4remmm 16.3% Replacement Reserve 1.1% General Maintenance 10.8% Elevator 16.7% Total Maintmance 2.7% ADMINISTRATIVE 11.0% Normal Admin 24.4% Security 15.0% Association Dues 0.0% Total Adrnilfstrative 100.0% UTIU 1ES e Electricity Gas Water 305,754 Trash Service 0.3225 Total Utilities 76.1% 0.07 0.00 0.07 0.15 0.49 0.07 0.71 0.16 0.02 0.00 0.18 0.32 0.16 0.19 0.05 0.72 0 See Dales Tun A. LAWn SdwOM PRELIMINARY PLANT DATE` 09-JWRM ra vers. era r Ne/ Mow Total aHam v I- Orb Ocewl of Rana @IDwim 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50,000 0 0 0 0 68,702 22 0 22 66,000 87,404 22 0 44 132,000 106,106 22 0 66 198,000 124,808 22 0 88 264,000 143,510 22 0 110 330,000 162,212 22 0 132 396,000 173,122 22 0 154 462,000 173,122 22 0 176 528,000 173,122 22 0 198 594,000 173,122 22 0 220 6W,ODO 173,122 22 0 242 728,000 173,122 22 0 264 792,000 173,122 22 0 2W 858,0DO 173,122 21 0 307 921,000 173,122 0 0 307 921.000 173,122 0 0 307 921,1100 173,122 0 0 307 921,000 173,122 0 0 307 921,000 173.122 0 0 307 921,000 173,122 0 0 307 921,000 173,122 0 0 307 921000 173.122 0 0 307 921.000 177,122 0 0 307 921,000 173,122 0 0 307 921,000 173,122 0 0 307 921,000 173,122 0 0 307 921,000 173,122 0 0 307 921.000 173.122 MON714LY ANNUAL. PCT 70 1,843 22,120 1.1% CA? RATR VALIE 0 0 0 0.0% 4.50% 201,093,590 70 1,843 22,120 1.1% 4.75% 190,509,717 5.00% 180.984231 150 3,960 47,400 2.3% 5.25% 172,365,934 490 12,903 154,840 7.5% 5.5D% 164,531,119 70 1.843 22120 1.1% AVERAGE 181,896,918 710 18,697 224,360 10.8% 160 4,213 50,560 2.4% 20 527 8,320 0.3% 0 O 0 00% 180 4,740 56.880 2.7% 320 8,427 101,120 4.9% 180 4,213 50,580 2.4% 190 5.003 60,040 2.9% 50 1 317 15 900 08% 720 18,960 227,520 11.0% FLE O70708 Vaa 316"4µs7 stery V rye rAOe n W r LA "a4-!err ? 46 vwil giABC U SITE PLAN a.u.sooi vc i 35'• 10" • ALA CLOSET @? ?i• 1 _ 00- CLOSET UTIL. KITCHEN 11L-7?.J DAL 5NK w BEDROOM s3 \ „? EOi?OQM al W!D \ / ?o ?. r WA[ t' ??yA1{ Mlr?nr _ --_ \\? r oALI WALL }) y tp o • T.P. 1_ eo• Tut 6 ? -(D a W TWI I LID. 0 WALL _ BATH 61 COMMON BATH 112'11-0 ai Ta. -? I AREA r „ , a'-o•wc•w• - '7(/??J (/ ttII 17'{ ,? 1 1~111. \ ?+r I +II BEDROC M vi D@DItoo H as y_ r-rwal o_ ?; j ?, --- ??? 13'-U' 1' 1'-0"? 5'0' l 1•.6•, 11', 13'.0. Di 17OUR BEDROOM/TWO BATH SI:AI 1: I/4'_ 1'-U' G .000/ 0711t, DATE-10-0d 01 1,000 s.r. o. _ r. 001 CLO. BATH BEDROOM #I IS' -O"xll' - 9' 04 UTII / 7 W/D PAN./ $TG IN-19 v .. .?? . ` a CLO. ?- 1 NTRY,, LIVING j rFHUC.. M(L ? KITCHEN - U/ 'pop 41 O m , I or aar arl. V I -- -- r -? BEDROOM 92 BATH 0 O OI I' WAIT rl-/n 1 291-01 ?I TWO BEDROOM/ TWO BATH SCALE 1/4'4-0' 1,000 S.F. NN - on1a was -10-00-OT No NSUL12 auwr natlq 11 . LP. O W. WGUM PUUM L'-2 3/4' 4'-O' 6'-10• 5'-8' 6-4' k 1 'I 7 1 -- l• HAII. P WALL 2: 00 I y^ - UTILL. ur I O O -- - ----- ^ ` ?1 d MR'A 1 rr W/D - TH #Z LA r I LO. ---- L4-- --?1=15-- KITCHEN U. 1 19LAMD - I -- 1 } n BEDROOM uZ -?,\'A, TRY - - -- r ?f n J r O 1 i BEDROOM ul ° BA rH N'-10' X 10'-2' CLO. ?lz VING/DINING - l- r 12'-2' X 19'-4' . - ?f? r _ 1111 r Xl 1 WH 1 -- - - I r 34'-•3 I/2' 999 B2 TWO BEDROOM TWO BATH 4 BEDS 1,000 SF SCALE 1/4*-V-0' NW - 0711° ?? M7t -10-oe-07 "`OOOfNN? ?? "a" ovrfi owma Awmm- J• L.P. Q AM [MUM MUM a t U w?t'tndcn . . ; :t- =:I-- cn -7-t1i -fie•? 1'!' . el.dasAts. =60-0' ? ?. Trott, RM, s Ckq p r t o Syr mo l wg M14''Ir- -i ° ----- 1 OPEN January 14, 2008 Mr. Stan Zemler Town Manager Town of Vail 75 South Frontage Road Vail, CO 81657 RE: Offer to Purchase approximately Dear Stan: HOSPITALITY PARTNERS acres of land at Timber Ridge Village Apartments in Vail, CO. This Letter of Intent summarizes the proposed terms and conditions for the acquisition, development and operation of an approximate 316-unit employee housing and apartment complex ("DEVELOPMENT"). We are prepared to execute this Letter of Intent immediately. Purchaser: A to be formed partnership of Lincoln Property Company Southwest, Inc ("LPC") or Assigns.. Seller: The Town of Vail ("TOV") Property: Certain land and improvements described above and also known as 1280 North Frontage Road, Parcel Number 21031205008, Lots C1- C5, LionsRidge Filing #1. The property to be acquired by LPC for construction of the DEVELOPMENT consists of approximately acres as shown highlighted on attached site plan, Exhibit A (the "property") Purchase Price: $13,200,000 in cash at closing. Earnest Money: Provided that both Purchaser and Seller agree on mutually acceptable terms, please be advised that Purchaser, upon execution of the contract, shall cause to be deposited with a mutually agreeable Title Company (the "Title Company") the amount of seventy five thousand dollars ($75,000.00) upon contract execution. And an additional seventy five thousand dollars ($75,000.00) shall be deposited at the expiration of the Feasibility Period. The Deposit shall be deemed an earnest money deposit hereunder and is herein referred to as the "Earnest Money," and shall be applicable to the purchase price at closing. Purchase and Sale 2525 McKinnon Street Suite 750 Dallas, TX 75201 214.750.0011 Fax 214.750.0060 Agreement: TOV and LPC will enter into good faith negotiations for a mutually acceptable Purchase and Sale Agreement containing the terms and conditions under which TOV will convey the Property to LPC and LPC will construct and operate the DEVELOPMENT, which terms and conditions will include but not be limited to the following: a) Title Review. TOV will provide a more complete description of the Property and will provide LPC with a Title Commitment and Survey for the Property. LPC will have the opportunity to review the Title Commitment and Survey and satisfy itself that the Property will be conveyed to LPC free and clear of all liens and encumbrances, other than permitted encumbrances. b) Desien Annroval.TOV will have the right to review and approve the conceptual exterior design of the DEVELOPMENT to be constructed on the Property. C) TOV will use best efforts to facilitate all entitlements necessary for construction of the DEVELOPMENT, in conjunction with LPC Title: TOV, at TOV's expense, shall cause the "Title Company" to issue a Preliminary Title Report (the "Title Report"), accompanied by legible copies of all recorded documents relating to easements, rights-of-way, and all other matters of record affecting the Property. LPC shall have a period of time, to be acceptable to TOV, to review the title and object to same. TOV shall then have a period of time that shall be agreed upon by and between TOV and LPC to cure such objections. Survey: TOV, at TOV's expense, shall cause to be delivered a current survey of the Property, prepared by a duly licensed Colorado land surveyor acceptable to the Purchaser and the Title Company (the "Survey").LPC shall have a period of time to be agreed upon between LPC and TOV to object to the Survey, and TOV shall have a period of time agreed upon between LPC and TOV to cure such objections. The Title Report and Survey shall be updated by Seller at its expense within thirty (30) days of closing. Feasibility Period: LPC shall have a period of sixty (60) days from the execution of Contract or receipt of the last of the documents to be provided by Seller, whichever is the last to occur (the "Feasibility Period"), to enter upon the Property to determine if the Property is suitable, in LPC's sole discretion, for purchase by LPC. LPC shall be entitled to make such tests and do such other things as Purchaser, in its sole discretion, may deem necessary in making such determinations. In the event LPC in its sole and absolute discretion determines that the Property is not suitable to LPC, LPC at its sole option may notify the Title Company in writing on or prior to the date of expiration of the Feasibility Period that it has elected to terminate the Contract, in which event the Title Company shall be obligated to return the Earnest Money Deposit to Purchaser less the sum of One Hundred Dollars (5100) as independent consideration for the Contract. Zoning: The contract is subject to TOV obtaining a change in zoning, receipt of all permits, approvals or entitlements necessary to develop the project as designed which are acceptable to LPC prior to closing. If zoning is not obtained within 180 days, LPC may 2525 McKinnon Street Suite 750 Dallas, TX 75201 214.750.0011 Fax 214.750.0060 terminate the contract and all Earnest Money, less the sum of One Hundred Dollars ($100) as independent consideration for the contract shall be refunded to LPC. Target Critical Dates: Execute Letter of Intent with the Town of Vail - 12/20/07 Execute Development Agreement and Purchase and Sale Agreement - 02/15/08 Finalize Entitlements - 07/01/08 Finalize all necessary permits and approvals - 02/01/09 Close on land & commence construction - 04/15/09 Complete construction - 12/01/10 Closing: Closing of the Purchase and Sale Agreement shall occur after the later of April 15, 2009 or thirty (30) days after LPC gives written notice to TOV that it has received all needed permits and approvals to allow construction of the DEVELOPMENT, and all Tenants have vacated the property in preparation for demolition. If LPC has not obtained such permits and approvals by March 1, 2009 following execution of the Purchase and Sale Agreement, then either party may terminate and be relieved of further obligation to the other. In the event of said occurrence, all Earnest Monies shall be refunded to LPC at such time. Representations & Warranties: The contract shall contain such covenants, agreements, representations and warranties as TOV and LPC may agree. Assignment: LPC shall have the right, after giving written notice to TOV, to assign all rights to an affiliate. LPC may assign to any other entity with the prior written approval of TOV not to be unreasonably withheld or delayed. Deed Restrictions: LPC will agree to an Employee Housing Deed Restriction on the property. Other Documents: Seller hereby agrees that ten (10) days from the acceptance of this Letter of Intent, it shall provide Purchaser with all engineering reports, site plans, agreements, surveys, warranties, guaranties, currently existing with respect to all or any part of the Property and any other data available to Seller, including but not limited appraisals, environmental reports, and ad valorem tax statements for the Property for the previous year. Non-Binding Agreement: This is a non-binding Letter of Intent outlining certain proposed terms and conditions for a possible transaction between LPC and TOV relating to the DEVELOPMENT on the Property. Neither LPC nor TOV will be bound to the transaction until and unless a mutually acceptable and complete Purchase and Sale Agreement, and ant other necessary documents, are negotiated and executed by LPC and TOV. 2525 McKinnon Street Suite 750 Dallas, TX 75201 214.750.0011 Fax 214.750.0060 If the terms of Letter of Intent are acceptable, please indicate your acceptance by signing a copy thereof in the space provided and returning it to me. Town of Vail By: The foregoing Letter of Intent is hereby agreed to and accepted this _ day of January, 2008 Open Hospitality Partners By: Mark L. Masinter Best, Open Hospitality Partners Mark L. Masinter President 2525 McKinnon Street Suite 750 Dallas, TX 75201 214.750.0011 Fax 214.750.0060 ORDINANCE NO. 2 Series of 2008 AN EMERGENCY ORDINANCE APPROVING THE SALE OF REAL PROPERTY OWNED BY THE TOWN OF VAIL, DESCRIBED AS UNIT #201-A, ALTAIR VAIL INN, ALSO KNOWN AS 4192 SPRUCE WAY #201-A, VAIL, COLORADO 81657; AND SETTING FORTH DETAILS WITH REGARD THERETO WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of Colorado is a home rule municipal corporation duly organized and existing under the laws of the State of Colorado and the Town Charter (the "Charter"); and WHEREAS, the members of the Town Council of the Town (the "Council") have been duly elected and qualified; and WHEREAS, the Council authorized the release of two deed restricted employee housing units at the Bell Tower building on December 18, 2007; and WHEREAS, in exchange for the release of the deed restrictions at the Bell Tower building, Bell Tower, LLC was required to purchase the real property described as Condominium Unit 201-A, Altair Vail Inn, as defined in the amended and restated Condominium Declaration recorded at reception number 834747 on May 27, 2003, County of Eagle, State of Colorado (the "Property") for use as deed restricted employee housing. More specifically, the Property is required to be sold to a person on the existing Town Master Resale Lottery List with a price appreciation cap deed restriction and an initial maximum sales price of $178,650.00; and WHEREAS, although the Town originally intended Bell Tower, LLC to assign its interest in the purchase contract to the qualified purchaser, this was unable to be accomplished due to unforeseen time constraints; and WHEREAS, on January 3, 2008, the Town purchased the Property for the purpose of executing and recording the above-referenced deed restriction and to facilitate the transfer of the Property to a qualified purchaser; and WHEREAS, the Town is under contract to sell the Property on January 24, 2008, to said qualified purchaser and, in order meet the closing deadline with the qualified purchaser, an Emergency Ordinance pursuant to Section 4.11 of the Charter is therefore required. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. The sale of the Property is hereby approved by the Council at the price of $178,650.00. The Town Manager is hereby authorized to execute, on behalf of the Town, an agreement to sell the Property and to take whatever steps are necessary to complete the sale of the Property to meet the Town's contractual obligations. Ordinance No. 2, Series 2008 Section 2. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not effect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 3. Based upon all of the foregoing, the Council finds and declares that there is reasonable justification for the adoption of this Ordinance as an emergency measure, that this Ordinance is necessary for the immediate preservation of the public welfare, and that this Ordinance shall therefore take effect immediately upon adoption as provided by Section 4.11 of the Vail Home Rule Charter.. Section 4. The Council hereby finds, determines and declares that this Ordinance is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. INTRODUCED, READ, PASSED, ADOPTED AS AN EMERGENCY MEASURE BY THE UNANIMOUS VOTE OF COUNCIL MEMBERS PRESENT OR A VOTE OF FIVE (5) COUNCIL MEMBERS, WHICHEVER IS LESS, AND ORDERED PUBLISHED THIS 22nd DAY OF January, 2008. ATTEST: Lorelei Donaldson, Town Clerk Dick Cleveland, Town Mayor Ordinance No. 2, Series 2008 6. The site should be optimized to provide the greatest amount of employee housing. 7. Housing District is preferred. 8. Additional traffic onto Chamonix Lane should be limited. 9. One-story of development at grade with Chamonix Lane is acceptable. 10. All financing and phasing options will be considered. Missing parameters? III. ACTION REQUIRED Staff recommends the Council adopt the recommended Chamonix Site Master Plan project parameters and design considerations. MEMORANDUM TO: Town Council FROM: Community Development Department DATE: January 22, 2008 SUBJECT: Chamonix Site Master Plan Update Staff: Chamonix Site Master Plan Advisory Committee 1. PURPOSE The purpose of this update is to summarize progress made, to date, on the Chamonix Site Master Plan project and to present recommendations from the Advisory Committee for adoption by the Vail Town Council. II. BACKGROUND On January 16, 2008, the Chamonix Site Master Plan Advisory Committee held its first meeting. The purpose of this meeting was to: • Introduce the Consultant Team to the Committee; • Review the existing master plan for the Chamonix Parcel; • Discuss new opportunities and changed conditions pertinent to the current master planning project, and; • Set forth recommendations on parameters that will guide the process and the creation of three alternative development scenarios. The recommended design parameters address issues of use, density, access, sustainable design, employee housing mix, ownership and financing options. Specifically, the following parameters and design considerations are recommended to guide the master planning and design of three alternative design scenarios for the Chamonix Site: Recommended Parameters and Design Considerations 1. Site to be used for development of a fire station and employee housing. 2. Housing for fire department employees should be considered in the design of the fire station. 3. An ambulance substation could be an ancillary use on this site. 4. Energy-efficient and sustainable design and construction techniques are important. Certification by a particular program (LEED, Green Globes) to be investigated, although not mandatory. 5. 100% of housing developed should be deed restricted, 'for-sale' employee housing, with a mix of one, two, and three bedroom units. 7_4 o `' PawF r.dJ.08 APWA Colorado Chapter AWARD WINNERS 2007 January 11, 2008 Category Large Medium ° Small Community Community.. Community Public Works, Administration Engineefing/Construction Management Denver-Snow Removal Outreach Program Colorado Springs- Boulder-Foothills Union Boulevard Pkwy and Arapahoe Reconstruction Avenue Project Denver-Florida Interceptor Storm Sewer Fleet:. ., Arvada- Management/Ops/Mtce. ' Standardization of Outfitting Police Cruisers .Streets`&°Traffic?w>?` Colo Springs- EngineermglOps/Mtce- COSMIX PROJECT Drainage and Flood Lakewood-Coyote ° Contrdt Gulch Stream Restoration 3. 3 "Water Treatment and, Distribution Wastewater Treatmen't/'Colle'ction Environmental Design/Maintenance`"`"/Ups" •"Building Code":,,„ Administration" Facilities Management /Maintenance: Parker-Pine Lane over Cherry Creek Extension Project Arapahoe County- Arapahoe Rd Corridor Study Loveland-Fleet Software Conversion Arapahoe County- Fleet Division -Arapahoe County- Recycled Paving Program Thornton- 5 MG Clifton Water N. Table Mtn. W & Buried Concrete Tank District-Water S District-North Treatment Plant Table Mountain 1.5 Pretreatment Facility MG Tank Denver-Justice Center Utilities Westminster-Energy Performance Audit & Facility Improvements Broomfield-2007 Sheridan B1vd.Reuse Project Southgate-2006 Sanitary Sewer Program Colorado State- Montrose-Cerise Regional Park Vail-Construction Inspection Team Avon-Avon Station Multimodal Trans. Center Greenwood Village-Belleview Avenue and Peoria Street Realignment Erie-Regional Detention Facility 1045 Colorado City Metro District - Colo City WTP Storm Water Council Northglenn- Perin iVail-Public Works Center Community Devt Dept ne Community Center EVER VAIL Who • Vail Resorts Development Company • Callison Architecture, Inc. • Mauriello Planning Group, LLC What • A proposed real estate development project with an emphasis on green, sustainable development • A mixed use development - retail 164,450 sq.ft., hotel 157,800 sq.ft., residential 526,000 sq.ft., office 53,500 sq.ft. , employee housing 48,000 sq.ft. • Governed by the Lionshead Redevelopment Master Plan • An 11 acre development site • Development site is located in the Lionshead Mixed. Use -2 zone district • Creation of fifth skier portal to Vail Mountain Proposes realignment of the South Frontage Road • Relocation of the mountain operations and ski yard maintenance facilities • New public parking structure • Creation of public transit facility Where • West Lionshead (existing maintenance yard, Vail Professional Building, gas station) When First phase of construction to begin in spring of 2009 • Planning & Environmental Commission worksessions 1St and 2nd quarters of 200 • Town Council worksessions and meetings 2nd and 3rd quarters of 2008 Development Review Process Lionshead Redevelopment Master Plan Amendment - completed • CDOT Frontage Road Relocation application - pending • De-annex & Annexation application - pending Major Subdivision application - approved by PEC with conditions • Rezoning application - approved by PEC with conditions Major Exterior Alteration application - pending • Zone Regulation Text amendment - pending • Conditional Use Permit applications (parking garage and ski lift) - pending • Design Review application - pending Project Updates ?xae Lionshead Parking Structure Who • Open Hospitality Partners • 42/40 Architecture What • A mixed use development - retail (60,000 sq.ft.), hotel (180,000 sq.ft.), residential (100 dwelling units) , public uses, employee housing (225 units) • Governed by the Lionshead Redevelopment Master Plan • A 6.25 acre development site • Development site is located in the General Use zone district • South Frontage Road and. East Lionshead Circle improvements • New public parking structure -1,900 spaces total • Two new hotels - St. Regis and a "W" (approx. 250 rooms) • Creation of public transit facility • Conference Center/Meeting Rooms -17,000 sq.ft. • TOV to own all public uses - Developer to own all private uses Where When Existing Lionshead Parking Structure site By February 13, 2008, revised Conference Center proposal to be submitted. By March 15, 2008 - Project Plan (schematic, architectural internal and external layouts of the project) to be submitted for approval by the Council. Project plan submittal deadline above may be extended by either party to no later than September 15, 2008. Development Review Process • Lionshead Redevelopment Master Plan Amendment - pending • CDOT Frontage Road access permit application - pending • Major Subdivision application - pending • Rezoning application - pending • Major Exterior Alteration application - pending • Zone Regulation Text amendment - pending • Conditional Use Permit applications - pending • Design Review application - pending 1 Project Updates 3OF V r"'j IFSC r ovd kil l. APRIL AUT APRIL ITA MAY FRA „ MAY SRB MAY SU/ JUNE USA JUNE /TA _ JUNE ITA JUNE CHN JULY FRA 4 JULY FRA AUGUST AUS JULY /TA SEPTEMBER - SU/ 4 SEPTEMBER AUT 0 SEPTEMBER BEL MAY CZE 0 ? OCTOBER TPE JUNE GER J e NOVEMBER RUS SEPTEMBER AUT NOVEMBER CZE NOVEMBER FRA r NOVEMBER SLO NOVEMBER SLG _ Continental Championships MAY Asia CHN w 1 ? OCTOBER Europe FRA • ?`? ` NOVEMBER Asia Youth JPN NOVEMBER America CAN NOVEMBER America Youth CAN A NOVEMBER _ Oceania „ •• 4 ? • : ., r:? a-unr?b MAY Ukrainian Verticals -Kiev UKR ? re.?wwxw MAY DIMA RockMaster ESP JULY Internationaux d'escalade - Serre Chevalier FRA JULY L'Argentiere la Bessee FRA SEPTEMBER Rockmaster - Arco /TA OCTOBER Shanghai CHN APRIL Open Jeunes Marseille FRA 'u. MAY Youth Color Climbing Festival Imst AUT JUNE Rock Junior Arco ITA " ` . JULY Petzen Trophv Karnten AjjT l r ? m f a ? ;, • RETREAT AGENDA 01.22.08 8:00 A.M. - 4:00 P.M. 8:00 - 8:15 Breakfast 8:15 - 8:30 Welcome: Goals for the day. Stan Zemler, Town Manager 8:30 - 9:15 What we like about Vail. What concerns us about Vai Dick Cleveland, Mayor 9:15 -10:15 Discussion: Our values. Our teamwork approach. Our vision. Our mission. Our Commitment. Andy Daly, Mayor Pro-Tem 10:15 -10:30 Break. 10:30 - 11:00 Financial Overview: • Conference Center Ballot Issue. • Vail Reinvestment Authority (VRA)/Tax Increment Financing / LionsHead. • Organizational Health. • Timber Ridge. • Long Term Capital Planning. Judy Camp, Finance Director 11:00 -11:30 Council Goals / Review of Council Submittals. 11:30 - 12:00 Peer City Trip. Work Session: Topics, Issues, Groups, Partners. 12:00 -1:00 Lunch / Entertainment. • 1:00 - 1:15 What are our residents and guests saying about us • Suzanne Silverthorn, Public Information Officer Ke/li McDonald, Economic Development Manager 1:15 - 1:30 Challenges and Opportunities. Stan Zemler, Town Manager r:30 - 3:45 Department Heads (3:45 - 4:00 • (4:00: - 4:45 i I` 1 l? Presentations: Discussion goals, objectives and tactics. I. Master Planning. Housing. E=nvironment. Transportation /parking. Economy. Parks & Recreation. Fire. Police. Community Diversity. Public Comment.. Goals and Tactics. i • 0 IMOFPAIL GOALS FOR THE DAY PARTICIPATORY INTERACTION WITH TOWN COUNCIL TO ESTABLISH GOALS AND TACTICS FOR THE NEXT TWO YEARS 9) Develop three - five high priority goals that the Town council would like to accomplish in the next two years. Subsequently identify tactics to attain such goals. For example: Improve opportunity in TOV to live in employee type housing. C? 2) Identify five "tactics that would be utilized to attain the goal. For example: a. Begin the redevelopment of Timber Ridge. b. Complete the planning for and begin development of the Chamonix property. Staff will assimilate the result of today's efforts and develop a timeline and fiscal staffing impact associated with goals and report back to the Council for direction. • 7c Our Values Respect • Trustworthiness • Integrity b Vision • Environmental Ethics- Our Teamwork Approach ?= ?ilnova?o?` Participative Leadership - Shared Responsibility • Aligned on Purpose Communication • Future - Focused • Task Oriented -;,,:.44v,; o` N i07 \ZX4 High Rapid Response ? ?±?Q1?7 Pa?ren C? o Our Vision a' To Be the Premier Mountain Resort Community! Our Mission t t? We will provide the citizens of Vail and our guesPwith a superior level of environmentally sensitive services and an abundance of recreational, educational and cultural opportunities. Our Commitment ??5ca11`'? To provide vision, leadership and stewardship in an environmentally and ecoAami^ta';= responsible manner. • -42 O J S J 0 TOW. 1 ? FI 4ANCIAL OVEIVIEW Vail Town Council Retreat January 22, 2008 0 FINANCIAL OVERVIEW • [Reference: Town of Vail 200N6 Budget Book Observations and Conclusions f ?- °? • The Town's finances overall are healthy. • The favorable impact of the Multi-Billion Dollar Renewal is apparent in higher revenue from sales tax, property tax, and real estate transfer tax. • General Fund revenue is sufficient to maintain current service levels; however, a The town is facing significant competition in the employment market and is challenged to recruit and retain a high quality work force within the current budgeted spending levels. e Demand for. increased services is putting pressure on budgeted costs. Examples include third fire station, streetscape operating costs, and increased number of guests in town as a result of redevelopment and success of special events. • Prior to implementation of the construction use tax, the Capital Projects Fund budget is essentially depleted in 2008. • Use of $4.3 million commitment from Vail Resorts for incremental new parking is not yet included in the capital plan. • Use of potential housing pay-in-lieu funds are not yet included in the budget or capital plan. • The Real Estate Transfer Tax (RETT) Fund balance grows in the outer years after a reduction in 2008. Revenue, however, is projected to decline in 2011 and 2012. • I • The Conference Center Fund continues to grow by the amount of investment earnings, with no approved use of the funds. • The Vail Local Marketing District's lodging tax funds summer marketing (May - October). • The Vail Reinvestment Authority has begun to collect incremental property taxes and is poised to develop a capital spending plan. • Timber Ridge Affordable Housing Corporation's budget is balanced for 2008; however, the debt level is high and reserve funds are low. a-- Backg round -? ?--?, • Municipal budgets are prepared by fund with each fund having a specific purpose and sometimes a restriction on how funds may be used. General Fund - all revenue not specified to another fund, including a portion of the town's 4% sales tax; expenditures for any legitimate governmental purpose; generally used to support operations. ® Capital Projects Fund - a portion of sales tax revenue, government grants, reimbursements for shared projects, rentals from capital projects, and investment income; expenditures limited to capital projects and acquisitions. Housing fee-in-lieu revenue, which was authorized by ordinance in 2007, is tracked in the capital projects fund. Subsequent to the passage of the 2007 budget, the construction use tax was approved I by Vail voters and provides an additional revenue source restricted to capital acquisitions and projects. Real Estate Transfer Tax Fund - revenue from real estate transfer tax, • golf course rental, recreational amenities fee, and investment income; Financial Overview IMOFVA9 o Revenue is now accumulating and reasonable estimates of debt capacity • can be developed. o. Proposed next steps - Staff to review potential future revenue and allowed uses in conjunction with the town-wide capital plan and make a recommendation to Council by June 30. • Cost of Municipal Services o $32.9 million annual expenditures including $21.4 million salary and benefits. o Increasing cost of health insurance is putting pressure on targeted benefit rate of 40% of base salary for regular full-time employees. o An increasingly competitive employment market drives up costs of recruiting, replacement, and retention. o Proposed next steps - revisit all costs for 2009 budget; specifically review staffing levels vs. demand for services, compensation vs. market, cost of benefit programs, and funding opportunities from increased revenue. o See attached write-up on Organizational Health. • Timber Ridge o Timber Ridge is encumbered with $22 million of debt, an aging physical structure, and limited reserves in case of emergency. Redevelopment by Open Hospitality/Lincoln Properties is under consideration. o See attached fact sheet for more information. o Next steps - Open Hospitality/Lincoln Properties presentation to Council 1/22 evening. • Long-term Capital Planning o Capital planning processes are designed to: maintain the town's valuable • existing facilities; and identify projects needed to keep pace with private development and other community needs. The capital planning process for 2008 contributed to the success of the construction use tax ballot issue. o Challenges going forward include: maximizing use of available funding sources (TIF, $4.3 M parking capital, construction use tax, housing fee-in- lieu, etc.) which may be restricted as to their use; and planning for uncertainties such as Conference Center Fund reallocation and Timber Ridge and LionsHead parking structure redevelopments. o Proposed next steps - Include capital planning early in the 2009 budget process with a view to maximizing available funding sources and providing contingency plans to deal with the uncertainties mentioned above. • Construction Use Tax o Implemented 1/1/2008; restricted to capital projects. o Proposed next steps - Staff to forecast and monitor revenue collections; incorporate into the capital projects plan and 2009 budget. • Housing Fee-in-Lieu o. Implemented in 2007; expect $2.8 million from Fogata in 2008; not budgeted yet. o Proposed next steps - Staff to monitor revenue collections and incorporate into budgeting process when revenue is more certain. o More information is included in discussion on housing. • Financial Overview 4 1M VAd ORGANIZATIONAL HEALTH • Vision: To be an employer of choice in our resort region As we look into the future, the Town of Vail's continued ability to deliver superior municipal service will be severely tested by the looming labor shortage and its impact on recruitment, retention, and overall employment cost. Our employment metrics point to the challenge. Presently, the Town's average employee age is 45 years with 10.5 years of service. Twenty-three (23) employees, or almost 10% of our labor force, are age 60 and older and our first "baby boomer" retirement wave will start in the next several years. Combined with a present 10% staffing shortage at any given time, the danger signs are becoming increasingly evident (see key indicators below). Responsible Parties • Town Council and staff Actions Underway/Recently Completed • Document and track key indicators as follows: o Abilitv to Pay: As demand for labor increases, employment costs will rise. Presently, employment costs are $16.4 million or nearly 60% of the town's general fund expenditures and labor costs will take a larger bite in the future. As labor costs increase, available funds for municipal services will decrease and the town's ability to provide superior municipal services will suffer. o Turnover Trends and Costs: The TOV full-time employee turnover rate • Was 8% in 2005, 10% in 2006, and 15% in 2007. At approximately $10,000 per person in training, recruitment, over-time, and administration expenses, the cost to the TOV exceeded $360,000 in 2007. o Decline in Number of Qualified Job Aoolicants: Approximately 10% of TOV joli openings remain unfilled at any given time. This open position figure has increased significantly over the last several years. Making the situation worse, is the decline in applications for skilled trades such as mechanics and dispatchers. These positions have been consistently understaffed for the last 12 months. o EmDlovment Competition: The present natural gas and oil boom in Garfield County, the re-opening of the Climax Mine, the prospect of nearly 500 full-time jobs at Ginn Properties, new high end Vail hotels, etc., will place added pressure to attract and retain quality employees. o International Workers: The international pool is weakening due to various reasons. These include a weakening US dollar abroad which erodes international earning power here in the States, the loss of the returning worker H213 visa exemption which now pits the Town against the national visa cap, and increasingly unfriendly employer immigration processing procedures. o Hiah Cost of Housina.: The 2002 Eagle County Housing Needs Assessment identified 4,200 households paying more than 30 percent of their household income for housing. The identified need of 3,500 affordable units is the difference between the 4,200 households identified in 2002 and the 700 affordable units built since then at Miller Ranch, • Middle Creek and Buffalo Ridge. Financial Overview ? ; . 0 IMOR • TIMBER RIDGE VILLAGE APARTMENTS The Property • 10.08 acres • 16 two- and three-story buildings • 308 surface parking spaces • 198 two-bedroom, one bath apartments • Each apartment is 744 square feet • In August, 2007, the site was rezoned Housing from Special Development District # 10 which was previously 5 lots each zoned Residential Cluster The History • In 1979, Timber Ridge (previously Vally Hi) was approved as SDD #10 • The 198 units were required to be restricted as long-term employee rentals • The deed restriction was for a period of twenty years from the date of completion • The previous deed restriction expired in 2001 • In 2001, the Town entered into a "stand still" agreement with the then owner • The Town reviewed numerous options to ensure Timber Ridge perpetually remained affordable rental units o The Town established the Housing District for the purpose of applying it to this property • Ultimately, it was determined the most effective way to ensure the current use remained on the property was to purchase the property • • In July, 2003, the Town paid $20,000,000 in a "friendly condemnation" Taxable bonds were issued so the bonds could be called at any time to facilitate redevelopment • The Town deed restricted the property and immediately "re-sold" it to the Timber Ridge Affordable Housing. Corporation (a Colorado not-for-profit) o The deed restriction requires 600 affordable rental beds be maintained o Originally Town Council sat as the Board The Operation • Directed by the Timber Ridge Affordable Housing Corporation Board o The Board is made up of: Town Manager, Community Development Director, Finance Director, Public Works Director, Facilities Manager • Managed by Corum Real Estate Group for $87,000 per year • All of the units now have one-year lease terms • Average monthly lease payment of $1350 per unit • 188 of the units are master leased by local businesses o Vail Associates master leases 169 Units Borne Engineering was hired to provide an overview of required capital maintenance of Timber Ridge o The report was presented to Town Council on August 21, 2007 ? The report identified $2,594,000 worth of repairs and replacement over seven years ¦ This includes a complete replacement of all roofs and siding • Financial Overview 7MOFV TIMBER RIDGE VILLAGE APARTMENTS 2008 OPERATING BUDGET AND SEVEN-YEAR CAPITAL REPLACEMENT PLAN • AS APPROVED BY THE TRAHC BOARD 11/27/07 TIMBER RIDGE VILLAGE BUDGET COMPARISON • _ CotoPaiqn9 2008 Bbd5et to 2007 Es'Maite paring 2008:Budget t4 2b0T•8udget 2008 2007 % 2008 2007; " " Doscription.- Budget Est e S,Inc er) 4 1clipec) audget T} Budget C,inC Decj ?inCltDec) OPERATING INCOME Monthly Rental Income $2,725,535 $2,665,912 $59,623 2% $2,725,535 $2,622,400 $103,135 4% Other Income $8,660 $16,935 ($8,275) -49% $8,660 $29,060 ($20,400) -70% TOTAL OPERATING INCOW I $2,734,196 $2,682,A47 $51,318 2°fi is 7? x i2 9 ?S(i ;$Z,735 .. 3°tir ?? . . OPERATING EXPENSES Administrative $107,580 $110,875 ($3,295 -3% $107,580 $105,900 $1,680 2% Payroll $185,444 $191,200 ($5,756) -3/o $185,444 $212,323 ° ($26,879) -1310 HVAC / Plumbing $20,004 $19,100 $904 5% $20,004 $10,440 $9,564 92% Grounds $47,475 $32,177 $15,298 48% $47,475 $39,895 $7,580 19% General Repair & Maintenance $99,550 $109,885 ($10,335) -9% $99,550 $14,500 $85,050 587% Utilities $136,020 $135,600 $420 0% $136,020 $116,200 $19,820 17% Janitorial $3,300 $3,458 ($158) -5/o ° $3,300 $3,300 $0 0% Other Expenses $125,712 $146,229 ($20,517) -14% $125,712 $132,552 ($6,840) -5% TOTAL'OPERAT:NG EXPENSES II $725,085 $748,524 (523;439) -3% , 5725,985 (635;19,0 $$?,BX$; 9t9o? --- - -?7 -_---- -_- - --- - - =_ _ - ----- DIET ORERATINiG INC©Mg L?_;2,OL9 11„0 323. $74,787 4°h, 9.110 s2,Q18,3t50' - {s7,2AD} 1!°,6'? _ Owner Expense $6,250 $269,720 ($263,470) -98% $6,250 $6,100 $150 2% Interest Income $24,264 $25,580 ($1,316) -5% $24,264 $4,320 $19,944 462% SERVICE 124 $2 027 69p 183 $1 $3 941? 20 A 1 ' ' ¢ ` , , , , ;k8, % -$2,027;1 4_ : #2,0 , 4:570 . E1Z,55!1,.:; Interest Expense $1,407,148 $1,406,349 $799 0% $1,407,148 $1,420,984 ($13,836) -1% Amortization & Depreciation $601,608 $601,368 $240 0% $601,608 $601,368 $240 0% NET(NCQM (L, L33$,257 -1p7°lo i1$?$68 '($T„T82}. .;: (?T,394}': 8$/n`• Cash Flow Adjustments $328,813 $281,528 $47,285 17% $328,813 $313,028 $15,785 5% ?Ct13HF1.OW ~? 7,181: f - - -? -- 3 A ' . S3$t3,107 10 .,9!0, ... $347il$1 _ 305.246 $41,985 14% Page - 2 TIMBER RIDGE VILLAGE APARTMENTS STATEMENT OF OPERATIONS HISTORY ' -b v 2004 2008 2007 2007 2406 21W ACCT' pESCRIPTION euc#g?t Amended Budc sucjqet Acti n. Actual ' Actual _jot OPERATING INCOME 4001 Gross Potential Rents 4005 Vacancies/Lost Rent Monthly Rental Income 4050 Utility Income 4070 Laundry Income 4085 Miscellaneous Income 4090 Late/NSF Fees 4100 Security Deposit Forfeit 4110 Non Refundable Pet Deposit 4115 Admin Income (N/R) 4120 Rent Concessions 4125 Employee Apartments/Garages 4130 Model Apartment 4140 Relet Fees 6117 Bad Debt Expense OTAL:OPEi?ATINGti?}COME-_?-- __ OPERATING EXPENSES ADMINISTRATIVE 5110 Advertising/Promotion 5120 Auto Expense 5121 Meals 5122 Lodging 5125 Marketing Expense 5130 Credit Checks 5135 Management Fee 5140 Office Expense 5145 Printing/Copying 5150 Postage 5160 Legal Fee's 5165 Phone / Fax 5170 Dues/Subscriptions 5175 Banking Fee's 5398 Parking Expense 'TOTAL ADMINISTRATIVE PAYROLL 5220 Administrative Wages 5230 Maintenance Wages 5240 Cleaning Wages 5250 Wages Landscaping )TOTAL PAYROLL Date Printed 1/17/2008 $2,914,160 $2,758,200 $2,726,400 $2,142,025 $1,645,031 2,668,861 _...._._..._J $188,625) 104,000)__...._._ ___._ _ ($26,749) ($68,695) (1.543,955) $2,725,535 $2,665,912 $2,622,400 $2,115,276 $1,576,336 $1,124,906 $0 $0 $0 $0 $0 $2,158 $32,360 $32,200 $32,360 $21,278 $19,254 $15,434 $0 $2,315 $12,000 $5,416 $13,985 $12,737 $300 $0 $300 $50 $25 $925 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $350 $0 $0 $0 $0 ($8,450) ($5,125) ($24,000) ($17,580) ($15,600) ($13,800) $0 ($1,377) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($4,094) ($2,325) ($7,737) 52,734,195 (F17 -- - $2,f51,46p -_ 52/.12?,126--- ;??OOt 1rv0 :#1`.15Q,008 $1,800 $1,995 $600 $856 $3,274 $10,562 $1,800 $2,200 $3,420 $2,182 $4,875 $3,000 $600 $630 $600 $1,014 $1,710 $1,099 $0 $0 $0 $60 $22 $0 $300 $0 $600 $1,848 $764 $2,488 $300 $210 $420 $422 $66 $620 $87,000 $87,000 $87,000 $75,000 $77,595 $58,675 $5,100 $4,750 $3,600 $4,200 $4,755 $6,641 $2,700 $2,750 $2,400 $2,742 $2,813 $2,254 $1,500 $1,380 $1,500 $1,267 $1,380 $1,187 $0 $0 $0 $0 $0 $578 $6,300 $8,850 $5,400 $9,199 $8,417 $12,486 $0 $1,000 $0 $2,636 $2,222 $1,956 $180 $110 $360 $203 $353 $378 $0 $0 $0 $0 $0 $0 $107.580 $110.875 $105,900 $101,629 $108,246 $101,924 ) $31,665 $52,500 $80,055 $86,918 $81,484 $75,187 $145,979 $135,200 $125,470 $87,312 $80,274 $55,491 $0 $0 $0 $0 $0 $42,698 $7,800 $3,500 $6,798 $13,795 $15,440 $13,361 $185,444 $191.200 $212.323 $188,025 $177,198 $186,737 N Page 3 File Name - TRA 2008 Rudnet (RC, 11,271 • 0 • TIMBER RIDGE VILLAGE APARTMENTS STATEMENT OF OPERATIONS HISTORY 2003 2007 2007 2tf66 2005 2004 & ACCT BES.GR4i'T10it f udpet A- riled $tudpot B4d$et Actual Actual ; Actual . xu HVACIPLUMBING 5315 HVAC Repairs $600 $0 $3,600 $0 $0 $8,605 5320 HVAC Supplies $600 $0 $1,200 $0 $0 $0 5345 Plumbing Repairs $10,404 $9,600 $3,540 $8,988 $7,099 $5,292 5350 Plumbing Supplies $8,400 $9,500 $2,100 $2,369 $929 $4,798 'TOTAL HVAC/PLUMBING $20,004 $19,100 $10,440 $11,357 $8,028 $18,695 j 5610 5620 5625 5630 5645 5655 GROUNDS Contract-Outdoor Plant Trash Removal Snow Removal Sweeping/Striping Pest Control Grounds Equipment TOTAL GROUNDS $7,500 $16,675 $21,200 $0 $900 $1,200 $47,476 $927 $17,300 $12,700 $0 $0 $1,250 $32,177 $0 $18,300 $20,175 $0 $420 $1,000 $39,895 $0 $17,207 $28,657 $0 $0 $1,257 $47,121 $0 $13,466 $13,696 $0 $0 ($66) $27,096 GENERAL REPAIRIMAINTENANCE $0 5325 Electrical Repairs $1,800 $2,125 $900 $5,023 $159 5330 Electrical Supplies $2,400 $3,150 $300 $167 $0 5355 interior Repairs l $50,000 400 $8 $0 550 $9 $0 $1,500 $0 $2,618 $163 5365 y Maintenance/Repair Supp , $600 , 440 $7 $600 $2,548 $325 5367 Door/ Window Repair/Maintenance 000 $12 , 300 $56 $4,200 $4,569 $3,951 5370 Misc. Repairs & Maintenance , , 0 $0 $0 ($41) 5375 Maintenance Equipment $0 800 $1 $ 550 $2 $1,650 $0 $1,139 5380 Painting Supplies , , $0 $0 $0 5383 Painting Labor $0 $14 400 $0 $14 500 $0 $0 $69 5385 Appliance Maintenance i , 400 $2 , $4 080 $0 $6,693 $0 5387 r Carpet/Blind Repa , $800 , $490 $800 $450 $351 5395 Uniforms $900 $800 $900 $572 $1,239 5720 5760 Locks Other Fire & Life Safety $4,050 $8,900 $3,650 $705 $3,712 TOTAL GENERAL REPAIR $99.550 $109,885 $14,500 $23,345 $11,067 UTILITIES $0 $0 $0 $0 5405 5410 Cable Costs Electrical - Common Area $27,950 $29,600 $19,600 $23,594 $30,137 5420 , Electrical - Vacant $0 $0 $0 $0 $0 $0 $0 5440 Gas - Units $0 070 $108 $0 $106 000 $0 600 $96 $83,624 $67,365 5450 Water/Sewer , , , 'TOTAL UTILITIES JANITORIAL 5510 Janitorial-Labor Contract 5520 Janitorial-Supplies 5530 CarpetlDrape Cleaning Date Printed 1117/2008 TOTAL JANITORIAL $136.020 $135600 $0 $158 $600 $900 $2,700 $2,400 $3,300 $3,458 Page 4 $116200 $107,218 $0 ($1,150) $300 $191 $3,000 $7,185 $5.300 $6,226 $97,502 ($1,030) $95 $2,578 $1,643 $0 $11,383 $6,911 $0 $1,196 $299 $19,789 $195 $212 $0 $1,992 $78 $916 ($475) $1,229 $0 $103 $60 $334 $87 $1,843 $6,5741 $0 $90,493 $0 $0 $67,171 $157,664 $87 $783 $995 $1,865 J File. Name - TR>A ^nnR Riirinp+ /Rr: 11:17% TIMBER RIDGE VILLAGE APARTMENTS STATEMENT OF OPERATIONS HISTORY • 20as 2007 2007 2006 2005 4, 2004 - ACCT DESCRIPTION udpvt .. Am^nded'8udget Sucl?et mActual Actual' Ac OTHER EXPENSES 5810 Real Property Taxes $0 $0 $0 $0 $0 $0 5820 Personal Property Taxes $0 $0 $0 $0 $0 $0 5830 Property insurance $125,712 $146,229 $132,552 $96,393 $65,427 $62,606 (TOTAL INSURANCE $125,712 $146,229 $132,552 $96,393 $65,427 $62,606 TOTAL OPTING,ti$ES $725.Ob5 $748.624 5835,110 55A1 314 $49G207 °_, . , ?5,R5a},'t! NETQP.ERAT;NGINGUMF $2,0119110 $1,934,323 S2,0,1G,3SO 51.582812 1,104943, =:$894.154 OWNER EXPENSE 6105 Legal Fees Ownership/tenant $0 $0 $0 $0 $0 $0 6110 Accounting/Audit $6,250 $6,250 $6,100 $5,950 $5,800 $5,700 6115 Trustee Fees/Consultant $0 $0 $0 $0 $0 $0 6118 LeaseNehicle Costs $0 $0 $0 $0 $0 $0 6150 Other Owner Expense $0 $10,000 $0 $0 $0 $0 6151 Remediation $0 $13,470 $0 $412,483 $389,524 $252,655 Life Safety Work $0 $240,000 $0 $0 $0 $0 TOTAL OWNER EXPENSE $6,250 $269,720 $6,100 $418,433 $395,324 $258,355) - INTEREST INCOME 8105 Interest Income - Misc. Funds $24,264 $25,580 $4,320 $15,212 $9,341 $3,916 FTOT. INTEREST INCOME $24164 $25.580 $4320 $15,212 $9,341 $3,916 j - - CASH FLOW AVAILJij?LE 6,, u=vT SERVICE,' $2,027,124 = $9,690.183 - $2 014.570 ' $1,139.58.1 F$118 980 _. :. 5338.?15 INTEREST EXPENSE 6165 Letter of Credit Fees $243,427 $243,427 $243,427 $243,427 $246,173 $0 6170 Financing Fees $23,841 $29,656 $29,384 $29,835 $26,531 $273,144 6202 Misc interest Expense $28,500 $28,500 $28,500 $26,116 $19,977 $15,000 6205 Interest Exp. - Series A $1,046,376 $1,031,457 $1,046,364 $888,252 $651,294 $304,444 6210 Interest Exp. - Series B $65,004 $73,309 $73,309 $82,083 $90,260 $97,474 (TOTAL INTEREST EXPENSE $1.407148 $1.406,349 $1,420.984 $1,269.713 $1,034.235 $690,062 NGOME.BEFOREBEt?RECIAI7Ati.B{i4MflRTt2ATION i 1619:975 (283.833 - 85$31686 77- --7777777 4130021 ?.dS315.2T5 AMORTIZATION & DEPRECIATION 6470 Amortization $78,996 $75,924 $75,924 6480 Depreciation $522,612 $525,444 $525,444 TOTAL AMORT. 8 DEPRECIATION $601,608 $601.368 $601,368 NET'iNCONfE 1; ?Lt7S8J_; . - - _ - --^ 51 tf,",b Ib317,53#1 . T l5 /,i> 21 $78,004 $42,561 $42,342 $525,446 $525,447 $525,446 $603,450 $568,008 $567,788 ' 18733;572) ?`.1i883.d83}`. ,- .`_15918,135 Date Printed 1/17/2008 Page 5 File Name - TRA 2008 f3ii0et (RC 11-27) TIMBER RIDGE VILLAGE APARTMENTS STATEMENT OF OPERATIONS HISTORY 2008 2007 2907 ACCT',pESCRIPTION Qutopt Al nded Budget, Budgat CASH FLOW Add back Amortization & Depreciation Town of Vail Loan LOC Fee - catch up late payments Accrued Interest on TOV orig loan Bond Resrve Fund Replacement Reserve Fund Rate Cap Escrow Fund Replacement Reserve-Expenses Replacement Reserve Withdrawals Replacement Reserve Deposits Principal (Series B Bonds) Reduction in AP CASH FLOW ADJUSTMENTS RSH FLOW Date Printed 1/17/2008 • 2006 '2005 X004 ActuU1 At:tuat.z; , AiGtUat?^, .?;¢ $601,608 $601,368 $601,368 $603,450 $568,008 $567,788 $0 $0 $0 $200,000 $0 $0 $0 $0 $0 $0 $0 $0 $28,500 $28,500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($45,000) ($45,000) ($45,000) ($44,729) ($45,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($101,295) ($98,340) ($98,340) ($1,499) ($92,700) ($92,700) ($155,000) ($145,000) ($145,000) ($140,000) ($130,000) $0 ($40,000) ($60,000) $328,813 $281,528 $313,028 $617,222 $300,308 $475,0881 r $347.181 fS3G,0061 S:A ($116i35pj X5582.875). (5943,0¢7 Page 6 File Name - TRA 2008 Budnet (R r, 11-27) • TIMBER RIDGE VILLAGE 2008 OPERATING BUDGET 4L-N 144 _ .![;(: ;SrP. OCI. NOVl < DEG TOTA OPERATING INCOME 4001 Gross Possible Rents $232,990 $232,990 $232,990 $232,990 $232,990 $232,990 $232,990 $232,990 $232,990 $270,750 $273,250 $273,250 $2,914,160 4005 Vacancies/Lost Rent ($1,345) ($1,345) ($1,345) ($8,070) ($12,105) ($12,105) ($12,105) ($12,105) ($6,725) ($40,625) ($40,375) ($40,375) ($188,625) Monthly Rent $231,645 $231,645 $231,645 $224,920 $220,885 $220,885 $220,885 $220,885 $226,265 $230,125 $232,875 $232,875 $2,725,535 4040 Rent Concessions $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 4070 Laundry Income $3,555 $3,555 $3,555 $3,555 $1,495 $1,495 $1,495 $1,495 $1,495 $3,555 $3,555 $3,555 $32,360 4085 Miscellaneous Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 4090 Late/NSF Fees $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $300 4125 Employee Apartments ($2,000) ($2,000) ($2,000) ($2,000) ($2,000) ($2,000) ($2,000) ($2,000) ($2,000) ($2,000) ($2,000) ($2,000) ($24,000) 4140 Relet Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL-QPERATING`INCOME 5233,225 5233c225 232.»5 - ' 6 z(x Q20,40p $220;405 $220,40x` _ 4),IQ5 5 85 x $23 >?05, _, $23445$ 5234;45 $2;734;195 OPERATING EXPENSES - ` ADMINISTRATIVE 5110 Advertising/Promotion $0 $0 $0 $300 $300 $300 $300 $300 $300 $0 $0 $0 $1,800 5120 Auto Expense $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 5121 Meals $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $600 5122 Lodging $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 5125 Marketing $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $300 5130 Credit Checks $0 $0 $0 $50 $50 $50 $50 $50 $50 $0 $0 $0 $300 5135 Management Fee $7,250 $7,250 $7,250 $7,250 $7,250 $7,250 $7,250 $7,250 $7,250 $7,250 $7,250 $7,250 $87,000 5140 Office Expense $425 $425 $425 $425 $425 $425 $425 $425 $425 $425 $425 $425 $5,100 5145 Printing/Copying $225 $225 $225 $225 $225 $225 $225 $225 $225 $225 $225 $225 $2,700 5150 Postage $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $1,500 5160 Legal Fee's $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 5165 Telephone/ Fax $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $6,300 5170 Dues/Subscriptions/Training $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 5175 Banking Fee's $15 $15 $15 $15 $15 $15 $15 $15 $15 $15 $15 $15 $180 5398 Parking Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 (TOTAL ADMINISTRATIVE $8,790 $8,790 $8,790 $9.140 $9,140 $9,140 $9,140 $9.140 $9,140 $8,790 $8,790 $8,790 $107,580 j PAYROLL 5220 Administrative Wages $2,400 $2,400 $3,865 $2,400 $2,400 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $31,665 5230 Maintenance Wages $11,250 $11,250 $18,295 $11,250 $11,250 $11,812 $11,812 $11,812 $11,812 $11,812 $11,812 $11,812 $145,979 5240 Cleaning Wages $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 5250 Landscaping Wages $1,300 $1,300 $1,300 $1,300 $0 $0 $0 $0 $0 $0 $1,300 $1,300 $7,800 (TOTAL PAYROLL $14,950 $14.950 $23,460 $14,950 $13,650 $14,412 $14,412 $14,411 S,14A12 $14.412 $15,712 $15,712 $185,444 Date Printed - 1/17/2008 - 11;46 AM Page 7 File Name - TRA ?008 flurlnat IR A 11-971 UVAC/PLUMBING 5315 HVAC Repairs $50 5320 HVAC Supplies $50 5345 Plumbing Repairs $867 5350 Plumbing Supplies $700 TOTAL HVACIPLUMBLNG $1,667 GROUNDS 5610 Contract-Outdoor Plant 5620 Trash Removal 5625 Snow Removal 5630 Sweeping/Striping 5645 Pest Control 5655 Grounds Equipment TOTAL GROUNDS GENERAL REPAB/MAINT. 5325 Electrical Repairs 5330 Electrical Supplies 5355 Interior Repairs 5365 Maintenance/Repair Supply 5367 Door/Window Repair/Maintenance 5370 Misc. Repairs & Maintenance 5375 Maintenance Equipment 5380 Painting Supplies 5383 Painting Labor 5385 Appliance Maintenance 5387 Carpet/Blind/Vinyl 5395 Uniforms 5720 Locks 5760 Other Fire & Life Safety TOTAL GENERAL REPAIR UTILITIES 5405 Cable Costs 5410 Electrical - Common 5420 Electrical - Vacant 5440 Gas - Units 5450 Water/Sewer ITOTAL UTILITIES Date Printed - 1/17/2008 - 11:46 AM TIMBER RIDGE VILLAGE 2008 OPERATING BUDGET FI 14A,t MIR MAY wUN 111. _1L,(; SEP OCT„„ .. . 'NOV ,.: _.& DEC:... ; TOTAL. $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $600 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $600 $867 $867 $867 $867 $867 $867 $867 $867 $867 $867 $867 $10,404 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $1,667 $20,004 $0 $0 $0 $0 $1,500 $1,500 $i,500 $1,500 $1,500 $0 $0 $0 $7.500 $1,525 $1,525 $1,525 $1,525 $1,525 $1,200 $1,200 $1,200 $1,200 $1,200 $1,525 $1,525 $16.675 $1,800 $7,000 $7,000 $1,800 $0 $0 $0 $0 $0 $0 $1,800 $1,800 $21.200 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $900 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $1,200 $3,500 $8,700 $8,700 $3,500 $3,200 $2,875 $2,875 $2,875 $2,875 $1,375 $3,500 $3,500 $47,475 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $2,400 $0 $0 $0 $0 $25,000 $25,000 $0 $0 $0 $0 $0 $0 $50,000 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $600 $500 $500 $500 $500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $500 $500 $12,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $14,400 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $2,400 $0 $0 $400 $0 $0 $0 $0 $0 $400 $0 $0 $0 $800 $150 $0 $150 $0 $150 $0 $150 $0 $150 $0 $150 $0 $900 $0 $0 $400 $0 $0 $2,950 $0 $0 $400 $0 $0 $300 $4,050 $3,300 $3,150 $4,100 $3,150 $29,300 $32,100 $4,300 $4,150 $5,100 $4,150 $3,300 $3,450 $99,550 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,400 $4,400 $4,000 $3,400 $950 $950 $950 $950 $950 $1,200 $2,400 $3,400 $27,950 $0 $0 $0 $0 _ $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $9,900 $9,990 $8,550 $8,400 $7,625 $9,800 $8,575 $8,550 $9,170 $9,170 $9,170 $9,170 $108,070 $14,300 $14,390 $12,550 $11.800 $8.575 $10.750 $9.525 $9,500 $10,120 $10,370 $11,570 $12,570 $136,0201 Page 8 File Name - TRA 2008 Rhino t (Rr, 11,?71 • ACCTS A I)MCRIPTION,-,', ; J A5 JANITORIAL 5510 Janitorial Labor/Contract 5520 Janitorial Supplies 5530 Carpet/Drape Cleaning [TOTAL JANITORIAL OTHER EXPENSES 5810 Real Property Taxes 5820 Personal Property Taxes- 5830 Property Insurance [TOTAL OTHER EXPENSES FEB $0 $0 $50 $50 $225 $225 $275 $275 TIMBER RIDGE VILLAGE 2008 OPERATING BUDGET 14" 1Ei2 NtA Y .11 I (,. L AL.'G SEP OCT w ?. NOV $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $600 $225 $225 $225 $225 $225 $225. $225 $225 $225 $225 $2,700 $275 $275 $275 $275 $275 $275 $275 $275 $275 $275 $3,300 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $125,712 $10,476 $10,476 $10,476 $10.476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $10,476 $125,712 r((TAL OPERATING r,ArvNS S $57,258 $62,398 $70018 $54,958 - $76.293 SS1.695 SS2,b40 $U,4'3S $SAilfi$ 551;515" $53225!8.•, $56;440 5775;085 tike (?l FEITI1Yfi ilyCO111 75 7 $ `44 7 8 7 10 542 $171 $1 4 1 2 7 0 S '7 3 7 72 ?: 86A $ 1 S Si7$0 5 ZaI 0 r. ? - ,% 1 Z . r , -1 , , 4 2 4 $7,38. ,1 16 5 $+1¢7: 16 1, $1 0 W> - 1 $ 7Q,Ib 1 .. $ 09y1d ? OWNER EXPENSE 6105 Legal Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 6110 Accounting/Audit $0 $0 $3,000 $3,250 $0 $0 $0 $0 $0 $0 $0 $0 $6,250 6115 Trustee Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 6117 Bad Debt Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 6118 Lease/Vehicle Costs $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 6160 Other Owner Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 50 $0 $0 $0 6151 Mold Remediation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 [TOTAL OWNER EXPENSE $0 $0 $3,000 $3,250 $0 $0 $0 $0 $0 $0 $0 $0 $6,250 INTEREST INCOME 8105 Interest Income - Misc., $2,022 $2,022 $2,022 $2,022 $2,022 $2,022 $2,022 $2,022 $2,022 $2,022 $2,022 $2,022 $24,264 [TOTAL INTEREST INCOME $2,022 $2,022 $2,022 $2,022 $2,022 $2,022 $2.022 $2.022 $2,022 $2,022 $2,022 $2,022 $24,264 i CAl I FLOW AVAILABLE - T - ?_ bl< fi1; FitV[C _ ?Y. 5;i? yt89 173,Sk9 zlYi2.2?? j?7?,31a 51 t,t4a ;jaU73' ytbJ 57 fiti9,912 aSI73,742_r.?Sl$ ,212 $1$1:187 $184,037 $2.027;124 Date Printed - 1117/2008 - 11:46 AM Page 9 t=ile Name - TRA 2098 @udant (RG 11-27) • • • TIMBER RIDGE VILLAGE 2008 OPERATING BUDGET ACCT ,ADESCRIPTIQN ; JAN EI.i) MAK AIIR itAy JUN ala. AT3(i . SEP . -. OCT >; " ,DEC' TOTAL= ;i NOV INTEREST EXPENSE 6165 Letter of Credit Fees $60,023 $0 $0 $60,690 $0 $0 $61,357 $0 $0 $61,357 $0 $0 $243,427 6170 Financing Fees $0 $0 $0 $5,864 $0 $0 $5,929 $6,054 $0 $5,994 $0 $0 $23,841 6203 MISC Interest Expense $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $28,500 6205 Interest Expense - Series A $87,198 $87,198 $87,198 $87,198 $87,198 $87,198 $87,198 $87,198 $87,198 $87,198 $87,198 $87,198 $1,046,376 6210 Interest Expense - Series B $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $65,004 [TOTAL INTEREST EXPENSE $155,013 $94,990 $94,990 $161,544 $94,990 $94,990 $162,276 $101,044 $94,990 $162,341 $94,990 $94,990 $1,407,148 ARipRT9L©130I? _ 52-1,976 $77,859 ' 67,239 ? 8,770 x,51,154 $45J42 57,481 $ ,88$:; $7$.752: S19,871-, =- $86:197, r 5.04T-- 1 $619,976 DEPRECIATION & AMORT. 6470 Amortization $6,583 $6,583 $6,583 $6,583 $6,583 $6,583 $6,583 $6,583 $6,583 $6,583 $6,583 $6,583 $78,996 6480 Depreciation Expense $43,551 $43,551 $43,551 $43,551 $43,551 $43,551 $43,551 $43,551 $43,551 $43,551 $43,551 $43,551 $522,612 [TOTAL DEPR/AMORT EXP $50,134 $50,134 $50,134 $50,134 $50,134 $50,134 $50.,134 $50,134 $50,134 $50,134 $50,134 $50,134 $601,608 j ' NI .,I iR( O,Njj? i (I )- ($27.158) S27,72rS _$17,11)5 (3J;3Wc) ?1,O20 _($4,394) ($32,653) $,18,7554 &?,Iid418 ($30;2td) $36.063 r $34,953 :$18,368: CASH FLOW Add Back Dept, and Amort $50,134 $50,134 $50,134 , $50,134 $50,134 $50,134 $50,134 $50,134 $50,134 $50,134 $50,134 $50,134 $601,608 Town of Vail Loan $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 LOC Fee $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Add Back accrued Int - TOV loan $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $28,500 Bond Resrve Fund $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Replacement Reserve Fund $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Rate Cap Escrow Fund ($45,000) ($45,000) Replacement Reserve-Expenses $0 $0 $0 $0 $0 $0 - $0 $0 $0 $0 $0 $0 S0 Replacement Res-Withdrawals $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Replacement Reserve-Deposits $0 $0 $0 $0 $0 $0 $0 ($101,295) $0 $0 $0 $0 ($101,295) Principal (Series B Bonds) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($155,000) ($155,000) Reduction in AP ($20,000) ($20,000) ($40,000) [CASH FLOW ADJUSTMENTS $32,509 $32,509 $52.509 $52,509 $52.509 $52.509 $52,509 ($93,786) $52.509 $52.509 $52,509 ($102,491) $288,813 ` I casev?;< $5:351 .` : $6U,2 7,14' $b,9,6 511,15 X53,519 -48,117 ,9;856 (S'?5-) ?81,1Z7. X23;246 .. _$88;572 a° - ($67.578).$307.181 Date Printed - 1/17/2008 - 11:46 AM Page 10 File Nam, • TRA 2009 R-lrinAi !Rr, 11.271 0 • 0 TIMBER RIDGE VILLAGE APARTMENTS BUDGET NARRATIVE INCOME X11 C?css Possiba _ _ _ $2.914:1 661 Gross Possible rent is the total income produced if the property were 1005 o, cupied. See Exhibit ,x for specifics. 1188.'625)1 Vacancy rates are based on I % average occupancy of 200 units that are available to be leased. 169 units are occupied by Vail Resorts and 3 by M cDonalds under master leases. Additionally Cascade Club has committed to master lease 11. The remaining 12 units are available to the open market. K4 is out of the rental pool. Mot}tilx Re>itallpcx?e - - "$2.725;535 - . Net rental income is the income for the property after the projected loss for vacancies. Proje, i i s ms are detailed in Exhibit A. ??. ReTtt C nuns ; r m `w $D j There are no rent conce>,ioms pioieocd loo thi, t?rolwn? . k .._ 4. L?ui .""came _ _ z^ laundry Income i, ha,cd on estimated income ha,,cd on occupair y liu 2W8. ? Mh?lSneott? Income 'y£?$0:? Miscellaneous Inconic inrludc receipt of u1rumC in the amount of $30 per application tun the pruspect? applicati?m,. 1 ite/NSF Fees - _ ? # tj _ 300Q One hic tees at $2S pcr nxonth hascd on prier scar tlgurc,. The (n;ilorit} of the residew- ?,rr cr?rhi,r,?te acc??unl? that are pairs h) their corripanics_ l25 Fmplovs-e Apartmcnts!Gar4cs ($24' p,' ? wnt useuric; the rut [mpl???cc . ? I u, t'ne prupct'ty in the amount of a $-?()0 pcr nuuuh d?ua)unt rut monthly rent (or lour staff members that live on-site. 1414) C kvlet t r x ; . $01 One relet fee per month for the months of May through August for current residents that terminate their lease early. EXPENSES ADMINISTRATIVE t go p ! awn -j 1511() AJ' .s$1 Cets Advertising and promotional dollars budgeted for newspaper classified advertisements, online internet advertising and similar advertisements. Based on prior year numbers. _. , . $ 4 5124 auto. ttsd ,'Mileage is based on .418 cents l-wr mile tur rcUnhurscnien( 01 JFM1)e to the post 011ire, hard?earc• ?tiur', hank, cir. $600 4 Meals are based on estimated prior year expenses including staff meetings and travel meals. Date Printed - 1117/2008 Page 11 File Name - TRA 2008 Budget (R(' 3 11-27) TIMBER RIDGE VILLAGE APARTMENTS BUDGET NARRATIVE N;A 125 hfaredzu - M -s _. < w___$300 Projected expenses for outside marketing, promotional items, resident retention and resident functions. 5130 af'r tt C?e?li.? . __.: _ $30D`t The credit check fee is based on the charge from the company completing background reporting and is based on 2006 actuals. yr .$87. Oq The management fee is budgeted at $7,250 per month based or the equivalent of 3.3% as opposed to 5% of gross collected income or the minimum of $8,000 per month as the management agreement states. 15 14o Office Eki t _ _: w_ ?. :>S5 IOO.a Budgeted dollars pn).jected tor Otticc ;uppiic?, computer ?upplic? and rrhairS, Qopier lease. Ica?e lonnti, etc. 5145 Lrtcp_ - _ ?:$2 700, Includes reprinting of Icai cti, hu,ines? care. Ieuencc,,d and tither >imilar cgpen?e5 $125 per month for postage for overnight packages and courier service. S]6U Legal I ce - -°- Legal fees are budgeted for evictions including filing fees and attorney costs throughout the entire year. 5 . ii5 i elephdne and Fa r _,. ,.. Budgeted dollars for local & long distance calling charges that also includes long distance faxes to the corporate office and the after hours answering service, computer lines and cell phones. i517i Dues anci§Sub_ ptiian T.1, '? ?" Miscellaneous expense for industry related periodicals, newsletters, other educational materials, and membership in the apartment association and Vail Valley Chamber of Commerce. Sl ?nku Tee; J- Miscellaneous Banking fees for maintaining the operating checking account. _ lrr »kitig E` S, N/A Date Printed -1/17/2008 Page 12 File Name - TF?A 2008 Budget (RG 11-27) TIMBER RIDGE VILLAGE APARTMENTS BUDGET NARRATIVE PAYROLL Administrative salaries for the property including all office staff. Thi, amownt included the annual inccntk plan hums which is paid in March. 71 23i1,? 14181Ttte,Aa Calt'S a ..s? .... i r -r• ?, ;s , , . a ': ?t, $145.979 Maintenance salaries for three full time nrtimcnance staff including the snnu.il incentive plan honus io he p.,id in March. [52 C1 etiutg?4Vages -F Boo Part time person for use of hand shoveling and ice removal in winter months. , HVAC/PLUMBING AT - $6(?0 ,. .- This figure reflects dollars for contract 1 cpa1rti to the hraune .utd but ?katcr uflits ?b?' an 11 AC ucr\ ice (n tracu)r. `i2 ?. HVAC Stijlibs = ,, $600 Budgeted dollars for HVAC suppl icy. - ?. _ w Pltunbtng I€e l0 i Budgeted dollars for repairs beyond the mi ?itr p? E.01) Enan,icnan(c uIp;ibiliues. o -; Budgeted dollars for plumbing supplies formiscellaneous parts, fittings etc -- =s GROUNDS Contract=uulopr:Platt[ _. w? _ _ s ?. ax, :.$7,500? Contract dollars budgeted for chemical and physical removal of weeded areas in landscape area in conjunction with regular mowing and weed cut down. tilt) Trashtemvs.al t .: ;. _ µ=. 516,67 This figure reflects $1,525 per month for weekly trash removal service with reduced service during summer months when occupancy is lower, ie, one less pick up per week. Sno'? Re rival ? ?• t }? , -Y -?- ? ??_„.x Y _ `" - .>, - -_ - - ?1M.`( ..._. F.'?.'e ?x?i.. ?„- .:._ -. ?' :,ts.,. ti 3" - ?... _.t.,-_it.a _ .p ?..' .'`:'c?s:Y- -. •??,. ? .O .. '-E f. ,.... ."s`u:., <A.. ?,J«. .` ?-',i ?, ,'- 4 ' Snow Removal is budgeted for contract snow removal during the months of November through April for the parking lot areas. The contract calls for snow removal $21,200.1 after 3 inches of accumulation. There are also additional dollars budgeted for loader work and removal of snow from the site based on 2007 actual and estimated expenses. j+•'?c.L.,v L 'racy` a ` _ s .,:.-"'4 ?? .P.?;•,.?':=?-=?.. _ „.. r _?? '7"? . ^r ;ia:. x as + '?, w.,: °?,s .31,200- Covers repairs/replacements of lawn mowers, snow blowers and various grounds equipment and snow removal equipment throughout the year. Date Printed - 1/17/2008 Page 13 File Name - TRA 2008 RiAget'RG 11-27) GENERAL REPAIR / MAINTENANCE TIMBER RIDGE VILLAGE APARTMENTS BUDGET NARRATIVE _ -..a, ?'•'?^Lf `*7L.G1fNLLD S' Yi....s",-ww..?_xX F. x ... v: ?' ,. - YS? "°? f ha, 'z4 • 'r `_. -- "--- ---Y -..-Y__ = -T ,_y r - .c ..?_.... =.. _. a:. - -. 7 ?, 2'Jc`3? -.+-l.?.d -• '.i.....xrS_u -C.. >. Miscellaneous electrical repairs. a 5330 __ 1 t ncahPftcs cap=? x ..A?._.:..,,r $2;400] Budgeted dollars to purchase light bulbs, switch plates, fixture repl.tcemr?u?. Hoke de[ecti?]-ti, halrirn?, etc. 35lutertar at5 _ . - s r ` . Y :$0>OOO { Budgeting based on actual 2007 expenses for repair and replacement of drywall and texturing from leaks etc. Budgeting based on actual 2007 expenses and estimates supplies needed to make necessary repairs. cc _ Budgeting based on actual 2007 expenses and estimates supplies needed to make necessary repairs. _ -, x e - - 537U ; _ ` Mtscr Relai'r ?t 11trtterr tnce` .. ? r tz. , r _a _ :$12,000 Budgeting based on actual 2007 expenses and estimates supplies needed to make necessary repairs for posssible damage to units resulting from plumbing issues. Paintin li R $1 __., ._ S Sappy w _ x_ I -AA This figure reflects a nxmthll amour( Ior the pill cha?e of Pa [[I( ?upplie? ha<ed on pr oeer.d ,c,apanue? and pi for years expenses. 15383 + PatnCtng N/A E.'?'3$ :3r`JllSltCti-i?+fi+(? ?G$iiC .. ^°?4 r "•' =, "y ?..x?;, -. ,, t --° r 7-7-311 .- ' ,? 14,400 Repair and/or replacement of unrepairable appliances where cost of repair exccrds , ou of repl,icemem. Budget repairs for carpet wear and tear or vim l repair. $WO This line item retleci? expenses of $400 w Ntarch and ',4W u, September for the purchase of property uniforms for both spring and winter. $900 Budgeted expense for a lock replacement every other month. Monitoring contract paid quarterly and fire extinguisher inspection in June Date Printed - 1/17/2008 Page 14 File Name - TRA 2008 Bridget (RG 11-27) • • • TIMBER RIDGE VILLAGE APARTMENTS BUDGET NARRATIVE UTILITIES 405 .UIC.CSt. :rN ^ t z _ . ^r r ?x ° :'<, a n $Q N/A 541lectrtc a! ='. Common F - - = r $27 950 i This amount reflects projected electric service for vacant units, exterior lighting, common areas and the leasing and Management office. The amounts budgeted are based on 2007 actual and estimated expenses which included a rate increase at the time of budgeting. N/A i54a0 N/A S0 : _r VaterlSeYVer,< - _ _ ?. _ ..? .:. _ .. $!08,070 . Water and sewer is based on 2007 annualized actuals and all 200 units being occupied with a 3% projected increase. JANITORIAL 5$10 Jai?ltaztal i tbos Cbuuaci + r_ .. ,q .St+,.:a.?.-a _ yl,-! Nm.,.sc+..:'z:w: ?s_ r„ :_:£?r. .o->.: .'.=3f. s+ 3. :. F?• $0- -x" N/A _ IA.:: -.;:. ?°.°.?_ Budgeted dollars for janitorial supplies for cleaning common areas, laundry rooms, management and leasing office and vacated units. SAO ;..r tacretll?ta}4;leantn& v --,fty,.- - - Ut;. ?cJ_` ?,t 12,7Q0-1 Minimal dollars are budgeted for carpet cleaning of units that are vacated throughout the summer months. INSURANCE Y .,SI!?f7.1 ? Based on property insurance policy premiums projected by current underwriter Brill Insurance Agency. Date Printed -1/17/2008 . Page 15 Filr Name • TRA 2008 B«dget (RG 11-27) 0 0 ? 0 TIMBER RIDGE VILLAGE APARTMENTS BUDGET NARRATIVE OWNER EXPENSE A3. >'Ts": ?r, ....3m`a nw-gY'„y'°r .'«rs.,ya ?m>az;;x,,; -;M,c.,v;•, ?.g.°r><a :s-'ar:4-2?` .. s?cr.' tt: ""•s x» ^y -' -.s?$". ..<+"•' >?{•' ,?'- ;H.i';'?' „.,?:j^:q, .:?'c mow.-,,--. ???n"p"L;'`?"' -r;.?. _ "e<,:.:>.,,i":r-'-<^: :b- ',,-';'p"".° '.x--". ?*}y? W°' d.•4"" -.P' a,.p, %zyr .:,a`.s'"'Y <.k-. 'n :- T;+;>,. <t:g:' ., G.s"., ,?-nY,.. ?r:?z'<> iV"ESIJ.3r.?.s ?. j,?A????c,i.?i °'???"?'Y'' - ?'-'A" .-4'y Yr%, ^ ?:rh ... S r'g'?_ -Si'?,:? v A". - .ay. a S x :??<??.+.. ? ? ;?;;,;•,?, '"??.?.."".:._.?%? a -.. :?.;;7 .?.s1'<.,..;?;h,??*:,., .,ds">«??'a%.#; •:,:a,,<.orwr'`¢.x...??.'. a?'• N °w??.£?,.s'?"y:?."-'".: '*-^#?', s,v ?"'- ,,'+?._',«°>. v .. ?k+ a?.i?' a? x;_:s?'Ad..:?"`t..: ,:a .,R$0 ..,_„rx.:z?,.?s ?i ?'?'x..r?&?:•a?.F.?'La`& : "?<.<=??.?.r??;.?Po:s?.::F>i?•-"..•."xsa.<?5" ?:?._;d._: ^ r-:.a.> . :--?.:- ?,-„<-re. _. >;a? ?:?:?::°:.?•, -;? .?'?., n.?> --:s?c`am<'>-+??• ?F>_ae,? „zsasre - ,.,-_?,c?<?. --?-<z?9?,-.???-?• .-a;-: a ?'i;S]V/?'t_ L 4?s:s?u.- 3'{{' d?? sr ,>( e''?? '4•'" CfSU-n,..t.,''" ap?"h?^ ?. 4??dc.?v`.?.7.. 3v?- . Y?t ?v",F..',,:'u,+4>?•,S,t -u'^"aw•-' ?s??q,`?l`,?'"n?.?.'.n" '?:'=5Css,::w:?,'w «S-,. --vA .'S. .te::.4, .ka"s,. ?:4 .•SF,yG P x?? ?- '. .s- '3 *t,x"KG-:-:.v.?'43"y °'-• -_",s?}".?:.+ m'n.;. .+°rS ?°,. A,'.??- eeiL'T<d^<, w}9 ?. y.XrS.?} rL'-fi.rJni ?2> , aS"r ,-??,? `?6 ?"r ,.r.,.,,.,-?,,..'<S .." ri,.??? ?'.,'?' ?X.FU i%,'Y: .< .r.„. ? i}?is"v:,y` 3?y 'f +<L•i< }:? ». :°r•3 „z^ b.<?'^:?v??.,,t"?? ` v--ceF?< ?" :..i; "2`.?,"re???.<?. t:.? , a°p:ry »;''-y;?'?Y'.-.Y:e. °:-.,'.:r'j- ..°°f?: +- .:?.. -?;taT ka.:;'t„?- ,°` f, .Z ?- . '-;'S-~ .:. j?..4'?.?•.i s?>':t ?<.. . ^d?9. '- i.?'. ,^GC-A ry?- - "•+.i'.'.:a,a:A, .?w'x.<^? a-.i am3.kz.,Y.:'Le:L.4...- ^ 4?.+?:?..ez+.:°aS"«A+l,L'6"'«?rXu-vs:. e:.:+.& 'k4-kffi's..?.:.,. w'',:,A-" , q°i. Based on 2006 projected annual expense '. ??,,, .<. ti 's.:..! ..,.%..cs..>.i:'kro. <.i ...,?.. ;.r,,n'Y :«:">,.=-a?` r.:•^S; $''.; `?. '?•z,- :: ?',,;„";• -",yv,.'.M .;Y.; ;?s•., _ - '-?-s .a: .a: tea. s.c.b ,?- ' .a? - t•=°'"i*?<:4.;. ' ?:' ,.?.. , :;,3;'•z<?;:., ' t;.. ' ?'k5.? ?? t •'tit ? ?.;. :•'"T., `"`sa:?'.: :?'<: °,? ?: .t< :?s..: - •r^'tia,,Fw,`^? p?? pp?«na`, >a:-< a; 5i- ?•? - .r< `.;i«?,°'--, ;-R'%??,,n"3».. ?4 s.<- ?a,,."F 3.,:.'?'d'Q "..?:,?'.<.:;????Sf'<?,£.,w y' *?::: c-,?.,,,. - :.-:,A} - .<;s• ?..,-?..r ._...:.<,. .;+ e ,`?-.?:.:'.?-s::;::? z?? ..? .::•a.'e-.a zr'.».e?.:•e>3.. ''Z•.. dr .;?,?t.ri- .,.?::'<?a_.._,P.x -a. - _:.,;?aS'?.::%' ,,.... .r??ri s-.'.Y; -•'w•?,aw.? -.,. - n_°3"^.si-+e< ... .,'T ?,,.. ;?.'•`,^?'Yzt.. -,.-.9,=?-u s:?-rv "".c*erz vt:g ., i - .<.-> ?n ?se .au?P-^.:?"?°'?«e: `¢.e' `'3.. _. .'.°?;r :"3}?r.,?e-_cg :4;?.a",e'.3=:?sa? S..<. w.>"t•s°""?', ',;'ia:i: !?: ? zcti°°„<..?? . °el.?'?.1? - IISC ? . *?' v+r' k° =.?s? "? ;??•^.°7s ?3,°, «?t.. - ,? c?;¢< v 3::.... ?r.L?s,:= ` _ ,-Pfl=`1 _ :=?r"rs' -r??:»,-:gla^-?c;>r,.`:R;o.Ya';+ia - .:;"9£'^s- '.63,°,y??."'•.a-":r, ?:F""'?S ?- -?'S? •„••; .m ••OC,?f;-_ 'ss" .?:: <:. - - -•'. ?r- _ ?7?lOa; ,°.,:?.- - -. Cl:}_???=?A-??:??.<,:''??°? ?z-':<'°?%?c. ., ?..?°.,.r:?s?R,.,E?:?.s:».. _?'. ,x. ::._ ?..: ?"z'Y. ;•_,a. ?:. _<r? _ '??.,^:?°..'ta??:?«Mrb,¢'?rk.. __..., `?.`._.?°..e:+r•?-?.. d<^,.zw??.:r?zx..... _.?'.__ _., ,? ?r_ '=?i'- 4?u? _ ., .'.?, - ? r'RD?3 .... ",..-,.,. :..... -,_,.:. .. w 3*`<et`?„"- - rr+ed ?-:^°^?. -. ;z-a-?.?.-. ,.rte ,_ w-•rP s.,;:?°a:;'?°a?.:..;,c. '->P ,::a" --a.,--:. ?°?•ir»Jj--,?.. ..>¢ <.F,3?ia'?` a:.; x` ,><^`f - .a-a;<: • `,e3'¢r _.<aes:sa' - ey',.¢ M=a:.%. _sE-"<':,'?'-.fi'r`&;'i`":g:'YS+?h"?`a .»;£'-•j°„ ... fin. "x+-r a,°_"';=a+'r,.:;.; ?";--`.t..',t.-.: l°:.,?4.?-Rel.edt ?7 r,. ._ .. $,....a..l??'''°%`i.??,r?"'Sr^=..,:-=..:.:.s..?S`;...?., '•s?"'-. % ..c •??: .?r_czx"x,s ?r.,?.?- ;?'";.-r ? `:?..? yr-'» *?.x-??:-::,?y. .,^?, 7°^ .a ,{. .«;:.x"; -...Y.?iv ;;5 ?:,i-,. s..<.ti _ i?fo INTEREST INCOME u:<;-_;Rwe.. ,.-r.n P4'P. n7-,,.,..r ...°,?'yg` „a -z?°?-°< -...,.w,^t - ??h:' _ •5=::?!'{L -y°, i>. »t5,,?y."_ ''".S 4x`.''... ,5.: •Yiw.<i." :^:4;".t':°°.'"" k.. C^: -t';•^<2-a?rg.'._ss-. r W:.>.'.. ?::" .«", ...: ':c x.: ... °z ='.'3 .. :. ' , >c - a''z'-€ ?? :. : Z'At:" i'" , . ,< S>'a"? .:,•..x " :` .: y "sxi ,";€': _: Y"tit£?StI ? - ,.E p 4,s;> x :ss?,, v ".r ;:X °F5, .2_1 ?$??F ._,..:... ?: . ,?-;¢ -s?' 'sue...., .?, ?¢-n..>:.;?,?!t'+:_a?m?:: X? a: ?k? .a>•.- ? n„-„?`>?;, -.?*,;' :.s .?>r?i?Y,, a.?:i5, •. ?'+:,'?.?.i p?,;?_>s-?:??..t?r:<'*°w???;?.?' :s•°c+$ .,1 -.>y ??s..?,a.{?-,?..?,.L•'...e.u...af?,rw ?..,:.?+,??:<..?..u?'a;::i?s".-'.?ae'^ta?" ` ;? .< ,? '??a''`.<.._'9? ?"^ ?4 ?.: ? ,?,: ..c.h .,. ?Y'?` -=i Interest income that is earned on all deposited amounts that are in p.. p,,, .y bank accounts. INTEREST EXPENSE ,t .._;,.. .sue.. ::,.: i ,_-r.^?:". a':?r`"?1i"' -°.?'-:r•:+•-? . ?re?:- - ,;?' r -'c." ,.?,.<c^- Pr>-:.,x? .4„._,a-,w _ _ _ ,e., x_?9 ;;,k?`,. ^t°?°rai&:-; <s,a? :,,?:+ x.<u', a :e:x „?r;o "`_i .g-'. `,?.'%%>a:,?-; `.?'.TY",S•.'-•-;??".!. _ .: xA?,. -n ._ <N7? `4. w ?? .: ?`<..Y .?.S. -,<"r .?.?:•3 -"'3,• ?$+i.' -?:}?:-.:-??.?e?<"?. ~'. -. .3T. ."S. 'f?,s...<x r. Fn . "fie ,z,a't ? >R,:':` J_. _'vhf ;µ• 1 d65?' ?LiBtter' f:.r tt:? :.?., ^?. -?<" .:'•. °<? ,,- -. ,<z -?=;t;,a'Fs??- .t:.? ?'? ? y?- _ ,o C.ed :Fees:' ????.. ?->.-'?,o'--?-r<.•-''?,:? .y _, 'a,,n,.:;_..:?., ? ,,,-::.?.'?w ?.. .. ? r?? ?m Y??es,:.'sw .°.,<.a ..:,fim:.iz..:aez3'w?n."•;.s?'?"?s.<:ze 's,... , rs.r-:wr°:35Aax..t?a,>z;'q?.i s.:. ...,.>?adi.??§aw=.::s?w3,:'a:°s?d":$- :.w.,tnw:,.s''s•.°.3:<-?='u+:::x;-xt?_.s,e . ,??...-+"e ?%,?''>:a?.o??e;.?i"W.', :s...'?^?' 4..i.A'"y:,,V??.??, Quarterly payments for letter of credit. _..:... .. ^....::" -- t_ n.,,;•r< r<,?('i " rr >, r,`54',t. <R- ., ?°?t.•w ?; of - - -j <?'?: rd`.e'e-; '.-.-€-,? -.-•.?2'e„x.< •::-,F^ '°C-"'.`3:? <- _a..'^`Y;'.vw- -5i -`l' .?-. w 'W. ..:'s` .. :; - y,. ;<:», a.Y:-. ., i?"",-?:`?', .-.c?.?%-r,$'.r:iY gu•+ai`m MH -. .F",%'.-:'yv fl ~r r.. „>s;.< $.. .- e 5? .x• t:3nr>•: :.. Y-'- 'S., 5{.¢ x%, - ::. v a.^>=:.- :. ,? w,._s?<:.:;?.,.,, -°:`c? ..,,. - -r„r::.' -f ?'?i;'`$239g4 .s_:?;r"x::.Asa,-'wa<?:<:eu,..9.-.???.`v'°.,cat_•:?.?..w..<z..,e.>:KC»?.?;`s'?.?:?:-w.?:..... "F.»s..:.r?y?a`._.`?.b.?•'aw•'?.°?:It.,z?.?":°Ma...u?`?t,:&rv",::x.°?-_..?..3:.?.:Ya -_.?,"..+..-.. Quarterly remarketing fees in the amount of $5,945 and the annual Trustee fee of $5,604. ,.. .f.,; ..,. ...?,<. .. .,. ,:. r,_°'r :. ,.,.-r,a £?"?"?:`y°?e: r't?<4ZY,':, ,^,?...,¢..,-p„°:_£v,,.'"' s^<?am ...,<iy ' .'9,.,a-• 'y,,,?"_:.<?.^;.ti. .3..K- .,^;¢?w-N'x,.... <':A:.. .:.sn. ?-, ..? .x'?.s ?.:' _><.a 5t, a y:. '?z ;?•:. Tea:_ ':F?'.'?.'.? ::?i" s<s .'?,*?-,'?•- r-?•?" _.-,-? ? '=?5i..,_31tCtE8t'.CX k-',: ':?.•„?. •?:- x.^ ?'':r;.. -a:::'' - r ?": -a ,:?;?;" ,a?;`?"-?,"•-? *•,?r= -.e. . ,t'.Sc°r?^.?.,;_'?,,..•°^.'.,?+:GK>°?'.:.z3«??s?m..?°"_?,"..?`?v .,,- r'i, c <.'.':r''%?3,?<,a5?«.< rv?.*::r.<>.;>:?. !??-c< ?ta `mss,"€;lx F.>,? „4",[v? ems; ,.. ?-.; °7 '1.55000' si?ii.,.c •?;.x::4 .W. :??._._'4.:' •s.?.:v.,,r:awxz'''< `?r•,•.? ">:.asr.` °?+A,,... s?,.$ ?...?.,.?'. Interest on Town of Vail note of $1,700,000 at 1.5%. tom-- =.ni.;°;.;<: .,v. •"?;Iu "*ri''T.-r--.?c:x'+<°-..-°. ea?r.'?W;,?x;.?;.p-..,.,.; e^,s= <?Srx «. '?•.i-.. „?„;^5M ?ro Js €r^^:^-; `.w?'a: ,x.<.,,.?.r.,,. ,•h- !K: ".'. ?. ., ?' p a»,y. .,:f,".:,3?,x,..- .t .w.,.. :,:=x<r' „?.M ??'.i re"- K, r°?. .,? `'4='%',.-.'z?.v?,.:>''3r.>,...t; :r?r," ..t`rz.. '••4=?'Y'°'_'f .5.=r,'<. _ >.e? ??...sr-.Is. °.ii`se;=Ser es`?".? ,?r;- ?. :?-_?=:?? _ ?,$>, -?". ., ? :,??. ?.'?: ?- ? ti°, ?"?=w r:=??::.<a.- ? ??: • ; ch.??-° yro..... Interest on series A Bonds of $19,025,000. '?.r,?•_---? -_ ::'R', :.LA'.'T.'.y'?S°..-.<...`-„=S'.1'°.•'y*:s5'_.«:6.^PG-^„ rq?:w ?!i` 1S°'-F?x •?°,,.' e?. "T,T'? '3 n".'?%.. _..."K<^..?"-"_ _ 4K'i.??x« .?, iPS ?:::' .?Q???eFt?eE,7 :' ':y`?-':'ax"* .Y t. ^ n?i?ax.•. .£?sk:.`.x><4 •a:',k ^+. "5 ,: •', .. , , -?< - p.?17'25a7 y?gp?y s?:w,.vs,?:.•.?«?'?:?rs"r?d,?:.Mns.n .g:?`,`_ ?t r.x a.=.-?g?...?: :?.....,.r :;?., Q L u..24--- "C?'k::.,zs -w??':??a. a`Y 3'.°.,w?^-.Wwe. P.-s;^?•:- :.< y 'f. ,-.r".-. n -.. ,w?x.`-. ?- ?y"a??W r Interest on series B Bonds $1,325,000 ?>;; l.,r ., _z? .-?. F ?? . ?- : , -mss:. ??. ='s" ?' ,?t..t_,,. w.? .? .?:r ?'., _ '?:,-•_.;r'°; ---?:_;.•,: q •?*.?tiv -u,?Za?Ot3 "F ,_..? ?'? ?? ?' r?"`'? ,?: ,?- J ? r>7' •??,yi??`' ,?',e?; ' ,"' `' •?: - ?' r 'yr?-•> -. •:?=~ 4.? ?+?4?. €, u_....:.. z #=s??,..?:>i..<.....?.?^, _.._..,_s,?-3?s:...rs..n.as.:.- ?i,v.-,"?r??•''',a?. -..????,,.:. -??t:>? -•c?:=?:?°,:-,, . .: ...€-• - •? s' `$ ,_.,?.? Amortization of Loan Costs ..g.,??'?Y,??•'''•°`"x.?=:?a.<«r.-a.: ' <Sr•.as??i `. s3 ?'?<,'?3°°`±a "?;:d,` ;ter-<.??-":: ';;,r}"'''fir'' .'.y. N'`cs; ? r -y,,,.«;x , i,<? - =`?'• - _ .?'s,^;,,-r"'"--,.?+•<-f-- °' - - ?.?.? _.a«>?'r.?,z'?.?E`ctiz%a_. A.d ? , `.?._.. ^?;,???'?..ty.?.`<:?a>f:???.a?." €•-.?,:-.a..??:-. ??;a?.as<..?z???.'?a ???,?':ts.§?;' i,,:?>g?`'• .?... `?"?"?r - ?r_ ? ... - <. . _:`SJ25?44 Depreciation of Building Costs Date Printed - 1/17/2008 Page 16 File Name - TRA ?006 Budget (RG 11-27) TIMBER RIDGE VILLAGE APARTMENTS EXHIBIT A - RENTAL INCOME PROJECTIONS a... O k+ r f •.r..... +.. v, ... ... ...,. . ... }?• ..:v.:r,,.,............ ? . , . { Ski}}}}S}y},{}' e ::: •• '"+.n;i..:.+y,...»......r..?C..v:.+.•...: ..... nv?. ......,. ki7St x,+.}:•:•Y•:.:?{..; .,??.11yy??•.eyy'''•.FF. :?Y.`v:? ,{ .. JANUARY UNIT TYPES I BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 41 = $55,145 TOTAL UNITS 200 ............... . ..... _........ 199 100% TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT L$1.3451 TOTAL MONTHLY RENTAL INCOME: $231,645 $231,645 FEBRUARY UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 41 = $55,145 TOTAL UNITS 200 .............. . ............. 199 100% TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT J$1.3451 TOTAL MONTHLY RENTAL INCOME: $231,645 $231,645 MARCH UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 _ 41 $55,145 .............. TOTAL UNITS ..... ...... 200 ............. .......... 199 .100% TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT ($1,345 TOTAL MONTHLY RENTAL INCOME: $231,645 $231,645 APRIL UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 36 = $48,420 TOTAL UNITS , 200 194 97% TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT L$8.0701 TOTAL MONTHLY RENTAL INCOME: $224,920 $224,920 Date Printed - 1/1712008 - 11:46 AM Page 17 File Name - TRA 2008 Budget (RD 11-27) TIMBER RIDGE VILLAGE APARTMENTS EXHIBIT A - RENTAL INCOME PROJECTIONS .:......,{....{{j,?n•...n .................. .....nn:.. r.. n. ..: ... ... .. .. :?? ...`T.. .. . ..,r .•.:.....rr.......:f............:..n........:,:. ........ ....... . . }}n.... ,. r ::. y: . .:.... ... :..,. r :.:..:::: r. ?S! v. v??j?y, .. ?? ... .r. :: ir?3??! ,. .r,r rrr : s :: i :+?t'j??, $r}:^': , N?srr:.,.:. .... ..a:. .•.:: . : . : Ln.?+ ` $Yi$r.•<' ?a?i y;?/??.?ynt{ ..... r.: .r: rr..r:sR??•?EE?:: } s.::::}:• . :: fr: 11ff?? l!??tt??7{f1 ::.. .f+?.•?.•3.'•f:iW.•.:.. ? . ? . . .. . .. ... . . . . .. . .. . . . . . y1y? .?..... ..»....... !?!-'t..? ...........:...... ...4i!1F!..:::. ..... , ......... ''';'i;{i±: ?... _ .....:..» -..r . r??.. rn..?,.. > .. r..... .. 137C?i?? .., :r'..} ............ . MAY UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 33 = $44,385 ............. TOTAL UNITS ................. 200 ........... .............. ...................... 191 96% TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT ($12.105) TOTAL MONTHLY RENTAL INCOME: $220,885 $220,885 JUNE UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 33 = $44,385 TOTAL UNITS 200 ...... ........... 191............... 96% TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT L,$12.1051 TOTAL MONTHLY RENTAL INCOME: $220,885 $220,885 JULY UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 33 = $44,385 TOTAL UNITS 200 ...... ........... 191............... 96% TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT ($12.105) TOTAL MONTHLY RENTAL INCOME: $220,885 $220,885 AUGUST UNIT TYPES I BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 33 = $44,385 ............. TOTAL UNITS ................. 200 ............ .............. ....................... 191 96% TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT ($12.105) TOTAL MONTHLY RENTAL INCOME: $220,885 $220,885 Date Printed - 1/17/2008 - 11:46 AM Page 18 =ile Name - TR.A 2008 Budget (R(3 11-27) TIMBER RIDGE VILLAGE APARTMENTS EXHIBIT A - RENTAL INCOME PROJECTIONS • ::: ?. :: Y: ••; y,..e::.4 •YV. ?:::: ;Y:::4:Y•:. 1??n?. •:f. .: ]... .n. '{{x:ivn} .:.., ..:•. '... ....ri:.r ;..., v; ! :;.v :?b}X.;nv::.: }•+.•}' ..ti,.•+?i'•.•^•.?'•'T r:. • .. ?:v ff r.r :. .{. :} .. ... :: }: xr :: : :k { . } ?{ :...:] irfF)'i'. F:•:?Ff}Fiir..v... n { ... r.r n r +?'_ :.+.. ?::F:%•:+{t{i{{::.}:.,,. r:.: ..... ...... i .. ............ , i..'i" { } . • r $ • . Y ?H????? , . ... ... ... ....... . . . : ... ..... :n . :, r r ., ' k r. x. xr ? .., .r. .. : f :. r::x ?p?1y'?? .....: .. . r.. r...: ? n?x,y.y ? .. . r . . .. ? l ?}? i?}1? ? ?•}y "' r. ? ? ? ::i }?tCf 'i ?: i • ' f ' '' .....,.. :.}. •.::::}.....? ?..•n.•,.. i ............ .. .. ... .,. ..... .. ... .. ya?r: .,_,..:.. }„ .,. ? ..... ?.? .., r .. : a.PFF.'.A . ....., ............. ,.:...,...:e.::•,:a,4:.,t:;;:.,;{ 1..... v?, ... .. .... .••• .?3'.ig'}: ?"fir'vii ,:oFF•c•...,Ft , . .. s? ?}. . ; , .;r: .r . f??i t ,. .. , : . . .. .. SEPTEMBER UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 156 x $1,125 $175,500 156 = $175,500 2 BEDROOMS 42 x $1,345 $56,490 37 - $49,765 ........... TOTAL UNITS ._.._, ......:: 200 .........:....... 195 98°k TOTAL MONTHLY GROSS POTENTIAL RENT: $232,990 LESS VACANT/LOSS RENT ($6.725) TOTAL MONTHLY RENTAL INCOME: $226,265 $226,265 OCTOBER UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 10 x $1,125 $11,250 156 = $175,500 2 BEDROOMS 188 x $1,375 $258,500 39 . = $53,625 ........... TOTAL UNITS . ....:.....:: 200 .....: _.......... . ........ ... 197 99% TOTAL MONTHLY GROSS POTENTIAL RENT: $270,750 LESS VACANT/LOSS RENT ($40.625) TOTAL MONTHLY RENTAL INCOME: $230,125 $230,125 NOVEMBER UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 0 x $1,125 $0 156 = $175,500 2 BEDROOMS 198 x $1,375 $272,250 41 = $56,375 ......... TOTAL UNITS ............. 200 ................ ....... ............................. 199 100% TOTAL MONTHLY GROSS POTENTIAL RENT: $273,250 LESS VACANT/LOSS RENT ($40-375) TOTAL MONTHLY RENTAL INCOME: $232,875 $232,875 DECEMBER UNIT TYPES 1 BEDROOMS 2 x $500 $1,000 2 = $1,000 2 BEDROOMS 0 x $1,125 $0 156 = $175,500 2 BEDROOMS .198 x $1,375 $272,250 ' 1 4 .. = $56,375 TOTAL UNITS . . .......... 200 ...... .......... . ....... .. ....... ........... 199 100% TOTAL MONTHLY GROSS POTENTIAL RENT: $273,250 LESS VACANT/LOSS RENT L$40.375), TOTAL MONTHLY RENTAL INCOME: $232,875 $232,875 TOTAL ANNUAL GROSS POTENTIAL RENT: $2,914,160 LESS VACANT/LOSS RENT ($188,625) TOTAL ANNUAL RENTAL INCOME: $1725,535 94% $2,725,535 Date Printed -1/17/1008 - 11:46 AM Page 19 File Name - TPA 2008 Budget (RG 11-27) • (ACCOUNT DESCRIPTION REPLACEMENT RESERVE FUNDING/EXPENDITURE Replacement Reserve Balance as of 12131107 • TIMBER RIDGE VILLAGE ANNUAL CASH FLOW PROJECTIONS 2007. 2008. •2009 2010 $298,000 • 2011' 2012 2013. 2014 Required Replacement Reserve Contributions $101,295 $104,334 $107,464 $110,688 $114,008 $117,429 $120,952 $124,580 Replacement Reserve Expenditures $0 ($144,000) ($206,500) ($117935) ($233.973) ($237,617) ($112,500) ($145,500) Year End Reserve Fund Balance $399,295 $359,629 $260,593 $253,345 $133,381. $13,192 $21,644 $724, REPLACEMENT FUND EXPENDITURES Floor Covering Replacement $0 $0 $0 $0 $0 $0 $0 $0 Appliance Replacements Site Grading / Drainage $112,500 $112,500 $112,500 $112,500 Foundation Repairs $33,000 Asphalt repair, seal coating $ restriping $0 $30,000 $0 $0 $0 $0 $0 $0 Roof Repair/ Replacement $0 $0 $65,000 $66,950 $68,959 $71,027 $0 $0 Siding Repair/ Replacement $0 $0 $0 $0 $0 $0 Window Replacement $0 $22,000 $49,500 $50,985 $52,515 $54,090 $0 $0 Exterior Painting $0 $92,000 $92,000 $0 $0 $0 $0 $0 ITotal Replacement Reserve Expenditures $0 $144,000 $206,500 $117,935 $233,973 $237,617 $112,500 $145,5001 All costs above are based on Borne Engineering's Report with the exception of the siding replacement expense that was projected to cost $1,150,000 COUNCIL AREAS OF STRATEGIC FOCUS AND PROGRAMS FARROW HITT.' 1. Housing employees a. Pay-in-lieu - full or partial fulfillment b. On-site requirements -` c. Use of parks and open space as an option for housing 2. Parking solutions a. Timeline for building new parking/where? b. Ford park options and feasibility l -- c. Stop Vail Resort approvals until parking has been addressed in a real way 3. Budget and fiscal responsibility a. Review individual departments and evaluate staffing needs b. Slush fund for rainy day needs c. Conference Center funds - what to do with it - formulate ballot question to decide use or uses 4. Environmental a. Establish a good and working recycling program w/county involvement b. LEED building standards c. Rebates to builders and homeowners 5. Community a. First class amenities - fix Golf Course Clubhouse, Dobson, library expansion b. CSE, VRD, TOV, Vail Resorts, Eagle County partnerships c. Protect parks and open space - discuss either keeping land for parks or discuss t multi-uses for park land FDICKCLEVELAN?j 1. Environmental a. Expand the recycling program to curb-side recycling b. Continue pine beetle mitigation efforts at TOV boundaries c. Explore LED lighting for outdoor displays 2. Housing a. Increase enforcement in the current housing program - b. Work to establish a county-wide housing authority c. Establish Council priorities visi-a-vis "pay-in-lieu" vs. on site. Incentivize the preferred alternatives and disincent the others. 3. Art in Public Places a. Review the program as it exists today b. Define a broad-based policy that addresses the direction the Council would like the program to go as it pertains to public art c. Explore additional funding 4. Vail Recreation District a. Complete the VRD/TOV master planning document b. Wrap up the lease modifications ASAP so that both parties can make plans for the future 5. Timber Ridge a. Make a decision on the Masinter proposal ASAP MARK GORDON: • 1. Attainable housing initiatives a. EHU conversion/trade in b. Locate more potential locations for attainable housing (e.g.,. Middle Bench Donovan Park, Buzzard Park) - begin master planning these parcels c. Change Land Use Plan/Zoning in select neighborhoods to allow for Row Houses - incentivize private developers to build attainable housing with up zoning d. Increase Buy Down program 2. Environment a. Community Garden at Stephen's Park - plans are already drawn b. Ban plastic utensils and dinner ware at events/restaurants in TOV - encourage use of compostable plastics (Telluride) c. Explore converting our vehicle fleet to hydrogen power - $3,000.00 to convert a GM vehicle - Price a hydrogen pumping station to be located at town shop yard d. Geo-thermal snow melt 3. Economic development a. Increase the CSE budget - find and fund iconic events for the town (comedy festival, new play festival, etc.) b. Use conference center funds to start the process to build an Event Center - Triple A Hockey Team, concerts, community events, conferences c. Enhance recreation amenities - swimming pool, recreation center d. Explore the possibility of community members buying into the TOV health insurance plan - helps small business, insures health of community by providing low cost insurance 4. Government efficiency and effectiveness a. Create a staff of ombudsmen/advocates - single point of contact for developers, businesses, meeting/event organizers KIM NEWBURY. 1. Housing (no.surprise!) a. Expand inclusionary zoning to all residential areas b. Increase commercial linkage requirement to at least 50% c. Proceed with redevelopment of Timber Ridge ASAP 2. 1-70 noise/traffic a. Continue to explore and promote alternative methods of transportation along 1-70 corridor b. Actively work w/CDOT to manage summer construction c. Keep noise and possible mitigation alternatives at the forefront of concerns for our community as we communicate on the state level 3. Environment a. Protect Gore Creek through continued and improved traction sand mitigation b. Re-evaluate encroachments into stream tract and continue enforcement c. Promote "green" initiatives in town buildings and insist upon all new town-owned buildings and developments being Leeds or BuiltGreen certified 4. Tourism a. Re-establish sister city relationship with St. Moritz and begin peer resort visits - to "watch and learn" from what others are doing • TOWN OF VE TAKE-AWAYS FROM COUNCIL RETREAT: 12.16.05 LEGEND X = UNDERWAY/ON-GOING 0 = DO-ABLE O = REVISIT W/COUNCIL; NO RESOURCES; DOES NOT FIT IN CURRENT WORK PLAN OR CAPABILITY S = STRATEGIC PLANNING ? = REVISIT W/COUNCIL 1. ENVIRONMENT ? Beetle Kill: X ? Alternative to Diesel buses: X ? Bio-mass solution: X/S ? Partnership required w/entire valley, including electric providers, independent providers, etc., NWCCOG already participating and investigating: X/S ? Recycling: X/S ? Encourage "greener" buildings, although not necessarily to a LEEDS standard: 0 ? Solar power - expedite process: ? ? Micro-hydro: ? ? Revisit heating of Meadow Drive: ? ? Magnesium Chloride/Update from Greg Hall on use/implications: S 2. FORGE BETTER RELATIONSHIP W/BUSINESS COMMUNITY ? Economic Development Council's role w/Business Improvement District (BID): X ? BID update:? ? "Straw poll" business license holders along w/registered TOV voters during regular municipal elections: ? 3. HOUSING ? Timber Ridge re-zoning: X ? Pay-in-lieu: X ? Buy out/buy down program: X ? Inclusionary zoning: S Employee housing "on site" requirement for major development projects: S ? What type of housing product: S ? How do we grow from within this community/how do we retain qualified • residents: ? 11. REACHING OUT TO INTERNATIONAL HOMEOWMERS & DESTINATION GUESTS: 12. DEVELOP BERM ON SOUTH SIDE VILLAGE TRANSPORTATION CENTER (VTRC) ACROSS FROM THE AUSTRIA HAUS: 0 13. INFORMAL SOCIAL SESSIONS/SKI DAY W/THE MAYOR/COUNCIL, INCLUDING BOTH COMMUNITY AND STAFF: 0 COMMUNITY INPUT 1. Parking for fractional fee units: ? 2. Master plan for the Village/9 Vail Road area: ? 3. Review PA, HDMF building heights: ? 4. Who does the recreation district serve? Recreation for our guests is critical: ? 5. Special events - extend/expand - more recreational-oriented: ? 6. Need an economic development "person," not a committee: ? 7. Vail #1 - this is "all" our responsibility, including businesses, lodging, the town, et al: ? 8. Part-time residents must get involved in a way that makes sense: ? 9. Leadership program through Vail Mountain School: ? • • 3 • Why: Peer Resort Comparisons It is recommended that key stakeholders visit identified competitive resorts and leading-edge municipalities to uncover best practices and trends that may prove relevant to Vail's future. The most-recent peer resort visits took place in 2000 and included Aspen, Park City, Sun Valley, Ketchum and Whistler. Where in 2008: Whistler BC, Tahoe Area and Park City What: To research areas of interests and find strengths and weaknesses of each, such as: -Tourism (Events, Things to Do, Summer vs. Winter Initiatives) -Signage (codes, visibility) and Wayfinding (Informational) -Recreation (facilities) -Beautification (store fronts, flowers, cleanliness, trash, recycling) -Economic Development Programs -Retail Diversity, Business Variety -Guest Relations -Forest Protection/Health (Defensible Space, FireWise) -Sustainability (Environmental Communications) When: Park City, UT: Leave early April 2, return late April 4. Tahoe Area, TBD Whistler BC, TBD Who: -Delegated town staff (department heads), Vail Town Council representatives and invited key stake-holders. -Peer resort municipal officials/staff, business and resort representatives 0 TOWN OF VAIL COMMUNITY SURVEY 2007 RESEARCH July 2007 • PREPARED F O R Town of Vail P R E P A R E D B Y RRC Associates 4940 Pearl East Circle, Suite 103 Boulder, Colorado 80301 303.449.6558 M Town of Vail Community Survey 2007 F_ I L Sandstone and fewer respondents from East and West Vail. In the most important shift, both the phone and Web/mail surveys had more respondents that are long-time residents this year (56 percent phone and 49 percent Web/mail compared to 43 percent in 2005). Because long- timers have opinions that vary from the newer residents (particularly those that have been in Town less than 5 years) this shift needs to be identified at the outset of this year's analysis. The analysis which follows has attempted to dissect the results and to explain the changes in evaluations, to the extent such explanations are possible by examining survey results. The 2007 survey results indicate that attitudes toward Town government and the direction of the community are generally positive; however, there were some notable declines from 2005. Careful analysis suggests that 2005 was a bit of an anomaly; at that time there was a significant surge in positive opinions from those recorded in previous surveys (2003 and before). Results from 2007 are similar to 2003 in terms of some of the ratings and indicate that the "mood" of the Vail community has declined from the very positive levels of 2005. This year, the ratings have fallen off the highs of 2005 and there is considerably less positive response from the community concerning "excitement about redevelopment" and the "overall quality of design of new development over the past two years." The shifts in both attitudes and priorities cut across multiple questions and while they require some careful analysis to identify and explain, they are also relatively consistent throughout the survey. In short, there are differences in opinions from two years ago that are explained largely by length of time respondents have lived in or owned property in Vail, and attitudes towards the new development that is taking place.- A segment of respondents have become more negative towards development than they were in 2005, when the prevailing mood was one of • "excitement" about the "vision for the new Vail." Conversely, the relative newcomers (less than five years in Town) are generally more positive and give higher ratings on a variety of questions including those related to development. As in past surveys, part-time residents continue to generally be more positive than full-time residents in virtually all categories of questions that involve ratings. It is important to keep this finding in mind when evaluating the survey results. Clearly, those that live in Vail full-time have different wants and needs and their ratings reflect some of these differences. Other selected findings from the 2007 study are further summarized below. The data suggest that the perceptions of community "issues" have changed. Respondents were asked to provide, in order of priority, the "two biggest issues facing the Town." This is a question that has been asked periodically over the'years in Vail in an "open-ended" format, allowing respondents to identify issues in their own words. This year, the largest percentage of respondents identified affordable or employee housing in their first choice (27 percent overall and 33 percent on the Web/mail survey). Housing was also most identified over any other category in the top two categories (21 percent), with similar response from full- and part-time residents. This is in contrast to 2005 when parking was identified by 21 percent of respondents overall. This year parking received about 14 percent of responses. Also, in a major shift, while the conference center was still a significant issue in the minds of residents in 2005, it was only noted by two respondents this year. • "Development" (18 percent), "growth" (8 percent) and "construction" (about 2 percent) together received about 28 percent of the mentions as the biggest issues in 2007, compared 40 Town of Vail Community Survey 2007 C7 the respondents who indicated they were "very excited" about the vision for the new Vail, many cited the development and revitalization in the Village as a positive and important aspect to the Town's future. In a related question, respondents were asked about "satisfaction with the quality of the new development and redevelopment over the past three years." Again, ratings were down, with 15 percent responding "not at all satisfied" compared to 5 percent in 2005. Once again, it is the long-term residents (15+ years in town) that are most negative, with 39 percent saying "somewhat or not at all dissatisfied" in 2007 compared to 16 percent of long-term residents in 2005. Interestingly, in general, residents and part-time residents are satisfied with the management and communications' regarding new development (50 percent rated their satisfaction 4 or 5 on the 5-point scale, up slightly from 45 percent in 2005). In other words, it is the new development itself that seems to be at issue rather than the management of the construction impacts. Ratings of the "sense of community" also showed significant erosion this year from 2005. The percentage that said things had "improved" dropped to 14 percent compared to 17 percent in 2005 and 16 percent in 2003. The percentage saying things had "gotten worse" increased to 36 percent, up slightly from 31 percent in 2003 and sharply from 21 percent in 2005. Again, this question signals a shift in the overall opinion within the community, away from the significantly more positive feelings expressed in 2005. Of the respondents who felt the sense of community had "improved," many felt it was due to the new development and revitalization, along with the actions of people within the community, and environmental- related efforts. The ratings of satisfaction with Town staff are relatively high (3.5 on average on a five-point scale, down slightly from 3.7 in 2005 and 2003). Ratings of the Town Council have remained consistently lower than ratings of Town staff, declining over the past several years to 2.8 this year (down from 3.3 in 2000, 3.0 in 2003 and 3.1 in 2005). Results show about 22 percent rated Council a 4 or 5 on the 5-point scale ("very satisfied"), down from 32 percent in 2005. Perhaps related to community perceptions about the type and extent of new development, the Planning and Environmental Commission received an average rating of 2.8 (down from 3.1 in 2005) and the Design Review Board received a 2.7, unchanged from 2005. About 35 percent of respondents said they were "not at all satisfied" (a "1" or "2") with the Design Review Board. Once again, it is the long-time residents and year-round residents that are most likely to be negative. Further, those unhappy with new construction are especially likely to rate the various Town leaders negatively, and in contrast, relative newcomers were more positive. The survey probes ratings of a variety of Town departments and services. While there are some minor shifts, with slightly more down than up, the overall ratings have not shown the same level of decline as in those areas highlighted above. 0 Appendix B - Survey Fillout (Phone) First, a few questions about the general state of Vail... • 1. Would you say that things in the Town of Vail are going in the right direction, or have they pretty seriously gotten off on the wrong track? 2007 2005 2003 (n=397) (n=404) (6=400) 58% 70 57 Right direction 30 19 28 „ Wrong track 12 10 15 Don't know 1 Refused 2. In a word or two, what do you believe are the two biggest issues, in order of priority, facing the Town of Vail? 3. In past surveys, the following issues have been identified as important to the future of Vail. Using a scale from 1 to 5 where 1 is "not at all important" and 5 is "extremely important", please rate how important you feel these issues are to the Town of Vail. NOT AT ALL EXTREMELY IMPORTANT 2 3 4 IMPORTANT DK mean N 1 5 Construction and/or maintenance of public infrastructure (roads, transit center, public plazas, etc.) to serve both 3 8 27 31 32 1 3.8 398 residents and guests Growth and development 11 17 20 17 32 4 3.4 386 Facilitating a range of workforce housing opportunities for 8 10 17 24 41 1 3 8 398 those who work in Vail . 0proving fire response times and fire fighting capabilities 7 15 26 20 24 8 3.4 370 proving recreation facilities such as parks, trails and bike 5 14 31 26 23 1 3 5 395 paths . Addressing the pine beetle infestation 6 . 5 13 22 52 3 4.1 390 Improving various modes of transportation in and around Vail 8 14 33 24 21 1 3 4 398 (bus, pedestrian, bike, etc.) . Protection of Vail's environmental resources 3 3 13 24 57 1 4.3 396 Providing adequate and safe parking for peak visitor periods 4 6 21 24 44 0 4.0 399 Sustaining year-round tourism in Vail 7 9 20 30 36 0 3.8 400 Do you have any specific comments on your response to these questions? 4. How satisfied are you with the following functions of the Town of Vail government? Use a scale from 1 to 5 where 1 means "not at all satisfied" and 5 means "very satisfied" to rate each of the following items. Please use DK (Don't Know/No Opinion) as appropriate. Current Town Council Planning and Environmental Commission (also known as the PEC) Design Review Board (a.k.a. as the DRB) 0 of Vail staff NOT AT ALL VERY SATISFIED SATISFIED 1 2 3 4 5 DK me an N 2007 2005 2007 2005 2007 1005 2007 2005 2007 2005 2007 2005 2007 2005 2007 200 13 5 15 14 36 34 18 27 4 5 17 15 2.8 3.1 333 34, . 12 5 14 15 31. 29 18 24 4 5 22 23 2.8 3.1 312 31( 16 14 19 22 29 29 17 17 3 5 15 13 2.7 2.7 340 35: 4 2 9 5 28 22 29 42 14 14 15 14 3.5 3.7 334 344 The Community Development Department provides planning, design review, environmental programs, and building and restaurant services. 2007 2005 2003 (n=395) (n=404) In=40.1) 22% 18 13 Yes • 78 81 8 No 10. Please rate your satisfaction with the following aspects of Fire Services in the Town of Vail. 4 NOT AT ALL VERY SATISFIED SATISFIED 1 2 3 4 5 DK mean N 2007 1G05 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 200 -Response times to basic medical 1 0 1 2 6 2 20 13 27 25 45 58 4.3 4.4 222 171 emergencies and fires ?ourtesy and helpfulness of firefighters and 1 0 1 0 5 3 20 16 35 34 38 47 4.4 4.5 249 21( fire prevention staff Timely plan-check and fire inspection systems or remodeled or new construction 1 2 4 1 7 8 18 12 13 14 56 63 3.9 3.9 175 15( =ire safety; awareness and education 1 1 3 2 15 8 18 10 17 10 46 69 3.8 3.8 218 12, program provided Mdressing the threat of wildfire from beetle- 9 8 - 17 - 18 - 10 - 39 3.2 - 246 - killed trees through forest management such as cutting and removing trees, and forest regeneration 11. How much of a priority should the Town place on enforcement of requirements for private property owners to remove dead beetle-infested trees? VERY LOW VERY HIGH PRIORITY PRIORITY DK mean N 1 2 3 4 5 4% 5 13 24 47 8 4.1 369 f 0 li f V i i h T S il a . erv n t e own o 12.. Please rate your satis action with the following aspects of Po ce ces NOT AT ALL VERY SATISFIED SATISFIED 1 2 3 4 5 DK me an N 1007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 200 Overall feeling of safety and security 2 1 3 4 11 15 33 37 46 41 7 3 4.3 4.2 374 39` Visibility of police foot/vehicle patrol 3 2 6 7 23 25 32 32 30 27 8 5 3.9 3.8 370 38: Friendliness and approachability of Vail police department employees 2 3 6 6 17 14 33 33 30 33 13 11 3.9 4.0 349 361 Overall quality of service 2 2 5 6 15 15 35 37 30 28 14 11 4.0 3.9 346 35i 13. Are you aware of the Town of Vail's efforts to enforce the speed limit on 1.70? n=404 2007 2005 (n=400) (n=404) 77% 78% Yes 22 20 No (GO TO Q. 14) 1 2 Uncertain (GO TO Q. 14) 14. Has the enforcement program affected the way you drive the Interstate through Vail? n=317 2007 2005 (n=303) (n=317) 48% 44% Yes 52 55 No -- 1 Uncertain • 15. How many times per month do you use TOV bus service? 2007 - Mean=9.8 times per month, N=434 19. Please rate your satisfaction with public parking services in Vail. NOT AT ALL VERY SATISFIED SATISFIED • 1 2 3 4 5 DK mean N 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 200 Overall parking fees/pricing structure 14% 1:3 18 14 23 24 17 18 8 10 21 22 2.8 3.0 316 31! Three-hour time limited shopper parking 5 5 14 20 29 26 3.8 30( Booth attendant courtesy 3 2 5 2 14 12 30 29 25 28 24 27 3.9 4.1 306 29, Parking structure cleanliness 5 2 12 8 25 27 27 29 12 16 19 18 3.3 3.6 324 33' Parking availability during winter periods 21 22 23 21 24 20 8 13 5 4 20 20 2.4 2.4 319 32: Parking availability during summer periods 1 1 2 1 8 5 24 22 48 .51 17 20 4.5 4.5 378 32: 20. Do you hold a library card in the Town of Vail? 2007 2005 2303 (n=398) (n=404) (rR-401) 63% 65% 60% Yes 37 35 39 No 21. Have you or a member of your family attended: Yes 2007 1'005 Library Story Hour? 14% 14 Winter Library Adventure Series? 16 -- Summer children's programs? 13 No DK N 2007 2005 2007 2005 2007 2005 86 83 •- 2 385 404 84 -• •- -• 383 -- 87 - •• -- 387 •22. Do you or a member of your family receive notice of new arrivals from the library? n=381 9% Yes 91 No 23. Please rate your satisfaction with the following: NOT AT ALL VERY SATISFIED SATISFIED 1 2 3 4 5 DK mean N 2007 2005 2007 1005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 Library collection (including 0 3 1 9 9 27 31 26 28 36 30 4.2 4.2 255 281 magazines, books, audio and visual media) Library Story Hour 1 3 5 3 4 6 11 12 77 79 3.9 4.4 91 86 Unlimited Adventure Speaker Series 1 0 2 1 5 5 11 13 15 16 66 65 4.1 4.2 135 141 -Summer Youth Festival 1 2 4 5 4 6 8 7 8 80 79 3.8 4.2 82 85 Friendliness/courtesy of library staff 3 4 4 4 8 8 18 22 34 34 33 28 4.1 4.2 268 289 • 5 29. Thinking about the vision for the new Vail, and all the improvements that are occurring, how would you describe your attitude? 2007 2005 (n=397) (n=404) 23% 10% Not at all excited 45 41 Somewhat excited 32 47 Very excited •• 1 Refused Do you have any comments on your response? 30. Rate your satisfaction with the Town of Vail's management and communications concerning construction going on in town. NOT AT ALL VERY SATISFIED SATISFIED 1 2 3 4 5 DK mean N 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 2007 2005 5% 5% 10 10 29 31 32 28 18 17 7 9 3.5 3.5 373 368 Please provide the following demographic, information. Please remember that all responses remain strictly confidential and are reported only in group format. 31. Where is your residence within the Town of Vail located? 2007 2005 '12003 (n=396) (n=404) .;4°'101) 27% 27% 30% East Vail • 2 2 1 Booth Falls and Bald Mountain Road areas 1 1 s Booth Creek/Aspen Lane 3 3 ?"- Golf Course 9 8 j? Vail Village 8 7 8. Lionshead 10 11 Potato Patch, Sandstone 2 4 2 Buffehr Creek, Lionsridge, the Valley 2 1 t . Vail Commons/Safeway area 24 23 ;23 West Vail (north of 1-70) 3 2 4 Matterhorn, Glen Lyon 3 5 Intermountain 1 -- 1 Located just outside Town of Vail 6 3 4 Other -- 2 - Refused 32. Do you own or rent your residence? 2007 2005 2003 (n=395) (n=404) (n=401) 93% 84% 78% Own 7 14 20 Rent • 1 1 1 Other (specify) 1 Refused 33. In an effort to help us understand local phone usage, which best describes your access to telephone services at vour residence? n=394 7 0 Tormr ? CHALLE JGES & OPPORTUNITIES Vail Town Council Retreat January 22, 2008 • TOV CHALLENGES & OPPORTUNITIES • Community Leadership • Building Leadership Capacity o Establishing the long-range vision & key strategies o Town Council, Board & Commission member recruitment/training o Tapping vast knowledge and experience from interested citizens • Leadership Transition o Transfer of wisdom from first-generation leaders to the next o Embracing core values as Vail's compass Partner Relationships • Building Strategic Alignments o Vail Resorts, Inc. o Vail Recreation District o Vail Chamber & Business Association o Vail Valley Partnership o Inter-governmental entities (Eagle County, Avon, ECO, etc.) o Vail Valley Medical Center o Eagle County School District o Vail Mountain School o Others Community Credibility & Momentum • November 2008 Ballot • o Collaborative, compelling and comprehensive roadmap for voters • Expending Political Capital o Community tolerance for difficult, but sound decisions (Housing Regulations) Changing Demographics of Residents • Multi-generational • Aging Population • Loss of Middle Class - Families • Conversion of more 2nd Homeowners to Full-time Residents • Leakage of Workforce to Downvalley Changing Demographics of Guests • Sophisticated Travelers Looking for the Best • Increased Household incomes • Larger Group Size - 5 Average • Multi-generational • Ages 25-64 Recruitment and Retention • First Generation TOV Employees Retiring • Affordable Housing • Commuting/Travel Distances • Wages • Competitive Employment Market Challenges & Opportunities 2 qOFA ?a . Cost of Going Green • • Commitment • Funding o Cost of LEEDS Certification o Cost of Offsets • Long Term Return on Investment • Meeting Expectations • Resort wide Opportunities Future of 1-70 Corridor • Challenges o Noise o Road Closures/Economic o Quality of Life o Quality of Guest Experience • Opportunities o Emerging Role of Transit o Positive Environmental Impacts o Ease of Access • Airports • Front Range • • Challenges & Opportunities 4 rom w?fai? EnvIronmenicd Sus?G?i?aUt,? vm ?t?e S??on Sa?? (pis i?b? recyc 9 i 0 • Tormi OVERVIEW OF STRATEGIC AREAS OF FOCUS Vail Town Council Retreat January 22, 2008 to MASTER PLANNING • Vision: Proactively Guide the Future Development and Growth of Vail The ongoing development and redevelopment in Vail and preparing for future growth is essential to Vail's continued success as the premier mountain resort community. Through coordinated evaluation of and modifications to the town's adopted long range planning documents, the community has the opportunity to ensure proper guidance of future development and decision-making. Vail values the role of master plans in guiding the growth of the community in the future. Goals Master planning is intended to guide the future land use and development decisions affecting the Town of Vail. Master plans provide guidance and direction on a variety of community issues such as, land use, transportation, utilities and facilities, housing needs, economic sustainability, recreational and cultural needs, and the environment. Given the physical conditions constraining the physical growth and expansion of Vail, future development within the Town will likely be infill development and the redevelopment of existing properties. That said, the goal of master planning is to proactively seek the desired outcomes of the community citizenry rather than to react to the wishes of developers and speculators. Master planning is the key to Vail's continued success. Responsible Parties • Town Council • Planning & Environmental Commission • Design Review Board • Town Staff • Vail Stakeholders Actions Underway/Recently Completed • Completed the Vail 20/20 Strategic Action Plan and implementing its actions and strategies. • Creating the Chamonix Site Master Plan Amendment. • Implementing the Lionshead Redevelopment Master Plan. • Implementing the Vail Village Master Plan. • Amending the Gerald R. Ford Park Master Plan. Proposed Next Steps Amend Zoning Regulations to stream line development review process and implement land use plan goals. • Amend Vail Land Use Plan to identify redevelopment opportunities. ?'?• Update the Vail Village Master Plan. • Create a consolidated Town of Vail Comprehensive Plan. ?--? Adopt a Town of Vail Strategic Housing Plan. • Adopt a Town of Vail Economic Sustainability Plan. -?-+ Update the Town of Vail Environmental Strategic Plan. • Adopt a West Vail Commercial Area Master Plan. Adopt a Town of Vail Facilities Maintenance Plan. 1] Overview of Strategic Areas of Focus TMOFY HOUSING • Vision: Increase the Number of Employees Who Live in Vail The number of employees living within the town has steadily increased, thanks to the town's commitment to ensure affordability and availability of housing. The number of deed-restricted rental and for-sale units required of both private and public projects has increased. The diversity of deed-restricted units can accommodate the seasonal worker, as well as all levels of year-round employees, including those with families. Housing in general has been transformed to include green building standards. Goals • The Town of Vail recognizes the need for housing as infrastructure that promotes community, reduces transit needs and keeps more employees living in the town, and will maintain enough deed-restricted housing for at least 30 percent of the workforce through policies, regulations and publicly initiated development. Responsible Parties • Town Staff • Town Council • Vail Local Housing Authority • Planning and Environmental Commission • Vail Stakeholders (residents, employees, business owners, etc.) Actions- Underway & Actions Recently Completed • Established and implementing a Commercial Linkage requirement. • • Established and implementing- an Inclusionary Zoning requirement. • Amended the Town's Employee Housing Deed Restrictions. • Purchased three buy down units in 2007. • Expanded the "Permitted Capital Improvements" for price appreciation capped owners, providing greater incentive to perpetually upgrade existing units. • Adopted a plan and budget that achieves 100% occupancy at Timber Ridge for the foreseeable future. • Continued to participate in regional housing solutions to address the 70% of Vail's workforce that lives outside of the Town of Vail. • Working with consultants to maximize employee housing opportunities on the Chamonix Parcel. • Facilitating re-sales of deed restricted units. • Exploring revisions to Commercial Linkage and Inclusionary Zoning requirements to better serve the community's employee housing needs. Proposed Next Steps • Adopt a Town of Vail Strategic Housing Plan. • Adopt a budget with sufficient funds to provide a minimum of five new buy down units per year. • Adopt a redevelopment plan for Timber Ridge that increases employee housing opportunities. • Adopt and implement the Chamonix Site Master Plan Amendment which optimizes employee housing on the property. • Explore all options for establishing a permanent employee housing funding source. Overview of Strategic Areas of Focus 1 TMOTF V& • ENVIRONMENTAL SUSTAINABILITY Vision: An Environmental Leader Vail is an environmental leader and a sustainable community. Vail collaborates with the community to restore and protect the natural and built environment in balance with its economic and social needs. Goals • Gain a clear understanding of our current baseline scenario of environmental health and impacts and create clear and concise measurable goals. • Reduce the town's 2007 baseline green house gas emissions by 5% by 2013. • Improve the health and diversity of the forest and mountain ecosystem while recognizing the interdependence of the wildland urban interface (WUI) corridor within Vail. • Reduce the rate of residential, commercial and construction waste by 20% by the year 2013 through programs centering on reducing, reusing and recycling waste. • Maintain Gore Creek watershed as a Gold Medal fishery, while working you're your partners to maintain tributaries that meet and/or exceed aquatic life standards as set by the State of Colorado. • Ensure the community is environmentally responsive and educated by hosting two environmental education action programs per year. Responsible Parties • Town Council • Planning and Environmental Commission • Town Staff • Partner agencies (U.S.F.S., Eagle County, Eagle River Watershed Council, CDOT, Holy Cross, Vail Resorts, Eagle Valley Alliance for Sustainability, Eagle River Water and Sanitation District, etc.) • Vail stakeholders (residents, employees, business owners, visitors, etc.) Actions Underway/Recently Completed • Creation of an Energy Action Plan, which includes baseline measurements for reducing carbon emissions. • Clean up day and electronics recycling event, held annually. • Reuse of 90 percent of the materials from the Wendy's building demolition. • Completion of a solar panel project on the Vail Village Transportation Center roof. • Creation of a Water Wise Demo Garden at Donovan Pavilion. • Installation of a used oil burner in the Public Works building. • Continued forest health work- work on over 90 acres of town-owned, private and Forest Service land has been completed. • Use of a small portion of the Real Estate Transfer Tax (RETT) for environmental programs including forest health work, the solar panel project, purchase of wind energy, recycling efforts, green building feasibility study and an energy audit. • Creation of an employee-initiated focus group, called Environmental Focus Group, which is working to reduce the town's impact on the environment. • Continued abatement of noxious weeds on town-owned land. • Overview of Strategic Areas of Focus TOWN OFVAtL . 0 TRANSPORTATION/PARKING Vision Vail is recognized as having a comprehensive transportation system and through continued redevelopment, has reinforced its transit-oriented lifestyle. Transit, walking and biking are the major modes of travel along with extensive, multi-modal connections between major destinations. Those who choose to drive are welcomed with a well- maintained roadway system directing vehicles to Vail's managed parking areas. Goods and service delivery are distributed through the town's dispersed loading and delivery system. Getting to and from Vail is safe and efficient. Connections throughout the intermountain area are seamless and a big factor in Vail's quality of life. Workers enjoy a one-hour commute from the Denver Metro area or Glenwood Springs in a reliable and environmentally friendly method, while residents and guests enjoy the same commute to Denver for work or visits to the many cultural venues and events. Convenient connections to the nearby airports make year-round travel to Vail easy from anywhere in the world. Goals Create an integrated Transportation System with high levels of service that caters to the many needs of our residents, guests and employees and embraces the many issues of the surrounding natural and built environment in its design, implementation and operation. Minimize the environmental impact of the transportation system on the town and the region. Responsible Parties Town Council & Staff • Partner agencies (CDOT, CSP, 1- 70 coalition, ECO Eagle County, Shuttle Providers, Lodging Community, Airlines, Intermountain TPR, Developers, Vendors and Transporters, Rocky Mountain Rail Authority, etc.) • Vail stakeholders (residents, employees, business owners, visitors, etc.) Actions Underway/Recently Completed • Finalization of the TOV Transportation Master Plan Update. • Completion and Implementation of Traffic Impact Fee. • CDOT 1-70 PETS Transportation Collaborative effort on the Preferred Alternative. • CDOT Context Sensitive Solution Process. • Adoption of CDOT 2035 Transportation Plan. • Governors Blue Ribbon Panel on Transportation Funding. • 1-70 Coalition Transit Land Use Planning Study. • Rocky Mountain Rail Authority Rail Feasibility Study. • Eagle County Transportation Collaborative Effort. • TOV loading and Delivery Study Group. • 1-70 Coalition Travel Demand Management Committee and recommendations. • 1-70 Overlay Vail. • TOV Parking Task Force. • Ever Vail. • North Day Lot Transit Center. • • LH Parking Structure Development. Overview of Strategic Areas of Focus m?rOo ECONOMY Vision: A Year-round Economy Vail's economy is supported through a year-round viable business environment that meets the market demands of both residents and visitors. The major redevelopment of much of the town has expanded and enhanced Vail's pedestrian and commercial core areas, which provides a strengthened tax base. A diversity of retail, lodging, dining, cultural events, service businesses and both indoor and outdoor recreation opportunities funds a growing employment and revenue base. The town's strong infrastructure, environmental stewardship and its cooperation with economic and community partners benefits Vail's financial system. Through prudent cost-management and balancing of diversified revenue sources, the municipality has sustainable funding for its capital and operational needs. Goals • Develop a 10 year vision and a 5 year strategic plan for economic development. • Increase the Town of Vail's economic activity as measured by tax revenue to, at a minimum, keep pace with annual inflation. • Focus on building a year-round economy; reduce economic seasonality by growing the summer economy at a rate greater than or equal to the winter economy. • Maintain a town-wide workforce in which at least 30 percent of people who work at the Town of Vail also live in Vail. Identify possible revenue sources to support Vail's capital needs. Responsible Parties . • . Staff - Stan Zemler, Judy Camp, Kelli McDonald, Jamie Gunion • Town Council, Councils and Committees (Vail Economic Advisory Council, Commission on Special Events, Vail Local Marketing District Advisory Council) • Partner agencies (Vail Valley Partnership, Vail Resorts, Inc., Vail Chamber and Business Association, Vail Recreation District, Vail Valley Medical Center, Vail Information Centers, Vail Jazz Foundation, Bravo!, Vail Valley Foundation, Eagle County Economic Council) • Vail stakeholders (residents, employees, business owners, guests, etc.) Recently Completed • Annual review of funding for economic vitality programs such as Bravo!, Hot Summer Nights, Vail International Dance Festival, Street Beat Concert Series, Vail Jazz Foundation, Commission on Special Events, Vail Local Marketing District, Visitor Information Centers and other programs. • Initiated an Economic Development Division within the Town of Vail, hired an Economic Development Manager. • Completion of the Vail Village streetscape improvements • Completion of the Lionshead Master Plan. • Completion of the 15-year capital plan. • Purchased Wendy's property for future West Vail fire station • Implementation and collection of Construction Use Tax to support capital needs. U Overview of Strategic Areas of Focus TM (OFF VA E • PARKS & RECREATION Vision: Premier Recreation Facilities & Amenities Vail embraces a healthy lifestyle and is a place where.one of any age, economic status, race and culture can indulge in a multitude of diverse recreational activities. With Vail Mountain, Gore Creek and a strong regional system of diverse recreational facilities and amenities, the Vail Valley is a premier destination for the recreation enthusiast. Through Vail's vast and unprecedented era of capital improvements, pace is maintained by offering exceptional recreational programs in world-class facilities that are actively communicated and marketed to users. Goals • Evaluate current recreational programming, facilities and amenities and ensure they meet the needs of all users on a year-round basis. • Establish and improve upon partnerships with public, private and non-profit entities, ultimately delivering added benefits to recreation users. • Conduct necessary capital improvements of Vail's current recreational facilities and amenities to meet high standard of quality for users. • Evaluate and prioritize needs and obtain funding for recreational facilities and programming in Vail. Responsible Parties • Town Council and Staff • Vail Recreation District Board of Directors and Staff • Partner Agencies (Vail Symposium, USFS, Vail Resorts, Friends of the Library, BLM, Beaver Creek Metro, Singletree, WECMRD, etc.) • • Vail Stakeholders (residents, employees, business owners, visitors, etc.) Actions Underway/Recently Completed Both • Update lease and management agreements between the town and VRD.* • Quantify current deferred capital maintenance backlog for recreational facilities.* • Plan for and provide new destination play environments throughout Vail. (Otis Odell)* • Work with local tourism organizations to provide alternatives to skiing and. additional summer activities. • Develop an understanding of the future of parks and recreation amenities through planning and public participation, and update the Vail Parks and Recreation Master Plan as needed. (Green Play) TOV • Begin update of Parks Safety and Improvement Plan to plan for implementation completion. (Council adopted in 2002. Two parks remaining: Red Sandstone and Booth Creek) VRD • Provide affordable recreation programs and packages for seasonal workers and residents with moderate income levels. • Identify programs not meeting minimum capacity and work to improve programs and marketing. • Continue to evaluate and increase marketing for Vail's parks and recreation programming by partnering with the Vail Valley Partnership, Vail Chamber and Overview of Strategic Areas of Focus 11 TWORK), • VAIL LIBRARY Vision: Premier Library Facilities and Programming Vail is a community where connections are an essential part of our livelihood. Whether a person lives, works or visits here, there is a special bond that ties people together. Vail takes great pride in celebrating its diversity and together its people appreciate the distinct recreational, cultural and educational qualities that can only be found in Vail. Goals • Create opportunities for enhanced community interaction through increased activities, occasions and physical locations that bring our diverse community members together. The Vail Public Library is the #1 place to meet, learn and interact. • Create opportunities to strengthen community diversity. Responsible Parties Vail Town Council and staff Friends of the Library U Action Underway or Recently Completed • Fostering professional development opportunities for staff in order to perform their jobs even better than they already do. • Increasing the Library's visibility (Channel 8, web site, quarterly newsletter, etc.) • Celebrating the Town of Vail Public Library's 25th anniversary • Revitalize the Friends of the Library • Underscoring community outreach (Red Sandstone Elementary School, Vail Mountain School, Children's Garden of Learning, Vail Childcare Center, etc.) Proposed Next Steps • Renovation of the Library, to include relocating the Community Room downstairs, move technology to the current Community Room location, and consider adding an additional floor (up to 10,000 SF).* • Bring programming for adults and families to the Library. • Conversion to a more electronically friendly environment. • Expand membership base. * indicates highest priority. • Overview of Strategic Areas of Focus 13 TWOH j PUBLIC SAFETY Vision: World-Class Emergency Services The Town of Vail delivers world-class emergency services that provide a safe environment that supports being the Premier Resort Community. Goal Identify and address potential public safety threats that may jeopardize the community's safety and security, including proactive Fire Prevention and Police Intervention policies. Responsible Parties Town Council & Staff Partner Agencies (US Forest Service, Eagle County, Colorado State Patrol, Colorado Department of Transportation, Colorado West Mental Health, Eagle River Water and Sanitation District, Eagle River Fire Protection District, VVMC, Vail Resorts, Inc.) Fire Department Actions Underway/Recently Completed • County Wide Risk Assessment 2006. Master Planning Process underway for Chamonix/Wendy's site including a 3`d Fire Station. Three additional firefighter positions in 2008 budget to begin training and development to staff third fire station and to retain institutional knowledge for a department with 46% of personnel over 50 years of age. • Forest Health Project underway to create defendable space 5 year plan. • Funds available from TOV & Eagle County to design third fire station. • Wildland Mitigation crew formed, spring 2007. Consultant hired to review past studies of need for third fire station. • Town staff identified to coordinate and respond to public safety threats and exercise/train on a quarterly basis on Incident Command systems, wildfire and critical Incident ranagement skills. A number of staff members have been placed on Regional Incident Management teams to gain valuable experience assisting other communities during a crisis, to then be able to competently handle incidents in Vail. Vail Police, Fire and Public Safety Communications personnel participate in regular meetings at a county, regional and state level to collaborate on responding incidents and preventing public safety risks (Eagle County Public Safety Council, Radio Technical Operations Committee, Prevention Committee, Chief's Meetings, Northwest Regional Homeland Security Steering Committee, & Statewide Mobilization Working Group). • Skills based progress plans underway for public safety employees. • Pine beetle/dead tree ordinance updated, fall 2007. Regular meetings of the TOV local emergency planning council. Fire Department Proposed Next Steps • Update TOV Emergency Operations Plan (Created May 2005). • Develop staffing plan to improve Fire Department's ability to respond to high rise and wildland fires. • Staff to develop action plan recommendations to improve response times to all parts of Vail community for emergency services. j Overview of Strategic Areas of Focus 14 TOWN Of v • Improve AM 530 local radio station capabilities and coverage to communicate • with public. • Continue to provide excellent training to public safety personnel. • • Overview of Strategic Areas of Focus 16 1 0 .' 7 WIVOFYAIL COMMUNITY DIVERSITY • Vision: Best Place on Earth to Enjoy Together Community connections are an essential part of Vail's livelihood. Vail is a close-knit and inclusive mountain community and its passion for the place is infectious. Whether a person lives, works, or visits here, there is a special bond that ties people together. This is a place where everyone is welcome and community contributions are highly valued. Vail takes great pride in celebrating its diversity and together its people appreciate the distinct recreational, cultural and educational qualities that can only be found in Vail. The community actively participates in the growing number of activities taking place in facilities that are well maintained and appeal to Vail's diverse needs. As individuals, stakeholders feel a responsibility to participate fully in the community, exchanging ideas and sharing a commitment to fulfill the collective vision in making Vail the best place on Earth. Vail is known worldwide for its innovation, civic leadership and overall best practices. For visitors and residents, there is no better place than Vail. Goals • Create opportunities for enhanced community interaction through increased activities, occasions and physical locations that bring our diverse community members together. • Create opportunities to strengthen community diversity. • Expand opportunities for effective community leadership. Responsible Parties • Town Council & Staff • Partner agencies (VRD, VVF, School District, Medical Center, Chamber of • Commerce, etc.) • Vail stakeholders (residents, employees, business owners, visitors, etc.) Actions Underway/Recently Completed • Adoption of workforce housing policies, 2007. • Adoption of Recreation Master Plan, 2007. • Installation of modular skatepark, 2007 (following 3-year absence). • Expansion of Vail Library memberships, 2007. • Council candidate/leadership briefing, 2007. • Expansion of public gathering places with completion of Arrabelle (ice skating, movie screen, etc.), 2008. • Reproduce citizens' guide to increase opportunities for citizen involvement in the Town Council decision-making process. Proposed Next Steps • Town Council review of recreation master plan and implementation actions (see Parks & Recreation). • See Housing section. • Meet with Vail Valley Medical Center to understand future direction of facility operations and its commitment to retain a presence in Vail. • Meet with Eagle County School District to understand future of Red Sandstone School and the community's desire to retain it. • Redesign format for Annual Community Meeting scheduled for March 11 to increase participation and diversity. Overview of Strategic Areas of Focus 17 TM0Fvk