HomeMy WebLinkAbout2008-08-05 Support Documentation Town Council Work Session r
VAIL TOWAI COUNCIL
WORK SESSION AGENDA
VAIL TOWN COUNCIL CHAMBERS
75 S. Frontage Road W.
Vail, CO 81657
12:30 P.M., TUESDAY, AUGUST 5, 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. Warren Campbell ITEM/TOPIC: PEC/DRB Update. (5 min.)
2. Greg Hall ITEM/TOPIC: Presentation of Vail's Long Term Parking Needs.
(30 min.)
ACTION REQUESTED OF COUNCIL: Listen to background
information on parking demand and potential sites. This
information will be used in preparing Council goal follow up steps.
BACKGROUND RATIONALE: The current deficit of parking
spaces to meet the goal of providing sufficient parking for 90% of
our demand days (15 overflow days in a 150 day ski season) is
400 spaces. In the future the total number of spaces short is
projected to be a total 1000 spaces. Three sites exist to distribute
parking spaces: between Ford Park, LionsHead Parking structure
and the west LionsHead area (EverVail).
3. George Ruther ITEMlTOPIC: A work session meeting with the Vail Town Council to
discuss the proposed update to the Vail vllage Master Plan. The
purpose of the work session is to: (45 min.)
• Provide an overview of the existing goals, objectives, policies and
action steps of the master plan;
• Share the comments and input the Community Development
Department has received on the master plan update process to
date;
• Present the recommendation of the Town of Vail Planning &
Environmental Commission to the Town Council; and
• Outline the proposed next steps in the review process for updating
the Vail Village Master Plan.
ACTION REQUESTED OF COUNCIL: Listen to the staffs
presentation and provide comments and input on the Planning &
Environmental Commission's recommendation and the proposed next
steps in the review process.
BACKGROUND RATIONALE: On January 22, 2008, the Vail Town
Council instructed the Community Development Department to
prepare an update to the Vail Vllage Master Plan as contemplated in
Section VIII B of the Master Ptan. Since that time, the Community
Development Department has prepared a proposed update to the Vail
ViIlage Master Plan with the cooperation and assistance of many
potentialty affected persons from the community. Examples included,
the members of the 1990 Planning & Environmental Commission, the
Vail Chamber & Business Association, the Vail Economic Advisory
Council, the Commission on Special Events, the Meadow Drive
Business Partnership, and the various other property owners within
the Vail ViIlage area.
STAFF RECOMMENDATION: As this work session, staff will not be
providing a recommendation at this time.
4. Judy Camp ITEM/TOPIC: Municipal Employee Housing Assistance. (30 min.)
Pam Brandmeyer
Krista Miller ACTION REQUESTED OF COUNCIL: Listen to staff presentation
on a proposed employee home ownership program (EHOP) to
replace the town's existing down payment assistance program.
Provide comments and direct staff to move forward with the
proposal.
BACKGROUND AND RATIONALE: Town Council and staff have
acknowledged the need to provide housing assistance programs
for TOV municipal employees. Council has established a target of
having 30% of Vail's workforce live in Vail. As an employer, the
town should lead the way in accomplishing this goal. Housing
assistance is also an important recruitment and retention tool in
our competitive employment market where housing costs are high.
STAFF RECOMMENDATION: Staff recommends replacement of
the cuRent limited down payment assistance program with an
Employee Home Ownership Program (EHOP) utilizing equity
share loans and administered by Funding Partners, a non-profit
organization who specializes in home ownership programs.
5• ITEM/TOPIC: Information Update. (15 min.)
? Mountain Pine Beetle Abatement Follow up.
? Annual Site Visit to Five Consenration Easements in the Town
of Vail.
:
Staff completed a site visit to five conservation easements held by
the Eagle County Land Trust on July 18, all within the Town of
Vail. Brief comments foilow, aithough a more detailed report ftom
the Land Trust will follow. An annual site inspection is required to
insure the town is maintaining and preserving these parcels as
conservation easements. The public can access all conservation
easements.
1. Ptarmigan Road, 4.5 acres
- Slash piles will be bumed this fall or in the spring/fall of'09,
depending on weather conditions.
- Great thistle control/improvement.
- This parcel is adjacent to and connects with the Vail Trail to
. the south.
2. East Vail watertall, 4.8 acres.
- Needs some thistle and money weed noxious weed control,
~ which has been reported to town staff.
3. Potato Patch 1, 2.858 acres (George Wiegers property)
- Weed control great.
- Hot tub encroachment totally removed.
4. Buffehr Creek (Eleni Zneimer project), 9 acres
- Weed control great.
- Direct connection off Buffehr Creek Road to the North Trail.
5. Meadow Creek, 2.6 acres.
- Minor thistfe control needed, which has been reported to
town staff.
- Direct connection to Forest Service land to the south,
borders Stephen's Park.
? Noise Readings on 1-70 Overlay
Noise readings were taken prior to the I-70 overlay project's
commencement. Staff will take readings again once CDOT has
completed the overlay.
6. ITEMITOPIC: Matters from Mayor & Council. (10 min.)
7. Matt Mire > ITEM/TOPIC: Executive Session, pursuant to: 1) C.R.S. §24-6-
402(4)(a)(e) - to discuss the purchase, acquisition, lease, transfer,
or sale of property interests and to determine positions, develop a
strategy and instruct negotiators, Re: Amendments to the
Lionshead Parking Structure Development Agreement; 2) C.R.S.
§246-402(4)(b) - to receive legal advice on specific legal
questions. (90 min.)
8. ITEM/TOPIC: Adjoumment. (4:05 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, AUGUST 19, 2008 IN THE VAIL TOWN COUNCIL CHAMBERS.
t
PLANNING AND ENVIRONAflENTAL.COAflMISSION
July 28; 2008
- , 1:00pm . , : .
,
- ; TOWN COUNCIL CHAMBERS ! PUBLIC WELCOME
, 75 S. Frontage Road - Vail, Colorado, 81657
MEMBERS PRESENT MEMBERS ABSENT
Bill Pierce Michael Kurz
Rollie Kjsesbo ,
Susie Tjossem
David Viele ,
Sara Robinson-Paladino
Scott Proper
Site Visits• .
None . , , ' .
A 0 minutes .
1. A request for a final review of a variance from Section 12-6G-6, Setbacks, Vail, Town Code, pursuant to Chapter 12-17, Variances, Vail Town Code, to allow for construction of a second
floor bedroom addition within the setbacks, located at, 4257 Columbine Drive, -No. 17/Lot 17 .
Bigfiom TeRace, and setting forth details in regard thereto. (PEC080022) Applicant: Howard and Vrginia Sherr ,
Planner: Bill Gibson
. ACTION: Approved with condition(s)
MOTION: Kjesbo SECOND: Proper VOTE: 6-0-0 .
CONDITION(S):. 1. This approval is contingent upon the Applicants obtaining .Town of Vail approval of the
as"sociated design review application. •
Bill Gibson gave a presentation per the staff memorandum.
Commissioner Viele noted that this variance request is in keeping with other variance approvals ,
granted in the subdivision. . , . There was no additional Commissioner or public comment.
10 minutes
2. A request for a work session for prescribed regulations amendments to Section 14-10-7, Oufdoor
Lighting, Vail Town Code, .to allow for.amendments to the outdoor,lighting standards, and setting.
forth details in regard thereto. -(PEC080032) - Applicant: Town of Vail
Planner: Bill Gibson . : •
ACTION; Tabled to August, 25, 2008- , .
MOTION: Kjesbo SECOND: Proper VOTE: 6-0-0
Bill_ Gibson gave a presentation per the staff memorandum.
Commissioner Kjesbo asked about the existing regulations that only allow holiday lights to. be -lit
from November 15t to April.15th. He felt that there are occasions throughout the year that a
homeowner may enjoy lighting their tree up for an evening to enjoy.
Bill Gibson noted that this existing regulation is not enforced bjr the Town of Vail.
. Page 1
;
Commissioner Kjesbo recommended the November 1 St to April 15"' dates be deleted from the
lighfing regulations. The other Commissioners.unanimously.agreed with this recommendation.
Commissioner Pierce asked how bright lights that affect adjacent neighbors are addressed by
the proposed amendments. Bill Gibson clarified how the proposed guidelines address this issue.
There was no public comment. 30 minutes
3. A request for a final recommendation to the Vail Town Council of a proposed update and-review
of the Vail Village Master Plan, pursuant -to Section VI11-C, Adoption, Extensions, and
Amendments, Vail Vllage Master Plan, to affirm the applicability and purpose of the Master Plan,
located within ~ the boundaries of the adopted Master . Plan/(a complete legal description is
available for-inspection at the Town of Vail Community Development Department upon request), and setting forth details: in regard thereto. (PEC080020)
Applicant: Town of Vail ,
Planner: George Ruther ;
ACTION: Recommendation of approval - MOTION: Kjesbo SECOND: Proper VOTE:.6-0-0- -
George Ruther gave a presentation per the staff memorandum.
Commissioner Paladino asked about the Action Step referencing the coordination of special
events and construction.
George Ruther stated that the intent was to have all parties discussing tFie potential impacts,
intentional' or otherwise, caused by constrvction and special events. It is not the intent of the
language to give one priority to one use over another. Instead; focus on"the coordination of all
the activities..
Jim Lamont, Vail Vllage Homeowners Association, made several comments on various goals
and action steps found in the proposed amendments.
Commissioner Viele stated that he believes that through many approvals of the PEC and the
Council that the minimum floor-to-floor within the Village has been established at 11 feet.
George Ruther stated thaf the intent of the action step was that research would be done and an
amendment may be proposed to the master plan based' on the conclusions of the research. He
agreed that several projects were approved afi more than 9 feet floor to floor; however, there are
some at 10'6p and 11 feet. He further added that there would need to be some discussion on tlie .
roof heighf requirements in Commercial Gore 1 identifying tiiat roof heights are done
proportionally. Jim Lamont asked that it be clearly defined in the update what an "actiVity center" is so that
people in the future understand the balance that staff and the Town is trying to achieve. He
suggesfed'that maybe the term "mixed-use activity enter" should be utilized to clearly defne for "
property owners what impacts to expect. Page 2
Commissioner Viele suggested that Action Step # 4 under. Goal #2, requiring stormwater
management was exceeding the purview of the Town and that Eagle River Water and Sanitation
District was responsible for such items.
After great discuss by the Commissioner members it was agreed that the Action Step be
amended to include "In coordination with the Eagle River Water and Sanitation DistricY". Jim Lamont-suggested that an environmental goal be established for the Master Plan. -
Commissioner Proper - brought up Policy 3.4.3 and ask how could this even occur.
Commissioners Paladino and Tjossem made several comments about strengthening the
language to prohi6it the use of public stream tracts for private uses.
Commissioner Proper raised a question regarding Action-Step Number 8 under Goal Number 4. George Ruther explained that the intent was to create a greater presence of the park in the
. Village so that guests can interact more completely witFi the 'park. He..gave examples such as stream bank erosion repair, grading the path in a more effective manner, improving the surface,
providing additional benches, etc.
Commissioner Pierce -suggested that a goal or action step should be added to the clocument referencingthe need to explore options to more efficiently utilize private parking lots and in the
long term eliminate Frontage Road parking.
George Ruther suggested that an Action Step should be added to achieve Policy 5.1.4. Commissioner Tjossem asked that there be a statement regarding Village-wide centralized
recycling.
George Ruther suggested,several changes to Action Step Number 3 under Goal Number 6 could
be reworded to include "the study and implementation of a centralized recycling facility".
The Commission 'asked that another Goal (Number 7) be added to include environmental
, components of sustainability.
5 minutes
, 4. A request for a recommendation to the Vail Town Council to review the Vail Land Use Plan map,
pursuant to Section 8-3, Vail Land use Plan to allow for a change in the land ' use designation
from Community OfFce to Lionshead Redevelopment Master Plan for properties, known as
"Cascade Crossing" and "Vail Professional Building° (Future °Ever Vail"), focated at 953 and
1031 South Fronfage Road WesUunplatted (A complete legal description is available for
inspection at the Town of Vail Community Development Department), and setting forth details in
regard thereto. (PEC080036)
Applicant: Town of Vail
Planner: Nicole Peterson
ACTION: Tabled to August 11, 2008
- MOTION: Kjesbo SECOND: Tjossem VOTE: 6-0-0
5. Approval of July.14, 2008 minutes
MOTION: Kjesbo SECOND: Tjossem VOTE: 3-0-3 (Proper, Paladino, Pierce
recused)
6. Information Update
Page 3
Tree Preseivation Presentation = Michael Yerman 20 minutes. ,
7. Adjoumment MOTION: Kjesbo SECOND: Tjossem VOTE: 6-0-0
The applicatioris, and information about the proposals are available for public inspection during regular
office hours at the `Town of .Vail Communify Development Department, 75 South Frontage. Road.. The
public is invited to attend the project orientation and the site visits that precede the public hearing in the
Town of Vail Community Development Department. Please call (970) 479-2138 for additional
information.
Sign language interpretation is available upon request with 24=hour notification. Please call (970)
479-2356, Telephone ,for the Hearing Impaired, for information. . ,
Community Development_ Department: .
Published July 25, 2008, in the Vail Daily ~ . .
Page 4
~
DESIGN REVIEW BOARD AGENDA :
. PUBLIC MEETING ' ,
. ~ July 16, 2008
T~~~Vtdl- -Council Chambers '
75 S. Frontage Road - Vail, Colorado, 81657 .
PRESENTATION : 1:000m
TREE PRESERVATION - Rachel Friede . PROJECT ORIENTATION ' MEMBERS PRESENT MEMBERS ABSENT ~
Tom Dubois _
Mike Dantas . Pete Dunning ' . Elizabeth Plante .
Brian Gillette '
SITE VISITS 2:00pm
1. Holm/Arrigoni Residence, 4918 Meadow Drive ~ . :
2. Atefi Residence,1468 Vail Valley Drive . . 3. Bridge Streef Building, 281 Bridge Street . ,
PUBLIC HEARING - TOWN COUNCIL CHAMBERS , 3:00pm
1: Qwest DR6080228 Nicole
Final review of a minor alteration (communication antennas on Qwest tower) .169 North Frontage Road/Lot 2, Middle Creek - : Applicant: Sprint Nextel ,
ACTION: Approved with condition(s) - '
MOTION: DuBois SECOND: Dantas VOTE: 5-0-0
,
CONDITION(S):
1: The Applicant shall paint the proposed antennas to match the existing Qwest, tower
structure within 5 days of antenna installation. ,
2. The Applicant shall repair andlor paint the exisfing Qwesf microwave dishes (2) to a colot
that matches or closely matches the existing Qwest tower structure within 5 days of antenna
installation. - • -
3. Design Review Board approval of the. application (DRB 08-0228) becomes effective on
July 24, 2008, the same date as 'Ordinance No. 12, Series of 2008, an ordinance amending
3ections 12-9C, General Use District and 12-16, Conditional Use Permit, Vail Town Code to
allow certain conditional uses.as permitted uses. -2. Gobec Residence DRB080252 Bill
Final review of changes to approved plans (exterior fnish, window; fre pit and waterfall)
1462 Aspen Grove Lane/Lot 11, Block 2, Lions Ridge Subdivision Filing Applicant: Matthew & Doris Gobec, represented by Rusty Spike Enterprises
ACTION: Tabled to August 6, 2008 : .
MOTION: Dantas SECOND: DuBois VOTE: 5-0-0
Page 1
3. Atefi Residence DR6080271 - Rachel
Conceptual review for an addition (covert duplex to single family residence, new entry)
1468 Vail Valley Drive/Lot 17, Block 3, Vail Valley ,
Applicant: Bahman and Hamila Atefi, represented by K.H. Webb Architects
ACTION: Conceptual, no vote
4. Holm/Arrigoni Residence DRB080264 Nicole
Conceptual review of new construction (twafamily dwelling)
4918 Meadow Drive/Lot 16; Block 7, Bighorn 5th Addition
Applicant: K.H. Webb Architects
ACTION: Conceptual, no vote
5. Dantas Residence DR6080270 Nicole
Final review of changes to approved plans (retaining walls)
2851 Bassingdale Boulevard/Lot 4, Block 8, Vail Intermountain Development
Applicant: Dantas ~Builders ACTION: Approved with condition(s)
AAOTION: Gillette SECOND; DuBois VOTE: 4-1-0 (Dantas Recused)
1. The retaining wall imitation sfone (Redi-Rock) material is approved, in accordance with
Section 14-10-5, findings 1-4, Vail Town Code. 2. The Applicant shall install the tan color Redi-Rock as shown-to the Board at the July 16,
2008 meeting.
3. The Applicant shall hide all un-finished ends of the Redi-Rock retaining walls or complete
the ;ends with the same fnish as the exterior face of the walls prior to' erequesting fnal
Planning Departrnent inspections. 6. Bridge. Street Building DRB080272 Warren
Conceptual review of an addition (commercial)
281 Bridge Street/Lots D, E, Vail ViIlage Filing 1
Applicant: Robert and Barbara Deluca
ACTION: Conceptual, no vote
7. Cricket Communications DRB080278 Nicole
Final review of a minor alteration (communication antennas and ground equipment shelter on Middle
Creek tower) "
145 North Frontage Road/Lot 1, Middle Creek
Applicant: Cricket Communications
ACTION: Consent Approved, with conditions .
MOTION: DuBois SECOND: Plante VOTE: 5-0-0
CONDITION(S):
1. The Applicant shall paint the proposed antennas to match the existing Middle Creek
tower'structure within 5 days of antenna installation.
2. The Applicant shall construct the ground equipment shelter with the same materials and
design as the existing Middle Creek tower structure within 5 days of antenna'installation.
3. Design Review Board approval of the application (DRB 08-0228) becomes effective on
July 24, 2008, the same dafe as Ordinance No. 12, Series of 2008, an ordinance amending
Sections 12-9C, General Use District and 12•76, Conditional Use Permit, Vail Town Code to
allow certain conditional uses as permitted uses. ,
Page 2
.
STAFF_APPROVALS `
Hilliard Residence DRB080119 Warren Final review of an addition (bedroom, recreation room)
1801A Sunburst Drive/Lot 2, Vail Valley Filing 3 Applicant: R. Glenn Hilliard, represented by Courtney Giphart
Timber Falls DR6080227 Rachel_
Final review of a minor alteration (pool house roof rebuild) ,
4496 Meadow DriveMmber Falls. Condo Applicant; Timber Falls Condominium Association, represented byBomer Carpentry
Lodge at Lionshead DRB080236 ,Bill
Final review of changes to approved plans (lighting, bollard, step)
380 East Lionshead Circle/Lot 7, Lodge at Lionshead ~ . ~ .
Applicant: Christian Basso
Spiers Residence DR6080239 . ~ Rachel
Final approyal' of a minor exterior alteration (window) . . .
2466 Chamonix Lane/Lot 4, Block B, Vail Das Schone Filing 1 .
: Applicant: MJ Spiers
White Rock Residence DR6080242 Bill Final review of a minor exterior alteration (landscaping)
4057 Lupine DHve/Lot 4, Bighorn Subdivision
` Applicant: White Rock East Vail LLC
Purchase Residence DRB080244 Rachel
Final review of changes to approved plans (concrete driveway and stairs)
4418 Columbine Drive/Lot 3, Bighorn 3rd Addition , •
' Applicant: John Purchase
Cotter Residence DR6080245 - Rachel Final review of a minor exterior alteration_ (door) ._..,2457 Chamonix Lane, Unit D-2/Lot 14, Block C, Val Das Schone Filing 1. Applicant: James. Cotter
Munch Residence DR6080246 _Rachel
Final review of a minor exterior alteration (driveway) 2517 Arosa Drive/Lot 4, Block D, Vail Das Schone Filing 1
Applicant: GW Munch
Mueller Residence DRB080248 - Rachel
Final review of a minor exterior alteration (landscaping)
910 Fairway Drive/Lot 8=6, Vail Village Filing 10
Applicant: Anne Marie Mueller City Market DRB080249 . . , Warren
Final review of a mirior exterior alteration (repaint)
2109 North Frontage Road/Lot A, Vail Das Schone Filing 3
Applicant: City Market, represented by Graesers Painting Co , , Page 3
.
Jeranko Residence DRB080250 Warren
Final review of changes to approved plans (entry roof, windows)
2650 Bald Mountain Road/Lot 30, Block 2, Vail ViIlage Filing 13 "
Applicant: Morter Architects
DEI LLP DRB080251 Warren
Final reView of a minor exterior alteration (re-roofl
2860 Bassingdale Boulevard/Lot 2, Block 9, Vail Intermounatin Applicant: The Roofing Company Frank Residence DRB080256 Rachel
Final review of a minor exterior alteration (re-roofl
3984 Bighorn RoacULot 3, Bighom Subdivision
Applicant: Wallace Frank, represented by TCC Contractors
Ain ResidenceDRB080257 'Jen
Final review of a minor exterior alteration (re-roofl
5033 Prima Court/Lot B, Block 22 Sundial Applicant: Shirley & Jonathan Ain, represenfed by CH Roofing ,
Nicolary Residence DRB080258 Nicole
Final review of changes to approved plans (re-roofl
975 Fairway Court/Lot 3, Vail Village Filing 10 Applicant: Zdenek Bauer .
Pitkin Creek Park DRB080260 Warren
Final review of a minor exferior alteration (landscaping)
3931 Bighom Road/SDD #3,. Pitkin Creek Par1c Applicant' Rob Steinke
Keller Williams DRB080261 Rachel
Final review of a sign
12 Vail Road/Lot N, Vail Village Filing 1
Applicant: Keller Williams Mountain Properties
Ross Residence DRB080265 Warren
Final review of a minor ezterior alteration (landscaping)
1297 Vail Valley Drive/Lot 1, Block 3, Vail Valley
Applicant: Gussie Ross
Sandstone 70 DR6080269 Rachel
Final review of a minor exterior.alteration (re-paint)
903 Red Sandstone Road/Lions Ridge 1st Filing
Applicant: Sandstone 70 HOA
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 4
MEMORANDUM '
TO: Vail Town Council
FROM: Community Development Department
. DATE: August 5, 2008
SUBJECT: A request for a worksession to discuss a proposed update and review of
the Vail Village Master Plan, pursuant to Section VIII-B, Adoption,
Extensions, and Amendments, Vail Village Master Plan, to affirm the
applicability and purpose of the Master Plan, located within the
boundaries of the adopted Master Plan/(a complete legal description is
available for inspection at the Town of Vail Community Development
Department upon request), and setting forth details in regard thereto.
(PEC080020)
Applicant: Town of Vail Community Development Department
Planner. George Ruther
1. DESCRIPTION OF THE REQUEST
The applicant, Town of Vail Community Development Department, represented
by George Ruther, is requesting a work session with the Vail Town Council to
discuss a proposed update to the Vail Village Master Plan. The proposed update
has been initiated by the Community Development Department pursuant to
Section VIII (B) of the Vail Village Master Plan.
The purpose of this work session is to:
• Provide an overview of the existing goals, objectives, policies and action steps of
the master plan;
• Share the comments and input the Community Development Department has
received on the master plan update process to date;
• Present the recommendation of the Town of Vail Planning & Environmental
Commission to the Town Council; and
• Outline the proposed next steps in the review process for updating the Vail
Village Master Plan.
As this is a work session, staff will not be providing a formal recommendation at
this time.
II. BACKGROUND
On January 22, 2008, the Vail Town Council instructed staff to prepare and
update to the Vail Village Master Plan. The purpose of the update is to address
the six major goals outlined in the master plan, acknowledge the actions steps
that have been completed in keeping with the master plan, and to identify the
1
next series of action steps need'ed to further implement the goals, objectives and
policies.of the master plan.
On July 28, 2008, the Town of Vail Planning & Environmental Commission held a
public hearing on the proposed update. Upon review of the proposed update, the
Commission has fonivarded its recommendation of approval, with modifcations,
of the Vail Village Master Plan update.
III. DISCUSSION -ITEMS
1. Overview of the Goals, Obiectives, Policies and Aetion Steps
Goals for Vail Village are summarized in six majoc goal statements. While there
is a certain amount of overlap befinreen these six goals, each focuses on.a
. particular aspect.of .the Village and the, community . as a whole: The goal statements are designed to establish a framework; or direction, for the future
growth of the Village. A series of objectives outline specifc steps fhat can be
taken toward achieving each stated goal. Policy statements have been
developed to guide the Town's decision-making in achieving each of the stated
objectives, whether it be through the review of priVate sector development
proposals or in implementing capital improvement projects. Finally, action
steps are suggested as immediate follow-up actions necessary to implement
the goals of this Plan. The Vail Village Master Plan's objectives and policy statements address key
issues relative to growth and deyelopment. These statements establish much of
the, context within. which future development proposals are evaluated. In.
implementing the Plan, the objectives and policies are used in conjunction with
a number of graphic planning elements that together comprise this Plan. While
the objeetives and policies establish a general framework, the graphic plans
provide, more specific direction regarding 'public improvements or development
potential on a particular piece of property.
IV. RECOMMENDED UPDATES
(Additions are shown GREEN, Deletions are shown in 'RED, Completed actions are
shown in LIGHT GRAY).
GOAL #1 ENCOURAGE HIGH QUALITY, REDEVELOPMENT WHILE
PRESERVING UNIQUE ARCHITECTURAL SCALE OF THE VILLAGE
IN ORDER TO SUSTAIN ITS SENSE OF COMMUNITY AND IDENTITY.
1.1 Ob'tective:
Implement a consistent development review process to
reinforce the character of the Village. .
1.1.1 Policy
Development and improvement projects approved in the Village
shall be consistent with the goals, objectives, policies. and
design considerations as outlined in the Vail Village Master
Plan and Urban Design Guide Plan.
2
1.2 Obiective:
Encourage_ the upgrading and redevelopment of residentiai and
- commercial facilities.
1.2.1 Policv:
Additional development may be allowed as identified by the Action
Plan and'as is consistent with the Vail Village Master Plan and
Ur6an Design Guide Plan.
1.2.2 Policv: '
Development and improvement projects shall be coordinated to
minimize the unintended negative consequences associated with
construction activity in a pedestrianized; commercial area.
1.3 Obiective:
Enhance new development and redevelopment through public
improvements done by private developers working in cooperation with
- the town.
1.3.1 Policv: .
Public improvements shall be developed with the participation of
the private sector working with the Town.
GOAL #1 Action Steas:
1. Develop and adopt an overlay zone district(s) implementing the
Vail Village Master Plan (Special DeVelopment Districts)
2. Study and implement an impact fee system to reduce the public
- burden of . providing infra-structure and . public services to new
development.
~ 3. Reprioritize public improvement projects within the Village area.
4. Develop and adopt an annual construction activity schedule for
development and improvement projects in the Village with special
attention given to the use of the Town's right-of-way and the
potential negative impacts on the resident and guest experience.
5. Explore Yhe impacts of amending the defnition of a"building story"
as defined on the Conceptual Building Height Plan to allow for an
increase in the floor-to-floor height to greater than 9 feet.
GOAL #2 TO FOSTER A STRONG TOURIST.INDUSTRY AND PROMOTE YEAR- .
AROUND ECONOMIC HEALTH AND VIABILITY FOR.THE .VILLAGE
AND FOR TIiE COMMUNITY AS A WHOLE.
2.1 Obiective:
Recognize the variety of land uses found in the 11 sub-areas throughout
the Village and allow for development that is compatible with these
established land use pattems.. 3
2.1.1 Policv: The zoning code and development review. criteria shall be
consistent with the overall goals and objectives' of the Vail Village
Master Plan.
2.2 Obiective:
Recognize the " "
. II of Vail Village as a mixed use center of
activities for our guesfs, visitors and residents.
2.2.1 Policv:
The design criteria in the Vail Village Urban Design Guide Plan
• shall be the primary guiding document to preserve the existing
architectural scale and character of the core area of Vail Viltage.
2.3 Obiective• Increase the number of residential units available for short term
ovemight accommodations.
2.3.1 Policv:
The development of short term accommodation units is
strongly encouraged.. Residential units that are developed
above existing density levels are required to be designed or
managed in a manner tfiat makes them, available for short
term ovemight rental.
2.4 Obiective:. Encourage the development of a variety of new commercial activity
wtiere compatible with existing land uses.
2.4.1 Policv:
' Commercial infill development consistent with established
horizontal . zoning regulations shall be encouraged to provide
activity generators, accessible greenspaces, public plazas, and, streetscape improvements to the pedestrian network throughout
the Village.
2.4.2 . Policv: .
Activity that provides night life and evening entertainment for
both the guest and the communify shall .be encouraged:
2.5 Obiective:
Encourage the continued upgrading, renovation and maintenance of
existing lodging and commercial facilities to better serve the needs of
our guests.
2.5.1 Policv: .
Recreation amenities, common areas, meeting facilities and other
amenities shall be presenred and enhanced asa part of any
redevelopment of lodging properties. _
4 .
_
2.5.2 Policy:
The town will use the maximum flexibility possible in the
• interpr.etation of building and fire codes in order to facilitate .
budding renovations without compromising life, health and safety
' . considerations: .
2.6 Obiective:
' Encourage the development of. affordable housing units in Vail
Village through the efforts of the private sector.
2.6.1 : . Policy:.. - Employee housing. units may be required as part of any new or
redevelopment project requesting. density oVer thaf allowed by
existing zoning. `
2.6.2 . Policy:
Employee housing shall be developed with appropriate restrictions
so as to.insure their availability and: affordability to the local work
force. - ' _
2.6.3 Policy:
. The Town of Vail may facilitate in the developmenf of affordable
housing by providing limited assistance. `
2.6.4 Policy:
Employee housing may be developed in the ~ Village when
required by the Town's adopted Zoning Regulations.
2.7 Obiective•
Encourage `the development of multi-use special events venues and
infrastructure. (ie, publicly accessible restrooms, power and utilities, etc.)
within Vail Village in cooperation with the private secfor.
2.7.1 Policy ,
The development of new special event venues and improvements
to existing venues shall be strongly encouraged to reinforce the
important role that speaal events play in the promoting a year- .
round economy in Vail Village.
GOAL #2 Actlon Steas• _
1. lnifiate zonrng code modifications to,clarify the Urban Design Guide
Plan's authority to cover those areas outside of; Commercial Core !
fhat are referenced by the Urban Design Guide Plan. (Completed)
2. 'Develop and adopt an Economic Development Strategic Plan for -
the Town of Vail.
3. Create a special events venue map for Vail Village. -The map
should include existing and potenfial special event venue locations
with . an _ indication . on how, many participants the venue can
accommodate. Other logistical considerations such as event set .
5 ,
up configurations, vehicular access, pedestrian circulation,
. emergency vehicle accommodations; compatibility with adjacent
and surrounding uses, etc. should also be noted on the map.
4. In cooperation with the Eagle River Water and Sanitation District,
explore the creation of stormwater management regulations aimed
at preserving and protecting the water quality of Gore Creek to
ensure -that the creek and its adjacent. riparian. corridors remains
healthy and vibrant.
5. Explore the adoption of land use policies regarding certain land
uses (ie real estate offices, professional ofrices and similar_ non-
retail uses) addressing horizontal zoning of non-commercial core I
zone district properties within .the area govemed by the Vail Village
Master Plan.
6. Establish a clear policy related to the use of the public right-of-way
and other similar public property for the outdoor display of
` merchandise 'and goods and make any amendments to the town's
adopted codes as necessary to implement the desired policy.
GOAL #3: TO RECOGNIZE AS A TOP PRIOTITY THE ENHANCEMEPIT OF THE
WALKING EXPERIENCE THROUGHOUT THE VILLAGE
3.1 Obiective• ,
Physically improve, the existing pedestrian ways by
landscaping and other improvements.
3.1.1 Policv:. .
Private developmenf projec#s shall incorporate streetscape
improvements (such as paver treatments, landscaping,
lighting and seating areas), along adjacent pedestrian ways.
3.1.2, PolicV: . . :
Public art and other similar landmark features shall be
encouraged at appropriate locations throughout the
Town.
3.1.3 Policv:
Flowers;. trees, water features, and other landscaping shall be `
encouraged throughout the Town in locations adjacent to, or
visible from, public areas.
3.2 Obiective: . Minimize the amount of vehicular traffic in the Village. to the greatest
extent possible.
3.2.1 Policy
Vehicular traffic will be eliminated or reduced to absolutely
minimal necessary levels in the pedestrianized areas of the
Village.
6
. ' '
3.3 Obiective•
Encourage a wide variety of activities, events, and street life along
pedestrian ways and plazas.
3.3.1 -.Policy:
The Town encourages a regulated. program of outdoor street
activity in predetermined locations throughout the Village.
3.3.2. • ~ . Policv:
Outdoor dining is an important streetscape feature and shall be
encouraged in commercial infill or redevelopment projects.
3.4 Obiective: , .
Develop additional sidewalks, pedestrian-only walkways and accessible
green space areas, including podcet parks and stream access.
3.4:1 Policy: ,
Pfiysical improvements to property adjacent to stream tracts
shall not further restrict public access. 3.4.2 . Policv: .
Private development projects shall be required to incorporate
new sidewalks along streets adjacent to the project as
designated in the Vail Village Master Plan and/or Recreation
Trails Master Plan.
3.4.3 Policy: -
, The "privatization" and encroachment of private improvements on
' the town-owned Gore Creek stream tract shall be strongly .
discouraged.
GOAL #3 Action Steas:
9. Inifiate a comprehensive Irghting plan for all public spaces in Vail
' Village. (Completed)
2. Amend~ the Design Review Guidelines to recognize the concept of
"winterscape" in the evaluation of landscape plans.
3. Identify additional locations and funding strategies for the
development of additional public restrooms in the Village.
4. Study walking-only paths and stream access on public property.
(Comp(eted)
5. lnitiate fhe Vail Village Streetscape Improvement Plan to serve as a
concept plan for subsequent improvements to public places in fhe
Village. (Comp/efed)
7
6. Designate an Arfs in Public Places Board to produce and/or review proposals tor public art along pedestrian ways.
(Completed)
7. Expand the summer flower planting program and encourage private
sector participation.
8. Continue to improve traffic control systems-=effectiveness and
appearance.
9. Monitor time zoning and revise as possible. Continue to explore
altemative. service/delivery mechanisms; especially an off-site
warehouse with small vehicle distribution in the Village. 10. Construct new sidewalks and recreation trails as per the
Recreation Trails Master Plan--Core Area Detail. GOAL #4: TO PRESERVE EXISTING OPEN SPACE AREAS AND EXPAND
GREENSPACE OPPORTUNITIES. 4.1 Obiective•
Improve existing open space areas and create new plazas with
greenspace and pocket parks. Recognize the different roles of each
type of open space in forming the overall fabric of the Village.
4.1.1 Policv: _
Active recreation facilities shall be preserved (or relocated to
accessible locations elsewhere in the Village) in any
development or redevelopment of property in Vail Village.
4.1.2 Policv:
The development of new public plazas, and improvements, to
existing plazas (public art, landmarks, historic features,
stree#scape features, seating areas, etc:) shall be strongly
encouraged to reinforce their roles as attractive people places.
. 4.1.3 Policy
With the exception of ski base-related facilities, existing natural
open space areas at.the base of Vail, Mountain and throughout
Vail Village and existing greenspaces shall be pteserved as
open space.
4.1.4 Policv: Open space improvements including the addition of
accessible greenspace as described or graphically shown
in, the Vail Village Master Plan and/or Urban Design Guide
Plan; will be required in conjunction with private infill or
redevelopment projects.
8 ,
. • ' "
4.2 Obiectives:
. Improve and expand the opportunity for active and 'passive
recreational activity throughout the Village.
4.2.1 . Policv: .
Continue the implementation of the Ford Park Master Plan
as this will provide important recreational opportunities to
residents and guests.
GOAL #4 Action Steas:
1. Develop pocket parks with passive recreational improvements
including benches, paths, children's play facilities and stream access
- in.appropriate Town-owned parcels. -
2. Evaluate additional opportunities for. the purchase of additional
parcels for open space and/or public use.
3. Explore the "Mill Creek Retail Area" as part of the Village
, Streetscape Projecf. (Complefed)
_ 4. Connect streamwalks to other walkways and pocket parks in order to
integrate and enhance the total pedestrian nefinrork..=
5. Revegetate and restore disturbed areas along stream tracts.
6. Improve or remove fhe Willow Bridge pedesfrian hridge.
" 7. Restore the Town snow dump, including stream tracf, fo its natural
state. . .
8. Explore the feasibility of expanding Ford.Park to the west to Vail
Valley Dtive and/or Slifer Plaza .
9. Identify opportunities to improve and enhance the fores# health within "
' and immediately around Vail Village to mitigate the damage caused .
by the pine beetle and similar tree diseases and infestations.
10. Co'ntinue to develop and implement wildland interFace initiatives
aimed at reducing the threat to the loss of property and life due to the
risk of wildland fires. :
GOAL #5: INCREASE AND IMPROVE THE CAPACITY, EFFICIENCY, AND
• AESTHETICS OF THE TRANSPORTATION AND CIRCIJLATION
SYSTEM THROUGHOUT THE VILLAGE.
5.1 Ob ective: ,
Meet parking demands with public and private parking_facilities
5.1.1 Policv
For new development that is located. outside of the Commercial
, Core I Zone District, on-site parking shall be provided (rather than
9
, • . .
paying into the paricing fund) to meet any additional parking
' demand as required by the zoning code.
5.1.2 Policy:
The expansion of the Vail Village parking structure shall maximize
the number of additional parking spaces available for public parking.
5.1.3 Policv: " Seek locations for additional structured public and private
parking.
5.1.4 Policy :
Continue to.promote the lease parfcing program as a means
for maximizing the utilization of private parking spaces.
5.1.5 P_olicy
Redevelopment projects shall be strongly encouraged to provide
underground or visually ooncealed parking.
5.2 Obiective:
Encourage the use of public transportation to minimize the use of private
automobiles throughout Vail.
5.2.1 Policv:
The Town and its regional partners shall continue to provide an ,
efficient transit system and increase service levels as needed to
meet demand.
5.2.2 Policy:
The Town shall facilitate and encourage the operation of private
shuttle vans outside of the pedestrianized c;ore area.
5.3 Obiective:
Concentrate the majority of interconnecting transit activity at the
periphery of the Village . to minimize vehicular traffic in
pedestrianized areas.
5.3.1 Policv: .
The Vail Transportation Center.shall.be the primary pick up and
drop off point for public transit and private shuttle Vans and taxis.
5.4 Obiective:
Improve the stteetscape circulation corridors thtoughout the Village. ,
5.4.1 'Policy: .
The Town shall work with the Colorado Division of Highways
toward the implementation of a landscaped boulevard and
parkway along the South Frontage Road.
5.4.2 Po.licv:.
Medians and, right-of -ways shall be landscaped.
10
GOAL #5 Action Steus: 1. Construct vehicular circulation and signage improvements
designed to reduce unnecessary traffic into the Village core.
2. Continue to monitor traffic.flow' through the 4=raay-step roundabout
areas.and study alternatives available to increase efficiency of this
intersection and' meet future traffic demands.
3. :.Continue to study the feasibility of a -"people mover". or other public
. transportation altematives to augment or replace the existing shuttle
, system.
4. Vrllage parking policies (both parking requirements and properties
eligible for paying into the parking..fund) following the completion of
the Town's Parking and Transportafion Study. '
5. Study. the feasibility of an underground (recreation fields would
, remain), parking structure in Ford Park. ~
GOAL #6: TO ENSURE THE CONTINUED IMPROVEMENT OF THE VITAL OPERATIONAL ELEMENTS OF THE VILLAGE.
- 6.1 Obiective:
. Provide,- service and delivery facilities for existing and new .
deyelopment. - 6.2 Obiective: '
Provide for the safe and efficient functions, of fire, police and
public utilities within the context of an aesthetically pleasing resort
.
setting.
6,21 . Policy: . .
Development projects and other improvements in Vail Village
shall be reviewed by respective Town departments to identify
both the impacts of the proposal and potentiaP mitigating '
, measures. 6.2.2 Policy:
Minor improvements (landscaping, decorative paving, open dining
decks, etc.), may be permitted on Town of Vail land or right-of-way
(with review and approval by the Town Council and Planning and .
' Environmental Commission when applicable) provided that Town
operations such as snow remoVal, street maintenance and fire
department access and operation are able to be maintained at
. current levels. Special design (i:e. heated pavement), maintenance
fees, or other considerations may be required to offset impacts on
Town seivices.
1
, 11 •
' • • .
GOAL #6 Action Steas: .
1. _ Study feasible altematives for providing long range solutions for
loading and delivery functions in the Village.
2. Work closely on an ongoing basis with Upper Eagle Valley Water
and Sanifation District -to ensure adequate water and sewer
facilities to accommodate future development.
3. Study feasible altematives and implement a centralized
trash/recycling facilities in the Commercial Core I area:
4. Work closely with the Vail Village business owners, property
owners, lodge owners, residents and all other . potentially .
_affected parties on an ongoing basis to optimize the use of the
Town's dispersed loading/delivery facilities and minimize the
use of the Town's right of way for loading/delivery activities.
5. Create and expand the use of management committees
comprised of all potentially affected parties to address parking,
traffic, special events, construction impact, etc. issues that
may arise. V. NEXT STEPS .
The following dates outline the neict steps in the review process of the Vail
Village Master Plan:
o August 19, 2008 - Vail Town Council worksession .
• September 2, 2008 - Consideration of a tesolution updating the Vail Village
Master Plan ,
VI. STAFF RECOMMENDATION
As this is. only.a worksession, staff will not be providing a recommendation at this
time. 12
MENIORANDUM
To: Stan Zemler, Town Manager , Town Council
From:. Department Heads
Sub'ect: Munici
_1 pal Employee Housing Assistance
' Date: JulY 31, 2008
Backaround and Rationale
Town Council and . staff have acknowledged the need to provide: housing
• assisfance programs for TOV municipal employees. Council has established a
target of having 30% of Vail's workforce live in Vail. As an'employer, ; the town
should lead the way in accomplishing this goal. Housing assistance is also an
important recruitment -and retention tool in our competitive employment market where housing costs are high. '
There are currently three. programs in place to help employees obtain housing they, can afford: low cost rental units; deed-restricted units foc purchase through
the buy=down program; and down payment/rental assistance. The rental
program provides housing to many of our seasonal employees as well as some
year-round employees, most of whom are in the "critical employee"_ category. The tiuy-down program 'provides deed restricted -rafe-capped housing 'units at below market price for purchase by employees working 30 hours or more. The.
. down payment assistance program provides loans to Town of Vail (TOVY :
employees purchasing market rate housing. This proposal recommends changes to the down payment assistance program only with the expectation the..
other finro programs with remain in place as they are currently. Our current down payment assistance program is outdated and of limited value
to employees. When the down payment assistance: program was fiisf- piit,in place, the town experienced a 50% reduction in tumover. We have successfully_..
helped over 40 employees purchase homes. However, as real estate. prices.
have escalated and credit markets have tightened, the value of the program has
diminished. Therefore, the deparfinent heads recommend replacement of the
current limited -program with an Employee Home Ownership Program (EHOP).
utilizing equity share loans and administered by Funding Partners, a.non-profit
organization who specializes in home ownership programs. The proposed TOV
program is described in detail below.
If Council is agreeable, staff would tike, to request reallocation and/or use of
existing funds to establish the program in 2008 with additional funding requested
in the 2009 budget.
Current Proqram
.
-
A copy of the current program for down payment assistance is attached. Several
issues have arisen with the program.
• Loans are limited to properties costing less than $500,000 and there is not
much housing inventory in Vail and surrounding counties below that limit.
• Loans are further limited to 5% of the purchase price up to $10,000, which
also does not provide much assistance when compared with prices in the
area. .
~ Primary mortgages greater than 80% of a home's value generally require
primary moitgage insurance or PMI. If an emptoyee borrows 10% from
the Eagle County Loan Fund_ and 5% from the town with no. other
assistance, their primary mortgage wiil be 85% and require from .5% to
more than 1% PMI. In most cases; the PMI will push the monthly payment
overwhat the employee could otherwise afford.
• Interest-free. loans are repaid over five years, which causes the primary
mortgage lender, to consider the monthly payments required on tlie TOV
loan when underwriting the primary'mortgage. This has proyen to be a
limiting factor for many employees.
o Currently, a promissory note is issued for the down payment assistance
loan; however, there is no deed of trust or lien against the property in case
of default. • The current program is administered by towri., staff, which is a time
. consuming process. Often a considerable amount of time and effort is
spent working with the employee and the primary lender without a loan
ever materializing because of the limitations Iisted aboVe.
Prooosed_Eauitv Share Loan Pro4ram Town staff has researched other community programs and employer programs
and has developed a proposal we believe will overcome the drawbacks of the ,
town's current down payment assistance program and provide a competitive plan
for our employees. A key concept in the program is the "equity, share"
com'ponent. With an equity share loan, there is no interest and there are no
payments fior the.15-year term of the loan. When the loan is repaid, however, a
proportionate share of the appreciation on the home is paid'along with the toan
principal. For example, assume an employee purchases a home for $500,000 '
and the town provides $50,000 or 10% in assistance. Several years latec, the.
employeesells the home for $600,000, generating $100,000 in appreciation.
The employee repays. the original loan ($50,000) plus a proportionate share
(10%) of, the appreciation 'or $10,000. The Eagle County ~ Loan Fund, which is
available to TOV em plo y e e s, a n d t h e f a g le Coun t y Home Ownership Program, which is available only to county employees, are both equity share programs. An important component of the proposed equity share loan',is, the 15-year term
with no payments due until the end of the term. The employee can qualify for a
higher primary mortgage loan because the underwriter will not include monthly
payments on the equity share loan when qualifying the'borrower for the prima.ry
mortgage. It is important to note the downside to a 15-year term is that
repayment cannot be. required if the borrower terminates employment with the
town, although there is an incentive for a borrower to repay so that his/her equity
in the home is increased. Also, since most mortgages are repaid in
approximately seven years, the probability of the town holding a terminated
employee's loan is reduced.
The equity share amangement is advantageous to the town in that appreciation of
homes in the Vail area can be expected to outpace interest that could be eamed
on amounts lent to employees.
Eli ibil'
Staff recommends a few changes in the eligibility requirements for the proposed
program. We have defined full-time as forty hours per week for this program
whereas many other town benefits are offered to employees working 30 hours or
more. We have also defined the area in which the home is located as within 50
miles of Vail, rather than name specific counties. We feel the 50 mile criterion is
a reasonable commute, although it exctudes some areas which were previously
covered such as Garfield County. We continue to require: six months of service;
primary residency in the home being purchased; and no other property in the Vail
area at the time of closing. Recognizing the value of the program as a recruiting
tool, we recommend allowing ownership of residential property outside the area if
it is listed for sale. Exceptions to eligibility requirements may be considered on a
case-by-case basis by the Town Manager.
The new program would continue to provide assistance to both, first time home
buyers and existing home owners. Because of limitations on the amount of
funding expected to be availabte for the new program, however, priority will be
given to employees purchasing a home within the 50-mile Vail area for the first
time.
Loan Amounts
Staff recommends a substantial increase in the loan amounts to recognize the
current cost of housing in the Vail area. All loans are evidenced by a Deed of
Trust on the property, which limits our risk. Since the town shares in the home's
appreciation, there is a retum on the town's investment and the loan fund will
grow as home prices increase. Under the current program, there is no interest or
sharing of appreciafion so the value of the loan fund compared with housing
prices continues to diminish.
Recognizing the cost of housing is higher in Vail than in the surrounding areas,
staff recommends tying the maximum loan amount to location of the residence
being purchased. Since the town is taking an equity share in the loan, the
employee will have an incentive to borrow the least amount needed. Therefore,
staff does not recommend a maximum percentage except in the case of a deed
restricted property as discussed below. For non-deed restricted residences, staff
recommends maximum TOV equity share loans of $100,000 within Vail and
r
~
$.50,000 within the remainder of the 50-mile area. Since TOV employees also
qualify for assistance from the 'Eagle County Loan Fund, combined assistance
would total a maximum of $150,000 within Vail, $100,000 outside of Vail but
within Eagle County and $50,000 outside of Eagle County but within the 50-mile
area.
Deed restricted properties are currently eligibie for down payment assistance at
5% of purchase price up to $10,000. Since the- price of the deed r+estricted unit
has already been "bought down", staff reoommends we continue to limit the loan
to 5% of the purchase price. However, given cument and anticipated cost of
deed-restricted homes, stafF recommends removing $10,000 limit.
Some of the housing assistance programs we looked at required the employee to
invest a minimum of 3% or $3,000, whichever is less, in the property being
acquined. Some programs also allowed total financing to exceed 100% of the
home's purchase price. Staff recommends instead of a 3% or $3,000
requirement our program requires the employee to pay all closing costs,
including loan fees, from sources other than loan proceeds. We further
recommend the total of loans collateralized by the home may not exceed 100°/a
of the home's purchase price. Funding Partners will apply industry standard
undenNriting criteria to each loan.
Reoavment
Principal and interest payments are not required. Payment in full is allowed at
any time (no partial repayments). Payment in full is required at the end of the 15-
year term or when any of the following occur sale or transfer of property;
refinancing; when the home is no longer the primary residence; or upon death of
the buyer. Termination of employment is not an occurrence that makes the loan
due and payable.
Payment in full includes repayment of principal plus a proportionate share of
appreciation as described above.
As an incentive for employees to repay the loan and make funds available to
other TOV employees, staff recommends eliminating the equity share element of
the program for loans repaid within 36 months of issuance. For example, if an
employee borrows $50,000 for a home with a purchase price of $500,000, the
employee would normally pay 10% of the appreciation at the time the Ioan is
repaid. If the employee repays within the first 36 months of the loan, however,
he would repay principal only with no sharing of equity.
Fundina Partners
Funding Partners for Housing Solutions, Inc., is a nonprofit Community
Development Financial Institution (CDFI) certifled by the United States Treasury.
As a CDFI, Funding Partners is responsible for creating access to capital and
credit within underserved markets and among target populations throughout
.
~
Colorado. Under contractual relationships with public authorities and private-
sector employers, Funding Partners also originates loans and services loan
portfolios for employee home ownership programs.
Under the TOV's proposed Employee Home Ownership Program (EHOP),
Funding Partners wili administer all functional aspects of the program in
accordance with the guidelines provided by the town and in accordance with all
regulatory requirements and good business practices. Specific responsibilities of
Funding Partners include:
• Provide counseling to prospective homebuyers regarding housing
assistance programs for which they may qualify
• Review and accept or reject loan applications from employees
• Coordinate with the primary lender and any other housing assistance
programs to facilitate origination of loans under the program
• Prepare all necessary loan documents including the town's security
interest in the property
• Receive funds from the town and transfer funds at the time of closing; hold
any excess funds in federally-insured, interest-bearing deposit accounts
• Perform all record keeping including notification to employees when loans
become due
• Assume all risk of default
The town is responsible for establishing guidelines, authorizing any exceptions;
and funding the program.
Funding Partners compensation is a flat fee to the employee of $400 at the time
of closing plus 25% of the appreciation retumed to the town. In the example
above, where the total appreciation was $100,000 and the town's loan was 10%
of the purchase price, the equity share portion is $10,000 ($100,000 X 10%).
25% or $2,500 is retained by Funding Partners and 75% or $7,500 is placed in
the town's loan fund for future employee loans.
Sources of Fundina
Staff proposes immediate funding of the EHOP from the sources listed below to
be included in the second supplemental appropriation with additional funding to
be considered in 2009 during the budget process.
Current Down Payment Assistance Program -$80,000
The current program is authorized for $200,000 of which $120,000 is currently
outstanding.
Reallocation of Income from Employee Housing Rentals -$200,000
The town generates an average of $200,000 in net revenue from Buzzarid Park,
Creekside, and other employee rental units. This net revenue does not have a
specific purpose, but is used to support other General Fund expenditures or to
increase the fund balance. Staff recommends reaflocating $200,000 from this
r
source to the EHOP in 2008 and future years until the program is adequately
funded.
Sale of Town-Owned Pitkin Creek Unit -$290,000
The town purchased and deed restricted. this: unit, for municipal, employee
housing. The first attempt to sell tFie unit was unsuccessful and it has been
rented to a town employee since then. Staff proposes to re-market the property
and, when sold; dedicate the proceeds to the EHOP.
With $570,000 from the above sources, staff feels we could get a good start on
the program in 2008, potentially funding between six and eleven loans.
Sources of funding to be further discussed during the 2009 budget process could
include:
Current Down Payment Assistance Program -$40,000 in 2009
As existing loans are repaid, funds from the current program could be reallocated
to the new program.
Reallocation of Income from Prior Yeais' Employee Housing Rentals -
$1,000,000
As mentioned above, the employee rental program generates approximately
$200,000 in net revenue each year with no- specific purpose. For many years,
the General Fund balance has increased- by more than this amounf. Council may
want to consider jump starting the EHOP ~by reallocating some of these
accumulated funds.. For. example, five years of net revenue from employee
rentals would be- :$1,000,000 which could assist a minimum. of 10
employee/homeowners in Vail or.20 . employee/homeowners outside Vail but
within the 50-mile area. The General'Fund balance is, expected to. be $19.8
million or. 67% of annual revenue at the end of 2008. Allocating $1 million to the
EHOP would reduce fund balance to 64% of annual revenue.
Annual Alfocation of Net Revenue frorro Employee Housing Rentals - -
$200,000 As described above, .net revenue from employee housing could. provide .an
ongoing source for as long as it is needed. By the end of 2009, the program could be funded with $1.8 million in loan funds
from the above sources. Over time, an additional $80,000 would come in from
the current down payment assistance program and $200,000 could be considered for annual appropriation . from rental income until such time as the
loan fund becomes self-funded from repayments and equitjr sharing.
~ .
`