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HomeMy WebLinkAbout2008-09-02 Support Documentation Town Council Work Session VAIL TOWN COUNCIL WORK SESSION AGENDA YAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 11:30 A.M., TUESDAY, SEPTEMBER 2, 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. Stan Zemler ITEM/TOPIC: North Day Lot Update and Discussion. (60 min.) Lunch Break. (20 min.) 2. Warren Campbell ITEMROPIC: PEC/DRB Update. (5 min.) 3. George Ruther ITEM/TOPIC: A work session meeting with the Vail Town Council to discuss the proposed update to the Vail Village Master Plan. The purpose of the work session is to: (15 min.) • Share the proposed updates and revisions to the master plan prepared by staff in response to the input and feedback received from the Vail Town Council on August 5, 2008. ACTION REQUESTED OF COUNCIL: Listen to the staff's presentation and provide any additional comments and input on the proposed master plan update. 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 Plan. Since that time, the Community Development Department has prepared a proposed update to the Vail Village Master Plan with the cooperation and assistance of many potentially affected persons from the community. On July 28, 2008, the Town of Vail Planning & Environmental Commission held a public hearing on the proposed update and has fonnrarded a unanimous recommendation of approval, with modifications, of the proposed update to the Vail Village Master Plan to the Vail Town Council. STAFF RECOMMENDATION: As this is a work session, staff will not be providing a recommendation at this time. Vail°), and °Glen Lyon Office Building° located at 953, 1031 and 1000 South Frontage Road West. STAFF RECOMMENDATION: The Community Development Department recommends that the Vail Town Council approves Resolution No. 19, Series of 2008. 10. ITEMITOPIC: Use of Amabelle at Vail Square for special events. (15 min.) 11. ITEMITOPIC: Information Update. (10 min.) ? Library Update. 12. ITEMITOPIC: Matters from Mayor & Council. (30 min.) 13. Matt Mire ITEMITOPIC: Executive Session, pursuant to: 1) C.R.S. §24-6- 402(4)(a)(b)(e) - to discuss the purchase, acquisition, lease, transfer, or sale of property interests; to receive legal advice on specific legal questions; and to determine positions, develop a strategy and instruct negotiators, Re: Town owned property. (20 min.) 14. ITEMITOPIC: Adjoumment. (4:00 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, SEPTEMBER 16, 2008 IN THE VAIL TOWN COUNCIL CHAMBERS. ~ , , = OIL T~0~1, Town Manager To: Vail Town Council From: Stan Zemler . Greg Hall George Ruther Judy Camp , Subject: Listen fo the presentation explaining the proposed Transif Center for the Nortti Day Lot. Ask questions and identify any additional.information needed for the September 16, Town Council Meeting. Council '.will be asked on the 16t' to, provide direction on how to proceed with the development and the financing of the North Day Lot. ' Background: On May 20,, 2008 the Vail Town Council directed staff to develop and plan foc a , Transit Center to be located on the parcel commonly known as the North Day Lot. This plan was to include: Placing all transit modes on the site including' skier drop-off, hofeVlodge shuttles and bus transit. In addition, Council directed staff to: ? Pursue otherfunding opportunities, including federal, state and county. , ? Develop a financial plan for the North Day Lot Transit Center development. _ ? Worlc with Vail Resorts to refine the design and prepare an agreement on cost sharing. ? Modify the Arrabelle at Vail Square employee housing agreement. ? Work with the adjacent properties to mitigate any potential impacts. Town of Vail staff in conjunction with the Vail.Resorts team has developed a plan for the North Day Lot that staff believes addressed the following: ? Incorporation of all modes of skier drop-off, hoteUlodge shuttles and bus transit. . ? Meets the budget presented.to the Council on May 20, 2008. ? Complies with LionsHead Master Plan criteria. . ? Accommodates Vail Resorts.employee housing plan. 75 South Frontage Road • Uail, Colorado 81657 • 970-479-2106 / FAX 970-479-2157 • www. vailgov. com RbCY(ZED PMER . . ? Addresses concems expressed by adjacent properties. ? Developed fnancing proposal for Council consideration. ? Developed an implementation schedule that allows consfruction to begin in early 2010 with preliminary utility work taking place in 2009. ? Have requested additional funds from other sources. Financing: The Vail Reinvestment Authority could provide all of the needed financing for the North Day Lot Transit Center with $12 million from bonds, $1.4 million from an already committed Federal Transit Authority grant and $5.2 million from accumulated cash. Additionally, funding could be available from the following sources and, if granted, would be used in place of the cash. Federal Transit Administration 5309 funding requested, not committed $ 3.4 million Eagle County capital funds requested 6ufi not committed $ 3.8 million CDOT funding through Senate Bill 1(maximum total available $9M) $ 1.0 million Staff Recommendation: At the September 2 meeting staff will present the preferred.plan, provide detailed cost estimates, offer a financing plan and an implementation schedule. Staff is requesting Council ask for any additional information it would require for the September 16 meeting at which time a public h"earing and fnal decision will be scheduled. ' NorthDayLot4-30-08 Comparison_Updatedxls VA I L R E 5 O R T S" North Day Lot D E V E L O P M E N T C O M PA N V Cost Estimate Option 4 vs. Optfon 2 Column Column Delta ' A B B•A Employee • HousingJParking on Total.with. . DESCRIPTION Grade Transk Deka Hard Costs Building Price per Gross Square Foot Parking Price per Square Foot Building Gross Square Feet : Parking Gross Square Feet - Total Building Costs $12,920,837 $p Total Parking Costs 0 0 Total Hard Cost Estimate $12,820,837 $24,885,741 $11,784,804 Soft Costs In-House Project Management 2.0X $ 258,417 3.0% $ 740,572. 482,155 Planning, Deslgn, 8 Engineering 7.5% 968,063 8.596 _ 2,088,288 $ 1,129,225 Fees, Permits, & Taxes 1.5% 193,813 1.596 370,288 $ 176,474 Sitework 8 Utllitles 0.0% - 0.096 $ _ Fumiture, Flxtures, & Equipment (FFBE) 2.5x, 323,021 2.0% 493,715 $ 170,694 Landscape ConstrucUon Costs 0.0% - 0.0% - $ Ftnanclal (Builders Risk 8 GL Insurance) 4.0% 516,833 a:o% 987,430 $ 470,596 CPI @4.43% 2,414,402 3,992,272 $ 1,577,871 " Warranty Expense @ 0.75% 0.e96 98,908 0.8Y 185,143 . $ 88,237 Legal Expenses 300.000 $ 300.000 Total Soft Costs $ 4,772,454 5: 9,187,708 $4,395,252 Demolition Base Constructlon Cost Estimate $ 17,693,291 $53,883,447 $16,160,156 Cost Escalator @ 0% per Annum (2009 to 2010) 0.0% Subtotal $ 17,893,291 $ 33,853,447 516,160,158 ConUngency @ 8.0% 1,415,483 2,708,276 $1,292;812 Total Construction Cost Estimate $ 19,108,755 $ 36,561,723 -$17,432,986 Land Allocation $ 450,000 $ 450,000 Total Cost Estimate $ 19,558,755 $ 37,011,723 $17;452,988 Total Hard Cost Delta $ 11,784,804.00 Total Soft Cost Delta $ 4,395,251.78 Total Contingency Delta $ 1,292,812.46 Total Cost Delta $ 17,452,968.24 ~k' De~.c a•f 1410-c/a& ?If -Ss dwtPt , Comparison Town 4_Fnal 8-19 1 0811917008: 4:29 PM . , PLANNING AND ENVIRONMENTAL COMMISSION August 25, 2008 1:OOpm TOWN COUNCIL CHAMBERS / PUBLIC WELCOME 75 S. Frontage Road - Vaii, Colorado, 81657 MEMBERS PRESENT MEMBERS ABSENT Bill Pierce Roliie Kjesbo David Viele Michael Kurz Sarah Robinson-Paladino Scott Proper Susie Tjossem Site Visits: 1. Howenstine - 2754 South Frontage Road West 2. Chamonix Site - 2399 North Frontage Road West 1. A request for a final review of a conditional use permit from Sections 12-7D-2, Conditional Uses, and 12-6D-3, Conditional Uses, Vail Town Code, pursuant to Chapter 12-16, Conditional Uses, Vail Town Code, to allow for public buildings, grounds, and facilities (temporary public parking lot); and a request for a final review of variances from Section 14-5-2, Other Requirements, Vail Town Code, to allow for a gravel parking lot without intemal landscaping located at 2399 North Frontage Road West (Chamonix Site)/ Parcels A and B, Vail Das Shone, Tract D, Filing No. 1 and setting forth details and regard thereto (PEC080046 and PEC080047). Applicant: Town of Vail, represerrted by Greg Hall Planner: Warren Campbell ACTION: Denied MOTION: Viele SECOND: Proper VOTE: 4-2-0 (Kurz and Tjossem opposed) Warren Campbell presented a summary of the proposal and the Staff memorandum. Greg Hall provided background information concerning the current parking issues in Vail, and then presented an overview of the temporary parking proposal. He noted that the Parking Task Force's goals are to promote reductions in the community's parking demands and to increase the supply of an additional 400 parking spaces in Vail. He provided an overview of the other options explored by the Task Force and noted the challenges for the local bus services due to a lack of visas for previous intemational bus drivers. Greg Hall also discussed the recently held neighborhood meeting, at which no neighbors voiced support for the project. Commissioner Proper asked Greg Hall to name the members of the parking task fores. Greg identified the members. Commissioner Kurz asked if any other s.ites could accommodate this number of parking spaces and quested what is being proposed for exterior lighting. Greg Hall noted that Ford Park was the other large parcel; however, it had challenges such as damage to the park imgation system and potential conflicts with early spring athletic events. He added that the proposed parking lot would not be lit at night. Page 1 Commissioner Kurz noted concem about temporary uses remaining permanent. He noted the. "strarige° situation where there may or may not be temporary, may.or may not be secure, -since it is unknown who is paying for the project, who and how it is being maintained. He recommended reviewing a financial plan for the project before further review. In general he believes the site is the right location for the use: ' Commissioner Paladino reinforced that maintenance and management will determine the success of the p"roject. She also noted concem about safety with the lack of lighting. Commission& Tjossem noted tFie goal to provide more parking for our guests, since we all live i and die based upon tourism. She has concerns about the gravel sucface, can the use be limited times to reduce nighttime safety concems, and the lot be fenced to prevent pedestriaris. on . Chamonix, can the lot be gated and fees charged.- She views the ski season as an event.and we need additional event parking. She noted concern about who is paying for. what part of the (project and how will it be managed. In general she would like to see more parking and this is an appropriate lot for such a use. Commissioner Proper noted that the use is not compatible with the neighborhood period. He ' noted that gravel lots af A-Basin and Copper are in very industrial, not residential neighborhood. Commissioner Viele noted this is a monumentally bad idea that abandons the Town's own development rules and places the burderi on this neighborhood. The proposal would be a grant of special privilege and would not be compatible with the character of the neighborhood. Commissioner Viele tecommended denial of all three applications. Commissioner Proper seconded the motion. -Commissioner Pierce had no further comment. 2. A request for a final review of a variance from Section 12-6E-6, Setbacks, Vail Town Code, pursuant to Chapter 12-17, Variances, Vail Town Code, to allow for construction within the setbacks; and a final review of a variance from Section 12-13-4, Requirements by Employee Housing Unif (EHU) Type, Vail Town Code; to allow for additional Gross Residential Floor Area (GRFA) for the con"struction of a garage, pursuant to.Chapter 12-17, Variances, Vail Town Code, ~located at 2754. South Frontage, Road WesULot 62, Stephens Subdivision, and setting forth details in tegard thereto: (PEC080042) ' Applicant: Lorraine Howenstine, represented by Beth Levine Architect, Inc. Planne-r: Bill Gibson ACTION: Approved with condition(s) : MOTION: Kurz SECOND: Tjossem VOTE: 6-0-0 CONDITION(S): 1. This apptoval is contingent upon the Applicant obtaining Town of Vail approval of the associated design review application. 2. Prior to the issuance of a Temporary or Final Certificate of Occupancy for either proposed unit, the Applicant must execute all necessary Employee Housing Unit deed restriction agreements: . Bill Gibson presented an overview of the proposal and the Staff memorandum. Beth Levine, representing 'the applicant, had nothing further to add and was available for questions. Page 4 There was no pubiic comment. The Commissioners expressed support for the application. 3. A request for a final review of an amendment to an existing conditional use permit, pursuant to Section 12-16-10, Amendment Procedures, Vail Town Code, to allow for the extension of a conditional use permit to allow a temporary business office, located at 450 East Lionshead Circle (Treetops Building)/Lot 6, Vail Lionshead Filing 1, and setting forth details in regard thereto. (PEC080043) Applicant: Vail Corporation, represented by Brian McCartney Planner. Bill Gibson ACTION: Approved with a condition(s) MOTION: Kurz SECOND: Proper VOTE: 5-0-1 (Pierce recused) CONDITION(S): 1. Approval of this conditional use permit is valid until August 30, 2009, and shall be again reviewed by the Planning and Environmental Commission in May of 2009. Bill Pierce recused himself due to a conflict of interest as he is on the board for Treetops. Commissioner Viele became Chair. Bill Gibson presented an overview of the proposal and the Staff memorandum. Brian McCartney, representing Vail Corporation, suggested that he would request a one-year extension which could be re-evaluated in May of 2009. He recommended the PEC to consider revisiting the zoning requirements allowing for only commercial uses on the ground floor. There is an economic value to having offices in Vail and in the Villages. Commissioner Proper asked how long the temporary offices had been using the Treetops space. . Bill Gibson responded that the offices had gone in during the summer and fall of 2004. Bob Armour, resident of Vail, works out of Lionshead. Reaffirmed that the Treetops building has not been effective for retail in the past and recommended an extension of the temporary offices for one-year up. Kieth Odza, representing Montaneros, asked how many employees worked out of the space. Brian McCartney stated that 60 work out of Treetops and 20 in Concert Hall Plaza. Kieth Odza, stated his support for keeping people in Lionshead, as they add vitality to Lionshead. He stated his support for a one year extension of the temporary offices. The Commissioners expressed their support for a one year extension, and further suggested that Staff explore revisions to the Code to encourage more office spaces within the town. 4. A request for a final review of an amendment to an existing conditional use permit, pursuant to Section 12-16-10, Amendment Procedures, Vail Town Code, to allow for the extension of a conditional use permit to allow for a temporary business office located at 616 West Lionshead Circle (Concert Hall Plaza Building)/Lot 1, Vail Lionshead Filing 4, and setting forth details in regard thereto. (PEC080044) Applicant: Vail Corporation, represented by Brian McCartney Page 5 713-15, Site Coverage, and Section 12-713-16, Landscaping and Site Development, pursuant to Chapter 12-17, Variances, and a request for amendments to an adopted view corridor pursuant to Section 12-22-5, Amendments, and Section 12-22-6, Encroachments into Existing View Corridors, Vail Town Code, to allow for the re-development of the Clock Tower Building (Gorsuch Ltd. Building) to include three floors of above grade structure, a new clock tower, and an eating and drinking establishment above the second floor, located at 263 East Gore Creek Drive/Lots D and E, Block 5, Vail Village Filing 1, and setting forth details in regard thereto. (PEC070025) Applicant: Gorsuch Ltd. and John P. McBride, represented by Resort Design Associates Planner. - Rachel Friede ACTION: Table to September 22, 2008 MOTION: Viele SECOND: Tjossem VOTE: 6-0-0 8. Approval of August 11, 2008 minutes MOTION: Viele SECOND: Kurz VOTE: 6-0-0 9. Information Update 10. Adjoumment MOTION: Viele SECOND: Kurz VOTE: 6-0-0 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 24hour notification. Please call (970) 479-2356, Telephone for the Hearing Impaired, for information. Community Development Department Published August 22, 2008, in the Vail Daily. Page 8 y DESIGN REVIEW BOARD.AGENDA PUBUC AAEETING - August 20, 2008 ~ M Q~"y~jj, ` Council Chambers . 75 S. Frontage Road - Vail, Colorado, 81657 , PROJECT ORIENTATION 1:00pm MEMBERS .PRESENT MEMBERS ABSENT Mike Dantas Tom DuBois Pete Dunning Brian Gillette L-ibby Plante $ITE VISITS . . 2:00pm 1. Mountain View Townhomes (Ritz-Carlton) - 442 South Frontage Road East , 2: One Vail Place - 244 Wall Street . 3: Eagle Point Condos -1500 Matterhorn Circle . PUBLIC HEARING - TOWN COUNCIL CHAMBERS 3:000m 1: Gobec'Residence DR6080252 / 5 minutes " 'Bill - Final review of changes to approved plans (exterior finish, window, landscaping) I 1462 Aspen Grove Lane/Lot 11, Block 2, Lions Ridge Subdivision Filing 1 Applicant: Matthew & Doris Gobec, represented by Rusty. Spike. Enteiprises . j ACTION: Appro"ved 'I MOTION: Dantas SECOND: Gillette VOTE:S-0-0- ! 2. Lodge Tower DR6080325 / 5 minutes Bill ` Final review of a sign (building identification) 164 Gore Creek DrivelLot A, Lodge South Applicant: Lodge Tower Association ACTION; Approved . MOTION: Dantas SECOND: Gillette VOTE: 5-0-0 - 3. Eagle Point Condos DR6080336 / 5 minutes Bill F'inal review of a minor exterior alteration (misc) , 1500 Matterhom Circle/Unplatted Matterhom, Eagle Point,Condominiums , I Applicant° Eagle Point Condos, represented by Chris Green ACTION: Approved . MOTION: Dantas SECOND: DuBois VOTE: 5-0-0 4. One Vail Place DRB080335 / 15 minutes Rachel Conceptual review of an addition (retail) . . 244 Wall Street/ Lot 2, Block 5C, Vail Vllage First Filing - Applicant: One Vail,Place Condominium Association, represented by Paul Todd ACTION: Conceptual, no vote Page 1 r. i 5. Ritz-Carlton Hotel DRB080339 / 15 minutes , Warren Final review of changes to approvecf (roof rriaterial) - 728 West Lionshead Circle/Lot 2, West Day Subdivisiori Applicant: Vail Resorts Development Company ACTION: Approved , MOTION: Du6ois SECOND: Gillette VOTE: 5-0-0 COiVDITION(S): 1) : The applicant shall add an additional two stiingle strips to the proposed pattern on the primary ridge; Sheet A1.8.2, to make the shape more of a diarimond' pattem, upon installation of the shingles: STAFF APPROVALS Haagen-Dazs DR6080216 Nicole Final review of a sign apptication 675 Lionshead PlaceJLot 1, Lionshead 6th Filing Applicant: Ric Almas Pal Residence DRB080233 Bill - Final review of changes to approyed plans (stairs, parking, doors, windows) , 254 Beaver Dam Road/Lot 23, Block 7, Vail Village Filing 1 • Applicant:.Joe Pal represented by Steven James Riden, Architect.. : SanchezJMoran Residence (ViIlage I,nn Plaza) DRB080284 - Bill . Final review of an addition (convert terrace to living space) 68 East Meadow Drive, Suites 104 &1 05/Lot O, Block 5D, Vail Village Filing 1 . Applicant: WI 104 LLC, represented by Victor Mark Donaldson Architects Falkenberg Residence DRB080286 Scot , Final review of changes to approved plans (windows, doors, hot tub, deck) 3944 Bighom Road/Lot 7,.Tract B, Bighorn Subdivision Applicant: Btuce Falkenberg, represented by.Shepherd Resources. Inc Priebe Residence DRB080296 - Warren Final Review of changes to approved plans (stairs) 2398 Garmisch Drive/Lot 8, Hansen Chalet . Applicant: Eric Priebe Pierce Residence DRB080301 Bill Final review of changes to approved plans . . . 1148 Sandstone DrivelLot A-7, Block 14, Casolar Vail , Applicant: Dabne Pierce, represented by Galen Aasland, Architect . = Wohnlich Residence DR6080311 ` Warren Final review;of a minor exterior alteration (landscaping) . , 2019 Chamonix Lane/Lot 29, Buffehr Creek Applicant: IVlartin Wohnlich ° Page 2 i ` Y ,Goldstein Residence DRB080313 WaRen - Final review of a minor exterior alteration (landscaping) • 2983 Beilflower Drive/Lot 8, Block 6; Vail Intermountain Applicant: John Goldstein, represented by Nathalie Nguyen , Elle Investments LLG Residence DR6080314 - Warren . Final review of a minor exterior alteration (landscaping) 4246 Columbine Drive/Lot 20-5, Bighom Re-subdivision Lot 20 . ~ Applicanf: Elle Investments LLC, represented by Tim McCabe - 4166 Columbine Dr LLC Residence DR6080315 WaRen Final review of a minor exterior alteration (landscaping) - - . , 4166 Columbine Drive/Lot 18, Bighom Subdivision , . Applicant: 4166 Columbine Dr LLC, represented by Tim McCabe - Lange Residence/Simba Run DRB080316 Bill Final review of a minor exterior alteration (replace decking) 1100 North Frontage Road West, Unit 2206/Lot 1, Simba Run Applicant: Farrow Hitt - , Graubart Residence DRB080318 , , . Jen Final review of a minor exterior,alteration (landscaping) . 4394 Streamside Circle/Lot 9 Bighom 4"' Addition , Applicant: Donald Graubart Carnie Residence DRB080320 Jen Final review of a minor exterior alteration (re-roof) , .2920 Manns Ranch Road/Lot 10, Block 1, Vail Village Filing 13 Applicant: Jack Camie, represented by Petra Roofng . Carnie Residence DRB080321 Jen Final review of a minor ezterior alteration (re-roofl 4314 Streamside Circle WesULot 1, Bighorn 4t' Addition Applicant: Jack Camie, represented by Petra Roofing . Vest Holdings DRB080322 . Jen Final review of a minor exterior alteration (landscaping) ~975 Fairway Drive/Lot 3, Vail Village Filing 10 . Applicant: Vest Holdings, represented by Bauer Home.lmprovement Mascata Residence DR6080326 Rachel - Final review of changes to approved plans 2855 Aspen Lane/Lot 1, Block 6, Vail Village Filing 11 . Applicant: Bryan Mascata Vail Racquet Club DRB080327 Nicole Final review of,a minor exterior alteration (re-siding and re-roofl , 4695 Racquet Club Drive/Unplatted _ Applicant: Steve Loftus, Vail Racquet Club . Page 3 ' ~ ! ~ Schultz Residence DRB080328 Jen Final review of a minor exterior alteration (re-roofl ' 1798 Alpine Drive/Lot 13, Vail Village West Filing 1 Applicant: Edward Schultz, represented by Dantas Builders Allen Residence DR6080329 Nicole Final review of a minor exterior alteration (deck replacement) 3950 Fall Line Drive/Lot 8, Bighorn Subdivision Applicant: Jessee Allen, represented by Ankerholz Inc. Leeds Residence DRB080352 Warren Final review of a minor exterior alteration (landscaping) 786 Potato Patch Drive/Lot 14, Block 1, Vail Potato Patch Applicant: Gary Leeds Interlochen Condos DRB080332 Warren Final review of a minor exterior alteration (re-roofl 2958 South Frontage Road WesULot 3, 4, Block 5, Vail Intermountain Subdivision, Interlochen Condo Applicant: Tumer Morris Inc Lions Square Lodge North DR6080290 8ill Final review of changes to approved plans (gutters, downspouts, misc exterior) 635 Lionshead Place/Lot 8, Block 1, Lions Square North Applicant: JL Viele Construction Schilling Residence DRB080340 Nicole Final review of an addition of GRFA (stairs) 4506 Spruce Way, Unit 10/ Ridgeview Square Subdivision Applicant: Robert Schilling Maslak Residence DRB080247 Bill Final review of changes to approved plans (landscaping) 1979 Sunburst Drive/Lot 12, Vail Valley Filing 3 Applicant: Samuel Maslak, represented by GPSL Architects Sciotto Residence DR6080259 Bill Final review of a change to approved plans (heating elements under awning) 380 East Lionshead Circle/Lot 7, Block 1, Vail Lionshead Filing 1 Applicant: Anthony Sciotto, represented by Frank Mason Fowler Residence DR6080351 Nicole Final review of a minor exterior alteration (re-paint) 1850 South Frontage Road West, Unit 6/1-ot 6, Alpine Creek Townhouses Applicant: Sharon & James Fowler Prochnow Residence DRB080349 Nicole Final review of an addition (bedroom, deck) 483 Gore Creek Drive/Lot 7, Texas Townhomes Applicant: Ann Prochnow Page 4 . . ~ Rondeau Residence DRB080338 . BiIF - Final review of changes to approved plans (foundation). . 1710 Buffehr Creek Road/Lot 26, Mattefiorn Village Filing1 . Applicant: Paul J. and Nancy Rondeau Judd Residence.DRB080356 - Jen . Final review of minor exterior alteration (landscaping) - 4096 Columbine Drive/Lot 14, Bighorn Subdivision (Rush Townhouse) • Applicant: Eleanore P. Judd Meyer Residencs DR6080323 Rachel Final review of minor exterior alteration (landscaping) 813 Potato Patch Drive/Lot 1, Block 1, Vail Potato Patch Applicant: Luc and Elizabeth Meyer Jordan Residence DRB080341 Rachel Final review of minor exterior alteration (landscaping) 483 Beaver Dam Road/Lot 1, Block 2, Vail Village Filing 6 Appficant: John W. Jordan EntinNail East Townhouse Condominiums DR6080342 Warren Final review of minor exterior alteration (landscaping) 5020 Main Gore Place/Unplatted, Vail East Townhouse Condominiums Applicant: Gore Creek Meadows Home Owners Association - Bloom Residence DRB080344 Warren Final review of minor exterior alteration (landscaping) 5197 Gore Circle/Lot 9, Block 3, Bighom 5"' Addition Applicant: Martin A. Bloom Cimarron & Co.,DRB080345 WaRen Final review of minor exterior alteration (landscaping) ^ 5159 Gore Circle, L-ot 6-Block 2, Bighom 5t' Addition ` Applicanf: Cimarron & Co , Spuiway Residence DRB080343 Warren Final review of minor exterior alteration (landscaping) , 5166 Gore Circle%Lot 4, Block 2, Bighorn 5t' Addition Applicant: Richard Spurway . Kandell Residence DRB080353 , Warren Finaf review of minor exterior alteration (I'andscaping) . 4259 Nugget Lane/Lot 2,.Bighom Estates Townhouses Applicant: Robert L. Kandell Field Residence DR6080317 Rachel Final. -review of minor exterior alteration (Iandscaping) 586 Forest Road/Lot 3, Block 1, Vail Village Filing 6 Applicant: Lawrence Field ~ Page 5 ~ 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 6 t MEMORANDUM TO: Vail Town Council . . FROM: Community Development Department. DATE: September 2, 2008 SUBJECT: A request for a worksession to discuss a. proposed update and reyiew of. . the Vail Village Master Plan, pursuant to Section VI11-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 fortFi details in regard therefo. . (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 Vaif Town Council to discuss a proposed update to the Vail Village IVlasterPlan. The proposed update has been initiated 6y the Community Development Department pursuant to Section VIII (B) of the Vail Village Master Plan. The purpose of this work session is to: s Present the latest revised version of the proposed master plan update based upon the Town Council's feedback frorri the August,5"' worksession meetingl; and s 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 updafe 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 . next series of action steps needed 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 1 . I i r. Commission has forwarded its recommendation of approval, with modifications, . of the Vail Village Master Plan update. _ On August 5, 2008, the Vail Town Council held an afternoon worksession to discuss the proposed update to the Vail Village Master Plan. The Town Council provided a favorable response to fhe update as recommended by the Town of Vail Planning & Environmental Commission. III: PROPOSED UPDATES (Additions are shown GREEN, Deletions are shown in RED, Completed actions are shown in ° 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 Obiective: Implement a consistent development review process to reinforce the character of the Village. 1.1.1 Policy Development and improvemenf projects approved in the Village shall 6e consistent with the goals, objectives, palicies and design considerations as outlined in the Vail V'illage Master Plan and Urbari Design Guide Flan.. 1.2 Obiective• . Encourage the upgrading and redevelopment of residential 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 Urban Design Guide Plan. 1.2.2 Policv: . Development and improvement projects shall be coorciinateci 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. ' 2 / 1.4 Obiective: Recognize the "historic" importance of the architecture, structures, landmarks, plazas and features in preserving the character of Vail Village. . 1.4.1 Policy: . . The historical importance of structures, landmarks, plazas and other similar features shall be taken into consideration in the development review process. 1:4.2 Policv: The town should grant flexibility in, the interpretation and implementation of its regulations and design guidelines to help protect and maintain the existing character of Vail Village. 1.4.3 Policv: Identification of "historic" importance shaif not be used as the sole means of preventing or prohibiting development in Vail Village. GOAL. #1 Action Steps: 1. Develop and adopt an overlay zone district(s) implementing the Vail Village Master Plan 2. Study'and implement an impact fee system to reduce the public burden of providing infrastructure 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 Viflage with special attention given ta the use of the Town's right-of-way and the potenfial negative impacts on the resident and guest experience. 5. Explore the impacts of amending the definition 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. 6. -Compile 'a list and develop a map identifying the location of potential structures, landmarks, plazas and other similar features that may be of historical importance. GOAL #2 •TO FOSTER A STRONG TOURIST INDUSTRY AND PROMOTE YEAR- AROUND ECONOMIC HEALTH AND VIABILITY FOR THE VILLAGE AND FOR THE COMMUNITY AS A WHOLE. 2.1 Obiective• . ' Recognize the variety of land uses found in the 11 sub-areas thcoughout the Village and allow for development that is compatible with these established land use patterns. - 3 . ? 2.1.1 Polic : - 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 "h+StGFi^" eernrneFGia„-eeFe as +ho rr,a,., seRte1: n-f t~-ie Vi41a9e. tlie importance of Vail Village as a mixed use center of activities for our guests, 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 Village. 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 that makes them available for short . ; term overnight rental. . 2.4 Obiective: Encourage the development of -a variety of new commercial activity where 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 community 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 preserved and enhanced as a part of any redevelopment of lodging properties. . 4 1 2.5.2 - Policy: -The town will use the maximum flexibility possible in the interpretation of building andfire codes in order to facilitate, budding renovations without compromising life, health and safety considerations. 2.6 . r Obiective: . . , Encourage the development of a#sFdable. employee housing units in Vail Village through the efforts of tFie private sector. 2.6.1 Policy: Employee housing- units may, be requir'ed.,as part of any new or redevelopment project requesting density over that 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 development of affordable ~ . housing by providing limited assistance. ' 2.6.4 Policy: - Employee housing n,4ay shall 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, pubficly accessible restrooms, power and utilities, etc.) within Vail Village in cooperation with the private sector. 2.7.1 Palicy- The devefopment of new special event venues and improvements , to existing venues shall be strongly encouraged to reinforce the important role that special events play:in fhe promoting a year- round economy in Vail Village. GOAL #2 Action Steps: - - . . : . . . - , ( : : ~ : , _ _ - - , : , . 2. Develop and adopt an Economic . Development Sfrategic Plan for the Town of Vail. 3. Create a special events venue map for Vail Village. The map should include existing and potential special event venue. locations . with an indication on. how many participants the venue can 5 accommodate. Other logistical considerations such as event set 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 offices 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 ENHANCEMENT 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 _ development projects shall incorporate streetscape improvements. (such as paver treatments, landscaping, lighting and seating areas), along adjacent p'edestrian ways. 3.1.2 . Policy: Public arf 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. 6 3.2.1 Policv Vehicular traffic will be eliminated or reduced to absolutely minimal necessary levels in the pedestrianized areas of the Village. ~ 3.3 Obiective: Encourage a wide variety of activities, events, and street life along pedestrian ways and plazas. 3.3.1 "Policv: - 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 pocket,parks and "stream access. 3.4.1 Policv: , Physical improvements to property adjacent to stream tracts shall not further restricf public access. 14.2 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 Policv: The "privatizationn of the town=owned Gore Creek stream tract - shall be strongly discouraged. 3.4.4 Policv: Encroachment of private improvements on the town-owned Go`re Creek stream tract shall be prohibited. GOAL #3 Action Steps: 2. Amend the Design Review Guidelines to recognize the concept of "winterscape0~ in tHe evaluation of landscape plans. 3. Identify additional locations and funding strategies for the development of additional public restrooms in the Village. S~!;!', ~ :~f~•,~~; r~, ? - "~E;~r "°r; r`C f",f ~`CC;t;~?)r~ t:: L',) . • 7 1 . . . - . • , 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. Construcfi new sidewalks and recreation ..trails_ _ as per the Recreation Trails Master Plan--Core Area Detail. GOAL #4: TO PRESERVE EXISTING OPEiV 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 arf, landmarks," historic features, streetscape 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 preserved 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 8 =i Plan, will be required in conjunction with private infill or _ redevelopment projects. 4.2 Obiectives: Improve and expand the opportunity for 'active and passive recreational activity throughout the Village. 4:2.1 Policv: ' Continue the implemenfation of the Ford Park Master Plan as this will provide important recreational opportunities to residents and guests. GOAL #4 Action Steps: - 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 additianal opportunities for the purchase of additional parcels for open space and/or public use. 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. , . . . . , :.c . , , i= - , _ 1 ;'c.~ _ ~'r,::+r i~':'-?, i . . . ~l; :r.9~ G . . . . . I;J; . . . . :l. 8. Explore the feasibility of expanding Ford Park to the west to Vai! , Valley Drive and/or Slifer Plaza along the Gore Creek stream tract to provide improved pedestrian and handicapped access to the Park. 9. Identify opportunities to improve and enhance the forest heaith within and immediately around Vaif Village to mitigate the damage caused by the pine beetle and similar tree diseases and infestations. 10. Continue to develop and implement wildland interface initiatives aimed at redvcing the threat to the loss of property and fife due to the risk af wildland fres. GOAL #5: INCREASE AND IMP-ROVE THE CAPACITY, EFFICIENCY, AND AESTHETICS OF THE TRAN$PORTATION AND. CIRCULATION SYSTEMS THROUGHOUT THE VILLAGE. 9 i 5.1 Obiective: . . Meet parking demands with public and private parking facilities 5.1.1 Policy . For new development that is located outside of the Commercial Core I Zone District, on-site parking shall be provided (rather than paying into the parking fund) to meet any additional parking demand as required by the zoning code. 5.1.2 Policv: . 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 Policv , Continue to promote the lease parking program as a means for maximizing the utilization of private parking spaces. 5.1.5 Policy Redevelopment projects shall be strongly encouraged to provide underground or visually concealed 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 efricient 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 core area. 5.3 Ob'tective: . 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 streetscape circulation corridors throughout the Village. 10 5.4.1 Policv: 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 Policv: Medians and right-of -ways shall be landscaped. GOAL #5 Action Steps: 1. Construct vehicular circulation and signage improvements designed to reduce unnecessary traffic into the Village core. 2. Continue to monitor traffic flow through the 4wray step roundabout areas and study altematives 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. 5. Study the feasibility of an underground (recreation fields would remain), parking structure in Ford Park. 6. Review Chapter 10, Off Street Parking And Loading, Title 12, ZoningRegulations, to identify additional opportunities to further enhance the maximum utilization of private parking spaces within the master plan study area. 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 development. 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. 6.2.1 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 potential mitigating - measures. 11 ;i 6.2.2 Policy: . Minor improvements (landscaping, decorative paving, open dining decks, etc.), may be permitted on Town of Vail land or righf-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 mainfained at current le"vels. Special design (i.e. heated pavement), maintenance fees, or other considerations may be required to offset impacts on Town, services. GOAL #6 Action Steas: 1. Study feasible alternatives for providing long range solutions for loading and cielivery functions in the Village. 2. Work closely on. an ongoing basis with Upper Eagle Valley Water „ and San'itation District to ensure adequate water and sewer facilities to accommodate future development. 3. Study feasible alternatives and implement a centralized trash/recycling facilities in the Commercial. Core I area. 4. Work closely with the Vail Village business owners, properly 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 cammittees comprised of atl potentially affected parties to address parking, traffic, special events, construction impact, etc, issues that may arise. V. NEXT STEPS , The following dates outline the next steps in the review process of the Vail Village Master Plan: • August 19, 2008 - Vail Town Council worksesslon • o September 2, 2008 - Consideration of a resolution 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 4 ' MEMORANDUM TO: Town Council FROM: Community. Development DATE: August 19, 2008 SUBJECT: . Proposed Employee Housing Unit Exchange Program ; I. Introduction As previously discussed at the July 1,. 2008„ Town Council work session, the establishment of a deed restriction "exchange" program will allow_ owners of a , deed restricted. employee housing unit attached to their home to remove the . existing deed restriction and exchange it for a deed resfricted unit conveyed to the Town of Vail elsewhere in Town. The goal of an exchange program is to provide deed restricted housing for employees fo purchase., The establishment •of an "exchangen program is an action. step. that has been identified in the draft Strategic Housing Plan. II. Backqround At the June 3, 2008, Town Council meeting Staff was directed to provide Town Council with various exchange options for these deed restricted units, keeping in mind the goal is employees living in the units. At the July 1, 2008, Town Council meeting Staff was directed to bring back.a-proposed exchange formula the Vail Local Housing Authority recommends. . The purpose of this program is fo allow owners of deed-restricted' employee housing units to exchange the : existing deed-restricted unit for another unit - elsewhere in the Town of Vail. • : This program, shall apply to. all non-appreciation capped, deed-restricted - employee housing units in the Town of Vail that are attached to a private residence and are not required by the Town's.Zoning Regulations. Numerous exchange options have been proposed and discussed over time. , . There are two distinct ideas that are generally discussed. The first is to establish a strict formula for the exchange program and the other is to negotiate with each owner. A. Establish a Uniform Formula based on Square Feet. or.Value a. Pros ~ . i. Easy to administer. and calculate. , ii. Easy to establish a monetary value to collect revenue iii. Do not have to.allow a payment in lieu of a unit iv. Eliminates negotiations - 1 J } b. Cons _ i. Does not provide housing for.employees.simultaneous with the ezchange ii. May not take into account varying value iii. Establishing a source for the value may be difficult iv. Collecting revenue places the burden on the Town to create a new deed restricted unit. , c. Include an adminisfrative. fee to ,cover the closing 'costs. related to . acquiring and then,re=selling the unit B. Establish General Guidelines - - a. Pros : " . . i. Takes into account va_rying values ii. Do not have to allow payment in lieu of a unit _ b.: Cons i. More difficult to administer and calculate. ii. More difficult to establish a monetary value to collect revenue 1. Does not provide housing for`employees simultaneous . with the exchange 2. Collecting revenue places the burden on the Town to - create a new deed restricted unit . . iii. Opens-#he process up to negotiations' - iv: - Perception of inequality c. Include an administrative fee to cover the closing. costs related to acquiring and then re-selling the unit C. NeQOtiafe Each Exchanqe _ a. Pros i. Defines the value of each transaction - 1. Each owner has their own motivations and . each unit has a different~value to the-Town of Vail , ii. May collect revenue or housing units . b. Cons " i. Revenue does. not provide housing for employees simultaneous with the exchange ii. Negotiations take time iii. Perception of inequality - • iv. Opens the process up to negotiations c. Include an administrative fee to cover the closing costs related to acquiring and then re-selling the unit Town Council has previously, recommended Staff incorporate the following requirements for all exchanges: - 2 . ? Verification by the property owner that the.subject,propert y will remain or will be brought into compliance with the Town's Zoning Regulations. ? If. the deed restricted unit is provided to meet _another regulatory . requirement.(i.e., Commercial Linkage or:lnclusionary Zoning) that the ' other requirement(s) will still be fully satisfied. ? The proposed exchange unit is not part of a homeowners association that precludes deed restricted units, has a,: Right-of-First-Refusal, Right to, Approve the Sale or the Sale Contract or another requirement similar to this. These types of requirements frustrate the deed restriction and vice- versa. ? Any proposed-exchange unit,is approved by the Town of Vail Staff for condition of the unit and overall expense. of the unit. The assumption , being a proposed exchange unit would be approved, but may be rejected based on findings related to the pr,operty's condition or maintenance expenses. ? If there are negotiations, they are negotiated between the property owner and the Vail Local Housing Authority. The Housing Authority would, then forward a recornmendation to. the Town Council for authorization to , . exchange the deed restricted units. The exchange program is not available to any owner who has purchased - , a unit that the Town of Vail has been involved in creating (i.e., Va"il Commons, Nocth Trail, dispersed buy downs, etc.) ? All units acquired by the Town thru the exchange program shall be deed. . restricted with a 3% annual price appreciation cap. The Town would then • sell the unit to a qualified buyer. III. Description of Request ~ The Housing Authority and Staff are requesting policy direction from the Town Council regarding the selection of the methodology used to adopt the employee housing exchange program.. There are three possible methods to establish the . proposed employee housing exchange program. Each method has pros and cons which are enumerated as follows: A. Adoption by Ordinance. Pros: ? Public hearing process ? Legally binding and enforceable ? An open public record ? Readily available to.the public ? Formalized policy , - ? Clearly identified requirements . , ? Clearly stated' objectives , : , . • _ , ? Longevity 3 . ? Amendable ? Incorporated into Zoning Regulations with other EHU requirements Cons: ? Longer amendment process (requires PEC recommendation and finro readings by Council) ? Legally binding and enforceable B. Adoption by Resolution Pros: ? Limited public hearing process ? A public record ? Available to the public ? Formatized policy ? Clearly identified requirements ? Clearly stated objectives ? Longevity ? Quicker to Amend (one reading by Council) Cons: ? May be less binding and enforceable than an Ordinance • ? Less open public record ? Less readily available to the public ? Not incorporated into Zoning Regulations with other EHU requirements C. Written Policy Pros: ? Formalized policy ? Clearly identified requirements ? Clearly stated objectives ? Quickest to amend (administrative) Cons: ? No public hearings required ? Variable (no longevity) ? Least legally binding and enforceable ? Least open public record ? Least readily available to the public ? Not incorporated into Zoning Regulations with other EHU requirements IV. Housina Authoritv and Staff Recommendation The Vail Local Housing Authority and the Community Development Department recommend the Town Council direct Staff to draft an ordinance, for future Council review, establishing the employee housing unit exchange program based upon previous policy discussions and direction. 4 V: Next Steps A. Establish a general formula for proposed exchanges, but allow for flexibility based on the merits of each unit and deed restriction. B. Discourages payment of a fee-in-lieu for units, that , tequire employee occupancy as it does not achieve the goal of housing employees. C. Establish an administrative fee that covets all of the Town's costs related to - purchasing. and selling an exchange unit. This should include,. but is not. limited to: tifle insurance, closing fees, home owner's association fees, deed • restriction - recording fees, and staff 'time (Town Attorney, Housing Coordinator, Finance Department). D. Establishes a per, unit fee to remove deed restrictions that do not require the . unit to be occupied by an employee. Any funds collected should be dedicated to creating new deed restricted employee housing. 5 MEMORANDUM TO: Town Council FROM: Stan Zemler, Judy Camp, Kathleen Halloran DATE: August 28, 2008 SUBJECT: Five Year Capital Analysis During the August 19t~' Council meeting, a 15-year outlook for both the Capital and Real Estate Transfer Tax (RETT) Funds was discussed. Today we are presenting the first 5 years of that 15-year plan, as well as a 5-year outlook for the Vail Rein'vestment • Authority. Staff is, requesting your feedback on these 5-year plans for inclusion in the - annual Budget Book. The 2009 Capital and RETT budgets will be submitted for approval during the budget ordinance readings scheduled for October 21st. and November 0. The Vail Reinvestment Authority (VRA) budget resolution will be . presented on October 21 s`. . . Attached documentation for your consideration: 0 5-Year Summary of the Capital and RETT Funds. This worksheet is a high-level overview of annual maintenance and capital projects and potential funding sources for those projects. 0 5-Year Detail of the Capital and RETT Funds • 5-Year Detail of the VRA Capital Budget Questions or concerns were. raised at the last meeting for the following items, and staff. is requesting input-for the fnal budget proposal: Caaital Proiects Fund • Variable message signs are currently included for a total of $490K oVer the next fve years. Expenditures of $160K (in 2009) and $65K (in 2010) are planned as a part of redevelopment projects (Solaris and Four Seasons). While these projects are under construction, it is an opportunity to establish the infrastructure for traffic/parking management signs in the frontage road medians. In add'ition, signs deferred to later years include locations.such as LionsHead, Ever Vail, and East Vail (total cost of $265K over two years). , • Costs for the new West Vail Fire Station are currently estimated at $5.52 million over two years (based on estimates provided by Stan Clauson & Assoc.). : This project is listed within the. "Unfunded" portion of the exhibit because there are many details that still need to be worked out, including a close analysis of cost estimates and downstteam operating effects. • In the plan presented on August 19; reconstructions of the East Vail and Main Vail fire stations (at $2M each) were included in the proposed 2009 5-year plan.. However, staff has reverted these requests back to the renovations originally reviewed by Council during the 2008 budget process. The Main Vail station had been recommended at $975K.for 2010, and the East Vail sfation (at $775K) was on the unfunded list for 2012. 1 New items were requested from staff since the last meeting and are currently being considered: • Police "Coplink" system for 2009, at a cost of $85,000 (pre-negotiations). This cost may be offset with a$25K federal grant, and would be funded from the Dispatch Services Fund. The system would allow the town to participate in an "information sharing consortium° with 8 other agencies within the state. The shared data would provide coordinated information on criminals and crime trends. • A variable message sign to be used from the back of a code enforcement vehicle for a portable method of traffic and parking messaging. There is no cost information at this time. • Replacement of the county-wide emergency personnel radio system is planned within the next finro years for a total cost of approximately. $7M. The Town currently uses 33% of the services (Fire and Police), and would be responsible for approximately $2.3M of that total. RETT Fund • The Ford Park Soccer Field Parking Lot is currently budgeted at $375K to reconstruct the lot with porous asphalt (reduces the amount of runoff into the creek). Normal reconstruction would cost $280K and just an overlay would cost $100K. Due to the size of the parking lot, this project would serve as a test for the porous asphalt's use within the community -and its functionality at high alfitude. • The Vail Valley Drive bike path is currently budgeted at $1.3M to create a bike path at the same time as the road reconstruction. The plans for this path include a concrete walk ($310K), retaining walls ($275K), road base ($130K), traffic control ($112K) and other costs related to landscape/irrigation, guardrails, lighting, etc. Vail Reinvestment Authoritv (VRA) The VRA five-year projection is presented for the first time now that good revenue estimates are available and the North Day Lot has been proposed as a potential TIF- funded project. 2009 revenue from incremental property tax collections within the LionsHead Tax Increment Financing (TIF) District is based upon the latest assessment iriformation from the Eagle County Assessor's Office received last week. Revenue in subsequent years includes increases due to construction of the Ritr Carlton Residences, the Landmark, and Lions Square Lodge, all of which are underway. Assessed valuations are assumed to increase by just 5% every finro years. Potential revenue from Strata (Fogata), LionsHead Parking Garage, or other developments are not included. The North Day Lot is included as the only capitat project to be funded from TIF revenues at this time. An estimated project cost of $18.6 million is included over four years. Funding for the North Day Lot Project includes: $12 million in TIF bonds; $1.4 million of a Federal Transit 2 Administration grant that has already been awarded; and $5.2 million in cash from the incremental property tax revenues. Additional funding for the North Day Lot ftom federal, state, and county grants has not been included due to the uncertainty of those sources. In addition to the North Day Lot, approximately $15 million of bond financing from current projects could be available beginning in 2012. Projects previously identified as appropriate for TIF financing from revenue generated by existing projects include: Fronta e Road Im rovements $15.0 million East LionsHead Portal 3.0 East LionsHead Circle 1.0 Parking Structure Enhancements 5.0 if redevelo ment does not o forward Future redevelopment projects such as the LionsHead Parking Structure, Ever Vail, Strata (Fogata) and others in the LionsHead area could support future public infrastructure improvements needed if those projects move forward. The LionsHead TIF District was approved in June 2005 and has a 25 year life ending in 2030. NEXT STEPS Staff will use Council's input in developing the Town Manager's budget (includes General, Capital, RETT and other funds), which will come before Council as a preliminary discussion on September 16th. The VRA budget resolution will be presented on October 21st. 3 Town of Vail Capital Asset Management 2009 - 2013 2009-2013 Capital Projects Fund Totai 4.0% Sales Tax 43,028,320 Use Tax 5,000,000 Federal Grants 6,428,000 Lease Revenue 957,750 Employee Housing Fee-in-Lieu 240,000 Interest Income & Other 157,936 Capital Projects Fund Total Revenue 55,812,006 On-Goina Mairrtenance Parking Structures & Equipment 3,996,000 Buildings & Facilities 5,018,000 Capital Street Maintenance 7,880,000 Replace Buses 3,586,400 Fire Truck Purchase / Refurbish 1,066,000 Fire infrastructure improvemts (Main Vail station) 975,000 Public Safety Technology 1,245,300 Computer Equipment, Software, etc. 1,572,380 Vehicle Expansion 18,000 Total On-Going Capital Maintenance 25,357,080 Debt Service and Financina Debt Service on Outstanding Bonds 9,085,862 ' Transfer to Vail Reinvestment Authority Fund: 5,000,000 Total Debt Service and Financing 14,085,862 Fund Balance estimated at 12/31/08: 2,174,723 Fund Balance Availabie for Projects: 18,543,787 Prioritv Proiects Neighborhood Road Reconstruction 16,451,000 Neighborhood Bridge Reconstruction 3,025,000 Buy-down Program 500,000 I-70 Noise 1,250,000 Chamonix Area Plan 30,000 TOV Strategic Planning 90,000 Comprehensive Master Plan 150,000 Green Building Codes / Zoning Regulations 75,000 Housing Strategio Plan 10,000 Total Priority Projects: 21,581,000 Fund Balance After Projects: (3,037,213) Potential Funding (Total of $45.4M ) Developer LionsHead LH Pkg Str & Fed'l/CDOT Unfunded Caaital Proiects Agreements TIF EverVail TIF Agreemts West Vail Fire Station 5,520,000 E. Vail Fire Station Remodel 775,000 Creekside Housing Improvements 850,500 Town Shop Mtc Improvements 9,225,000 Municipal Building HVAC Renovation 2,400,000 Simba Run Underpass 19,500,000 7,000,000 6,950,000 Frontage Road - Lionshead 8,815,000 1,915,000 3,900,000 3,000,000 Frontage Road - Ford Park 5,635,000 1,000,000 Main Vail Round-about Major Reconstruction 3,600,000 2,000,000 1,600,000 West Vail Round-about Major Reconstruction 1,000,000 N Frontage Road - West Vail 7,513,000 7,513,000 LH Auxilliary Building Renovation 1,015,000 1,015,000 LH Information Center Renovation 550,000 550,000 East LionsHead Portal 3,000,000 1,500,000 1,500,000 . East LionsHead Circle 1,000,000 1,000,000 LionsHead Parking Structure Enhancements 5,000,000 5,000,000 Total Unfunded Projects 75,398,500 25,493,000 14,350,000 4,600,000 1,000,000 4 2009-2013 Real Estate Transfer Tax Fund 7otai Real Estate Transfer Tax 25,040,000 Federal GraMs - Intergovemmental Revenue 100,000 Project Reimbursement - Golf Course Lease Revenue 649,959 VRD repayment of promissory note 1,761,625 Recreadon Amenity Fees 129,800 Interest income 8 Other 202,903 Real Estate Transfer Tax Fund Total 27,884,287 Caoital Mairrtenance Exoenditures Annual Park and l.andscape Maintenance 7,569,023 Management Fee to General Fund (5%) 1,252.000 Rec. Path Capital Maint 677,483 Tree Mairttenance 320,000 Forest Health Management 1,325,000 Street Fumiture Replacement 120,000 ADA Compliance w/ VRD 50,000 Lfonshead to Meadow Dr. 202,500 Bald Mountain Underpass Maintenance 200,000 Tralihead Development / Improvemenis 121,200 Park / Playground Capital Maintenance 477,400 Alpine Garden Support 382,790 Black Gore Creek Sand Mitigation 500,000 Total Capitai Maintenance 13,197,396 Caoital ReclacemeM Exaendltures Booth Creek Playground 400,250 Booth Creek Park Redevelopment 1,390,000 Total Replacement Expenditures 1,790,250 Other Improvements - Frontage Road Bike Lanes/Trails 2,200,000 Vail Valley Drive - Bike Path 1,333,000 Ford Park Master Plan - Improvements 4,200,000 Main Vail Roundabout pavement apron 130,000 Ford Park Soccer Field Parking Lot 375,000 Art in Public Placss - programs/art 395,000 Public Art - operating expenses 371,851 Landscape Medians - Public Restrooms 670,000 Environmental Sustainability 1,250,000 10.924,851 VRD-Managed Factlity Projects Total Golf Course Improvements 5,770,078 Dobson Ice Arena 1,200,064 Ford Park / Tennis Center Improvements 724,418 AthleUc Fields 41,825 Youth Services 164.983 Gymnastics Center 57,599 Nature Center 17.958 Total VRD-Managed Facility Projects 7,878,923 Total Capital Expense - RE7T Fund 33,889,420 Revenus Over (Under) Expenditures: (8,005,133) Transfer irom General Fund: Beginning Fund Balance: 6,709,791 EndIng Furtd Balanoe: 704,= 5 TOWN OF VAIL 2008 BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Blue = New requests (`Not Approved) ~ Green = price increasesladjustments Yellow = timing change ~ Previous I Amended 5•Yr Plan I Incl. Requests' 2008 2009 2009 2010 2011 2012 2019 IPraJectlnformation Revenue ISales Tax $ 7,760,000 $ 7,570,200 $ 7,967,920 8,402,400 $ 8,680,000 $ 8,906,800 $ 9,071,200 140%of total sales 1ax projections Use Tax_ 500,OOI_ 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 I,Based on average collections; oo major retlevelopment projects included Federal Grant Revenue 815,577 1,850,000 1,400,000 4, _ 428,000 600,000 Bus replacements $815K in '08; $1.4M in'09 and $3.6M in'10 for transit center, $828K in'10 for bridge - replacement; $600K buses in'11 - - = _ - - - ~ - - - Eagle County Grant Revenue 317,000 2008: West Vail Fire Station planningldesign $50K; $267K for I-70 Fi6er project - - 192,300 192,300 192,300 192,3O0 Lease revenue irom City Market & emplo+ee housin9 ILease Revenue 187,800 188,550 188,550 Employee Housing Fee-In-Lieu 168,000 48,000 48,000 48,000 ' _ 48,000 48,000 Based on average colleclions; no major redevelopment projects included _ _ i - _ ~ Project Reimbursement _ I 885,418 I _ _ I I i 08: $191 K CDOT ReimbursemeM for Sireet R&M; Streelscape & underground uiilil reimbursements ~Earnings on Investmenis antl Other 195,043 - 18,750 59,431 21,399 58,356 - J 08 sale of Altair unit; 2009 and beyond based on return oi 2.5% on fund balance iTotal Revenue 10,828,838 9,608,750 10,623,220i 14,130,131 10,541,699 10,205,456 10,311,50~ _ - - I --I - - - I_ Expenditures - ~ Land 1 Property Purchases Aliair Unil I 178,066 _ Capital Maintenance Expendilures BusShelters T29,354 ~ 30,000 30,000 ~ 30,000 31,000 30,000 30,000 Parking Structures 1,163,216 460,000 480,000 540,000 _ 910,000 1 1,055,000 860,000 1'08 elevalor replacmnC significant siructural repairs'O8,'11 and'12 Facilities 568,817 755,000 755,000 I 970,000 - 500,000 'I 1,285,000 695,000 08 roof repairs to E Vail Fire 5tation; '10 re-roof antl '11 HVAC repairs for ihe Library; '12 slructural I repairs PD, town shops antl bus barn; '13 major repairs to lift stations Builtling Remodels - i 55,000 55,000 I 61,000 ~ 67,000 On-going minor remodels of various Town facililies __Need l0 9ut plumbing; elecfrical wiring; roofing, etc. _ iCreekside Housing Improvemenis 60,000 60,000 I 60,000 60,000_i ~ - ~ _ - - - - ! Donovan Park Pavilion 13,000 450,000 - - - I$50K furniture replacement; $400K to change veNilalion & improve noise (moved up from 20121 _ _I Street Light Improvements 75,000 75,000 75,000 ~ 75,000 75,000 50,000 50,000 Adtl new street lighls and refurbish resideniial lighting program _ CaPital Street Mainlenance _ 1,702,280 1,505,000 1,505,000 1,510,000 1,245,000 , 1,245,000 1,560,000 On-going maintenance to roads and bridges including asphalt ovedays, patching and repairs - Flammable slora9e 1 Mag Chloride containment I 24,000 I - Flammable storage cabineis,Mag Chloride secondarycontainmeni I Fire Truck Rebuild ! Refurbish - - - 520,000 546,000 1 - - 'OB purchase of fire truck ior new West Vail stalion pushed to 2010; '11 replace pumper iruck I West Vail fire Station - Planning ! Design 329,229 Planning and design as part of the Chamonix area plan and master planning process I Fire inirastructure improvemts (Main Uail slation) - 975,000 - - Remodel of Main Vail staiion after Wesi Vail is built; previously budgeted in 2010 Replace AM530 radio syslem 50,000 - - - - - I - Replacement of AM530 radio system Audio Visual (Council chamber video,Securil1 Police car video) 31,000 20,OOD 61,150 8,000 - - ~ 437,500 09 Council chamber streaming video;'10 police car cameras,'131own-wide video security Contract position and scanner mtce for current & future imaging - annual cosi oi $92K; '08 incl. cosl for I Document Imaging - 350,000 92,000 - 110,000 110,000 30,000 30,000 historical documenis to be done by 3rd parly; Historical scanning only by 2012 Software Licensing 8,500 73,000 68,200 28,000 15,000 15,000 65,000 Upgrade Microsoft producis on all equipment, replacement PCs, server upgrades, AS400. These upgrades occur every 3-5 years on a rotation schedule Hardware Purchases 43,000 52,000 84,380 45,000 65,000 46,000 48,000 Scheduled rotation of PCs, rinters and servers Data Center (Compuler Rooms) 35,500 12,000 15,000 17,000 19,000 21,000 08 Fire sappression in com~uter rooms; maintenance, security and power systems for 3 rooms Website and e-commerce 32,000 12,000 28,500 25,000 27,000 29,000 31,000 Internet security & application inlerfaces; website retlevelopmeni 2008109 ~ Comm Dev ArcGIS Syslem 52,000 - - j - - Web access to iown GIS information similar to County's website GIS product) Fiber Optics in Builtlings 30,000 , 15,000 21,000 17,000 23,000 18,000 Cablin~l Network Infrastmcture; to repair, mainfain & upgrade - - - Network up rades ~ 43,478 _ 25,000 18,300 72,000 21,000 35,000 60,000 Computer network systems - replacement cycle every 3-5 years IComputer Aitletl Dispafch (CAD)1 RMS Pro'ect i 57,640 50,000 51,650 55,000 57,000 59,000 61,000 Count~-wide "Compuler Aided DispatchlRecords Mgmt System" - - - - I Upgrade of Permit Plus soflware; company will tliswntinue support oi our current s sy fem Comm Dev Interactive Permit software 21,838 - 25,000 200,000 - - _ Vehicle Exeansion 61,411 18,000 Forklift for PW $18K I E Vail Radio Tower 5 000 5,000 - - - - Tower used for dis atch s stems; Cost now covered b Ea le Count 6 TOWN OF VAIL 2008 BUDGET SUMMARV OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND _ Blue = New requeats ('Not Approved) Green = price increasesladjustments ~ Yellow = timing change Previous I i Amended 5-Yr Plan Ind. Requests'I _ 2008 2009 2009 2010 2011 2012 2013 Projectlnformation Maintenance Paidforhy CapitalFund 4,674,263 3,289,000 3,394,160 4,734,000 4,732,000 3,923,000 4,033,500 - - - , ! CapiWl Replacement Expenditures IWest & East Meadow Drive 1,720,000 k ~ - - - - I ~ - East Meadow Drive-Streetscape Heat ~ 165,000 Village Streetscape _ 1,013,761 Neighborhood Road Reconsiruction 150,000 2,065.000 2,216,000 1,135,000 225,000 5,575,000 7,300,000 Overhaul residential streels _ Neighborhood Bridge ReconsUuction 75,000 1.675.000 75,000 1,200,000 100,000 1,650,000 - Overhaul residential bndges Radio E Replacement oi all (30) cylinderslcompressors; Older model currenUy used not effective Aa r~ I' ~80,000 ,Parking 9 P P _ Fire Breqthm wu e PeRlaclatus ement nt, 2 995 (public worksPublic safet y) 545,500 227,000 1 227,000 48,000 I Rof 1998 radios for PW, Fire, PD Hybrid Bus Battery Replacement 40,000 Scheduled replacement of hybrid bus batleries _ - affce Equipment> $5,000 14,635 9,000 9,000 09 GIS EquiR_ Heavy Equipment new capital , 3,400 Generator - Municipal Building I Dispatch 250,000 I Replace Buses 3,840,297 143,400 ~ 143,400 I 2,199,600 1,203,400 2"cut-away" buses in'09; 6 regular buses in'10; 2 hybrid buses in'11 Replacement Paid for by Capital Fund 7,780,578 4,119,400 _2,850,400 4,534,600 1,528,400 7,313,000 7,300,0H _ Property Tax Increment - Reserved ~ 441,000 - - _ I - - ' - 'Other P _ y ~ I _ 100,000 ' 100,000 ! 100,000 Annual contribution to ihe program down Proe am ~ _ 100,000 100,000 100,000 100,000 ~ Pitkin Creek Unit 7,350 Variable Message Signs I Way-Finding Improvements 36,416 r - 160,000 65,000 130,000 135,000 - 08: variable message sign central conirol soflware; '09 M Vail & Four Seasons; '10 Solaris I-70 Noise _ 1.079,282 250,000 250,000 250.000 250,000 250,000 250,000 Annual contribution to the program - - - - I-70 Fiber 0 tp ics 909,128 Town will have fber optic connection to I-70 corridor for improved public safety communications - - - - - - - i Underground Ufility improvemenis 368,783 Transfer of utility lines from above ground to underground; Coordinalion with Holy Cross on projects I Manor Vail Streei Plan 100,000 1 Expenditure related to impacf fee paid by Manor Vail development Chamonix Area Planning 130,545 30,000 Continued work on Chamonix area planning - - - - - - West Vail Area Planning 22,732 TOV Stralegic Planning - 125,000 - _50,000 40,000 Land use zone 8 plan ammendments Comprehensive Master Plan 150,000 Coordination of 12 to 14 masier plans currently used in ihe TOV Green Building Codes 1 Zoning Regulations ~ 75,000 Creation of green building codes antl zoning regulation updales 'Housing Strafegic Plan 25,341 _ 10,000 09 implement database for non deed-reslricted employee housing units LH Parking Struciure Redevelopment 57,765 Legal and consulling fees;_Some costs will be reimbursed by developer - - Timber Ridge LegallZoning 28,927 I J Legal and consulting fees Timber Ridge Debl Service Guarantee _ 925,000 T Annual debt service guarantee ~ Design costs to implement Town improvements: Conslruction costs (or LH Redevelopment will be LionsHead Improvements I 32,242 _ funded from developer contributions, TIF & other sources Bio-Mass S1udy 50,000 I Currently researching Bio-mass options _Total Other lmprovements _ 3,573,511 475,000 775,000 465,000 480,000 485,000 390,000 _ ToWI Capital before Financing 16,947,418 7,885,400 7,019,580 9,733,600 6,740,400 11,721,000 11,723,500 - - - Debt e and 9 - - _ _ ~ 2,320,363 2,320,363 ' 2,317,803 2,323,004 , 2,124,692 - !Annual Debt Seroice a ment com letetl b 2013 Debi Serv ce on Outstandin Bonds ~ 2,286,825 I - 7 TOWN OF VAIL 2D08 BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Blue = New requests ('Not Approved) Green = price increasesladJustments Yellow = timing change Previous - - Amended 5-Yr Plan Incl. Requests' 2008 2009 2009 2010 2011 2012 2013 Projectln(ormation Transfer to Vail Reimvestmenl Authority 1,400,000 3,600,000 _ Federal Transit Grant dollars transferred to the VRA tor use loward iransit center Transfer from Dispatch Fund (75,000) Dispatch Fund will fund a poriion of the generator for lhe municipal building Transfer from General Fund (441,000) Per Council, allocate unbudgefetl property tax collections to Capital Projects Fund Tatal Debt Service and Financing: I 1,770,825 _ 2,320,363 5,720,363 5,917,803 2,323,004 2,124,692 - ~ ToWlExpenditures 18,718,243 10,203,765 10,739,943 15,651,403 9,063,404 , 13,845,692 11,723,500 - Revenue I 1 P ' (596,013) Over Under Ex enditures (7,889,405 (116,723) (1,521,272) 1,478,295 ,(3,640,236). (1,412,000)I - Beg~inning Fund Balance _ 10,064,128 2,493,950 2,174,723 2,058,000 536,728 2,015,023 _(1,625,213)1 Ending Fund 8alance I 2,174,723 1,898,937 I 2,058,000 536,728 2,015,023 (1,625,213) (3,037,213) i UnfuWest Vailnded Fire Ca ital Sfafion Pro' ,ects i 2,400,000 2,760,000 2,760,000 ~ - I~Construction of West Vail Fire Station - includes fre resident housing I I I - Easi Vail Fire Station Remodel 775,000 1Town Shop-Improvements , 9.225,000 Expansion and renovation of town shops - Creeksitle Housing Improvements 588.000 262,500 Municipal Bldg - HVAC Renovation _ 2,400,000 Heating and ventilation system replacemenUreconsiruction _ Simba Run Underpass 19,500,000 _ $16M at today's price; added 5% per year for inflation _ Frontage Rd - LionsHead 8,815,000 Frontage Road - Ford Park 5,635,000 N. Frontage Rd - West Vail 7,513.000 Main Vail Rountl-about Major Reconstruction 3,600.000 Wesf Vail Round-about Major Reconsiruc(ion _ 1,000,000 LH Auxilliary Building Renovation 1,015,000 Subway / Youth Services location _ LH Information Center Renovation 550,000 East LionsHead Porial 3,000,000 East LionsHead Circle 1,000,000 LionsHead Parking 5hucture Enhancements I 5,000,000 Total Unfunded Projects _ - I 2,400,000 I 2,760,000 6,760,000 9,173,000 46,480,500 10,225,000 Ending Fund Balance Incl. Unfunded list 2,174,725 (501,063) (702,000) (8,983,272) (16,677,977)I (66,798,713) (78,435,713) 8 TOWN OF VAIL 2009 BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN fUND BALANCE REAL ESTATE TRANSFER TAX ~ Blue = New requests (`Not Approved) Green = price increasesladjustments - - - Yellow = timing change Previous Incl. Amended 5-Yr Plan Requests* 2008 2009 2009 2010 2011 2012 2013 Projectlnformation REVENUE I Real Estate Transfer Tax 7,230,000 $ 6,911,000 $ 6,911,000 $ 5,836,000 $ 4,876,000 $ 3,791,000 $ 3,626,000 Zero growlh in base transactions for 5 years; 30% decrease from 2006 base Federal Granis 151,858 Grant for the Timber Ridge/ Buffehr Creek palh Golf Course Lease 126,708 130,509 120,000 124,800 129,792 134,984 140,383 iAnnual lease payment VRD repayment for promissory note 352,325 352,325 352,325 352,325 352,325 Note based on $1.6 M loan at 3.5% over 5 years IntergovenmentalRevenue _ 20,000 20,000 I_ 20,000 20,000 20,000 20,000 20,000 'Lottery proceeds _ Projecl Reimbursements _ 61000 Recrealion Amenity Fees : 125,000 25,000 25,000 25,000 25,800 26,600 27,400 Earnings on Investments antl Other 308,330 162,500 162,500 40,402 - - - Based on 2.5% retum on prior year's fund balance TofalRevenue 7,967,896 7,249,009 I 7,590,825 6,398,527 5,403,917 4,324,909 4,166,108 I - - Capital Maintenance Expenditures ' Annual Park and Lantlscape Maintenance 1,319,066 1,360,453 _ 1,386,018 1,401,267 1,510,185 1,592,553 1,679,000 Ongoing path, park and open space maintenance, project mgmt _ Management Fee to General Fund (50/() 361,500 345,550 345,550 291,800 243,800 189,550 181,300 , 5% of RETT Collections - fee remitted to lhe General Fund for administration _ Rec. Path Capital Maint 384,262 229,473 157,540 190,567 144,745 117,583 107,048 Capital maintenance of the town's recreation path system Tree Maintenance 115,931 60,000 60,000 65,000 65,000 65,000 65,000 ~Regular maintenance for tree health within the town (spraying, removing, new frees) forest Health Management i 531,808 380,000 265,000 265,000 265,000 265,000 265,000 Pine beetle mitigalion in coojuncfion wl foresl service Recreation Masier Planning 79,543 Concepf and design of recreation asset improvements Street Furniture ReplacemeM 26,143 _ 20,000 20,000 25,000 25,000 25,000 25,000 Adtlilions and replacemenl of sireet iumiture ADA Compliance w! VRD 100,849 10,000 10,000 10,000 10,000 10,000 Shared wsts with VRD - ADA access at recreational facilities Katsos Ranch Bike Palh 346,887 Resurface rec path irom Sunburst to E. Vail Cascade Bike Path 6,977 Widen recreation path from W. Haven io tennis courts p02,500 i 202,500 ~ Path from TimberRidge lo Roost Meadow Dr eek Rd seParation 653,700 i - Timber Liooshead Ridge-Buffehr _ Improvements to exisiing bike path along fhe sfream Bald Mountain Underpass Maintenance 200,000 ~ Reconstruction of retaining wall ihat supports fhe bike path thru the underpass Streamwalk ADA & Safety improvements 225,000 Trailhead Development / Improvemenf 33,250 23,200 23,200 24,000 24,000 50,000 - Improve trailheads; Continued neetl lhrough 2012 (one trail per year) Park! Playground Capital Maintenance 125,229 I 110,000 110,000 115,000 90,000 80,000 82,400 To maintain playgrounds, resirooms, etc Alpine Garden Support 90,000 72,100 1 72,100 , 74,263 ~ 76,491 I 78,786 81,150 Annual support _ Black Gore Creek Sand Mitigation ~ 184,000 ~ 100,000 100,000 100,000 104,000 100,000 100,000 Annual support Greenhouse 370,000 New antl expanded greenhouse to accommodaie increased landscape responsibilities Total Capital Maintenance _ 4,946,145 2,903,276 2,751,908 2,761,897 2,514,221 2,573,471 , 2,595,898__ - - - - - - ~ - - Capital Replacement Expenditures Meadow Drive Streetscape 1,023,000 i 08 for West Meadow Drive (Library to Vail Road) _ Booth Creek Playground_ 400,250 ReconsUuct playgrountl during park redevelopment Booth Creek Park Redevelopment ~ I 1,390,000 i Redevelopment of entire park Total Replacement Expenditures _ 1,023,000 - - 1,790,250 _ - - , - - - Other Improvements Froniage Roatl Bike LaneslTrails 1,275,000 675,000 1,050,000 1,150,000 Construcl widened 6' shoulders along all frontage roads; frst priority is Blue Cow Chute to East Vall; path from Vail Mtn School to E. Vail exif Vail Valle Drive - Bike Path 1,333,000 IAddition oi a aved bike ath durin reconstrucfion of Vail Valle Drive 9 TOWN OF VAIL 2009 BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX I - - - _ Blue = New requests (*Not Approved) Green = priceincreasesladjustments Previous Incl. Yellow = timing change Amended 5-Yr Plan Requests" 2008 2009 2009 2010 2011 2011 2013 Projectlnformation Ford Park Master Plan - Improvemenis 1,581,340 1,575,000 • 2,050,000 2,150,000 Resulting from Recreation Master plan (parking, recreation buildings); Left eniry lane; Re master Ford Park b/c of parking pofential Main Vail Roundabout pavement apron 130,000 i Concrete apron to protect the grass from cars/trucks on the edge of the roundabout Seibert Circle J 323,230 _ ICompletion oi projeci; $127.7K collecled in donations _ Raw Water / Irrigation Control 9,927 Convert parks from treated water fo raw water Kayak Take-out 10,000 Kayak take-out area along siream (part of Willows development agreement) Stream Tracf Encroachmeni Suroey 64,681 i Suvey along Gore Creek _ Red Sandstone Park - Per Safety plan i 465,037 ReconsUuction of playground per safety_plan; 20years old Lionshead park 1,067,000 ~ New park_- location currently being investigated Donovan Park i 45,043 Xeric garden ; consUuci additional picnic shelter _ White Water Park 48,325 _ 3rd hole / bladder system at Whitewater Park - per Council's approval _ Skate Park 65,000 Per councils requesi 10119104 - lemporary skate park Ford Park Soccer Field Parking Lol 375,000 Porous pavement (enuironmentally friendly) to be usetl in re•paving of this lol Bear Proof Containers 2,578 i In TOV parks & Uailheads; bring our cans into compliance _ i Art in Public Places - Programs I Art 318,998 75,000 75,000 80,000 80,000 80,000 80,000 To purchase sculptures, arlwork, eic. Public Art - Operati~ 62,167 70,040 70,040 72,141 74,305 76,535 78,831 AIPP salary and operating expenses related to RETT Lantlscape Medians ~570,000 Frontage road metlians alongside redevelopment projects (Solaris, etc) _ 78,659 670,000 670,000 i 09 Tear down and rebuild (and enlarge) Ford Park restroom; Resirooms at W. Meatlow Public Restrooms Drive 8 Vail Roatl Enuironmental Sustainability _ 312,711 250,000 250,000 250,000 250,000 , 250,000 250,000 Wintl power, Solar power, Green programs; Recycling, etc _ Open Space Land Acquisition 551,019 Capital Paid for by RETT Funds: _6,850,915 3,315,040 3,953,040 3,602,141 2,554,305 406,535 408,831 VRD•Managed Facility Projects Recreation EnhancementAccount ~ 120,000 124,800 129,792 134,984 140,383 Reserve accountiorgolfcourseimprovements - fundetl by annualleaserevenue Golf Course Irrigation - VRD's porlion 1,607,522 Finance VRD's portion of irrigation system replacement (5-year payback) Golf Course Irrigation 1,607,522 Based on estimates from Borne Engineering; split 50% with VRD Golf Course Clubhouse, Starter Shack, etc. I _ 602,175 104,682 6,318 2,912 18,390 Improvemenis to maintenance building and main clubhouse Golf Course - Olher Improvemenis _ 624,500 420,000 26,321 83,542 14,235 ADA access lo clubhouse; bridge and retaining wall repairs Dobson Ice Arena 98,907 900,000 1,085,993 38,948 7,166 64,478 3,480 09 Roof and ceMral air repair; oufer years lighting and locker rooms Ford Park / Tennis Center Improvements 78,800 120,000 115,986 586,019 9,505 i_ 10,140 2,768 09 walkways & resiroom roof;'10 outbuilding, retaining walls and fencing_ , - - I Athletic fieltls 126,500 20,280 ~ 3,094 1 15,604 2,848 109 irrigation system,'12 asphalt overlay ofparking lot Youth Services I, 164,983 ~ 09 ADA access and fumaces Gymnastics Center _ 29,611 30,621 25,000 _ 1,978 09 reiaining walls;'10 mechanical improvements Nature Center I 7,311 I 10,646 2012 wood open rail fencinq - - Total VRD-Managed Facility Projects 207,318 1,146,500 ' 5,979,582 1,309,854 181,102 324,283 182,104 Total Expenditures 13,027,378 j 7,364,816 12,684,530 i 7,673,892 7,039,878 3,304,290 3,186,833 _ Revenue Over (Under) Expenditures (5,059,482)_ (115,807) (5,093,705)(1,275,365)'_ (1,635,961) 1,020,619 979,275 Beginning Fund Balance 11,769,273 ~ 6,709,791 _ 6,709,791 ~ 1,616,086 340,721 I (1,295,240) (274,621)I_ Ending Fund Balance $ 6,709,791 $ 6,593,984 $ 1,616,086 I $ 340,721 $(1,295,240)I $ (274,621) $ 704,655 10 . VAIL REINVESTMENT AUTHORITY Five Year Projectlon Summary of Revenue, Expenditures, and Changes in Fund Balance 2009 200$ 2008 Proposed Budget EsUmate Budoet 2010 2011 mg 2013 Revenue Property Taoc- LlonaHead TIF $ 720,W0 1,235.W0 1.882.W0 1.927.000 2,765,000 3.322.000 3,322,000 Property Tex - Vail 3quare Metro Districte 154,107 210,000 241,000 346,000 383,000 363.000 Project Reimbursenent 21,000 21,000 Eamings on Investrnen(s TotalRevenue 741,000 1,410,107 1,892,000 2,168,000 3,111,000 3,885,000 38850W 15% 43% 18% 0% ExpendHures ProfeWOnal Fees 50.000 50.000 10,000 10.000 10.0W 10.000 10.000 Manegement Fee 16,400 25,700 33,840 38,540 55,300 68,440 68,440 Treasurer's FeB -LfonsHeed TIF 21,6W 37,050 50.460 57,810 82.950 99.860 gg,ggp Treeaurera Fee -Vail Square Metro Districts 4.623 8,300 7.230 10.380 10,890 10.890 Vail Square Metro District Pase Through 149,484 203,700 233,770 336,820 352,110 352,110 Capital OuUay - North Day Lot Capital OuBay - Frontage Road Improvements 870,OW 13,B49,OW 3,782.000 Total Expenditures before Financing 87,000 598.867 1,174.100 13,998,350 4,276,250 539,100 539100 Finanaing 2010 Band Isauance for Nath Day Lot 12.000,000 Debt Service Payments 2008 BondB (991.000) (1,022,000) (1.048,000) (1.043.000) Approved FTA Grant Trans(erred in From TOV Capital Projecte Fund 1400000 SubtotEl Financing - - 12,W0.000 409,000 (1,022,000) (1,046,000) (1043 000) Revenue Over (Under) Expenditures ARer Flnanain0 854.000 813,260 12,717,900 (11.419.350) (2,167.250) 2.098,900 2,102,900 Beginning Fund Balance 276,833 314,105 7,102,355 13,820,255 2,400,905 213,855 2,313,655 Loan - Tavm o( Veil (25,000) Ending Fund Balanae $ 5W.833 1,102,355 $ 13,820,255 $ 2,400,905 $ 213,855 $ 2,313,655 $ 4,416,465 F:IFINANCEIBUDGETI6UDGET 081VRA\TIF Estimate 080902 4 ` . ~ MEMORANDUM To: Town Council From: Kathleen Halloran Date: August 28, 2008 Subject: Supplemental Appropriation On Tuesday evening you will be asked to approve the fust reading of Ordinance No. 19 ma.king supplemental appropriations and adjustments to the 2008 budget. We have also set aside time for discussion in the afternoon work session and aze attaching the following information for your review: • Second Supplemental Appropriation Request of 2008 • Statements of Revenue, Expenditure, and Changes in Fund Balance including the second supplemental • Ordinance No. 19 • Memo from Public Works regarding greenhouse proposal General Fnnd We aze recommending budget adjustments to increase revenue only where year-to-date receipts are favorable to the original budget such as construction permit fees ($328K), street cut fees ($lOSK), road and bridge ($260K), parking fines ($44K) and property tax collections ($450K). Per Council's request, the property tax collections over the 2008 budgeted amount will be transferred to the Capital Projects Fund, net of treasurer fees ($9K). Adjustrnents to expenditures include: out-of-cycle contributions of $58K (approved on June 17); a reduction of contributions by $150K with the cancellation of the Intemational Cycle Classic; a pass through of expenses for the NW Incident Management Team's deployment to Alamosa; and additional CASTA dues relating to our participation in a transit lobbyist group that secured federal grant money for a new transit center. There were several adjustments to staffing and overtime accounts, specifically for Fire, Transit and Street Maintenance. The Fire Department overtime account has required budget supplements for the past several years due to staffing challenges and short term disability circumstances. The same challenges were presented in 2008, a.nd the vacant schedules were filled with personnel qualified for those positions, resulting in overtime at higher pay rates than if a resident student was used to fill the slot. Looking forward, the 2009 budget will reflect a more accurate overtime analysis. There are two reasons for staffing and overtime increases for the Transit department: losing our H213 Visa (returning) employees has resulted in an increase in pay rates (to help recnut bus drivers), additional staff time for traini.ng (approximately 80 hours per new driver) and a potential staffing shortage this winter; charter services created some overtime expense but is offset by additional revenue. The street maintenance crews have additional overtime from the heavy snowfall this past spring. Snowfall also accounts for overages in both the cinders and contract labor accounts. The contract labor line item includes contracts for snow removal (both shoveling and hauling). These costs were somewhat offset by Vail Resort's reimbursement for snow removal around Arrabelle (the incomplete portion of snowmelt last winter). Other chauges are outlined in the attached spreadsheet. 080902 2ad Supp _ 1 _ ; . Caoifal Proiects.Fnnd Increases to reyenue include property tax collections totaling $441K (transferred from the General Fund), Use Tax collections of $490K and Employee Housing Fee-in-Lieu revenue of. $168K. Other revenue adjusfinents relate to reimbursed pmject expenses and are offset by those expenditures: Coimty Grant of „ $267K and Colorado l)epartment of Transportation (CDOT) reimbursement of $95K offset the cost to _ install , fiber cable along .I-70 (total cost of $909K); Four Seasons, Solaris and Lionsridge Loop homeowrieis are reimbursiag the town for costs relating to streetscape projects and underground utilities; , the Dispatch'Fund is contributing $75K to be used toward the new generator in the municipal building. Other. adjustments to expenditures include the delay of purchasing a.fire truck for the new West Vail Fire Station ($520K) until plans for that station are finalized, an eme=gency repair to the heating system at Donovan _Pavilion ($13K) and a reduction of $35K in debt service payments due. to refinancing of tfie town's 1998A bonds. Real.Estate Transfer Taz (RETZ) Fnnd . There were no adjustments to tax collection revenue with a$1 M reduction taken earlier this year and curient collections exceeding prior year by-39%. The only adjustment to revenue is a reunbursement for, deployment of three Forest Health firefighters to the fires in Califorriia (offset• by expenses). There were three.projects that had significant savings: Katsos Ranch bike path ($200K), Meadow Drive . streetscape ($200K), and legal fees for Vail Recreation District agreements ($99K). Other adjustments to expenditures include $270K (for a total projeot cost of $370K) to expand the size . and functionality of a new greenhouse in order to accommodate the increased volume of flowers from streetscape additions (please see attached memo from Public Works) and a$20K off-cycle contnbution awarded to Betty Ford Alpine Gardens to be used towazd the replacement of three bridges. Disnatch Services Fund The E911 Board has contributed $25K to be used for the new emergency generator at the municipal 'building (which will serviee both the Dispatch center and other critical aiunicipal operations). By ' utilizing another $SOK of the Dispatch' Services fund balance; a total of $75K will be transferred to the Capital Projects Fund to contribute toward that project. . Health Insnrance Fand Revenue was increased, by $91.5K to reflect reimbursements from our stop loss carrier. Although the town is self-insured, we purchase. stop loss insurance to cover claims that cost more than $75K (pe= _ . claim). Claims expenditures are currently under budget, and no adjustment is required. Heaw Eqniument Fund - Fuel expense has'been increased by $212K to reflect both significant price increases as_ well :as increased usage from the heavy snowfall this spring (additional trips with the snow plows and removal equipment). Othervvise, . the only change to ttus fund is an accounting adjustment to reflect both the expense and reimbursement for warranty work completed on a fire truck. , Debt Service Fund . These adjustments reflect the refinancing of the town's 1998A bonds. 080902 2nd Supp - 2 = I , . Proposed Supplemental Approprlatlons and Budget Adjustments #2 of 2008 ' Revenue Eipenditure . Increase. Increase Descrlption (Decrease) (Decrease) Reason General Fund . Property Tax Revenue 450,000 Incremental ProPertY,tax collections expected ' . County Treasurer Fees 9,000 Add'1 fees.relatecl,to"the incremental $450K of property tax coliections expected Transfer Property Tax,to Capital Fund 441,000 Transfer per Council to Capital Projects fund (net of treasurer fees $9K) Construction permit fees 328,000 Current overage - Street Cut Fees 105,000 Based on current overage County Road & Bridge Tax 260,670 Based on current overage Parking Fines 44,000 Based on current overage; increased enforcement of parking structures OfT cycle Contributions 58,000 Per Council June 17; VCBA $39K; VCBA $4K; Valley Home Source $15K Contributions (150,000) Cancellation of bike race . Contributions 10,000 Eagle Valley Child Care playground improvement "rollover" from 2007 budget as approved by Council on June 3rd, 2008 Other State Revenue 25,416 NW Incident Management Team deployment to Alamosa; CO - reimbursement Professional Fees 21,540 NW Incident Management Team deployment to Alamosa, CO - pass thru to other agencies Salary Expense 3,728 NW Incident Management Team deployment to Alamosa, CO - offsetting TOV staff costs Travel 148 NW Incident Management Team deployment to Alamosa, CO - ofl'setting TOV stati'costs Professional Fees - Transit 30,000 Additional CASTA dues for 2008 related to procurement of federal transit grant - OVertime - Fire Dept 66,500 Change in policy to staff with personnel qualified for each scheduled position; Staffing challenges and short-term disability as well Salary Expense - Fire 18,000 Salary adjustments / staff reorganization Charter Revenue 13,000 Current oveiage from original budget'(total revenue $99K) Seasonal Salary Expense - Transit 68,100 Training time required for new drivers (replacing our returnin Australia stafand Overtime - Transit g ~ pay rate increase 27,000 Expected winter shortage; Charter service coverage; Short-staffed by 3 this past spring season Benefits = Transit 6,500 Related to increases in salary-& overtime Overtime - 3treet Maintenance 25,000 Spring snow much higher than average year; TOV plow drivers additional time . Contract Labor 35,000 Snow shoveling contract and heuling - additionatuse froin spring snowfal) Cinders - 13,000 Spring snow much.higher than average.year Shared Costs / Reimbursement 27,535 Vail Resort's reimbursement to TOV for snow removat around Arrabelle , Library Revenue 6,322 Unbudgeted revenue'from,library systems rebate Library Computer system upgrade 3,700 System upgrade,for,library software . 5hared Costs / Reimbursement 38,547 Seasonal police officer parficipating in grant-funded drug task force headquartered in Glenwood Springs Seasonal salaty expense 38,547 Seasonal police officerpartici ating in Legal Fees P grant-funded drug task force headquartered in Gleowood Springs 10,000 Ordinance litigation and other cases • Vol'vo sponsorship of host program (15,500) Trensfer funds from Eco-Dev d t to HR for Host ro Volvo sponsorship of host program ~ P gram sponsorship 10,500 Transfer of funds to HR for Host program sponsorship Subtotal General Fund I,298,490 729,764 Supp 2 of 2008 3 " 812812008 12:56 PM Proposed Supplemental Appropriationa and Budget Adjustments t!E of 2008 Revenue Egpendlture Increase Increase Description (Decrease) (Decrease) Reason Capital Projects Fund Property Tax Transfer from Gen'I Fund 441,000 Unbudgeted property tax collections, net of 2% Treasurer fee - Allocated to capitel fund per Council Property Tax Increment - Reserved 441,000 Reserve unbudgeted property tax collections per Council Use Tax 500,000 Based on actual collections Employee Housing Fee-in-Lieu 168,000 Based on actual collections County Grant 267,000 Eagle County contribution to I-70 Fiber project Shared Costs / Reimbursement 95,000 CDOT contribution to I-70 Fiber project I-70 Fiber Project - Prof Fees 909,128 I-70 Fiber project thru CDOT - per Council (at $600K) 8/5/08; Project nets $604K after contributions Shared Costs / Reimbursement 285,000 Four Season reimbursement for a portion of the West Meadow Drive streetscape project Shared Costs / Reimbursement 165,000 Reimbursement from Solaris for E. Meadow Drive streetscape work E. Meadow Drive Streetscape 165,000 E. Meadow Drive streetscape work Shared Costs / Reimbursement 126,000 Homeowners in Lionsridge Loop area are contributing to the underground utilities Construction Services 321,000 Underground Utilities; remainder will be reimbursed by the Holy Cross Community Enhancement Fund over the next 2 years Transfer from Dispatch Fund 75,000 Emergency generator project Capital outlay - equipment 75,000 Per Council July 1, increase emergency generator expense (electrical code issues) Shared Costs / Reimbursement 22,908 LH Parking Structure - reimbursement from Open Hillwood LH Pazking Structure - Prof Fces 22,908 LH Parking Structure - legal and professional fees Housing Strategic Plan 25,341 Per Council May 6; council retreat TOV Strategic Plan (25,341) Transfer to Housing plan Fire Truck Purchase (520,000) Move purchase to 2010, pending plans for W Vail Fire Station Donovan Park Pavilion 13,000 Repair of Heating system Transfer to Debt Service Fund (35,000) Estimated reduction in debt service payment from refinancing of 1998A bonds Subtotal Capital Projects Fund 2,144,908 1,392,036 RE7T ProJects Fuud Katsos Ranch Bike Path (200,000) Savings from Katsos Bike Path project Meadow Drive Streetscape (200,000) Savings from Meadow Drive streetscape project Professional Fees (99,229) VRD legal agreements were done in-house; savings to RETT budget Meadow Drive Streetscape (27,000) Transfer Streetscape funds to AIPP for East Meadow Drive entry feature AIPP East Meadow Drive Entry 27,000 East Meadow Drive entry feature - in addition to $35K already included in the budget Greenhouse 270,000 Expanded functionality of new greenhouse to accommodate town-wide landscape additions such as streetscape & medians Off cycle Contributions 20,000 Per Council July 1 for Betty Ford Alpine Garden bridge replacement Volvo eponsorship of trash bins 3,000 Transfer funds from Eco Dev dept (see Gen'I fund above) Volvo sponsorship of shwt furniture 2,000 Transfer funds from Eco Dev dept (see Gen'I fund above) Highway Clean-up 2,700 Additional costs for highway clean-up Subtotal RETT ProJects Fund - (201,529) Supp 2 of 2008 4 8128/2008 12:56 PM Proposed Supplemental Appropriations and Budget Adjustments #2 of 2008 Revenue Eapeuditure Increase Increase DescripNon (Decrease) (Decrease) Reason Dispatc6 Servlce Fund E911 Board Revenue 25,000 E91 i funds for use toward emergency generator Transfer to Capital Projects Fund 75,000 Emergency generator project ($25K from E911 Board and $SOK from Dispatch fund balance) Subtotnl Dispstch Service Fund 25,000 75,000 Healtd Insurance Fund lnsurer Proceeds 98,982 - Reimbursement for claims over stop-loss maximum Subtotal Health Insurance Fund 98,982 - Heavy Equlpment Fund Reimbursements - Warranty Work 21,057 Wartanty reimbursement for work done to fire engine Repairs & Maintenance 21,057 Repairs to fire engine - covered under warranty Fuel 212,214 Additionat fuel costs due to increases in price and usage (snow plows this spring) Subtotal Heavy Equipment Fuud 21,057 233,271 Debt Service Fuud Transfer from Capital Projects Fund (35,000) Savings in debt service payments due to refinancing of town's 1998A bonds Principal 45,000 Change in debt service payment due to refinancing of town's 1998A bonds Interest (80,000) Change in debt service payment due to refinancing of town's 1998A bonds Subtotal Debt Service Fund (35,000) (35,000) Total All Funds 3,553,437 2,193,542 Supp 2 of 2008 5 8/28l2006 12:56 PM 2nd Suppiemerttal of 2008 Ffrst Reading TOWN OF VAIL 2008 BUDGET - - _ SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - GENER ----AL F---------------------- - UND- - i ~ ' ~ Pro osed Bud et ~ Ammended : 2nd ! Ammended 2008 , 2008 ' Sup lemental I 2008 ~ Revenue ; Local Taxes: - ~ ---1 - Sales Tax S fit b/t Gen'I Fund & Ca ital Fund i 60/40 60/40 ~ 60/40 Sales Tax 11,640,000 $ 11,640,000 I I$ 11,640,000 Pmperty and Ownershi I 3 843,500 i 37843,500 450,000 4,293 500 Ski Lift T ax 3,123,852 3,123,852 I 3,123 852 Franchise Fees Penalties, and Other Taxes I 826,110 826,110 i 826,110 Licenses & Permits ~ 2,353,950 I 2,353,950 ~ 433,000 i 2,786,950 Inte ovemmental Revenue ' 1,366,800 1,366,800 286,086 1,652,886 Trans rtation Cerrters 3,736,380 3,736,380 13,000 3,749,380 Cha es for Services 817,135 767,135 767135 Fines & ForFeitures 215,000 215,000 44,000 259,000 Eamin s on Investments 675,000 675,000 675,000 Rerrtal Revenue 763 00 iQ 797,400 797,400 Miscellaneous and Pro'ect Reimbursemenis ' 70,000 I 73,000 000 72 404 145,404 Total Revenue ~,430,727 29,418,1271 1,298,490 30,716,617 Ex nditures Salaries 13,108,428 13,108,428 2,875 13,355,303 Benefts 4,477,762 4 477 762 500 4,484,262 Subtotal Com ensation and Benefits 17 586190 17 586190 E2573.375 17,839,565 I Corrtributions, S ecial Events and Econ Dev 1,327,340 I 1,410,445 82,000 1,328,445 All Other O eratin enses 7,162,216 7,242,391 117,389 7,359 780 Hea E ui meM O ratin Cha es 2,093,150 2,093150 2,093,150 Hea E ui ment Re lacemerrt Cha es 629.6431 629,643 629,643 Dis atch Services 535.657 535,657 535,657 Total Ex nditures 29.334,196 29,497,476 288,764 29,786,240 Revenue Over Under E nditures 96,531 (79.34911- 1,009,728 930,377 Transferto Ca ital Proects Fund ' 441,000 441,000 B innin Fund Balance 14,686,181 19,856,618 19,834 717 Endin Fund Balance $ 14,782,712 $ 19,777,269 $ 20,324,094 6 2nd SupplemeMal of 2008 First Reading TOWN OF VAII 2008 BUDGET SUMMARY OF REVENUE, EXPENDRURES, AND CHANGES IN FUND BALANCE CAPRAL PROJECTS FUND I I i ~ - ' - I Prod Bud9et ~ Ammended i 2nd i Ammended 2008 2008 ' Supplemental j 2008 Revenue Sales Tax A.$ 7,760,000 7,760,000 $ 7,760,000 i Use Tax - , - ' 500,000 ; 500,000 i Federal Grant Revenue 815,577 I 815,577 ~ 815,577 Lease Revenue 187,800 187,800 I ` T 187,800 Pro'ed Reimbursemerrt i 191,510 i 693,908 ' 885,418 . Ea le Coun Grant Revenue - I__ 50,000 ' 267,000 I 317,000 Em lo e Housin Fee-in-Lieu i - 168,000 168,000 Eamin s on Investrnents and Other 10,850 195 043 ' i 195,043 Total Revenue i 8,774,2271 9,199,930 ' 1,628,908 10,828,838 i Expenditures ; I I Land Purchases Altair Unit - I 178,066 178,066 E ut ent Purchases ~ Document Ima in 350,000 350,000 350,000 Soflware & Hardware U rades 43,000 43,000 43,000 Comm Dev Interactive Permit software - 21 838 21,838 Soflware Licensin 8,500 8 500 8,500 Network u rades 32,000 43,478 43,478 Website & E-commerce I 12,000 32,000 I 32,000 Com uterAided Dis tch CAD / RMS Pro'ect 43,000 57,640 57,640 Parkin E ui meM Re lacement - 2,985 2,985 Patrol Car Vdeo Cameras _ 8,000 8,000 8,000 Jail / Munici I Bid vdeo S em U rade 23,000 23,000 23,000 Fire Truck Rebuild/Refurbish 520,000 520,000 520,000 - Radio am lification in arkin structures 50,000 50,000 Hea E ui ment new ca ital - 3,400 3,400 Generator - I 175,000 75,000 250,000 Office E ui ment 14,635 14,635 14,635 Re lace Buses - 3,840 297 3,840,297 Radio re Iacement ublic works, ublic safe 495,500 545,500 545,500 Vehicle Expansion ; 61411 61411 Subtotal E ui ment Purchases 1,549 635 5,800,684 445,000 5,355.684 Ca ital Mairrtenanee Bus Shelter Re lacement 10,000 29.354 29,354 Ca ital Street Maintenance 1,625,000 1,702,280 1,702,280 Parkin SVucture Im rovements 935 000 1,163,216 1,163,216 ! General Fadli Im rovemeMs 400,000 568,817 568,817 ' Data Center i - ' 35,500 35,500 Flammable stora e/ Ma Chloride 24,000 24,000 ' Subtotal Ca ital Mairrtenance 2,970,000 3,523,187 - 3,523,167 SMest Reconstructlon Nei hborhood Road Reconstruction 150,000 ' 150,000 150,000 I Nei hbofiood Brid e Reconstruction 75,000 75,000 , 75,000 ~ Subtotal Street Reconstructlon 225,000 225,000 ~ i 225,000 I Buildin s & Im rovemeMs , ; Fire infrastructure improvements ~ 250,000 ; _329,229 i 329,229 i Fiber O tics in Buildin s ~ 15,000 ; 30,000 I I 30,000 'Variable Messa e Si ns / Wa indin Im r ' 30,000 ' 36,416 36,416 I Donovran Park Pavilion 13 000 , 13 000 ~ Subtotal Bld ! Im rovements 295,000 ; 395,645 13,000 408,645 I 7 2nd SupplemeMal of 2008 , . Flrst Reading . , TOWN OF VAIL 2008 BUDGET ; SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE - - CAPRAL PROJECTS FUND - i -i - - i i - i Proposed Budget ' Ammended 2nd ~ Ammended . j - , 2008 2008 ! Supplemental j 2008 ' ~ Streetsca Pro'ects i Manot Vail Street Plan i - 100,000 ! 100.000 iWestMeadowDrive 1,720,000I 1,720,0001 ' i 1,720,000 ~ Ea§t'Meadow Drive-Streetsca e Heat I - ; 165 000 165 000 • - ~ Vill e Streetsca e ` 1,013,761 i I 1 013 761 Subtotal Stree~ca ' Proeds I 1,720.000 2,833,761 165,000 2,998,761 - ~ i Hous(n Pro ram Buy-D own Proram. . ! 100,000 ! 100,000 100,000 P'iUcin.Creek Em lo ee Housin Unit i 7,350 ! 7,350 Timtier Rid e Debt Service Guararrtee I - I 925,000 925,000 ' Timtier Rid e U al / Zoni ' I 28,927 _ 28 927 Subtotal Housin P ram j 100,000 i 1,061.277 I - 1,061.277. L1onsHead Redevelo mant LionsHead Im rovemenis - I 32 242. 32,242 Subtotal LionsHead Reilevelo ment - 32,242 - 32,242. Other Im rovements ' Prooerty Tax IncaemeM - Reserved - - 441,000 _ 441,000 P TOV Strat ic Ptannin ail 2020 - 25,341 25,341 - Housin SVat" dic Plan I - 25,341 25.341 _ West Vail Area Pian - 22,732 22,732 Chamonix Area Plan - 130;545 130,545 I-70 FiberPro'ect - - 909,128 909,128 Street Li ht lm rovement Pro ram 75,000 75,000 75,000 _ 1-70 Noise. 250,000 1,079,282 1,079,282 ' LH Pariiin Strudure Redevelo ment I - 34,857 22,908 57,765 Bio-Mass Stud = ' - 50,000 50,000 Und`e -Yound Util' Im rovemeMs - 47,783 321,000 368;783 E. Vail Radio Tower 5 000 5,000 _ 5.000 _ Subtotal Other.lm rovements 330,000 1,470,540 -1;694,036 3;164,576 _ Total bafore Financin ' 7,189.635 15.520,382 1,427,036 16,947,418 . TransferforDebt Service I 2,321,825 2 321,825 35,000 (2,286,825) ' Transfer from Dis atch . 75 000 75,000. , Transferfrom Geneial Fund A41,000 . 441 000 Total Financin 2,321,825 ' 2.321,825 ' SS7,000 1,770,825 ' i i . 'Total Ex nditures 9,511,460 17,842,207 878,036 18,718,243 , . Revenue Ovbr Under - nditures 37,233 8,842,277 i 7,888,405 B innin Fund Balance ' 754,153 , 10,171,125 10,064,128 Ending Fund Balance . 16,920-' S 1,528,848 I $ 2,174,723 ~ 8 " 2nd Supplemertal of 2008 ' First Reeding TOWN OF VAIL 2008 BUDGET - - - - SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE - - - - - - - - - - - - REAL ESTATE TRANSFER TAX FUND - - - ! - • - - . - - - - - = Frop°sed-- ~ Bud~et _ ._Ammended ; _ 2nd ^ Ammended - - 2008 2008 ~-Supplemental 2008 REVENUE I Real Estate Transfer Tax 8,230,000 $_7,230,000 , $ 7,230,000 Grant Revenue ; - i 151,858, 151,858 Golf Course Lease _ ; 126,708 126,708 , , - 128,708 Lotte Revenue , 20,000 ~ 20,000 20,000 Pro'ed Reimbursements 1 ~ 6,000 6,000 Eamin s on Irnestrnents and Other ; 200,000 ` 308,330 j ' 308,330 Recxeation Amen Fees _ I 125,000 ; 125,000 I 125,000 Total Revenue _ i 8,701,708 ; 7,967,896 1 - 7,967,898 - - ' ' i EXPENDITURES Mnual Maintenance j i - RETT Mana ement Fee (to Gen'I Fund 411,500 ~ 361,500 ' i 361,500 Park, Path & Landsca e Maintenance 1,253 90~ 1,311,066 I i_ 1,311,066 Rec. Path Ca ital Maintenance 222, ,7 98 384,262 384,262 AI ine Garden Su rt 70,000 70,000 20,000 90,000 Tree Maintenance 60,000 ' 115,931 115,931 Forest Health Mana ement 360,000 531,808 531,808 Street Fumiture Re lacement 20,000 24,143 2,000 26,143 Black Gore Creek Sand Mitiation 100,0010 184,000 184,000 Subtotal Maintenance 2,498,1891 2,982,710 22,000 3,004,710 Recreation PathlTrail DevelopmeM Katsos Ranch Path I ~ 546,887 200,000 ~ 346,887 Cascade Bike Path r----- ! _ 6,977 , 6,977 TimberRid e-Buffahr Crk Rd Path - ' 653,700 I 653,700 Streamwalk & Safe Im rovemetns 225,000 T-225,000 225,000 Trailhead Develo ment / Im rovemeM 22,100 33,250 33,250 Meadow Drive Streetsca 1,250,000 1,250,000 227,000 1,023,000 Fronta e Road Bike Lanes / Trails 1,275,000 1,275.000 1 275 000 Subtotal Pathways 2,772,100 , 3,990,814 427,000 3,563,814 I Ca ital Matrrtenance ADA Com Iiance w/ VRD - 100,849 100,849 VRD A reemerrts - L al Counsel 50,000 99,2291 99,229 - Raw Water Project / Irrigation Control - 9,927 9,927 ' Stream Trad Incursion Surve _ - 30,000~ 64,881 ~ i 64,881 Bi Hom Paric - , - i - Pla rourtd Safety / Red Sandstone I 425,000 465,037 465,037 Retrofit Park Restrooms-3 seasons ~ - 78,659 78,659 Park / Pla und Ca ital Maintenance 105,000 125,229 i 125,229 Landsca e Medians - 570,000 ' 570,000 Turf To resser Bear Proof Containers - I 2,578 ~ 3,000 ' 5,578 Sibert CirGe - 323,230 ' 323,230 Ford Am hitheater Renovations I - - I - Greenhouse - 100,0001 270,000 370.000 Dobson Ice Arena 77,200 98,907 I 98,907 G nastics Cerrter - I 29,611 ! i 29,611 Ford Park / Tennis Cerrter Im rovemerrts I 62,000 1 78,800 1 I 78.80 0 Subtotai Ca ital Maintenance 749,2001 2,146,937 ; 173,771 • 2,320,708 , i ~ Art in Publlc Places AIPP i j Public Art 75,000 i 291,998 I 27,000 318,998 Pro'ect Mana emeM 62167 62,1671 62167 Subtotal AIPP ; 137,1671 354,165 27,000 ~ 381,165 I I ; Park Develo ment Donovan Park - ; 45,043 I 45,043 W hite W ater Park 48,325 ' 48,325 9 2nd Supplemental of 2008 ' Frst Reading TOWN OF YAIL 2008 BUDGET . SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE - - - - - - REAL ESTATE TRANSFER TAX FUND - - - - - - - - ~ ---------T- Proposed I Bud et ; Ammended ' 2nd ^ Ammended I 2008 ; 2008 ' Supplemental 1 2008 LionsHead Park 928,000 ' 1,067,000 1,067,000 5kate Park • - 65,000 65,000 Ka k Take-out ~ - 10,000 r ; 10,000 Ford Park Master Plan-Improvements 1,500,000 1,581,340 ' 1,581,340 Subtotal Park Development ~ 2,428.000 , 2,816,708 ' - ' 2,816,708 - ~ Recreation Master Plannin I - ~ 79,543 ; 79,543 Environmerrtal Sustainabili 250,000 ; 307,011 ~ 2,700 ~ 309,711 O en S ace A uisition 551,0191 551,019 ~ I Total Ex nditures , 8.834,656 13,228.907 201,529 ! 13,027,378 i Revenue Over Undar nditures ~ 132.948 i 5,261,011 5,059,482 i B innin Fund Balance 6,953,621 11,769,273 11 769273 Ending Fund Balance E 6,820,673 ; $ 6,508,262 6,709,791 10 2nd Supplemental of 2008 First Reading TOWN OF VAIL 2008 BUDGET SUMMARY OF REVENUE. DCPENDITURES, AND CHANGES IN FUND BALANCE DISPATCH SERVICES FUND -I i ; i - ~ Proposed _ Budget Ammended 2nd ~ Ammended 2008 i 2008 Supplemental 2008 Revenue I E911 Board Revenue i$ 582,183 $ 582,183 1 $ 25,000 $ 607,183 Interagency Charges ~ 956,694 j 956,694 956,694 Town of Vail Intera en Cha e 535,657 535,657 i 535,657 Eamin on Investments - I - ; - E911 BOARD Ca ital Grant - I - ~ - Pro'ect Reimbursement - - ~ _ Other Total Revenue 2,074,534 2,074,534 25,000 ' 2,099,534 Expenditures Salaries & Benefits _1,606,676 1,606,676 I 1,606,676 O eratin , Maintenance & Contracts 465,511 478,511 478,511 Ca ital OuUa 50,000 142 000 142,000 Total Expenditurss 2.122,187 2,227,187 2,227,187 Revenue Over (Under) Expenditures 47,653 (152,653 25,000 127,653 I Transfer to Capital Projects Fund (75,000) (75,000) B innin Fund Balance 525,684 918,366 918,366 nding Fund Balance $ 478,031 $ 765,713 $ 715,713 11 • . ' } . , , . • . ' 2nd Supplemental - ' First Reading - . I - . TOWN OF VAIL 2008 BUDGET SUMMARY OF REVENUE, EXPENDITURE3, AND CHANGES IN FUND BALANCE ' HEALTH INSURANCE FUND . i i - , i - ~ - ~Proposed - ' 2008 2nd ; Ammended . ' Budget I Supplemental " 2008 - - Revenue - 1 Town of Vail Intera enc Cha e= Premiums 2,492,561 - I$ 2 492,561 Em lo ee Contritiutions ~ 285,792 i 285.792 InsurerProceeds - I 7,500 i _ 98,9821 106,482 Eamin s_on Investments 29,700 1 29,700, Total Revenue I 2,815,5531 98,982 2,914,535 . . i - Ezpenditures I I , Weafth Inusrance Premiums 330,553 . Claims Paid . 2,425,000 i 2,425,000 Sfiort term Disabil' Pa 40,000 40 000 Professional Fees _ 20,000 - 20,000 . Total:Ezpenditures_ 2,815,553 - 2,815,553 ~ - - ~ Revenue Over (Under) Expenditures 98,982 98,982 B innin Fund Balance 560,973 ' 990 117 End.ng Fund Balance 475,1541 „ 1,089,099 12 ~ 2nd Supplemental of 2008 First Reeding --L-----~----- ' ~ TOWN OF VAIL 2008 BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE i HEAVY EGUIPMENT FUND ---L--- ~ - i , i , Proposed i Bud e~t ; Ammended 2nd 1 Ammended ~ 2008 2008 Supplementai ~ 2008 Revenue Town of Vail Inte en Cha e $ 2,795,945 $ 2,795,945 $ 2,795,945 Insurance ReimbursemeMs & Other 38,800 i 38,800 I 21,0571 59,857 Eamin s on Investrnents 65,000 65,000 65,000 E ui ment Sales and Trade-ins 133,530 133 530 i 133,530 Total Revrenue 3,033,275 3,033,275 21,057 I 3,054,332 Expenditures ~ Salaries 8 Benefits 970,593 970,593 970,593 O rati , Maintenance 8 Contracts 1,180,450 1,180,450 233,271 1,413,721 Ca ital Outla 686,300 923,456 ' 923,456 Total Fxpenditures 2,837,343 3.074,489 , 233,271 3,307,770 Revenue Over (Under) Expenditures 195,832 41,224 212,214 253,438 Beginning Fund Balance 1,473,250 1,685,059 1,734,787 Ending Fun Balance I S 1,669,182 I $ 1,643,835 $ 1,481,349 13 2nd Supplemental of 2008 . First Reading - TOWN OF VAIL 2008 BUDGET $UMMARY OF REVENUE; EXPENDITURES, AND CHANGES IN FUND BALANCE. DEBT SERViCE FUND Pro osed . Bud et 2nd , j Ammended ' 2008 ' Suppiemental ; 2008 , ^ Revenue - Transferfrom Ca ital Pro ects.Fund i$ 2,321,825 ;(35_. OOZi $ 2,286,825 Eamin s on Investmenfs Total Revenue I 2,321,825 (35,000)1 2,286,825 - _ ~ i. Expendltures _ : - I - , Princioal 1,890,000 45,000 ^ 1,935,000' \ IrKerest Exrieriie 432,396 ' (80,060)1 352,396 Fscal A ent Fees 2 500 2,500 Total E nditures 2,324,896 (35,000)1 2,289 896 Revenue Over (Under) Expendkures 3,071 - 3,071 B innin Fund Balance 247,154 252,710 Ending Fund Balance $ 244,083 249,639 , ' 14 ORDINANCE N0.19 SERIES OF 2008 AN ORDINANCE MAKING SUPPLEMENTAL APPROPRIATIONS TO THE TOWN OF VAIL GENERAL FUND, CAPITAL PROJECTS FUND, REAL ESTATE TRANSFER TAX FUND, DISPATCH SERVICES FUND, HEAVY EQUIPMENT FUND AND DEBT SERVICE FUND OF THE 2008 BUDGET FOR THE TOWN OF VAIL, COLORADO; AND AUTHORIZING THE EXPENDITURES OF SAID APPROPRIATIONS AS SET FORTH HEREIN; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, contingencies have arisen during the fiscal year 2008 which couid not have been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No. 29, Series of 2007, adopting the 2008 Budget and Financial Plan for the Town of Vail, Colorado; and, WHEREAS, the Town Manager has certified to the Town Council that sufficient funds are available to discharge the appropriations referred to herein, not othervvise reflected in the Budget, in accordance with Section 9.10(a) of the Charter of the Town of Vail; and, WHEREAS, in orderto accomplish the foregoing, the Town Council finds that it should make certain supplemental appropriations and budget adjustments as set forth herein. NOW, THEREFORE, BE IT ORDAINED, BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO that: 1. Pursuant to Section 9.10(a) of the Charter of the Town of Vail, Colorado, the Town Council hereby makes the following supplemental appropriations and budget adjustments for the 2008 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the expenditure or (reducfion) of said appropriations as follows: General Fund $ 729,764 Capital Projects Fund 1,392,036 Real Estate Transfer Tax Fund (201,529) Dispatch Services Fund 75,000 Heavy Equipment Fund 233,271 Debt Service Fund (35.000) Total $ 2,193,542 2. If any part, section, subsection, sentence, Gause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this Ordinance No. 19, Series of 2008 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. 3. The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 4. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenoed, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 5. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 2nd day of September, 2008, and a public hearing shall be held on this Ordinance on the 16th day of September, at the regular meeting of the Town Council of the Town of Vail, Colorado, in the Municipal Building of the town. Dick Cleveland, Mayor ATTEST: Lorelei Donaldson, Town Clerk Ordinance No.19, Series of 2008 Memorandum - To: Stan Zemler From: Greg Hall Date: August 22, 2008 RE: Request to increase budget for PW Greenhouse replacement. The Phasing Plan for the Vail Public Works Maintenance Facility Master Plan was approved by the PEC and DRB in August 1995. The Master Plan includes the replacement of the existing greenhouse structure to accommodate expansion of the shop building, to meet demands of an increased flower program, and is required due to the age of the structure. Currently the greenhouse is used as a short term storage azea for annual bedding plants which are grown and delivered by independent suppliers. The existing 20' x 70' greenhouse is filled and emptied approximately 6 times during the spring planting season. The existing greenhouse heating and cooling systems are operated during this period. Heating and cooling systems are turned off for the majority of the summer and winter months. In addition to the existing greenhouse, a temporary structure is erected using plastic sheeting in space available between the shop building and the greenhouse. This space is used April through June to grow flowers in containers and make them ready to put in public areas just before July 4. The temporary plastic structure is heated with inefficient space heaters and does not have a cooling system. The Department of Public Works has carried forward a$100,000 1ine item for greenhouse replacement in the RETT budget as part of the overall 1995 Master Plan. The budget was intended to fund the cost of a 30' x'70' typical greenhouse structure. A typical greenhouse structure does not have a full concrete foundation and has a gravel floor. Evaluation of the current nceds for the flower program has shown a more substantial greenhouse structure is required due tb expansion of the flower bed and container prograrn. The container planting part of the flower program has increased with the addition of the Arrabelle pmject in Lionshead. The DIA for the project includes an additional 12 to 15 medium to large flower containers on TOV property as the responsibility of the town. To efficiently and safely move large containers, they are placed on pallets and moved with a forklift. To accommodate the equipment in the greenhouse the structure will need a concrete floor with draina.ge inlets, a concrete foundation wall to protect the structure from possible bumping and damage by the equipment or pots, overhead door, and a higher ceiling. Spatial needs have increased from 2100 sf (projected in 1995) to 2800 sf of greenhouse azea. In addition to the increased cost of a larger, more substantial greenhouse structure there are other costs associated with the project that were not anticipated in the original project budget 13 years ago: These include electrical, water, and natural gas utility upgtades, - storm sewer improyements; and storage pods to accommodate lost and increased storage rieeds. . The total budget request is to increase the project budget form $100,000. to $370,000. There are. funds in, the Real Estate Transfer Tax (RETT) budget allocated for projects in , ~ wluch there were savings. Staff requests to transfer -$270,U00 of those funds from the $400,000 savings on the Katsos Recreation Path and West Meadow Drive projects to the greenhouse project. . ` The Department `of Public Works would like to begin construction of the greenhouse this fall to have it re ady for the 2009 spring planting season. . BOND DOCUMENTS.FOR DISCUSSION SEPTEMBER 2, 2008 Ordinance No._20 - authorizes issuance of new bonds to replace existing 1998A Sales. Tax Revenue Bonds at a lower overall cost. . Also delegates authority to : Mayor, Town Manager, and Finance Director to execute related documenfs. Bond Purchase Agreement - authorizes Piper Jaffray & Co. to act as underwriter . on the new bonds Escrow Agreement - a.uthorizes U.S. Bank to hold funds from the new bonds in escrow to repay the existing 1998A bonds _ Registrar and Paying Agent Agreement - authorizes U.S. Bank to distribute principal ancl interest payments for the new 2008 bonds f a ~ ORDINANCE NO. 20 SERIES OF 2008 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF VAIL, COLORADO SALES TAX REVENUE REFUNDING BONDS, SERIES 2008; PROVIDING THE FORM, TERMS AND CONDITIONS OF THE 2008 BONDS, THE MANNER AND TERMS OF ISSUANCE, THE MANNER OF EXECUTION, THE METHOD OF PAYMENT AND THE SECURITY THEREFOR; PLEDGING SALES TAX REVENUES OF THE TOWN FOR THE PAYMENT OF THE 2008 BONDS; PROVIDING CERTAIN COVENANTS AND OTHER DETAILS AND MAKiNG OTHER PROVISIONS CONCERNING THE 2008 BONDS, THE SALES TAX REVENUES AND THE REFUNDING PROJECT; DELEGATING CERTAIN AUTHORITY TO THE MAYOR, THE TOWN MANAGER AND THE FINANCE DIRECTOR; R.ATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Definitions. Terms used in this Ordinance shall have the ineanings specified in this Section for all purposes of this Ordinance and of any ordinance amendatory hereof, supplemental hereto or relating hereto, and of any instrument or document appertaining hereto, except where the context by clear implication otherwise requires. All definitions include the singular and plural and include all genders. Certain terms are parenthetically defined elsewhere herein. Additional Bonds: the one or more series of bonds or other securities or obligations authorized to be issued by the Town pursuant to Section 17 hereof and having a lien on the Pledged Revenues on a parity with the lien of the Bonds. Bond Fund: the fund by that name created by the 1989 Ordinance and continued in this Ordinance. Bond Insurer: the issuer of the Bond Insurance Policy, if any. Bond Insurance Policv: a municipal bond insurance policy issued by the Bond Insurer guaranteeing the payment of principal of and interest on the 2008 Bonds, if any. -1- . ~ ~ 3 Bond Reserve Insurance Policv: any insurarice policy, surety bond, irrevocable letter of credit or similar instrument deposited in or credited to the Reserve Fund in lieu of or in partial substitufion for moneys on deposit therein. The, issuer providing any such_ Bond Reserve Insurance Policy shall be an issuer.which then is rated in the highest rating category by Moody's Investors Service, Inc., Standard & Poor's Corporation, A.M. Best & Company, or their successors. Bonds: the 2008 Bonds, the 2002B Bonds, the Outstanding 1998A Bonds, and any Additional Bonds. Business Dav: . a day, other than Saturday or Sunday, on which banks located in the city in which the Priricipal Office of the Paying Agent is located are not required or authorized to be . closed and on which.Tlie New York Stock Exchange is riot closed. Charfer: the home rule Charter of the Town, incIuding all amendments thereto prior - to the date hereof. . . Commercial Bank: any depository for public funds permitted by the laws of the State for political subdivisions of the State which has a capital and surplus of $10,000,000 or more; and ' which is:located within.the United States. ContinuingDisclosure Certificate: the Continuing Disclosure Certificate executed by the Town in connection with the issuance of the '2008. Bonds, which constitutes, ari undertaking pursuant to Rule_ 15c2-12 promulgated by the U.S. Securities and Exchange Commission. C.R:S.: the Colorado' Revised Statutes, as amended a.nd supplemented as of the date hereof. DTC: The Depository Trust Company, New York, New York, and its successors and , assigns.: - Escrow Account: the Escrow Account for the Refunding Project established with the - Escrow-Bank pursuant to Section 13.B. hereof. Escrow Agreement: the Escrow Agreement between the Town and the Escrow Bank : relating to the Refunding Project. Escrow Barik: U.S. Bank National Associatiori, in Denver, Colorado, acting as escrow agent pursuant to the Escrow Agreement, or any successor. -2- ~ ~ ti t~ Federal Securities: only direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States (or ownership interests in any of the foregoing) and which are not callable prior to their scheduled maturities by the issuer thereof (or an ownership interest in any of the foregoing). Fiscal Year: the twelve months commencing on the first day of January of any calendar year and ending on the thirty-first day of December of such calendar year or such other twelve month period as may from time to time be designated by the Town Council as the Fiscal Year of the Town. Finance Director: the Finance Director of the Town. Income Fund: the special fund by that name created by the 1989 Ordinance and continued by this Ordinance. Letter of Representations: the letter of representations from the Town to DTC to induce DTC to accept the 2008 Bonds as eligible for deposit at DTC. Maximum Annual Debt Service Recuirement: the maximum amount of all required payments of principal and interest on the Bonds which will become due in any Fiscal Year. Mavor: the Mayor of the Town. Mavor Pro Tem: the Mayor Pro Tem of the Town 1989 Ordinance: Ordinance No. 29, Series of 1989 of the Town, as amended by Ordinance No. 32, Series of 2002, and Ordinance No. 27, Series of 2005. 1998 Bonds: the Town's Sales Tax Revenue Refunding Bonds, Series 1998A, originally issued in the aggregate principal amount of $8,760,000 and currently outstanding in the aggregate principal amount of $7,775,000. Official Statement: the Official Statement delivered in connection with the original pricing and sale of the 2008 Bonds. Ordinance: this Ordinance of the Town, which provides for the issuance and delivery of the 2008 Bonds. Outstanding: as of any date of calculation, all Bonds theretofore executed, issued and delivered by the Town except: -3- ? ~ f i ( l) . Bonds theretofore cancelled by the Town, Registrar or Paying Agent, or suirendered to" the Town, Re~,~istrar or.Paying Agent for cancellation; • . (2) Bonds in lieu of or in substitution for which other- Bonds shall have been executed, issued and delivered by the Town and authenticated by the Registrar. . - unless proof satisfactory to the Registrar is presented that any such Bonds are duly held by the lawful registered owners thereof; or • (3) Bonds deemed to have been paid as provided in Section 20 hereof. Owner or registered owner: the registered owner of any 2008 Bond as shown on the registration records kept by the Registrar. Paving Agent:. U.S. Bank National Association, Denver, Colorado, being the agent for the Town for the payment of the 2008 Bonds and interest thereon, or its successors and assigns. Permitted Investment: any investment or deposit. permitted by the Charter and. ordinances of the Town. Person: any individual, firm, partnership, corporation, company, association, joint- stock association . or body politic;,and the term includes any trustee, receiver, assignee or other similar representative thereof. : Pledged Revenues: (i), the revenues derived from the Pledged Sales Tax; (ii) any additional taxes (other thari a general ad valorem .tax), funds or . revenues which tlie Town hereafter pledges to the payment of Bonds; . (iii) proceeds of the Bonds or other legally available moneys depositeii into " and held in the Bond Fund and the Reserve Fund; and . (iv) interest or investment income on the Income Fund, the Bond Fund and the Reserve Fund; . all to the extent that`such moneys are at any time required by Section 14 hereof to be deposited into and held in the Income Fund, the Bond Fund and the Reserve Fund. Pledged Sales Tax: the proceeds of the Town's current 40/o Sales Tax, which is also pledged to the payment of the 1998 Bonds and the 2002B Bonds. "Pledged Sales Tax" does not -4- ~ Y ~ ` incl ude incremental sales taxes which are or may be pledged to the payment of the Bonds pursuant to an urban renewal plan as defined in Section 31-25-103(a), C.R.S., or a plan of development as defined in Section 31-25-802 (6.4), C.R.S. "Pledged Sales Tax" does not include amounts withheld by retailers and vendors to cover their expenses in collecting and remitting the Pledged Sales Tax, and Pledged Sales Tax does not include amounts collected by the Town and subsequently determined, pursuant to the applicable Sales Tax Ordinances, to be subject to valid claims for refunds. "Pledged Sales Tax" does not include the proceeds of any increase in the Sales Tax which may be approved in the future, unless such increase is expressly pledged to the Bonds by the Town. "Pledged Sales Tax" does include the proceeds derived by the Town from any legally available tax or taxes or fees (other than a general ad valorem tax) which replace or supersede the Pledged Sales Tax, regardless of whether such tax or taxes or fees are imposed by the Town or the State or other political subdivision thereof. Preliminary Official Statement: the Preliminary Official Statement relating to the 2008 Bonds a copy of the form of which is on file with the Town Clerk. Principal Office: the principal office of U.S. Bank National Association, 950 17`n Street, 12"' Floor, Denver, Colorado, Attention: Corporate Trust Services; for notices and with respect to payments, exchanges, transfers or surrenders of the 2008 Bonds, means U.S. Bank National Association, 60 Livingston Avenue, St. Paul, Minnesota 55107. Purchase Contract: the Bond Purchase Agreement between the Town and the Purchaser. Purchaser: Piper Jaffray & Co. Rebate Fund: the fund by that name created by the 1989 Ordinance and continued by this Ordinance. Redemption Date means December 1, 2008. Refunded Bond Requirements: the payment of: i) interest on the Refunded Bonds both accrued and not accrued, as the same becomes due on the Redemption Date; and ii) the principal of the Refunded Bonds as the same becomes due or is called for prior redemption on the Redemption Date. -5- . ~ . ~ y . i Refunded Bonds: that portion of the 1998A Bonds maturing on and after December 1, 2009. - Refunding-Proiect: the payment of the Refunded Bond Requirements and the cbsts of issuing the 2008 Bonds. - - Re '~strar: U.S. Bank National Association, Denver, Colorado, being the agent for the . Town for the registration, transfer and exchange of the 2008 Bonds, or its successors. - Registrar Agreement: the Registrar and Paying Agent Agreement between the Town and the Registrar. Regular Record Date: the fifteenth day of the calendar month next preceding each interest payment date for the 2008 Boncis (other than a special interest paymentAate hereafter fixed for the payment of defaulted interest). , Reserve Fund: the fund by that name created by the 1989 Ordinance and continued by this Ordinance. ' Reserve Fund Requirement: an amount equal to the least of (i) 10% of the stated . principal amount,of the Outstanding Bonds, (ii) 100% of the- Maximum Annual Debt Service Requirerrient, or (iii) 125% of the Average Annual Debt Service, to be maintained in the.Reserve Account; except to the extent, of any Bond Reserve Insurance.,Policy therein. . ` Sale Certificate: the certificate executed by any of theMayor, the Town Manager or- the Finance Director dated on or before the date of delivery of the 2008 Bonds, setting forth the present value savings accomplished through the Refunding Project, the interest rate.on the 2008 Bonds, the date on which payment of.interest shall commence, the dates_on which principal and interest shalf be paid, the price at which the 2008 Bonds will be sold, the total principal amount of the 2008 Bonds, the dates on which the 2003 Bonds may be called for redemption, the redemption price of the 2008 Bonds, the amount of principal maturing on each date, and wliether the 2008 Bonds, . will be.secured by a Bond insurance Policy, all subject to the parametersarid restricrions contained:in this Ordinance. - -6- ~ ~ Sales Tax: : the tax ;upon the sale and use of goods and services which is currently . being levied by the Town pursuant to the Sales Tax Ordinances arid any future or- amended tax levied by the Town as a sales and use tax. Sales Taic Ordinances: the ordinances adopted by the Town Council for the purpose of adopting and:enforcing the Sales Tax and which are in effect on the date of this Ordinance and as later amended or supplemented. , , . S12ecial Record Date: a special date fixed to.deterniine the names and addresses of registered owners for purposes of paying interest on a special interest payrrient date for the payment of defaulted interest, all as, further provided in Section 5 hereof. State: the Stafe of Colorado. Supplemental Act means the Supplemental Public Securities Act, constituting Title ' 11, Article 57, Part2, C.R.S. • - Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery. of the,2008. Bonds, and any regulations promulgated thereunder. • . Term Bonds: 2008 Bonds which are payable on or before their specified.maturing dates froin sinking fund payments established for that purpose and .calculated to retire such 2008 Bonds on or before their specified maturity dates. Town: the Town of Vail, Colorado. - Town Clerk: the Town Clerk of the Town or, in his or her absence, the deputy Town Clerk of the Town. Town Council: the Town Council of tfie`Town or any successor in functions thereto. Town Manager: the Town Manager of the Town. Trust Bank: a Coinmercial Bank which is authorized to exercise and is exercising trust powers. 2002B Bonds: the Town's Sales Tax Revenue Refunding; Bonds, Series. 2002B, originally,issued in the aggregate principal amount of $5,570,000 and currently outstanding in the aggregate principal amount of $2,260,000: Section 2. Recitals. -7- r I t A. The Town is a municipal coipoiation duly organized and existing under the, Charter adopted pursuant to Article XX of the Constitution of the State. . B. Section 9.6 of the Charter permits the.Town to issue securities made payable solely out of the proceeds of any sales taxes without an election. C. The Town imposes a Sales Tax pursuant to Section 11.1 of the Charter and the Sales Tax Ordinances. , D. Article X of the Town Charter authorizes the Town Council to issue refunding bonds without an election. E. Pursuant to Article X, Section 20 (4) of the State Constitution, refunding . bonds may be issued without an election if issued at a lower iriterest rate than the refunded bonds. F. The Refurided Bonds are subject to redemption on the Redeinptibn Date at a price equal to principal amourit redeemed plus accrued interest to the Redemption Date. G. The Town Council has determined and hereby declares that it is in the Town's best interest to effect the Refunding Project. H. Except for the December 1, 2008 maturity of the 1998 Bonds, and the 2002B Bonds,Ahe Town has not pledged the Sales Tax to the payment of any bonds or for any.purpose. Simultaneously with the issuance of the 2008 Bonds, the Refunded Bonds will be refunded and. defeased. The Pledged Sales Tax may riow be pledged (with a lien which is on a parity with the 1998 Bonds and 2002B Borids) lawfully and irrevocably for the payment of the.2008 Bonds. ' I. There are on file with the Town Clerk the proposed fortns of the following documents: the Purchase Contract; the Escrow Agreement; the Letter of Representations; the Registrar Agreement; and the Continuing Disclosure Certificate. J. The Town Council desires to cause the 2008 Bonds to be issued, to authorize and direct the application of the proceeds thereof as set forth herein, and to provide security for the payment thereof, all in the manner set forth below. ' Section 3. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the Town Council and other officers of the Town in the imposition -8- r , 4 \ ~ and collection of the Sales Tax, the Refunding Project, and selling and issuing the 2008 Bonds for those purposes are ratified, approved and confirmed. Section 4. Authorization of the 2008 Bonds. There hereby is authorized to be issued an issue of fully registered sales tax revenue securities of the Town, to be designated "Town of Vail, Colorado, Sales Tax Revenue Refunding Bonds, Series 2008" in the aggregate principal amount set forth in the Sale Certificate, to be payable and collectible, both as to principal and interest, from the Piedged Revenues. Section 11-57-205 of the Supplemental Act provides that a public entity may delegate to any member of the issuing authority, chief executive officer, or chief financial officer of the public entity the authority to sign a contract for the purchase of the securities or to accept a binding bid for the securities, such delegation to be effective for one year after adoption of the act of issuance. The Council hereby delegates and authorizes any of the Mayor, the Town Manager or the Finance Director the independent authority to execute and deliver a Purchase Contract, execute and deliver the Sale Certificate setting forth the terms on which the 2008 Bonds will be delivered, subject to the parameters and restriction contained in this Ordinance. Any of the Mayor, the Town Manager or the Finance Director is hereby authorized to determine if obtaining municipal bond insurance is in the best interests of the Town, and if so, to select a bond insurer to issue a municipal bond insurance policy, execute a commitment relating to the same and execute any related documents or agreements required by such commitment. Should the Town elect to not obtain bond insurance, any reference herein to the Bond Insurer or the Bond Insurance Policy are of no force and effect. Section 5. 2008 Bond Details. A. The 2008 Bonds shall be issued in fully registered form i.e., registered as to both principal and interest) initially registered in the name of Cede & Co. as nominee for DTC, shall be dated as of their date of delivery, shall be issued in the denomination of $5,000 or any integral multiple thereof (provided that no 2008 Bond may be in a denomination which exceeds the principal coming due on any maturity date, and no individua12008 Bond will be issued for more than one maturity and interest rate) and shall be numbered in such manner as the Registrar may determine. -9- ~ ~ . 1 , B. The 2008 Bonds shall be dated as of their'date of issuance. The 2008 Bonds shall mature, bear interest from their dated date.to maturity, be subject to redemption, and be sold, as provided in the Sale Certificate; provided that: (i) the 2008 Bonds are not subject to redemption prior to maturity; (ii) the final maturity of the 2008 Bonds shall not be later than December 1, 2012; (iii) the nef effective interest rate ori the 2008 Bonds shall not exceed 3.25%, which rate is less than the net effective interest rate on the Refunded Bonds; (iv) the aggregate.principal amount ofthe 2008 Bonds shall not exceed $6,350,000; (v) the present value savings accomplished through the Refunding Project shall not be less than 2.5% of the principal amount of the Refunded Bonds; (vi) the purchase price of the 2008 Bonds shall not be less than.98%; and (viii) the aggregate principal amount of debt service coming due in any year does not exceed by more than $25;000 the.amount of principal of and interest due on the Refunded Bonds: Interest on the 2008 Bonds shall be calculated . on the basis of a 360-day year of twelve 30-day months, payable semiannually on each June 1 and December 1, commencing on the date provided in the Sale Certificate: C. The principal of any 2008 Bond shall be payable to the.registered owner thereof-as shown on the registration records kept by the Registrar, upon maturity thereof and upon presentation and surrender at the Paying Agent. If any 2008 Bond shall not be paid upon such presentafion and suiYender at or after maturity, it shall continue to draw interest at the same interest rate borne by said 2008 Bond until the principal thereof is paid in full. Payment of interest on any 2008 Bond shall be made by check; draft or wire sent by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a Business Day, on or before the next . succeeding business day), to the registered owner thereof at the address shown on the registration . records keptby the Registrar at the close of business on the Regular Record Date for such interest ~ payment date; but any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner thereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner thereof at the close of business on a Special Record Date for the payment of any such defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become available for payinent of the defaulted interest, ' and notice of the Special Record Date shall be given to the registered owriers of the 2008 Bonds not -10- v ' 4t i~ less than ten days prior to the Special Record Date by first=class mail to each such registered owner as shown on the Registrar's registration records on a date selected by the Registrar, stating'the date of the Special Record Date and the date fixed for the payment of such defaulted interest. The Paying Agent may make payments of interest on any 2008 Bond by such alternative means as. may, be mutually agreed to.between the owner of such 2008 Bond and tHe Paying Agent (provided, however, that the Town shall not be required to make funds available to the Paying Agent prior to the interest payment dates stated in this Section unless otherwise required by the Registrar Agreement or conditions for the issuance of a Bond Insurance Policy). All such payments shall be made in lawful money of the United States of America without deduction for the services of the Paying Agent or ' Registrar. Section 6. Prior Redemption. A. The 2008 Bonds are not subject to redemption prior to maturity at the option of the Town. • B. The Term Bonds, if any, shall . be subject to mandatory sinking fund redemption at the times, in the amounts, and at the prices set forth in the Sale Certificate. On or before the thirtieth day prior to each such sinking fund payment date; the Registrar shall proceed to call the Terrn Bonds indicated above (or any Term Bond or Bonds.issued to replace such Term Bonds) for redemption from the sinking fund on the date,as set forth in the Sa1e Certificate,.and give notice of such call without other instruction or notice from the Town. . At its option, to be exercised on or before the sixtieth day next preceding each such sinking fund redemption date, the Town may (a) deliver to the Registrar for cancellation Term Bonds subject to mandatory sinking fundredemption on such date in an aggregate principal amount desired or (b) receive a credit in respect of its sinking fund redemption obligation for any Term Bonds of the maturity subject to mandatory.sinking fund redemption on such date; which prior to.said date have beeri redeemed (otherwise than through the operation of the sinking fund) and cancelled by the Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each Term Bond so delivered or previously redeemed will. be credited by the Registrar at the principal arriount thereof on the obligation of the Town ori sucli sinking fund redemption date and the -11- - ~ ~ ~ principal amount of Term Bonds to be redeemed by operation of such sinking fund on such date will be accordingly reduced.: The Town will on or before the sixtieth day next preceding each sinking fund redemption date furnish the Registrar with its certificate inclicating whether or not and to what extent the provisions of (a) and (b) of the. preceding sentence are to be availed with respect to such sinking fiind payment. Failure of the Town to deliver such certificate shall not affect the Registrar's duty to give notice of sinking fund redemption as provided in this paragraph B. C. In the case of 2008 Bonds of a denomination larger than $5,000, a portion of such 2008 Bond ($5,000 or any integral multiple thereo fl may be redeemed,.in which case the Registrar shall; without charge to the owner of such 2008 Bond, authenticate and issue a replacement 2008 Bond or Bonds for the unredeemed portion thereof. Section 7. Special Obli atg ions. All of tHe 2008 Bonds, together with the interest . accruing thereon, shall be payable and collectible solely out of the Pledged Revenues, which are hereby irrevocably so pledged; the owner or owners of the 2008 Bonds may not look to any general or other fund for the payment of principal and interest on the 2008 Bonds, except the designated special funds pledged therefor; and the 2008 Bonds shall not constitute an indebtedness nor a debt within the meaning.of any applicable charter, constitutional or statutory piovisionor limitation; nor shall they be considered or held to be general obligations of the Town. Sect'ion 8. Form of 2008 Bonds, Statement of Insurance, if. any, Restg'~ rar°s . certificate of authentication,.form of assignment and prepavment panel. The 2008 Bonds, Statement of Insixrance, if any, Registrar's certificate of authentication, form of assignment and prepayment panel shall be substantially as follows, with such omissions, insertions, endorserrients and variations . as to any recitals of fact or other provisions as may be required by the circumstances, be required or . permitted by.this Ordinance, or be consistent with this Ordinance and necessary on appropriate`to conform to the rules and requirements of any governmental authority or any usage or requirement uf law with respect thereto: -12- v ok s (Form of Bond) Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Town or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL, COLORADO SALES TAX REVENUE REFUNDING BOND SERIES 2008 NO. R- $ 1NTEREST RATE MATURITY DATE DATED DATE CUSIP December 1, 20_ September 2008 REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: DOLLARS The Town of Vail, in the County of Eagle and State of Colorado (the "Town"), for value received, promises to pay to the registered owner specified above, or registered assigns, solely from the special funds provided therefor, the principal amount specified above, on the maturity date specified atiove, and to pay from said sources interest thereon on June 1 and December 1 of each year, commencing on December 1, 2008, at the interest rate per annum specified above, until the principal sum is paid or payrnent has been provided therefor. This bond will bear interest from the -13- y ~ " most recent interest payment date to which interest has been paid or provided for, or, if no interest has been paid, from the date of this bond. This bond bears interest, matures, is payable, is subject to redemption and is transferable as provided in the ordinance passed and adopted by the Town Council of the Town on September 16, 2008 (the "Bond Ordinance") and a Sale Certificate executed.by the Mayor, the Town Manager or the Finance Director of the Town prior to the delivery of the Bonds. ' To the extent not defined herein, terrris used in this bond shall have the same meanings as set forth in the Bond Ordiriance. The principal of this bond is payable upon presentation and surrender hereo.f to the Principal office of the Paying Agent. Interest on this bond_will be paid on or before each interest payment date (or, if such interest . paymerit date is not a business day, on or before the next succeeding.business day), by check or draft mailed to the person in whose name this.bond is registered in the registration records of the Town maintained by the Registrar at the Principal Office and at the address appearing thereon at the close of business on the Regular Record Date. The 2008 bonds are issued by the Town, upon its behalf and upon the credit thereof, for the purpose effecting the Refunding Proj ect, all under the authority of and in full conformity with the Constitution and laws of the State of Colorado, the Town's home rule charter, and pursuant to the Bond Ordiriance of the Town Council duly adopted and made a law of the Town prior to the issuance of this bond. The 2008 Bonds are also issuedpursuant to the provisions of Title 11, Article 57, Part , 2, C.R.S. (the"Supplemental Act"). Pursuant to Section 11-57-210 of the Supplemental Ac't; this recital.shall, be conclusive evidence of the validity and the regularity of the issuance of the 2008 Bonds after their delivery for value. It is further hereby recited, certified, and warranted that all the requiremerits of law have been complied with fully by the proper officers of the Town in issuing this bond. The principal of and interest on this bond are payable only from the proceeds of the Pledged Revenues, all as more particularly set forth in the Bond Ordiriance. This:bond constitutes a first and prior lien, but not necessarily an exclusively first lien,-on the Pledged Revenues. -14- ~ s The 2008 Bonds do not constitute a debt or an indebtedness of the Town within the meaning of any applicable charter, constitutional or statutory provision or limitation, shall not be considered or held to be a general obligation of the Town. The 2008 Bonds constitute a pledge of, and an irrevocable lien (but not an exclusive lien) on all of the Pledged Revenues, on a parity with the Town's Sales Tax Revenue Refunding Bonds, Series 1998A and the Town's Sales Tax Revenue Refunding Bonds, Series 2002B. The 2008 Bonds are equitably and ratably secured by such lien on the Pledged Sales Tax. Reference is made to the Bond Ordinance for the provisions, among others, with respect to the custody and application of the proceeds of the 2008 Bonds, the receipt and disposition of the Pledged Revenues, the nature and extent of the security, the terms and conditions under which additional bonds payable from the Pledged Revenues may be issued, the rights, duties and obligations of the Town, the rights of the owners of the 2008 Bonds, the events of default and remedies, the circumstances under which any 2008 Bond is no longer Outstanding, the ability to amend the Bond Ordinance; and by the acceptance of this bond the owner hereof assents to all provisions of the Bond Ordinance. The principal of, premium if any, and the interest on this bond shall be paid, and this bond is transferable, free from and without regard to any equities between the Town and the original or any intermediate owner hereof or any setoffs or cross-claims. FOR PURPOSES OF SECTION 265(b)(3)(B) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE TOWN HAS DESIGNATED THIS BOND AS A QUALIFIED TAX-EXEMPT OBLIGATION. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance until the certificate of authentication hereon shall have been manually signed by the Registrar. -15- . , IN TESTIMONY WHEREOF, the Town Council of theTown of Vail, Colorado has caixsed this bond to be signed and executed in its name with a manual or facsimile signature of.the Mayor of the Town; and to be signed, executed and attested with a manual or facsimile signature of the Town Clerk, with a mariual or facsimile impression of the seal of the Town affixed hereto, all as of tlie date specified above: ' ' (Manual or Facsimile Si~dnature) , . . Mayor ' - (MANUAL OR FACSIMILE SEAL) _ Attest: , . . (Manual or Facsimile SiQnature) Town Clerk (End of Form of Bond) -16- ~ ~ STATEMENT OF INSURANCE [TO BE INCLUDED IF BOND INSURANCE IS OBTAINED] -17- (Form of Registrar's Certificate of Authentication) This is one of the Bonds described in the within-mentioned Bond Ordinance, and this Bond has been duly registered on the registration records kept by the undersigned as Registrar for such Bonds. U.S. BANK NATIONAL ASSOCIATION,. . . as Registrar Date of Authentication. By: - and Registration: Authorized Officer or Employee (End of Form of Registrar's Certificate of Authentication) -18- .a` ~ . ~ (Form of Prepayment Panel) The following installments of principal (or portion thereo fl of this bond have been prepaid in accordance with the terms of the Bond Ordinance authorizing the issuance of this bond. Sigriature of . Date of Principal Authorized , Prepavment Prepaid Representative of the . ' - Depository (End of Form of Prepayment Panel) ~ , . ~ . -19- _ . . . ; . (Form of Assignment) - For value received, the undersigned hereby. sells, assigns and transfers , unto the within Bond and hereby irrevocably constitutes and appoints attorney, to transfer the same on the records.of the.Registrar, with full powe:- of substitution in the premises. Dated: Signature Guara:nteed: Signature must be guaranteed by a member of a Medallion Signature Program. , • Address of transferee: . Social Security or other tax ' - . - identification number of transferee: . NOTE: The signature to this Assignment must correspond with the name as written on the face of tYie within Bond in everyparticular, without alteration or enlargement or any change whatsoever.., EXCHANGE OR TRANSFER FEES MAY BE CHARGED : ~ (End of Form of Assignment) - Section 9. Uniform Commercial Code. Subject to the registration provisions hereof, the 2008 Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, and the owner or owners thereof shall possess all rights enjoyed by the holders of investment securities under the provisions of the Uniform Commercial Code - Investment Securities. The -20- w . ~ principal of and interest on the 2008 Bonds shall be paid, and the 2008 Bonds shall be transferable, free from and without regard to any equities between the Town and the original or any intermediate owner of any 2008 Bonds or any setoffs or cross-claims. - Section 10. Execution. The 2008 Bonds shall be executed in the name and on behalf of the Town by the signature of the Mayor, shall be sealed with a manual or facsimile impression of the seal of the Town and attested by the signature of the Town Clerk. Each 2008 Bond shall be authenticated by the manual signature of an authorized officer or employee of the Registrar as provided below. The signatures of the Mayor and the Town Clerk may be by manual or facsimile signature. The 2008 Bonds bearing the manual or facsimile signatures of the officers in office at the time of the authorization thereof shall be the valid and binding obligations of the Town (subject to the requirement of authentication by the Registrar as provided below), notwithstanding that before the delivery thereof and payment therefor or before the issuance of the 2008 Bonds upon transfer or exchange, any or all of the persons whose manual or facsimile signatures appear thereon shall have ceased to fill their respective offices. The Mayor and the Town Clerk shall, by the execution of a signature certificate pertaining to the 2008 Bonds, adopt as and for their respective signatures any facsimiles thereof appearing on the 2008 Bonds. At the time of the execution of the signature certificate, the Mayor and the Town Clerk may each adopt as and for his or her facsimile signature the facsimile signature of his or her predecessor in office in the event that such facsimile signature appears upon any of the 2008 Bonds. No 2008 Bond shall be valid or obligatory for any purpose unless the certificate of authentication, substantially in the form provided above, has been duly manually executed by the Registrar. The Registrar's certificate of authentication shall be deemed to have been duly executed by the Registrar if manually signed by an authorized officer or employee of the Registrar, but it shall not be necessary that the same officer or employee sign the certificate of authentication on all of the 2008 Bonds issued hereunder. By authenticating any of the 2008 Bonds initially delivered pursuant to this Ordinance, the Registrar shall be deemed to have assented to the provisions of this Ordinance. -21- ; - A Section 11. Repistration, Transfer and Exchange. A. Except as provided in Section 12, records for the registration and transfer of the 2008 Bonds shall be kept by the Registrar, which is hereby appointed by the Town as registrar i.e., transfer agent) for the 2008 Bonds. Upon the surrender for transfer of any 2008 Bond at the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing, the Registrar shall enter such transter on the registration records and shall authenticate arid deliver in the name of the transferee or transferees a new 2008 Bond or Bonds of a like aggregate principal amount and of the same maturity and iriterest rate, bearing a number or numbers not previously assigned. 2008 Bonds may be exchanged at theRegistrar for an equal aggregate principal. amount of 2008 Bonds of the same maturity and interest rate iri authorized denominations. The Registrar shall authenticate and deliver a 2008 Bond or Bonds which the registered owner making the excliange is entitled to receive, bearing a number or numbers not previously assigned._ The Registrar may impose reasonable charges in connection with such exchanges and transfers of 2008 Bonds, which charges (as well as any tax or other governmental charge required to be paid with respect to such exchange or transfer) shall be paid by the registered owner requesting such exchange or transfer. - B. The person in whose name any 2008 Bond shall be registered on: the. - registration records kept by the Registrar shall be deemed and regarded as the absolute ownerthereof for the purpose of making payment thereof and for all other purposes; except as may be otherwise provided in Section 5 hereof with respect to payment of interest; and, subject to such exception, payment of or on account of either principal or interest on any 2008 Bond. sliall be made only to or upon the written order of the registered owner thereof or his legal representative, but sucli ' registration may be changed upon transfer of such 2008 Bond in the manner and subject to the conditions and limitations, provided herein. All such payments shall be valid and effectual to. discharge the liability upon such 2008 Bond to the extent of the sum or sums so paid. . C. If any 2008 Bond shall be lost, stolen, destroyed or mutilated, the Registrar shall, upon receipt of such evidence, information or indemnity relating thereto as it and the Tbwn may reasonably require, authenticate and deliver a replacement 2008 Bond or Bonds of a like -22- . , . . I aggregate principal amount and of the same maturity and interest rate, bearing a number or numbers - not previously assigned. If such lost, stolen, destroyed, or mutilated 2008 Bond shall have matured or is about to become due and payable, the Registrar may direct the Paying Agent to pay such 2008 Bond in lieu of replacement. D. The officers of the Town are authorized to deliver to the Registrar fully executed but unauthenticated 2008 Bonds in such quantities as may be convenient to be held in custody by the Registrar pending use as herein provided. . Section 12. . Book Entrv. , - A. Notwithstanding any contrary provision of this Ordinance; the 2008 Bonds initially shall be evidenced by one 2008 Bond for each maturity and interest rate in denominations equal to the aggregate principal amount of the 2008 Bonds of such maturity and interest rate. Such . initially delivered 2008 Bonds shall be registered in the name of "Cede & Co.'.' as nominee for DTC, the Depository for the 2008 Bonds.- The 2008 Bonds may not thereafter be.transferred or exchanged except: (1) to any successor of DTC or its nominee, which successor must be. both a `.`clearing corporation" as defined in Section 4-8-102(a)(5), C.R.S. and a qualified and registered "clearing agency".under Section 17A of the Securities Exchange Act of 1934, as amended; or (2) upon the resignation of DTC or a successor or new Depository under clause • (1) or this clause (2) of this paragraph A, or a determination by the .Council that DTC or such successor or a new Depository is no longer able to carry out its functions, and the designation by the Council of another Depository acceptable to the Council and to the Depository then holding the 2008 Bonds, which new Depository must be both a"clearing corporation" as defined in Section 4-8- 102(a)(5), C.R.S. and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of DTC or such successor ` new Depository; or (3) upon the resignation of DTC or a successor or new Depository under clause (1) above or designation of a new. Depository pursuant to clause (2) above, or a determination of the Council that DTC or such successor or. Depository is no longei able to carry out'its functions; and the -23- A failure by the Council, after reasonable investigation, to locate another Depository under clause (2) to carry out such Depository functions. B. In the case of a transfer to a successor of DTC or its nominee as referred to in clause (1) or (2) of paragraph A hereof, upon receipt of the outstanding 2008 Bonds by the Registrar together with written -instructions for transfer satisfactory to the Registrar, a new 2008 Bond for each maturity and interest rate of the 2008 Bonds then Outstanding shall be issued to such successor or new Depository, as the case may be, or its nominee, as is specified in such written transfer =instructions. In the case of a resignation or determination under clause_(3) of paragraph A hereof and the failure after reasoriable investigation to locate another qualified Depository for the 2008 Borids as provided in clause (3 ) of paragraph A hereof, and upon receipt of the Outstanding 2008 Bonds by the Registrar, together with written instructions for transfer satisfactory to the Registrar, new 2008 Bonds shall be issued in denominations of $5,000 or any integral multiple thereof; registered in the names of such Persons,. and in such authorized denominations as are requested in such written transfer instructions; however, the Registrar shall not be required to deliver such new 2008 Bonds within a period of less than 60 days from the date of receipt of such written transfer instructions. C. The Council and the Registrar shall be entitled to treat the Registered Owner of any 2008 Bond as the absolute Owner thereof for.all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them arid the Council and the Registrar shall have no responsibility for transmitting payments or notices to the beneficial owners of the 2008 Bonds held by DTC or any successor or new Depository named pursuant to paragraph A hereof. D. The Council and the Registrar shall endeavor to cooperate with DTC or any successor or new Depository named pursuant to clause (1) or (2) of paragraph A hereof in effectuating payment of the principal amount of the 2008 Bonds upon maturity by arranging for payment in such a manner that funds representing such payments are available to the Depository on the date they are due. E. • Upon any partial redemption of any of the 2008'Bonds, Cede & Co. (or its successor) in its discretion may request the Town to issue and authenticate a new 2008 Bond or sha11 -24- ~ a f make an appropriate notation on the 2008 Bond indicating the date and amount of prepayment, except in the case of final maturity, in which case the 2008 Bond must be presented to the Registrar prior to payment. The records of the Paying Agent shall govern in the case of any dispute as to the amount of any partial prepayment made to Cede & Co. (or its successor). Section 13. Deliverv of 2008 Bonds and Disposition of Proceeds. When the 2008 Bonds have been duly executed by appropriate Town officers and authenticated by the Registrar, the Town shall cause the 2008 Bonds to be delivered to the Purchaser on receipt of the agreed purchase price. The 2008 Bonds shall be delivered in such denominations as the Purchaser shall direct (but subject to the provisions of Sections 11 and 12 hereo fl. The proceeds of the sale of the 2008 Bonds shall be deposited promptly by the Town and shall be accounted for in the following manner and are hereby pledged therefor, but the Purchaser or any subsequent. Owner in no manner shall be responsible for the application or disposal by the Town or any of its officers of any of the funds derived from the sale of the 2008 Bonds: A. First, there shall be credited to the "Town of Vail, Colorado, Sales Tax Revenue Refunding Bonds, Series 2008 Escrow Account" (the "Escrow Account"), which is hereby created, an amount which shall be sufficient, together with other Town funds available for such purpose, to establish any initial cash balance remaining uninvested and to buy Federal Securities to effect the Refunding Project. B. Second, the balance of the proceeds shall be deposited with the Paying Agent to be applied for the purpose of paying, together with any other money available therefor, costs of issuance of the 2008 Bonds. Section 14. Use of Monevs in Income Fund. Subject to Section 16, so long as any Bonds shall be Outstanding, either as to principal or interest, the Pledged Revenues shall, upon receipt by the Town, be deposited in a special and separate account, heretofore created and established by the 1989 Ordinance and continued by this Ordinance, known as the "Town of Vail Income Fund." The following payments shall be made from the Income Fund: -25- . . , i A. Bond Fund. First, there shall be credited from the Income Fund to a fund created by the 1989 Ordinance and known as the "Town of Vail, Sales Tax Bond Fund" the following amounts: (1) Interest Pavments. Monthly to the Bond Fund an amount in equal monthly installments necessary, together with any moneys therein and available therefor, to pay the interest due and payable on the Outstanding Bonds on the next succeeding interest payment date. (2) Principal Pavments. Monthly to the Bond Fund an amount in equal monthly installments necessary, together with arry moneys therein and available therefor, to pay the principal and redemption premium, if any, due and payable on the Outstanding Bonds on the next succeeding principal payment date. If prior to any interest payment date or principal payment date there has been accumulated in the Bond Fund the entire amount necessary to pay the next maturing installment of interest or principal, or both, the payment required in subparagraph (1) or (2) (whichever is applicable) of this paragraph, may be appropriately reduced; but the required monthly amounts again shall be so credited to such account commencing on such interest payment date or principal payment date. The moneys in the Bond Fund shall be used only to pay the principal of, prior redemption premium if any, and interest on the Bonds as the same becomes due. B. Reserve Fund. Second, except as provided below, from any moneys remaining in the Income Fund there shall be credited monthly to a separate account created by the 1989 Ordinance and continued by this Ordinance known as the "Town of Vail Sales Tax Revenue Bonds Reserve Fund" an amount, if any, which is necessary to maintain the Reserve Fund as a continuing reserve in an amount not less than the Reserve Fund Requirement or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy. In determining the amounts required to be deposited as provided above, the Town shall receive credit for any investment earnings on the deposit in the Reserve Fund. Investment earnings on deposits in the Reserve Fund shall remain in the Reserve Fund until the amount on deposit equals the Maximum Annual Debt Service Requirement. No credit need be made to the Reserve Fund so long as the moneys and/or a Bond Reserve Insurance Policy therein equal the -26- ~ a ~ Reserve Fund Requirement (regardless of the source of such accumulations). The Reserve Fund Requirement shall be accumulated and maintained as a continuing reserve to be used, except as provided in subsections C and E of this Section and Section 20 hereof, only to prevent deficiencies in the payment of the principal of and the interest on the Bonds resulting from the failure to credit to the Bond Fund sufficient funds to pay said principal and interest as the same accrue or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy. The Reserve Fund Requirement shall be calculated upon (i) any principal payment, whether at stated maturity or upon redemption, (ii) the issuance of Additional Bonds, or (iii) the defeasance of a11 or a portion of the Bonds. In lieu of all or a portion of the moneys required to be deposited in the Reserve Fund by this Ordinance, the Town may at any time or from time to time (but only with the prior written consent of the bond insurer of any outstanding Bonds of the Town, if the provider is other than the bond insurer for such outstanding Bonds) deposit a Bond Reserve Insurance Policy in the Reserve Fund in full or partial satisfaction of the Reserve Fund Requirement. Any such Bond Reserve Insurance Policy shall be payable on any date on which moneys will be required to be withdrawn from the Reserve Fund as provided herein. Upon deposit of any Bond Reserve Insurance Policy in the Reserve Fund, the Town may transfer moneys equal to the amount payable under the Bond Reserve Insurance Policy from the Reserve Fund and apply such moneys to any lawful purpose. All cash and invesrinents in the Reserve Fund shall be transferred to the Bond Fund for payment of principal and interest on the Bonds before any drawing may be made on any Bond Reserve Insurance Policy credited to the Reserve Fund in lieu of cash. Payrnent of any amounts owing to the provider of a Bond Reserve Insurance Policy shall be made prior to replenishment of any such cash amounts. Draws on all Bond Reserve Insurance Policies on which there is available coverage shall be made on a pro-rata basis (calculated by reference to the coverage then available thereunder) after applying all available cash and investments in the Reserve Fund. Payment of amounts owing to the providers of Bond Reserve Insurance Policies shall be made on a pro-rata basis prior to replenishment of any cash drawn from the Reserve Fund. -27- K ~ I ~ i The Town shall notify the Paying Agent and the provider of Bond Reserve Insurance Policy of the necessity for a claim upon the Bond Reserve Insurance Policy at least three Busiriess Days prior to each date upon which interest or principal is.due on the Bonds. If.the tax covenant contained in Section 19.IC. of this Ordinance does not permit the use of proceeds of any series of Bonds for a full funiiing of the Reserve Fund in the amount of the Reserve Fund Requirement, the maximum amount of proceeds of such series"of Bonds which may be deposited to the Reserve Fund puisuant to Section 19.K..sha11 be deposited to the Reserve F'und upon the issuarice of such series of Bonds and Pledged Revenues shall be deposited to the Reserve Funcl monthly so that not later than twelve calendar months after the date of issuance of such series of Bonds the amount on deposit in the Reserve Fund shall equal the Reserve Furid Requirement. C. -Termination Upon Deposits to Maturifv or Redemption Date. No payment need be made into the Bond Fund, the Reserve Furid, or both; if the amourit in the Bond Fund and the amount in the Reserve Fund total a sum at least equal to the entire amount of the Outstanding Bonds, both as to principal and interest to their respective matu'rities, or to any redemption date on which the Town shall have"exercised its option to redeem the Bonds then Outstanding and thereafter maturing, including any prior redemption premiums then due, and both accrued and not accrued, in which case - moneys in the Bond Fund and Reserve Fund in an amount at least equa.l to such.principal and interest ~ requirements shall be used solely to pay such as the same accrue, and any moneys in excess thereof _ in the two Funds may be withdrawn and used for any lawful purpose. D. Defraying Delinquencies in Bond and Reserve Funds. If on any required monthly payment date the Town shall for any reason fail to pay into the Bond.Fund the full amount above stipulated, then an amount shall be paid into the Bond Fund on such date from the Reserve Fund equal to the difference between the amount paid and the full amount so stipulated. Any. cash on deposit in the Reserve Fund shall be transferred to tlie Bond Fund to cover such a deficiency prior to the transfer of funds drawn under the Bond Reserve lnsurance Policy. If the Reserve Fund contains a Bond Reserve Insurance Policy from a provider other than the Bond Insurer and a Bond Reserve Insurance Policy provided by the Bond Insurer, any draw shall be on a pro-rata basis from both such Policies. After such a draw any available Pledged Revenues, after the payments required -28- ~ _ . ~ . ~ ~ . by paragraph A of this Section, shall be used first to repay the Bond Insurer-to reinstate the. Bond Reserve Insurance Policy and then to replenish cash in the Reserve Fund. The cash so used-shall be , replaced in the Reserve Fund from the first Pledged Revenues received that are not required to be ~ otherwise applied by this Section; but excluding any payments requir'ed for any subordinate obligations; provided, liowever, tliat an amount equal to the amount withdrawn from the-Reserve. , Fund shall be deposited by the Town in the Reserve Fund no later than twelve months_from the date of such withdrawal. If at any time the Town shall for any reason fail to pay into the Reserve Fund the full amount above stipulated from the Pledged Revenues; the difference between the amount paid and the amount so stipulated shall in a like manner be paid therein from the first Pledged Revenues thereafter received not required to be applied otherwise by this, Sectiori, but excluding any payments required for any subordinate obligations. The moneys in the Bond Fund and in the Reserve Fund shall be used, solely for the purpose of paying the principal and any redemption premium of and the interest on the Bonds; except that moneys in the Reserve Fund shall be used to .pay the issuer of any Borid Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond ' Reserve Insurance Policy; provided, however, that any moneys at any time in excess of the Reserve Fund Requirement calculafed with respect to the Bonds in the Reserve Eund may be withdrawri therefrom and used for any Tawful purpose; and provided, further, that any moneys in the Bond Fund and in the Reserve Fund in excess of accrued and unaccrued principal and interest requirements to _ the respective maturities of the Outstanding Bonds may.be used as provided in Paragraphs G and H of this Section. „ E. Rebate Eund. Third, there shall be deposited•in a,special account created by the 1989. Ordinance and continued by this Ordinance known as.th.e ".Town ,of Vail Sales Tax - ; Revenue Bonds Rebate Fund" amounts required by Section 148(f)::of the Tax Code to be held until such time as any required rebate payment is made. Amounts in.the Rebate Fund shall be used for the " purpose of making tfie payments:to the United States required by Section 148( fl of the Tax Gode. - ' Any a.mounts in excess of those required to be on deposit therein by Section 148(f) of the Tax Code . shall be withdrawn therefrom and.deposited into the Income Fund. Funds in the Rebate Fund shall not be subject to the lien created by this Ordinance to the extent such amounts are required to be paid -29- . . 4 f to the United States Treasury. -The Town may create separate accounts . in the. Rebate Fund in _ connection with the issuance of Additional Bonds. F. - Pavment for Subordinate Obligatioris. After the payments required by Paragraphs A, B, and E'of this Section, the Pledged Reyenues. shall be used by the Town for the payment of interest on and principal of any obligations secured by Pledged Revenues subordinate to the lien of the Bonds: G. Use of Remainin2 Revenues. After making the payments required to be made by this Section, any remaining Pledged Revenues may be used for any lawful purpose. Nothing in this Qrdinance shall prevent the Town from withdrawing from the Income Fund amounts collected by the Town and subsequently determined, pursuant to the applicable Sales . Tax Ordinances, to be subject to valid claims for refunds. Section 15. General Administration of Furids. The funds designated in Sections 13 and 14 hereof shall be administered as follows subject to. the limitatioris stated in Section 19.K. hereof: . A. . Budget and Appronriation of Funds. The sums provided to make the , payments specified in.Section 14 hereof are hereby appropriated for said puiposes, and said amounts for each year shall be included in the annual budget and-the appropriation ordinance or measures to be adopted or passed by the Town Council iri each year respectively while any of the 2008 Bonds, either as to principal or interest, are Outstanding and unpaid. No provision of any constitution, ` statute, charter, ordinance, resolution or other order or measure enacted after the issuance of the 2008 Bonds shall in any manner be construed as limiting or impairing the obligatibn of the Town to keep and perform.the covenants contained in this Ordinance so long as any of the 2008 Bonds remain Outstanding ancl unpaid. Nothing herein shall prohibit the Town Council, at its sole option, from appropriating and applying other funds of the Town legally available for such purpose to the Bond Fund or Reserve Fund for the purpose of providing for the payment of the principal of and interest on the 2008 Bonds: ' B. Places and Times of Deposits. Each of the special funds created in Section 14. hereof shall be maintairied by the Town as separate book accounts solely for the purposes herein -30- y , ? ~i . designated therefor. For purposes of investment of moneys; nothing herein prevents the, commingling of moneys accounted for in any two or more such book accounts :pertaining to the Pledged Revenues or to such, funds and any other funds of the Town to be established or continued . under this Ordinance. Such.book account shall be continuously secured to the fullest extent required . by tfie .laws of the State for the securing of public funds and - shall be irrevocable and not withdrawable by anyone for any purpose other than the respective designated purposes of such furids or accounts. Each periodic payinent shall be credited to the proper.book account not later than tlie date therefor herein designated, except that when any such date shall be.a Saturday, a Sunday or a, legal holiday, then such payment shall be made on or before the next preceding business day. C. Investment of Funds: Any moneys in any fund established or continued by Section 14 of this Ordinance may be invested or reinvested in any Permitted Irivestment. Securities or obligations purchased as such an.investment shall either be,subject to redemption at any time at face value by the holder thereof at the option of such holder, or shall mature at such time or times as : shall most nearly coincide with the expected need for moneys from the fund in question. Securities , or obligations so purchased as an investment of moneys in any such fund shall be deemed at all times to be a part of the applicable fund: The Town shall present for redemption or sale on the prevailing market any securities or obligations so purchased as an investment of moneys in a giveri fund , whenever it sliall be necessary to do so in order to provide moneys to meet any required payment or transfer from such fund. The Town shall have no obligation to make any investment or reinveshnent hereunder, unless any moneys on hand and accounted for in any one account exceed $5,000 and at least $5,000 therein will not be needed for a period of not less than.60 days. In such event the Town shall invest or reinvest not less than substantially all of the amount which will not be needed during such 60 day period, except for any moneys on deposit in an interest bearing account in a Commercial . Bank, without regard to whether such moneys are evidenced by a certificate of deposit or otherwise, pursuant to this. Section 15.C. and Section 15.E. hereof; but the-Town is not required to.invest, or so to invest in such a manner, any moneys accounted for het-eunder if any such investment would con- travene.the covenant concerning arbitrage in Section 19.K. hereof. , -31- ' f t f~ D. No Liabilitv for Losses Incurred in Performing Termsbf Ordinance. .Neither the Town nor any officer of the Town shall be liable or responsible for any loss resulting from any investment or reinvestment made in accordance with this Ordiriance. E: Chai-acter of Funds. The moneys in any fund or account herein authorized shall consist of lawful money of the United States or investments permitted by Section 15.C. hereof or both such money and such investments. Moneys deposited in a demand or time deposit account in or evidenced by a certificate of deposit of a Commercial Bank pursuant to Sections 15.B. and 15.C. hereof, appropriately secured according to the laws of the State, shall be deemed lawful money of the United States. • Section 16. Lien on Pledged Revenues. The..2008 Bonds constitute a pledge of, ~ and an irrevocable first lien (but not an exclusive first lien) on all of the Pleciged Revenues on a parity with the lien of the 1998 Bonds and the 2002B Bonds. The 2008 Bonds are equitably and ratably secured by a lien on the Pledged Revenues. The creation, perfection, enforcement, and priority of the pledge of revenues to secure or pay the Bonds as provided herein shall be governed by Section 11-57-208 of the Supplemental . Act and this Ordinance. The revenues pledged for the payment of the Bonds, as received by or otherwise credited to the Town, shall immediately be subject to the lien of such pledge without.any physical delivery, filing, or further act: The lien of such pledge on the revenues pledged for paymeiit of the Bonds and the obligation to perform the contractual provisions made herein shall have priority over any or all other obligations and liabilities of the Town. The lien of such pledge shall be valid, , binding, and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the Town inespective of whether such persons have notice of such liens. Section 17. Additional Bonds. A. - Limitations Upon Issuance of Additional Bonds. Nothing in this Ordinance shall be construed in such a manner as to prevent the issuance by the Town of additional bonds or other obligations, payable from and constituting a lien upon the Pledged Revenues on a parity with the lien of the 2008. Bonds (the "Additional Bonds"), except as provided in this Section. Such.- . Additional Bonds may be payable solely from Pledged Revenues or they may be payable from -32- r ~ a ~ J Pledged Revenues and another revenue or fund of the Town ("Additional Pledged Revenues"). Regardless of whether payable solely from Pledged Revenues or from Pledged Revenues and Additional Pledged Revenues, such bonds or other obligations may be issued only if, for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of Pledged Sales Tax Revenues in such Fiscal Year equaled or exceeded 150% of the Maximum Annual Debt Service Requirement on the Bonds (including the Additional Bonds proposed to be issued). For the purpose of satisfying the aforementioned 150% test, any tax, now existing or hereafter imposed, which legally becomes a part of the Pledged Sales Tax Revenues during the Fiscal Year preceding the issuance of Additional Bonds, or any tax which is to legally become a part of the Pledged Sales Tax Revenues immediately prior to the issuance of Additional Bonds, or any increase in the rate of any tax which is a part of the Pledged Sales Tax Revenues which increase is imposed during the Fiscal Year preceding the issuance of Additional Bonds or any such increase which is to be imposed immediately prior to the issuance of Additional Bonds can be considered for its estimated effect on the amount of the Pledged Sales Tax Revenues as if such tax or increase had been in effect for the Fiscal Year immediately preceding the issuance of such Additional Bonds. Any taac which is no longer in effect at the time of issuance of the Additional Bonds shall not be considered for purposes of satisfying such tests. If the ordinance authorizing a series of Additional Bonds will pledge Additional Pledged Revenues to the Bonds, the estimated effect of the amount of such Additional Pledged Revenues may be considered as if such revenues had been received for the last Fiscal Year immediately preceding the issuance of such Additional Bonds. B. Certificate of Revenues. A written certification by a certified public accountant who is not an employee of the Town that the requirements of Pazagraph A of this Section have been met shall be conclusively presumed to be accurate in determining the right of the Town to authorize, issue, sell and deliver said Additional Bonds on a parity with the 2008 Bonds herein authorized. C. Subordinate Obligations Permitted. Nothing in this Ordinance shall be construed in such a manner as to prevent the issuance by the Town of additional obligations payable -33- ~ . ~ from and constituting a lien upon the Pledged Revenues subordinate or junior to the lien of the 2008 Bonds. D. Superior Obligations Prohibited. Nothing in this Ordinance sha11 be construed so as to permit the Town to hereafter issue obligations payable from the Pledged Revenues having a lien thereon prior or superior to the 2008 Bonds. Section 18. Refundin Obli atg ions. ' A. Generallv. If at any time after the 2008 Bonds, or any part thereof, shall have been issued and remain Outstanding, the Town shall find it desirable to refund any Outstanding obligations payable from the Pledged Revenues, said obligations, or any part thereof, may be refunded, subject to the provisions of Paragraph B of this Section, if (1) the obligations to be refunded, at the time of their required surrender for payment, shall then mature or shall then be callable for prior redemption at the Town's option upon proper call, or (2) the owners of the obligations to be refunded and the Bond Insurer, if the Bond Insurer insured such obligations, consent to such surrender and payment. B. Protection of Obligations Not Refunded. Any refunding obligations payable from the Pledged Revenues shall be issued with such details as the Town Council may provide, so long as there is no impairment of any contractual obligation imposed upon the Town by any proceedings authorizing the issuance of any unrefunded portion of obligations payable from the Pledged Revenues; but so long as any 2008 Bonds are Outstanding, refunding obligations payable from the Pledged Revenues may be issued on a parity with the unrefunded Bonds only if: (1) Prior Consent. The Town first receives the consent of the owner or owners of the unrefunded Bonds and the Bond Insurer of such unrefunded Bonds, if any; or (2) ReQUirements Not Increased. The refunding obligations do not increase by more than $25,000, for any Fiscal Year prior to and including the last maturity date of any unrefunded Bonds, the aggregate principal and interest requirements evidenced by such refunding obligations and by any Outstanding Bonds not refunded, and the lien of any refunding parity obligations on the Pledged Revenues is not raised to a higher priority than the lien thereon of any obligations thereby refunded; or -34- ,y. . . . ' . ' " . i' d (3) Earnings Test. The refunding obligations are issued in compliance with Paragraphs A and B of Section 17 hereof. . Section: F9. Protective Covenants. The Town hereby additionally covenants and agrees. with each and every owner of the 2008 Bonds that: . A. Use of 2008 Bond Proceeds. The Town. will proceed with the Refunding , Project without delay and with due diligence. ~ B. Pavment of 2008 Bonds. The Town will promptly pay the principal of and . interest on every 2008 Bond issued hereunder and secured hereby on the dates and in the. manriei specified herein and in said. 2008 Bonds according to the true intent and meaning hereof. : Such principal and interest, is payable solely from the Pledged Revenues. - C. Amendment of Certain Ordinances; Dutv to Irripose Sales Tax; Imnairment of Contract. The Sales Tax Ordinances are in full force and effect and have.not been.repealed or amended. The Town will not repeal or amend said Sales Tax Ordinances in any manner which would diminish the proceeds of the Sales Tax by an amount,which wouTd materially adverseTy affect the rights of the.owners of the Bonds. The Town agrees that any Taw, ordinance or resolution of.the Town in any manner affecting the Pledged Revenues or the Bonds, or otherwise appertaining thereto, shall not be repealed or.otherwise directly or indirectly modified, in such.manner as to materially adversely affect any Bonds Outstanding, unless the required consent is obtained, al] as provided in Section 34 of this Ordinance. Notwithstanding any other provision ofthis Section or this Ordinance, the Town shall retain the right to make changes, without any consent of Bond owners or tlie Bond Insurer, in the Sales Tax Ordinances, or any ordinance supplemental thereto or in substitution therefor, conceming the use of proceeds of the Pledged Sales Tax remaining after -the current requirements of all ordinances authorizing bonds or other securities payable from the Pledged Sales Tax, or any portion thereof,, have been met; or concerning, changes in applicability, exemptions, administration, collection, or enforcement of the. Sales Tax, if such changes do not materially adversely affecf the security for the Bonds; but the Town shall not reduce the current rate of the Pledged Sales Tax -3 5- . ; . . , ? without the consent of the owners of 66% in aggregate principal amount of the then Outstanding 2008 Bonds, as provicled in Section 34 of this Ordinance. The foregoing covenants are subject to compliarice by the Town with orders of courts of competent jurisdiction concerriing the validity, constitutionality or collection of such tax revenues, any legislation of the LJnited States or the State or any regulation or other action taken by the federal government, any State agency or any political subdivision of the State pursuant to such legislation, in the exercise of the police power thereof for the public welfare; which legislation, regulation or action . applies to the Town as a Colorado home rule city and limits or otherwise inhibits the amount of such tax revenues due to the Town. All of the Pledged Revenues resulting.from the imposition and collection of the Sales Tax shall be subject to the payrrient of the principal of, interest on, and rederription premium, if any, of all securities payable from the Pledged Revenues, including reserves therefor, as provided herein or in any instrument supplemental or amendatory hereof. D. Defense of Legality of Pledged Revenues. -There is not pending or threatened any suit, action or proceeding against: or affecting the Town before or by any court, arbitrator, administrative agency or other governmental authority which affects the validity or legality of this Ordinance, or the Sales Tax Ordinances or the imposition and collection of tlie Sales Tax, any of the Town's obligations under this Ordinance or any of the transactions contemplated by this Ordinance or.the Sales Tax Ordinances. The Town shall, to: the extent permitted by law, defend the validity and legality of this Ordinance, the Sales Tax and the Sales Tax Ordinances against all claims, suits and proceedings which would diminisli or impair the Pledged Revenues. Furthermore, the Town shall amend from time to time the provisions of any ordinance or resolution of the Town, as necessary to prevent . impairment of the Pledged Revenues as required to meet tlie principal of and interest on the 2008 Bonds when due. E. Further.Assurances. At any and all times the Town-shall, so far as it may be authorized by law, pass, make, do, execute, acknowledge, deliver and file or record all and every , such further instruments, acts, deeds, conveyances, assignments, transfers; other documents and assurances as may be necessary or desirable for the better assuring, conveying, ganting, assigning -36- r a r and confirming all and singular the rights, the Pledged Revenues and other funds and accounts hereby pledged or assigned, or intended so to be, or which the Town may hereafter become bound to pledge or to assign, or as may be reasonable and required to catry out the puiposes of this Ordinance. The Town, acting by and through its officers, or otherwise, shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of said Pledged Revenues and other funds and accounts pledged hereunder and all the rights of every owner of any of the 2008 Bonds against all claims and demands of all Persons whomsoever. F. Conditions Precedent. Upon the issuance of any of the 2008 Bonds, all conditions, acts and things required by the Constitution or laws of the United States, the Constitution or laws of the State, the Charter or this Ordinance, to exist, to have happened, and to have been performed precedent to or in the issuance of the 2008 Bonds shall exist, have happened and have been performed, and the 2008 Bonds, together with all other obligations of the Town, shall not contravene any debt or other limitation prescribed by the Constitution or laws of the United States, the Constitution or laws of the State or the Charter. G. Records. So long as any of the 2008 Bonds remain Outstanding, proper books of record and account will be kept by the Town, separate and apart from all other records and accounts, showing complete and correct entries of all transactions relating to the Pledged Revenues and the funds created or continued by this Ordinance. H. Audits. The Town further agrees that it will, within 180 days following the close of each fiscal year, cause an audit of such books and accounts to be made by a certified public accountant, who is not an employee of the Town, showing the revenues and expenditures of the Pledged Revenues. The Town agrees to allow the owner of any of the 2008 Bonds to review and copy such audits and reports, at the Town's offices, at his request. Copies of such audits and reports will be furnished to the Purchaser. 1. Performin Duties. The Town will faithfully and punctually perform all duties with respect to the Pledged Revenues required by the Charter and the Constitution and laws of the State and the ordinances and resolutions of the Town, including but not limited to the proper -37- ~ y a ~ e • collection and enforcement of the Sales Taxes arid the segregation of the Pledged Reveriues and their ~ application to the,respective funds herein designated. . J. Other Liens. As of the date of issuance of the 2008 Bonds and after tfie Refunding Project, other than the 1998 Bonds and the 2002B -Bonds, there are no liens or encumbrances.of any.nature whatsoever on or against any of the Pledged Revenues. , K. Tax Covenant: The Town covenants for the benefit of the Registered Owners of the 2008 Bonds that it will not take any action or-omit to ta.ke any action with respect to the 2008 Bonds, the proceeds thereof, any other funds of the Town„or any facilities re-financed with the , proceeds of the 2008 Bonds if such action or omission (i) would cause the interest on.the 2008 Borids to lose its exclusion from gross income for federal income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the 2008 Bonds to lose its exclusion from alternative minimum taxable income.as defined in Section 55(b)(2) of the Tax Code except to the extent such interest is required to be included in adjusted current earnings adjustment applicable to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest on the 2008 Bonds to lose its exclusion from Colorado taxable income or Colorado alterriative minimum taxable income'under preserit Colorado law. The foregoing covenant shall rerriairi in full force and effect notwithstanding the payment in.full or defeasance of the2008 Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the - Tax Code and Colorado law_ have been met. The Town hereby determines that neither the Town nor any entity subordinate thereto reasonably, anticipates issuing more than $10,000,000 face amount of bonds or any other similar 'obligations during calendar year 2008. For the purpose of Section 265(b)(3)(B) of the Code, the . Town -liereby designates the 2008 Bonds as qualified tax-exempt obligations. L. Town's Existence. The Town will maintain its corporate identity and existence so long as any of the 2008 Bonds remain Outstanding, unless another political subdivision by operatiori o.f law succeeds to the duties, privileges, powers, liabilities, disabilities, immunities and rights of the Towm arid, is obligated by law to receive and distribute thefledged Revenues in place of -3 8- . ~ a ~ the Town, without materially adversely affecting the privileges and rights of any owner of any Outstanding 2008 Bonds. M. Performance of Duties. The Town will faithfully and punctually perform or cause to be performed all duties with respect to the Pledged Revenues, the proper segregation of the Pledged Revenues as set forth in Section 13 hereof and their application to the respective funds as herein provided. N. Promnt Collections. The Town will cause the Pledged Revenues to be collected promptly and accounted for in the funds as herein provided. 0. Suretv Bonds. Each official of the Town having custody of the Pledged Revenues, or responsible for their handling, shall be fully bonded at all times, which bond shall be conditioned upon the proper application of such money. P. Prejudicial Contracts and Action Prohibited. No contract will be entered into, nor will any action be taken, by the Town by which the rights and privileges of any Owner are impaired or diminished. Q. Continuing Disclosure Certificate. The Town will comply with the terms of the Continuing Disclosure Certificate. Any failure by the Town to perform in accordance with this Section 19.Q shall not constitute an "event of default" under Section 22 of this Ordinance, and the rights and remedies provided by this Ordinance upon the occurrence of an "event of default" shall not apply to any such failure. Unless otherwise required by law, no owner of a 2008 Bond shall be entitled to damages for the Town's non-compliance with its obligations under this Section 19. However, the owners of the 2008 Bonds may enforce specific performance of the obligations contained in this Section 19.Q by any judicial proceeding available. Section 20. Defeasance. When the 2008 Bonds have been fully paid both as to principal and interest, all obligations hereunder shall be discharged and the 2008 Bonds shall no longer be deemed to be Outstanding for any purpose of this Ordinance, except as set forth in Section 19.K. hereof. Payment of any2008 Bonds shall be deemed made when the Town has placed in escrow with a Trust Bank an amount sufficient (including the known minimum yield from Federal Securities) to meet all requirements of principal and interest on such 2008 Bonds as the same -39- ~ . s r ~ ~ become due to maturity. The Federal Securities shall become due at or prior to the respective times on which the proceeds thereof shall be needed, in accordance with a schedule agreed upon between the Town and such Trust Bank at the time of creatiori of the escrow, and shall not be callable prior to their scheduled maturities by the.issuer.thereof. . . In the event that there is a defeasance of only part of the 2008 Bonds of any maturity, the Registrar shall, if requested by the Town, institute a system to preserve the identity of the individual 2008. Bonds or portions,thereof so defeased, regardless of changes in bond riumbers attributable to transfers and exeha.nges of 2008 Bonds; and the Registrar shall be entitled to , reasonable compensatiom and 'reimbursement of expenses from the Town in connection with such system. - ' Section 21. Delegated Powers; Acceptance of Purchase Contract. . The officers of the Town hereby are authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance, including, wi'thout limiting the-generality of the foregoing, the , printing of the 2008 Bonds, the procuring of bond insurance, entering into and executing appropriate agreements with the Registrar and Paying Agent as to its services hereunder, and the execution of such certificates as may be required by the PurcHaser, including, but not necessarily limited fo,, the . absence and existence of factors affecting the exclusion of interest on the 2008 Bonds from gross ' income for federal income tax purposes. The forni, terms and provisions of the Purchase Contract, the Registrar Agreement, " the Escrow Agreement, the Continuing Disclosure Certificate and the Letter of Representations hereby are approved, and the Town shall enter into and perform its obligations under the Purchase . Contract, the Registrar Agreement, the Escrow Agreement, the Continuing Disclosure Certificate and the Letter of Representations in substantially the forms of such documents as on file with the Town, 'with only such changes therein as are required by the circumstances and are not inconsistent herewith or, with respect to the Pwchase Contract, with such changes as may be approved by the Mayor, the Town Manager or the Finance Director and subject to the parameters and restrictions contained in this ordinance; and the Mayor and Town Clerk are hereby authorized and'directed to execute and deliver such documents as required hereby. . -40- t / ~ The Preliminary Official Statement in the form hereafter approved by any of the Mayor, the Town Manager or Finance Director is hereby approved and the officers of the Town are authorized and directed to participate in the preparation of, and to execute and deliver, the Official Statement. The execution of the Official Statement by the Mayor shall be conclusively deemed to evidence the Town's approval of the form and contents thereof. Any of the Mayor, the Town Manager or the Finance Director has the independent authority to accept any proposal of the Underwriter to purchase the 2008 Bonds and to execute a Purchase Contract and a Sale Certificate in connection therewith, as well as the authority to make determinations in relation to the 2008 Bonds contained in such Sale Certificate subject to the parameters and restrictions contained in Section 5 of this Ordinance. Further the Mayor, the Town Manager and the Finance Director are hereby independently authorized to execute and deliver a commitment for the issuance of a municipal bond insurance policy by a bond insurer on the 2008 Bonds, if any, and enter into any related documents or agreements subject to the Supplemental Act to secure the payment of principal of and interest on the Bonds. Section 22. Events of Default. Each of the following events is hereby declared an "event of default:" A. Nonpavment of Principal. If payment of the principal of any of the 2008 Bonds in connection therewith, shall not be made when the same shall become due and payable at maturity; or B. Nonpavment of Interest. If payrnent of any installment of interest on the 2008 Bonds shall not be made when the same becomes due and payable; or C. Incapable to Perform. If the Town shall for any reason be rendered incapable of fulfilling its obligations hereunder; or D. Default of anv Provision. If the Town shall default in the due and punctual performance of its covenants or conditions, agreements and provisions contained in the 2008 Bonds or in this Ordinance on its part to be performed, other than those delineated in Paragraphs A and B of this Section, and if such default shall continue for 30 days after written notice specifying such default -41- . r a x. , ~ t and requiring the same to~be remedied shall have been given-to the Town by the owners of not less than 25% in aggregate priricipal amount of the 2008 Bonds tlieri Outstanding. " Section 23. Reinedies. Upon the happening and continuance of any event of default asprovided in Section 22 hereof, the owner or owners of not less than 25% in principal amount of the "Outstanding Bonds, or a- trustee therefor,'may protect and enforce their rights hereunder by proper legal or equitable remedy deemed most effectual including mandamus, specific performance of any covenants; tlie appointment of a receiver (the consent of such appointment being ° hereby granted), injunctive relief, or requiring'the Town Council to act as if it were the trustee of an express trust, or any combination of such remedies. Section 24'. Duties Upon Default. Upon the happening of ariy of the events of , default as provided in Section 22 of this Ordinance, the Town, in addition, will do and perform all proper acts on behalf of and for the owners of the 2008 Bonds to protect and preserve the security created for the paymenf of the 2008 Bonds and to insure the payment bf the principal of and interest on said 2008 Bonds promptly as the same become due. Proceeds derived from the Pledged Reveriues, so long as any of the 2008 Bonds herein authorized, either as to principal or interest,. are _ Outstanding and unpaid, shall be paid into the Bond Fund and the Reserve Eund, pursuant to the terms hereof and to the extent provided herein, and used for the purposes herein provided. Section 25. Replacement of Registrar or Pavl'ng A e~nt. If the Registrar or Paying Agent initially appointed hereunder shall resign, or if the Town shall' determine to replace such Regisfrar or Paying Agent, the Town may, upon notice mailed to each owner of any 2008 Bond at his . address last shown on the registration records, appoint a successor Registrar or Paying Agent, or both. No resignation or dismissal of the Registrar or Paying Agent may take effect until a successor is appointed. Every such successor Registrar or Paying Agent shall be a bank or trust company . having a shareowrier's equity (e.~., capital, surplus, and undivided profits), however denominated, of not less than $10,000,000. It shall not be required that the same institution serve as both'Registrar . and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as. both Registrar and Payirig Agent hereunder. , -42- • 1 / ? Section 26. Maintenance of Escrow Account. The :Escrow Account shall be maintained at all times, subsequent to the initial deposit of..moneys therein in an amount at least sufficient, together with the known minimum yield to be derived from the initial investment and any - 'temporary reinvestment of the deposits therein or any part thereof in Federal Securities (as defined therein), to pay the~Refunded Bond Requirements as the same become due. . Section 27. : Use of Escrow Account. Moneys shall be withdrawn by the Escrow Bank from-the Escrow Account-in sufficient amounts and at such times to permit the payment without default of the Refunded Bond Requirements. Any moneys remaining in the Escrow Account aftei provision shall have been made for the redemption in full of the Refunded Bonds shall be applied to any lawful puipose of the Town as the Town Council may hereafter determine. Section 28. Insufficiency of Escrow Account: If for any reason the amount in the Escrow Account shall at any time be insufficient for the purpose of Sections 26 and 27 hereof, the Town shall forthwith deposit in such account such additional moneys as shall,be necessary to permit , the timely payment in full of the Refunded Bond Requirements. , Section 29. Exercise of Option. The Town Council has elected a.nd does hereby :declare its: intent to exercise on the behalf of and in the name of the Town-its option to redeem the ' : Refunded Bonds on the Redemption Date. Section 30. No Recourse against Officers and Agents. Pursuant to Section 11757- 209 of the: Supplemental Act, if a member of the Town Council, or any officer or agent of the Town acts in good faith, no civil recouise shall be available against- such member, officer, or agent for - payment of the principal or interest on the 2008 Bonds: Such recourse shall not be avaiTable. eitlier directly or.indiTectly through the Town Council or the Town, or otherwise, whether by virtue oEany constitution, statute, rule of law, enforcement of penalty, or,otherwise. By the acceptance of the 2008. Bonds and as a part of the consideration. of their sale or purchase, any person purchasing or selling such 2008 Bond specifically waives any such recourse: . Section 31. Bond Insurer as Owner. So long as the issuer of a municipal bond insurance policy, if any, is not then in default under such bond insurance policy, the bond insurer -43- _ . . ~ ; ~ . ,i, shall be deemed to be the Owner of all 2008 Bonds insured by it, for purposes of exercising remedies, : waiving defaults, or granting consents pursuant to this Ordinance. Section 32. °-Conclusive Recital. Pursuant to Section 11=57-210 of. tlie Supplemental Act, the 2008 Bonds shall contain a recital that they are issued pursuant to the Supplemental Act. Such recital shall be conclusive evidence of the validity and the regularity of the , issuance of the 2008 Bonds after their delivery for value. ' Section 33. Limitation of Actions. Pursuant to, Section 11-57-212 of the Supplemental Act, no legal or equitable action brought with respect tQ any legislative acts or proceedings of the Town in connection with the authorization or issuance of the 2008 Bonds, including but not limited to the adoption of this Ordinance, shall be commenced more than thirty . days after the authorization of the 2008 Bonds. , Section 34. Severabilitv. If any one or more sections, sentences,.clauses or parts of this Ordinance shall for any reason be held invalid, such judgment shall not affect; impair, or invalidate the remaining provisions of this Ordinance, but shall be"confined in its operation to the specific sections, sentences, clauses or parts of this Ordinance so held unconstitutional or invalid, :and the inapplicability and invalidity of any section, sentence, clause or parf of this Ordinance in any . one or more instances shall not affect or prejudice in any way the applicability and validity of this Ordinance in any other instances. Section 35. Repealer. All bylaws, orders, resolutions and ordinances,, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, heretofore repealed. - Section 36. Amendment. After any of the 2008 Bonds ha've been issued, this Ordinance shall constitute a contract between the Town and the owners of the Bonds and shall be and remain irrepealable until the Bonds and the interest thereon have been fully paid, satisfied and discharged. -44- . i e 1 d ? A. The Town may, without the consent of, or notice to the owners of the 2008 Bonds, adopt such ordinances supplemental hereto (which supplemental amendments shall thereafter form a part hereof) for any one or more or all of the following purposes: (1) to cure any ambiguity, or to cure, correct or supplement any defect or omission or inconsistent provision contained in this Ordinance, or to make any provisions with respect to matters arising under this Ordinance or for any other purpose if such provisions are necessary or desirable and do not adversely affect the interests of the owners of the 2008 Bonds; (2) to subject to the lien ofthis Ordinance additional revenues, properties or collateral; (3) to grant or confer upon the Registrar for the benefit of the registered owners of the Bonds any additional rights, remedies, powers, or authority that may lawfully be granted to or conferred upon the registered owners of the'Bonds; or . (4) to qualify this Ordinance under the Trust Indenture Act of 1939. B. Exclusive of the amendatory ordinances permitted by Paragaph A of this Section, this Ordinance may be amended or supplemented by ordinance adopted by the Town Council in accordance with the law, without receipt by the Town of any additional consideration but with the written consent of the owners of 66% in aggregate principal amount of the 2008 Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written consent of the owners of all of the 2008 Bonds adversely affected thereby, no such Ordinance shall have the effect of permitting: (1) An extension of the maturity of any 2008 Bond authorized by this Ordinance; or (2) A reduction in the principal amount of any 2008 Bond or the rate of interest thereon; or (3) The creation of a lien upon or pledge of Pledged Revenues ranking prior to the lien or pledge created by this Ordinance; or (4) A reduction of the principal amount of 2008 Bonds required for consent to such amendatory or supplemental ordinance; or -45- O . (5) The establishment of priorities as between 2008 Bonds issued and Outstandi ng under the provisions of this Ordinance; or (6) ` The modification of or otherwise affecting the rights of the owners of : less than all of the 2008 Bonds tlien Outstanding. Copies of any waiver, modification or amendment.to this Ordinance shall be delivered to any entity then maintaining a rating on the 2008 Bonds. a.nd 1o-the Paying Agent and Registrar. Section 37. Ordinance Irrenealable. After any of the 2008 Bonds herein authorized are issued, this Ordinance shall. constitute a contract between the Town and the owners of the 2008 . Bonds, and shall be and remain irrepealable until .the 2008 Bonds and interest thereon shall be fully paid, cancelled and discharged as herein provided. Section 38. Disposition of Ordinance. This Ordinance, as adopted'by the Town - Council, shall be numbered and recorded by the Town Clerk in the official records of the Town. The adoption and publication shall be authenticated by the signatures of the Mayor, or Mayor Pro Tem, arid Town Clerk, and by the certificate of publication. Section 39. Effective Date. This ordinance shall be in full force and effect five days after publication following final passage. , . INTRODUCED, READ AND APPROVED on first reading by a vote of _ to _ this Znd of Septeinber, 2008, and ordered published in full together with notice of hearing in the Vail Dailv, a newspaper of general circulation in the Town of Vail; and further. order that a Public Hearing on the Ordinance and consideration on final passage be set for Tuesday, September 16, 2008, at 7:00 p.m: at the Town Hall. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED by title, . unless amendments were made between first and second reading, if so then ordered published iri full; . in the Vail Dailv, a newspaper of general circulation in the Town of Vail on second and final reading by a vote of `to , this 16th day of September, 2008. Mayor • -46- r _ . ' ? . Town of Vail, Colorado (SEAL) • - Attest: Town Clerk ~ - Town of Vail, Colorado ~ . _ -47- ~ - , ~ t STATE OF COLORADO ) . COUNTY OF EAGLE ) SS. ~ . TOWN OF VAIL ) I, the Town Clerk of the Town of Vail, Colorado, do hereby certify 1. That the foregoing pages are a true, perfect and complete copy of the Ordinance adopted by"the Town Council constituting the governing board of the Town of Vail (the "Town Council"), had and taken at an open, regular meeting of the Town Council held at the Town Hall; in Vail, Colorado, on September 2, 2008, convening at the hour of 7:00 p.m. as recorded in the regular book of official records of the proceedings of said Town of Vail kept in my office. 2. That the Ordinance was read by title, duly moved and seconded and the Ordinance was approved ori first 'reading by a vote of _ to of the members of the Town. Council at the regular meeting of the Town Council held at the Town Hall, in Vail, Colorado,- on. September 2, 2008, corivening at the hour of 7:00 p.m., as follows: - Name "Yes" "No" Absent Abstain . Dick Cleveland Andy Daly ~ - . Farrow Hitt - Mark Gordon - Margaret Rogers - Kim Newbury Kevin Foley 3. That the ordinance, as well as the notice of public hearing was published after first reading in the Vail Dailv, a newspaper of general circulation within the Town on , 2008. The affidavit of publication is attached hereto as Exhibit A. -48- l ~ ~ ~ 4. That following said public hearing, the passage of the Ordinance on second reading was duly moved and seconded, and the Ordinance was finally adopted at the meeting of September 16, 2008, by an affirmative vote of a majority of the members of the Town Council as follows: Name "Yes" "No" Absent Abstain Dick Cleveland Andy Daly Farrow Hitt Mark Gordon Margaret Rogers Kim Newbury Kevin Foley 5. The members of the Town Council were present at each of the meetings and voted on the passage of such Ordinance as set forth above. 6. There are no bylaws, rules or regulations of the Town Council which might prohibit the adoption of said Ordinance. 7. The Ordinance was published [in full/by title] in the Vail Dailv, a newspaper of general circulation in the Town, on , 2008, and the affidavit of publication is attached hereto as Exhibit B. 8. Notice of the meetings of September 2, 2008 and September 16, 2008, in the forms attached hereto as Exhibit C was posted at the Town Hall, not less than 24 hours prior to each meeting in accordance with law. WITNESS my hand and the seal of said Town affixed this September 2008. Town Clerk (SEAL) -49- ~ EXHIBIT A AFFIDAVIT OF PUBLICATION AFTER FIRST READING . (published , 2008). A-1 I a~ ~ EXHIBIT B AFFIDAVIT OF PUBLICATION AFTER SECOND READING (published , 2008) B-1 ? ~ EXHIBIT C Notice of the Meetings of September 2, 2008 and September 16, 2008 G1 TOWN OF VAIL, COLORADO SALES TAX REVENUE REFUNDING BONDS SERIES 2008 ' BOND PURCHASE AGREEMENT October 2008 . . Town Council Town of Vail, Colorado 75 S. Frontage Road West Vail, Colorado 81657 " Ladies and Gentlemen: The Town of Vail, Colorado (the "Town") proposes to issue $[6,320,000] aggregate principal amount of its Sales Tax Revenue Refunding Bonds, Series 2008 (the "Bonds") pursuant to ' an ordinance adopted by the Town Council of the Town (the "Town Council") on.September 16, 2008 (the "Bond Ordinance"). This Bond Purchase Agreement (the "Agreemenf") states the terms and conditions upon which the Town.will sell to and Riper Jaffray & Co. (the "Underwriter"), will - purchase. all of tfie Bonds from the Town and supersedes any prior agreement 6etween tlie Town and the Underwriter with respect to the Bonds. If this Agreement is accepted by the Town, . the Underwriter, intends to make a distribution of the Bonds"by offering the Bonds for sale to investors and other securities dealers at such prices as the Underwriter iri its sole discretion shall determine; provided however, that prior to the delivery of the Bonds, the Underwriter sha11 notify the Town in writing of the initial offering price of the Bonds to the public.(excluding bor id houses, brokers, or , similar persoris acting in the capacity of underwriters or wholesalers) at which prices a substantial amount of each maturity of the Bonds were sold. Capitalized terms used in this Agreement and not otherwise defined herein shall have the same meanings given to such terms in the Bond Ordinance. The Town has previously caused to be prepared a Preliminary Official Stateinerit concerning the Bonds, dated October 2008 which is deemed final as of its date (the "Preliminary Official Statement") for purposes of allowing the Underwrifer to comply with Rule 15c2-12 of the Securities and Exchange Commission (the "Rule"), except for the information specifically permitted to be omitted by the Rule. The Town authorizes and ratifies the distribution of the Preliminary Official Statemerit to any potential cusfomers (as defined in the Rule) until the Final ' Official Statement (defined below) is available. A Final Official Statement to be dated as of the date of its delivery to the-Underwriter . "(the "Final Official Statement") is hereby approved in substantially the form of the Preliminary -1- . Official Statement with such changes as may be approved by the Mayor or Town Manager of the Town, and the Mayor's execution thereof shall be, conclusive evidence of such approval. The Final Official Statement, together with any and all supplements and amendments which may be approved by the Town and the Underwriter, is referred to herein as the "Official Statement." The Town authorizes and approves the use of the Official Statement in connection with the offering_ of the Bonds. Within seven business days of the date of this Agreement, the Town will make available to the Underwriter from the financial printer sufficient copies of the Final Official Statement for purposes of allowing the Underwriter to comply with the Rule. Additional copies of the Final Official Statement may be obtained from the finaricial printer at the expense of the Underwriter. The expense of preparing, printing and/or posting the Preliminary Official Statement, the Official Statement and any attorneys' fees will be an expense of the'authorization, sale and delivery of the Bonds. - The Underwriter shall send, by first-class mail or equally prompt means, a copy of the Official Statement to both the Municipal Securities Rulemaking Board and to the Municipal Advisory Council of Texas Central Post Office (www.DisclosureUSA.org) or each of the nafionally recognized municipal securities information repositories designated as such by the Securities arid Exchange Commission. ARTICLE I " Terms of Bonds The Bonds shall mature, bear interest and shall be subject.to redemption as d'escribed in the Sale Certificate authorized by the Bond Ordinance (the "Sale Certificate") attached hereto as: Exhibit A and incorporated herein by reference. The terms ofthe Bonds shall be as described more. fully in the Bond Ordinance and in the Sale Certificate. ARTICLE II Sale, Purchase and Deliverv of the Bonds Section 2.1. Sale. Upon the terms and subject to the conditions stated in this Ageement,.the Town agrees to issue and sell to the Underwriter, and the Underwriter agrees to purchase from the Town, at the Closing (as defined below), all but not less than all of the Bonds maturing, bearing interest,, and subject to redemption as provided in the Bond Ordinance and the Sale Certificate at a,purchase price of (which is equal to the par amount of the Bonds of $[6,320,000], plus an original issue premium of less underwriter's compensation of - Section 2.2. Closing. In this Agreement, the term "Closing" means the consummation of the issuance and sale of the Bonds by the Town and the purchase of the Bonds by . the Underwriter. The Closing is currently scheduled to occur at the offices.of Sherman & Howard, L.L.C., Denver, Colorado, at 9:00 a.m. on October [21 2008 (the "Closing Date"), and may occur at -2- such different place or time as may be agreed to by the Town and the Underwriter. At the Closing, the Town will cause the Registrar to authenticate and deliver.the Bonds in definitive form to The Depository Trust Company ("DTC") for the account of the Underwriter against receipt by the Town of the full amount of the purchase price. , ARTICLE III Conditions of Sale and Purchase The obligations of the Town to sell and of the Underwriters to purchase the Bonds shall be subject to the satisfaction of each of the following conditions: ~ Section 3.1. Le ag 1 Opinions. As of the Closing, the Town and the Underwriter shall receive (a) the approving opinion of Sherman & Howard L.L.C., Denver, Colorado as Bond . Counsel, dated the day of Closing, as to the validity of the.Bonds and the exclusion of interest thereon from gross income and alternative minimum taxable income, subject only to such qualifications and exceptions as, in the Underwriter's reasonable judgment, will not materially adversely affect the market value of the Bonds, and (b) the letter of Sherman & Howard, L.L.C., Denver, Colorado, as Special Counsel, as to the Official Statement in a form satisfactory to the. Town. Section 3.2. Bond Ordinance and Other Instruments. As of the Closing, the Bond Ordinance, the Sale Certificate, the Escrow Agreement, this Agreement, the Registrar and Paying Agent Agreement between the Town and U.S. Bank National Association (the "Registrar ,Agreement"), the Continuing Disclosure Certificate by the Town (the "Continuing Disclosure Undertaking") and any other instruments and agreements eontemplated thereby shall be in full force . and effect and shall. not have been materially modified or changed except as may have been agreed to in writing by the Underwriter. Section 3.3. No Litigation. As of the Closing, there shall not have been entered or issued by any court, administrative agency, or other governmental body of any jurisdiction, and there shall not have been commenced or threatened in writing any proceeding in any court, administrative agency, or other governmental body of any jurisdiction which could reasonably be expected to lead to the entry or issuance of any judgrrient, order, decree, injunctiori,'or, other adjudication having the purpose or effect, actual or threatened; of prohibiting the issuance, sale or delivery of the Bonds by the Town, the distribution of the Bonds by the Underwriter, or the performance by the Town of any of its obligations as provided in the Bonds, the Bond Ordinance, the Sale Certificate, the Escrow Agreement, the Registrar Agreement, the Continuing Disclosure Undertaking or this Agreement. Section 3.4. Certificates of the Town. As of the Closing, the Town shall deliver to the Underwriter a certificate signed by duly authorized officials of the Town relating to due organization, absence of litigation and due authorization and delivery of the Bonds; the Bond Ordinance, the Sale Certificate, the Registrar Agreement, the Escrow Agreement, the Continuing Disclosure Undertaking and this Agreement in a form satisfactory to the Undervvriter. In addition, as -3- • of the Closing, the Town shall deliyer.to the Underwriter, in form and substance satisfactory to the Underwriter, a certificate executed by one or more officers of the Town, to the effect that the Official Statement, as then amended or supplemented, to the best of their knowledge, neither contains an untrue statement of any material fact nor omits to state any material fact necessary to make the statements made in the Official Statement, in light of the circumstances in which they are made, not misleading. • Section 3.5 Other pocuments. As of the Closing, the Town and the Underwriter shall receive, in form and substance satisfactory to the Town and the Underwriter, (a) the Official Statement executed on behalf of the Town bythe Mayor of the Town, (b) an executed copy of the Bond Ordinance, (c) an copy of the Sale Certificate executed on behalf of the Town by the Town Manager or Finance Director of the Town, (d) an executed copy of the Registrar Agreement, (e) an executed copy of the Escrow Agreement; ( fl an executed copy of the Continuing Disclosure Undertaking, and (g) such additional certificates or other documents as the Town or the Underwriter may reasonably require to provide evidence of the satisfaction of all the conditions stated in this Article or elsewHere in this Agreement upon the obligations of the Town and the Underwriter. ARTICLE N Expenses Expenses will be incurred to make arrangements for the sale of the Bonds before their delivery and receipt of proceeds by the Town. LTnless the obligation of the Underwriter to purchase the Bonds is terminated pursuant to Article V, expenses incurred in connection with the authorization, sale and delivery of the Bonds will be borne by the Town, including: Fees and expenses of Bond Counsel; Fees and expenses of Special Counsel relating to the Official Statement; Printing and/or Posting of the PreliminaryOfficial Statement and the Official Statement Registrar and Paying Agent Fees; . Fees of the Escrow Bank; CUSIP and other registration fees; Rating Agency fees; and Bond Insurance fees. l The payment of these expenses will be included as'an itemized cost of the issuance of the Bonds and will be paid out of the proceeds of the sale of the Bonds or other. legally available funds of the Town. All otHer out-of-pocket expenses will be borne tiy the Underwriter. • If the obligation of the Underwriter is terminated pursuant to Article V, such termination shall occur without either party incurring any liability to the other party. ' -4- Neither the Town nor any elected or appointed officer or agent of the Town shall be subjected to any pecuniary liability in connection with any agreement, covenant or undertaking by. the Underwriter in conne'ctibn with the issuance, sale and deliver}% of the Bonds or with respect to any action taken or om'itted to be taken with respect to the issuance, sale, or delivery of the Bonds by such officer or agent in good faith. ARTICLE V Termination Section 5.1. The Underwriter shall have the right to terminate its obligation to . purchase the Bonds by giving notice to the Town if any of the following conditions is not ful'filled: (a) At the Closing, (i) the Bond. Ordinance, the Sale Certificate; the Official Statement; the Registrar Agreement, the Escrow Agreement, the Continuing Disclosure Undertaking and this Agreement shall be in full force and effect, and shall not have been materially amended, modified or supplemented since the date hereof except as may have been agreed to in writing by the Underwriter,'-and (ii) the Town shall perform or have performed.all of its obligations required to be performed prior to or simultaneously with the Closing, under or specified in the Bond Ordinance, the Escrow Agreement, the Sale Certificate and this Agreement. (b) The Bonds shall have been duly authorized; " executed and . authenticated in accordance with the provisions of the Bond Ordinance and the Sale Certificate. (c) At the Closing Date, the Town shall have taken in connection with the , issuance of the Bonds ancl with the. transactions contemplated thereby and by thisAgreeinent, all such action as, in the opinion of Bond Counsel, shall be necessary and appropriate to the rendering of Bond Counsel's unqualified opinion: Section 5:2. The Uriiierwriter shall have the right to terminate its obligation to . , purchase the Bonds at or before Closing; by giving notice to the Town if between the date hereof and the Closing; the market price or marketability of the Bonds, at the initial offering prices set,forth in the Bond Ordinance and the Sale Certificate, shall have been inaterially adversely affected in the judgment of the Underwriter (eviden¢ed by a written notice to the Towri terminating tlie obligation:of the Underwriter to accept delivery of and pay for the Bonds), by reason of any of tlie following: (a) Legislation enacted by, proposed, or, introduced in Congress or recorrimended for passage by the President of the United States, or a statement of a member of Congress, or a decision rendered by a court established under Article III of the Constitution of the United States or by the Tax Court of the United.States; or an order; ruling, regulation or official statement (final, temporary or proposed) issued or made, by oi on behalf of the Treasury Departinent of the United States or the Internal Revenue Service, with the purpose or effect; directly or indirectly, of imposing federal.:income taxation upon such interest as would be received by tlie holders of the Bonds. , -5- ; (b) Legislation enacted by, proposed, or introduced in Congress or recommended for passage by the President of the United.States, or a statement of a member of Congress, or a decision rendered by a court established under Article III of the Constitution of the United States, or an order, ruling, regulation or official statement (final, temporary or proposed). issued or made by or on behalf of the Securities-,and Exchange Commission; or any other governmental agericy having jurisdiction of the subject matter, to the effect that* obligations of the general character of the Bonds are not exempt from registration or qualification under, or other requirements of, the Securities Act of 1933, the Securities Exchange Act of 1934, or the Trust Indenture Act of 1939, all as amended, or that the issuance, offering or sale of the Bonds or . obligations of the general character of the Bonds, including any or all underlying arrangements, as contemplated hereby or by the Official Statement, otherwise is or would be in violation of the federal securities laws as amended and then in effect. (c) The occurrence or escalation of any national emergency or calamity having a material adverse effect on the effective operation of the government of or the financial community in .the United States. (d) The declaration of a general banking moratorium by federal, New York, or Colorado authorities, or the general suspension of trading on any national securities exchange. (e) The imposition by the New York Stock Exchange or other national securities exchange, or any governmental authority, of any material restrictions not now in force with respect to the Bonds, or obligations of the general character. of.the Bonds, or securities generally, or the material increase of any such restrictions now in force, including without limitation those relating to the extension of credit by, or to the net capital requirements of, the Underwriter. (f) Any event occurring, or information becoming known, which, in the reasonable judgment of the Underwriter, makes untrue in any material respect any statement or . information contained in the Official Statement, or has the effect that the:Official Statement contains any untrue statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the, light of the circumstances under which they were made, not misleading, to the extent that the Official Statement cannot be supplemented or amended prior to the Closing. ARTICLE VI Acceptance of Agreement . The submission to the Town of this Agreement, executed by the Underwriter, constitutes an offer of the.Underwriter to purchase the Bonds upon the terms and conditions stated in this Agreement. The offer by the Unclerwriter must be accepted by the Town no later than midnight, October 2008, by the execution of this Agreement by an authorized officer of the Town. If not - -6- ~ . • delivered in person, this Agreement after execution by the Town may be delivered to the Underwriter by first=class mail, provided that the Underwriter is advised by telephone or facsimile communication immediately after the mailing. This Agreement shall not be binding.on either party until acceptance shall have been made by the Town in the manner stated in this paragraph. This ~ Agreement may be executed in any number of counterparts; each of which shall be an original, but such counterparts shall together constitute one and the same instrument. . It is our pleasure to present this offer to purchase tHe Bonds from the Town. _ Respectfully submitted, PIPER JAFFRAY & CO. : By: , Title: Managing Director , . -7- . . . \ After due consideration, this Bond Purchase Ageement is hereby accepted by,the Town this October 2008. - TOWN OF VAIL, COLORADO . . By: . ' Town Manager - Time of Acceptance: ~ ~ , -8- EXHIBIT A (Attach Sale Certificate) , A-1 ~ r~ S&H DRAFT DATED 8128108 TOWN OF VAIL, COLORADO SALES TAX REVENUE REFUNDING BONDS SERIES 2008 ESCROW AGREEMENT DATED as of October [21], 2008, made by and between Town of Vail, Colorado, a legally and regularly created, established, organized and existing municipal corporation under the Constitution of the State of Colorado (the "Town"), and U.S. Bank National Association, in Denver, Colorado, a national banking association having and exercising full and complete trust powers, duly organized and existing under and by virtue of the laws of the United States, being a member of the Federal Deposit Insurance Corporation and the Federal Reserve System (the "Escrow Bank"). (1) WHEREAS, the Town is duly organized and existing under the Constitution and laws of the State of Colorado (the "State") and its Town Charter and its officers from time to time have been duly chosen and qualified; and (2) WHEREAS, the Town has heretofore issued its Sales Tax Revenue Refunding Bonds, Series 1998A in the aggregate principal amount of $8,760,000, currently outstanding in the aggregate principal amount of $7,775,000 (the "Series 1998A Bonds"). The Series 1998A Bonds bear interest from the date thereof until their respective maturities at the . rates set forth below, and mature on the first day of December in each of the designated amounts of principal and designated years, as follows: Maturity Principal Interest Rate December 1 Maturing (Per Annum) 2008 $1,425,000 4.30% 2009 1,485,000 4.40 2010 1,550,000 4.45 2012 3,315,000 4.50 (3) WHEREAS, the Town now desires to refund, pay and discharge all the outstanding Series 1998A Bonds maturing on and after December 1, 2009, currently outstanding in the aggregate principal amount of $6,350,000 (the "Refunded 1998A Bonds") on December 1, 2008 (the "Redemption Date") at a redemption price equal to the principal amount so redeemed plus accrued interest to the Redemption Date; and S&H DRAFT DATED 8128108 (4) WHEREAS, the Town intends to issue its "Sales Tax Revenue Refunding Bonds, Series 2008" (the "Series 2008 Bonds" or the "Bonds") in the aggregate principal amount of for the purpose of paying (i) the interest due on the Refunded Bonds, both accrued and not accrued, as the same becomes due on and after the date of delivery of the Bonds and on and before prior redemption on the Redemption Date; and (ii) the principal of the Refunded Bonds upon prior redemption on the Redemption Date (collectively, the "Refunded Bond Requirements") as more particularly described in the certified public accountant's report attached as Exhibit 1 to this Agreement (the "Report"); and (5) WHEREAS, the Town is not delinquent in the payment of the principal of and interest on the Refunded Bonds; and (6) WHEREAS, the Series 2008 Bonds are issued by the Town pursuant to an ordinance passed by the Town on September 16, 2008 (the "Bond Ordinance"); and (7) WHEREAS, the Town, by the Bond Ordinance, among other matters: A. Created the Escrow Account (as defined below); B. Authorized the Escrow Account (as defined below) to he maintained at the Escrow Bank; C. Provided for the deposit in the Escrow Account of a portion of the net proceeds of the Series 2008 Bonds and any other moneys in an aggregate amount fully sufficient, together with the known minimum yield from the investment of such moneys in bills, certificates of indebtedness, notes, bonds, or similar securities which are direct obligations of, or the principal and interest of which are unconditionally guaranteed by, the United States, which obligations are not callable at the option of the issuer thereof ("Federal Securities"), to pay the Refunded Bond Requirements, as set forth therein and herein (in no circumstances shall the term "Federal Securities" include money market investments even if the money market fund in which the investment is made invests only in Federal Securities); D. Provided for the purchase of Federal Securities with such moneys credited to the Escrow Account; and E. Authorized the completion and execution of this Agreerrient; and (8) WHEREAS, a copy of the Bond Ordinance has been delivered to the Escrow Bank, and the provisions therein set forth are herein incorporated by reference as if set forth herein verbatim in full; and • -2- Jr, S&H DR.4FT DATED 8128108 (9) WHEREAS, the Federal Securities described in the Report, have appropriate maturities and yields to insure, together with the initial cash (as defined below), the payment of the Refunded Bond Requirements, as the same becomes due; and (10) WHEREAS, a schedule of receipts from such Federal Securities and a schedule of payments and disbursements in the Report demonstrate the sufficiency of the Federal Securities and initial cash, if any, for such purpose; and ' . (11) WHEREAS, the Escrow Bank is empowered to undertake the obligations and commitments on its part herein set forth; and (12) WHEREAS, the undersigned officer of the Escrow Bank is duly authorized to execute and deliver this Agreement in the Escrow Bank's name and on its behalf; and (13) WHEREAS, the Town is empowered to undertake the obligations and commitments on its part herein set forth; and (14) WHEREAS, the undersigned officers of the Town are duly authorized to execute and deliver this Agreement in the Town's name and on its behalf. NOW, THEREFORE, THIS ESCROW AGREEMENT WITNESSETH: That in consideration of the mutual agreements herein contained, and the payment of the fees and costs specified in Section 9 hereof, duly paid by the Town to the Escrow Bank at or before the ensealing and delivery of these presents, the receipt of which is hereby acknowledged, and in order to secure the payrnent of the Refunded Bond Requirements, as the same become due, the parties hereto mutually undertake, promise, and agree for themselves and their respective representatives, successors, and assigns, as follows: -3- • ~ S&H DRAFT DATED 8128108 Section 1. Creation of Escrow. A. Simultaneously with the delivery of the Series 2008 Bonds, and subject to their issuance, the Town, with of the proceeds of the Series 2008 Bonds, and other available moneys in the amount of shall purchase (to the extent not heretofore purchased) the Federal Securities described in Exhibit 1 to this Agreement (the "Initial Federal Securities") and shall cause the Initial Federal Securities, if any, and an initial cash balance of (the "initial cash") to be irrevocably credited to and accounted for in a separate trust I account designated as the "Town of Vail, Colorado, Sales Tax Revenue Refunding Bonds, Series 2008, Escrow Account" (the "Escrow Account"). Receipt of ] by the Escrow ' Bank to be applied as provided herein is hereby acknowledged. B. Other Federal Securities may be substituted for any Initial Federal Securities if such Initial Federal Securities are unavailable for purchase at the time of issuance of the Series 2008 Bonds or other Federal Securities may be substituted for any Federal Securities held in the Escrow Account if such substitution is required or permitted by Section 148 of the Internal Revenue Code of 1986, as amended (the "Tax Code"), and the applicable regulations thereunder, subject in any case to sufficiency demonstrations and yield proofs in a certified public accountant's report, and subject to a favorable opinion of the Town's bond counsel as to the legality of any such substitution, and the continued exemption of interest on the Bonds from federal income taxation (except certain alternative minimum taxes described in bond counse"s opinion), and in any event in such a manner so as not to increase the price which the Town pays for the initial acquisition of Federal Securities for the Escrow Account. The certified public accountant's report must indicate that the receipts from the substitute securities are sufficient without any need for reinvestment to fully pay the Refunded Bond Requirements. In lieu of, or in addition to, substituting other Federal Securities pursuant to the preceding sentence, moneys in an amount equal to the principal of and interest on all or any portion of such Initial Federal Securities may be credited to the Escrow Account subject to the provisions of Section 5 hereof. Any such cash shall be deemed to be part of the initial cash, if any. Any Federal Securities temporarily substituted may be withdrawn from the Escrow Account when the Initial Federal Securities are purchased and credited to the Escrow Account. Similarly any temporary advancement of moneys to the Escrow Account to pay designated Refunded Bond Requirements, because of a failure to receive promptly the principal of and interest on any Federal Securities at -4- ~ S&H DRAFT D.4 TED 8128108 their respective fixed maturity dates, or otherwise, may be repaid to the person advancing such moneys upon the receipt by the Escrow Bank of such principal and interest payments on such Federal Securities. C. The initial cash, the proceeds of the Initial Federal Securities, if any, (and of any other Federal Securities acquired as an investment or reinvestment of moneys accounted for in the Escrow Account), and any such Federal Securities themselves (other than Federal Securities, including the Initial Federal Securities, held as book-entries), shall be deposited with the Escrow Bank and credited to and accounted for in the Escrow Account. The securities and moneys accounted for therein shall be redeemed and paid out and otherwise administered by the Escrow Bank for the benefit of the Town as provided in this Agreement and the Bond Ordinance. Section 2. Purpose of Escrow. A. The Escrow Bank shall hold the initial cash and all Federal Securities, if any, accounted for in the Escrow Account (other than Federal Securities, including the Initial Federal Securities, held as book-entries), and all moneys received from time to time as interest on and principal of any such Federal Securities, in trust to secure and for the payment of the Refunded Bond Requirements, as the same become due. B. Except as provided in paragraph B of Section 1 hereof, the Escrow Bank shall collect the principal of and interest on such Federal Securities promptly as such principal and interest become due and shall apply all money so collected to the payment of the Refunded Bond Requirements as aforesaid. Section 3. Accounting for Escrow. A. The moneys and the Federal Securities, if any, accounted for in the Escrow Account sha11 not be subject to checks drawn by the Town or otherwise subject to its order except as otherwise provided in paragraph B of Section 1 hereof. B. The Escrow Bank, however, shall transfer from time to time, sufficient moneys to pay, without any default, the Refunded Bond Requirements, as the same become due, as provided herein. C. Except as otherwise provided in paragraph B of Section 1 of this Agreement, there shall be no sale of any Federal Securities held hereunder, and no Federal Securities held hereunder and callable for prior redemption at the Town's option shall be called -5- Y S&H DRAFT D.qTED 8128108 at any time for prior redemption, except if necessary to avoid a default in the payment of the Refunded Bond Requirements. Section 4. MaturiNes of Federal Securities. A. Any Federal Securities shall be purchased in such manner: (1) So that such Federal Securities may be redeemed in due season at their respective maturities to meet such Refunded Bond Requirements as the same become due, and (2) So that any sale or prior redemption of such Federal Securities shall be unnecessary. B. There shall be no substitution of any Federal Securities except as otherwise provided in paragraph B of Section 1 of this Agreement. Section 5. Reinvestments. A. The Escrow Bank shall reinvest the cash balances listed in the Report for the period designated in the Report in state and local government series securities ("slgs") purchased directly from the United States Government by the Escrow Bank in the name of the Town. All of the slgs in which such reinvestments are made shall bear interest at the rate of zero percent (0%) per annum. The Escrow Bank agrees to comply with Part 344 of Title 31, Code of Federal Regulations, and with such other regulations of the United States Treasury, Bureau of Public Debt, as are from time to time in effect in subscribing for and purchasing such slgs, including without limitation, requirements with respect to submitting subscriptions to a Federal Reserve Bank or Branch in advance (currently between 60 and 15 days in advance) of the date of purchase of the slgs. B. In addition to or, as the case may be, in lieu of the reinvestments required by paragraph A of this Section, the Escrow Bank, at the written direction of the Town, sha11 invest the initial cash, if any, and shall reinvest in Federal Securities any moneys received in payment of the principal of and interest on any Federal Securities accounted for in the Escrow Account, subject to the limitations of Section 1, Section 4, and Section 6 hereof and the following limitations: (1) Any such Federal Securities shall not be subject to redemption prior to their respective maturities at the option of their issuer. -6- ~ S&H DR9FT DATED 8128108 (2) Any such Federal Securities shall mature on or prior to the date when the proceeds thereof must be available for the prompt payment of the Refunded Bond Requirements, as the same become due. (3) Under no circumstances shall any reinvestment be made under this Section if such reinvestment, alone or in combination with any other investment or reinvestment, violates the applicable provisions of § 148 of the Tax Code, and the rules and regulations thereunder. (4) The Escrow Bank shall make no such reinvestment unless the Town first obtains and furnishes to the Escrow Bank a written opinion of the Town's bond counsel to the effect that such reinvestment, as described in the opinion, complies with paragraph B of this Section. Section 6. Sufficiency of Escrow. The moneys and Federal Securities accounted for in the Escrflw Account shall be in an amount (or have appropriate maturities and yields to produce an amount) which at all times shall be sufficient to pay the Refunded Bond Requirements as they become due. Section 7. Transfers and Redemption Notice for Refunded Bond Requirements. A. The Escrow Bank shall make such arrangements and transfers to American National Bank, formerly known as The Bank of Cherry Creek, N.A., as paying agent for the Refunded Bonds (the "1998 Paying Agent"), as will assure, to the extent of money in the Escrow Account properly allocable to and available therefor, the timely payment of the Refunded Bond Requirements at the maturity or prior redemption date. B. The Town directs the Escrow Bank to notify the 1998 Paying Agent to cause notice of prior redemption of the Refunded Bonds to be given in the manner required by the bond ordinance authorizing the Refunded Bonds. The Escrow Bank shall notify the 1998 Paying Agent to cause notice of redemption of the Refunded Bonds to be given to the registered owners of the Refunded Bonds upon the issuance of the Series2008 Bonds, in the manner provided in the bond ordinance authorizing the Refunded Bonds. Section 8. Termination of Escrow Account. When payment or provisions for payment shall have been made so that all Refunded Bond Requirements shall be or shall have been paid in full and discharged, the Escrow Bank shall immediately pay over to the Town the -7- . ~ S& H DRAFT D.9 TED 8128108 moneys, if any, then remaining in the Escrow Account. Such moneys may be used by the District for any lawful purpose, subject to any limitations in the Bond Ordinance. Section 9. Fees and Costs. A. The Escrow Bank's total fees and costs for and in carrying out the provisions of this Agreement, have been fixed at which amount is to be paid at or prior to the time of the issuance of the Series 2008 Bonds by the Town directly to the Escrow Bank as payment in full of all charges of the Escrow Bank pertaining to this Agreement for services performed hereunder. B. Such payment for services rendered and to be rendered by the Escrow Bank shall not be for deposit in the Escrow Account, and the fees of and the costs incurred by the Escrow Bank shall not be deducted from such account. Section 10. Status Report. A. On or before January 1, 2009, the Escrow Bank shall submit to the Town a report covering all money which the Escrow Bank shall have received and all payments which it shall have made or caused to be made hereunder. B. The report shall indicate for which period and in which trust bank any Federal Securities (other than Federal Securities held as book-entries) and any uninvested moneys were transferred for safekeeping or any Federal Securities (other than Federal Securities held as book-entries) pledged to secure the repayment to the Town of any uninvested moneys were placed in pledge, as permitted by Section 12 hereof. Section 11. Character of Deposit. A. It is recognized that title to the Federal Securities and money accounted for in the Escrow Account from time to time shall remain vested in the Escrow Bank for the benefit of the Town but subject always to the prior charge and lien thereon of the Bond Ordinance and this Agreement and the use thereof required to be made by the provisions of this Agreement and the Bond Ordinance. B. The Escrow Bank shall hold all such Federal Securities (except as they may be held as book-entries) and money in the Escrow Account as a special trust fund and account separate and wholly segregated from all other securities and funds of the Escrow Bank or deposited therein, and shall never commingle such securities or money with other securities or money. -8- . ~ S&H DRAFT DATED 8128108 Section 12. Securing Deposit. A. The Escrow Bank may cause the Federal Securities accounted for in the Escrow Account to be registered in the name of the Escrow Bank for payment, if they are registrable for payment. B. No money paid into and accounted for in the Escrow Account shall ever be considered as an asset of the Escrow Bank and the Escrow Bank shall have no right or title with respect thereto except as provided herein. Section 13. Purchaser's Responsibility. The holders from time to-time of the Series 2008 Bonds shall in no manner be responsible for the application or disposition of the proceeds thereof or any moneys or Federal Securities accounted for in the Escrow Account. This clause shall not relieve the Escrow Bank (if it is a holder of the Series 2008 Bonds), in its capacity as Escrow Bank, from its duties under this Agreement. Section 14. Amendment. A. The Series 2008 Bonds shall be issued in reliance upon this Agreement and except as herein provided this Agreement shall be irrevocable and not subject to amendment after any of the Series 2008 Bonds shall have been issued. B. The provisions of this Agreement may be amended, waived or modified upon approval the holders of all of the then-outstanding Refunded Bonds and Series 2008 Bonds. The provisions of this Agreement also may be amended, waived or modified, without the consent of or notice to the holders of the Refunded Bonds or the Series 2008 Bonds, for one or more of the following purposes: (1) to cure any ambiguity, or to cure, correct or supplement any formal defect or omission or inconsistent provision contained in this Agreement; (2) to pledge additional revenues, properties or collateral as security for the Refunded Bonds; or (3) to deposit additional monies or Federal Securities to the Escrow Account. Notwithstanding any other provision hereof no amendment, modification or waiver shall be effective if it is materially prejudicial to the owners of the Refunded Bonds or affects the exclusion of the interest on the Refunded Bonds or the Series 2008 Bonds from gross -9- . . S&H DRAFT DATED 8128108 income from federal income tax purposes, unless such amendment, waiver or modification is approved by the holders of all of the then-outstanding Refunded Bonds and Series 2008 Bonds affected thereby. C. The Town hereby agees for the benefit of the registered owners of ihe Refunded Bonds that it will not avail itself of any statutory or other right it may havc; to terminate or cancel this Agreement unless and until a successor Escrow Bank has been appointed and the Escrow Account has been transferred to such successor. Section 15. Exculpatory Provisions. A. The duties and responsibilities of the Escrow Bank are limited to those expressly and specifically stated in this Agreement. B. The Escrow Bank shall not be liable or responsible for any loss resulting from any investment or reinvestment made pursuant to this Escrow Agreement and made in compliance with the provisions hereof. C. The Escrow Bank shall not be personally liable or responsible for any act which it may do or omit to do hereunder, while acting with reasonable care, except for duties expressly imposed upon the Escrow Bank hereunder or as otherwise expressly provided herein. D. The Escrow Bank shall neither be under any obligation to inquire into or be in any way responsible for the performance or nonperformance by- the Town of any of its obligations, nor shall the Escrow Bank be responsible in any manner for the recitals or statements contained in this Agreement, in the Bond Ordinance, in the Refunded Bonds, or in any proceedings taken in connection therewith, such recitals and statements being made solely by the Town. E. Nothing in this Agreement creates any obligation or liabilities on the part of the Escrow Bank to anyone other than the Town and the holders of the Refunded Bonds. Section 16. Time of Essence. Time is of the essence in the performance of the obligations from time to time imposed upon the Escrow Bank by this Agreement. Section 17. Successors. A. Whenever in this Agreement the Town or the Escrow Bank is named or is referred to, such provision is deemed to include any successor of the Town or the Escrow Bank, respectively, immediate or intermediate, whether so expressed or not. The rights and obligations -10- / S&H DR9FT D_9TED 828108 under this Agreement may be transferred by the Escrow Bank to a successor. Any corporation or association into which the Escrow Bank may be merged or converted or :with which the Escrow Bank may be consolidated or any corporation or association resulting from any merger, conversion, sale, consolidation or transfer to which the Escrow Bank may be a party or any corporation or association to which the Escrow Bank may sell or transfer all or substantially all of its corporate trust business shall be the successor to the Escrow Bank without the execution or filing of any document or any further act, anything herein to the contrary notwithstanding. B. All of the stipulations, obligations, and agreements by or on behalf of and other provisions for the benefit of the Town or the Escrow Bank contained in this Agreement: (1) Shall bind and inure to the benefit of any such successor, and (2) Shall bind and inure to the benefit of any officer, board, city, agent, or instrumentality to whom or to which there shall be transferred by or in accordance with law any relevant right, power, or duty of the Town or the Escrow Bank, respectively, or of its successor. Section 18. Severability. If any section, paragraph, clause, or provision of this Escrow Agreement shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Agreement. Section 19. Notices. Any notice to be given hereunder shall be delivered personally or mailed postage prepaid, return receipt requested, to the following addresses: If to the Town: Town of Vail, Colorado 75 S. Frontage Road West Vail, Colorado 81657 Attn: Finance Director If to the Escrow Bank: U.S. Bank National Association 950 17`" Street, 12"Floor Denver, Colorado 80202 Attention: Corporate Trust Department If to the Bond Insurer: MBIA Insurance Corporation ' 113 King Street Armonk, New York 10504 -11- S&H DRAFT DATED 8128108 or such other address as either party may, by written notice to the other party, hereafter specify. Any notice shall be deemed to be given upon mailing. Section 20. Jurisdiction and Venue. The rights of the Town under this Agreement shall be deemed to be a contract made under and shall be construed in accordance with and governed by the laws of the State of Colorado. Jurisdiction and venue for any disputes related to this Agreemerit shall be in United States District Court for the District of Colorado. Section 21. Exercise of Option. The Town Council has elected and does hereby declare its intent to exercise on the behalf and in the name of the Town its option to redeem the Refunded Bonds on the Redemption Date. The Town hereby authorizes and directs 6 the registrar for such Ref'unded Bonds to give notice of refunding, defeasance and redemption of the Refunded Bonds to the registered owners of the Refunded Bonds and the bond insurer of such Refunded Bonds in accordance with the provisions• of the ordinance authorizing the issuance of the Refunded Bonds. Section 22. Form of Notice. The notice so to be given shall be in substantially the following form: -12- / S&H DRAFT D.4TED 8128108 (Form of Notices) NOTICE OF REFUNDING, DEFEASANCE AND REDEMPTION TOWN OF VAIL, COLORADO SALES TAX REVENUE REFUNDING BONDS SERIES 1998A CUSIP NOS: NOTICE IS HEREBY GIVEN that Town of Vail, Colorado, (the "Town") will cause to be deposited in escrow with U.S. Bank National Association, Denver, Colorado, refunding bond proceeds and other moneys which will be invested (except for a small initial cash balance remaining uninvested) in certificates of indebtedness, notes, bonds and similar securities which are direct obligations of, or obligations the principal or and interest on which are unconditionally guaranteed by, the United States of America to refund, pay, redeem and discharge the principal and interest in connection with the Town's Sales Tax Revenue Refunding, Series 1998A (the "Series 1998A Bonds") as more particularly described below. The Series 1998A Bonds maturing on and after December 1, 2009 (the "Refunded Bonds") will be called for redemption on December 1, 2008 (the "Redemption Date"). On the Redemption Date, the principal of such Refunded Bonds plus accrued interest to the date of redemption will become due and payable at the principal office of the paying agent, American National Bank, formerly known as The Bank of Cherry Creek, N.A., Denver, Colorado (the "Paying AgenY'), and thereafter interest will cease to accrue. According to a report of a firm of certified public accountants, licensed to practice in Colorado, the escrow, including the known minimum yield from such investments and any temporary reinvestments and the initial cash balance remaining uninvested, will be fully sufficient at the time of the deposit and at all times subsequent, to pay the principal of the Refunded Bonds and accrued interest thereon to the Redemption Date on and after the date of the deposit and on and before the Redemption Date. In compliance with the federal law, the Paying Agent is required to withhold at the current backup withholding rate a percentage from payments of principal to individuals who fail to furnish valid Taxpayer ldentification Numbers. A completed Form W-9 should be presented with your bond. -13- ~ S&H DRAFT D.4 TED 8128108 The above-referenced CUSIP numbers were assigned to this issue by Standard & Poor's Corporatiori and are intended solely for bondholders' convenience. Neither the Paying Agent nor the Town shall be responsible for selection or use of the CUSIP numbers, nor is any representation made as to their correctness on the Refunded Bonds or as indicated in any redemption notice. Dated AMERICAN NATIONAL BANK, Registrar By: (End of Form of Notice) -14- ~ S&H DRAFT DATED 8128108 IN WITNESS WHEREOF, THE TOWN OF VAIL, COLORADO, has caused this Escrow Agreement to be signed in the Town's name by the Mayor, and to be attested by the Town Clerk, with the seal thereof hereunto affixed; and U.S. BANK NATIONAL ASSOCIATION, Denver, Colorado, has caused this Escrow Agreement to be signed in its corporate name by one of its Vice Presidents, all as of the day and year first above written. • TOWN OF VAIL, COLORADO By Mayor (SEAL) Attest: Town Clerk U.S. BANK NATIONAL ASSOCIATION By: . Vice President -15- ~ S&H DRAFT DATED 8128108 EXHIBIT 1 (Attach Certified Public Accountant's Report) -16- 871759.I r S&H DILAFT D.9 TED 8128108 TOWN OF VAIL, COLORADO SALES TAX REVENUE REFUNDING BONDS - SERIES 2008 . REGISTRAR AND PAYING AGENT AGREEMENT THIS AGREEMENT, dated as of October [21], 2008, is by and between the Town of Vai1, Colorado (the "Town") and U.S. Bank National Associationjn Denver; Colorado (the "Bank"). WITNESSETH: WHEREAS, by Ordinance of the Town Council of the Town. duly adopted on September 16, 2008 (the "Bond Ordinance"), the Town has authorized the issuance of its Sales Tax Revenue Refunding Bonds, Series 2008 in the aggregate principal amount of $[6,320,000] (the "Bonds"); and WHEREAS, it is mutually desirable to the Town and the Bank that the Bank, through its Corporate Trust Department located in Denver; Colorado, act as Registrar and Paying Agent (as such terms are defined and used in the Bond Ordinance) for the Bonds; and WHEREAS, it is mutually desirable that_ this agreement (the "Agreement") be entered into between the Town and the Bank to provide for. certain aspects of such Registrar and Paying Agent services; and WHEREAS, contemporaneously with the delivery of the Bonds, the Town has delivered to the Bank an executed copy of the Bond Ordinance, the Continuing Disclosure certificate and the Sale Certificate (as such terms are defined in the Bond Ordinance). • NOW, THEREFORE, the Town and the Bank, in consideration of the mutual covenants herein contained, agree as follows: l. The Bank hereby accepts all duties and responsibilities of the Paying Agent as provided in the Bond Ordinance. The Bank shall cause the Bonds to be honored in accordance with their terms, provided that the Town,causes to be made available to the Bank all funds necessary in order to so honor the Bonds. ' Nothing in this Agreement shall require the Bank to pay or disburse any funds in excess of the amount then on deposit in the "2008 Principal , and Interest Payment Account". provided for in Section 2 of this Agreement. : Nothing in. this Agreement shall require the Town to pay or disburse any funds for payment of the principal of the Bonds or interest or redemption premium, if any, thereon except at the times and in the - manner provided in the Bond Ordinance. In addition, the Bank hereby accepts all duties and responsibilities of the Registrar as provided in the Bond Ordinance, including without limitation, the authentication, transfer; exchange and replacement of.tHe Bonds. 2. Not less than (a) one business day prior to each payment date, if funds are delivered by wire transfer, or; (b)_three business days prior to each payment date if funds are delivered by another method of payment (or such other times as may be required by the Bond Insurer, if any); funds for the payment of the Bonds and-_interest thereon are to be deposited by 1 ~i ~ S&H DRAFT DATED 8128108 the. Town with the Bank in an account designated "2008 Principal and Interest Payment Account." The funds so deposited shall be held_ and applied by the Bank through its Corporate Trust Department solely for the paymerit of principal of, interest on and redemption premium, if any; on the Bonds: From such funds, the Bank agrees to pay at the times and in the manner provided in the Bond Ordinance, the priricipal of, interest on and redemption premium, if any,.on the Bonds. Notwithstanding tfie: foregoing, so long as the Bonds are registered in the name of , DTC or its nominee, payment of principal of, premium, if any, and interest on the Borids shall be made in the manner set forth in the Letter of Representations. 3. The Town shall pay to the Bank fees in accordance with its then existing fee schedule. Attached to this Agreement is the Bank's current fee schedule. No new fee schedule shall become effective unti130 days after the Bank has given the Town notice thereof. 4. Any moneys held by the Bank for the owners of the Bonds remaining. unclaimed for one year after principal of, interest and redemption premium, if any, on the respective Bonds with respect to which such moneys have been set aside has become due and ~ payable shall, without further request by the Town, be paid to the Town. The Bank shall not be required to invest or. to pay interest on any funds of the Town for any period during which such funds are held by the Bank awaiting the presentation of the Bonds for payment. 5. The Bank agrees to annually notify the Town, in writing, of the Town's obligation to file its Arinual Report (as such term is defined in the Continuing Disclosure Certificate dated October [21], 2008; relating to the issuance of the Bonds) at least 30 but not more than 60 days prior to the time when the Annual Report is required to be filed pursuant to the. terms of the Continuing Disclosure Certificate. Upon notice so given, the Bank's duty pursuant to this section is fulfilled. ~ 6. At least 30 but not more than 60 days prior to October [21], 2012,.and on the date on which the last Bond is discharged, the Bank will send written notice to the.Town stating that the Town must: (i) compute the amount of rebatable arbitrage, if any, which is due the federal government pursuant'to Sections 103 and 148( fl of the Internal Revenue Code of 1986, as amended, and (ii) pay such amount no later than sixty (60) days from October [21 2012, and on the date on which the last Bond is dischaxged. The Bank shall have no independerit duty to review or enforce the Town's compliance with any rebate requirements. _ 7. On or, before December 1, 2008, the Bank agrees to notify the Town of its obligation to complete its final rebate calculation on the Refunded Bonds within 60 days afte"r December 1; 2008 (such date being the redemption date of the Refunded Bonds). 8: The Agreement may be terminated as provided in the Bond Ordinance. 9. In the event of any conflict between the provisions of this Agreement and the provisions of the Bond Ordinance, the provisions of the Bonci Ordinance sfiall be controlling: 10. The rights of the Town under this Agreement shall be deemed to be a contract made under and shall be construed-in accordance with and governed by the laws of the State of Colorado. Jurisdiction and venue for any disputes related to this Agreement shall be in - United States District Court for the District of Colorado. ' -2- ~ . J^ . , . S&H DRAFT D.4 TED 8128108 IN WITNESS WHEREOF, the Bank and -the Town have caused this Agreement to be duly executed and delivered as of the day and year first above written. TOWN OF VAIL, COLORADO (SEAL) By: Mayor . . . ATTESTED: Town Clerk . U.S. BANK NATIONAL ASSOCIATIONBy: Vice President -3- , . . , . ~ , ` S&H DRAFT DATED.8/28/OS EXHIBIT A ~ . (Attach Fee Schedule) A-1 1 • MEIVIORANDUM , . TO: Vail Town Council FROM: Community Development Department DATE: September 2, 2008 SUBJECT: A request for final review.of Resolution No. 19, Series of.2008, a. Land_ Use Plan map amendment, 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°, "Vail Professional Building" (Future "Ever Vail°), and "Glen Lyon Office Building" located at 953, 1031 and 1000 , South Frontage Road WesU Lot 54 Glen Lyon_ Subdivision, and unplatted property (A complete legal description is available: for inspection, at the : Town of Vail Community Development Department), and setting forth details in regard thereto. Applicant: Community Development Department Planner: Nicole Peterson 1. DESCRIPTION OF THE REQUEST Staff is proposing the Land : Use Plan map amendments, pursuant to Section • 8.3.A Community Development Department Amendments, Vail Land Use Plan, for the reasons listed in.Section III of this memorandum: Reasons include; supporting consistency with the Lionshead. Redevelopment, Master Plan and facilitation of corinectivity, neighborhood planning and site design consistent with adjacent properties. Staff has included the following attachments for the CounciPs consideration: A: Resolution No. 19, Series of 2008 B. Subject Properties Existing Land Use,Map C.. Subject Properties Proposed Land Use Map, - D. PEC memorandum dated August 11, 2008 E. PEC minutes of August 11, 2008 F. Council minutes of February 6, 2007 • G. _ Map A Study Area (Lionshead Redevelopment Master Plan Area) H. Letter from Vail Resorts Development Company 11. BACKGROUND On August 11, 2008 the Planning and Environmental, Commission voted 4-0-1 (Viele recused) to forward a recommendation of approval for the Land Use Plan map-amendment, pursuant to Section 8-3, Vail Land Use Plan, to allow for a change in the land use designation from Community Office to Lionshead Redevelopment Master Plan for properties knowri as "Cascade. Crossing°, "Vail Professional Building°, (Future "Ever Vail"), and °Glen Lyon Office Building" located at 953, 1031 and 1000 South Frontage Road West. , 1 On February 6, 2007, the Vail Town Council adopted Resolution 4, Series of 2007, amending the Lionshead Study Area Boundaries to include the subject properties located at 1031 South Frontage Road West -"Cascade Crossing" (Future "Ever Vail") and 953 South Frontage Road West -"Vail Professional Building" (Fufure "Ever Vail") (Attachment F: Council minutes of February 6, 2007). Resolution 4, Series of 2007 also included amendments to the Lionshead Redevelopment Master Plan, which included , specific language for the. redevelopment of the two properties. Staff has included the relevant sections of_ Resolution 4, Series of 2007, in Section IV Applicable Planning Documents, in attachment D: PEC Staff memorandum dated August 11, 2008. . ; Staff has included the Glen Lyon Office Building in this amendment request for the reasons stated below in Section III and with the understanding that when the property owners submit designs for redevelopment of the Glen . Lyon Office Building, the property owner /applicant must also submit amendments to the ~ Lionshead Redevelopment Master Plan that specifically address the site. `Staff has included a condition to that affect in -the Staff recommendation in Section IV of this memorandum. 611. CRITERIA AND FINDINGS Staff is proposing the Land Use Plan map amendments, pursuant to Section 8.3.A Commun'ity Development Department Amendments,.Vail Land Use Plan, for the reasons listed below, corresponding to each of the three subject properties: 1031 South FrontaQe Road West -°Cascade Crossing° (Future °Ever Vail°) • Consistency with the Lionshead Redevelopment Master Plan On February 6, 2007, the Vail Town Council adopted Resolution 4, Series of 2007, amending ttle Lionshead Study Area Boundaries to include 1031 South Frontage Road West (See Attachment E; Map A Study Area). In doing so, the property. at 1031 South Frontage Road became regulated by the Lionshead Redevelopment Masfer Plan, specifically Sections 4.1, 4.5, 4.6, 4.8, 4.9 and 5.17 stated above in Section III; Applicable Planning Documents. Therefore, this land use amendment provides consistency between the Land Use Map and the Lionshead Redevelopment Master Plan document. 953 South Frontape Road West -°Vail Professional Buildinq" (Future °Ever Vail") • Consistency with the Lionshead Redevelopment Masteit Plan - On February 6, 2007, the Vail Town Council adopted Resolution 4, Series of 2007, amending the Lionshead Study Area Boundaries to include 953 South Frontage Road West (See Attachment E: Map A Study Area). In doing so, the property at 953 South Frontage Road became regulated by the Lionshead Redevelopment Master Plan, specifically Sections 4.1, 4.5, 4.6, 4.8, 4.9 and 5.17 stated above in Section III, Applicable Planning Documents. Therefore, this land use amendment provides consistency befinreen the Land Use Map and the Lionshead Redevelopment Master Plan document. 2 . , . 1000 South Frontage Road West -"Glen Lvon Office .Buildin4° o Land Use / Neighborhood Planning The current land use designation of the Glen Lyon Office Building property, Community Office, is defined, in the.Land Use Plan, as follows: . ,-"This area is to include primarily office, uses of aH types. Some limited. commercial uses, such : as retail businesses; induding genera/ merchandise, apparel and accessories and auto service facilities.would a/so be permifted." , The current designation does not. provide, site-specific guidance or recommendations for development or redevelopment of the property . beyond the above definition. Therefore, Staff believes that the proposed land use amendment of the Glen Lyon Office Building to Lionshead , Redevelopment. Master Plan, consistent with.the adjacent properties, will create a consistent framework for red'evelopment of this neighborhood by bringing all three properties under, the standards and recommendations set forth in the Lionshead Redevelopment Master Plan. • Connectivity . , Staff belieyes the proposed land use amendment of the Glen Lyon Office Building to Lionshead Redevelopment Master Plan, consistent with the - adjacent properties, will guide development in a pattem of harmony that - will facilitate visual and physical, connectivity between the properties. By ` creating a consistent pattem of land use in the neighbofiood,- the Town will have more latitude to encourage and facilitate: connecfivity in site . design through the following recommendations set forth in the Lionshead Redevelopment Master Plan: 0 4.3.1 :Visual Connections - As development and.redevelopment occur in Lionshead, it will be vital to protect visual connections to the ski mountain. These visual relationships strengthen tfie identity of Lionshead as an alpine resort and provide- a visual . reference that helps Lionshead visitors to find their, way throught the core. Visual connection to the natural environment shou/d be established utilizing the following techniques:.. 4.3.1.9 View Corridors and 4.3.1.2 North-South Orientation of Buildings. 0 4.3.2 Physical Connections - Physical connecfions to the nafural environment are essential to the experiential quality of a mountain resort.. There are several ways to achieve a physical connection in addition to creating north-south oriented streets [such as].• 4.3.2.1 Landscape and Gr+een belt Corridors, 4.3.2.2 Skier Bridge, and 4.3.2.3 Access to the South.Side of Gore Creek. 0 4.5 Public Transportation - An efficient`transit-system is critical fo the character and environmental quality of any pedestrian-oriented resort . Goa/s identified by the master plan regarding transit include: - 4.5.1 Connection to West Lionshead (in part) The West Lionshead properties ar+e at the outside edge of the accepta6/e walking distance to the ski yard. .With a mixed use development in the area which integrates a sld portal, " retail space, office space 3 . ' and residential development, `transit service to this area and interconnections to the ofher portals will be critical to develop in the future. e Proximity to adjacent re-development / site design The Lionshead Redevelopment Master Plan calls for the re-alignment of the soufh frontage road from the current location to a configuration parallel to I-70, along the north property lines of the properties bcated at : 1031 South Frontage. Road "Vail Professional Building" and 953 South _ Frontage Road, "Vail Professional Building.° The proposed re-alignment will facilitate a land swap befinreen CDOT and the property owners of , 1031 and 953 South Frontage Road. The land swap will place the Glen Lyon, Office building property (1000 South Frontage Road) directly abutting 1031 and 953 South Frontage Road, where the properties are today separated by the South Frontage Road Right-of-way. - With the proposed development of "EverVail" abutting the Glen Lyon Office Building property, as a result of the road re-alignment, Staff believes the ctiange in land use designation for all three properties will facilitate consistent design and fluid development in the new planned neighbofiood. The Glen Lyon Office Building property is unique in that both Red Sandstone' Creek and Gore Creek are adjacent on east and south sides. The land use change of the Glen Lyon Office Building will provide an opportunity for improvements and community connections to both waterways thru the stated guidelines set forth in the Lionshead ' Redevelopment Master Plan: IV. ACTION REQUESTED OF COUNCIL. The Community. Development Department recommends that the Vail Town Council approves Resolution No. 19, Series of 2008. Should the Town Council choose to approve this land use plan map amendment request, the Community Development Department recommends the Counal pass the following motion: . "The Town Council approves, Resolution No. 19, Series of 2008, a Land Use Plan map amendment, pursuant to Section 8-3, Vail Land Use Plan, to allow for a change in the land use designation from. Community Office to Lionshead Redevelopment Master Plan for properties known as "Cascade Crossing"; °I/ail Professional Building" (Future "Ever Vail~, and "Glen Lyon Office Building" located at 953, 1031 and 1000 South • Frontage Road West. " Should the Town Council choose to approve this land use plan map amendment request, the Community Development Department recommends the Council pass the following findings: "(1) That the amendment is consistent with the adopted goals, objectives ' and policies outlined in the Vail comprehensive plan and compatible with the devetopment objectives of the fown; and 4 (2) That fhe amendment is compatible with and suitable to adjacent uses and appropriate for the surrounding areas; and , (3) That the amendrrrent promotes the health, safety, morals, and general welfare of the town and promotes the coocdinated and harmonious development of the town in a manner that conserves and enhances its. natural environment and its established. character, as- a. resort . and ' residential community of the highest quality." VII. ATTACHMENTS A. Resolution No: 19, Series of 2008 - ; B. Subject Property Existing Land Use Map. •.W C. Subject Property Proposed Land Use Map . D. PEC memorandum dated August 11, 2008 ` E._ PEC minutes of August 11, 2008 F. Council minutes ofi February 6, 2007 G. Map A Study Area (Lionshead Redevelopment Master Plan Area) ' H. Letter from Vail Resorts Development Company " 5 i - Attachment A ; RESOLUTION NO. 19 , Series 2008 A RESOLUTION APPROVING LAND USE PLAN MAP AMENDMENTS TO ALLOW FOR A CHANGE IN THE LAND USE DESIGNATION FROM COMMUNITY OFFICE TO LIONSHEAD REDEVELOPMENT MASTER PLAN FOR PROPERTIES KNOWN AS "CASCADE CRO$SING", "VAIL PROFESSIONAL BUIL.DING" (FUTURE "EVER VAIL"), AND "GLEN LYON OFFICE BUILDING" LOCATED AT 953,1031 AND 1000 SOUTH FRONTAGE-ROAD WEST WHEREAS, The Town of Vail (the "Town°), in the County of Eagle and State of Colorado is a home rule municipal corporatiori.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, on November 18, 1986 the Council adopted the Vail Land Use Plan; and WHEREAS, Section 8-3 of the Town of Vail Land Use Plan outlines a procedure for arriending the Plan; and WHEREAS, the Vail Town Council finds that the land use plan map amendments are in keeping with the goals, objectives, and policies prescribed by the Plan; and WHEREAS, the Vail Town Council finds that the land use plan map amendments are in the best interest of the Town as they promote the coordinated and harmonious development of the Town. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: . 1. The Council hereby approves the Land Use Plan map amendments, pursuant to Section. Vail Land Use Plan, to allow for a change in the land use designation from Community Office to Lionshead Redevelopment Master Plan for properties known as "Cascade Crossing°, °Vail Professional Building" (Future "Ever Vail°), and "Glen Lyon Office Buildingn located at 953, 1031 and 1000 South Frontage Road West 2. This Resolufion shall be effective immediately upon adoption. INTRODUCED, READ, APPROVED AND ADOPTED this 2nd day of September, 2008. Richard D. Cleveland; Mayor, Town of Vail ATTEST: Lorelei Donaldson, Town Clerk 6 Use.--:Comm~unity Office. F ~ : 1Q3~,1 ancl~95~;:5`outl~°~F:rontag;e.RoadWest (Unplatted) - p?u~s~ee f~siaeimm ~ ~ e • ~ ~ EB lom Den*y RasdaMial , "~x ~ ~ " i ~ ° ~ ¢ ` E]Medaon Oens3yRe*wtd y ~ • ~ 4 ~ ` ~f '''Ff / f ~ FIo De"&y ResM°r" ...g -c ' ~ ; QresortAacommoftonsandSarJws ~ 3,,: ;~S' , ° ~CommUniqCommetdel p r•: ~ llaWiead Redembpm~ldastvPisn ~ .r _ -OWmio4 011ba MVltspebiasmrWan h a 0 :J PaAt ~y =3 op- 8p. ~Sid BSSB l ~ ! ' • :`~"a'~ 'A' D .i. 4-F~~ y \ J E]71'811fMIX1 {YBH t~. .~y ' ~ ' ~ Y t . ~ Not DQSpMld r~tf. y-~'~. - s~:.Y~ ~ y ~ F?S ~yO~ '~f .F • F~'H ' ~ ~ y .r _ SubJect Praperties ~'Y.. ~ ~ ' I * I~ F f n ii t ti f r•. i-' 4 7U ~"~s•~~,' + J.:` ~ ?•J' : sa'" » - r,~~q:;x - . ~•r af t,ferx' G.~ Ge nP'. sy OIIe~~ortaoRA>IMlOmnofie001~o0pwip. YwofllraecpYWdMbqe~nApupowrat7. e(~ ~ LastModl4ett AiigL 6,2008 9rie.norwaoarora~ ,a=,NAroa~fMWaVJMi mqmih`r ~ - "P~oposecl:~Land lJse lionshead :Redevelopm.ent Master~~Plan ~ s flfi' ~.103:1 953~South= FrontageRoad -West (Unplatted) - - - _ - - ~,r_ - YF- QMlstdaResddWial ~loaDensRyRmida~al HO DmAY ReMe-M - ~ _ Q FMsat Aecaarqnodalbns and Sordoef _ _ ifxl %j~: r Oo11pINA~@y CwnII1BIClaI OD11p NA @y ' ~ U0IIiHaad RadatibplllBM Is39te? PI80 -cbMq6dty01Bos ~1At" MstarPLV' - '~~'r~ _ ~'z, ~ - . fli • l. ~ j ~ rt;y 4,.. _ _gi ~ Ope" Spa°° ~ SN 8ue - I'ub1io18eM• PUMIo c-~M1 oo E3 TIaIlsiEonAnea s-r; ~°sr• m L Not Oasipnetad _ 0 Z .s ~~eilys~ods 70070720sel~on 'r^~', ~ ~ aRr r~' _ .r SubJect Properties C. { ~ 3 ~ -•:;,5~~. .~.~,•ry' - ~ ~,tf. ~_II • _ qi~-• ~A , e;•. •r n 4`i + ~ LeatModHlW A;gUst6,2108 m~va~maeeraer~rm~aauoosona~o.onan~rc~awawaoaxraWnmrmr. mlevnawwFnei~.vwI hordm rJS°_'S1J ~Attachment D MEMORANDUM. • TO: Planning and Environmental Commission FROM: Community Development Department DATE: August 11, 2008 SUBJECT: A request for a recommendation to the Vail Town Council to review tfie , Vail Land Use Plan map, pursuant to Section 8-3, Vail Land Use Plan #o allow for a change in, the land use designation from Community Office to Lionshead Redevelopment Master Plan for -properties known as "Cascade Crossing", °Vail Professional Building° (Future °Ever Vail"), and °Glen Lyon Office Building" located at 953,,,1031 and .1000 Sauth Frontage Road Westl Lot 54 Glen 'Lyon.Subdivision and unplatted property (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 1. DESCRIPTION OF THE REQUEST The applicant, Town of Vail, is requesting a recommendation from the Planning , and Environmental Commission to the Vail Town ' Council regarding an . amendment to the Vail Land Use Plan map that would change the designation from Community Office to Lionshead Redevelopment Master Plan for properties known as "Cascade Crossing", "Vail Professional Building° (Future "Ever Vail"), and "Glen Lyon Office Building" located at 953, 1031 and 1000 South Frbntage . Road~ West (See Attachment A: Subject Property Existing Land Use Map and Atfachment B: Subject Property Proposed Land Use Map):' Staff recommends the Commission forward a recommeridation of approval to the Town Council for the proposed land use map amendment, based on the reasons stated in Section V of the memorandum. 11. BACKGROUND - On July 14, 2008 the Planning and Environmental Commission tabled this . application in response to testimony by Attomey Jay Peterson, representing the Glen Lyon Office Building, General Partnership. Mr. Peterson requested that tFie Commission consider including the Glen Lyon Office Building property in the Land Use Plan amendment. After careful consideration, Staff recommends the Glen Lyon .0ffice Building property (1000 South FrontageRoad) be included in . this application. to amend the land use map. designation from Community Office to Lionshead Redevelopment Master Plan for reasons. , outlined in Section V, Review Criteria. Please also see attached a letter of suppoit from Vail Resorts _ ' Development Company (Attachment F). 1 On December 11, 2006, the Planning and Environmerntal Commission forwarded a recommendation of approval to the Vail Town Council for a proposed , amendment. to the Lionshead Redevelopment Master Plan to amend the - Lionshead Study Area Boundaries to include the subjecf properties locafed at 953 and 1031 South Frontage Road West (Attachment C: PEC minutes of December 11, 2006). On February 6, 2007, the Vail Town Council adopted Resolution 4, Series of 2007, amending the Lionshead Study Area Boundaries to include the subject properfies located at 953 and 1031 South Frontage Road West (Attachment D: , Council minutes of February 6, 2007). Staffha"s included the relevant sections of Resolution 4, Series of 2007, in Section IV Applicable Planning Documents. III. ROLES OF THE REVIEWING BOARDS Vail Land Use Plan Amendments Planning and Environmental Commission: Action: The Planning and Environmental Commission is advisory to the Town Council. The' Planning and Environmental Commission shalf review the proposal and make a recommendation to the -Town Council on the consistency of the proposed amendment with applicable review criteria and the policies, goals and objectives outlined in the Vail Land Use Plan and other applicable master plan documents. Design Review Board: Action: The Design Review Board has no review authority on Land Use Plan amendments. Town CounciL• Action: The Town Council is responsible for final approval/denial of a Vail Land Use Plan amendment. The Town Council shall review and approve the proposal based on the consistency of the proposed amendment wifh applicable review criteria and the policies, goals and objectives outlihed in the'Vail Land Use Plan and other applicable master plan documents. . IV. APPLICABLE PLANNING.DOCUMENTS . Vail Land Use.Plan (in part) The Vail Land Use Plan was initiated in .1985 and adopted in 1986 by the Vail Town Council. The main purpose of the Land Use Plan is-two-fold: 1. To articulate the land use goals of the Town. 2. To serve as a guide for decision making by the Town. The Vail Land Use Plan _ is intended to serve as a basis from which future land use decisions may be made within the Town of Vail. The goals, as articulated within the Land. Use Plan, are meant to be used as adopted policy guidelines in 2 the review process,for new development proposals: In conjunction with these , goals,.land use categories, are defned to indicate general types of land uses which are then used.to develop the Vail Land Use Map. The Land Use Plan is not intended to be regulatory in nature, but, is intended to provide a general framework to guide decision making. Where the land use categories and zoning conflict, existing zoning controls development on a site. The Vail Land Use Plan contains, the following goals: 1.0 General Growth/Development 1.1 Vail should continue to grow in a controlled environment maintaining a balance between residential, commercial and _ recreational uses to serve both the visitor and fhe permanent resident. 1.2 The Qualifir of the environment _induding air. water and ofher . . - natural resouices should be protecte..d "as fhe Town qrows. 1.3 The aualitv of development should be mainfained and unqraded , whenever Aossible. , 1.4 The original theme of the old Vi!lage Core shou/d be carried info new development in the Village Co?e through continued . implementation of the Urban Design Guide Plan. 1.5 Commercial strip development of the Vallev should be avoided. - 1.6 Development proposals on the hillsides should be evaluated on a case by case basis. Limited development may be penr?iifed for sorrie /ord infensity uses in areas that are nof highly visible from the Valley floor. New projects ' should be carefully controlled and developed with sensifivify fo the environment. 1.7 New subdivisions shou/d not be pennitfed in high geologic hazard ar+eas. . 1.8 Recreational and public facility development on National Forest . lands may be permitted wheie no high hazards exist if, a) , Community , objectives, are met as articulated in the Comprehensive Plan. b) The parcel is' adjacent fo the Town boundaries, with good - access. c) The affected neighborhood can be involved in the decision- making process. ' 1.9 National Forest.land which is exchanged, sold or otherwise falls into private ownership should remain as open space and not be zoned for private development 3 - 9. 90 Development of Town owned lands by the Town of Vail (other than parks and open space) may be permitted where no high hazards exist, if such developmenf is for public use. 1.11 Town owned lands shall not be sold to a privafe entity, long term leased fo a privafe entity or converted to a private use without a p'ublic hearing process. - 1.12 Vail should accommodate most of the additional growth in existing developed areas (infill areas). 1.13 Vail recoqnizes ifs stream tracf as bein4 a desirable land feature as well as its poteritial for public use. 2.0 SkiedTourist Concems ' 2.1 The communify should emphasize its role as a destination resort while accommodating day skiers. 2.2 The ski area owner, fhe business community and the Town leaders should work together closely to make existing facilities and the Town function more effrcient(y. 2.3 The ski area owner, the business community and the Town leaders should work together to improve facilities for day skiers. 2.4 The communify should rmprove summer recreational and cultural opportunities to encourage summer tourism. 2.5 The community should improve non-skier recreational options to improve year-round tourism. 2.6 An additional golf course is needed. The Town should work with the down valley communities to develop a public golf course as well as other sports facilities to serve the regional demand for recreational facilities. 2.7 The Town of Vail shou/d improve the existing park and open space lands while continuing to punchase open space. 2.8 Day skiers need for parking and_access should be accommodated through creative. solutions such as: ' ' a) Increased busing from out of town., _ b) Expanded points of access to the mountain by adding additional base portals. c) Continuing to provide temporary surface parking, d) Addition of structured parking: 3.0 Commercial 4 3.1 The hotel bed base should be preserved and used more efficiently. 3.2. The Village and Lionshead areas are fhe best location for hotels to serve the future needs of the destination skiers: 3.3 Hotels are important to the continued success of the Town of Vail, fherefore conversion to condominiums should be discouraged. 3.4 Commercial growth should be concentrated in existing commercial areas to accommodate both local and visitor needs. 3.5 Entertainment oriented business and cultural activities should be encourageal in the core areas to create, diversity. More nighttime businesses, on-going events and sancfioned -"street happenings'° -should be encouraged. ' , 4.0 Village Core / Lionshead - 4.1 Future commercial development should continue to occur primarily . . in -existing commercial areas. Future commercial development in the Core areas needs to be carefully controlled to facilitate access and delivery. ' . 4.2 Increased density in the Core areas is acceptable so long as the , . existing character of each area is preserved thoiough -implementation of the. Urban Design Guide Plan. •4.3 The ambiance of Vail Viliage is important to fhe identity of Vail and shou/d. be preserved. (sca/e, alpine character, small town feeling, mountains, natural setting, . intimate size,,, cosmopolitan feeling, , environmental quatity.) 4.4 The connecfion between the Village Core and Lionshead should be . enhanced through: - a) lnstallation of a new type of people,mover. b) Improving the pedesfrian system with a creatively designed connection, oriented toward a nature walk, alpine gafden, and/or sculpture plaza. . c) New development should be, controlled to limit commercial uses.. 5.0 Residential - 5.1 Additional residential growth should continue to occur primarily in . existing, platted areas and as appropriate in new areas where high hazards do not exist. : 5 5.2 Quality time-share units should be accommodated to help keep occupancy rates up. 5.3 Afl ordable employee . housing should be made available through private efforts, assisted by limifed incentives, provided by fhe Town of Vail with appropriate restrictions. 5.4 Residential growth should keep . pace, with the marketplace demands for a full range of housing types. 5.5 The existing employee . housing base should be preserved and upgraded. Additional employee housing needs should be accommodated at varied sites throughout the communiiy. Sub-section 6.4. of the Vail Land Use Pian outiines the definitions of Land Use Categories referenced on fhe Land Use map: ~ CO.- Communitv Ofrice ~ This area is fo include primarily office uses of all , types. Some limited commercia/ uses, such as . retail businesses; including general merchandise, apparel and accessories and auto.service facilities would also be permitted. LRMP_- Lionshead Redevelovmenf MasterPlan lncluded in this category are those properties which are identified -as being included in the Lionshead Redevelopment Master Plan boundaries. Properties located within this land use category shall be encouraged to redevelop, per the Master' Plan recommendations, as it has been found that it is necessary in order for Vail to remain a competitive four-season resort. Uses and activities for these areas are intended fo encourage a safe, convenient and an aesthetically-pleasing guest experience. The range of uses and activities appropriate in the Lionshead Redevelopment Master Plan (LRMP) land use cafegory may include skier and resort services, ski lifts, ski trails, base facilities, public restmoms, ticket sa/es, clubs, public p/azas, open spaces, parking and loading/delivery facilities?structures, public utilities, residenfial, lodges, accommodation units, deed restricted employee housing, retail businesses, professional . and business ofrrces, personal services, and restaurant uses. Sub-section 8:3.C of the Vail Land Use Plan outlines the amendments procedures for proposed changes to the Plan. The amendment process is one which is intended to assure the Plan's effectiveness with periodic updates to reflect current thinking and changing maricet conditions. The process includes amendments which may be initiated in any of the following three ways: A. By the Communify DevelopmentDepartment : 8. By the Planning and Environmental Commission or Town Council C. By the Private Sector 6 Pursuant to Sub-section 8.3.A, in part, (an application initiated by the Community Development Department), . "The ~ Community Development Department should update and revise the Plan every three to five years, whenever possible. However, if the plan is not updated within such time frame;: this shall not jeopardize the I validity. of the plan. This should include analysis of the goa/s and poticies; update of the forecasting model._and review and revision of the Land Use Pian map. The Community Development Department would . then make recommendafion for proposed changes to tlie. P/anning and Environmental Commission where these . cHanges . would then . be considered in a public hearing format. The Planning and Environmental , Commission would then make recommendations to the Town Council, which would also hold a public hearing on the proposed changes. lf , adopted, the.changes would then become,a part of the Plan." An amendment to the Vail Land Use Plan shall be approved by the Vail Town Council upon passage of a resolution. . Lionshead Redeveloament Master Plan (in aart) 4.1 Underlying Physical Framework of Lionshead , The Lionshead resort area (that portion of the study area notth of Gore Creek) is a mixed-use urban environment with several discemible land- - ' use sub-areas, or "hubs" (see Map N).' Although the hubs ove?iap somewhat, there is no consistent and comprehensive pedestrian connection , between them. The primary goal of the master plan is to create a visually interesting and - functionally efficient pedestrian environment that connects the hubs to create a cohesive and memorable - resort environment. 4.1.5 West Lionshead - ResidentiaUMixed=Use Hub The westem end of Lionshead, currently undeveloped, is home to parking lots, the Vail Associates service yard, the Vail sanitation plant, the old town shops, , a former gas station, the Vail Professional Buildin4, and Cascade Crossinq This area of Lionshead is generally under utilized and from an aesfhefic standpoint is not in keeping with what the Town would like to see Lionshead become as it redevelops in the_ coming years. The Town of Vail does place a high value on maintaining the office and retail ' areas in West Lionshead and any .redevelopment should . reasonably increase the square footage:.of existing office and have "no net loss" of retail square footage in,West Lionshead. With their recent acquisition of additional properties in this area, , Vail Resorts has the opportunify. to bring, lift service to this part of . Lionshead. Lift service brings with if great potential for the re- development of this area and in doing so expand all of Lionshead to the west with improved pedestrian connections, new retail and office activity and otlier improvements. While !ift access will certainly energize this. area during the winter months, attention 7 ~ I should be given to creating a year-round attraction within this area of Lionshead (see detailed plan recommendations in Chapter 5) The masfer plan recommends that this hub become a residential/ mixed use area .with an emphasis on meetinq the needs of both fhe local communifv and our ciuests. Appropriafe uses could include high density residential developmenf, lodging, community and visitor based office and retail space, -employee housing and parking, bus or transit functions and a ski lift connection to Vail . Mounfain. -The catalyst for this mixed use hub is ski liit access to VaiJ Mountain. Consideration. should be given to integrating employee housing into the redevelopment of West -Lionshead in . accordance wifh the Town's employee housing policies and - regulations: To the extent possible development pattems in this area should reflect north-south orientation of buildings, visual penetrations to the mountain, and a pedesfrian oriented ~ environment. The degree of north-south building orientation may . be diffcult given the relatively narrow east-west orientation of this area. In addition, the introduction of ski lift access in this location creates a catalyst, for an structured public parking facility. All service and delivery demands created by development in this area shall be accommodatecl on-site. The site will continue to accommodate the existing and potentially expanded functions of the Vail sanitation. plant. The mountain service yard could be reduced in size, as. some functions can be moved to less central locations. If may a/so be possible to relocate the enfire mountain service yard to a new location in the West Lionshead area wftich would allow for greater tlexibility in the redevelopment of this site. However as the area _develoas it is ' critical that new uses be connecfed to ~ the primarv pedestrian corridors_and _that. thev- be served.bv the Town of Vail in-town fransit svstem. ' 4.5 Pubiic Transportation An efficient transit system is critical to the character and environmental quality of any pedestrian-oriented resort. Goals identified by the masfer ~ p/an regarding transit include: . 4.5.1 Connection to West Lionshead West Lionshead consists of the West. Day Lot, the Vail Associates service ~ center, the sanitation plant, the Holy Cross lot, the former gas , stafion site, the Vail Professional Buildinq, ar?d Cascade Crossin_q. Because it is an area of notentiaNv si4nificant qrowth, it__ is important that it be fullv integrated into flie Town of Vail transit s sy tem• The West Lionshead properties are at the outside` edge of the acceptable walking distance to the ski yard (1200 feet). With a mixed use development in the area which integrates a ski p'ortal, retail space, office space and residential development, transit service to this . area and inferconnections to other portals will be critical to deve%p in the future. In addition, the update of the Vail 8 Transportation Master Plan shall provide direction on the ultimate location. of a Lionshead Transit Facilify along with needed , interconnections between, ski portals, regional transit stops, and ' other transportation modes. The addition of a ski lift in this area would make this area more viable to redevelopment as ~it would be within the acceptable walking distance of a lift (9, 200 feet). , 4: 6 Vehicular and Pedestrian Circulation . . ' 4.6.2.1 . Potential Realiqnment , The concepf of realigning the. South Frontage Road at - the westem end of fhe study area grew out of public discussions about larid development and traffic flow in Wesf Lionshead. Relative to traffc flow, realiqnment will . remove the conflicf that now - exists . between throuqh= . ' traffic and mountain service _vehicles (snow-cats and snowmobiles) enterin4 and exiting the Vail Associates service vard: Realia?nmenf will position the road to the ' north of -most new development._ thus reducinq the . pofential for conflicting fuming rriovements. Reqardino future land use., tlie realiqnment of South Frontaae Road will allow the west dav lof and fhe service ay rd to be combined into a contivuous develonment varcel. This ' is an important consideration for the development . conceptually depicted in figure 4-9a, and it would be necessary if the service yard property is used for a secondary public parking facility or other uses. Any . existing parking on the West Day Lot must be replaced within the Lionshead study area. Through the Transportation Master Plan update it is anticipated that a significant traffic confrol. device will need to be installed in the West Lionshead area: Such a device may include a round about. Specifrc considerations regarding realignment are. f. Future Frontacre Road Re-ali nq ment The onaortunitv mav exist. to re-locate the Frontaqe Road the full lencrth of the West Lionshead nlannincr area: . The benefit of__ this.. aitemative would be to eliminate fhe "Frontaae. Road barrier". befinreen the Holv Cross site and the Vail Professional Buildincr. . V1/hile this alterr?ative would repuire coordination with ' other surroundina land. owners, it could warrant further studv and eValuation in the future. 4.8.3 Public Parking 4.8.3.3 Potential•New Parking Sites,- - b. West Lionshead - The construction of a new public. parking faciliiy at the - west end . of Lionshead ~ has been a planning . , consideration since the. completion of the Vail 9 Transpo?tation Master plan in 1991. This site is currently . undeveloped (except for the Vail Associates - ' maintenance yard) and is large enough to meet projected parking demand. !t is well located in relation fo the potential new eastbound l-70 access ramps. The . viability of a new public parking facility in this location would be enhanced by bringing lift service to this area:. The construction of a new public parking facility would address the existing defrciency of off-sfreet parking on peak days and the shiffing demand of parking created by , the introduction of a new.ski lift in WestLionshead. It is anticipated that the new public parking structure would , contain a approximately 400 public parking spaces, , which would be in ~ excess of any parking . requiriements , generated by proposed.development The update of the Vail Transportation Plan should provide final.direction on : the Iocation and quantity of additional public parking spaces in the Tovirn of VaiJ. The location of additional . public parking should consider where parking is most optimal foc both guesfs - and employees, year round ufilization, mountain operations, and overall traffic circulation. . Housing 4.9.4 Pofential Housing Sites Following are specific sites that have been: identified as suitable for locals and employee housing (see Map V1~. 4.9.4.3 Vail Associafes - Service Yarol Holy Cross Site, Vail Professional Buildina. Cascade. Crossin_q. North Day Lot, and the former gas station site All redevelopment in West Lionshead will need to conform to the Town's housing policies and requirements. ln order to create activity and vibrancy in West Lionshead it is appropriate to include some dispersed employee housing opportunities for permanent . local residents in. proposed developmenfs in the area consistent _ witli these policies. Perhaps the most promising :locations to replace the Sunbird affordable housing project and to conform fo fhe Town's housing policies and requirements for new employee housing generation in Lionshead are the North Day Lot, Vail Associates _service yard, - and Holy Cross site. However, fiousing is not tlie only use these three properties will need to - support. The North Day lot is considereal to be the preferred location for a significant housing projecf in Lionshead to replace the Sunbird affordabYe housing projecf and provide housing ; for new employee generation. The Nortli Day Lot may also need to accommodate a transit center on fhe ground level of the development site. Additionallv, it mav be 10 necessarv to develop a hiqher revenue-qeneratinQ product on a portion of the Vai/. Associafes service _ vard, Holv_ Cross, Vail Professional Buildinq, anci Cascade Crossing sites in order to defrav the cost of road and infrastructure_ improvements. ln . planning the site, the following issues need to be considened.a. Dens' The site offers a unique opportunify to achieve - - significant density. While it is important that buildings here ,be visually consistent with fhe overall character of Lionshead, the desire to maximize , the housing potential may make appropriafe. the following deviations from standard development parameters. . First, it may be appropriate fo allow for a greater overall building height _than. is otherwise allowed under the Lionshead Architectural. Design GuideIines: Any increase in building height will need to be reviewed on , a case by case basis. by-the Town of Vail, and any eventual building _ height will still need to be visually appropriate for this location. Second, it is recommended that the standards for density (units per acre) be increased at this location fo allow for a greater number of employee housing units. . Third, it may be appropriate to reduce the parking requirements for employee housing at this location. 5.17 West Day Lot/ Vail Associates Service Yard/ Holy Cross Site/Gas Station Site /Vail Professiona/ Building/ Cascade Cro ssing , Planning for the westem end of Lionshead must consider finro different scenarios: the-realignment of South Frontage- Road and its retention in the existing alignment. While the introduction of liff service is viable in either of these Frontage Road a/fematives; site design will vary depending upon what happens to the Frontage Road alignmenf. See- Figures 4-9a, . and 49b fot the Frontage Road realignment alfematives. Nofwithstanding ffiese different ~ Frontage Road scenarios there should be an increase of existing office squarie footage and ano nef /oss" of retail square footage as a result of the redevelopment of these parcels. Higher densities and building heigtifs may be appropriate in, this area, particulariy to encourage the development of employee housing. However, any. development must meef the overall characfer and visual intent of the master plan and be - compatible.with the adjacent existing development of the Marriott and the Vail Spa. As compared . to a separate, free-standing Qortal. West Lionshead is considered a part of the greater Lionshead area. In order for this area to be successful, it_is important to have a_ strong_aedestrian connection_ with the resf of Lionshead. A strong connection along the Gorie Creek corridor already exists. Streetscape improvements 'a/ong West Lionshead Circle 11 befinreen Concert Hall Plaza (currently the.westem end of Lionshead retail influence) and the Ritz:Carlton Residences will strengthen existing conditions, and in doing so, improve the viability of mixed uses in West - Lionshead. Improvements to street lightirig, walking surfaces, seating areas and public arf are just some examples of what could.strengthen this corridor and in doing so further integrate this area with the rest of Lionshead. The development of a strong pedestrian connection between the . Lionsliead Core area and the westem side of Lionshead will encourage pedestrian activity in this area and in doing so will energize all of West Lionshead. During the winter months the ski lift and associated parking will generate significant pedestrian traffic and activity. However, consideration should be given to how West Lionshead can be an active and vibrant place year-round. This could be accompiished in any number of ways. For example, quality architecture and the creation of appealing outdoor spaces in and of itself will encourage people to visit this area. This could be reinforced by a well-crafted program of specialty retailers, off'rces, and restaurants. . An active program of public art, residential units that are used for "artists in residencep a culinary schoo/, improved access to and utilization of Gore Creek or Red Sandstone Creek for fishing or other purposes or specific recreation features such as a climbing wall are just some examples of design elements or land uses thaf could create a catalyst for acfivity. In conjunction with any applicafion to development a new ski lift, a retaiUcommercial market study which analyzes the area for the appropriate amount of square footage of retaiUcommercial that should be included in the redevelopment of West Ironshead shafl be provided. It is assumed that the development standards of Lionshead Mixed Use 1 or 2 will guide the design of redevelopment in this area. Notwithstanding the height allowances of fhese zone districts, building height and massing shaU be responsive to the Gore Creek corridor, the Intersfate; and how building massing transitions at the westem end of lionshead. Buildings at the. westemmost end of Wesf Lionshead shall gradually "step down" from the maximum allowable height limits of.the Lionshead Mixed- Use . zone districts. Figure 5-25 provides a general depiction of how building heigf?t shall gradually lower at the westem end of, this study area. The intent of these height standards is thaf building height reduces by entire floor levels in the locations as generally depicted on Figure 5-25. Notwithstanding the height allowances depicted on Figure 5-25, buildings fronting directly along Gore Creek and the westem end of Lionshead sha/l express no more than three to four levels before "stepping back" to taller building mass. On the lntersfate side of this area building design shall be articulated to avoid large expanses of shear/unbroken,wall planes. b. . Frontaqe Road Realiqnment behind the Maintenance Yard and Holy Cross site The greafest benefit of this realignment altemative is that it results in one very large and contiguous development parcel and in doing so integrafes the Maintenance. Yard/Holy Cross site with the Wesf Day Lof by removal of the barrier created by the existing Frontage 12 Road alignment. It also creates the besf pedestrian environment in creating an extension of the Lionshead Retail area in that it . provides. the potential to establish a convenienf and desirabie pedestrian connecfion to the rest of Lionshead. With this • a/temative the most viable site for a public parking facility would -sti1F be the Maintenance Yard/Holy Cross parcels. With the re- location of the Frontage Road lift access out of the old gas station site would not require a grade separated pedestrian crossing to the Maintenance Yard/Holy Cross par+ceis. However, a grade separated crossing over the. re-located Fronfage Road would be needed to link the Holy. Cross sife witfr the Vai1 Professional . Building. This altemative would a/so aresent the onvortunifii for ' . • relocating and/or enhancinv Red Sai?dstone Creek to make it more accessible to the communihc and _an aesthetically pleasin_p water feature. One possibiJity may be to pond the creek just south of the 1-70 corridor and diverting all or a portion of the tlow undemeath the new Frontage Road in order to bring "live water" fhrough the westem end of the Holy Cross site. Any modification or enhancement to the creek corridor. would be subject to U. S. Army Corp of Engineers approval. - A sfrong east-west oriented ' pedestrian corridor with ground floor retail uses would be necessary to create a strong connection between this area and the rest of Lionshead. Lionshead is generally under utilized and from an aesthetic standpoint is not in keeping with what the Town would like to see Lionshead become as it redevelops in the coming years. The Town of Vail does place a high value on, maintaining the office and retail areas in West Lionshead and any redevelopment should reasonably increase the square. footage of existing office and have , "no net IossA of retail square.footage in Wesf Lionshead. , With their, r+ecent acquisition of additiona/ properties in this area, Vail Resorts has the oppoitunity fo bring lift service to this part of ' Lionshead. Lift service brings wi#h it greaf potential for the re- development of this area and in doing so ezpand all of Lionshead to the west with improved pedestriari connections, new retail and office activity and other improvemenfs: While lift access will certainiy energize this.. area during the winter months, attention should be given, to creating a year-rouncl attracfion within this area of Uonshead (see detailed plan recommendations in Chapter 5) The master plan recommends that fhis hub become a residentiaU mixed use area with an emphasis on meeting the needs of both the local community and ~our. gues#s." Appropriate uses could include high density residential development, lodging, community and visitor based office and retail space,. employee housing and parking, bus or transit functions and a ski lift connection to Vail Mountain. The.catalyst for,this. mixed use hub is"ski lift access to Vail Mounfain. Consideration should be given to integrafing employee housing into the redeve/opment of West Lionshead in accordance with the Town's employee housing policies and 13 regulations. To the extent possible development pattems in this area should reflect north-south orientation of buildings, visual penetrations to the mountain, and a pedestrian oriented envirrironment. The degree of north-south building orientation may be diffrcult given the relatively narrow east=west orientation of this area. In addition, the infroducfion of ski !ift access in this location creates a catalyst for an structured public parking facility. All service and delivery demands created by development in this area shall be accommodated on-site. The site will continue to accommodate the existing and potentially expanded functions of the Vail sanitation plant The mountain service yard could be reduced in size, as some functions can be . moved to less central Iocations. lt may a/so be possible to re/ocate the entire mountain service yard to a new /ocation in the . West Lionshead area which would allow for greater flexibility in the redevelopment of this site. However as the area develops it is critical fhaf new uses be connected to the primary pedestrian . corridors and that they be served by the Town of Vail in-town transiY system. 4.5 - Public.Transportation An efficient transit sysfem is critical to the character and environmental qualiiy of any pedestrian-oriented resort. Goals identified by the master ' plarrregarding transit include: 4.5.1 Connection to West Lionshead West Lionshead consists of the West Day Lot, the Vail Associafes service center, the sanitation plant, the Holy Crvss lot, fhe 'former gas station site, the Vail Professional Buildirig, and Cascade Crossing. Because it is an area of potentially significant growth, it is important that it be fully integrated into the Town of Vail transit system. The West Lionshead properties are at the oufside edge. of the acceptable walking distance to fhe ski yard (1200 feef). IN'rth a mixed use development in the area which integrates a ski portal, retail space, offrce space and residential developmenf, fransit service fo this area and interconnections to other portals will be critical to develop in' fhe future. In addition, the updafe of the Va7l Transporfation Master Plan shall provide direction on the uftimate location of a Lionshead , Transit Facilify along with needed interconnecfions 'between ski portals, regional transit stops, and . otirer transportation modes. TFre addition of a ski lift, in this area would make this area more viable to redevelopment as it would be within the acceptable walking distance of a.lifi (1,200 feet). 4.5.2 Maximum Efficiency and Utilization The following recommendations are made to enhance the effi'ciency and functionality of the Lionshead transit connections in anticipation of future redevelopment in the area: 14 4.5.2.1 Relocate the Regional, Transit Stop ' It is recommended that the.Lionshead regional transif stop, . currently located at the Lionshead P/ace cul-de-sac, be relocated - ' to the proposed north day.lot transportation center. This will ' provide a Lionshead connection between the regional transit . system and the Town of Vail transit system. ln addition, visitors and employees coming to lionshead by regional bus will arrive at a defrned portal instead of the current "back door° on Lionshead Place. Finally, this will nemove the /a?ge regional buses from West Lionshead Cirde and Lionshead Place. It may be possi6le fo locate elements of a iegional transit stop in the West Lionshead area in conjunction , with a new ski liff and parking 'facility. However, given its location on the periphery of Lionshead, this area may not be the most viable - location for a regiona! transit stop. Notwithstanding the ~ above, facilities for skier clrop-off, .private shuftle vans and Town of Vail in-town buses should be included in the design of the ski lift and parking facility. In 2006, the Town of Vail initiated 'an update of the Vail Transportation Master Plan. In addition, the Town initiated a develapment competition for the Lionshead Parking Structure redevelopment, which would include a transit facility. It is anticipated that fhe Transportation Master Plan-.update along, with the conclusion of the Lionshead Parking Structure redevelopment process will provide direction on the ultimate location for a Lionshead Transit . Faeility and/or the type oftransit facilities that may be necessary in West Lionshead. 4.6 Vehicular and Pedestrian Circulation 4.6.2 ' South Frontage Road Recommendations outlined be/ow address potential re-alignment of portions of the frontage. road, ingress and egress improvements, bicycle/ pedestrian impmvements; and visual improvements. For a detailed .discussion of capacity and the impacts of futune development on the frontage road, see the traffic impact study contained .in appendix A. ' Figure 4-9 depicts potential redevelopment without the realignment of the Fronfage Road while Figure 4-9a depicts iedevelopmenf with a partial realignment of the Frontage Road: 4.6.21 Potential Realignment ' The concept of realigning the South Frontage Road af the , westem end, of the sfudy area grew out of public discussions abouf land development and traffic flow in West Lionshead Relative to traffic flow, realignment will remove Ihe conflict that now exists between through- tra.ffic and mountain : service vehicles (snow-cats and snowinobiles) , entering and exiting the Vail Associates service.. yard. Realignment will position the road to the north of most new - development, thus reducing the 15 potential for. conflicting tuming movements. Regarding future land use, the realignment of South Frontage Road will allow the west day lot and the service yard to ' be combined into a contiguous development parcel. This is an important consideration for the development conceptually depicted in figure 4-9a, and it would be necessary if the service yard property is used for a secondary public parking. facility or other uses. Any existing parking on the West Day Lot must be replaced within : the Lionshead study area. Through fhe Transportation Master Plan update it is anticipated fhat a . signifrcant traffic control device will need to be installed in . the West Lionshead area. Such a device may include a round about. Specific considerations regarding realignment are. a. Proposed Alignmenf The proposed realignment of the South Frontage Road is depicted in figure 4-9a. ` Critical design issues include the width of the road and fhe radius of the curves. , Both of these factors will be important in reducing the speed of vehicles entering the Lionshead area and fhe amount of land consumed by the two cunred road sections. Cooperation between property owners, developers, . the . Town of Vail, and the Colorado Department of Transportation will be neeessary to implement the realignment of the Frontage Road. b. West Lionshead Circle Connection . It is proposed that West Lionshead Circle connect back to the frontage road at the west side of the Vail Spa. The alignmenf depicted in. figure 4-9a terminates perpendicular to the fronfage road and does not require the acquisifion of private property. A new parcel of developable land, suitable for offrces or non- . resort ?etail, would be created on the southeast comer of this intersection. c. Forest Road Connection Foresf Road could be realigned to cross through the newly created development parcel, providing access to that site and connecting at right ang/es to the frontage road. Another, altemative that should be considered is fo connect Forest Road to West Lionshead Circle via the existing Frontage Road right- of-way. d. Transit and Emergency Vehicle Corridor ~ A transit and emergency vehicle corridor should remain in the existing alignment of the frontage road. This connection is necessary to provide a through- 16 transit route to fhe west end of Lionshead and also , keeps in place fhe existing utilify corridor. e. Feasibility of Realignment The ability to realign the frontage road will be heavily influenced by cosfs, CDOT (Colorado Department of . Transportation), and the Federal highway administration. Future wesf Lionshead developments will require significant upgrades and widening of . South Frontage Road, potentially including the widening or reconstruction of the bridge over Red Sandstone Creek. The cost of realigning the frontage road is in addition to ' the mandatory costs of _ improving the road. g. Future Frontage Road Re-alignment,• The opportunity may exist to re-/ocate the Frontage • Road the full length of the West Lionshead planning . area. The benefit of this a/temative wou/d be to eliminate the "Frontage Road barrier" between the Holy Cross site arid the Vail Professional Building. While this altemative would require coordination with other surrounding land owners, it could wa?rant. . further study and evaluation in the fufur'e. . 4.8.4 Public Parking , . 4.8.3.4 Potential New Parking Sites b. West Lionshead The construction of a new public parking faciliiy at the . west end of Lionshead has` been a planning consideration since _ fhe completion of the Vail Transportation Masfer plan in 1991. This sife is currently undeyeloped (except for fhe Vail Associates . maintenance yard) and is large enough to meet projected ' parking 'demand. It is well located in relation to the potential new eastbound 1-70 access ramps. The viabilitX of a new public parking, facilify in this location . would be enhanced by bringing litt service fo this area. , The construction of a new public parking facility would address the existing deficiency of off-street parking on peak days and the shifting demand of parking created by , the introduction of a new ski liff in West Lionshead. It is anticipated thaf the new public parking stnrcture would . . contain. a approximately, , 400 public parking spaces, which would be in excess of any parking requirements generated by proposed development. The update of the Vaii Transportation Plan shoulal provide final direction on fhe locafion and quantity of 'additional public parking spaces in the Town of Vail. The location of additional public parking should ' consider where parking is mosf 17 optima! for both guests and employees, year round utilization, mounfain operations, and overall traffic circulation. • Given the location for this parking facilify, if had been assumed that regular transit or shuttle service would be necessary because of its distance from the retail core area and the ski yarol (greater than a 1200-foot walking radius). However, the location of the parking -structure wou.ld be proximate to the new lift and as such the need for regular shuifle service would be. minimized. However, some. provisions for bus sfops and/or a transit facility should be considered for the parking structure. 4.9 Housing 4.9. 4' Potential Housing Sites ' Following are specific sites that have been identified as suifable for locals and employee housing (see Map M. ' 4.9.4.4 Vail Associates Service Yard Holy Cross Site, Vail Professional Building, Cascade Crossing, North Day Lot, and the former gas station site , All redevelopment in West Lionshead will need to conform to fhe Town's housing policies and requirements. In order to create . activity and vibrancy. in Wesf Lionshead if is appropriate to inGude some dispersed employee housing opportunities for permanent local residents in proposed dev"elopments in the area consisfent , with these policies. ` Perhaps the mosf promising locations to rep/ace the Sunbird affordable housing projeet and to conform to fhe Town's housing policies and requirements for new employee housing generation in Lionshead are fhe Norfh Day Lot, Vail Associates senrice yard, and Holy Cross site. However, housing is not the only use these " three properties will need to support. The North Day lot is considered to be the preferred location for a signifrcant housing . project in Lionshead to replace the Sunbird affordable housing project and provide housing for new employee generation. The North Day Lot may also need to accommodate a transit cerrter on ' the ground Ieve1 of the development site. Additionally, it may be necessary to develop a higher revenue-generating product on a portion of the Vail Associates senrice yard, Holy Cross, Vail Professional Building, and Cascade Crossing sites in order. to defray the cost of road and infrastructure improvements. In planning the site, the foJlowing issues need to be considered: a. Densi 18 The site offers a unique opportunity to achieve significant density. While it is importanf_ thaf buildings here be visualiy consistent with the overall character of _ Lionshead, the -desire to maximize. the housing potential may make appropriate the following deviations from standaral development parameters. . First, it may be appropriate to allow.for a greater overal! building, height than is otherwise allowed under the Lionshead Architectirral Design Guidelines. Any increase in building height will need to be reviewed on , a. -case by case basis by the Town of : Vail, and any . eventual building height will still need.to be visually appropriate for this location. Second, it is recommended that the standarols for density (units per acre) be increased at this locafion fo allow for a greater . number of employee housing units. Thirol, it may be . appropriate fo , reduce the parking requirements for employee housing at this location. 5.17 West Day Lot/ Vail Associafes Service Yar+d/ Holy Cross Sife/Gas Station ~ Site /Vail Professional 8uilding/ Cascade Crossing Planning for the westem end of Lionshead _ must consider two different scenarios: the realignment of South Frnntage Road and its retenfion in the existing alignment. - While the introduction of lift service is viable in either of these Frontage ' Road altematives, site design will vary depending upon what happens to , the Fronfage. Road alignment See Figures 4-9a, and 49b for the Frontage Road realignment altematives. Nofwifhstanding these different Frontage Road scenarios there shou/d be an increase of existing office sguare footage and "no net /oss" of retail square footage as a result of the redevelopment,of these parcels. Higher densifies and, building heighfs may be , appropriafe in this area, particu/arly to encourage the development of employee housing. However, any, development musf meet the overall character and visual inte.nt, of the master p/an and be " compatible with the adjacent existing development of the Marriott and the Vail Spa. As compared to, a- separate, free-standing porfal, West Lionshead is considered a part of the greater Lionshead area. . In order for this area to be successful; it is important to have a strong pedestrian connection with the rest of Lionshead. A strong connection along the Gore Creek corridor already exisfs. Streetscape improvements along Wesf Lionshead Circle between, Concert Hall Plaza (currently the westem end of Lionshead retaii influence) and the Ritz-Cailton Residences will strengfhen existing conditions, and in doing so; improve the viability of mixed uses in West Lionshead. - Improvements to street lighting, walking surfaces, seating areas and public art are just some examples:of whaf could strengthen this corridor and in doing so further ° integrate this area with the r+est of Lionshead. : 19 - , The development of a sfrong pedestrian connection between the Lionshead Core area and the westem side of Lionshead will encourage pedestrian activity in fhis area and in doing so will energize ail of West Lionshead. During the winter months the ski lift and associated parking will generate significant pedestrian traffic and activity. However, considerafion siiould be given to how West Lionshead can be an active and vibrant place year-round. This could be accomplished in any number of ways. For example,,quality architecture and the creation of appealing outdoor spaces in and of itself will encourage people to visif this area. - This could be reinforced by a rVel!-crafted program of specialty retailers, offices, and restaurants. An active program of public art, residential -units that are used for "artists in residenee ; a culinary school, improved access to and utilization of Gore Creek or Red Sandstone Creek for fishing or other purposes or.specific recreation features such as a climbing wall are just some examples of design elemenfs or land uses that could create a catalyst for activity. In conjunction with any application to development a new ski lift, a retaiUcommercial market study which analyzes the area for ' the appropriate amount of square footage of retaiUcommercial that should be included in the redevelopment of West Lionshead shall be provided. lf is assumed that the development standards of Lionshead Mixed Use 1 or 2 will guide the design of redevelopment in this area. Noiwithstanding the height a!lowances of these zone districts, building height and massing shail be responsive to the Gore Creek comdor, the Interstate, and how building massing transitions at the westem end of Lionshead. Buildings at the wesfernmost. end of Wesf Lionshead shail gradually "step down" from the.maximum- allowable height limits of the Lionshead Mixed Use zone districts. Figure 5-25 provides a. genera/ depiction of how building height shall gradually lower at the westem end of this study area. The intent of fhese 'height standaMs is: thaf. building. height reduces by entire floor levels in the locations as generally depicfed on Figure 5-25. Nofinrithstanding the height allowances depicfed on Figure 5-25, buildings fronting directly along Gore Creek and the wesfem end of Lionshead shall express no more than three to four levels before "stepping back" fo talier building mass. On the Interstate side of this area building design shall be articulated to avoid large expanses of shear/unbroken wall planes. b. Frontage Road Reali4nment behind the Maintenance Yard and Holv Cross site The greatest benefit of this realignment alternative is that it results in one very large and contiguous developmerit parcel and in doing so integrates the Mainfenance Yard/Holy Cross site with the Wesf Day Lot by removal of the barrier created °by the existing Frontage . Road alignment. It a7so creates the best pedestrian environment , in creating an extension of the Lionshead Retail area in that it provides the potential to establish a convenient and desirable pedesfrian connection to the rest of Lionshead. With this ~ altemative the most viable• site for a public parking facility would still be the Maintenance Yard/Holy Cross parcels. Wfth the re- 20 location of the Frontage Road lift access out, of the old gas station site would not require a grade separated pedesfrian crossing to the. Maintenance Yard/Holy Cross parcels. However, a grade . separated crossing over the re-located Frontage Road woulal. be needed to link the Holy Cross site with the Vail Professional Building. This altemative wou/d a/so present the opportunity for relocating and/or enhancing ; Red: . Sandstone , Creek to make if . more, accessible to the communiiy and an aesthetically pleasing . wafer feature. One possibility may be to pond fhe.creek just south of the I-70 comidor and 'diverting all or a portion of the flow undemeafh the new Fronfage Road in order. to bring "live water" through the westem end of the.Holy Cross,site: Any modifrcation or enhancement to the creek corridor would be subjecf to U. S. Army Corp of Engineers approva/ A strong east-west oriented pedestrian corridor with - ground floor retail. , uses would be necessary fo create a sfrong connection between this area and the resf of Lionshead. V. REVIEW CRITERIA Staff is proposing the Land Use Plan map amendments, pursuant to _ Section 8.3:A Community Development Department Amendments, Vail Land Use Plan, for the reasons listed, below, corresponding to each of the three subject properties: . ' . : . 1031 _South Frontaqe Road West -°Cascade Crossinq'~ (Future "Ever Vail") - . , • Consistency with the Lionshead Redevelopment Master Plan On February 6, 2007, the Vail Town Council adopted Resolution 4; Series - of 2007, amending the Lionshead Study Area-Boundaries to include 1031 South Frontage Road West (See Attachment E: Map A Study Area). In doing so, the property, at,-1031 South. Frontage Road became regulated by the Lionshead Redevelopment Master Plan; in particular Sections listed above (Section IV of this memorandum):: Therefore, this land use. amendment provides consistency between the 'Land Use Map and the Lionshead Redevelopment Master Plan document. 953 South Frontage Road West -"Vail Professional Building° (Future "Ever Vail") • Consistency.with the Lionshead Redevelopment Master Plan On February 6, 2007, the Vail Town Council adopted Resolution 4, Series of 2007, amending the Lionshead Study Area Boundaries to include 953 South Frontage Road West (See.Attachment E: Map A Study Area). In doing so, the property at 953 South Frontage Road became regulated by ' the Lionshead Redevelopment Master Plan, in particular Sections listed above. (Section IV of this. memorandum): Therefore, this land use amendment provides consistency between the; Land Use Map and the Lionshead Redevelopment Master Plan document. 1000 South Frontage Road West -°Glen Lvon Office Buildinq" 21 • Land Use Planning The current land use designation of the Glen Lyon Office Building property, Community Office, is simply defined in the Vail Land Use Plan as follows: This area- is: to include. primarily office_ uses of all types. Some limited commercial uses, such. as retail businesses; including general merchandise, apparel and accessories -and auto service facilifies would also be permitted. The current designation. does not provide site-specific guidance or recommendations foi- developmetit or redevelopment of the property beyond the above definition. Therefore. Staff believes that the proposed . land use amendment of-the Glen Lyon.Office Building to Lionshead, RedeVelopmenf Master Plan, consistent with the adjacent properties, will create a consistent framework for redevelopment of this neighborhood by bringing all thtee properties under- the standards and recommendations, set forth in the Lionshead Redevelopment Master Plan. • Connectivity Sfaff believes the proposed land use amendment of the Glen Lyon Office Building to Lionshead Redevelopment Master Plan; consistent with the adjacent properties, will guide development in a pattem of harmony that. will facilitate visual and physical connectivity between the properties. By creating a consistent pattem of land use in the neighborhood, the Town will- have more latitude to encourage and facilitate connectivity, in site design through the following recommendations set forth in the Lionshead Redevelopment Master Plan: 0 4.3.1 Visual Connections - As development and redevelopmenf occur in Lionshead, it will be vifal to protect visual connections to the.. ski mounfain. These visual relationships strengfhen the identitjr of Lionshead as an alpine resorf and provide a visual rieference that helps Lionshead visitors to findtheir way fhroughf tiie~ core. Visual connection to the natural environment should be , established utilizing the following techniques: 4.3.1.1 View Corridors and 4.3.1.2 North-South Orientation of Buildings. 0 4.3.2 Physica! Connections - Physical connections to the natural envimnment are essential fo the experientia/ qualify of a mountain reso?f. There are several ways to achieve a physical connection in addition to creating north=south. oriented streets [such as]: 4.3.2.1 Landscape and Green belt Corridors, - 4.3.2.2 Skier Bridge, and 4.3.2.3 Access to the South Side of Gore Creek 0 4.5 Public Transportation - An efficient transit system is critical to the character and envir+onmental quality of any pedestrian-orienfed resort. Goals identified by the master plan regarding. transit include: 4.5.1 Connection to West Lionshead (in part) The West Lionshead properties are at the outside edge of fhe accepfab/e walking distance fo the ski yard. Wifh a mixed use developmenf in 22 the area which integrates, a ski.portal, retaii space, office space and residential, development; transit senrice to this area and , interconnections to the other portals will be critical to develop in the future. Proximity to adjacent re-development / site design The Lionshead Redevelopment Master.Pian calls for the re-alignment of the - south _frontage road from the current location fo, a configuration parallel to I-70, along the north property lines of the properties located at 1031 South Frontage Road "Vail Professional Building° and 953 South Frontage Road, "Vail Professional Building." The proposed re=alignment will facilitate a land swap between CDOT and the property~ owners of 1031 and 953 South Frontage Road. The land."swap will place the Glen Lyon Office building property (1000 South Frontage Road) directly abutting 1031 and 953 South Frontage Road, where the, properties are today separated by the South Frontage Road Right-of-way. With the proposed development of "EverVail" abutting the Glen Lyon Office Building property, as a result -of the road re-alignment, Staff believes the change in land use designation for all three properties will facilitate consistent design and fluid, development in the new planned neighborhood. , VI. STAFF RECOMMENDATION The Community Development Department recommends the Planning and Environmental Commission forwards a recommendation of approval for the . proposed Land Use Plan map amendments to the Vail Town Council. Staff s recommendation is based upon review of criteria outlined in Section V of this memorandum. Should the Planning and Environmental choose to forward a recommendation of approval to the Vail Town Council, Staff recommends tFie Commission makes ttie following motion: °The Planning and Environmental Commission recommends approval. 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 Oft"ice to Lionshead Redevelopment Master Plan for pmperties known as "Cascade Crossing" "Vail Professional . Building" (Future "Ever Vail~, and "Glen Lyon Office Building" located at 953, 1031 and 1000 South Frontage Road West, for reasons stated in Section V of Staffmemorandum dafed August 19, 2008." Should the Planning and Environmental choose to forward a recommendation of . approval to the Vail Town Council, based on the reasons stated in Section V of Staff memorandum dated August 11, 2008 and tesfimony, Staff recommends the Commission makes the following findings: 23 (1) That the amendment is consistent _with the adopted goals, objectives and policies outlined in the Vail comprehensive plan and compatible with fhe development objectives of the town; and (2) That the amendment is compatible with and suitable to adjacent uses and appropriate for the surrounding areas; and (3) That fhe amendr?ment promotes the health, safety, morals, and general . welfare of the . town and promotes the coorriinated and harmonious.' . development of the town in a manner that conserves and enhances its : natural . environment and its established character as a resort and residential community of the highest quality (Section 12-3-7 Vail Town Code =in part). . , . VII. ATTACHIIAENTS A. Subject Property Existing Land Use Map B. Subject Property Proposed Land Use Map . C. PEC minutes of December 11, 2006 D. Council minutes of February 6, 2007 E. Map A Study Area (Lionshead Redevelopment ,Master Plan Area) F. Letter from Vail Resorts Development Company 24 ATTACHMENT E PEC minutes of August 11, 2008 . PLANNING AND ENVIItONMENTAL COMMISSION August 11, 2008 . . ; 1:OOpm ° , ~mro~v~¢ ' . . TOWN COUNCIL CHAMBERS / PUBLIC WELCOME: . 75 S. Frontage Road - Vail, Colorado; 81657 MEMBERS PRESENT MEMBERS ABSENT David Viele Rollie Kjesbo - Michael Kurz Bill Pierce ' Scot Proper ' Sarah R. Paladino (arrived at 1:05) Susie Tjossem . A.request for a recommendation to the Vail Town Council to review the Vail Land Use Plan map, pursuanf to Section 8-3, Vail Land use Plan to allow for a change' in the land use designation from Community Office to Lionshead Redevelopment Master Plan for properties known as "Cascade Crossing" and "Vail Professional Building" (Future "Ever Vail'), located at 953 and 1031 South Frontage rRoad West/unplatted (A coniplete 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; Recommendation of approval . , MO'TION: Tjossem SECOND: Proper VOTE:,4-0=1(Viele recused) Nicole Peterson presented an overview of the proposaland tlie Staff memorandum. ' . Cominissioner Viele recused himself due to a conflict of interest. . Jay Peterson, representing the Glen Lyon Office Buildi.ng, voiced their support for ttie . . request. He discussed their discussions with Vail Resorts, about this proposal,, and noted a letter of support &om Vail Resorts. • There was no public comment Commissioner Tjossem stated that it made sense ;to have the Glen Lyon . Office Building included within the. Lionshead Redevelopriment Master Plan land use designation due to the proximity and interaction that will occur with Ever-Vail. The Coxnmissioners expressed their agreement with the proposal. ~ ' 9 . . • II ATTACHMENT F Council minutes of February 6, 2007 Vail Town Council Evening Meeting Minutes . Tuesday, February 6, 2007 6:00 P.M. - Vail Town Council Chambers The regular meeting of the Vail Town Council was called to order at approximately 6:00 P.M. by Mayor Rod Slifer. . Members present: Rod Slifer, Mayor Kent Logan Greg Moffet Kim Newbury , Mark Gordon Kevin Foley Not present: Farrow Hitt; Mayor Pro-Tem 3taff Members: Stan Zemler, Town Manager Matt Mire, Town Attomey Pam Brandmeyer, Assistant Town Manager The eleventh item on the agenda was Resolution 4, Series of 2007, a resolution to amend Chapter 4, Recommendations - Overall Study Area and Chapter 5, Detailed Plan Recommendations, LionsHead Redevelopment Master Plan, pursuant toSection 2.8; Adoption and Amendment of the Master Plan, LionsHead Redevelopment Masfer Plan, to inGude two new parcels and amend the text of the Master Plan for the area idenfified as "West LionsHead." . Senior Planner Warren Campbell explained that on December 11, 2006, the PEC forwarded.a recommendation of approval by a vote of 4-1-0 (Jewitt opposed), to Council for amendments outlined in Resolution 4, Series of 2007. The purpose of the amendment would establish the basis by which West LionsHead could be redeveloped with a, skier gondola in the location of the former gas station site and the development of mixed use areas, including housirig, retail, and office spaces, to create a new portal to the mountain with all the typical skier services. Another aspect of , the proposed redevelopment includes the possible relocation of the South Frontage Road. At the January 2, 2007, hearing Council directed staff to remove Tract K and the other parcels proposed.for inclusion within the LionHead Redevelopment Master Plan by the town from the proposed text amendments. Staff made those changes to the proposed amendment leaving only two parcels proposed for addition into West LionsHead. Campbell gave a presentation regarding the concerns expressed by Council at fhe aftemoon work session regarding employee housing, building height, and transit : Gordon asked for wording making additional office space a requirement. The resolution 'included the wording, "no net loss", however, he wished that the Master Plan encourage add'itional office space. Representing Vail Resorts, Keith Femandez, said he would be amicable to considering a reasonable increase in office space. Foley clarified the proposed additional lift would not increase actual skier numbers, just adjust where Vail Mountain is accessed by skiers. 10 Foley said he did not believe the proposal could continue without a Simba Run underpass and desired stronger language regarding the need for Simba Run in _ conjunction with any redevelopment in West LionsHead. Representing Vail Resorts Development Company, Jack Hunn reported LionsHead was - used for 45% of all skier mountain access. He said:development of West LionsHead could possibly result in more skier days as there would be an increase in the overall bed 6ase in the town. ' Gordon encouraged including children's senrices in the project..as it may help to eliminate congestion at Golden Peak. Moffet expressed concern the housing requirement for the parcel was being moved elsewhere.: • Representing the.applicant, Tom Braun said Vail Resorts remained committed to providing employee housing. Foley,moved to.table.the resolution with Newbury seconding: The motion failed, 4-2, with , Logan and Foley voting.in favor. Gordon moved to approve the resolution with amendments to:the.text. Logan seconded. : The proposed amendments to the text included changes fo-Sections 4:1.5, West LionsHead - Residential/Mixed Use Hub and 5.17, -West. Day LotNail'Associates Senrice - Yard/Holy Cross Site/Gas Station SiteNail Professional Building/Cascade Crossing to have the language state there should be "no net loss" of retail but an increase in office space. Amendments to Section 4.6:7, Simba Run, strengthened the language to identify the , need for the Simba Run underpass with any redevelopment in West LionsHead. The final amendment to the text occurred in Section 4.9.4.3; Vail Associates Service Yard, Holy Cross Site, Vail Professional Building; Cascade Crossing, North Day Lot, and the former filling station site, which changes the text to_encourage the dispersal of employee housing throughout the redevelopment. Representing the Vail Village Homeowners Assoaation Jim Lamont clarified TIF from the proposal could be used for a Simba Run underpass. The motion passed 5-1, Foley opposed. , 11 , ~ ; uecAoE wwwE Q e~uw~vr C cu L . ' BOUTN FROMAOE ROAD ~ . ' ~ DCCABGDE W LAOE~ co cs° ~ CON004.LW. a) E ~o+ t~~~_.. ~o o ' Q ~ 800,0 t7 ~ ~..a- f ~Q ~ Q n~ 0 9] R~ p oOM~ ~Q tli..~ = ' k r W CP ~ ~ ~ vos~ue nrturte ~ U ~ ~O oo ~ ~ so~e~aw+uuoErtv~ss Q = O HrnxoxuurEwc~~~ c ~ N ~ ~ . ~ n ~ , ,V ~ v ~ - ~ vu~rtouno~eo~r WESTLIONSHEAD 87UDYAREA . I.~o R.O.W. Q Q asic rm~miuMwevWn ' . . . cu ~ LIONSHEAD STUDY.AREA MAP A STUDY AREA LIONSHEA~ RBDEVELOPMENT ~ 1 ' ATTACHMENT H Letter from Vail Resorts Development Company . August 6, 2008 . Planning and Environmental Commission ' c/o Warren Campbell, AICP Chief of Planning . Town of Vail 75 South Frontage Road Vail, Colorado 812620 Re: Glen Lyon Office Building Dear Commissioners: : I am writing on behalf of Vail Resorts Development Company to offer our support to the amendrrients to the Vail Land Use Plan with regard to the Glen Lyon Office Building (GLOB) property. We believe it makes sense to include the GLOB property in the Lionshead Redevelopment Master Plan azea as the logical extension of the planning area: .Additionally, we support owners of the GLOB property in their pursuit of an amendment to the Lionshead Redevelopment Master Plan for the GLOB properties inclusion in the master plan area and any future application to rezone the property to Lionshead Mixed Use 2. We believe the eventual rezoning of the GLOB property fo Lionshead Mixed Use 2 will allow Vail Resorts and the GLOB ownership to redevelop and plan our properties more creatively and efficiently and in the best interest of both parties. If you have any questions or comments, please feel free to contact me anytime. Thank you, Tom Thomas Mfller Director.of Development Vajl Resorts Development Company 137 Benchmark Road Avon, CO 81620 (0)970-754-2544 (m) 970-470-1062 Tmiller'I @vailresorts.com www.evenrail.com www.snow.com ' 13 t ~ TOWN OF VE ` COMMISSION ON SPECIAL EVENTS MEMO: To: Vail Town Council From: Sybill Navas, Special Events Coordinator Date: September 2, 2008 Vail Arts Festival: The Vail Arts Fesdval was held on East Lionshead Circle this year because we did not forsee the problem with set-up timing caused by Jazz @ Vail Square. The Jazz Foundation has a 60'x40' tent set up each Thursday evening in August for their concert. The Arts Festival required space for 100 canopies- 45 of which were planned for placement on the Ice Rink- in exactly the same spot as the Jazz tent. Even if the tent had been removei late on Thursday, at the close of the Jazz concert, it would have _ been nearly impossible to set up the Arts Fesriva,l on that site by Friday morning. Arra.belle was not friendly to the idea of a crack-of-dawn set up due to the possibility of disturbing sleeping guests. Because there is no vehicular access to the Arrabelle plaza and the artists would have to bring all of their displays into the plaza via handcart, it was not feasible to complete the set-up in time for the show's advertised start. Also, VRI has not yet released the grass area in the ski yard for events use, as the sod has not yet "taken." Tent sites within the mall itself are extremely limited due to fire access. Laurie does not feel that the Arts Festival is a financially viable event if it is broken up into small areas. This is an issue that the CSE will look at cazefully prior to next year. Please don't hesitate to call me if you have any additional questions. Sybill Navas, Special Events Coordinator specialeventsna,vailgov.com 970 477-0230