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Home My WebLink About2009-02-17 Agenda and Support Documentation Town Council Work Session VAIL TOWN COUNCIL WORK SESSION AGENDA VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 I 12:30 P.M., TUESDAY, FEBRUARY 17, 2009 NOTE: Times of items are approximate, subject to change, and cannot be relied upon to determine at what time Council will consider an item. Council lunch will begin at 12:00, noon. Public comments on work session Items may be solicited by the Town Council. 1. Matt Mire ITEM/TOPIC: Executive Session, pursuant to: 1) C.R.S. §24-6 - 402(4)(b)(e) - to receive legal advice on specific legal questions; and to determine positions, develop a strategy and instruct negotiators; 2) 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: construction of North Day Lot Housing. (60 min.) 2. George Ruther ITEM/TOPIC: PEC /DRB Update. (30 min.) 3. Nina Timm ITEM/TOPIC: Presentation by Economic & Planning Systems (EPS), Denver, CO, of their Chamonix Employee Housing Market Analysis. (45 min.) ACTION REQUESTED OF COUNCIL: Listen to the EPS presentation, ask any pertinent questions, and provide staff with direction on the next steps. BACKGROUND RATIONALE: In 2008, the Town of Vail adopted the Chamonix Master Plan and rezoned the Chamonix Property to the Housing (H) District to allow for the development of deed restricted employee housing units. The Chamonix Master Plan calls for approximately 58 deed restricted, for -sale employee housing units. In order to ensure project success the Town has completed a cost validation study and has engaged EPS to provide the Town with a site specific market analysis. This information will be the basis to develop and sell units that are affordable and most desirable to local employees. 1 4. Nicole Peterson ITEM/TOPIC: Discussion of the First Reading of Ordinance No. 3, Nina Timm Series of 2009, an ordinance adopting prescribed regulation amendments, pursuant to Section 12 -3 -7, Amendment, Vail Town Code, to Section 12 -61 -8, Parking and Loading, Vail Town Code, to amend parking requirements in the Housing (H) zone district, and setting forth details in regard thereto. (20 min.) ACTION REQUESTED OF COUNCIL: Discuss and provide staff with feedback. BACKGROUND RATIONALE: On February 9, 2009, the Planning and Environmental Commission held a meeting to forward a recommendation to the Vail Town Council for Ordinance No. 3, Series of 2009. No formal recommendation was forwarded, due to the motion resulting in a tie vote (3 -3 -0 with Proper, Kjesbo and Tjossem opposed). STAFF RECOMMENDATION: Staff recommends that the Vail Town Council approves Ordinance No. 3, Series of 2009, on first reading. I 5. Bill Gibson ITEM/TOPIC: First Reading of Ordinance No. 6, Series of 2009, an ordinance amending Section 12 -7H -3, Permitted and Conditional Uses; and Section 12 -16 -7, Use Specific Criteria and Standards, Vail Town Code, to allow business offices and professional offices as conditional uses on the first floor in the LionsHead Mixed Use -1 District, and setting forth details in regard thereto. (20 min.) ACTION REQUESTED OF COUNCIL: Approve, modify, or deny Ordinance No. 6, Series of 2009, on first reading. BACKGROUND RATIONALE: On February 9, 2009, the Planning and Environmental Commission forwarded a recommendation of denial to the Vail Town Council of Ordinance No. 6, 2009. This proposal could facilitate temporary business offices being permanently located on the first floor of the Treetops and Concert Hall Plaza buildings. This proposal could also facilitate new first floor offices throughout the entire LionsHead area. STAFF RECOMMENDATION: Deny Ordinance No. 6, Series of 2009, on first reading. 6. Kathleen Halloran ITEM/TOPIC: 2009 Budget Adjustments; First Reading of Ordinance No. 5, Series 2009, an ordinance making budget adjustments to the Town of Vail General Fund, Capital Projects Fund, and Heavy Equipment Fund of the 2009 Budget for the Town of Vail, Colorado; and authorizing the said adjustments as 2 set forth herein; and setting forth details in regard thereto. (30 min.) 7. ITEM/TOPIC: Information Update. (15 min.) 8. ITEM/TOPIC: Matters from Mayor & Council. (20 min.) • ECO Service Discussion. 9. ITEM/TOPIC: Adjournment. (4:30 p.m.) NOTE UPCOMING MEETING START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) i THE NEXT VAIL TOWN COUNCIL REGULAR WORK SESSION WILL BEGIN AT TBD, TUESDAY, MARCH 3, 2009 IN THE VAIL TOWN COUNCIL CHAMBERS. 1 3 i t PLANNING AND ENVIRONMENTAL COMMISSION February 9, 2009 1:00pm l Vnlf Vt 1't11L� TOWN COUNCIL CHAMBERS / PUBLIC WELCOME 75 S. Frontage Road - Vail, Colorado, 81657 MEMBERS PRESENT MEMBERS ABSENT Bill Pierce Sarah Robinson - Paladino Rollie Kjesbo Michael Kurz David Viele Scott Proper Susie Tjossem arrived at 1:03 after item #1 was tabled. 30 Minutes 1. A request for a work session to discuss the establishment of a new special development district, pursuant to Article 12 -9A, Special Development (SDD) District, Vail Town Code, located at 303 Gore Creek Drive, Units 7 through14 (Vail Rowhouses) /Lots 7 through 13, Block 5, Vail Village Filing 1, and setting forth details in regard thereto. (PEC080074) Applicant: Christopher Galvin, represented by K.H. Webb Architects Planner: Bill Gibson ACTION: Tabled to February 23, 2009 MOTION: Kjesbo SECOND: Viele VOTE: 5 -0 -0 There was no discussion on this item. The applicant requested that it be tabled. 30 Minutes 2. A request for a final recommendation for prescribed regulation amendments, pursuant to Section 12 -3 -7 Amendment, Vail Town Code, to amend Section 12 -7H -3, Permitted and Conditional Uses; First Floor or Street Level, Section 12 -71 -3, Permitted and Conditional Uses; First Floor or Street Level, and Section 12 -16 -7, Use Specific Criteria and Standards, Vail Town Code, to allow business office and professional office on the first floor in the Lionshead Mixed Use -1 and Lionshead Mixed Use -2 Districts, and setting forth details in regard thereto. (PEC090001) Applicant: 450 Buffalo Properties, represented by Michael Hecht Planner: Bill Gibson ACTION: Recommendation of Denial MOTION: Kurz SECOND: Proper VOTE: 5 -0 -1 (Pierce recused) Bill Pierce identified a conflict of interest with regard to this application. Bill Gibson gave a presentation per the staff memorandum. Ross Davis Jr., attorney representing Michael Hecht, gave a presentation regarding the two steps they are following to achieve continued operation of the office use within the Treetops building. With their application they were hoping to amend the Code to allow office as a conditional use within Lionshead Mixed Use 1 zone district. Over the years the first floor Treetop spaces have proven to be difficult for retail and there have been long periods of vacancy. The current office use has proven to be successful. Michael Hecht, owner, of the first floor Treetops commercial space gave some history as to the occupancy o ver the past. Originally purchased the building hoping to use it for commercial; Page 1 t i however, after a period of three months Vail Resorts approached him to use the space. He then explained that financial institutions are currently reluctant to come back to the table with financing without having a long term lease signed by a tenant. He feels that retail will not be successful in the space until such time as the Lionshead Parking Structure redevelops. He add further that the Treetops H.O.A. has covenant restrictions on the space he owns, which further prohibits uses that may generate noise, such as restaurants. Kaye Ferry, resident of Vail, gave a presentation regarding her concerns that the first floor of the structures in Vail needs to be utilized for sales tax generating uses. There are many retail establishments that are struggling to makes sales, pay rents, etc. She stated her concern that as changes occur in the spring that real estate owners will come to the Town and ask for additional uses to be allowed on first floor space. She believes the Town Council made their expectations clear at their last hearing when the extension of the temporary conditional use permit for the office was called up. Ferry stated that Council made it clear no further extensions would be approved when the last extension was granted. She concluded by referencing several conversations she has had with members of Aspen, Breckenridge, etc. who are envious of out horizontal zoning prohibiting office and real estate on the first floor. Jim Lamont, Vail Homeowners Association, gave a presentation regarding his perception of the impacts retail is under at this point. He referenced the desire of the community to link the two villages and believes there is an argument for keeping retail on the first floor. He noted that the existing horizontal zoning needs to be preserved as the Town's budget depends so much on sales tax. He also stated that a short term continuation of Vail Resort's office may be acceptable, but the long term vision should be for first floor retail once the parking structure redevelops. Michael Hecht, clarified the sales tax generation history of the space. He noted that Vail Resorts has 60 employees working out of the space which are essential to the Lionshead businesses. He also clarified the proposed amendments prohibit real estate office on the first floor. Stated that a great deal of the second floors of structures have converted over the past several years from office to residential thus making the need to office space greater. Ross Davis Jr., corrected a statement made a Kaye Ferry regarding the Treetops H.O.A. The H.O.A. did amend the covenants to include the use of coffee machines, etc. for the previous bike shop and book store tenants. Commissioner Kurz stated he understands the minimal office space available and current economic climate; however, what he sees in a community like Aspen sends shivers through his body and he does not see and need to adopt this amendment. Commissioner Tjossem, stated that she does not support the amendment; however, she does support an extension of the current conditional use permit. She suggested that vacant spaces are not what this Town needs, so she supports a continuation of the existing temporary office. Commissioner Proper noted that retail is already struggling and can not afford to compete with office uses for rent of first floor tenant spaces. He does not see the need to approve first floor office to make this community effective. Commissioner Viele stated that the issue is not black and white and would suggest that there may be locations outside of the core where first floor office could be appropriate. However, he noted that the applicant's specific financial situation is not justification for amending the zoning. He is concerned that retail is already disadvantaged by the employee housing mitigation requirements and this proposal would further disadvantage retail uses. Page 2 l Commissioners Kjesbo and Pierce agreed with the previous comments. 30 Minutes 3. A request for a final review of major exterior alterations, pursuant to Section 12 -71-1-7, Exterior Alterations or Modifications, Vail Town Code, to allow for the redevelopment of the property known as the "North Day Lot ", with a multiple unit employee housing project, located at 600 West Lionshead Circle /Part of Lot 1, Block 1, Vail Lionshead Filing 3, and setting forth details in regard thereto. (PEC080009) Applicant: Vail Resorts, represented by Mauriello Planning Group, LLC Planner: Warren Campbell ACTION: Approve, with condition(s) MOTION: Kjesbo SECOND: Viele VOTE: 6 -0 -0 CONDITION(S): For Design Review 1) That the Developer receives final review and approval of the proposed development plan by the Town of Vail Design Review Board, prior to making an application for the issuance of a building permit. Prior to Submitting for Building Permits 2) That the Developer submits a complete set of civil engineered drawings of the Approved Development Plans including the required off site improvements, to the Town of Vail Community Development Department for review and approval of the drawings, prior to making application for the issuance of a building permit for the North Day Lot improvements. 3) That the Developer shall provide a plan for review and approval by the appropriate reviewing authority, depending on the plan submitted, for temporary replacement of the 105 parking spaces that will not be available during construction of the North Day Lot employee housing project and prior to their permanent inclusion within the Ever Vail or some other. project. The plan providing for 105 parking spaces shall be made for the entirety of the time period that parking is not available on the North Day Lot or in a permanent location such as Ever Vail. This plan shall be provided and approved prior to submittal of building permits. 4) The Developer shall enter into a revised employee housing agreement, in a form satisfactory to the Town, which establishes the dates by which building permits will be submitted and construction shall commence for the letter of credit currently posted as security for the project, which can be negotiated by the Town of Vail. This agreement shall be in place within 30 days of approval of the major exterior alteration. 5) The Developer shall enter into a revised permanent skier drop -off agreement, in a form satisfactory to the Town, which establishes the dates by which building permits will be submitted and construction shall commence for the letter of credit currently posted as security for the project, which can be negotiated by the Town of Vail. This agreement shall be in place within 30 days of approval of the major exterior alteration. Page 3 6) The Developer shall provide the Town a construction schedule for the North Day Lot employee housing and permanent skier drop -off project for review and approval by the Town of Vail within 30 days of the approval of the major exterior alteration. Said schedule shall include but not be limited to identification of a building permit submittal date, a commencement of construction date and a completion of construction /delivery date. This schedule shall be utilized in the review of conditions 4 and 5 included with this approval. 7) The Developer shall enter into a skier drop -off operation and maintenance agreement, in a form satisfactory to the Town, which establishes the standards, responsibilities and procedures for the permanent skier drop -off facility on the North Day Lot, prior to submitting for building permits. 8) The Developer shall enter into a construction and continued operation agreement for improvements to be constructed in Tract C, Block 1, Vail Lionshead Filing 3, in a form satisfactory to the Town, prior to submitting for building permits. 9) The Developer shall submit a construction access easement for the work to be performed on the Town owned parcel in conjunction with the permanent skier drop -off, in a form satisfactory to the Town, to allow for construction activities on Town land, prior to submittal of a building permit. Prior to Requesting a Certificate of Occupancy 10) The Developer shall submit a permanent easement for the skier drop -off, in a form satisfactory to the Town, which establishes the extent, rights, and privileges associated with the permanent nine space skier drop -off facility, prior to requesting a certificate of occupancy. 11) The Developer shall submit a permanent easement for the potential South Frontage Road access point into the site, in a form satisfactory to the Town, as depicted on Sheet C1.01 dated January 30, 2009, prior to requesting a certificate of occupancy. 12) The Developer shall submit a permanent cross - access easement for the use of a portion of Town land for circulation needs associated with the employee housing project, in a form satisfactory to the Town, prior to requesting a certificate of occupancy. 13) The Developer shall provide the Town with the legally executed and duly recorded Type III deed restrictions with the Eagle County Clerk & Recorder's employee housin units, 32 on-site Office for the g prior to the issuance of a certificate of occupancy for the project. Warren Campbell gave a presentation per the Staff memorandum. The North Day Lot team including Dominic Mauriello of the Mauriello Planning Group, Tom Miller of VRDC, and Will Henschel of Oz Architecture, gave a power point presentation discussing the scale, bulk, mass, circulation, unit mix, and parking reduction request. Page 4 i I 1 Bill Pendelton, representing the Landmark Condominiums H.O.A., that he supported the curretnt proposal and felt it was the right plan and it addressed the concerns of the Landmark. He conclude by stating his endorsement of the project. The Commissioners expressed their support of the project. They ere excited to see the project finally reach this conclusion and its compliance with the zoning and Master Plan. Commissioner Tjossem stated a concern with regard to the effects of construction worker parking on the Town's parking structure during the period of the North Day Lot construction. She felt there should be a plan required showing how construction worker parking would occur, but not affect the Town's provision of parking to guests and commercial patrons. Commissioner Pierce stated that a condition could be added requiring a construction worker parking mitigation plan. Commissioner Kjesbo made a motion and Viele seconded without the addition of a construction worker parking mitigation plan. Commissioner Tjossem brought up her desire to address the construction worker impacts to parking in the parking structure. Commissioner Proper did not see construction worker parking as a problem. Commissioner Tjossem explained that it is included in other community plans. Commissioner Pierce commented that he wanted to address it; however, in the case of this project on the site that was presnt that construction worker impacts would be minimal. Tom Miller stated that the applicant will work with Staff to address the concern. A vote was taken on the motion without amendment. 60 Minutes 4. A request for a work session for a review of a preliminary plan for a major subdivision, pursuant to Chapter 13 -3, Major Subdivision, Vail Town Code, to allow for the creation of two lots for the redevelopment of the properties known as "Ever Vail" (West Lionshead), located at 862, 923, 934, 953, and 1031 South Frontage Road West, and the South Frontage Road West right -of- way /Unplatted (a complete legal description is available for inspection at the Town of Vail Community Development Department), and setting forth details in regard thereto. (PEC080062) Applicant: Vail Resorts, represented by Mauriello Planning Group, LLC Planner: Warren Campbell /George Ruther ACTION: Tabled to February 23, 2009 MOTION: Kjesbo SECOND: Viele VOTE: 6 -0 -0 Warren Campbell gave a presentation per the Staff memorandum. i Tom Miller, representing Vail Resorts Development Company, and Dominic Mauriello, of the Mauriello Planning Group gave a power point presentation providing an introduction to the overall concepts regarding pedestrian and vehicular circulation on the site. The presentation highlighted bus drop -off and pick -up, skier drop -off, shuttle drop -off, short term parking, etc. on the at grade level of the plan. Page 5 L Commissioner Pierce asked if the Public Works Department had anything to add to the presentation. Tom Kassmel, Town Engineer, stated that there seems to be a lot of flexibility in the plan, but requests more time to review the plans as no official submittal had been provided. Jim Lamont, representing the Vail Homeowner's Association, commented that the plans have come a long way. He is wondering about the capacity of the different areas — cars, people, shuttles, buses — how many can be handled through the different facilities and penetrations. How do we process people in and out? He believes the project is heading in a good direction. He concluded by commenting that he likes the many different options. Commissioner Peirce suggests that the information be given to Public Works and cautioned the other Commissioners to comment on general ideas and thoughts not specifics as the Town Staff's advice had not been provided. Commissioner Kurz asked if there is a connection from the Frontage Road to the proposed path along the east side of Red sandstone Creek. Tom Miller commented that there is 20 foot grade change in that area. He will consider the comment and look at the possibilities of making a pedestrian connection. Commissioner Tjossem asked for greater detail on how the connection was going to be made between Lionshead and Ever Vail? How do we deal with the dead space? Concepts? Tom Miller commented that they have thought about that issue, and they are trying to create a visible draw from Lionshead, such as an anchor which would be visible from the Concert Hall Plaza area. He concluded by stating that the issue would be covered in a future meeting as the concern had been previously stated. Commissioner Pierce asked if there is retail spaces planned for within the Ritz - Carlton? Warren Campbell stated that there were retail spaces planned for in the northwest and nort heast corners of the development along West Lionshead Circle. Commissioner Pierce asked about Ever Vail being a ski back base as it would significantly reduce impacts to the mass transit system. Tom Miller stated ideally Ever vail would have the ability to return to the base through skiing; however, there is no good location for the ski base, because of the grades. Commissioner Proper stated the presentation today of separation of uses felt less rigid and more smooth. Commissioner Kjesbo, Viele, and Pierce had no further comment. 45 Minutes 5. A request for a final recommendation to the Vail Town Council for prescribed regulation amendments, pursuant to Section 12 -3 -7, Amendment, Vail Town Code, to Section 12 -61 -8, Parking and Loading, Vail Town Code, to clarify the parking requirements in the Housing (H) zone district, and setting forth details in regard thereto. (PEC080067) Applicant: Town of Vail Planner: Nicole Peterson Page 6 ACTION: Recommendation of approval (The motion failed, do to a tie vote) MOTION: Viele SECOND: Kurz VOTE: 3 -3 -0 (Proper, Tjossem, Kjesbo opposed) Nicole Peterson gave a presentation per the Staff memorandum. Jim Lamont, Vail Homeowners Association, believes it is a big mistake to reduce parking on any project. In his judgment the parking should be built and how it is distributed for use could be more dynamic over time to address changing conditions during the life of the building. There are endless uses for utilization of parking. Commissioner Proper asked for clarification about the current problems with the ordinance. Nicole Peterson responded that the current requirements leave opportunity for arbitrary interpretation, which leads to varying and unpredictable outcomes. Warren Campbell added that the purpose of the proposed amendments is to add predictability to the development process. Commissioner Viele commented that he disagrees with Jim Lamont's comment that there should not be a parking reduction. He believes that certain conditions warrant a reduction in parking. Commissioner Kjesbo would still like to see the reduction on a case by case basis. He believes there is a difference in the type of occupancy and the amount of parking needed. He would like to see the requirements remain as there are today. Commissioner Tjossem agreed with Commissioner Kjesbo Commissioner Kurz had nothing to add. Following the vote, Commissioner Pierce summarized the opposing votes and stated the main reason for opposition is that the issue of reducing the amount of parking is too dynamic and should by applied on a case -by -case basis. Commissioner Proper added that he applauds Staff's effort to add predictability to the regulations; however, he believes that the issue of reducing the amount of parking is too subjective in terms of the types, design, and operation that may be proposed in a development. He added that there is a disconnection with the application of rigid (black and white) criteria to a dynamic (grey) issue. 5 Minutes 6. A request for a final review of a major exterior alteration, pursuant to Section 12 -7H -7, Exterior Alterations or Modifications; and requests for conditional use permits, pursuant to Section 12 -7H- 2, Permitted and Conditional Uses, Basement or Garden Level; Section 12 -71-1-3, Permitted and Conditional Uses, First Floor or Street Level; 12 =7H -4, Permitted and Conditional Uses; Second Floor and Above, Vail Town Code, to allow for the redevelopment of the Evergreen Lodge, with dwelling units, accommodation units, and conference facilities and meeting rooms on the basement or garden level, multi - family dwelling units, accommodation units and conference facilities and meetings rooms on the first floor or street level, and a fractional fee club on the second floor and above, located at 250 South Frontage Road West/Lot 2, Block 1, Vail Lionshead Filing 2, and setting forth details in regard thereto. (PEC080033, PEC080072) Applicant: HCT Development, represented by TJ Brink Planner: Rachel Friede Page 7 1 1 ACTION: Table to March 23, 2009 MOTION: Viele SECOND: Kjesbo VOTE: 6 -0 -0 5 Minutes 7. A request for a final recommendation to the Vail Town Council of proposed amendments to the Vail Village Master Plan, pursuant to Section Vill -B, Adoption, Extensions, and Amendments, Vail Village Master Plan, to amend Sub -area #4, Transportation Center, to allow for a mixed -use development on the south side of the Vail Village parking structure, located at 241 East Meadow Drive /Parts of Tracts B and C, Vail Village Filing 1 (a complete description is available at the Community Development Department upon request), and setting forth details in regard thereto. (PEC080015) Applicant: Triumph Development, LLC, represented by Rick Pylman Planner: Nicole Peterson ACTION: Table to February 23, 2009 MOTION: Viele SECOND: Kjesbo VOTE: 6-0-0 8. Approval of January 26, 2009 minutes MOTION: Kurz SECOND: Viele VOTE: 6 -0 -0 9. Information Update Discussed a letter provided by the attorney representing the Tyroleon regarding the process of Mountain View and the process moving forward. Discussed the reappointment of PEC members. 10. Adjournment MOTION: Kurz SECOND: Kjesbo 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 24 -hour notification. Please call (970) 479 -2356, Telephone for the Hearing Impaired, for information. Community Development Department Published February 6, 2009, in the Vail Daily. i Page 8 - MEMORANDUM TO: Planning and Environmental Commission FROM: Community Development Department DATE: February 9, 2009 SUBJECT: A request for a final review of major exterior alterations, pursuant to Section 12 -71-1-7, Exterior Alterations or Modifications, Vail Town Code, to . allow for the redevelopment of the property known as the "North Day Lot ", with a multiple unit employee housing project, located at 600 West Lionshead Circle /Part of Lot 1, Block 1, Vail Lionshead Filing 3, and setting forth details in regard thereto. (PEC080009) Applicant: Vail Resorts Development Company, represented by Mauriello Planning Group, LLC Planner: Warren Campbell I. SUMMARY The applicant, Vail Resort Development Company, represented by Mauriello Planning Group LLC, is requesting final review of a major exterior alteration, pursuant to Section 12 -71-1-7, Major Exterior Alterations or Modifications, Vail Town Code, and a reduction in the required off street parking pursuant to Section 12- 10 -20, Special Review Provisions, Vail Town Code, to allow for the redevelopment of the North Day Lot, currently parking, to include a 32 unit employee housing project, 9 public skier drop off spaces, and 40 parking spaces, located at 600 West Lionshead Circle. Upon review of the applicable elements of the Town's planning documents and adopted criteria for review, the Community Development Department is recommending the Planning and Environmental Commission approves, with conditions, the applicant's request for a major exterior alteration and reduction in the off- street parking requirements. A complete summary of Staff's review is provided in Section Vlll of this memorandum. II. DESCRIPTION OF THE REQUEST The applicant, Vail Resort Development Company, represented by Mauriello Planning Group LLC, is requesting final review of a major exterior alteration, pursuant to Section 12 -71-1-7, Major Exterior Alterations or Modifications, Vail Town Code, and a reduction in the required off street parking pursuant to Section 12- 10 -20, Special Review Provisions, Vail Town Code, to allow for the redevelopment of the North Day Lot which is currently a 105 space parking lot for Vail Resorts employees. The key elements of the North Day Lot redevelopment include: 1 • A major exterior alteration to construct 32, Type III employee housing units, consisting of 28 -four bedroom units and 4 -three bedroom units for a total of 124 beds; • A request for a reduction in the required number of parking spaces from 45 to 40 parking spaces. The provision of 40 parking spaces includes 27 which are enclosed within the lowest level of the proposed structure; and • The inclusion of 9 public skier drop -off spaces on the west end of the site; A copy of the document entitled North Day Lot Employee Housing dated revised January 30, 2009 (Attachment B), and a reduced set of plans dated February 4, 2009, are attached for reference (Attachment A). 111. BACKGROUND • The subject property was annexed into the Town of Vail by Ordinance No. 8, Series of 1969, which became effective on August 23, 1969. • On December 15, 1998, the Town of Vail adopted the Lionshead Redevelopment Master Plan, which contained site specific recommendations for the North Day Lot. • On September 27, 2004 the Lionshead Core Site (Arrabelle) was approved which removed the Sunbird Lodge containing employee housing. A requirement of the Arrabelle approval and the removal of the Sunbird Lodge was that 120 employee beds needed to be constructed. • Over the past several months the Town and Vail Resorts Development Company have been exploring how to jointly locate employee housing and a transit center on the site. The conclusion was, that while these uses could be jointly located on the site, the Town was not prepared to invest the resources at this time into a transit facility on this site. IV. ROLES OF THE REVIEWING BOARDS The purpose of this section of the memorandum is to clarify the responsibilities of the Design Review Board, Planning and Environmental Commission, Town Council, and Staff on the various applications submitted on behalf of Vail Resorts Development Company. Exterior Alteration /Modification in the Lionshead Mixed -Use I zone district Order of Review: Generally, applications will be reviewed first by the Planning and Environmental Commission for impacts of use /development and then by the Design Review Board for compliance of proposed buildings and site planning. Planning and Environmental Commission: Action: The Planning and Environmental Commission is responsible for final approval /denial of a Major /Minor Exterior Alteration. The Planning and Environmental Commission shall review the proposal for compliance with the adopted. criteria. The Planning and Environmental Commission's approval "shall constitute approval of the basic form and location of improvements including siting, building setbacks, height, building bulk and mass, site improvements and landscaping." 2 Design Review Board. Action: The Design Review Board has no review authority on a Major or Minor Exterior Alteration, but must review any accompanying Design Review Board application. Town Council: Actions of Design Review Board or Planning and Environmental Commission may be appealed to the Town Council or by the Town Council. Town Council evaluates whether or not the Planning and Environmental Commission or Design Review Board erred with approvals or denials and can uphold, uphold with modifications, or overturn the board's decision. V. APPLICABLE DOCUMENTS Staff has provided portions of the Vail Town Code and several master plans which are relevant to the proposed topics for the review of the proposed redevelopment proposal. Zoning Regulations Lionshead Mixed Use —1 Zone District (in part) 12 -7H -1: PURPOSE: I The Lionshead Mixed Use -1 zone district is intended to provide sites for a mixture of multiple- family dwellings, lodges, hotels, fractional fee clubs, time shares, lodge dwelling units, restaurants, offices, skier services, and commercial establishments in a clustered, unified development. Lionshead Mixed Use 1 zone district, in accordance with the Lionshead Redevelopment Master Plan, is intended to ensure adequate light, air, open space and other amenities appropriate to the permitted types of buildings and uses and to maintain the desirable qualities of the District by establishing appropriate site development standards. This District is meant to encourage and provide incentives for redevelopment in accordance with the Lionshead Redevelopment Master Plan. 12- 7H -18: MITIGATION OF DEVELOPMENT IMPACTS: Property ownersldevelopers shall also be responsible for mitigating direct impacts of their development on public infrastructure and in all cases mitigation shall bear a reasonable relation to the development impacts. Impacts may be determined based on reports prepared by qualified consultants. The extent of mitigation and public amenity improvements shall be balanced with the goals of redevelopment and will be determined Py the planning and environmental commission in review of development projects and conditional use permits. Mitigation of impacts may include, but is not limited to, the following: roadway improvements, pedestrian walkway improvements, streetscape improvements, stream tract/bank improvements, public art improvements, and similar improvements. The intent of this section is to only require mitigation for large scale redevelopment/development projects which produce substantial off site impacts. 3 a Off Street Parking and Loading ( in part) ) 12- 10 -20: Special Review Provisions: Notwithstanding the provisions of section 12 -10 -18 of this chapter, the planning and environmental commission may approve a reduction to the number of required spaces specified in section 12 -10 -10 of this chapter, provided a report documenting the presence of unique parking characteristics is provided by a qualified consultant and the following findings are made by the planning and environmental commission: A. The parking demand will be less than the requirements identified in section 12 -10 -10 of this chapter; and B. The probable long term use of the building or structure, based on its design, will not generate additional parking demand; and i C. The use or activity is part of a demonstrated permanent program (including, but not limited to, "rideshare" programs, shuttle service, or staggered work shifts) intended to reduce parking demand that has been incorporated into the project's final approved development plan; and D. Proximity or availability of alternative modes of transportation (including, but not limited to, public transit or shuttle services) is significant and integral to the nature of the use or business activity. In reaching a decision, the planning and environmental commission shall consider survey data submitted by a qualified transportation planning or engineering consultant. Projects under "special review" are subject to additional scrutiny by the planning and environmental commission after development plan approval if it is deemed necessary to verify continued compliance with the above listed criteria. The maximum allowable reduction in the number of required spaces shall not exceed twenty five percent (25 %) of the total number required under section 12 -10 -10 of this chapter. Lionshead Redevelopment Master Plan (in part) Chapter 2, Introduction 2.3 Policy Objectives The Town Council adopted six policy objectives on November 4, 1996 to outline the important issues to be addressed in the master plan and to provide a policy framework for the master planning process. 2.3.1 Renewal and Redevelopment Lionshead can and should be renewed and redeveloped to become a warmer, more vibrant environment for guests and residents. Lionshead needs an appealing and 4 coherent identity, a sense of place, a personality, a purpose, and an improved aesthetic character. 2.3.2 Vitality and Amenities We must seize the opportunity to enhance guest experience and community interaction through expanded and additional activities and amenities such as performing arts venues, conference facilities, ice rinks, streetscape, parks and other recreational improvements. 2.3.4 Improved Access and Circulation The flow of pedestrian, vehicular, bicycle and mass transit traffic must be improved within and through Lionshead. 2.3.5 Improved Infrastructure The infrastructure of Lionshead (streets, walkways, transportation systems, parking, utilities, loading and delivery systems, snow removal and storage capacity) and its public and private services must be upgraded to support redevelopment and revitalization efforts and to meet the service expectations of our guests and residents. Chapter 3 — Existing Conditions Assessment 3.9.4 Vail Associates Employee Parking Vail Associates currently utilizes two large surface parking lots within the study area for its employee parking needs. The North Day Lot (see hgure 3 -15), with a capacity of approximately 105 cars, is located behind the Landmark tower and is the site proposed for a transportation facility, employee housing, and other uses contemplated under the zoning on the property (LMU -1). The west day lot, located just west of the Marriott parking structure, has an approximate capacity of 160 cars and represents a significant development opportunity. Parking displaced by redevelopment of these sites must be replaced within the Lionshead study area to satisfy the ground rule requiring no net loss of parking. The displaced parking will be provided in West Lionshead within a parking structure included as part of the EverVajl project. Chapter 4, Master Plan Recommendations — Overall Study Area This section of the master plan addresses issues that affect Lionshead as a whole. These issues, and recommendations to address them, should be considered in all planning and policy decisions as Lionshead develops. 5 I 4.5.2.1 Relocate the Regional Transit Stop It is recommended that the Lionshead regional transit stop, currently located at the Lionshead Place cul -de -sac, be relocated to the proposed North Day Lot, the Lionshead parking structure, and West Lionshead. This will provide a Lionshead connection between the regional transit system and the Town of Vail transit system. In addition, visitors and employees coming to Lionshead by regional bus will arrive at a defined portal instead of the current "back door" on Lionshead Place. Finally, this will remove the large regional buses from West Lionshead Circle and Lionshead Place. It may be possible to locate elements of a regional transit stop in the West Lionshead area in conjunction with a new ski lift and parking facility. However, given its location on the periphery of Lionshead, this area may not be the most viable location for a regional transit stop. Notwithstanding the above, facilities for skier drop -off, private shuttle 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 development competition for the Lionshead Parking Structure redevelopment, which would include a transit facility. It is anticipated that the 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 Facility and /or the type of transit facilities that may be necessary in West Lionshead. 4.8 Parking Parking is a critical component in a mixed -use resort environment such as Lionshead, and any efforts to enhance this component should adhere to the following goals and guidelines: a. Parking must be sufficient to meet demand. Correctly assessing parking demand in an environment such as Lionshead is difficult but extremely important. Overestimating parking demand can be as damaging as underestimating demand due to the extreme expense of parking space (especially if structured) in a real estate environment such as the Vail Valley. Likewise, parking is a large consumer of ground and should be designed to occupy as little real estate as possible. In tight margin developments such as mid -range hotels and locals/employee housing, the expense of parking can be the deciding factor as to the economic viability of the project. Due to these attributes of parking, it is important that true demand, or desired demand, be distinguished from actual usage. For example, the "free after three" program currently in place for the Town of Vail parking structures has undoubtedly increased the usage of 6 these structures during the evening hours (the Lionshead structure filled in the evening for the first time in 9998). However, there has not been a corresponding increase in sales tax revenue, which was the original intent of "free after three ". (Note- concrete studies regarding the utilization of the "free after three" program have not been conducted and it is strongly recommended that this occur if the program is to continue). It is hypothesized that a significant portion of people utilizing the free parking program are in fact employees or people that would have used transit or other means of access if the parking were not as readily available. In other words, parking usage often will rise to fill the available space, but the profile of the user may not be who the parking was intended for. To be concise, the parking supply in Lionshead and the Town of Vail needs to not only meet the demand, it needs to meet the desired demand and should be structured or programmed in such as way to do so. Parking is important, but too expensive and land consuming to be provided without solid reasoning. a. Parking should be visually inconspicuous. Parking should be structured below ground whenever possible. Surface parking areas should be heavily screened with landscaping, berms, and walls. Expanses of asphalt should be interrupted with islands of landscaping or replaced with pedestrian quality paving materials. Surface parking areas should be avoided in or near the retail pedestrian core area. Although structured parking may be more desirable visually, it must be properly designed so as not to detract from the guest's arrival experience. 4.9 Housing 4.9.4 Potential - Housing Sites Following are specific sites that have been identified as suitable for locals and employee housing (see Map VV). I 4.9.4.3 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 the Town's housing policies and requirements. In 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 developments in the area consistent with these policies. Perhaps the most promising locations to - -- - - - - -- -- - -__ - - - replace- __#he--- Sunbird - -- affordable housing 7 proiect and to conform to the Town's housing ,policies and requirements for new employee housing _-ggeneration in Lionshead are the North Day Lot. Vail Associates service 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 significant 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 center on the ground level of the development site. Additionally, it may be necessary to develop a higher revenue- generating product on a portion of the Vail Associates service 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 following issues need to be considered. While it is important that buildings here be visually consistent with the overall character of Lionshead, the desire to maximize the housing potential may make appropriate the following deviations from standard development parameters: a. Density The site offers a unique opportunity to achieve significant density. It is recommended that the standards for density (units per acre) be increased at this location to allow for a greater number of employee housing units. While it is important that buildings here be visually consistent with the overall character of Lionshead, the desire to maximize the housing potential may make appropriate the following deviations from standard development parameters. b. Building Height for Employee Housing It may be appropriate to allow for a greater overall building height than is otherwise allowed under the Lionshead Architectural 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. 8 c. Parking It may be appropriate to reduce the Parkinp requirements for employee housing at this location given the sites proximity to transportation facilities, lobs, and pedestrian routes In consideration for reducing employee parking for the housing provided on this site, parking for other employees of the owner provided on this site should be considered. Excess parking may be used to satisfy the no net loss of parking policy or for future parking requirements of other development on the property. d. Site Coverage and Landscape Area and Setbacks Consideration should also be given to increasing site coverage and reducing setbacks and landscape area in order to maximize the amount of employee housing on the site and /or due to impacts associated with the development of a public transportation facility on the property. With any deviation to development standards prescribed in the master plan and zoning regulations, consideration of impacts should be afforded to the neighboring residential uses to the North Day Lot. Any design with such deviations will need to be sensitive to creating good designs with mitigation measures such as heated sidewalks and well planned landscape materials. Additionally due to impacts from the Town's dispersed transportation center on neighboring residential uses, mitigation measures should be provided to buffer and screen residential uses. e. Encroachments on Town Land The Town of Vail owns a small parcel of land on the north side of the north day lot which accommodates the pedestrian bridge over the interstate highway. This land was dedicated to the Town by Vail Associates in 1976. in order to allow for more efficient layout and development of employee housing on the site and/or the dispersed transportation facility, the Town should -give consideration to allowing development of employee housing and/or transportation uses on this parcel of land as part of the development of the north day lot. 9 i Chapter 5 — Detailed Plan Recommendations 5.9 North Day Lot While the North Day Lot is a privately own parcel of land, consideration should be given by the owner and the Town to including transportation related uses on the ground floor. Ideally the uses to be considered for the site should include skier drop -off, local and regional transit, local and regional private shuttles, and charter bus drop -off and pick -up (see figure 5 -13). By relocating these functions from their existing locations to easily accessible locations, this would improve the quality of vehicular and pedestrian circulation in Lionshead and create a significant new pedestrian portal into the center of the Lionshead retail mall. Based upon the results of the traffic study (see appendix A), the dispersed transportation facilities may include: a. Skier drop -off: Nine spaces are recommended at a minimum, but more should be built if possible to accommodate other pro_aram elements. b. Town of Vail transit: Two bus spaces are recommended to accommodate the West Vail transit loop and the possibility for an eastbound in -town shuttle stop. c. Regional transit: One bus space is recommended d. Charter buses: Three to four bus spaces are recommended. e.. Local and regional shuttles: Four shuttle van spaces are recommended at a minimum. It should be noted that the North Day Lot is a small parcel of land and that the location and shape of this parcel may not allow for all of the uses identified above without having significant implications to traffic circulation patterns and the owners ability to develop the site with a quality development as allowed under zoning for the property (the site is considered one development site for the purposes of zoning). There needs to be a balance between the development goals for the property and the impact of public uses on those goals. in order to meet the obligations of agreements regarding the Arrabelle project (core site), at a minimum skier drop off must occur on this site. As discussed below, the Lionshead parking structure and West Lionshead also provide opportunities for some of the transportation functions identified above. Given the impacts of a public transportation use and to maximize the opportunities for employee housing on the property, development standards such as site coverage, landscape area, north side setbacks, and building height may be adjusted to afford more flexibility to the property owner (see section 4.9.4.3) and approved by the Planning and Environmental Commission. In order to create more efficiency with the site development and to mitigate for the presence of a public transportation facility on private property, the Town may allow for encroachment of uses on the parcel of land owned by the Town on the north side of the north day lot. This encroachment may also help to mitigate impacts to adjacent 10 properties to the south by maintaining adequate setbacks. There may be a need to move or enhance the pedestrian bridge abutment and access as part of the transportation facility. A critical consideration in the planning and design of this facility will be its impact on the adjacent Landmark Tower and Townhomes and the Westwind depicted in figure 5 -13a, a linear building, screen, and /or landscape buffer is recommended at the southern edge of the site to screen the lower levels of the Landmark properties from the transportation facility. If necessary to provide adequate buffering a wall or fence in excess of 6' could be considered. This screen could house a bus shelter and waiting area, an information center, public restrooms, a small food and beverage operation, and an elevator core to the pedestrian mall level for ADA access needs. To the east, earthwork, landscaping, and/ or other screening measures should be considered to buffer the Westwind. The dispersed transportation facility may be covered by employee housing or other uses contemplated by the Lionshead Mixed Use Zoning -1 and any exemptions/deviations discussed herein. Specifically, the design of the transportation center should address all impacts: visual, security, sound, and smell that may affect adjacent properties. Both the Westwind and the Landmark should be closely involved in the transit center planning and design process. Since the adoption of the Lionshead Master Redevelopment Plan, plans were developed to locate a Transit Center at the North Day Lot. Integrating the number of uses mentioned above and addressing the neighborhood concerns regarding a transit center prompted the Town of Vail to evaluate alternative locations for a transit center. Alternative locations include: • West Lionshead • Lionshead Parking Structure • North Day Lot In 2006, the Town of Vail initiated an update of the Vail Transportation Master Plan. In addition, the Town initiated a development competition for the Lionshead Parking Structure which would include a transit facility. It is recommended that the Transportation Master Plan update along with the conclusion of the Lionshead Parking Structure RFP process provide direction on the ultimate location for a Lionshead Transit Facility. Vail Land Use Plan The goals articulated in the plan reflect the desires of the citizenry. The goal statements that were developed reflect a general consensus of the comments shared at public meetings. The goals contained in the Vail Land Use Plan are to be used as the Town's adopted policy guidelines in the review process for new development proposals. 11 i According to the Official Town of Vail Land Use Plan map, the applicant's proposed redevelopment site is located with the "Lionshead Redevelopment Master Plan" land use category. Pursuant to the Plan, the "Lionshead Redevelopment Master Plan" land use category description, "Included 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 to 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 category may include skier and resort services, ski lifts, ski trails, base facilities, public restrooms, ticket sales, clubs, public plazas, open spaces, parking and loading /delivery facilities/structures, public utilities, residential, lodges, accommodation units, deed restricted employee housing, retail businesses, professional and business offices, personal services, and restaurant uses." VI. ZONING ANALYSIS Address /Legal Description: 600 West Lionshead Circle /Lot 1, Block 1, Vail Lionshead Filing 3 Parcel Size: 1.09 acre (47,480.4 sq. ft.) Zoning: Lionshead Mixed Use 1 Land Use Designation: Linshead Redevelopment Master Plan Development Standard Allowed Existing Proposed Lot Area: 10,000 sq. ft. 47,480.4 sq. ft. 47,480.4 sq. ft. Setbacks All Sides: 10 ft. NA North - 30 ft. East- 11 ft. West- 11 ft. South- 16 ft. Building Height: 82.5 ft. max NA 70.8 ft. max 71 ft. avg. NA avg. Density: DUs (35 /ac.) — 38 NA NA EHUs (unlimited) NA 32 units GRFA: 118,701 sq. ft. NA NA Site Coverage: 33,236 sq. ft. NA 13,675 sq. ft. (70 %) (28.8 %) Landscape Area: 9,496 sq. ft. (20 %) NA 18,544 sq. ft. (39 %) 12 i Parking: 1.4 /EHU 105 spaces 40 EHUs (27 enclosed 67.5) 9 skier drop -off Loading 1 berth NA 1 berths VII. SURROUNDING LAND USES AND ZONING Land Use Zoning North: Interstate NA South: Residential Lionshead Mixed Use 1 District East: Residential Lionshead Mixed Use 1 District West: Residential Lionshead Mixed Use 1 District VIII. CRITERIA Major Exterior Alteration Section 12 -71-1-8, Compliance Burden, Vail Town Code, outlines the review criteria for major exterior alteration applications proposed within the Lionshead Mixed Use 1 (LMU -1) zone district. According to Section 12 -71-1-8, Vail Town Code, a major exterior alteration shall be reviewed for compliance with the following criteria: 1. That the proposed major exterior alteration is in compliance with the purposes of the Lionshead Mixed Use 1 zone district; Staff Response: The purposes of the Lionshead Mixed Use 1 zone district are stated in Section 12 -71-1-1, Purpose, Vail Town Code. As stated, the Lionshead Mixed Use 1 zone district is intended to provide sites within the area of Lionshead for a mixture of multiple - family dwellings, hotels, fractional fee clubs, restaurants, skier services, commercial /retail establishments, and employee housing. The development standards prescribed for the district were established to provide incentives for development in accordance with the goals and objectives of the Lionshead Redevelopment Master Plan. In reviewing the proposed North Day Lot employee housing and skier drop -off plan for compliance with the expressed purposes of the Lionshead Mixed Use -1 zone district, staff finds that the major exterior alteration application complies with the intent of the zone district. The applicant is proposing to develop 34 Type III employee housing units for a total of 120 beds and a 9 space skier drop -off facility, which are permitted under Lionshead Mixed Use 1 zoning. Staff believes this proposed North Day Lot development complies with this criterion. 13 I II 2. That the proposal is consistent with applicable elements of the Lionshead Redevelopment Master Plan; Staff response: Staff has performed a review of the proposed North Day Lot for compliance with the development requirements of the Lionshead Mixed Use -1 district and Lionshead Redevelopment Master Plan. In Section VI of this memorandum staff performed a zoning analysis of the project with regards to the development parameters of the Lionshead Mixed Use -1 project is in jro district. Within this analysis staff determined that the p compliance with the development parameters for setbacks, height, density, GRFA, site coverage, and landscape area. Furthermore, staff has performed a review of the Lionshead Redevelopment Master Plan and found the plan to be in compliance with the site specific recommendations for the North Day Lot. Portions of the Master Plan relative to this request have been provided in Section V of this memorandum. Staff has also performed a review of the project with regard to Chapter 8, Architectural Design Guidelines, which identifies requirements for vertical and horizontal facade stepping, establishment of hierarchy of materials, height, etc. Staff has found that the proposed structure is 70.8 feet in height with no flat roofs, and has articulated facades which meet the horizontal and vertical articulation requirements. In addition, there is a clear base, middle, and upper segmentation to the structure. The Design Review Board will be reviewing the proposal for compliance with the Master Plan with regard to the detailing, fenestration, material selection and application. Staff believes this proposed North Day Lot development complies with this criterion. 3. That the proposal does not otherwise have a significant negative effect on the character of the neighborhood; and, Staff Response: Staff has reviewed the proposed North Day Lot major exterior alteration application and found that the proposed bulk, mass, and height of the structure, comply with the development parameters enumerated within the Lionshead Mixed Use 1 zone district. The development as proposed is developed at a scale and location on the site which was selected to minimize the impacts and concerns expressed by the Landmark and Westwind projects. Staff and the applicant have worked diligently through the process to hear and address as many concerns of the neighboring properties as possible. Specifically items which have been included within the project are building location on the site, heating of the paved areas to reduce impacts of snow plow activities, and incorporation of a barrier on the Landmark property line to address directing of skier drop -off patrons and residents of the proposed project to the appropriate destinations (Design Review Board will address the appropriateness and design of the proposed barrier). 14 Staff does not believe there are any significant negative effects on the character of the neighborhood, therefore the proposal is in compliance with this criterion. 4. That the proposal substantially complies with other applicable elements of the Vail Comprehensive Plan. i Staff Response: Staff has reviewed the proposed North Day Lot major exterior alteration application and found that the proposal impacts the following applicable elements of the Vail Comprehensive Plan. Upon review of the Plan, staff has determined that the following elements of the Plan apply: • Transportation Master Plan (adopted 1993) • Gonshead Redevelopment Master Plan (adopted 1998) • Vail Land use Plan (adopted 1986) With regard to the Transportation Master Plan the applicant provided the Public Works Department with a traffic study and roadway designs which have been reviewed and addressed by the Town Engineer and have been found to be correct and in compliance. Overall, staff believes that the applicant has proven by a preponderance of the evidence that the proposed amended major exterior alteration is in compliance with the purposes of the Lionshead Mixed Use -1 zone district, that the proposal is consistent with applicable elements of the Lionshead Redevelopment Master Plan as provided in Section V of this memorandum and that the proposal does not otherwise have a significant negative effect on the character of the neighborhood, and that the proposal complies with the Vail Land Use Plan designation of the site as Lionshead Redevelopment Master Plan. Should the Planning and Environmental Commission choose to approve the major exterior alteration application, the Commission shall make the following finding as part of the motion: "Pursuant to Section 12 -7H -8, Compliance Burden, Vail Town Code, the applicant has proven by a preponderance of the evidence before the Planning and Environmental Commission and the Design Review Board that the proposed major exterior alteration is in compliance with the purposes of the Lionshead Mixed Use 1 zone district, that the proposal is consistent with applicable elements of the Lionshead Redevelopment Master Plan and that the proposal does not otherwise have a significant negative effect on the character of the neighborhood, and that the proposal substantially complies with other applicable elements of the Vail Comprehensive Plan." 15 I i Off Street Parking Requirement Reduction Section 12- 10 -20, Special Review Provisions, Vail Town Code, outlines the review criteria for requesting a reduction in the required off street parking for a development. According to Section 12- 10 -20, Vail Town Code, a reduction to the required off - street parking requirement shall be reviewed for compliance with the following criteria: 1. That parking demand will be less than the requirements identified in Section 12 -10 -10 of this Chapter; and Staff Response: The parking requirement for the 32 employee housing units proposed is 1.4 spaces per unit. This results in a requirement of 44.8 parking spaces for the site. The applicant is requesting that the required parking for the proposed development be reduced to 40 parking spaces of which 27 would be enclosed within the lowest level of the structure. The Town has reviewed several employee housing developments and developments which contain employee housing and determined that there are instances where a reduction in parking is warranted. The proposed project will be owned and operated by Vail Resorts and occupied by employees working on the mountain. It is anticipated that the majority of the occupants will be seasonal workers whom will not need a vehicle to travel to their place of work. It is furthermore anticipated that vail Resorts will offer occupancy of these units to employees who come without a car first as they do in other projects they operate. Section 4.9.4.3c, Parking, Lionshead Redevelopment Master Plan, states the following which identifies the possible benefits of reducing the parking on the North Day Lot: It may be appropriate to reduce the parking requirements for employee housing at this location given the sites proximity to transportation facilities, jobs, and pedestrian routes. Staff believes the proposal to reduce the required parking by 4.8 spaces meets this criterion. 2. The probable tong term use of the building or structure, based on its design will not generate additional parking demand; and Staff Response: The proposed employee housing on the North Day Lot is comprised of 28 four- bedroom and 4 three - bedroom dormitory style units. These unit sizes result in an average of 281 square feet per employee in the four bedroom units and 316 square feet in the three bedroom units. It has been the experience of the Town that units of this configuration and in a location with great proximity to the work generator require fewer parking spaces. Furthermore, there will be deed restrictions placed upon each 16 unit within this development which will limit the ability to change the use and occupancy over time without direct involvement with the Town. Staff believes that the ownership, unit configuration, and recorded deed restrictions will result in the long term use of the structure as proposed currently which results in fewer need parking spaces. 3. The use or activity is part of a demonstrated permanent program (including, but not limited to, "rideshare" programs, shuttle service, or staggered work shifts) intended to reduce parking demand that has been incorporated into the project's final approved development plan: and Staff Response: While the proposal does not included any managed solutions as identified in the above criterion, the applicant is proposing to operate the occupancy of these units as they do in other development they operate which give priority to those occupants that do not have a car. Furthermore, there are on -site laundry services which further reduce the need for transit needs. Staff believes the proposal complies with this criterion. 4. Proximity or availability of alternative modes of transportation (including, but not limited to, public transit or shuttle services) is significant and integral to the nature of the uses or business activity. Staff Response: The proposed North Day Lot employee housing development is on the periphery of the Lionshead retail core which has access to numerous services and bus lines. There are bus stops at Concert Hall plaza and on East Lionshead Circle which are within walking distance of the development. These bus stops integrate into the larger public transit system in the Town and the County. Staff believes there is access to alternative modes of transportation that warrant a reduction in 4.8 parking spaces for the North day Lot employee housing development. Should the Planning and Environmental Commission choose to approve the reduction to the required off street parking application, the Commission shall make the following finding as part of the motion: "Pursuant to Section 12- 10 -20, Special Review Provisions, Vail Town Code, the applicant has proven by a preponderance of the evidence before the Planning and Environmental Commission that the proposed project will create a parking demand which is less than the requirements identified in Section 12 -10 -10 of this Chapter, the probable long term use of the building or structure, based on its design will not generate additional parking demand, the use or activity is part of a demonstrated permanent 17 I program intended to reduce parking demand that has been incorporated into the project's final approved development plan, and the proximity or availability of alternative modes of transportation is significant and integral to the nature of the uses or business activity." IX. STAFF RECOMMENDATION The Community Development Department recommends that the Planning and j Environmental Commission approves, with conditions, the request for final review of an amended major exterior alteration, pursuant to Section 12 -7H -7, Major Exterior Alterations or Modifications, Vail Town Code, and a reduction in the required off street parking pursuant to Section 12- 10 -20, Special Review Provisions, Vail Town Code, to allow for the redevelopment of the North Day Lot to include a 32 unit employee housing project, 40 parking spaces, and 9 public skier drop off spaces, located at 600 West Lionshead Circle /Part of Lot 1, Block 1, Vail Lionshead Filing 3, and setting forth details in regard thereto. Staff's recommendation is based upon the review of the major exterior alteration review and off street parking reduction criteria outlined in Section VIII of this memorandum and the evidence and testimony presented at the public hearing. Should the Planning and Environmental Commission choose to approve the major exterior alteration and off street and parking reduction recommended; Staff recommends that the Commission makes the following finding as part of the motion and findings: "Pursuant to Section 12 -7H -8, Compliance Burden, Vail Town Code, the applicant has proven by a preponderance of the evidence before the Planning and Environmental Commission that the proposed major exterior alteration is in compliance with the purposes of the Lionshead Mixed Use- 1 zone district, that the proposal is consistent with applicable elements of the Lionshead Redevelopment Master Plan and that the proposal does not otherwise have a significant negative effect on the character of the neighborhood, and that the proposal substantially comp lies with other applicable elements of the Vail Comprehensive Plan. Pursuant to Section 12- 10 -20, Special Review Provisions, .Vail Town Code, the applicant has proven by a preponderance of the evidence before the Planning and Environmental Commission that the proposed project will create a parking demand which is less than the requirements identified in Section 12 -10 -10 of this Chapter, the probable long term use of the building or structure, based on its design will not generate additional parking demand, the use or activity is part of a demonstrated permanent program intended to reduce parking demand that has been incorporated into the project's final approved development plan, and the proximity or availability of alternative modes of transportation is significant and integral to the nature of the uses or business activity." Should the Planning and Environmental Commission choose to approve the major exterior alteration and off street parking reduction as submitted by the applicant, staff recommends that the following conditions be placed on the approval: 18 For Design Review 1) That the Developer receives final review and approval of the proposed development plan by the Town of Vail Design Review Board, prior to making an application for the issuance of a building permit. Prior to Submitting for Buildinq Permits 2) That the Developer submits a complete set of civil engineered drawings of the Approved Development Plans including the required off site improvements, to the Town of Vail Community Development Department for review and approval of the drawings, prior to making application for the issuance of a building permit for the North Day Lot improvements. 3) That the Developer shall provide a plan for review and approval by the appropriate reviewing authority, depending on the plan submitted, for temporary replacement of the 105 parking spaces that will not be available during construction of the North Day Lot employee housing project and prior to their permanent inclusion within the Ever Vail or some other project. The plan providing for 105 parking spaces shall be made for the entirety of the time period that parking is not available on the North Day Lot or in a permanent location such as Ever Vail. This plan shall be {provided and approved prior to submittal of building permits. i 4) The Developer shall enter into a revised employee housing agreement, in a form satisfactory to the Town, which establishes the dates by which building permits will be submitted and construction shall commence for the letter of credit currently posted as security for the project, which can be negotiated by the Town of Vail. This agreement shall be in place within 30 days of approval of the major exterior alteration. 5) The Developer shall enter into a revised permanent skier drop -off agreement, in a form satisfactory to the Town, which establishes the dates by which building permits will be submitted and construction shall j commence for the letter of credit currently posted as security for the project, which can be negotiated by the Town of Vail. This agreement shall be in place within 30 days of approval of the major exterior alteration. 6) The Developer shall provide the Town a construction schedule for the North Day Lot employee housing and permanent skier drop -off project for review and approval by the Town of Vail within 30 days of the approval of the major exterior alteration. Said schedule shall include but not be limited to identification of a building permit submittal date, a commencement of construction date, and a completion of construction /delivery date. This schedule shall be utilized in the review of conditions 4 and 5 included with this approval. 7) The Developer shall enter into a skier drop -off operation and maintenance agreement, in a form satisfactory to the Town, which establishes the standards, responsibilities and procedures for the permanent skier drop -off facility on the North Day Lot, prior to submitting for building permits. 19 8) The Developer shall enter into a construction and continued operation agreement for improvements to be constructed in Tract C, Block 1, Vail Lionshead Filing 3, in a form satisfactory to the Town, prior to submitting for building permits. 9) The Developer shall submit a construction access easement for the work to be performed on the Town owned parcel in conjunction with the permanent skier drop -off, in a form satisfactory to the Town, to allow for construction activities on Town land, prior to submittal of a building permit. Prior to Requesting a Certificate of Occupancy 10) The Developer shall submit a permanent easement for the skier drop -off, in a form satisfactory to the Town, which establishes the extent, rights, and privileges associated with the permanent nine space skier drop -off facility, prior to requesting a certificate of occupancy. 11) The Developer shall submit a permanent easement for the potential South Frontage Road access point into the site, in a form satisfactory to the Town, as depicted on Sheet C1.01 dated January 30, 2009, prior to requesting a certificate of occupancy. 12) The Developer shall submit a permanent cross- access easement for the use of a portion of Town land for circulation needs associated with the employee housing project, in a form satisfactory to the Town, prior to requesting a certificate of occupancy. 13) The Developer shall provide the Town with the legally executed and duly recorded Type III deed restrictions with the Eagle County Clerk & Recorder's Office for the 32 on -site employee housing units, prior to the issuance of a certificate of occupancy for the project. X. ATTACHMENTS A. Copy of proposed plans dated February 4, 2009 B. Document describing the project entitled North Day Lot Employee Housing & Skier Drop -Off dated revised January 30, 2009 20 '� ��1�' �^s"'� �� , r*� ' a� yam" �— ,�a'e. t� ��• �xat y: ,� +�"�afi,;ts `v I t r r _ _ m p ea m a �= 4 • i e { i r k g Y C r North Day Lot { Dro p -Off ..* Ern to ee H ousi n & S kie r Re- Submifted: November 10, 2008 REVISED: January 30, 2009 Attachment B VAIL I 11 I :1cl i I Nlaurielto Planning Grou I I. Table of Contents 1. Table of Contents ................................................................................... 2 11. Consultant Directory ................................................................................ 3 111. Introduction .... ...................................................................................... 4 IV. Description of Proposal ......................................................................... — 6 V. North Day Lot Timeline ............................................................................ 7 VI. Zoning and Parking Analysis .................................................................... 9 VII. Criteria for Review of Major Exterior Alteration ........................................... 10 VIII. Criteria for Review Parking Reduction ....................................................... 19 IX. Adjacents ............................................... .......................................... 21 2 II. Consultant Directory Vail Resorts Development Company Alpine Engineering, Inc. Brandt Marott Kent Kriehn Tom Miller Jen Babcock 137 Benchmark Road Unit A9, Edwards Business Center Avon, CO 81620 Edwards, CO 81632 P: 970.754.2528 P: 970.926.3373 F: 970.754.2555 F: 970.926.3390 bmarott @vailresorts.com Kriehn@alpinecivil.com OZ Architecture LandWorks Design, Inc. Will Hentschel Gary Worthley Eduardo Illones 3457 Ringsby Court I Unit 110 1820 Folsom Street Denver, CO 80216 Boulder, Colorado 80302 P: 303.443.4257 P: 303.449.8900 F: 303.433.4359 F: 303.449.3886 gorthley @londworksdesign.com whentschel @ozorch.com Kimley -Horn and Associates, Inc. Mauriello Planning Group Curtis D. Rowe, P.E., PTOE Dominic Mauriello Suite 1050 Allison Kent 950 Seventeenth Street PO Box 1 127 Denver, Colorado 80202 5601 A Wildridge Road P: 303.228.2300 Avon, Colorado 81620 F: 303.446.8678 P: 970.748.0920 curtis.rowe @kimiey - horn.com F: 970.748,0377 allison @mpgvoil.com 3 i III. Introduction Vail Resorts Development Company is submitting this application to allow for the development of Employee Housing on the property commonly referred to as the North Day Lot, located at 600 West lionshead Circle / Lot 1, Block 1, Vail Lionshead Filing 3. We are requesting a review of a major exterior alteration, which the Town Code defines as follows: 72 -71 7• EXTERIORAITERA77ONS ORMODIFICATIONS: A. Review Required.' The construction of a new building or the alteration of an existing building lhat is not a major exterior alteration as described in subsection B of this section shall be reviewed by the design review board in accordance with chapter 11 of this Lille. B. Major Exterior Alteration.• The construction of a new building or the aheralion of an existing building which adds additional dwelling units, accommodation units, fractional fee club units, timeshare units, any project which adds more than one thousand (1,000) square feet of commercial floor area or common space, or any project which has substantial off site impacls (as determined by the adminisiralor� shall be reviewed by the planning and environmental commission as a major exterior alteration in accordance with thrs chapter and section 12 -3-6 of this title. Any project which requires a conditional use pemmtl shall a ✓so obtain approval of the planning and environmental commission in accordance with chapter 16 of this title. Complete applications for mayor exterior alterations shall be submitted in accordance with administrative schedules developed by the department of community development for planning and environmental commission and design review board review. While the construction of EHUs does not meet the definition of this section, staff has determined that there is the potential for off -site impacts as a result of employee housing, and have deemed it necessary to review the project as a major exterior alteration. No conditional use permits are required for this project. We are requesting approval of the following: Major Exterior Alteration: to allow for 32 Type ill employee housing units, totaling 124 employee beds (to fulfill the Arrabelle TCO requirement of 120 beds). The remainder is a credit to fulfill future Vail Resorts' requirements. Along with the Major Exterior Alteration, we are requesting approval of a reduction to the number of required parking spaces for the employee housing project, as provided for in Section 12- 10-20: Special Review Provisions, Vail Town Code. This would allow for a reduction in the number of required parking spaces from 1 .4 per unit to 1.25 per unit (44.8 spaces to 40 spaces). The North Day Lot is a relatively small development site, consisting of only 1 .09 acres. The property is zoned lionshead Mixed Use - 1 and no mapped hazards exist on the site. in 1976, Vail Resorts deeded the adjacent property (.256 acres) that is now the terminus of the pedestrian overpass to the Town of Vail, further constraining the site. The North Day Lot has historically been used as a parking lot, consisting of 105 parking spaces. Displaced parking from development of the site will be located within the parking structure at Ever 4 Vail. The property is owned by Vail Resorts and parking has been pass- restricted to Vail Resorts employees. It is also adjacent to the terminus of the pedestrian overpass, which crosses 1 -70 from Red Sandstone Elementary School. Based upon the agreement between the Town of Vail and Vail Resorts Development Company, the North Day Lot is fulfilling the employee housing requirements of the Temporary Certificate of Occupancy of the Arrabelle. The requirements include providing the displaced employee beds from the demolition of the Sunbird, along with the employee housing requirements from the development of the Arrabelle – a total requirement of 120 beds. There is also a requirement for Vail Resorts to provide skier drop-off that was eliminated from Lionshead Place as part of the redevelopment of the core site. A total of 9 skier drop - off spaces have been provided. e .. r I � i 6 _ S y h f ^� Skier Drop Off signage (winler 2009) Existing conditions at the North Day Lot (winter 2008). — — tr► Fxisting Conchiions at the North Day lot (winter 2009) 5 i IV. Description of Proposal The project consists of the 32 employee housing units, totaling 124 beds. As the current proposal is for employee housing units and the agreement pre -dated the Town's adoption of housing regulations, the project is exempt from both Chapter 23, Commercial Linkage, and Chapter 24, Inclusionary Zoning. The requirement from the development of the core site into Arrabelle requires the replacement of 100 employee beds and the provision of 20 beds generated by the Arrabelle project. The measurement of 120 beds is based on the previous method of calculating employee housing requirements. Vail Resorts is proposing 4- bedroom and 3- bedroom units, which fall under the definition of a dormitory unit, as defined by Chapter 23, Vail Town Code: DORM /TORY UNIT- A type of employee housing unit which houses not more than five (5) persons and includes common kitchen facilities, a common bathroom, and a minimum o two hundred filly f250f Sq feet of GRA for each p erson occu Lng the unit This definition was created for exactly the type of housing project being provided. In addition, the Chapter 13, Employee Housing further describes a Type III employee housing unit, limiting it in size to the following: A. Dwelling Unit. - 300 square feet minimum. 7, 200 square feet maximum. S. Dormitory Unit - A type of EHU which houses not more than S persons and includes common kitchen facilities, a common bathroom, and a minimum of 200 square feet of GRFA for each person (NOTE: the definitions of a Type 111 Employee Housing Unit and the requirements of the Chapter 23, commercial Linkage are inconsistent) The proposed unit mix at the North Day Lot is as follows: Unit Type No. of units No. of Sq. ft. per unit Total Sq. ft. No. of employees Sq. Ft. per Bedrooms (based on # of beds employee p rovided ) 4- bedroom 28 112 1,125 31,500 112 281.25 3- bedroom 4 12 948 3,792 12 316 s -.,. J �. 1 3 BR UNIT - 948 SF 4 BR UMIT - 1.118 SF 6 V. North Day lot Timeline The proposal for employee housing on the North Day lot was originally reviewed by the Planning and Environmental Commission approximately a year ago. Since that time, the proposal on the North Day Lot has continued to evolve in other forums. A brief description of the timeline provides the background for how the plans have progressed into the current proposal: • December 11, 2007, amendment to Arrabelle agreement requires 120 beds to be located on the North Day Lot. • February 21, 2008, VR submits application to the Town of Vail with employee housing, transit center, and future development site for a hotel. PEC recommends denial based on future development site. • _ fpyNHl a . - - p.+.titi H ws Kpy4 J • April 22, 2008, VR resubmits application with employee housing and transit center only. TOV enters into agreement with VR to explore options for the transit center on the site. Over next 5 months, 8 options explored, 4 developed for review. - r • September 16, 2008, Town Council decides to not pursue a transit center, but to explore options to put shuttles on the North Day Lot. • October 21, 2008, Town Council decides not to include shuttles. Directs applicant to propose employee housing and skier drop-off only. i ,. .. 7 • November 10, 2008, VR submits plan with employee housing and skier drop -off on the east. No improvements required on TOV property and exceeds parking requirements. TOV staff indicates concern with ve hicular circ ulations for the skier drop -off spaces. December 23, 2008, VR submits plans with employee housing and skier drop -off on the west, based on input from TOV staff. No improvements required on TOV property and exceeds porking requirements. Staff indicates concern with requiring skier drop -off vehicles to back up and requests a one -way circulation pattern. • January 19, 2009, VR re- submits plans with employee housing and skier drop -off on the west. Allows for one -way vehicular circulation for skier drop -off spaces. Turnaround located partially on TOW property and eliminates excess parking. ~ s.. Q 77 7 8 VI. Zoning and Parking Analysis Below is a zoning analysis of the North Day lot. This analysis is based on the 1 .09 acre North Day lot site. The site is currently zoned Lionshead Mixed Use — 1 . There is a 30 ft. utility easement along the south property line along the South Frontage Road. Lot Size: 1.09 acres 47,465 sq. ft. Standard Allowed Proposed Setbacks - North 10 ft. 10 ft. South 10 ft. 30 ft. East 10 ft. 10 ft. West 10 ft. 10 ft, Height Max 82.5 ft. 70.83 h, Avery e 71 ft. NA Density 38.15 dwelling units EHUs do not count towards density (35 units per acre GRFA 118,662 sq. ft. EHUs do not count towards GRFA 250% of site area) Site Coverage 33,225 sq. ft. 13,675 sq. ft, 70% of site area 28.8% of site area) Landscape Area Min of 9,493 sq. H. 18,544 sq. ft, (20% of site area) (39 %) 20% of landscape area may be 12,626 sq. ft. softscape hardsca e 5,918 sq. ft. hardsca e Loading 1 berth 1 berth Parking 1.4 per unit 1 .25 per unit 45 spaces 40 spaces for EHUs (27 enclosed) (min of 23 spaces enclosed) 9 spaces for skier drop -off 9 spaces for skier drop-off 49 spaces total Poo r � s t tjxi� j E1 i l I 4 y , 1 Y • ..axA. _ Th M Yi.MM ,� 1` f &wrn r � _i Nodh Day lot Site Plan - Proposed I 9 VII. Criteria for Review of Major Exterior Alteration The lionshead Mixed Use-1 Zone District does not supply criteria for review as in the case of a Special Development District. However, it does offer a description of the "compliance burden'. I 12 -7H -8: COMPLIANCE BURDEN: It shall be the burden of the applicant to ,Drove by a preponderance of the evidence before the planning and environmental commission and the design review board that the proposed exlenor alteration or new development is in compliance with the purposes of the lionshead mixed use 1 distridr that the proposal is consistent with applicable elements of the lionshead redevelopment master plan and that the proposal does not otherwise have a significant negative effect on the character of the neighborhood, and that the proposal subslantially complies with other applicable elements of the Vail comprehensive plan. A. Purpose of the LMU -1 Zone District The lionshead Mixed Use 1 zone district was created in 1999, as the implementation phase of the Lionshead Redevelopment Master Plan. Following the creation of the zone district, the Town of Vail rezoned all Lionshead properties from the existing zoning to LMU -1. It intended to create incentives for properties to redevelop. The purpose of the LMU -1 zone district is as follows: The lionshead mixed use 1 district is intended to provide siles for a mixture of mulliple- family dwellings, lodges, hotels, fractional fee clubs, timeshares, lodge dwelling units, restaurants, offices, skier services, and commercial establishments in a clustered, unified development lionshead mixed use 1 district, in accordance with the lionshead redevelopment master plan, is intended to ensure adequate light, air, open space and other amenities appropriate to the permifed types of buildings and uses and to maintain the desirable qualifies of the zone district by establishing appropriate site development standards. This zone district is meant to encourage and provide incentives for redevelopment in accordance with the Lionshead redevelopment master plan. This zone district was specifically developed to provide incentives for properties to redevelop. The ultimate goal of these rncenlives is to create an economically vibrant lodging, housing, and commercial core area. The incenfives in this zone district include increases in allowable gross residential floor area, building height, and densily over the previously esloblished zoning in the lionshead redevelopment master plan study area. The primary goal of the incentives is to create economic conditions favorable to inducing private redevelopment conslslent with the lionshead redevelopment master plan. Additionally, the incentives are created to help finance public off site improvements ad'acent to redevelopment projects. With any development /redevelopment proposal taking advantage of the incentives created herein, the following amenities will be evolualed streetscape improvements, pedestrian /bicycle access, public plaza redevelopment, public art, roadway improvements, and similar improvements. The North Day Lot remains one of the few undeveloped properties in Lionshead. Currently, it serves as a parking lot for VR employees and includes 105 surface parking spaces, The property is greatly underutilized. Development of the site under the regulations of the Lionshead Mixed Use - 1 zone district will ensure that the site becomes an amenity to the neighborhood and the Town of Vail. There will be 32 Type 111 employee housing units. Type III EHUs are a permitted use in the Lionshead Mixed Use-1 zone district and do not count towards density or towards GRFA. 10 B. lionshead Redevelopment Master Plan Compliance The Lionshead Redevelopment Master Plan was adopted by the Town of Vail on December 15, 1998. It is a guide for property owners proposing to undertake development or redevelopment of their properties and municipal officials responsible for planning public improvements. The Lionshead Redevelopment Master Plan (LRMP) sets out recommendations for the entire Lionshead area, provides detailed plan recommendations for specific areas, and outlines site design and architectural design guidelines, and provides specific development standards that are implemented through the Lionshead Mixed Use-1 zone district. 3.9.4 Vail Associates Employee Parking Vc/1 Associates currently utilizes two large sudoco parking lots within the study area for its employee parking needs. The North Day Lot (see figure 3 -75), with a capacity of approximately 105 cars, is localed behind the Landmark lower and is the site proposed for a transportation facility, employee housing, and other uses contemplated under the zoning on the properly (LMU-1 ) . The west day lot, located just west of the Marriott parking structure, has an approximate capacity of 160 cars and represents a significant development opporlunily. Parking displaced by redevelopment of these siles must be replaced within the lionshead study area to satisfy the ground rule requiring no net loss of parking. The displaced parking will be provided in West lionshead within a parking structure included as part of the Evervail project. As indicated by this policy, replacement parking for the parking spaces existing on the North Day lot will be provided in the Ever Vail project, above and beyond the parking required for the Ever Vail project. In addition to the 9 skier drop -off spaces, there are a total of 40 parking spaces for the employee housing units proposed at the North Day lot. It should be noted that the bulk of the original users of the North Day lot were Vail Resorts employees working in offices located on the Core Site and parking for the Sunbird lodge employee housing, which no longer exist. 4.5.2.1 Relocate the Regional Transit Stop It is recommended lhal the lionshead regional transit stop, currently located at the lionshead Place cut de -sac, be relocated to the proposed North Day lol, the lionshead parking structure, and West lionshead This will provide a Lionshead connection between the regional transit system and the Town of Vail transit system. In addition, visitors and employees coming to Lionshead by regional bus will arrive at a defined portal instead of the current back door" on lionshead Place. Finally, this will remove the large regional buses from West Lionshead Circle and Lionshead Place. It may be possible to locate elements of a regional transit slop in the West lionshead area in conlunction with a new ski lift andpciking facility: However, given ils location on the periphery of lionshead, this area may not be the most viable location for a regional transit stop. Notwithstanding the above, facilities for skier drop -off, private shuttle 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 Transportalion Master Plan. in addition, the Town inifioled a development competition for the lionshead Parking Structure redevelopment, which would include a transit facilily. It is anticipated that the Transportalion 11 i Master Plan update along with the conclusion of the lionshead Parking Structure redevelopment process will provide direction on the ullimate location for a lionshead Transit Facility and /or the lype of transit facilities that may be necessary in West lionshead 4.6.6 Creation of a New Transportation Hub on the North Day lot A principal component of the lionshead transportation and circulation nelwork is the creation of dispersed transportation facilities in the lionshead area. This facility will remove Transit and service vehicles from other areas of lionshead and create a ma'or new entry point into the lionshead e I rY P be locate on the pedestrian core. All or portions of these dispersed transportalion facilities may North Day lot, the lionshead parking structure, or in West Lionshead This concept is fully discussed in chapter five. On September 16, 2008, the Town Council voted to not include a transit center on the North Day Lot therefore determining that other locations for transit facilities were more appropriate including West Lionshead Circle, West Lionshead (Ever Vail), and the Lionshead Parking Structure. Per this Town Council vote and direction, no transit facilities are included on the North Day Lot. The proposed project conforms to the above policies. 4.9.4.3 fail Associates Sendce Yard Holy Cross Site, fail Professional Building, Cascade Crossing, 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. In 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 developments in the area consistent with these policies. Perhaps the most promising locations to replace the Sunbird affordable housing project and to conform to the Town's housing policies and requirements for new employee housing generation in lionshead are the North Day lol, Vail Associates service 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 locotion for a significant housing prolect in lionshead to replace the Sunbird affordable housing prolect and provide housing for new employee generation. The North Day lot may also need to accommodate a transit center on the ground level of the development site. Additionally, it may be necessary to develop a higher revenue-generating product on a portion of the Vail Associates service yard, Holy Cross, tail Professional Building, and Cascade Crossing sites in order to defray the cost of road and infrastructure improvements. In planning the site, the following issues need to be considered. While it is important that buildings here be visually consistent with the overall character of lionshead, the desire to maximize the housing potential may make appropriate the following devialions from standard development parameters: a. Density The site offers a unique opportunity to achieve significant density. It is recommended that the standards for density (units per acre) be increased at this location to allow for a greater number While i i im rtant that buildings here be visually consistent with of employee housing units. W e t s o 9 Y 9 P the overall character of lionshead, the desire to maximize the housing potential may make 12 appropriate the following devialions from standard development paromelers. b. Building Height for Employee Housing ll may be appropnole to allow for a greater overall builclrng height than is otherwise allowed under the lionshead Archileclural 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. c. Parking It may be appropriate to reduce the parking requirements for employee housing at this location given the sites proximity to transportation facilities, lobs, and pedestrian roules. In consideration for reducing employee parking for the housing provided on this site, parking for other employees of the owner provided on this site should be considered. Excess parking may be used to satisfy the no net loss of parking policy or for future parking requirements of other development on the properly. d. Site Coverage and landscape Area and Setbacks Consideration should also be given to increasing site coverage and reducing setbacks and landscape area in order to maximize the amount of employee housing on the site and /or due to impacts associated with the development of a public Mcnsporlation facilily on the properly. W1lh any deviation to development standards prescribed in the master plan and zoning regulations, consideration of impacts should be afforded to the neighboring residential uses to the North Day lol. Any design with such deviations will need to be sensitive to creating good designs with miligation measures such as heated sidewalks and well planned landscape malerials. Additionally due to impacts from the Town's dispersed transportation center on neighboring residential uses, miligation measures should be provided la buffer and screen residential uses. e. Encroachments on Town land The Town of Vail owns a small parcel of land on The north side of the north day lot which accommodates the pedestrian bridge over the interstate highway. This land was dedicated to the Town by Vail Associates in 1476. In order to allow for more ef{cienl layout and development of employee housing on the Bile and /or the dispersed tronsporlalion fccilily, the Town should give consideration to allowing development of employee housing and /or lranspartalion uses on this parcel of land as part of the development of the north day lot On September 16, 2008, the Town Council voted to not include a transit center on the North Day Lot therefore determining that other locations for transit facilities were more appropriate including West Lionshead Circle, West lionshead (Ever Vail), and the Lionshead Parking Structure. Per this Town Council vote and direction, no transit facilities are included on the North Day lot. Consistent with this policy, the applicant is proposing to replace the employee beds of the Sunbird Lodge on the North Day lot. Additionally, the applicant is proposing to provide the employee beds generated by the Arrobelle project on the North Day lot. The employee housing project proposed for this site complies with the density, building height, parking, site coverage, landscape area, setback's, and all tither requirements of the 13 Lionshead Mixed Use 1 zone district without the need for variation. A parking reduction is being requested in accordance with Section 12 -10 -20 of the Vail Town Code. It should be noted that the policy suggests that parking requirements for employee housing on this site should be reduced based on it location with respect to jobs and public transportation. No encroachments for structures on Town land are being proposed with this project. However, the drive aisles associated with skier drop -off (a public facility) are located on Town property. The proposed project conforms to this policy. 5.9 North Day Lot While the Narlh Day lol is a privately own parcel of land, consideration should be given by the owner and the Town to including lronspon'alion related uses on the ground floor. Ideally the uses to be considered for the site should include skier drop -off, local and regional transit, local and regional private shuttles, and charter bus drop-off and pick -up (see figure 5 -13). By relocating these functions from their exisling locations to easily accessible locations, this would improve the quality of vehicular and pedestrian circulalion in Lionshead and create a significant new pedestrian Porto/ into the center of the lionshead retail mall. Based upon the results of the traffic study (see appendix A), the dispersed transportation facililies may include: a. Skier drop -off Nine spaces are recommended al a minimum, but more should be built if possible to accommodate other program elements. b. Town of hail transit Two bus spaces are recommended to accommodate Jhe West Vail transit loop and the possibility for an eastbound in -town shuttle stop. c. Regional fransit• One bus space is recommended d. Charter buses: Three to four bus spaces are recommended e. local and regional shuttles: four shuttle van spaces ore recommended at a minimum. It should be noted that the North Day Lot is a small parcel of land and that the location and shape of this parcel may not allow for all of the uses idenfih'ed above without having significant implications to Iraffi'c circulation patterns and the owners abihly to develop Jhe site with a quality development as allowed under zoning for the properly (the site is considered one development site for the purposes of zoning). There needs to be a balance between the development goals for the property and the impact of public uses on those goals. In order to meet the obligations of agreements regarding the Arrabelle prolect (core site), at a minimum skier drop off must occur on this site. As discussed below, the Lionshead parking structure and West lionshead also provide opportunities for some of the transportation functions identified above. Given the impacts of a public transportalion use and to maximize the opportunities for employee housing on the properly, development standards such as site coverage, landscape area, north side selbacks, and building height may be adjusted to afford more flexibilily to the property owner (see section 4.9.4.3) and approved by the Planning and Environmental Commission. In order to create more efficiency with the site development and to mitigate for the presence of a public transportation facilily on private properly, Jhe Town may allow for encroachment of uses on the parcel of land owned by the Town on the north side of the north day lot. This encroachment may also 14 I help fo mitigale impacts to adjacent properties to the soulh by mainlaining adequate selbacks. There may be a need to move or enhance the pedestrian bridge abutment and access as part of the transportation facilily. A crilical consideration in the planning and design of this facility will be ils impact on the adjacent landmark Tower and Townhomes and the lNestwind depicted in figure 5 -130, a linear building, screen, and /or landscape buffer is recommended at the southern edge of the site to screen the lower levels of the Landmark properties from the transportation facilily. if necessary to provide adequate buffering a wall or fence in excess of d' could be considered. This screen could house a bus shelter and wailing area, on information center, public restrooms, a small food and beverage operation, and an elevator core to the pedestrian mall level for ADA access needs. To the east, earthwork, landscaping, andl or other screening measures should be considered to buffer the Westwind. The dispersed transportation facility may be covered by employee housing or other uses contemplated by the lionshead Mixed Use Zoning -1 and any exemplions /deviations discussed herein. Specifically, the design of the Iransportalion center should address all impacts: visual, security, sound, and smell that may affect ad"acent properties. Both the Westwind and the landmark should be closely involved in the transit center planning and design process. Since the adoplion of the lionshead Master Redevelopment Plan, plans were developed to locate a Transit Center at the North Day lot. Integrating the number of uses mentioned above and addressing the neighborhood concerns regarding a transit center prompted the Town of Vail io evaluate alternative locations for a transit center. Alternative locations include: • West lionshead • lionshead Parking Structure • North Day lot In 2006, the Town of Vail initialed on update of the Vail Transpodalion Master Plan. In addilion, the Town initialed a development competition for the lionshead Parking Structure which would include a transit facility. //Js recommended that the Transportation Mosler Plan update along with the conclusion of the lionshead Parking Structure RFP process provide direction on the ultimate location for a lionshead Transit Facility. On September 16, 2008, the Town Council voted to not include a transit center on the North Day Lot therefore determining that other locations for transit facilities were more appropriate including West Lionshead 'Circle, West Lionshead (Ever Vail), and the lionshead Parking Structure. Per this Town Council vote and direction, no transit facilities are included on the North Day Lot. The proposed project includes a public skier drop -off facility with 9 parking spaces. This skier drop -off area is provided per contract /agreement with the Town as part of the Arrobelle project. The proposed project conforms to this policy. 15 i C. Character of the Neighborhood b' t ' This area of Lionshead has undergone a major transformation over the lost few years, and properties in the vicinity continue to upgrade. Early redevelopment projects, such as the Antlers and the Vail Marriott set the tone for improving existing buildings under the Lionshead Redevelopment Master Plan. Montaneros undertook a major remodel more recently. The Lionshead Inn and the Fabulous Vail Glo Lodge were recently approved for redevelopment by the Vail Spa Town of Vail, and have set a more modern precedent for the �.:... neighborhood, complimentary to the near -by Vail Spa. Discussions of redevelopment of Concert Hall plaza are continuing. Finally, the Landmark, the most adjacent neighbor of the North Day lot, also recently was approved for a major renovation and is currently under construction. At this point in time, it is unknown what the future plans ' are for the Westwind. The plans for the redevelopment of the North Day lot as an Vail Marriott employee housing project will be complimentary to the character of the neighborhood. As an employee housing project, having people permanently reside in the Lionshead neighborhood will provide for a more vibrant community, The architectural character is also complimentary to the Lionshead neighborhood. 4 y The Antlers r t K.e �i A+ea Strata Vail Westwind (Winter 2008) 16 A x, T Landmark (Winier 2008) �, . .. � °< y. e c h i r North Day lot Employee Housing - Proposed D. Other Applicable Elements of the Vail Comprehensive Plan The Lionsheod Redevelopment Master Plan has been covered in depth in previous sections of this submittal and is incorporated here by reference. The Vail land Use Plan, which was originally adopted in 1986, also includes goals that are applicable to this project. 17 1.1 tail should continue to grow in a controlled environment, maintaining a balance between residential, commercial, and recreational uses to serve both the visitor and the permanent resident.. 1.3 The quality of development should be maintained and upgraded whenever possible. 1.12 Vail should accommodate most of the additional growth in existing developed areas (fill areas). 2.1 The community should emphasize its role as a destination resort while accommodating day skiers. 2.2 The ski area owner, the business Community and the Town leaders should work together to improve facilities for day skiers. 5.3 Affordable employee housing should be made available through private efforts, assisted by limited incentives, provided by the Town of vai/, with appropriate restrictions. 5.4 Residential growth should keep pace with the market place demands Jar 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 community. Now over 30 years old, the Town of Vail Land Use Plan is outdated in general, but many of the concepts of the plan are applicable to development today, The development of the North Day Lot helps to further these goals as outlined in the Vail Land Use Plan. 18 VIII. Criteria for Review Parking Reduction Section 12- 10 -20: Special Review Provisions, Vail Town Code, allows the Planning and Environmental Commission to approve a reduction to the number of parking spaces required by the Vail Town Code. The Town Code requires 1.4 parking spaces per employee housing unit, or a total requirement of 44.8 spaces. The North Day Lot, as proposed, will provide 1.25 parking spaces per employee housing unit, or a total of 40 parking spaces (a reduction of approximately 10 %). In addition to the 40 parking spaces for the employee housing, an additional 9 spaces are provided on -site for skier drop-off. Skier drop -off will be signed for short-term use during the hours of 7:00 am — 5:00 pm and during the ski season only, but will be available to the employee housing project at all other times. Section 12 -10 -20 provides the following criteria for review of a parking reduction: A. The parking demand will be less than the requirements identified in section 12 -10-10 of this chapter. The employee housing units at the North Day Lot will be owned and managed by Vail Resorts, and occupied by employees working on Vail Mountain, This allows for the following considerations: • The residents of the North Day Lot are primarily seasonal workers. • The residents of the North Day Lot will not need vehicles to travel to their place of employment. • Vail Resorts has the ability to ensure that the residents of the North Day lot will not bring excessive numbers of vehicles, by leasing only to employees who agree to this requirement. Research of parking requirements for employee housing projects around the country indicate that the majority of employee housing projects are over- parked, especially if public transit is available. In many cases, parking ratios have been reduced to .75 — 1 spaces per unit. (from "Parking Requirements Guide for Affordable Housing Developers "). The State of Colorado also encourages reduced parking ratios for affordable housing projects (from "Affordable Housing: A Guide for local Officials "). A recent PUD approval for Copper Mountain allows for a seasonal employee housing project to be parked at .39 spaces per unit. A review of parking requirements for multiple - family units and /or employee housing units for various resort communities indicate that Copper, Keystone, Sunlight, Steamboat Springs, and Telluride allow for 1 space per unit (from "Residential Parking Memo for Copper Mountain Resort" ). It is important to note that the Lionshead Redevelopment Master Plan also indicates that the parking requirement for employee housing at the North Day Lot should be reduced: c. Parking /t may be appropriate to reduce the parking requirements for employee housing at this location given the sites proximity to transportation /acilifies, jobs, and pedestrian routes... _ 19 B. The probable long term use of the building or structure, based on its design, will not generate additional parking demand. Unlike free - market projects within the Town of Vail, the North Day Lot units will be deed - restricted in accordance with Town requirements. The deed restriction clearly indicates that these units will remain as employee housing unless both Vail Resorts and the Town agree to lift the restriction. Therefore, the use within the building will likely not change, and therefore no additional parking demand is anticipated as a result of changing uses within the building. C. The use or activity is part of a demonstrated permanent program (including, but not limited to, °rideshare" programs, shuttle service, or staggered work shifts) intended to reduce parking demand that has been incorporated into the project's final approved development plan. This criterion was intended to find solutions to limit the number of vehicles that employees take to a site. Unlike a commercial or mixed -use development, the North Day Lot will be occupied entirely by Vail Mountain employees who will be within walking distance to their job. As a result, this criterion does not apply to this project. D. Proximity or availability of alternative modes of transportation (including, but not limited to, public transit or shuttle services) is significant and integral to the nature of the use or business activity. to M am a The North Day Lot is on the Town of Vail bus route. As s ` aim '�- North Day Lot the map indicates, the North Day lot is on the red and ,, green routes (travelling all of West Vail and the Vail ( Os"XII �, A •'•°' loll,.., uk tUli � nedrtnc x 01 Transportation Center) and the in -town bus route (travelling all of Lionshead to Golden Peak). Additional routes are available over the pedestrian bridge. In ,Etter t addition to Town of Vail bus service, the ECO buses IN stop at Concert Hall plaza, steps away from the North „ " Day Lot. In fact, this site is better served by public transit than any other employee housing project in the Village � Lionshead Mail Town of Vail. During the ski season, the buses run more often than the off- season. It is important to note that those times when bus service is limited (i.e. off- season), the skier drop -off spaces are not needed, and the site is fully parked. 20 I IX. Adjacents TOWN OF VAIL BOSEUI FAMILY PTNSHP C/O FINANCE DEPT 3195 LAFAYETTE DR 75 S FRONTAGE RD BOULDER, CO 80303 VAIL, CO 81657 ARTINIAN, RON VAIL CORP 5 BRISTOL DR PO BOX 7 MANHASSET, NY 11030 VAIL, CO 81658 KUSHNER, SANDRA R. & LOUIS LANDMARK CONDO ASSOCIATION C/O ROTHMAN GORDON FOREMAN & GEOFFREY WRIGHT GROUDINE PC 610 W LIONSHEAD CR THIRD FLOOR GRANT BUILDING VAIL, CO 81657 PITTSBURGH, PA 15219 CONCERT HALL PLAZA CONDOMINIUM HAVENS SEPARATE PROPERTY LIVING TRUST ASSOCIATION GARY J. HAVENS TRUSTEE JENNIFER L LUFMAN 226 14TH ST 1700 LINCOLN STREET, SUITE 2400, SANTA MONICA, CA 90402 DENVER, CO 80203 SCHNELL, PAUL & MADELEINE D. MONTANEROS CONDOMINIUM ASSOCIATION, 225 CENTRAL PARK INC. NEW YORK, NY 10024 KEITH ODZA 641 W LIONSHEAD CIR, INFINITY HOLDINGS AT VAIL LLC VAIL, CO 81657 7400 E CRESTLINE CIR 125 GREENWOOD VILLAGE, CO 80111 THE MARK -LODGE CONDOMINIUM ASSOCIATION, INC. BILLOTTI, PATRICIA DAVE PEASE 18 POWDER HILL 715 WEST LIONSHEAD CIRCLE SADDLE RIVER, NJ 07458 VAIL, CO 81657 ECCKER, JOHN F. & PATRICIA L. DIAMONDROCK VAIL OWNER LLC 7734 LAUREL LEAF DR C/O DIAMONDROCK HOSPITALITY CO POTOMAC, MD 20854 6903 ROCKLEDGE DR STE 800 BETHESDA, MD 20817 CAPLA, TOMAS J. & JUDITH J. 2500 JOHNSON AVE FINK, DAVID H. & AMY L. RIVERDALE, NY 10463 2900 LAKEWOODS CT W BLOOMFIELD, MI 48323 VAIL SPA CONDOMINIUM ASSOC 710 W LIONSHEAD CIR VAIL VALLEY RENTALS LLC VAIL, CO 81657 140 FAIRFAX ST DENVER, CO 80220 VAIL SPA CONDOMINIUM ASSOCIATION DANN PETER FILES, JEFF P. PO BOX 5480, 1019 KIMBALL DR AVON, CO 81620 DURHAM, NC 27705 21 i f , ENZIAN AT VAIL CONDOMINIUM ASSOCIATION VAIL, CO 81657 GEOFFREY WRIGHT 610 W LIONSHEAD CIR, LIONSHEAD INN LLC VAIL, CO 81657 MARA M. KLEINSCHMIDT PO BOX 1050 CDOT EAGLE, CO 81631 4201 E. ARKANSAS AVENUE DENVER, CO 80222 VAIL MANAGEMENT COMPANY - WESTWIND C/O VAIL MANAGEMENT COMPANY, VAIL CORP PO BOX 6130 C/O VAIL RESORTS DEV CO AVON, CO 81620 PO BOX 959 AVON, CO 81620 HUGHES LAND HOLDING TRUST LIONSHEAD INN LLC 28 ANACAPA ST. SUITE D 705 WEST LIONSHEAD CIRCLE SANTA BARBARA, CA 93101 � 22 E 4x� NORTH DAY LOT PEC Graphic Submittal February 4,...2009 ' � ARCHI7ECTAJRE IIRBAN DESIGN INTERIOR DE51 Attachment A OPPORTUNITIES /CONSTRAINTS 1. ODD SHAPED SITE RUNNING E/W DIRECTION 2. CURB CUT FROM W. LIONSHEAD CIRCLE O � 3. 30' UTILITY EASEMENT AT NORTHERN EDGE OF SITE J 4. PEDESTIRAN TRAFFIC TO AND FROM THE LIFTS VIA 1 -70 BRIDGE 5. SKIER DROP -OFF SPACES 6. NEIGHBOR REQUESTS - ® © BERM AND LANDSCAPE AT EASTERN EDGE 7. NEIGHBOR REQUESTS - SCREENING AT SOUTHERN EDGE ANEW ism N ORTH DAY • COL EXISTING CONDITIONS T -------- -- PM mmi I I nnr Al 7f Etc— at. NORTH DAY LOT VAIL, COLORAD ", O µ , l l yy m ux c• `' 3 a , K the i j- �'- 1 �,� \ lR� � "fib tt .. S ,,,'S'w g., ,� '� .- NORTH DAY LOT VAIL, COLORADO VAILP60Rf5 OEVElCO}nENT COMDP.M' I tA30.0I VEC EIIBN LL • DE.04 -1009 � 0 n � � Q PROPOSED SIGNAGE PLAN TO BE SUBMITTED UNDER A SEPERATE APPII CATION. DIRECTIONAL SIGNAGE 1'O NDL" DIRECTIONAL /MONUMENTAL SIGNAGE " FOR WESTBOUND DRIVERS ON 0 NDL FOR DRIVERS TURNING SOUTH S. FRONTAGE ROAD. TO W. LIONSHEAD CIRCLE. ' i uur nu r 4,. ONUMENTAL SIGNAGE FOR ` NDL IDENTIFYING THE LOT ANDss y. ER DROP OFF, V N,DMAR +K " =I GL LIQNSHEAD ' ACL PLAZ�A � SIGNAGE TO NDL' t. OR NORTFiBOUIVD DR1VEFtS ON IONSHEA- NOTE: - y - ALL FRONTAGE ROAD SIGNAGE PENDING PUBLIC WORKS AND CDOT APPROVAL. ' J - ALL PROPOSED SIGNAGE IS CONCEPTUAL. ALL SIGNAGE TO BE SUBMITTED UNDER AN RRA B E L' E ADDITIONAL DRB APPLICATION. D M V NORTH DAY LOT VAIL, COLORADO < ill - ''°� -� I �� a� r a�►�1 r � + I! T� r a } � a 4,,T r � _ II NORTH DAY LOT VAIL, COLORADO AIIBESORR OEVELOPMENTCOMPMH I �T330,02 PEC Sl10MITEAL Pt04.2009 �,� �. i M F 4. ® �Ta � y P iiKKKKft'��" I l�1` 11�ira. �`l`j — °� . ,� �ir�_.� �s - !r 1 st■r �� .• rra°..�° 1. t v � -�i'� gr ' � !_: �r'�� k � 9s 6�an'x•'��,r /j °_ i?y ��--� � � r 4444 �'• t � d�: •' � I ' - ' ` $ ,.y,�. , �� .s`Jr NORTH DAY LOT vna, coLoeaoo vaixusoars oertiaernotrcamwm t noxo.ox . vcc suaxmai • ox.w.xoox acx.co. TCWN OF VALE PROPERTY SITE PLAN TOWN OF VAIL PROPERTY Sol { " h 1 , I �k TOWN OF VAIL PROPERTY —'^'\ 12 NEGVERm ENV PR 1 VM E 3, 1 ID DRDP OFF P RILING SPAC 'g j L 2 _ LANOMARK'vON y , w SLING fAWFERDU61REE3 ^ EXISTIxG DEC�DWIG mEE9 1 • nF5'GN N OR TH , • RIIR DF—N VAIL, M9 LANDSCAPING SOUTH EDGE 4 4 . � 5 - SOUTH SIDE EDGE CONTEXT scuE rasov - -_ � y LANDMARK 1f ' I caina svursa��ce —.. wm�_rosis cao.e l - FENCE ••ra -SOU SECTION "` I T• ` 0 ' FENCE TH ELEVATI `?f scue w Z sc„F. w•.rm _ �- werK�a•Enwawkv _�� _ -.. TansH SECEVruxE�s - REPRE3EMATIpWy N1019 TBD. 1RFIlAMM1BBglCS TO BE CEMIt � I � f BENCH WITH SHELTER :ELEVATION SCH �1 BENCH WITH SHELTER -NORTH ELEVATION SCHEMATIC ��j :'J scue yr =ra sale ue =iv I RI NORTH DAY LOT VAIL, COLORADO LEVEL 1 PLAN - - — - o I i 1 �• I I i , f 1 I ' I , — t�.lYLOWi. i�� tzt- pcm I i piOiN�r�9 ; ' -_ -------- _ _ 1{IMH1 I �� -•-- SCALE: 1/16" - 1' -0" O ! NORTH DAY LOT Ii/J/ TY PICAL •O' PLAN 3BR UNIT 4BR UNITE o p a ae t _ �� Off■ —� _ E3 qq ��pp u a . ,_ —T— 32 1 16 —0 Q . 1 Y NORTH DAY LOT VAIL, coLOeA�o - - VAILRESdtttDEVELOPMEM[OMR1N1' I 1J030.R3 PfC SU°nITTAL - DL90.3009 �� ELEVATIONS SHINGLE ROOF /— M— ROOF 1 II ...., .m +t- SOUTH ELEVATION _..-- -coon I I.� sniecz Sk .., — �� -- __.STONE -- q r l PROPOSED MATERIAL PALETTE WEST ELEVATION �` SCALE: 3/32" = 1' -0" RbA DESIGN N OR TH , ' , VAIL, COLORADO ELEVATIONS SHINGLE a RooF - J MEinL ROOF i X z NORTH ELEVATION Mcco a swNCz srow I 177 11 PROPOSED MATERIAL PALETTE m EAST ELEVATION 1 SCALE: 3/32" = l' -0" NORTH DAY LOT VAIL,COLORADO PERSPECTIVES � \/\ /EW OF SKIER R FROM »Uk ^^ ^ . � \ y > \ \ , >yy VIEW FROM PEDESTRIAN BRIDGE LEVEL 4BALCONY VIEW FROM LANDMARK CONDOS \\ NORTH DAY LOT . CO . ' : » PERSPECTIVES r� n r r VIEW FROM ACROSS 1 -70 s' r r Ot GROUND LEVEL VIEW FROM LANDMARK CONDOS ISOMETRIC VIEW FROM SOUTHWEST arAt N 1 C • T VAIL CoLORADo UNIT PLANS - 1 ' � 1 1 , 1 - - „ 3 3B BR UNIT -948 SF I — -- -Room Legend ®38R UNIT I T I i ae 1 ym , a,s ■4BRUNIT n� 1 M A—fty InaF a ms .BON i CIRCULATION - -- -- - - - -- - - -- - - -- - -- ®Stair _- I ETU LEVELS 2 -5 AEI „ 14 i - ' - 4 BR UNIT - 1,118 SF ' 4 a SCALE: 1/4” = V -0" f'rJ N OR TH I • iL/.J DESIGN REVIEW BOARD AGENDA PUBLIC MEETING OVO February 4, 2009 MWN Council Chambers 75 S. Frontage Road - Vail, Colorado, 81657 PROJECT ORIENTATION 2:00pm MEMBERS PRESENT MEMBERS ABSENT Tom Dubois Pete Dunning Mike Dantas Elizabeth Plante Brian Gillette SITE VISITS 2:30pm 1, Loro Piana, 288 Bridge Street 2. Neilds Residence, 767 -3 Potato Patch Drive PUBLIC HEARING — TOWN COUNCIL CHAMBERS 3:00pm 1. Loro Plana DRB090014 / 15 Minutes Rachel Final review of a sign (awning) 288 Bridge Street/Lot D, Block 5A, Vail Village Filing 1 Applicant: Loro Piana, represented by Mark Schnupp ACTION: Approved with conditions MOTION: Gillette SECOND: DuBois VOTE: 3 -1 -0 (Plante opposed) CONDITION(S): 1) The applicant shall utilize only one continuous panel of fabric between the two columns. 2. Neilds Residence DR8090022 / 15 Minutes Rachel Final review of a minor alteration (solar panels) 767 -3 Potato Patch Drivel Lot 34, Block 1, Vail Potato Patch Applicant: Morgan Neilds, represented by Sunshine Solar & Mechanical LLC ACTION: Approved with condition(s) MOTION: Dubois SECOND: Gillette VOTE: 4 -0 -0 CONDITION(S): 1) The applicant shall paint the frame, support structure, and the associated pipes, etc. to match the existing roof color. 3. Story Residence DRB090021 / 10 Minutes Bill Final review of new construction (two- family dwelling) 3230 Katsos Ranch Road /Lot 3, Block 1, Vail Village Filing 12 Applicant: Ray Story, represented by Ben Marion ACTION: Approved MOTION: DuBois SECOND: Plante VOTE: 4-0-0 Page 1 STAFF APPROVALS Landmark Condominiums DRB080628 Bill Final review of a minor exterior alteration (pool deck) 610 West Lionshead Circle /Lot 1, Block 1, Vail Lionshead Filing 3 Applicant: Landmark Condominiums, represented by Fritzlen Pierce Architects Andretta Chimney DRB090006 Rachel Final review of changes to approved plans (remove chimney, add window) 1714 Buff her Creek Road /Lot 3, Lia Zneimer Subdivision Applicant: Bold Development Ritz - Carlton DRB090009 Warren Final review of changes to approved plans (pool deck landscaping) 728 West Lionshead Circle /Lot 2, West Day Subdivision Applicant: Graham Frank Shirt off My Back DRB090011 Rachel Final review of a sign 288 Bridge Street /Lot D, Block 5A, Vail Village Filing 1 Applicant: Pat Somers Ritz - Carlton DRB090016 Warren Final review of a temporary site development sign 728 West Lionsehad Circle/Lot 2, West Day Subdivision Applicant: RCR Vail LLC 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 2 MEMORANDUM TO: Vail Town Council FROM: Community Development Department DATE: February 17, 2009 SUBJECT: A work session to discuss Ordinance No. 3, Series of 2009, an ordinance adopting prescribed regulation amendments, pursuant to Section 12 -3 -7, Amendment, Vail Town Code, to Section 12 -61 -8, Parking and Loading, Vail Town Code, to amend parking requirements in the Housing (H) District, and setting forth details in regard thereto. (PEC080067) Applicant: Town of Vail Planner: Nicole Peterson/ Nina Timm I. PROBLEM STATEMENT The Vail Town Code currently allows for a reduction in minimum parking requirements in the Housing (H) District if a parking management plan is approved by the Planning and Environmental Commission, with no maximum percent reduction. Experience has proven that the current parking reduction language in the H District may not be in the best interest of the Town, the community, or the developer. The current parking reduction regulations are: ✓ Unpredictable; ✓ Unquantifiable; ✓ Discretionary and untimely, ✓ Offer managed solutions, and ✓ Unenforceable. II PROPOSED SOLUTION The purpose of the amendments is to create predictable, quantifiable and enforceable policy that removes the discretionary review and creates a predictable process to eliminate confusion and delay in the review process for the Town and the developer. Staff is proposing parking reduction language for the H District to allow for a 25% parking reduction for deed restricted EHU's in the H district. The criteria for the 25% parking reduction are, in summary: ✓ The development shall have density equaling 20 units or more per acre; ✓ The development shall be located within 880 feet (0.16 mile) of public transportation; ✓ The development shall be located within 2,500 feet (0.47 mile) of a Commercial Job Core (Vail Village, Lionshead or West Vail) ✓ Covered bicycle parking shall be provided on site; and ✓ A statement shall be provided in the recorded employee housing unit deed restriction(s) that acknowledges the approval of the parking reduction. 1 III. ACTION REQUESTED At this work session Staff is requesting that the Town Council answer the following questions: 1. Does the Town Council wish to amend the parking reduction language in the Housing District to establish more predictable, quantifiable, enforceable and less discretionary parking regulations for deed restricted EHU's in the H district? 2. If so, do the proposed amendments in Ordinance No. 3, Series of 2009, meet the intended goals? IV. PLANNING AND ENVIRONMENTAL COMMISSION RECOMMENDATION On February 9, 2009, the Planning and Environmental Commission held a meeting to forward a recommendation to the Vail Town Council for Ordinance No. 3, Series of 2009 (Attachment A). No formal recommendation was forwarded, due to the motion to approve, resulting in a tie vote (3 -3 -0 with Proper, Kjesbo and Tjossem opposed). In summary, the Commission found that the issue of reducing the amount of parking is too dynamic and should be applied on a case -by -case basis. V. RESEARCH AND ANALYSIS Since the PEC and Town Council work sessions, Staff conducted research and analysis that included an inventory of the H District properties and a comparison of Vail's current parking regulations to that of 22 other communities. The data tables are attached for reference (Attachments B & C). Research Summary From the research collected of similar communities, Staff found that the existing number of required parking spaces for multiple family dwelling units, set forth in Chapter 10, is accurate and consistent with other communities. The existing parking regulations that base minimum parking spaces on the size of the unit are nationally recognized as a best practice in parking requirements. Therefore, Staff believes the existing parking requirements, set forth in Chapter 10 should remain the same. However, from the analysis of the inventory of existing H District properties, Staff believes it is relevant to offer a parking reduction in the H District with certain criteria that warrant the reduction. The proposed criteria warrant a parking reduction in that they provide measurable and enforceable criteria that are directly linked to alternate modes of transportation (i.e. riding the bus, walking and biking). Furthermore, Staff found that the decrease of vehicle trip generation hinges on the density of a project. There were several studies that revealed that as density increased, vehicle trip generation decreased, and therefore, the need for a personal vehicle also decreased. Therefore, the density of the project may also warrant a parking reduction. Most importantly, . however, the transportation needs of the residents, regardless of mode, must be accommodated. VI. ATTACHMENTS A. Ordinance No. 3, Series of 2009 B. Analysis of Housing (H) District properties C. Comparative Analysis of Similar Communities 2 ORDINANCE NO. 3 Series of 2009 AN ORDINANCE AMENDING TITLE 12, ZONING REGULATIONS, VAIL TOWN CODE FOR PRESCRIBED REGULATION AMENDMENTS, PURSUANT TO SECTION 12 -3 -7, AMENDMENT, VAIL TOWN CODE, TO SECTION 12 -61 -8, PARKING AND LOADING, VAIL TOWN CODE, TO CLARIFY THE PARKING REQUIREMENTS IN THE HOUSING (H) DISTRICT, AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, The Town of Vail has initiated prescribed regulation amendments to Section 12 -61 -8, Parking and Loading of Title 12, Zoning Regulations, Vail Town Code; and WHEREAS, prescribed regulation amendments to Title 12, Zoning Regulations, Vail Town Code are permitted pursuant to Section 12- 3 -7C.2, Vail Town Code; and WHEREAS, the Planning and Environmental Commission of the Town of Vail held a public hearing on February 9, 2009 to forward a recommendation to the Vail Town Council for Ordinance No. 3, Series of 2009. No formal recommendation was forwarded, due to the motion resulting in a tie vote; and WHEREAS, the current regulations do not provide quantifiable, enforceable regulations and the current regulations have lead to confusion and unpredictability in the review process, which is not the intent of the zoning regulations; and WHEREAS, the purpose of the proposed amendments is to establish predictable, quantifiable, enforceable policy that removes the discretionary review and creates a predictable process to eliminate arbitrary interpretation, confusion and delay in the review process; and WHEREAS, the proposed amendments are consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and are compatible with the development objectives of the Town; and WHEREAS, the proposed amendments further the general and specific purposes of the zoning regulations; and WHEREAS, the proposed amendments promote the health, safety, morals, and general welfare of the Town and promote the coordinated 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; and 3 WHEREAS, the Vail Town Council finds it in the interest of the public health, safety, and welfare to adopt the amendments to Title 12, Zoning Regulations, Vail Town Code. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAiL, COLORADO, THAT: Section I. Text Additions and Deletions The Vail Town Council hereby approves the Vail Town Code amendments, as illustrated by text additions stated in bold italics and deletions in striketh -rough,. ,. Section IL Article 12 -61 Housing (H) District shall be amended to read as follows: 12 -61 -8 Parking and Loading 0# street r, g- shall be provided O R aGGE)Fd@nGe W th rhapter 10 of this title, - We aFk R9 or loading area shall 198 IE)Gated Within any required setbaGk aFea, At o eti f th TTZT SI IV Planning and on, v4JnmeF1 chapteF 10 ef this ^tl bje�t4E�a Lt tt planning a wd mw eF#ts based OR a deFnGnstrat net=d for fewer paFk'Rg spa--es than Ghapter 10 of this title would Id FR61ud A. PFOXiMity OF availability of alternative mades Of tFaRsp9F:tatiGR inGluding, but not 1 ted44,- ttl � 6eryiGe tic - - .�. cr - v�vcr B. A limitation plaGed in the deed FeStF limoting the number of GaFs fOF eaGh unit-. Garshare programs, shuttle 58FV'Ge, + gere wnrlr � v rTi - °r�. Off street parking and loading shall be provided in accordance with Chapter 10 of this title. No parking or loading area shall be located within any required front setback area in compliance with 12 -61 -5 Setbacks. The applicant may pursue a parking reduction from the Chapter 10 requirements under Section 12- 10 -20, Special Review Provisions or the following Section 12- 61 -8A, Parking Reduction. Sections 12- 10 -12, Credit for Multiple Use Parking Facilities, 12- 10 -20, Special Review Provisions and 12- 61 -8A, Parking Reduction shall not be applied together. A. Parking Reduction A twenty -five percent (25%) reduction in the total number of required parking spaces shall be applied to development or redevelopment that meets the standards set forth in Section 12- 61 -8A1, Applicability and 12- 61 -8A2, Development Criteria; and Section 12- 61 -8A3, Recording. 1. Applicability The twenty -five percent (25%) reduction in the total number of required parking spaces applies to permitted uses in the Housing (H) District; and sites with density of 20 dwelling units or more per acre of buildable site area. 4 2. Development Criteria a. Proximity to Public Transportation: Development is located within 880 feet (0.16 mile) of a public bus stop or public transit center, as measured along a pedestrian connection from the primary entrance of the building located farthest from the public bus stop or public transit center; and b. Proximity to Commercial Job Core: Development is located within 2,500 feet (0.47 mile) of one of the following Commercial Job Cores, as measured along the pedestrian connection from the primary entrance of the building located farthest from the Commercial Job Core. For the purpose of this section, the Commercial Job Cores shall be defined as: 1. Vail Village, as designated by the Vail Village Master Plan, Action Plan Map 2. Lionshead, as designated by the Lionshead Redevelopment Master Plan, Map A Study Area 3. West Vail, which includes all properties zoned Commercial Core 3 (CC3) District on the Town of Vail Official Zoning Map; and c. Bicycle Parking: Covered bicycle parking shall be provided on site, equal to ten percent (10 %) of the required off - street parking space requirement, prior to the reduction. After the first 50 bicycle parking spaces are provided, the required number of additional bicycle parking spaces is five percent (5%) of the required off - street parking space requirement, prior to the reduction. 3. Recording The applicant shall include a statement within the recorded employee housing unit deed restriction for the property that acknowledges the approval of the parking reduction under Section 12- 61 -8A, Parking Reduction. Section IV. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not effect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section V . 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. Section VI . The amendment of any provision of the Town Code as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceeding as commenced under or 5 by virtue of the provision amended. The amendment of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. Section VII All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this _th day of , 2009 and a public hearing for second reading of this Ordinance set for the _rd day of 2009, in the Council Chambers of the Vail Municipal Building, Vail, Colorado.. Richard Cleveland, Mayor ATTEST: Lorelei Donaldson, Town Clerk 6 - HOUSING (H) DIS TRICT PROPERTIES IN TOWN OF VAIL� GENERAL DEVE LOPMENT IN VENTORY. -. Widd ie Creek S IaF Viil jrxi.,timn 1 5 1 Vril (P r m�-d i I `.Ti bon Ridge .. F.: ° "' Ch21nomx Fro ose 1 Zoning Hous �0-_ 11��r Ir,u., _ Hnu nq _ Ilousin 2 Street Address 145 N Frontage Rtl 501 N. Frontage Rd 501 N. Fronta a Rd 1280 N. Frontage Rd 2310 Chamonix Rd 3 Total Acres 6.673 Acres 1.0 Acres 1.0 Acres 10.08 Acres 3.6 Acres 4 Buildable Acres 4.573 Acres 51 Acres .51 Acres 10.08 Acres 3.0 Acres _ 5 Total # of Units 142 Un'ds 24 Units 82 Units Approved 198 Units _ 58 Units Proposed_ - 6 Total # of Bedrooms 254 48 115 bedmwns 398 Unknown - 7 Un8 T Ow NRent All rental All rental All rental All rental All ownershi 57 studio (-453.111-), 121 - bedroom 45 studio (395sflea), 29 1- bedroom (-660.111-). 1 2- bedroom (847sf/ea), (495sf /ea), 24 2- bedroom (750sf /ea), 4 3- bedroom (1,044s#ea), B4- 8 Units le 443- bedroom 954s #- All bedroom S00sf/ea bedroom 1,300sf/ee All 2 bedroom 745s11ea Unknown 9 Total GRFA uare fee -91.000 W.. feet 12.200 square feet 87 818 uare feet 160 000 uare feet Unknown 10 Year Built 2004 1 1976 t74 1981 AWbu* 11 Den ' / Units WWI eras 31 - 47 20 t9 247 spares (0% reduction from 2B spaces, 12 of which are covered ovetl (43% reduction 225 spaces (43% reduction from 1 Tofai # of Parkin 5 ce Unknown s ment 25% reduction from requirement nt ire ument 2 Parldn s r unit 1.74 1.13 1.14 Unknown 3 Parkin spaces r bedroom 0.97 1.16 0.57 Unknown rking manangment Total # of spaces rented or free 205 spaces rented a residents at November - April: Rent 12 covered plan, Sonnenalp will decide and write 4 rkin 7512 land em or $5011 single space s cos for $3O/month into each individual work contract. Free rkin Unknown Total # of spaces required by 12 -10 Vail Town Cade (Multiple Family 5 Dwellin 2476 aces 36 spaces 136 s ces 396 spaces Unknown Management Assessment: "oo you beseve the is adaquale parking on- 6 site for me residents ?" '!oo much' Ad at Not bull "Not Not built NSPORTATI E- 7 _ ingl -- - Snlar Vail IPr p e� imh Ridge __ 1 Proximity to bus (G S) -320 fait -9 feet tut, t -t -100 600 feet -900 feet Bus shelter adequacy (Site visits 2 0IM91 Adequate Adeauste Ad oats Could ba tar er Unknown 3 Bus rvice uen OB'09s hedules Winter - E 20 non. Winter - Eve 2O min. Winter - Eve 20 min. rmd Winter -Eva 2O min. Winter -E ZO min. Pnuty to shops and ses 4 (GIS) -2,000 feet or .38 mile ail Villa -2,400 feet or .45 mile onshee -2 400 feet or .45 mile Lionshead -4,800 feet or.91 mile Vail) -1 feet (West Va Existing rec path ENV - good, add Existirg rec path ENV -good, add Pedestrian Access/ Connections stair downhill, direct connection to stair downhill, direct connection to Existing rec path EN✓- good. 5 Site visces 01109 EWStin rec th EfW- ood sidewalk sidewalk continue ath to the west Unknown 6 Bike Access! Connections Existing rec ath FJuV- cod Existing —path ENV-good EZfingt rec path EW- good __ E)dsbffl rec path EAN-good Unknown Snow removal could be improved for waikingi biking conditions - continue Snow removal could be improved for Snow removal could be improved for Snow removal could be improved for rec path to the west to remove peds 7 Transportation Safetv Issues walking/ biki conditions walldngl biking conditions walking/ biking conditions from N. Fronta a NA Off -site packing/ shared parking Past Office - need improved ped 8 opportunity Children's Garden of Looming SchooU Gymnastics center Schoolf Gymnastics center connection Holidety Inn Improved snow removal plan, larger bus shelter, pedestrian over -pass, Suggested improvements [o continue rec path to the west to Make all possible ped and bike encourage use of altemative Add stair downhill, direct connection Add stair dwvnhll, direct connection remove pods from N. Frontage - connections to adjacent services and 9 transportation motles - _ Snow removal to sidewalk, ADA to sidewalk, ADA connect to PO ADA sho Vail Town Council Attachment: B tmk' yY r -: OTF'RC - v Minimum Recpured Parking Spaces per Unit for MARKF f -RA fF O rrt, (Mufti ramil Mini Required Parking Spaces per unit for AFFORDA6LF1 FMFDYEE li SING Units.. (Muha Family Dwellings) -_ _•rceiit ('hence 1 As 1 1 2 2 11bed or 2/unit lesser of the two alwa s a lies As 0.75 0.75 1.5 1.5 Affordable and wil 1,500 fl of bfic bans itation 15% for large single -use projects by zone district, w1 bus 2 Avon 1 1 2 2 2/unit or Wunit for units >2 500 . 8. Avon N/A WA N/A N/A service, ad uata snow storage and at least 75 spaces MA _ Different according to location (Provided outside'Semice 3 Breckendtl 1 1.5 2 2.5 Area Breckenridge NIA WA NfA WA NIA - - MA Criteria: parking needs are adequately served; or mixed use shared parking; or proposal for alternate modes of 4 Boulder 1 1 1 1.5 2 for 4 or more bedrooms Boulder 0.75 0.75 0.75 1.12 trans lion 13 By District CC- Central Commercial District (1); SC- Service Commercial District (1); RC- Residential and limited Commercial Parking reduction out -right d'affordable.' Other. Reducli- DisMct (1.5); R4Multi famaily Residemial District (1.5). Usetl for - sitelshared parking or'Parking Adjustment Irl -Lieu 5 Carmel 1.25 1.25 125 1.25 avers a of numbers for calculations. Carmel 0.5 0.5 0.5 0.5 Fees' 6 Charleston 1.5 1.5 1.5 1.5 WA Charleston 025 0.25 0.25 025 Parkin M reduction out -n if'affordable' Parking reduction for multi- family in B-4, R4-X, B-B -G (high 7 Denver 1.5 1.5 1.5 1.5 NIA Denver 1 1 1 1 density) Disirids In the POD district it is encouraged to establish incentives for affordable housing, prescribed by Commission. Other: have 8 Eagle County 2 2 2.5 2.5 WA Ea le County WA WA WA WA shared parking provisions for an develo ent. 9 Hilt-head WA 1.4 r� 2 WA Hiltonhead NIA NIA WA WA WA 10 Houston 125 1.33 2 N/A Houston N/A WA WA WA WA 11 Jackson Hole 1.25 1.75 Z.5 NIA Jackson Hole WA WA WA N/A N/A 12 Los Angeles 1 1 2 N/A Los Angeles 1 1 1.5 1.5 Parkin reduction for 2 -3 bedroom on and if near bansit 13 Nantucket Is. 1 1 3 NIA Nantucket Is. WA WA N/A WA NIA 14 Park City 1 1 2 NIA Park City WA WA WA WA WA NIA San San 15 Francisco 1 1 1 N/A Francisco 0 0 D 0 Parki reduction out -ri ht'd'affardade' _ 10, 16 Santa Barbara 1.25 1.5 2 WA Santa Barbara 1 1 1 1 Parkin on ou reduction ' ht IWordable' 17 Santa Monica rSLee 1.5 2 nta Monica 2 WA Sa 1 1 1.5 1.5 Parkin reduction out ' M "d'affordabW 18 Steamboat 1.5 2 2 In the of adopting a tone -based code Steamboat 1 1 1 1 Parking reduction out -ri M if'affordable' _ 19 Telluride 1 1 1 WA Telluride 0 0 0 0 Parkin reductionout -ri htif'aftordable and on -site Parking reduction based on set of criteria, by Zoning Board, Washington By District: R5B Moderate density (.5); R5C/D Medium Density Washington not specific, includes proximity to transit, shared parking, 20 DC 0.36 0.36 0.36 .33; R5E .25 Used average of numbers for calculatiens. DC 0.27 0.27 027 0.27 ride -share traffic con estion i space per du of 592 M. 6. plus .5 spaces for every additonal See See See 430 sq. ft. Boor area, max 2/unit/ For Hostel =1 per 161 sf of 21 Whistler noes notes noses notes Moor area for ilea in Whistler N/A N/A NA NIA N/A _ NIA AVERAGE 1.13 1.25 1.65 1.83 AVERAGE 0.615 0.615 0706 074 4 14 1 4 14 - 14 1 dI A W Co IC eF ] _ 200 S Se S S S tlul B n t d6 C Pak g Ar Ofl sy ft or l 1 5 CURRENT t } not t syn 1 spa 50 c (1 0�s _ 1t L s. LDOJ . G q h_S p ao f 11 P k d L d g V IT G d S tl A d C 18 on t d seed 1,, -d VAIL , 1,5 J ., -1 5 ` 2 (_ 2 Schedule F3 E ample Middle Cr cak Rork ng -ouid inG d A Pro>j r (y x ova . b ty of alt n 1 vemorlps gf�kansFwrt bo jk!q. gr p Vail T*Wn coundi Attachment: C Draft Report Vail Chamonix Market Study The Economirs nf'Lind Use Prepared for: Town of Vail Prepared by: Economic & Planning Systems, Inc. February 12, 2008 Economic & Pianning Systems, Inc. 2501 Ninth Street, Suite 200 Berkeley, C4 94710 -3883 510 841 9190 tel 510 841 9208 fax Berkeley EPS #18887 Sacramento Denver www.epsys.com Table of Contents 1 . INTRODUCTION ..................................................................... ............................... 1 2. MARKET CONTEXT ................................................................. ............................... 2 ValleyOverview ..................................................... ............................... 3. ACTIVE COMPETITIVE PROJECTS ............................................... ............................... 14 Proposed Competitive Projects ................................................... ............................... 31 4. EVALUATION OF SURVEY RESPONSES .......................................... ............................... 35 SurveyMethodology ................................................................. ............................... 35 Summaryof Findings ............................................................... ............................... 35 5. FINDINGS AND CONCLUSIONS .................................................. ............................... 44 Summary of Competitive Pricing and Sales Rates ......................... ............................... 44 Competitive Advantages and Disadvantages ................................ ............................... 46 Recommended Pricing .............................................................. ............................... 46 ProductMix ............................................................................. ............................... 48 Future Considerations ............................................................... ............................... 48 I List of Tables Table 1 Resales in Vail Deed Restricted Projects ............................. ............................... 14 Table 2 Average Resale Price in Deed Restricted Projects ................ ............................... 15 Table 3 Average Price / Sq. Ft. in Deed Restricted Projects .............. ............................... 15 Table 4 Original Sales Experience Miller Ranch ............................... ............................... 16 Table 5 Original Sales Prices Miller Ranch ...................................... ............................... 17 Table 6 Re -sales at Miller Ranch by Year ....................................... ............................... 18 Table 7 Resale Prices at Miller Ranch ........................................... ............................... 18 Table 8 Re -sales per Sq. Ft. at Miller Ranch.. ............... ............................................ 19 Table 9 2008 Sales Experience at Miller Ranch ............................... ............................... 20 Table 10 Eagle Ranch Sales Experience ........................................... ............................... 21 Table 11 Sale Price per Unit at Eagle Ranch ..................................... ............................... 22 Table 12 Sale Price per Sq. Ft. at Eagle Ranch ....................... ................... 23 Table 13 Average Living Sq. Ft. per Unit ......................................... ............................... 24 Table 14 Chatfield Corners Sales Experience .................................... ............................... 25 Table 15 Aspen Ridge Sales & Pricing ............................................. ............................... 26 Table 16 Mountain Glen Sales Experience ........................................ ............................... 27 Table 17 Stratton Flats Sales Experience ......................................... ............................... 29 Table 18 Two River Sales Experience .............................................. ............................... 30 Table 19 Sawatch View Overview ................................................... ............................... 32 i Table20 West End Pricing ............................................................. ............................... 33 Table 21 Willing to purchase deed restricted residence ...................... ............................... 42 i Table22 Optimal Pricing ............................................................... ............................... 43 List of Figures Figure 1 Sales Distribution of Vail Valley Sales, 2004 - 2008 .................. ..............................3 Figure 2 Average Number of Sales by Price Range, 2004- 2008 ............. ..............................5 Figure 3 Townhome Sales by Price, 2004 -2008 .................................. ..............................7 i Figure 4 Condo Sales by Price, 2004- 2008 ......................................... ..............................9 Figure 5 Sales Distribution Eagle -Vail, 2004- 2008 ............................ ............................... 11 Figure 6 Homestead Sales Distribution by Price, 2004 - 2008 .............. ............................... 13 Figure McHatten Creek .............................................................. ............................... 34 Figure 8 Importance When Selecting Current Residence ................... ............................... 37 Figure9 Household Income .......................................................... ............................... 38 Figure 10 First and Second Choice Residence Type ............................ ............................... 39 Figure 11 Importance of Amenities in Choice for Housing ................... ............................... 40 Figure 12 Importance of Neighborhood /Property Features in Choice for Housing .................. 41 1. INTRODUCTION Project Background The Town of Vail retained Stan Clauson Associates, Inc. to complete a site plan and cost estimate for an affordable housing project on the Chamonix site. As part of the work, Clauson identified three possible development programs with varying levels of density and building types. Clauson's work also estimated costs associated with construction, engineering, and landscaping for both stick built and modular construction scenarios. The report considered additional costs and fees associated with achieving LEER certification. Clauson's work was completed in the fall of 2008. From this work, the Town Council identified Scheme 1, !Neighborhood Cluster, as the recommended development program which includes 58 total units with an overall density of 16 dwelling units per acre. The estimated project cost by Stan Clauson ranges from $16.7 to $23.3 million depending upon building construction method. The proposed Chamonix affordable housing project site is located on Chamonix Lane in close proximity to the West Vail interchange. The Town purchased the site several years ago for the purpose of constructing housing. More recently, the former Wendy's site was purchased for the purpose of constructing a fire station. Collectively, the two sites total 5.5 acres and are slated for housing and the fire station. Surrounding land uses in the area consist of highway oriented commercial development. Further north from the highway along Chamonix Lane, the land use pattern is composed of both single family and multi family residential uses. Scope of Work Economic & Planning Systems (EPS) was retained by the Town of Vail to conduct a market study to determine the extent of demand for deed restricted housing at the Chamonix site. Questions precipitating the study focused on the appropriate pricing for the project, product mix, and sales timeframe. All three questions are of critical importance in policy decisions regarding the amount of subsidy allocated to the Chamonix project. The study analyzed market demand by completing the tasks listed below. • Evaluated the project's market position in the context of competing locations and characteristics of competing projects. • Identified price brackets at which buyers will favorably consider the Chamonix site in comparison to larger units elsewhere in Eagle County. • Provided a framework for a market oriented development program based on the availability and price points of competing projects. Economic & Planning Systems, Inc. 1 Draft Report Z. MARKET CONTEXT I This section provides an overview of residential market activity throughout Eagle County at price points between $100,000 and $550,000, the price range anticipated for the proposed Chamonix project. Valley wide trends and specific locations were included in the analysis. In the following chapter, individual projects within this price range were analyzed to determine the depth of demand based on price points, location, and product types. Valley Overview The Valley wide analysis compared the volume of sales activity in Vail, Avon, Minturn, Edwards, Eagle, and Gypsum over the last five years (2004 to 2008). Comparative Analysis of Communities The locations and relative availability of housing priced between $100,000 and $550,000 is displayed in Figure 1. Avon contains the highest percentage of sales within this range of the six towns with approximately 35 percent of all sales (944 sales over five years). The large percentage of sales in Avon reflects its contribution to the housing supply within this price point. However, when the data is controlled for sales of homes built after 2004 (2005- 2008), Avon accounts for only 12 percent of the total and Eagle accounts for 52 percent of sales. Gypsum is the next highest in new sales with 31 percent of total volume. The peak of all sales activity within this price band consists of units located in Avon and priced between $300,000 and $350,000, accounting for just over six percent of sales. This niche represents 170 sales, approximately 35 per year for the period'. Economic & Planning Systems, Inc. 2 Draft Report I i Vail Chamonix Market Overview 02.12.09 Figure 1 Sales Distribution of Vail Valley Sales, 2004 -2008 Vail Chamonix Market Analysis 7% $100 - $150k 6% $150 - $200k 5% ■ $200 - $250k ■ $250 - $300k 4% ■ $300 - $350k 3% ■ $350 - $400k ■ $400 - $450k 2% 0$450-$500 i 1 io ■ $500 - $550k 0% Avon Eagle Edwards Gypsum Minturn Vail Sou rce: Multiple Listing Service (MLS) Economic & Planning Systems, Inc. 3 Draft Report Vail Chamonix Market Overview 02.12.09 Average Annual Valley Home Sales Volumes For sales between $100,000 and $550,000, single family homes volume averaged 113 per year between 2004 and 2008, as displayed in Figure 2. This was the highest volume of any housing type. Townhomes account for the second largest volume of sales with an average of 104 sales annually followed by condos and duplexes with an average of 90 and 41 sales, respectively. The data reflect newer units, specifically those built within the last five years, Sales volumes in single family homes were highest in prices between $350,000 and $500,000. Sales in this range accounted for 58 percent of single family sales. Townhome sales between $250,000 and $350,000 accounted for 52 percent of townhome sales volume. Condo sales between $200,000 and $300,000 composed 42 percent of condo sales volume. Duplex sales were concentrated between $300,000 and $400,000 with 72 percent of duplex sales occurring in this range. I I Economic & Planning Systems, Inc. 4 Draft Report I Vail Chamonix Market Overview 02.12.09 Figure 2 Average Number of Sales by Price Range, 2004 -2008 Vail Chamonix Market Analysis 35 31 30 29 28 25 23 22 20 16 16 16 15 14 13 13 13 11 10 9 9 10 7 7 6 5 5 4 5 3 4 4 2 0 , L eo* ■Condo ■Townhome ■Duplex ■Single Family Source: Multiple Listing Service (MLS) Economic & Planning Systems, Inc. 5 Draft Report Vail Chamonix Market Overview 02.12.09 Townhome Sales Figure 3 displays total sales of all townhomes by location in the period from 2004 to 2008. Townhome sales in Eagle accounted for 40 percent of total sales, with a majority of these priced below $550,000. Approximately 58 percent of the townhomes sold in Eagle during this time period were priced between $250,000 and $400,000. Notably, this data does not include sales for Miller Ranch as it is sold by Eagle County and not realtors. Townhomes in Avon, accounted for 24 percent of sales, and were dispersed at price points between $300,000 and $550,000. Sales in Edwards accounted for 21 percent of the total volume, with sales evenly dispersed between $350,000 and $550,000. Although Gypsum represented a small share of total sales volume, prices were concentrated between $200,000 and $250,000. The limited share of Vail townhomes in this price range were priced above $450,000. The data largely supports the belief that housing becomes more affordable down valley. The price range with the greatest concentration of sales activity in both up- and down - valley markets covers from $350,000 to $400,000. In addition, the data indicates that Eagle and Gypsum are the most competitive locations for price points under consideration at the Vail Chamonix site. I Economic & Planning Systems, Inc. 6 Draft Report Vail Chamonix Market Overview 02.12.09 Figure 3 Townhome Sales by Price, 2004 -2008 Vail Chamonix Market Analysis 60 50 Avon 40 Eagle 30 ■ Edwards ■ Gypsum 20 9 Minturn 10 ■Vail 0 SN �ti sp Economic & Planning Systems, Inc. 7 Draft Report Vail Chamonix Market Overview 02.12.09 Condominium Sales The volume of condominium sales in locations throughout the Valley is displayed in Figure 4. Unlike townhomes, condominium price points are distributed across the full spectrum. The highest number of sales occurred in ,Avon, where 20 percent of sales were concentrated between $300,000 and $350,000. Vail sales accounted for the next highest amount of sales. Approximately 36 percent of sales in Vail were concentrated between $250,000 and $350,000, although distribution was relatively even between $250,000 and $550,000. Edwards had the third highest sales volume with the 24 percent of sales concentrated from $350,000 to $400,000. Both Gypsum and Eagle experienced lower sales volume than the comparative communities, given the relatively smaller inventory of condominium units. Sales in these locations were concentrated between $150,000 and $200,000 in Gypsum, and between $200,000 and $250,000 in Eagle. The data demonstrates that similar to townhome pricing, housing becomes more affordable as buyers travel down valley. However, a wider price discrepancy exists down valley, indicating a less developed attached housing market. Economic & Planning Systems, Inc. 8 Draft Report I Vail Chamonix Market Overview 02.12.09 Figure 4 Condo Sales by Price, 2004 -2008 Vail Chamonix Market Analysis 160 Avon 140 120 Eagle 100 ■ Edwards 80 • Gypsum 60 • Minturn 40 20 ■ Vail 0 — T 4 $ goo 3' 0 111 32 0` 3 300 3 350 3A sp y0 3 500 Economic & Planning Systems, Inc. 9 Draft Report Vail Chamonix Market Overview 02.12.09 Competitive locations with Existing Homes Interviews with real estate professionals indicated that two areas of existing, older homes offer product that will be competitive with the proposed Chamonix project. These two areas, Eagle - Vail and Homestead, will compete for buyers, particularly families. Potential buyers will be attracted to these areas for competitive free market price points and a reputation as affordable for year -round residents. Eagle -Vail Figure 5 displays all sales within Eagle -Vail over the past five years. In this price range nothing has been constructed since 2004. The highest sales volumes within the area occurred in condos which accounted for 42 percent of total sales. Condo volumes were highest at price points between $300,000 and $350,000. Townhome sales accounted for 25 of total sales. Sales volumes in town homes were more evenly distributed than condos, although 26 percent of sales were concentrated between $450,000 and $500,000. Duplex sales represented 27 percent of total sales. Price points between $450,000 and $550,000 experienced the highest volume of sales. Only one sale of a single family home priced below $550,000 occurred over the past five years in Eagle Vail. i Economic & Planning Systems, Inc. 10 Draft Report Vail Chamonix Market Overview 02.12.09 Figure 5 Sales Distribution Eagle -Vail, 2004 -2008 Vail Chamonix Market Analysis 35 - 33 30 29 25 25 25 23 24 20 20 15 15 13 13 14 12 11 11 10 8 6 6 5 4 2 2 1 0 - 10r ■ Duplex e Townhome ■ Condo Source: Multiple Listing Service (MLS) Economic & Planning Systems, Inc. 11 Draft Report Vail Chamonix Market Overview 02.12.09 Homestead The product type available in Homestead is almost exclusively limited to townhomes. Price points of townhomes range, but primarily range between $350,000 and $550,000, as shown in Figure 6. Sales within this range accounted for 86 percent of sales over the five year period. I Economic & Planning Systems, Inc. 12 Draft Report Vail Chamonix Market Overview 02.12.09 Figure 6 Homestead Sales Distribution by Price, 2004 -2006 Vail Chamonix Market Analysis 30 25 25 24 23 21 20 15 10 8 8 "33 7 5 5 4 3 2 1 1 0-1 — -- T �\y°w X °K , a °°K ■ Duplex ■ Townhome ■ Condo Source Multiple Listing Service (MLS) Economic & Planning Systems, Inc. 13 Draft Report 3. ACTIVE COMPETITIVE PROJECTS This section analyzes the competitive market for selected active and planned competitive projects. The analysis includes both deed restricted and market rate units within the price points under consideration at the Chamonix site. Town of Vail Developed Projects The Town of Vail first began providing affordable housing to Eagle County workers in 1996 at the Vail Commons site. Two additional projects were developed in the following years including Red Sandstone Creek in 1998 and North Trail Town Homes in 2001. The satisfaction levels of current residents have resulted in a limited number of re- sales. During the past five years a total of 22 re -sales occurred out of 77 total units, as shown in Table 1. The property with the highest number of sales was Vail Commons, which had 14 re- sales. A lack of re -sales at the North Trail Town Homes reflects its smaller scale. Table 1 Resales in Vail Deed Restricted Projects Vail Chamonix Market Analysis Project 2004 2005 2006 2007 2008 Total North Trail Town Homes 1 1 Red Sandstone Creek 2 1 2 2 7 Vail Commons 2 2 3 4 3 14 Total 5 3 5 6 3 22 Sourow Tom of Vail; Economic & Planning Systems wr..ev -vr c...a. mw.uc s�.wer r•w.e.nv. c..im,. o...r.er. Red Sandstone Creek and Vail Common are condo projects that have a sufficient number of sales to indicate price points with the most volume of transactions. In these projects, the highest frequency of price points is between $140,000 and $155,000, as shown in Table 2. Because of the deed restriction limits appreciation, the prices shown do not reflect market demand. However, they do reflect price levels at which residents are more likely to sell their home as personal circumstances change. I Economic & Planning Systems, Inc. 14 Draft Report Vail Chamonix Market Overview 02.12.09 Table 2 Average Resale Price in Deed Restricted Projects Vail Chamonix Market Analysis Project 2004 2005 2006 2007 2008 Average North Trail Town Homes $225,544 $225,544 Red Sandstone Creek $164,969 $200,190 $139,109 $177,138 $186,089 Vail Commons $140,780 $143,921 $194,590 $154,708 $153,714 $159,510 Average $167,408 $162,678 $172,397 $162,184 $153,714 $164,605 Source: Tovm of Vail; Economic & Planning Systems Hi,eeu.urc. an.ws.vsr F,.arr•.M+r��.+ac�.om ouysrao. The data provided in Table 3 documents the current conditions for Vail development. As noted previously, the price per square foot for the Vail developed projects does not reflect current demand. Instead, these price points provide a price floor at which extensive demand is known to exist for condominiums within Vail. Table 3 Average Price / Sq. Ft, in Deed Restricted Projects Vail Chamonix Market Analysis Project 2004 2005 2006 2007 2008 Average North Trail Town Homes $148.29 $148.29 Red Sandstone Creek $150.17 $140.88 $147.86 $170.32 $153.94 Vail Commons $138.29 $143.16 $127.88 $131.06 $153.58 $137.97 Average $145.04 $142.40 $135.87 $144.15 $153.58 $143.52 Source: Town of Vail; Economic & Planning Systems a+. +ew -v, cn.. �.N�.�, sr...err•..�.ns.rw can �,. oa.s �nm. i Miller Ranch Pre -sales for Miller Ranch began in November of 2002 and the first residents moved -in during the spring of 2003. The project was developed by ASW Realty Partners for Eagle County. Wolf Lyon Architects provided design for the site. In the fall and winter of 2008, demand dropped to approximately 10 buyers for a typical sale. Original waiting lists for units within the project are reported to have been as high as 70 buyers for a unit. More recently, . ,1► -:� re -sale waiting lists in the past few years included 20 to 30 people per unit. Economic & Planning Systems, Inc. 15 Draft Report Vail Chamonix Market Overview 02.12.09 The project was developed in three phases that included 97 units in the first phase, 83 units in the second phase, and 102 units in the last phase which was finished in August of 2006. Units within the project consist of 69 single family homes, 64 duplex units, 49 townhomes, and 100 condo loft units. Deed Restriction Price appreciation within units at Miller Ranch is limited to the increase in average wages within Eagle County. The maximum increase allowed is 6 percent per year and the minimum level of appreciation is 3 percent per year. Capital improvements in properties are allowed, but may not exceed greater than 10 percent of the original purchase price of the unit. Sales Record ' The original offering of units at Miller Ranch averaged 56 sales „ annually between 2003 and 2007, as shown in Table 4. In 2005 the project achieved 128 sales and indicates that, to some - .r. extent, the number of sales was limited only by the number of available units. Largely because of the limited number of units available in the project, duplex units had the lowest average of sales at 16 units per year. Table 4 Original Sales Experience Miller Ranch Vail Chamonix Market Analysis Type 2003 2004 2005 2006 2007 Total Avg. Condo 38 59 2 1 100 25 SFHlTH 22 21 47 27 117 29 DP 16 10 22 16 64 16 Total 38 69 128 45 1 281 56 Source: Land Title; Economic & Planning Systems Economic & Planning Systems, Inc. 16 Draft Report Vail Chamonix Market Overview 02.12.09 The average prices for single family and townhome units in the project grew from approximately 262,000 in 2003 to $323,000 in 2006, an increase of $61,000, as shown in Table 5. During this time, the minimum price grew by approximately $52,000 for first time sales. Average duplex units ranged in price between approximately $208,000 and $250,000, an increase of $42,000. Condominium units were the most affordably prices of all units, starting at an average of $151,000 and increasing to $168,000. Price offerings in these units did not grow substantially over the period they were offered. Single family homes were originally offered with an optional two car garage, townhomes included a standard two car garage, duplex units included a one car garage, and condo units were offered with an optional carport. Table 5 Original Sales Prices Miller Ranch Vail Chamonix Market Analysis Type 2004 2005 2006 2007 Total SFITH Avg. $256,410 $270,196 $323,285 $278,368 Max $326,200 $353,400 $355,700 $355,700 Min $217,500 $220,900 $269,500 $217,500 Duplex Avg. $226,420 $235,468 $250,350 $230,850 Max $266,500 $290,900 $297,900 $297,900 Min $182,000 $184,300 $201,800 $182,000 Condo Avg. $151,484 $164,917 $177,750 $169,100 $160,063 Max $194,600 $204,500 $207,100 $169,100 $207,100 Min $122,000 $129,700 $148,400 $169,100 $122,000 Source: Land Title; Economic 8 Planning Systems w.1MB V1 CRan Oi1XMWanp 6i+..ar Y.M'sb+ ►' 4'0+!Me MWt%N -4 AY ilT T" Re -sales in the Miller Ranch project have consistently had a waiting list of approximately 20 to 30 households per unit. The project averaged 19 re -sales per year between 2005 and 2008, as shown in Table 6. The largest number of re -sales occurred in condo units, which accounted for 30 re -sales or an average of 8 per year. I Economic & Planning Systems, Inc. 17 Draft Report Vaif Chamonix Market Overview 02.12.09 Table 6 Re -sales at Miller Ranch by Year Vail Chamonix Market Analysis Type 2005 2006 2007 2008 Total Avg. Condo 5 8 11 6 30 8 SFH /TH 5 9 8 7 29 7 DP 3 4 5 4 16 4 Total 13 21 24 17 75 19 Source: Land Title; Economic & Planning Systems �. v. �n. o,.u,,, .p sr r...mrr..n.anavaann uen iamupxr w:a..n on n r r4 :m.n Re -sale prices at Miller Ranch have reflected appreciation at the highest levels allowed by the deed restriction with just one exception. The average re -sale price for single family homes and townhomes grew from approximately $271,000 to $366,000 between 2005 and 2008, as shown in Table 7. Average prices for duplex units grew from approximately $226,000 to $287,000, or $63,000 over the four years from the original price. Condo prices demonstrated more moderate increases from an average of $164,000 in 2005 to $196,000 in 2008. The smaller increase is partially explained by the limited capital improvements that can be made to a condominium unit. Maximum price increases for single family units increased by an estimated $70,000 between the initial offering of units and re- sales. Duplex units increased more moderately by $12,000 and condos increased by $31,000: Table 7 Re -sale Prices at Miller Ranch Vail Chamonix Market Analysis Type 2005 2006 2007 2008 Total SF1TH Avg $271.225 $303,622 $310,950 $365,686 $316,604 Max $306,300 $364,100 $406,200 $425,000 $425,000 Min $232,500 $244,100 $258,400 $280,000 $232,500 Duplex Avg. $226,233 $219,650 $267,360 $287,000 $250,340 Max $260,700 $258,200 $310,100 $294,400 $310,100 Min $203.700 $204,100 $217.800 $274,000 $203,700 Condo Avg $163.650 $184,775 $188.260 $196,033 $185.414 Max $192,900 $216,400 $224,700 $238,300 $238,300 Min $132,000 $145,900 $149.300 $161,100 $132.000 Source: Land Title, Economic & Planning Systems H ti9A9 -VU Cnrn m.H�.np 9irFn4nr...MMrDR1GWnb� tFenH.I�TYL Rrtn Onb Gir rLT 1... I Economic & Planning Systems, Inc. 18 Draft Report Vail Chamonix Market Overview 02.12.09 Sales data on price per square foot basis was not available for this project. However, an approximation of square foot prices was developed using the maximum and minimum unit sizes and prices for re- sales. The estimated maximum price per square foot of single family homes re- sales within Miller Ranch is $273, as shown in Table B. The minimum price for townhomes is approximately $200 per square foot, although minimums appear over the re -sale period more frequently at $220. Re -sales on duplex units range between $205 and $256 per square foot and j condo units range between $161 and $222 per square foot. Table 8 Re -sales per Sq. Ft. at Miller Ranch Vail Chamonix Market Analysis Type 2005 2006 2007 2008 Total Sigl. Farr! TH Max $197 $234 $261 $273 $273 Min $199 $209 $221 $239 $199 Duplex Max $216 $214 $256 $244 $256 Min $205 $205 $219 $227 $205 Condo Max $180 $202 $210 $222 $222 Min $161 $178 $192 $196 $161 Source. Land Title; Eoonomic & Planning Systems «9g6.yy cfimm .naun5e..nneuvnn.na.D.bcowb O.c t�m.O.bN gncn Mry Fis i..F1 T— Miller Ranch is the most direct competition in newly constructed units to the product types and price points proposed for the Chamonix site. A total of 16 units sold over the past year at Miller Ranch, as shown in Table 9. All but one of these sales achieved price appreciation at the top of end of what is allowable under the deed restriction, Capital improvements such as finished basements likely explain the extent to which higher appreciation occurred. Within single family homes re-sales were able to achieve prices above $400,000 with increases of up to $90,000 from the initial sales price. Townhomes achieved prices in the mid $300,000 range. Duplex units sold in 2008 reached prices just under $300,000. Condominium units demonstrated the most consistent price increases of approximately 5 percent annually. Prices were split between units in the mid to high $100,000 range and above $200,000. Eagle County staff reports that only one re -sale unit has not achieved the maximum price stipulated by the deed restriction. The single family home was priced at $425,000. It should be noted that the pool of prospective buyers for single family product is thinning. As a result, staff has relaxed occupancy requirements and allowed couples without children to purchase. Economic & Planning Systems, Inc. 19 Draft Report Vail Chamonix Market Overview 02.12.09 Table 9 2008 Sales Experience at Miller Ranch Vail Chamonix Market Analysis Resale Date Orginal Price ale Yr. Resale Price Change # % Avg. Ann. % Sigl. Faml TH 10.21.08 $344,700 2006 $425,000 $80,300 23% 11% 12.24.08 $286,200 2005 $351,000 $64,800 23% 7 % 4.24.08 $350,200 2006 $399,100 $48,900 14% 7% 6.11.08 $327,300 2005 $417,300 $90,000 27% 8% 626.08 $240,400 2003 $280,000 $39,600 16% 3 %6 7.22.08 $275,100 2006 $340,600 $65,500 24% 11 % 8.1.08 $308,200 2006 $346,800 $38,600 13% 6 Duplex 1.23.08 $258,000 2006 $292,600 $34,600 13% 6% 10.8.08 $242,300 2004 $294,400 $52,100 22% 5% 6.26.08 $205,800 2004 $274,000 $68,200 33 % 7% Condos 103.08 $203,500 2005 $238,300 $34,800 17% 5% 12.19.08 $129,100 2004 $161,100 $32,000 25 % 6% 7.22.08 $140,800 2005 $163,000 $22,200 16 %c 5% 7.9.08 $193,700 2005 $224,800 $31,100 16% 5% 8.20.08 $176,200 2005 $206,200 $30,000 17% 5% 8.28.08 $159,800 2005 $182,800 $23,000 14 % 5% Source: Land Title; Economic & Planning Systems H„YB- V�CNn M.Haw.lp9YiuN.F.uy�'0.YCmnry Elwtl NcmA1MY NnoOnMFlIY Y4 IWY Eagle Ranch Eagle Ranch is a master planned community that includes a golf course with larger lots and a mixed -use town center with higher density and ! single family homes and attached units located in proximity to the town center. The first attached r- project was completed in 2002. Since then a ' total of six condominium and townhouse projects have been built for a total of 134 units, of which 34 are deed restricted. CI Deed Restriction I Deed restrictions are less restrictive than in the Town of Vail. It requires that residents must live and work in Eagle County and limits annual appreciation to three percent or CPI. However, the provisions are waived if the seller cannot find a buyer. I Economic & Planning Systems, Inc. 20 Draft Report I Vail Chamonix Market Overview 02.12.09 Sales Record A total of 34 deed restricted units have sold at Eagle Ranch over the past seven years, as shown in Table 10. Prices in deed restricted units have ranged from $160,000 to $286,000 for condos. Prices for townhomes have ranged from $300,000 to $430,000. The most recent deed restricted sales were for units in Sylvan Square which sold for $286,000. Representatives from the project indicated that recent sales and re -sales of deed restricted units t were problematic as buyers were hard to find, resulting in a deed restricted townhome selling for $60,000 less than the original purchase price a year earlier. The difference in sales proceeds was absorbed by the Eagle Ranch Housing Corporation. Table 30 Eagle Ranch Sales Experience Vail Chamonix Market Analysis Units Org. Sale Resale Project DR Total Type Avg. $ YR Avg. YR Founder's Place 10 38 Condo $160,000 2002 $200,000 2008 West Village 12 38 Condo $180,000 2005 $210,000 2008 Frontgate 3 15 TH $300,000 2006 Gambel St 4 15 TH $350,000 2007 $370,000 2008 Restone 3 12 TH $430,000 2007 $370,000 2008 Sylvan Square 2 16 Condo $286,000 2008 TotaU Avg. 34 134 $284,333 $287,500 Source: Economic 8 Planning Systems s. aee -vw c�a.a,.rw se rara�rarr.o.rcoum owi nrvea�r d sr. mn me akpn wnn I Economic & Planning Systems, Inc. 21 Draft Report Vail Chamonix Market Overview 02.12.09 Overall sales prices in Eagle Ranch, including deed restricted and market rate units, are displayed in Table 11. Original and re -sales of condos in the development ranged between $179,000 and $375,000 per unit. Excluding outliers, condominium prices achieved sales prices between $290,000 and $320,000. Townhomes ranged in price from a maximum of $325,000 to $550,000 per unit. Prices of townhomes averaged between approximately $400,000 and $450,000 over the past two years. Table 11 Sale Price per Unit at Eagle Ranch Vail Chamonix Market Analysis Type 2004 2005 2006 2007 2008 Avg. Condos Founders Place $202,275 $209,750 $273,500 $338,000 $279,262 $245.949 Sylvan Square $330,000 $330,000 West Village $212,625 $220,813 $287,500 $324,375 $317.500 $239,986 Townhomes Frontgate $422,260 $422.260 Gambel Street $391,750 $457,000 $402,053 Redstone $470,125 $444,625 $402,500 $445.893 Max. Price Condos $227,000 $249,000 $305,000 $338,000 $375.000 $375,000 Townhomes $480,000 $550,000 $435,000 $550,000 Min. Price Condos $179,500 $180,500 $265,000 $314,000 $205,287 $179,500 Townhomes $349500 $325,000 $370.000 $325,000 Scurce: Multiple Listing Service; Economc & PlannongSyst ern s «" rasa -rr cnmo. «aun�a e. ...mrr,.r..+orrcan o.e acpe. d sw. nw me w.Fa. arch Economic & Planning Systems, Inc. 22 Draft Report Vail Chamonix Market Overview 02.12.09 For condominium sales, prices ranged widely from $167 to $370 per square foot between 2004 and 2008, as shown in Table 12. Over the past two years condo prices have averaged between $300 and $330 per square foot. Townhomes ranged from $172 to $332 per square foot over the period with sales from the last two years ranging from approximately $260 to $290 per square foot. Table 12 Sale Price per Sq. Ft. at Eagle Ranch Vail Chamonix Market Analysis Type 2004 2005 2006 2007 2008 Avg. Condos Founders Place $206 $222 $288 $370 $306 $261 Sylvan Square $302 $302 West Village $208 $215 $292 $335 $326 $238 Townhomes Frontgate $297 $297 Gambel Street $228 $293 $238 Redstone $308 $261 $193 $265 Max. Price Condos $230 $260 $317 $370 $351 $370 Townhomes $314 $332 $214 $332 Min. Price Condos $175 $167 $254 $321 $226 $167 Townhomes $177 $201 $172 $172 Economic & Planning Systems, Inc. 23 Draft Report I Vail Chamonix Market Overview 02.12.09 Condo units within Eagle ranch ranged between 878 and 1,092 square feet per unit, as displayed in Table 13. As the result of large units within the Gambel Street project, townhomes ranged from 1,206 to 2,600 square feet. Table 13 Average Living Sq. Ft. per Unit Vail Chamonix Market Analysis I Type 2004 2005 2006 2007 2008 Avg. Condos Founders Place 980 950 950 914 912 947 Sylvan Square 1,092 1,092 West Village 1,022 1,027 990 970 980 1,014 Townhomes Frontgate 1,775 1,562 1,413 Gambel Street 1,526 1,756 2,129 1,741 Redstone 1,413 1,743 Max. Price Condos 1,044 1,080 1,044 1,044 1,092 1,092 Townhomes 2,350 2,643 2,529 2,643 Min. Price Condos 980 920 920 878 880 878 Townhomes 1,512 1,206 1,729 1,206 Source: Multiple Listing SerAoe; Economic & Planning Systems +s� v. C.*an..+ww se re..e.vnwA.�ss:wM.nw wcn.wGawasaa. ra DPe AE Neanc. ', Chatfield Corners Chatfield Corners is a market rate project featuring traditional single family homes located in Gypsum. The project sold a total of 84 units between 2004 and 2008, as shown in Table 14. An annual average of 17 units sold in the project over the five year period. Prices in the project ranged from $265,000 to $530,000. The average sales price in the project was $459,000 in 2008 or $228 per square foot. I i Economic & Planning Systems, Inc. 24 Draft Report Vail Chamonix Market Overview 02.12.09 Table 14 Chatfield Corners Sales Experience Vail Chamonix Market Analysis Type 2004 2005 2006 2007 2008 Total Avg. # of Sales 22 28 14 13 7 84 17 Average $341,964 $375,803 $442,764 $471,762 $459,500 $399,926 Max. $431,000 $428,968 $525,000 $529,000 $530,000 $530,000 Min. $265,500 $305,000 $325,000 $405,000 $403,000 $265,500 Avg. $ / SF $163 $169 $213 $246 $225 $191 Source: Multiple Listing Service (MLS); Economic & Planning Systems i n v BB® -V • GNn oayHwanp 5 R FaaalYMlyP iwlFaOaYG W nN uo6 PocoNaR:op al 6dOa Apa :SIOB axFnafeu Gonp! Aspen Ridge Aspen Ridge is a single family home development located within the larger Buckhorn Valley development. The project was originally anticipated to include 110 modular single family homes. All units within the project include 3 r bedrooms and 2 bathrooms. The project began sales in winter of 2006 and discontinued construction in the summer of 2008. r !f • Sales Record Aspen Ridge sold 7 units between winter of 2006 and summer of 2008, as displayed in Tablel5. Units in the project range from 1,560 to 2,494 square feet. Prices range from $379,900 to $495,900 to for a unit without a basement. On average, the project is priced at $223 per square foot. At the initial offering, prices in the project ranged from $414,900 to $589,900. Discounts been applied to units between $30,000 and $100,000 per unit. A sales representative from the project indicated that prices are now more in line with buyer expectations. Nevertheless, the project was not well positioned and remaining lots are now being marketed for a bulk sale. Economic & Planning Systems, Inc. 25 Draft Report I Vail Chamonix Market Overview 02.12. 09 Table 15 Aspen Ridge Sales & Pricing Vail Chamonix Market Analysis Market Rate Sold 7 Ph. I Units 12 Max. Sq. Ft. 2,494 Min Sq. Ft. 1,560 Max. Price $495,900 Min. Price' $379,900 Avg. $ / Sq. Ft $223 Garage 2 Car Included . Does not include basement Source: Economic & Plaming Systems Mountain Glen Glen Condominiums The Mountain Glen Condominiums is a condominium conversation project that was completed in 2005. The project is adjacent to the Eagle County Airport and in the vicinity of Stratton Flats and the proposed Sawatch View condominium project. Sales Record �•�_��- — �' All 72 of the units that were released to the market in 2005 sold within 6 months for an average price of approximately $178,000, as shown in Table 16. Prices in the original offering ranged from $110,990 to $206,990. According to sales representatives involved, the project was exclusively driven by the affordability of the units. The 18 re -sales that occurred between 2006 and 2008 demonstrated significant price increases in the past three years. The average price of re -sales units increased by 29 percent at an annually average growth rate of 8.8 percent. In 2008, sales per square foot in the units ranged from $247 to $365 per square foot. for both 2007 and 2008 re -sales averaged approximately $270 per square foot. Units in the project range widely in size from 445 to 1,062 square feet. The project averages 2.2 bedrooms per unit, although some units are studios without bedrooms. Economic & Planning Systems, Inc. 26 Draft Report I Vail Chamonix Market Overview 02.12.09 Table 16 Mountain Glen Sales Experience Vail Chamonix Market Analysis Original Sales Resales 2005-2008 2005 2006 2007 2008 % Avg.% Units 72 6 7 5 Avg. Price $178,747 $222,083 $275,429 $230,500 29% 8.8% Max. Price $206,990 $246,000 $305,000 $250,000 21% 6.5% Min. Price $110,990 $195,000 $240,000 $162,500 46% 13.6% Avg. $ / Sq. Ft $184 $238 $272 $273 48% 14.0% Max. $ / Sq. Ft $249 $266 $287 $365 46% 13.6% Min. $ / Sq. Ft. $168 $218 $254 $247 47 % 13.7% Average Sq. Ft. 976 936 1,011 882 Max. Sq. Ft. 1,062 991 1,062 991 Min, Sq, Ft, 445 895 891 445 Avg. Bdrns. 2.2 2.0 2.6 1.6 Source: Multiple Listing Service (MILS), Economic & Planning Systems M1Y6BA -Ni CRmm.HUS.p SYiYfiiyRruga:IdY'(YbuYn Gan r¢I,aY Y Stratton Flats Stratton Flats is a housing development currently under construction adjacent to the Eagle County airport. The project's developer, Meritage Development Group, has partnered with Eagle County to develop a total of 339 modular units. Two- thirds of the project is planned to be developed as deed restricted units divided evenly between the Town of Gypsum and Eagle County. The first phase of development includes market rate units only. t 6,"Zoa= fir■ '� � ` " " � Economic & Planning Systems, Inc. 27 Draft Report Vail Chamonix Market Overview 02.12.09 Deed Restriction The primary deed restricted units for the project are distributed evenly between Eagle County and the Town of Gypsum. The Gypsum restriction limits income to 140 percent of AMI and requires that buyers earn 85 percent of their income in Eagle County. The Eagle County deed restriction limits income to 140 percent of AMI and includes a cap on annual appreciation based on the increase to the local AMI. Additional layers of deed restriction are present dependant on the unit, for a total of 6 types of deed restrictions. Sales Experience A total of 10 units have sold in the project since sales began between the winter and spring of 2008. Representatives from the project indicated that many people have expressed interest in the project, but few have secured financing. The project recently became FHA compliant after an 8 month application period. It is anticipated that this will help generate demand as buyer financing will be accessible. Sales prices for townhomes in the project range from $342,000 to $383,900 for market rate units and $300,000 to $349,000 for deed restricted units, as displayed in Table 17. All types of townhome units provide some type of garage. Unit sizes range from 1,500 to 1,800 square feet. Single family homes are only available in market rate and Eagle County deed restricted units. Sales prices for market rate homes range from $393,994 to $429,000 while deed restricted units range from $342,370 to $349,999 per unit. Garage options range with single family homes from 0 to 2 car garages. Condominium units in the project are only available as deed restricted units. Prices range from $170,738 to $246,458 per unit. Sizes of the condos range from 722 to 1,089 square feet. On a price per square foot basis the condos range from $249 to $215 per square foot. i Economic & Planning Systems, Inc. 28 Draft Report Vail Chamonix Market Overview 02.12.09 Table 17 Stratton Flats Sales Experience Vail Chamonix Market Analysis Deed Restricted Market Rate Gypsum Eagle County Sold 10 0 0 Units 10 0 0 Planned Units Towhomes 1 39 39 39 Single Family 76 -- 76 Condo -- 38 31 Total 115 77 146 Town homes Max. Sq. Ft 1,814 1,814 1,814 Min Sq. Ft, 1,514 1,514 1,529 Max. Price $383,900 $349,000 $331,000 Min. Price $342,900 $320,000 $300,000 Max. $ / Sq. Ft. $224 $215 $201 Min. $ / Sq. Ft. $208 $189 $180 Garage 2 Car 1 or 2 Car 1 or 2 Car Single Family Max. Sq. Ft 2,020 -- 1,818 Min Sq. Ft. 1,615 - 1,675 Max. Price $429,900 — $349,999 Min. Price $393,994 - $342,370 Max. $ / Sq. Ft. $244 -- $204 Min. $ / Sq. Ft. $213 -- $193 Garage 1 or 2 Car -- 0 or 2 Car Condos Max. Sq. Ft -- 1,089 1,089 Min Sq. Ft. -- 722 722 Max. Price -- $246,458 $234,448 I Min. Price -- $179,738 $170,738 Max. $ / Sq. Ft. -- $249 $236 Min. $ / Sq. Ft. -- $226 $215 ° Estimated distribution between deed types Source: Economic & Plaming Systems x aee-va cNnan.xusros�wmr�wa.u.�(a.ana�• a•�saan Economic & Planning Systems, Inc. 29 Draft Report Vail Chamonix Market Overview I 02.12.09 Two Rivers Two Rivers is a housing development off I -70 in Dotsero consisting of duplex and single family modular units. The project has achieved high levels of sales from the time units became available in 2003. Sales Record Sales for Two Rivers have demonstrated the presence of strong single family market in Dotsero with average prices for new units averaging over $300,000 in 2007 and 2008, as shown in Table 18. Current average prices are approximately $81,000 higher than prices when the project first began sales in 2003. A total of 94 units have sold in the project at an average sales rate of approximately 16 units per year. The minimum price achieved in the development was $189,700 in 2003 and the maximum price was $405,000 in 2008. Re -sales in the project have also achieved strong prices. Between 2005 and 2008 a total of 22 re -sales occurred at an average price of $276,000. Table 18 Two River Sales Experience Vail Chamonix Market Analysis 2003 2004 2005 2006 2007 2008 Total Avg. Org. Sales # of Sales 7 13 20 27 21 6 94 15.7 Average $233.771 $235,477 $254,685 $277.559 $306.462 $314,633 $272.435 Max $251.100 $310.000 $315.000 $334.500 $391.000 $405,000 $405.000 Min $189,700 $198.800 $203,000 $255,500 $273.500 $285,000 $189,700 Resales # of Sales 4 4 9 5 22 5.5 Average $232.950 $262,550 $290,644 $295,920 $276,245 Max. $285.000 $302,000 $382.000 $365.000 $382,000 Min $206,000 $210,000 $259,500 $250.000 $206.000 Source: Land Title; Economic & Planning Systems .Iia vmc o Na,, I. I.....,aI..,..n.- -r1.rr Tw w1..7.e. Economic & Planning Systems, Inc. 30 Draft Report I Vail Chamonix Market Overview 02.12.09 Proposed Competitive Projects The following projects represent potential competition to a project at the Chamonix site. The projects have all received entitlements and are either planned or under construction. Sawatch View Sawatch View is a proposed condominium development opposite the Mountain Glen condominium project and is adjacent to the Eagle i ;,,,.,,�,G County Airport. The project was Aiws,,,%Hii- C( , , ,' originally scheduled to break ground ^ r�z�oo s�e�ao in spring of 2008, although ..,.� construction has not started. Despite -'- the delayed start, realtors in the area believed that the project was scheduled to start construction in"'�`' spring of 2009. Sales Pricing The project consists of 72 deed restricted and market rate units, as shown in Table 19. To date, the project has pre -sold 6 of 18 Phase I units. Prices in the project range from $173,000 to $265,000 for deed restricted units and $218,000 to $288,000 for market rate units. Sizes of units in the project range from 644 to 999 square feet. The average price per square foot for deed restricted units is $256 and $297 for market rate units. All market rate units in the project include a garage. Based on a review of the plans, the quality of the project is comparable or falls below the neighboring Mountain Glen condominium development. 9 i Economic & Planning Systems, Inc. 31 Draft Report Vail Chamonix Market Overview 02.12.09 Table 19 Sawatch View Overview Vail Chamonix Market Analysis Deed Restricted Market Rate Pre -Sold 3 3 Phase I Units 9 9 Total Units 36 36 Max. Sq. Ft. 999 999 Min Sq. Ft 644 650 Max Price $264,735 $287,735 Min. Price $173,200 $218,000 Avg. $ / Sq. Ft $256 $297 Garage 3 Units Included I [Note] Phase I, listed prices Source. Economic & Plaming Systems H„mo v. cnnan.l+o.a sar...es.vw,o..r.,.tm..,�pn.n West End T C he West End is a proposed mixed -use project adjacent to Riverwalk in Edwards planned to include 75 deed restricted and 185 market rate units. Pre -sales 11 for the project originally began in n January of 2008. A weakened +� housing market resulted in sales for only 20 of the market rate units and the project was suspended in fail of 2008. Despite the low number of market rate pre - sales, the deed restricted units within the project were very successful. The project received contracts on 60 of the deed restricted units over the initial pre -sales period. Units were assigned to buyers based on a first come first serve basis, and representatives from the project reported that people waited in line for 24 hours to secure a unit. However, not all of the pre -sales were to individuals. A total of 18 of the pre -sales were to corporate or institutional users. These users primary reserved the larger and more expensive units in the project. Sales Experience Although the project is indefinitely delayed, the West End has secured 20 reservations for deed restricted units. The minimum unit size in the project is 625 square foot one bedroom unit, as shown in Table 20. The maximum unit size is a three bedroom 1,351 square foot unit, Original Economic & Planning Systems, Inc. 32 Draft Report Vail Chamonix Market Overview 02.12.09 project designs included only four three- bedroom units and the majority of units were divided between one and two - bedroom units. Approximately 20 percent of units are priced between $360,000 and $460,000, about 40 percent are priced between $300,000 and $360,000, about 20% fall between $250,000 and $300,000, with the remaining 20 percent priced between 180,000 and 200,000. The prices listed in the table reflect 2010 prices current used to secure reservations. Unit prices range from $179,750 to $459,634. Prices range on a per square foot basis range from $262 to $368 per square foot. Table 20 West End Pricing Vail Chamonix Market Analysis Deed Restricted Pre - Sold' 20 Units 75 Max. Sq. Ft 1,351 Min Sq. Ft. 625 Max. Price $459,634 Min. Price $179,750 Max. $ / Sq. Ft. $368 Min. $ / Sq. Ft. $262 Original offering achieved 60 presales Source: Economic & Planning Systems n.t984 V�Ghman.new.p 94 car.FdiYn.M'�al'hbfEnc sl9+N McHatten Creek /Suckhorn Valley McHatten Creek Ranch is located directly adjacent to Phase I of the Buckhorn Valley modular home project which was completed in 2001. The project is anticipated to include 614 units at build -out divided between 434 single - family and 180 multifamily units. A representative from the land developer for the project indicated that sales prices for the single - family homes will be priced in the high $400,000 to low $500,000 range. Construction has not started on the project, although a number of builders are selected for the site. Economic & Planning Systems, Inc. 33 Draft Report I Vail Chamonix Market Overview 02.12.09 Figure 7 McHatten Creek Vail Chamonix Market Analysis 4u, K a • IVAN -� s s�or A, Economic & Planning Systems, Inc. 34 Draft Report 4. EVALUATION OF SURVEY RESPONSES Survey Methodology RRC Associates and Rees Consulting conducted a Housing Needs Assessment for Eagle County in 2007. Primary research was conducted to generate information beyond that available from existing public sources. This research included a household survey (distributed to Eagle County households), an employee survey, and local realtor and property manager interviews. The Household Survey was mailed to 8,000 random homes in Eagle County. A total of 1,526 completed household surveys were returned, for a response rate of about 19 percent. While the survey targeted Eagle County households as a whole, sufficient data was collected to allow analysis at the individual community level. For purposes of this analysis, 113 respondents met the three following criteria and have been included in the following analysis: 1. Households looking to buy a new or different home in the next three years; 2. Vail was chosen as their first or second choice residence location; and 3. The household's current annual income was more than $40,000, which eliminated buyers whose income was far too low to consider home ownership. Summary of Findings Household and Demographic Characteristics • Of those looking to purchase a new home, 45 percent currently rent and 55 percent currently own. • The average household size of those looking to purchase in Vail is 2.5 persons. The household composition is primarily couples with child(ren) (26 percent), couples without children (22 percent), unrelated roommates (22 percent), or adults living alone (21 percent). • Of those currently living in Vail, 35 percent are unrelated roommates. • Currently, 8 percent live in deed - restricted housing. • Of households looking to buy in Vail, 77percent have worked in Eagle County for more than 5 years, with 48 percent working in Eagle County for 10 years or more. Similarly, 77 percent have also lived in Eagle County for more than five years. • Of those looking to purchase, 47 percent indicate their household is unlikely to change over the next 5 years, 16 percent will have a child /more children and 12 percent will no longer have roommates. • Respondents looking to buy, work in a range of industries, with professional (22percent), construction (14 percent), arts and entertainment (14 percent) and finance and banking (14 percent) being the most frequently listed. Economic & Planning Systems, Inc. 35 Draft Report Vail Chamonix Market Overview 02A2.09 I • Location Choice • Overall, 22 percent of residents looking to purchase a new or different home in the next three years chose Vail as their first or second choice community. • When segmented for willingness to accept the terms of a deed restriction, the potential buyer pool dropped to approximately 11 percent. • Of those looking to purchase in Vail, 52 percent currently live in Vail. An additional 17 percent would relocate from Edwards and 12 percent would relocate from Eagle -Vail, with the rest relocating from other areas of Eagle County. • In total, 55 percent of respondents indicated they were either very likely or extremely likely to stay in the region when they retire. Factors Affecting Future Purchase The most important factor for households in selecting their current place of residence was cost, followed by proximity to skiing /outdoor recreation and type of residence. The least important factors were the quality of schools and the proximity to daycare. Economic & Planning Systems, Inc. 36 Draft Report Vail Chamonix Market Overview 02.12.09 Figure 8 Importance When Selecting Current Residence Vail Chamonix Market Analysis Average rating scale of 1 - "not at all important" to 5 - "extremely important' Cost of housing to buy /rent 4.3 Proximity to skiingloutdor recreation 4.2 Type of residence (single - family, duplex, condominium etc.) 9 Proximity to my place of employment 3. Community character (family oriented, 3. neighborhood appeal etc.) Proximity to services (shopping, 3.4 transportation, etc.) Community amenities (recreation, parks, libraries etc.) 3.4 I Proximity to bus/shuttle service 13.1 4 Proximity to places of employment for other members in my household' Quality of schools 12.4 Proximity to daycare 1.6 0.0 1.0 2.0 3.0 4.0 5.0 Economic & Planning Systems, Inc. 37 Draft Report Vail Chamonix Market Overview 02.12.09 Household Income • The median mortgage /rent payment of respondents is $1,698, with median HOA fees of $246 and utilities of $277. The median household income of respondents looking to purchase in Vail is $117,467. Figure 9 Household Income Vail Chamonix Market Analysis $250,000 to or more 16.0% $225,000 to $249,999 1.0% $200,000 to $224,999 3.0° $175,000 to $199,999 2.0% $150,000 to $174,999 112.0% $125,000 to $149,999 5.0% $100,000 to $124,999 20.0% $90,000 to $99,999 5.0% $80,000 to $89,999 _- 9.0% $70,000 to $79,999 8.0 $60,000 to $69,999 16.0% $50,000 to $59,999 10.0% $40,000 to $49,999 1 1 111.0% 0% 5% 10% 15% 20% 25% Economic & Planning Systems, Inc. 38 Draft Report Vail Chamonix Market Overview 02.12.09 Housing Type Choices • Of residents looking to purchase a home, 65 percent currently live in a condo /townhouse or duplex. An additional 12 percent live in single family homes and 14 percent live in apartments. Of those currently living in a condo /townhouse or duplex, 68percent indicated a single family home was their first choice preference to purchase. • The most frequently chosen first choice housing type was single family home (66 percent). Current renters were more likely than owners to choose an attached product (57 percent vs. 17 percent). When asked to choose their second housing type preference, 45 percent chose duplex and 32 percent chose townhome. • Of households looking to purchase in Vail in the next three years, 26 percent indicated their first choice residence would have two bedrooms, 35percent indicated they wanted three bedrooms and 26 percent indicated they wanted four bedrooms. For second choice residence size, potential buyers were willing to downsize from three bedrooms to two. • The majority of those whose first choice housing is an attached product (30 percent) indicate they will pay between $300,000 and $349,999. The single family product is a little more diversified, with most people indicating they would pay over $350,000 (66 percent). Figure 10 First and Second Choice Residence Type Vail Chamonix Market Analysis Single - family ° F l 1 Duplex 6% 45° Townhome 32% ■ First Choice Condo 10% []Second Choice Manufactured 0% home 2% 0% 10% 20% 30% 40% 50% 60% 70% Economic & Planning Systems, Inc. 39 Draft Report Vail Chamonix Market Overview 02.12.09 Unit Amenities Amenities rated as important are in -unit washer dryer, extra storage, multiple bathrooms, sunlight, energy efficiency and garage. On -site laundry facilities, office space and workshop space were all rated as not important. The survey responses differ from information collected in other research efforts. Nearly every broker and developer reported that buyers place a high level of importance on garages. Miller Ranch provides a good example as some units have garages and others do not. Those with garages have far greater appeal in the resale process. The impact of garages on saleability cannot be under estimated. Figure 11 Importance of Amenities in Choice for Housing Vail Chamonix Market Analysis Average rating scale of I - " not at all important" to 5 - "extremely important" In -unit 4.5 washer /dryer I i Extra storage 4.2 Multiple bathrooms 4 ' 2 i Sunlight 14.1 Energy efficiency 14.0 Garage /covered 1 38 parking On -site laundry 9 facilities Office space for business use 2 ` Workshop space 2. i 0.0 1.0 2.0 3.0 4.0 5.0 Economic & Planning Systems, Inc. 40 Draft Report Vail Chamonix Market Overview 02.12.09 Property Features The most highly rated neighborhood property feature is a private yard /outdoor space, followed by pets allowed, garden space and wood burning allowed. The least highly rated features are shared common areas, wood burning prohibited and livestock allowed. Figure 12 Importance of Neighborhood/ Property Features in Choice for Housing Vail Chamonix Market Analysis Average rating scale of 1 - "not at all important" to 5 - "extremely important" Private yardloutdoor 3.9 space Pets allowed 3.5 i Garden space 3.0 A Woodburning allowed 2.6 Shared common areas 2.4 Woodburning prohibited 2.0 Livestock allowed �' 0.0 1.0 2.0 3.0 4.0 510 a Economic & Planning Systems, Inc. 41 Draft Report Vail Chamonix Market Overview 02.12.09 Respondents Willing to Accept Deed Restriction Terms In total, 47 percent of respondents indicated they would purchase a deed restricted residence in able to live in Vail. The median value placed on a deed restriction was $50,000. Of those willing to purchase a deed restricted residence: • 75 percent are current renters. I • Of the renters, 51 percent currently live with unrelated roommates, 23 percent live alone and 15 percent are couples without children. Only 10 percent currently have children, however an additional 14 percent indicate they plan to have children in the next few years. • Of the owners, 58 percent are couples with children and 17 percent are adults living alone. • Overall, 86 percent have at least one household member between the ages of 26 and 45. • The median dollar amount available for a down payment is $30,000. Current owners have more available for a down payment on average, reporting $99,000 compared to renters at $20,000. Owners are most likely including equity in their current home as available down payment. • incomes of potential buyers are dispersed, with 31 percent making over $100,000. The median household income of renters ($75,000) is higher than for owners ($64,122). Table 21 Willing to purchase deed restricted residence Vail Chamonix Market Analysis Income Distribution $40.000 - $49,999 11.5% $50,000 - $59,999 173% $60,000 - $69,999 13.5% $70,000 - $79,999 135% $80,000 - $89,999 11.5% $90.000 - $99,999 1.9% $100.000 - $124,999 19.2% $150,000 and Up 11.5% Source. RRC, Economic &Planning Systems H 00887 -Val Chamonix Housing Site Fea.vbilly Pnsly Sls%DelagRRC tables NsfWllhgness l Economic & Planning Systems, Inc. 42 Draft Report i Vail Chamonix Market Overview 02.12. The largest percent of potential buyers of deed restricted residences indicated they would pay between $300,000 and $349,000 for their first choice residence. Of these 50percent indicated they would pay on average $50,000 less for a deed - restricted residence. Table 22 Optimal Pricing Vail Chamonix Market Analysis Optimal Price Range % $95,000 to $124,999 3.8% $150, 000 to $199,999 19.2% $200, 000 to $249,999 11.5% $250, 000 to $299,999 15.4% $300,000 to $349,999 28.8% $350,000 to $399,999 7.7% $400,000 to $499,999 1.9 $500,000 to $599,999 7.7% $600, 000 or more 3.8% Source: RRC; Economic & Planning Systems H:118885 -Val Chamonix Housing Ste Feasibilty PnalyssTiatauRRC tables.xislPrice Range Economic & Planning Systems, Inc. 43 Draft Report i i 5. FINDINGS AND CONCLUSIONS Based on the market research conducted for the site, the Town of Vail has an opportunity to develop the site as affordable housing. Below is a summary of the findings related to competitive sites, Town of Vail pricing, Chamonix product mix, and recommended next steps. Summary of Competitive Pricing and Sales Rates There are a number of developments in Eagle County positioned to attract first -time home buyers. A detailed evaluation of each has been provided previously. A summary of competitive projects is provided below. Attached Units ■ Eagle Ranch offers some of the most compelling townhome and condominium product, in terms of amenity and quality. In the recent past, most market rate condominium sales have been concentrated between $280,000 and $330,000 ($300 to $334 per square foot). Townhome sales are concentrated between $390,000 and $470,000 ($260 to $300 per square foot). Attached product has averaged 24 sales per year since 2004. The recent sales prices of deed restricted units are approximately $285,000 for condos and $370,000 for townhomes. Although the market has not been deep for deed restricted product, the developer has been able to sell all units and has averaged six sales per year for the past four years. ■ The West End deed restricted condominiums are currently available and are concentrated between $300,000 and $360,000, or $330 to $350 per square foot. The project is located in Edwards. The deed restricted units range from $180,000 to $459,000 or $322 to $361 per square foot. Approximately 20 of the 75 are under reservation and include some of the least and most expensive units. Nearly all of the deed restricted units were under reservation previously, prior to the developer postponing the project due to weaker than expected demand for market rate units. ■ One of the least expensive opportunities for homeownership in the valley can be found in the Mountain Glen condominium development in Gypsum. Recent resales there range from $230,000 to $250,000 or $220 to $270 per square foot. i • Preconstruction pricing is available for the proposed condominiums at Sawatch View, located across the street from Mountain Glen in Gypsum. Market rate units will be priced from $220,000 to $290,000. Deed restricted units will be priced from $173,000 to $265,000. • As a point of comparison, the Sun Ridge condominium complex in Avon has historically been recognized as one of the best values (with the least expensive pricing) for entry -level ownership opportunities. Current pricing for Sun Ridge units is approximately $265,000. I Economic & Planning Systems, Inc. 44 Draft Report Vail Chamonix Market Overview 02.12.09 Single Family Products • New modular single family homes in Gypsum are priced from $380,000 to $500,000 in Aspen Ridge, with most of the units priced in the mid to high $400,000's. Price per square foot was approximately $223. With only 7 sales, the remaining lots in the development are currently listed for a bulk land sale. The project did not find market support with potential problems explained by the location, lack of amenity, modular construction, and, most importantly, high price. The units are not deed restricted. • Single family modular homes in Two Rivers in Dotsero have sold well. With an average of 17 sales per year for the past six years, it has established a consistent absorption rate. In the recent past (2007 and 2008), prices have ranged from $273,000 up to $405,000. Most product sells between $290,000 and $320,000. It should be noted that the buyer profile for this development is not likely to consider units at the Chamonix site. It has been included as it represents one of the least expensive alternatives in the county. • Development of single family homes in Stratton Flats is proceeding. The Gypsum based development has achieved ten sales to date and has yet to establish a consistent sales record. Market rate townhomes range from $342,000 to $385,000 and single family homes range from $390,000 to $430,000. Deed restricted townhomes are $300,000 to $350,000 and single family units are $340,000 to $350,000. The first phase of the development, 113 units, will be sold at the higher prices as they will not be subject to either the County or Town deed restrictions. • McHatten Creek Ranch is a proposed development in Gypsum, which will build out the remaining phases of Buckhorn Valley. The developer plans to price single family homes between $400,000 and $500,000 with a small number of townhomes priced just under $400,000. No deed restrictions will be applied to the units. • As a point of reference, the first phase of Buckhorn Valley was developed approximately 20 years ago and offered some of the best priced units at the time. These 1,500 square foot single family modular units resell quickly if priced between $350,000 and $375,000. i • Miller Ranch offers all product types, including condominiums, townhomes, and single family homes. All units are deed restricted. The development has established a strong track record of resales. Residents speak highly of the development and demand for units has been historically strong. Recent sales activity show condominiums priced between $180,000 and $224,000. Townhomes are approximately $275,000 to $300,000. Single family homes range from $350,000 up to $425,000. County records show an average of 19 resales per year for the recent past. Staff that manage the project report that demand for units averaged as high as 20 to 30 prospective buyers in 2007 and early 2008, but that demand dropped in mid 2008 and is now much lower. In all but one case, resale pricing has met the maximum allowable price, based on an index the County provides ranging between three and six percent annually depending on the change in wages. Only one owner has had to lower the price below the indexed maximum potential, which was the highest priced resale to date and exceeded $425,000. Economic & Planning Systems, Inc. 45 Draft Report Vail Chamonix Market Overview 02.12.09 Competitive Advantages and Disadvantages The Chamonix Site in West Vail has a unique set of attributes. The market will account its strengths and weaknesses and respond accordingly. Therefore, units must be priced appropriately to resonate with potential buyers. Potential negative perceptions include: Immediate Context - Concerns include the proximity to gas stations, the exposure to interstate traffic noise, and the potential impacts from the adjacent fire station, ■ Vail Location - In the recent past, many new arrivals to the Vail Valley have not first moved to Vail before moving down valley. They found employment, housing, and a social network down valley and never developed attachments to the Vail community. j a Deed Restriction - A limit on price appreciation affects demand. Because there are fewer market rate alternatives for entry level buyers, resistance to deed restricted properties is waning. Positive attributes include: • Vail Location - Brokers that were interviewed in the research were consistently strong on the Vail location and cited a small but dedicated following of people who will do what it takes to live in Vail. Survey research shows that this narrow market niche could be as small as 10 to 20 percent of prospective homebuyers, which indicates that the majority of the market prefers to live elsewhere in the County. Nevertheless, with an employment base that is not likely to relocate, the proximity to the ski mountain, and location on the free bus route, the site offers compelling reasons to buy at this location. • Commuting Costs - Buyers continually evaluate the costs and benefits of living closer to their place of employment, which can be measured both in terms of money and time. While the mid - valley area, Avon and Edwards, are highly valued, people still express reluctance about moving to down - valley locations of Eagle and Gypsum if their jobs are located east of Edwards. • Lack of Alternatives - For buyers looking in the upper valley (the communities of Edwards, Avon, and Vail), few opportunities exist for home ownership. Choices include market rate units that are dated (some with substantial deferred maintenance) or deed restricted units in Miller Ranch or the West End. Recommended Pricing The recommended product mix is limited to two products -- condominiums and townhomes. Duplex units are not recommended as the breadth of pricing and product types available with condominium and townhome units should cover all relevant market segments. The floor area can be expanded or contracted within each to provide units on the upper or lower end of the spectrum. i Economic & Planning Systems, Inc. 46 Draft Report Vail Chamonix Market Overview 02.12.09 The most significant factor is price. If buyers can qualify for a loan and cover the monthly debt service, other potential negative attributes quickly dissipate. One of the central issues in the study is to balance the need to maintain affordability for local buyers and yet generate the greatest revenue to the Town, thereby reducing the need for subsidy. Given the need to position the pricing such that buyers see sufficient value and pursue the Chamonix site over options elsewhere in the County. Many buyers, particularly families, seek the opportunity to own a single family home. However, most locals recognize the fact that ownership in the upper valley requires them to consider townhome or condominium options. ■ Condominiums — The recommended pricing for condominiums is $285,000 to $305,000 or $305 to $315 per square foot, assuming unit sizes between 900 and 1,000 square feet. The highest volume of sales at the highest price points occurred in two - bedroom units. It is recommended that the majority of units be two- bedrooms. One - bedroom units have enjoyed reasonably strong support in the West End and Miller Ranch; however, prices under $200,000 are key to enabling a single income household to afford the purchase. Without significant subsidy, one - bedroom units are not recommended. Two - bedroom units offer the greatest versatility, as they work for unrelated roommates, couples, and small families. Most importantly, they enable the Town to offer a significant number of units at a reasonable price. Because garages are a critical element, it is recommended to provide a common parking area for condominium units on upper levels. If possible, exterior storage units should be provided. • Townhomes — Townhomes should be priced between $375,000 and $420,000, or $260 to $280 per square foot in a 1,500 square foot unit. Units in comparative projects averaged two or more bedrooms. Although market research was limited in terms of unit mix, the survey data show that a slight majority of prospective purchasers currently live in units with three or more bedrooms. Bedrooms mix in the project should be roughly even between two and three bedrooms, with a majority of three - bedroom units. The most significant amenity sought by buyers is a garage. Townhomes should include garages to stay competitive with comparable projects. Buyers were also strongly attracted to unfinished basements. Basements provide both a potential source of additional floor area as well as an opportunity to receive more value at the time of sale, dependant upon the deed restriction. A more important consideration is to accommodate the life -cycle of future Vail residents. As individuals become more integrated into the community, they may choose to put down roots, get married, and have children. To the extent the townhome product can accommodate the life changes over time, the community will benefit from greater permanence from community members living at the Chamonix site. Accordingly, unfinished, pre - plumbed basements are an economical way to address the need. The recommended pricing is consistent with market trends as well as survey responses. For the segment of prospective buyers who are interested in a Vail location and are willing to accept the terms of the deed restriction, 52 percent expect to pay between $250,000 and $400,000 for a home. Another 15 percent would be willing to pay more. It is important to recognize the one Economic & Planning Systems, Inc. 47 Draft Report Vail Chamonix Market Overview 02.32.09 third of the interested buyers who require more affordable options. Needs of these buyers should, ideally, be addressed but it is not likely that pricing can be dropped to the levels required without substantial subsidy. The prices described above provide an approximate range to guide final pricing within the proposed project. Specific unit prices should be tailored to specific unit layouts, views, and other unique attributes. Product Mix Concerning the unit split between condominiums and townhomes, the data in the Vail Valley is inconclusive on specific market preferences. Both have done well. Sales for older projects favor condominiums and sales for newer projects favored townhomes. A more significant factor, however, is impact of new development occurring down valley where land is available for lower density townhomes. The corresponding lower land costs affect pricing, which, in turn generate good sales rates. The project's allocation of condo and townhome units is a question best answered through the logistics of site design and policy direction. Survey responses reflect a desire of interested parties for the largest home possible, and many identified a single family home as their preferred option. This is not realistic at any location in the County except in Gypsum and Dotsero. It is important to note that townhomes provide space that can accommodate the lifecycle of Vail residents as they have children. Alternatively, higher density condos can provide housing for more residents. The topography of the site should be used to the greatest extent possible to determine the mix between product types. A working assumption should be that half the site be condominiums and half be townhomes. Within the condominiums, a majority (if not all) should be two-bedroom units. Within the Townhomes, a slight majority should be three - bedroom units based on the composition of prospective buyers from the survey research. Future Considerations The Town has several issues that need to be addressed to move the project forward. As with any project of this scale, incremental steps are most effective. Below are a series of steps that should be considered. i • Evaluate feasibility - The Town has a model that compares development costs to projected revenue by AMI target. The model should be modified to account for the recommended pricing based on this study to determine the extent of subsidy needed. ■ Create a vision for the site - Communities that succeed with these types of ventures often establish a vision that can be used to build support. A simple architectural study of the site that provides one or two alternatives and depicts them with an architectural rendering is an appropriate next step that will not involve a major expense. • Refine construction costs - Previous cost estimates were provided for stick -built and modular construction. The town should secure costs directly from modular providers, or teams of modular /local contractors, to document how prices may have changed over the past 18 Economic & Planning Systems, Inc. 48 Draft Report Vail Chamonix Market Overview 02.12.09 months. If the Town can provide clear direction regarding unit sizes, density, and configuration, it can secure a number of estimates without a significant investment. • Secure FHA financing - Units that are selling now are in projects with FHA approval. Because PMI lenders have become much more conservative, borrowers cannot qualify for conventional loan products. FHA solves the problem by wrapping a PMI - equivalent into the mortgage. • Monitor the market - The project is expected to perform well, within the niche identified in this research. Overall market activity and regional economic conditions need to strengthen, however, to increase the success of the endeavor. The town should establish key indicators, such as waitlist for deed restricted product elsewhere in the county, DOM for the overall MLS, and volume of sales below $550,000 and track conditions on a monthly basis to identify favorable conditions for proceeding. I Economic & Planning Systems, Inc. 49 Draft Report hp color LaserJet 5 500 printers job storage status page Error: Unable to store job at printer Reason: Printer not configured to collate Solution: Install an EIO hard disk. ,, wvrar w•ouru• Re•raurca• naturpte• �-.^ ^^(M C"156 ada ran l.dlld a Internati A Still � Clean Energy Projea Analysis Software Project information S pL&y Cl database Project name I - Antlers at Van, domestic hot water for front buildinq Project location Vail, Colorado Prepared for Rob Levine and Kristen Be ha Prepared by Bob Kin sloru. Re-. n Technol Project type Healin Technology Soler water heater Analysis type Method 7 Heating value reference H - heating value HHV Show settings language - Langue _ En Ilsh -An lais User manual En iish - An Iais Currency $ units Imperial units Site reference conditions select climate data focatian Climate data location Show data . Climate data Unit location Proeot location Latitude 'N 397 39.7 Longitude 'E -106.9 -106.9 Elevation ft 6,512 6.512 }leafing design temperature F 42 Cooling design temperature F 85.8 Earth temperature amplitude F 44.4 i Daily solar Relative radiation - Atmospheric Earth Heating Cooling Month Airtem nature humidity horizontal pressure Wind speed tempe rature d_e reeds s de reeds s _ kWh/M mbar m h 'F 1=-d Fd January 17.8 1 72.7% 2.42 802.9 4.5 14.4 1.445 0 February 24.6 1 702% 3.34 801.0 4.9 19.0 1.114 0 March 33.3 84.3% 4.37 7980 63 28.6 965 0 April 42 .4 553% 5056 7990 7.2 38,9 659 0 May 51.8 51.2% 6.38 8W.0 6.9 50,6 391 56 June 61.0 47.5% 7.19 803.0 6.5 60.8 103 329 July 66.7 50.3% 6.93 606.0 5.6 66.1 0 519 August 642 53.0% 6.13 606.0 5.4 623 6 441 September $5.4 5414% 5.14 804.0 5.6 53.D 270 162 October 43.9 58.3% 3.87 804.0 4.9 401 636 0 November 30.7 692% 2.53 8020 4.7 253 1,010 0 December 1 19.6 1 73.6% 2.12 1 802.0 1 4.0 14.9 1.389 0 Annual 427 60.0% 4.67 802,3 5.5 39.6 7,987 1,507 Measured at ® 32.8 0.0 Complete Er roy UWei sheer GAF rr 1997-200 NRCan/CarnotENERGY Antlers at Van, domestic hot water for front building 2J1212009 Vail, Colorado RETScreen4-1 j RETScrsn n Energy Model - Heating project fechnotoyy Solar water heater Load characteristics Application C3 Swimnnag Pool F: Hot water Unit Base cane Proposed case Load type Omer Daily hot water use al /d 1,750 , Temperature 'F 130 1 Operating days per week o 7 Percent of month used Month January 100% 100% February 10096 101 March 100% 100% April 100% 100% May 100% 100% June 100% 1f10% July 100% 100% August 100% 100% September 100% 100% OLl 100% 100% Novemtrar 100% 100% December 1 100% 1 100% Supply temperature melthi Formula Walerlemperah + re- minimum F 34.0 Water temperature - maximum F St1 Incremental Unit so" case Proposed case Energy saved lnillal cost. Heating million Stu 468.7 4667 0% Rai urta assasamanl Solar tracking mode flaed Slope 90.0 Azimuth 10.8 Gaily solar Daily solar Show data radlallpn - horizontal radiation - tilted Month kWh /.' id kWh/m'!d January 2 42 4 02 February 334 4 ` March 4 37 _ . . Apnl 5.56 SA9 May 6.38 6 tf. Juror 7.19 6 70 July 8.83 6 r7 August 8.13 625 September 5.14 5 64 October 3.87 5 1 November 2.63 3.91 Decem bar 2'.12 367 Annual 4.67 5.35 Annual solar radrabon - honzareta l MW h1m' 1.70 Annual solar radiation • tied MW him' 1.95 Solar water heeler Type Glazed See rachrn- rrnly Manufacturer SolarH2(X SeeArnd dara basa Model S SC- 179P32 Gross area per solar collector m' 3.00 Aperture area per solar collector m' 2.85 Fr itau alpha) t ..ffcient 0.68 Fr UL coef -culi !m 187 Temperature coeffic+ent for Fr UL Jm 0 Number of collectors 42 31 Solar collector area m' 126,00 Capacity kW 8379 Miticallaneous losses % 5.0% Balance of system 6 miscellaneous Storage Yas Storage capacty Y solar collector area gali 2 Stp+aga capacity gal 1,932.7 Heat exchanger yes/no Yea Heat e-henger e111 —nCy % 800% Miscollaneous losses % 3.0% Pump power! solar collector area W /m' S on Electricity rate $/kWh 0.120 Summary Flordaty - pump MWh 1.3 Heating delivered lron Btu 3089 Spar fraction % 66% Hosting syatem Project ver�catson Be" cam Pro Deed case Natural gas- Natural yns Fuel type Ihem1 therm Seasonal effcieory 80% 80% Fuel consumption - annual therm 5.833.3 1.473 1 therm Fuel rate s/8term 1.000 1.000 We— Fuel cost $ 5,833 1,973 Antlers at Vail, domestic hot waver for front buiidinq 211212009 Ya'l, Colorado RETScreen4-1 *' Na i r- �n�m,naWrMles ( anac Internati fit, Project information 8ee,oroFed database Project name Antlers a! Veit domestic hot -star for front buildi Project location Vail. Colorado Prepared for Rob Levine and Kristen Bertu lia Prepared by Bob IG sion. Re-Align Technol Project type Heatin Technology SoWr water heater Analysis type Method 1 Heating value reference Higher heating value HHV Show settings Language - Langue E2ghsh - An lays User manual - English - An leis Cunency $ Units Imperial units Site reference conditions S'elBcC dimare darn location Climate data iocaboa Eagle Show data Climate data Unit location Pro ect location Latitude 'N 397 39.7 Longitude - E -106.9 -106.9 Elevation 8 8,512 5,512 Heating design temperature F 4.2 Coaling design temperature F 85.8 Earth temperature amplitude F 44.4 Daily solar Relative radiation - Atmospheric Earth Heating Cooling Month Air tem raturo humidity horizontal pressure Windspeed temperature de ree-da s de reeds s F % kWWrn'!d m8ar rapp F F-d Fd. January 17.8 72.7% 2.42 802.0 45 14.4 1,445 0 February 24.8 702% 3.34 801.0 4.9 190 1.114 0 March 33.3 64.3% 4.37 798.0 83 2816 965 0 April 4244 55.3% 5.56 799.0 7.2 38.9 659 0 May 51.8 512% 6.38 600.0 8.9 50.6 391 56 June 81.0 47.5% 7.19 803.0 5.5 60.8 _ 103 329 July 136.7 50.3% 6.93 1106.0 5.6 66.1 0 519 August 64.2 53.0% 6.13 806.0 5.4 - 62.3 - _ 6 441 September 55.4 54.4% 5.14 804.0 5.8 53.0 270 162 October 43.9 58.3% 3.87 604.0 4.9 40.1 636 0 November 30.7 89.2% 2.53 1 802.0 1 4.7 1 25.3 1 1,010 0 December I 19.6 73.6% 112 1 802.0 1 4.0 1 14.9 1 1,389 0 Annual 42.7 60.0% 4.67 602.3 5.5 39.6 7,967 1,507 t Measured at ® 32.8 1 0.0 GEF S'¢CrrfJ r g Enfrpy Model shee .. .. -. .' rt rr' NRCaniCanmetENERGY Antlers at Vail, domestic hat water for front bwkLng 2/12/2009 Vail, Colorado RETScreen4 -1 RETScreen Energy Model - Heating project Trs- • - �'.• Solar water heater Load characteristics hp Swimming pool ❑. Not water Una Be- caw Proposed sass Load type Other 1,7511 1,750 Daily hot water use 's. Temperature F 130 130 Operating days per week d 7 7 Percent of month used Month .January 100% 1DO% f etrruary 100% 100% March 100% iW% April 100% 140% May 100% 100% June 100% 100% July 100% 100% Au9'as1 100% 1017% September 100% 100% October 100% 100% November 100% 100% December 100% 1DO% Supply temperature method Formula Water temperature - minimum F 34.0 Water temperature• maxrmum F 51.1 Incremental Una Bass cnse Proposed case Energy saved f � In111a1 casts Healing million Btu 466.7 466.7 0`:6 t� Resource assessment Solar tmr*,N mode Fuzed Sldpe 30.0 Azimuth to.D Dally color Doily solar Show data radiation • radiation - tilted harizonlal Month kWh/m'1d kWIVmr1d January 2.42 4.02 February 3.34 4.77 March 4.37 5.23 April 5.58 5.69 May 8.38 6.16 June 7.19 6.70 July 6.93 ti. 57 August 6.13 6.25 September 5.14 5.89 Od.ber 3.87 5.13 No 2.53 3.91 Derx:m trer 2.12 3.67 Annual 4.57 5.35 Annual salar mdletlon - hpnzrmMl MW Wm' 1.70 Annual swar radiation - tilted MW h/m' 1 - 95 Solar water heater Type Glazed 0 See recnnicsr nofe Manufacturer Sci arH2O1 See RNOW LdOlak"n Modal S- 5C- 179P32 Gross area per solar collector m' 3 00 Aperture area per solar collector m' 2.05 Fr (tau alpha) ccettiaenl 0.68 Fr UL coefficient W!m'!C 3.87 Temperature coe9lclent for Fr UL !m' 0 Numtler of collectors 42 31 Solar collector area m' 128:00 Capacity, kW 8179 Miscellaneous losses % 5.096 Betence of system 6 miscellaneous Storage Vee Storage capacity I solar collector area 2 Srora9e capacity gel 1932.7 Heat eacharrger yedno Y Heat exchanger effiosncy % 80.0'!4 Miscellaneous losses % 3.0% Pump power l solar collector area W /m' 5.00 Electricity rate S /kW h 0.124 summary Electricity - pump MWh 1.3 Heating delivered million Btu 308.6 Solar fraction % 66% _ HesUng system Project verification Base case Proposed case Naturaliias- Natural9as- Fueltype therm therm Seasonal eKciency 60% 80% Fuel consumption - annual therm 5.833.3 1,973.1 therm Fuel rate 5fmerm 11000 1.00O $Ahene Fuel cost 8 5,833 1,973 Antlers at Vail, domestic hot water for front building 21122409 Vail, Colorado AETSehaan4 -1 C ,,sds urcea C p na WNbs TT n. , Canada r 4 Project information see nroieer databas Project name Antlers at Yail, domestic hai water for front Ituildi Project location Vad, Colorado Prepared fa Rob Lnvine and Kristen Beftu lia Prepared by Bob Kin. ston, Re -Alin Technolo Project type Heahn Technology Solar water heater Analysis type Method 1 Heating value reference Higher heabng value HHV Show settings language - Longue En lish -An laic User manual English - Anglais Currency $ Units Imperial units Site reference conditions sorecr chmare data l,x wn CLmafe data location Eagle Show data Climate data Unit location Project location Letttude 'N 39.7 397 Longitude 'E -406.9 -106.9 Elevation fl 6,512 6,512 Heating design temperature F .4.2 Cooling design temperature F 85.8 Earth temperature amplitude F 44.4 Daily solar Relative radiation - Atmospheric Earth Heating Cooling Month Air tare ralum humidity horizontal ressune Mends temperature degree-days eds s s s de re F % kWhield mBar m 'F F-d 'FA January 17.8 72.7% 2.42 802.0 4.5 14.4 1,445 0 February 24.6 702% 3.34 601.0 4.9 19.0 14114 0 March 33 .3 64.3% 4.37 798.6 8.3 28.6 _ 965 0 April 424 55.3% 5.56 799.0 72 38.9 659 0 May 51 B 512% 6.38 800.0 6.9 50.6 391 56 June 61.0 47,5% 7.19 Bi13.0 6.5 60.8 103 329 July 66.7 50.3% 6.93 805.0 5.6 66.1 D 519 August 64.2 53.0% _ 6.13 _ 806.0 5.4 1 82.3 6 1 441 September 1 55.4 54.4% - 5.14 804.0 5.6 53.0 270 162 October 43.9 58.3% 3.87 804.0 4, 9 40.1 636 0 November 307 69.2% 2.53 802.0 4.7 25.3 1,010 0 December 19.6 73.6% 2.12 802.0 4,0 1 14.9 1,389 0 Annual �� 427 60.0% 467 802.3 5.5 39.6 7,987 1,507 Measured at I it 32.8 1 0,0 :; ; .,. Comnlere Enerov Mode/ sheeA rr 1997 NRCarUCanmetENERGY Antlers at Vail, domestic hot water for front building 2!1212009 Vail, Colorado RETScreen4 -1 RETScreen Energy Model - Heating project ecnnology Solar water heater Load characterivi- Application 1 1 Swimming pool E Hut water Unfit Base case Proposed case Load type Other Daily hot water use alld 1,750 1 1,750 Temperature F 130 130 Operating days per week d 7 7 Percent of month used Month January 100% 100% February 100% 100% March 100% 10095 April 1DU% 100% May 100% 10M June 100% 100% July 100% 100% August 100% 100% September 100% 100;6 October 1IDO% 100% r.mhe, 100% 100% December 100% 100% Supply temperature method Fofmula Water lemperatpre - minimum F 36.0 Walertemparature rn -ritum F 51.1 Incremental Unit Base case Proposed case Energy saved Initial costs Heating mtlhon Btu 466.7 4 66 7 OY� 0 Resource assessment Solartracking mode Fund Slope 30L Azimuth 100 Dally solar Dally solar Show data radiation- radia sola ced hortaontal Month kWh/mrld kWhlmVd January 2.42 4.02 February 3,34 4.77 March 4,37 5.23 Apnl 556 5.89 May 6.38 6.18 June 719 fi.70 July 6.93 6.57 August 8,13 8.25 September 5.14 5.89 Octuhpr 3,87 5.13 Novemaer 2.53 3.91 Decem her 212 3. 87 Annual 4.67 3.35 Annual s01ar radiation - ho-tai MW IVm' 1.70 Annual solar rediaton - filled MWh/m' 1 95 Solar water hater Type Glued See technrcar ricfa Manufacturer Solan1201 ;4etjilyd cr database Model SSC- 179P32 Gross arm per seta, collector W 3.00 Aperture area per soar cola, -tor m 2.05 Fr (tau alpha) c.."fe" rt 0.68 Fr UL -alTOeal Ertl 3.87 Tempersture coefficient for Fr 111. !m IC' 0 Number of collectors 42 31 lector area m' 12 Solar collector C80acty kW 8379 Macellanecus losses % 5.0% Botanic* of system d miscellaneous Storage YN Storage capacity 7 solar collector area alift' 2 Storage capacity gal 1,932.7 Heat escherger yes+rlu Yea Heat exchanger efficiency % 80.1176 Miscellaneous losses % 3.0% Pump power / solar collector eme W7m' 5.00 Electricity rate $lkWh 0.120 Summary B -Incity - pump MWh 13 Heating delivered -11- Btu 308.8 Solar fraction % 66% Heating system Praje[.d venfcation Base case Pro used case Natural gas - Natural gas - Fuel type therm therm Seasonal efficiency 80% 80% 0 Fuel consumption - annual mean 5,833.3 1,973.1 therm Fuel rate Sftherm 1 w 1 000 $tm- Fuel cost S 5,833 1,973 Antlers at Vail, domestic hot water for front building 2112/1009 Vail. Colorado RETScreen4 -1 GHG --on factor T80 GHG emission Base case electricity system Baseline) acct T$D losses factor Country - region Fuel type ICO2/iNWt ' 1CO21MWh United States of America Natural gas 1 0.439 1 0439 GHG emission 8-0 -60 tCO2 30.6 Proptaced case =2 10.9 Gross annual GHG emisslon raduction tCO2 19.7 GHG credits transaction fee % 0 Not annual GHG emission reduction tCO2 19.7 is eq —alent to 40 Can light trucks not used GHG reduction income GHG reduction credit rate Sit= 0 Financial parameters Inflation rata % 11.0% Project life yr 20 Debt raW % tr% Initial coats H—brig s lam $ 0 0.0% Lotter $ 168,000 100.0% Total initial costs S 168,000 100.0% Incentives and grants $ 100,800 60.0% Cumulative cash flows graph Annual coats and debt payments 250.000 - 08M jsavmgs) costs $ Fuel PMt - proposed case S 2.131 j1R19 l0ther I 15"M Total annual costs S 1,831 Annual savings antl Income n 1W' Fuel cmu - base case S 5,033 Other S I Total annual savings and income $ 5,833 o 1 2 3 4 6 a e 1e 11 12 13 14 15 to 1T Finanual viability Pre -tav IRR assets % Simple Payback yr 16.0 '100,000 Equity payback yr 9.1 Yew 9 7 Antlers at Vail, domestic hot water for front budding 2/12/2009 Vad. Colorado RETScreeM -1 i RETScreen Energy Model - Heating project Technology Solar water heater Load characteristics Applicebon (j Swimming pool C Hot water Unit Be- case Proposed case Load type OCrer Daily hd water use qIlId 1,750 1,750 Temperature F 130 130 Operating days p—eek d 7 7 Percent of momh used Month January 85% 86% February 100% 100% March 100% 100% April 36% 36% May 7% 7% June 43% 43% July 71% 71% August 71% 71% September 57% 57% October 36% 36% Navemhar 149 14% December 71% 71% Supply temperature method Formula Water tam perature - minimum F 34.0 Water temperature - maximum F 511 Incmmentel Unlit Bane case Proposed case Energy saved initial costs Hunting mllNOn Btu 272.1 777 1 0 %0 Resource assessment Solar tracking mode Fixed Slope 30.0 Arlmuth 100 Daily solar Daily solar Show data radlaUon radiation -toed horizontal Month kWNm'!d kWh1m'id January 242 4.02 February 3.34 4 77 March 4 37 5.23 April 5.56 5.89 May 6.311 6.18 June 71g 670 July 693 657 August 613 6.25 September 5.14 5.89 Oto cber 3.67 513 November 253 3.91 December 2.12 3.87 Annual 40 5.35 Annual solar mdlalion - hon W him' zontal M 1.70 Annual solar radiation - tilted MW h /m 1.95 Solar water heater t � Type GlRad Sao W..hnrca noln Manufacturer SolarHM Soo pnpducr databa =e Model S- SC- i79P32 Gross area per solar collector m' 3.00 Apart— ame per edar collector m' 2.85 Fr (tau alpha) coral ant 0 -66 Fr UL coeffiaeM Whn 3.87 Tempamlum coefficient for Fr UL !m 0 Numbilrol collectors 42 31 Solar collector ame m' 126.00 Capacity kW 8379 Miscellaneous lasses % 5.0% 8dance of system 6 miscellanecua Storage Yes Storage capacity! solar collector area gal 2 Storage capacity gal 1.9327 Heat exchanger yes/no Yes Heat exchanger enicrency % 600% Mrscalwi us Vussos % 3.0% Pump power 1 sdar collector area W!m' SIM Eleciriciy rate flkWh 0.120 Summary Elacelcity - pump MWh 0.7 Heating delivered million Btu 1747 Solerfraction % 64% I i _ Hestlng system Project verification Base ease Pro osed use Natural gas - Natural gas - Fuel type therm mean Seasonal efficiency 80% 80% 0 Fuel consumption - annual therm 3,400.7 1,216.6 therm Fuel rate Werm 1.000 1.0017 Warm Fuel cost S 3.401 1.217 Antlers at Vail. domestic hot water for front building 2112/2009 Veil, Colorado RETScmen4 -1 GHG emission factor TSD GHG emission Be" caw electricity system (Basellne) exeL T8D losses factor Country - region Fuel type tC01AlWh % tcovy Unitatl States of America Natural gas 1 0.439 0439 GHG emission Base case ICO2 30.6 Proposed rase Ica? 10.9 Gross annual GHG emission redaction =2 19.7 GHG credits transaction fee % 0 Het annual GHG emission reduction tCO2 191 is equivalent to 40 ICam 8 light bucks not used GHG reduction income GHG reduction credit rate E/tCO2 Financial Analysis as Financial parameters Inflation rata % 11.046 Project Ida yr 20 Debtrabo % OX Initial costs Heatin s taro ; _ 0 0:0% OMer E 198,000 100.0% Total initial costa S 168,000 100 -0% Incentives and grants S 100,900 60.0% Cumulative cash flows graph Annual costs and debt payments `' 000 0811 (savings} costs E -600 Fuel cost - _posed case S 2,131' — Total annual costa S 1,631 3 0 Annual savings and Income 100,= - _ Fuel cost base case E 5 833 - - Other S -- _ Total annual savings and income E 5.833 a rly 7 4 S a 9 10 11 12 13 to 15 16 17 1a 19 Financial viability -5ana1 Pre -tax IRR - assets % 13.5'io Simple payback yr 16 0 '1 W Equity payback yr 9. r Year I Antlers at Vail, domestic hot water for front building 2/12j2OO9 Vail, Goiorada AETScree4-1 RETScreen Energy Model - Heating project Tr<nn00 , Solar wafer heater Load characteristics Anp',at01 Pool Hot water Una Be -caao Proposed ease Load type Other Daily not ware, use g all 1.750 1 750 Temperature F 13x1 130 I Operating days Per week d 7 1 7 Percent of month used Month January 65% 86% February 100 %. 100% March 100% 100% April 36% 36% May 7% 7% June 43% 43% July 71% 71% August 71% 71% September 57% 57 Octal, r 36% 35% November 74% 14% December 71% 1 71% Supply temperature method Formula Wafer temperature- minimum F 34.0 Water temperature - maximum F 51 1 Incremental unit Saw came Proposed case Energy saved initial coals Healing minion Btu 2721 277 0% 0 ttesaurce assessment Solar tracking mode Fried Slope 30.0 Azimuth 100 Dally Solar pally solar Shaw data do radiation - radiation - tilted hortzontaf Month kWNm'!d kWhlmrfd January 2A2 4.02 February 3.34 4.77 March 427 5.23 April 5.56 5.88 May 6.38 6.18 June 7.19 6.70 July 6,93 657 August 6.13 5.25 September 5.14 5.89 October 3.97 5.13 November 2. 53 3.91 Detain be, 2.12 3.67 Annual 4.67 5.35 Annual solar redlstion - honzont it MW hIm- 1.70 Annual War radiation - blind MW Nm' 1,95 Solar water Mmr Type Glazed See rochnN;ar nom Manufacturer Solafl9201 SSit� dsrat>sw Model S- SC- 179P32 Gross area per solar collector m' t3,87 Aperture area per soar collecla m Fr (tau alpha) coefrroem Fr UL coefficient (W fm' 1`C: Tam Peraturewerfcientfor Fr UL Wlm'! Number of collectors 31 Solar collector area m' 126,00 Capacity kW 8379 Miscellaneous losses % 5.0% I Balance of system 6 mlmcellane— S""ile Yes Storage capacty / solar collector area Q avW 2 Storage cap—ty gal 1.933.7 Heal exchanger yalift Yes Heat exchanger efficiency % 80.0% Miscellaneous kisses % 10% Pump power I solar collector area W /m' 5,00 Electricity rate SIkWh 0.120 Summary Eleetricity - pump MW h 0.7 Heating delivered milbpn Btu 174.7 Solarfracaon % 64% Heating system Project. verifi -tion Base ease Pro osed wse Natural gas - Natural gas - Fuel type therm In— Seasonal efficiency SO% 80% 0 Fuel consumption- annual therm 3.400.7 1,216,8 therm Fuel rate SRhefm 1.0(10 1.000 S8tlerm Feel cost $ 3,401 1,217 i Antlers at Vail, domestic hot water for front building 2/12/2009 Vail, Colorado RETS —m 4a - GMG emission factor T&D GHG #mission ease case electricity syetem (Baseline) Fuel T6D) losses factor Country- repicn Fuel type lC�2JIIIYy� % tCO7/YWh United States of Am erira Natural as 0.439 0.439 GHG emission Base case tCO2 30.6 Proposed case ti 10.8 Gnaws annual GHG emission redue5on tCO2 19.7 GHG credits transaction fee % Net annual GHG emission reduction tCO2 191 is equivalent to 4.0 Cars d I. ht trucks not used GHG reduction income GHG reduction credit rate $/tG02 Financial Ai Financial parameters Inflation rate % 11.0% Protect life yr 20 Dehtrwo % 0% Initial coats Fleatn system S 0 0.0% are, S 150,000 100.0% Total initial coats S 1$5,000 100,0% Incentives and grants $ 100.800 50.0% Cumulative rash flows graph Annual costs and debt paymunts Mom (savmgsj costs $ -500 Fuel cost • propmod case S 2.131 2W.O00 To ta - annual cos 150.M ts E 1.631 3 Annual savings and income G 00,Wp Fuel Cost - base rase S 5,833 5p ape. Other $ �� Total annual saving. and income S 5,833 p 1 a 3 4 a a a l0 11 t2 13 16 15 15 1T 1a 19 Financial viability a - Sa,apo Pre -ta. IRR -.—I, % 13.5% v Simple payback yr 15.0 -100,000 Equity payback y r 9,1 Year Anvers at Vail, domestic hot water for front building 21122009 Vail, Colorado RETScrean4 -1 RETScreen Energy Model - Nesting project Technology Solar water heater Load characteristics Application ] m. <g pool C Hat water Unit Base case Proposed case i Load type Other ! Daily hot water use I p alld 1,759 1 ?50 Tampsratura F 130 130 Operating days per week d 7 Percent of month used Month January 86% 86% February 100% 100% March 100% 1005 April 38% 36% May 7% 7% June 43% 43% July 71% 71% August 71% 71% September 57% 57% October 38% 36% NnVnmbor 14% 14% December 71% 71% Supply temperature method Fonnule Writer temperature - minimum F 34.0 Water temperature - maximum F 511 Incremental unit ss Be ease proposed case Energy ssvod Initial costs Heating million Btu 2721 2721 0 Resource assessment Solar tracking mode F,sed Slope 30.0 Azimuth 10.0 Daily solar Daily solar Shnwdele rediatlon - radlalion - tilled horizontal Month kWrdm'Id kWhlm'fd January 242 4.02 February 334 4.77 March 4 37 5.73 April 5.56 5.68 May 638 6 16 June 719 6.70 July 693 6.57 August 8.13 6.25 Sao bar 514 5.89 October 3.87 513 Noyem ter 253 3.91 December 2.12 3.67 Annual 4.67 5.35 Annual solar radiation - honzontel MWh /m' 1.70 Annual solar radiation - tilted MW sum' 1.95 Solar water Mater Type Glazed 0 See ladmrcal nets Manufacturer Soiarti" See aroducf detspss4 Model S- SC- 179P32 Gross area per sole, collector m' 3.09 Apenum rime per solar collector m 2.65 Fr Itsu alpha) col penl 068 Fr UL coefficient WIn1' IC 3.87 Temperature Coefficient for Fr UL Wlm'Pl;' 0 Number of collectors 42 31 Solar collector area 126,00 Capal kW 8379 Mlsceeaneous kisses % 5.0% Balance of system 6 miscellaneous Storage Yas Storage capacity I solar cafleclor area aIM' 2 9torpe capacity gal 1.9327 Heatexchenger yeslno Yes Heat axcharlger efficiency % 80.0% M sciallaneous losses % 3.0% Pump power I solar collector area W!m' 5.00 Electi rile 5lkWh 0.120 Summary Electricity - pump MWh 0.7 Meeting delivered million Btu 1747 Solar fraction % 64% _ Heading system Project verification Base case Pro osed rasa Natural gas- Natural gas - Fueltype therm therm Seasonal efficiency 80% 80% Fuel consumption - annual therm 3,400.7 1,2166 !harm Fuel rate $ therm 1 1.009 1000 SRherm Fuel cost $ 3,401 1.217 An6ers et Veil, domestic hot water for front building 211242099 Veil, Colorado RETScreen4 -1 GHG omission factor T&D GMG omission Base case electricity system (Baseline) eacl. TB.D losses factor ype tCO21MWh Country -rog ion Fuel t % tCO2PMWh Unitatl States of Am ante Natural 9.s 0.439 0.439 GHG emission Base rase ICO2 17.8 Propdaetl case fCO2 6.7 anti" annual GHG am "ion reduction ti 11.1 GHG reedits transaction fee % Not annual GHG emission reduction ti 11.1 is equivalent la 2.3 Cars & light trucks not used GHG reduction Irrcome GHG reduction creel¢ rate W02 Financial parameters Inflation rate % 11.0% Protect Ile 2)r 20 Debt ratio % 0% Initial costs H eetl 5 lam Other $ 168,000 1000% Total Initial costs $ 158,000 100.0! Incentives and grants $ 1 p0. @00 500% Cumulative cash flows graph Annual casts and debt payments 150 000 08M (savings) costs E -500 Fuel rbst - ratio $ 1 306 -'00 Other $ Total annual costs E Roe 3 e Annual savings and income Fuel cost - base case ; 3 40t Other $ _ 0 Total annual savings and income $ 3.401 1 2 7 4 5 a t a B t 12 13 1a 1s 1a 17 is 19 w.00c Financial viability E . Pro -tav IRR - assets % B.4% Sim pie payback yr 25.9 - 100.obp Equity payback 2)r 122 year Antlers at Vail. domestic hot water for front buiding 2)12)2009 Vail, Colorado RrET^xraen4 -1 GHG emission factor T&D GHG emission Base case electricity system (Baseline) factor Country - region Fuel type 1C07/MWh _ % tCO2fMWh Unifad States of America Natural g.s 0439 j 0.439 GHG emission Base case tCO2 1T 8 PrOPOSed case tCO2 6.7 Gros- annual GHG emiwion reduction tCO2 11.1 GHG credits transaction fee % 0 list annual GHG emission reduction tCO2 11.1 is equw.alenl to 2.3 1C.. & light bucks not used GHG reduction Income GHG reduction credit rate VtCO2 Financial parameters Inflation to % Project fife Yr Debt rat10 % 0% Initial Costs HaaUrt s xem S 0 Q.t1% Other _ S 16B,W0 100.046 Total initial costa S 188,000 100.0% Incentives and grants f 100,800 80.0% Cumulative cash flows graph Annual costs and debt payments 1606000 06M Isavinps} costs f -500 Fuel r cost - proposed case f 1.306 00 » 1000 06,e S �� a + Total annual costs $ 806 3 60.000 Annual savings and income Fuel cost base rase f 3.401 Total annual -vino. and interne S 3.401 _ 1 7 a . 4 ! 1 ! e E Financial viability Pre -Iax IRR - assets % 84% Simple payback Y 2&9 Equity payback yr 12.2 Year Ar,Uers at Vail, domestic hat water for front building 2112!2009 Vail, Colorado RETScmen4 -1 Ern.... Analysis GHG emission factor T80 GHG omission Base case electricity system (Baseline) excl. T &D losses factor Country - region Fuel type tCO2/MWh % tCO2WWh i/nded Stales of Amens Natural gas 0.439 0.439 GHG emission Base wee tCO2 17.8 Propostsd rase tGG2 8.7 Gross annual GHG emission reduction ICO2 11.1 GHG uTedlts transactor fee % 0 Net annual GHG emission reduction tCO2 11.1 Is egwvalent to 23 jC.M A light trucks not used GHG reduction mooma GHG reduction credit rate W02 Financial Analysis Financial parameters inflator rate o 11.0% Project life yr 20 Debt rata % 0% Initial costs Heatn s stem S 0 0.0% omar $ 159,oa4 too.o% Total initial costs $ 168,000 101094 incentives end grants $ 100,800 60.0% Cumulative cash flows graph Annual cast. and debt payments 150 ow "I'M savings, coats $ Furl cost- ro Deed case $ 1,306 w eW.lgd Omer $ �� Total annual costs ; 908 e sv.ma ,, Annual savings and income F.rn wet - bane case ; 3.401 u Omer 1 t 7 4 a a 7 a e 1 12 13 la 15 n, 1l 1a to Total annual savings and income ; 3,401 5 Financial viability - 30.000 ti Pre -tax IRR - assets % 8.4% simple payback yr 25.9 - 100,000 Equity payback yr 122 Year Anvers at Vail, domestic hot water for front building 211212009 Vail, Colorado RETBcreen4 -1 MEMORANDUM TO: Town Council FROM: Community Development Department DATE: February 17, 2009 SUBJECT: Ordinance No. 6, Series of 2009, an ordinance amending Section 12 -7H -3, Permitted and Conditional Uses; and Section 12 -16 -7, Use Specific Criteria and Standards, Vail Town Code, to allow business offices and professional offices as conditional uses on the first floor in the Lionshead Mixed Use -1 District, and setting forth details in regard thereto. (PEC090001) Applicant: 450 Buffalo Properties, represented by Michael Hecht Planner: Bill Gibson I. DESCRIPTION OF THE REQUEST The applicant, 450 Buffalo Properties, represented by Michael Hecht, is requesting a first reading of Ordinance No. 6, Series of 2009, an ordinance amending Section 12 -7H -3, Permitted and Conditional Uses; and Section 12 -16 -7, Use Specific Criteria and Standards, Vail Town Code, to allow business offices and professional offices as conditional uses on the first floor in the Lionshead Mixed Use -1 District, and setting forth details in regard thereto. The proposed Ordinance No. 6, Series of 2009, has been attached for review (Attachment A). This proposal could facilitate permanent first floor offices in the Lionshead area with a conditional use permit based upon the specific review criteria outlined in the attached Ordinance No. 6, Series of 2009, as follows: a. Office use is part of a coordinated mixed use development; and, b. Office use is advantageous to create compatibility with or a transition to other development in the vicinity; and, c. Office use is designed to the same general scale and character of other uses in the zoned district; and, d. Office use is consistent with the intent and objectives of the Lionshead redevelopment master plan; and, e. Offices for real estate agents, sales and brokerage shall be excluded, and, f. The storage, sale, or display of merchandise shall occupy less than ten percent (10%) of the office's floor area; and, g. Off street parking shall be provided in accordance with Chapter 10 of this title; and, h. Signage shall be provided in accordance with Title 11, Sign Regulations, of this code. A more complete description of the applicant's request and Staff's analysis of this proposal can be found in the attached Staff memorandum to the Planning and Environmental Commission (Attachment B). IL. BACKGROUND On February 9, 2009, the Planning and Environmental Commission forwarded a recommendation of denial to the Vail Town Council of Ordinance No. 6, 2009, by a vote 1 of 5 -0 -1 (Pierce recused). The Staff memorandum to the Commission has been attached for reference (Attachment B). I At its February 9, 2009, the Commission recommended the applicant pursue an extension to the existing Treetops Building temporary first floor office conditional use permit, rather than pursuing broad amendments to the LMU -1 District regulations. The existing temporary business office conditional use permit is scheduled to expire on August 30, 2009, with re- review by the Commission no later than May of this year. III. PLANNING AND ENVIRONMENTAL COMMISSION RECOMMENDATION The Commission recommends the Council denies Ordinance No. 6, Series of 2009, an ordinance amending Section 12 -7H -3, Permitted and Conditional Uses; and Section 12- 16-7, Use Specific Criteria and Standards, Vail Town Code, to allow business offices and professional offices as conditional uses on the first floor in the Lionshead Mixed Use -1 District, and setting forth details in regard thereto - Should the Town Council choose to deny this proposal; the Planning and Environmental Commission recommends the Town Council pass the following motion: "The Town Council denies Ordinance No. 6, Series of 2009, an ordinance amending Section 12 -7H -3, Permitted and Conditional Uses; and Section 12 -16- 7, Use Specific Criteria and Standards, Vail Town Code, to allow business offices and professional offices as conditional uses on the first floor in the Lionshead Mixed Use -1 District, and setting forth details in regard thereto." Should the Town Council choose to deny Ordinance No. 6, Series of 2009, on first reading, the Planning and Environmental Commission recommends the Town Council makes the following findings: "Based upon the review of the criteria outlined in Section V1 of Staffs February 9, 2009, memorandum and the evidence and testimony presented, the Town Council finds. 1. The amendment is not consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town; and 2. The amendment does not further the general and specific purposes of the zoning regulations, the Lionshead Mixed Use 1 District, and the Lionshead Mixed Use 2 District outlined in Sections 12 -1 -2, 12 -7H -1, 12 -71 -1, and 12-16 - 1, Vail Town Code; and 3. That the amendment promotes the health, safety, morals, and general welfare of the Town and promotes the coordinated 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." IV. ATTACHMENTS A. Ordinance No. 6, Series of 2009 B. February 9, 2009, Staff memorandum to the PEC 2 Vail Town Council Attachment; A ORDINANCE NO. 6 SERIES 2009 AN ORDINANCE AMENDING AMENDING SECTION 12 -7H -3, PERMITTED AND CONDITIONAL USES; AND SECTION 12 -16 -7, USE SPECIFIC CRITERIA AND STANDARDS, VAIL TOWN CODE, TO ALLOW BUSINESS OFFICES AND PROFESSIONAL OFFICES AS CONDITIONAL USES ON THE FIRST FLOOR IN THE LIONSHEAD MIXED USE -1 DISTRICT, AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, on February 9, 2009, the Planning and Environmental Commission of the Town of Vail held a public hearing and reviewed and forwarded a recommendation of denial to the Vail Town Council for the proposed text amendments; and, WHEREAS, the Town Council finds and determines that the amendments are consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town, based upon the evidence and testimony presented; and, WHEREAS, the Town Council finds and determines that the amendments further the general and specific purposes of the Zoning Regulations, based upon the evidence and testimony presented; and, Whereas, the Town Council finds and determines that the amendments promote the health, safety, morals, and general welfare of the town and promote the coordinated 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, based upon the evidence and testimony presented; and, now, therefore, be it ordained by the Town Council of the Town of Vail, Colorado, that: Section 1 . Section 12 -7H -3: permitted and conditional uses; first floor or street level, of the Vail Town Code is hereby amended in part as follows (text to be deleted is in t ^ug , text that is to be added is bold, and sections of text that are not amended have been omitted): B. Conditional Uses: The following uses shall be permitted on the first floor or street level floor within a structure, subject to issuance of a conditional use permit in accordance with the provisions of chapter 16 of this title: Accommodation units. Attached accommodation units. Beauty and barber shops. Business offices Conference facilities and meeting rooms. Electronics sales and repair shops. Financial institutions, other than banks. Liquor stores. Lodges. Major arcades. Multiple- family residential dwelling units, timeshare units, fractional fee clubs, and lodge dwelling units. Professional offices Ordinance Ito. 6, Series of 2049, first reading Temporary business offices. Theaters. Additional uses determined to be similar to conditional uses described in this subsection, in accordance with the provisions of section 12 -3 -4 of this title. Section 2 . 12 -16 -7: use specific criteria and standards, of the Vail Town Code is hereby amended in part as follows (text to be deleted is in stFi et#Feugh text that is to be added is bold, and sections of text that are not amended have been omitted) A. Uses And Criteria: 17. First Floor Business or Professional Office Use: a. Office use is part of a coordinated mixed use development; and, b. Office use is advantageous to create compatibility with or a transition to other development in the vicinity; and, c. Office use is designed to the same general scale and character of other uses in the zoned district; and, d. Office use is consistent with the intent and objectives of the Lionshead redevelopment master plan; and, e. Offices for real estate agents, sales and brokerage shall be excluded; and, f. The storage, sale, or display of merchandise shall occupy less than ten percent (10 %) of the office's floor area; and, g. Off street parking shall be provided in accordance with Chapter 10 of this title; and, h. Signage shall be provided in accordance with Title 11, Sign Regulations, of this code. Section 3 . If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not effect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 4 . 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. Section 5 . The amendment of any provision of the Town Code as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceeding as commenced under or by virtue of the provision amended. The amendment of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. Section 6 . 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. 2 Ordinance No. 6, Series of 2009, first reading INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 17 day of February, 2009 and a public hearing for second reading of this Ordinance set for the 2 nd day of March, 2009, in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Richard D. Cleveland, Mayor Attest: Lorelei Donaldson, Town Clerk I 3 Ordinance No. 6, Series of 2009, first reading Vail Town Council Attachment: B MEMORANDUM i TO: Planning and Environmental Commission FROM: Community Development Department DATE: February 9, 2009 SUBJECT: A request for a final recommendation for prescribed regulation amendments, pursuant to Section 12 -3 -7, Amendments, Vail Town Code, to amend Section 12- 7H-3, Permitted and Conditional Uses; and Section 12 -16 -7, Use Specific Criteria and Standards, Vail Town Code, to allow business office and professional office on the first floor in the Lionshead Mixed Use -1, and setting forth details in regard thereto. (PEC090001) Applicant: 450 Buffalo Properties, represented by Michael Hecht Planner: Bill Gibson I. SUMMARY A request for a final recommendation to the Vail Town Council for a prescribe regulation amendment pursuant to 12 -3 -7, Amendments, Vail Town Code, to amend Section 12- 7H-3, Permitted and Conditional Uses; First Floor or Street Level, to allow business office and professional office on the first floor in the Lionshead Mixed Use -1 District, and setting forth details in regard thereto. Based upon Staff's review of the criteria outlined in Section VI of this memorandum and the evidence and testimony presented, the Community Development Department recommends the Commission forwards a recommendation of denial subject to the findings noted in Section VII of this memorandum. II. DESCRIPTION OF REQUEST The applicant's proposed regulation amendments (see Attachment A) are as follows: (text to be deleted is in StFikethro gh text that is to be added is bold, and sections of text that are not amended have been omitted): 12 -7H -3: PERMITTED AND CONDITIONAL USES; FIRST FLOOR OR STREET LEVEL: A. Permitted Uses: The following uses shall be permitted on the first floor or street level within a structure: Banks, with walk -up teller facilities. Child daycare centers. Eating and drinking establishments. Employee housing units, as further regulated by chapter 13 of this title_ Recreation facilities. Retail stores and establishments. Skier ticketing, ski school and skier services. Travel and ticket agencies. 1 Additional uses determined to be similar to permitted uses described in this subsection, in accordance with the provisions of section 12 -3 -4 of this title. B. Conditional Uses: The following uses shall be permitted on the first floor or street level floor within a structure, subject to issuance of a conditional use permit in accordance with the provisions of chapter 16 of this title: Accommodation units. Attached accommodation units. Beauty and barber shops. Business offices Conference facilities and meeting rooms. Electronics sales and s. repair shops. p Financial institutions, other than banks. Liquor stores. Lodges. Major arcades. Multiple - family residential dwelling units, timeshare units, fractional fee clubs, and lodge dwelling units. Professional offices Temporary business offices. Theaters. Additional uses determined to be similar to conditional uses described in this subsection, in accordance with the provisions of section 12 -3 -4 of this title. 12 -16 -T. USE SPECIFIC CRITERIA AND STANDARDS: The following criteria and standards shall be applicable to the uses listed below in consideration of a conditional use permit. These criteria and standards shall be in addition to the criteria and findings required by section 12 -16 -6 of this chapter. A. Uses And Criteria: 17. First Floor Business or Professional Office Use: a. Office use is part of a coordinated mixed use development; and, b. Office use is advantageous to create compatibility with or a transition to other development in the vicinity; and, c. Office use is designed to the same general scale and character of other uses in the zoned district, and, d. Office use is consistent with the intent and objectives of the Lionshead redevelopment master plan; and, e. Offices for real estate agents, sales and brokerage shall be excluded; and, f. The storage, sale, or display of merchandise shall occupy less than ten percent (10%) of the office's floor area; and, g. Off street parking shall be provided in accordance with Chapter 10 of this title; and, h. Signage shall be provided in accordance with Title 11, Sign Regulations, of this code. 2 III. BACKGROUND The Lionshead Redevelopment Master Plan was adopted in December 1998 and the Lionshead Mixed Use 1 District was established in early 1999. Originally, the Lionshead Mixed Use 1 and 2 Districts prohibited office uses on the first floor or street level. In November of 2004, the Town of Vail adopted amendments to the zoning regulations to allow temporary business offices on the first floor in these two districts. In January of 2005, Vail Resorts obtained a conditional use permit to allow a temporary business office in the applicant's tenant space on the first floor of the Treetops Building located at 450 East Lionshead Circle. This conditional use permit was renewed on multiple occasions and is scheduled to expire on August 30" of this year. The proposed amendments could facilitate the permanent location of offices in the applicant's Treetops Building first floor tenant space as well as first floor spaces throughout Lionshead. A copy of the applicant's letter of request has been attached for reference (Attachment A) . IV. ROLES OF REVIEWING BODIES Text amendment applications will be reviewed by the Planning and Environmental Commission and the Commission will forward a recommendation to the Town Council. The Town Council will then review the text amendment application. V. APPLICABLE DOCUMENTS Staff believes the following documents are relevant to the review of this proposal: TITLE 12: ZONING REGULATIONS (in part) Sections 12 -1 -2: PURPOSE (Zoning Regulations), 12 -7H -1: PURPOSE (Lionshead Mixed Use 1 District), 12 -71 -1: PURPOSE (Lionshead Mixed Use 2 District), and 12 -16- 1: PURPOSE; LIMITATIONS (Conditional Use Permits), Vail Town Code. LIONSHEAD REDEVELOPMENT MASTER PLAN (in part) 2. 11 Purpose of the Master Plan This master plan was initiated by the Town of Vail to encourage redevelopment and new development initiatives within the Lionshead study area. Both public and private interests have recognized that Lionshead today lacks the economic vitality of Vail Village, its neighboring commercial district, and fails to offer a world -class resort experience. Lionshead's economic potential has been inhibited by a number of recurrent themes: lack of growth in accommodation units ( "hot beds "), poor retail quality, the apparent deterioration of existing buildings, an uninteresting and disconnected pedestrian environment, mediocre architectural character, and the absence of incentives for redevelopment. Redevelopment is critical for Vail and Lionshead if the community is to remain a competitive four - season resort. Other resorts are spending millions of dollars to upgrade their facilities in order to attract more visitors year - round. Growth in the number of skiers 3 annually has slowed to one to two percent, intensifying competition for market share. Skiers are spending less time skiing and more time shopping, dining out, and enjoying other off - mountain activities. As a result, the demand for quality retail shopping and a greater diversity of experiences has dramatically increased. All of these are sorely in need of improvement in Lionshead. Vail, and specifically Lionshead, will fall behind if the community fails to upgrade the quality of its facilities and correct the existing flaws in its primary commercial nodes. The master plan is intended to provide direction over the next 15 to 20 years. I 2.3 Policy Objectives The Town Council adopted six policy objectives on November 4, 1996 to outline the important issues to be addressed in the master plan and to provide a policy framework for the master planning process. 2.3.1 Renewal and Redevelopment Lionshead can and should be renewed and redeveloped to become a warmer, more vibrant environment for guests and residents. Lionshead needs an appealing and coherent identity, a sense of place, a personality, a purpose, and an improved aesthetic character. 2.3.2 Vitality and Amenities We must seize the opportunity to enhance guest experience and community interaction through expanded and additional activities and amenities such as performing arts venues, conference facilities, ice rinks, streetscape, parks and other recreational improvements. Chapter 4: Master Plan Recommendations - Overall Study Area This section of the master plan addresses issues that affect Lionshead as a whole. These issues -- and recommendations to address them - should be considered in all planning and policy decisions as Lionshead redevelops. 4.1.2 East Lionshead - Civic Hub The civic hub of Lionshead is comprised of Dobson Ice Arena, the Vail public library, the Lionshead public parking structure, and the proposed Vail Civic Center site on the east end of the parking structure. Although this area also contains several lodging properties and may support office or retail development in the future, all planning and design decisions here should be respectful of and compatible with these civic components. 4.1.3 Resort Retail and Commercial Hub This area, also known as the Lionshead pedestrian core, is the heart of Lionshead and the epicenter of pedestrian and retail activity. A mixed -use environment, this area is comprised of retail shops, skier services, offices, residential units, and restaurants, but it has no coherent identity. More people access the mountain from here than from Vail village, yet the area experiences low retail sales and weak evening activity. Non - retail businesses in what should be a high volume retail environment further erode its retail potential. 4 The priority for this area is to reinforce and enhance the identity of a premier destination resort. This requires higher quality retail activity, an active pedestrian environment, greater diversity of public spaces, and a focus on lodgings that reinforce activity. All planning and design decisions should further this goal. A priority need identified by the master plan is a high quality resort hotel in the Lionshead core to provide the dynamic infusion of people that will support a vibrant retail district. A corollary need is a more identifiable pedestrian portal into the Lionshead core from the west; the absence of a well - designed gateway from this side is a significant obstacle to the capture of the west Lionshead bed base by core area retailers. 4.1.4 Resort Lodging Hub This area of Lionshead is located just west of the Lionshead retail core and is comprised almost exclusively of high - density residential and lodging products. All future planning and design decisions in this area should work to reinforce the residential nature of the neighborhood and retain the sense of privacy desired by individual properties. New development in this area should aim for quieter pedestrian streets, well- defined pedestrian connections, more intensive landscaping and higher quality streetscape development. 4.1.5 West Lionshead - Residential/ Mixed -Use Hub The western 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 Building, and Cascade Crossing. This area of 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 foss" of retail square footage in West Lionshead. With their recent acquisition of additional properties in this area, Vail Resorts has the opportunity to bring lift service to this part of Lionshead. Lift service brings with it 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 other improvements. While lift access will certainly energize this area during the winter months, attention should be given to creating a year - round attraction within this area of Lionshead (see detailed plan recommendations in Chapter 5) The master plan recommends that this hub become a residential/ mixed use area with an emphasis on meeting the needs of both the local community and our guests. 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 Mountain. Consideration should be given to integrating employee housing into the redevelopment of West Lionshead in accordance with the Town's employee housing policies and regulations. To the extent possible development patterns in 5 this area should reflect north-south orientation of buildings, visual penetrations to the mountain, and a pedestrian oriented environment. The degree of north -south building orientation may be difficult 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 accommodated on -site. Chapter 5: Detailed Plan Recommendations This section of the Lionshead Master plan examines individual parcels and groups of parcels within the Lionshead study area, excluding the residential properties on the south side of Gore Creek. The intent of this chapter — and the Master plan as a whole - is to identify important functional relationships and visual objectives within the district and to propose a framework for the long -term redevelopment of Lionshead. The document does not intend to limit or eliminate ideas relating to specific parcels: any proposals consistent with this framework should be considered even if they are not anticipated in this document. The parcels addressed here are organized generally from east to west, starting with the civic hub on the eastern end of the parking structure. 5.8 Lionshead Retail Core The Lionshead retail core (see figure 5 -8) is comprised of the Vail Associates core site, the surrounding pedestrian mall environment, and the retail faces of adjacent buildings. This central area is the heart and soul of Lionshead and constitutes the most critical area for public and private improvements. The Vail Associates core site represents the most likely near -term redevelopment project, but it is essential that the Town of Vail take all available steps to encourage and facilitate other efforts to enhance and redevelop the retail core. Specific recommendations are as follows: 5.8.2 Ground Level Retail Expansion Opportunities Ground floor retail expansion should be encouraged on existing structures that do not currently extend to their designated build -to lines and are not likely to be completely redeveloped. The most significant places for ground floor retail expansion are the east face of the Vail 21 building and the south and west faces of the Lionshead Arcade building. 5.8.5 Retail Space Allocation A primary goal of the Lionshead Master plan is to increase both the amount and the quality of retail space in the pedestrian core. The sunny south - facing sides of buildings (for example, at the Lifthouse Lodge and the creek side of the VA core site) are ideal for restaurants. The shadier north- facing sides are more appropriate for retail uses that do not benefit as much from a direct relationship with the outdoors. Use of ground floor commercial space for offices is not recommended on the primary pedestrian mall; these businesses should be located instead on the second story or outside the main pedestrian corridor. 5.8.8 Pedestrian/ Retail Connection to West Lionshead Circle The most important missing link in the Lionshead retail mall is a direct connection between the east end of the Montaneros condominiums and the intersection of 6 West Lionshead Circle and Lionshead Place. This connection would connect the Lionshead mall to West Lionshead Circle and would remove the awkward grade transition at Concert Hall Plaza. Figure 5 -11 suggests that, at the least, a connection could occur between the north side of the Montaneros and the south side of a redeveloped Concert Hall Plaza. The optimum solution would entail the redevelopment of Montaneros, enabling a direct connection with retail frontage on both sides (see figure 5 -12). VI. REVIEW CRITERIA 1. The extent to which the text amendment furthers the general and specific purposes of the zoning regulations; and The proposed amendments are intended to allow opportunities for business offices or professional offices on the first floor or street level within the Lionshead Mixed Use 1 District. If the Commission chooses to approve the proposed amendments, Staff recommends these same amendments be applied to the Lionshead Mixed Use 2 District. Within both districts, office uses are allowed in the basement and upper floors of buildings; however, they are not allowed on the first floor. Several sections of the Lionshead Redevelopment Master Plan clearly discourage non - retail uses being located at street level within the Lionshead Retail Core Area. The Lionshead Redevelopment Master Plan contemplates future office uses in the East Lionshead area and recommends no net loss of office uses in the West Lionshead (Ever Vail) area. However, the Plan does not address where these office uses should be located within a given building located in the western or eastern Lionshead areas. Based upon the Town's zoning regulations, these office uses will be established /re- established within the non -first floor portions of the building. 2. The extent to which the text amendment would better implement and better achieve the applicable elements of the adopted goals, objectives, and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town; and The Lionshead Redevelopment Master Plan contemplates future office uses in the East Lionshead area and recommends no net loss of office uses in the West Lionshead (Ever Vail) area. However, the Plan does not address where these office uses should be located within a given building located in the western or eastern Lionshead areas. Based upon the Town's zoning regulations, these office uses will be established /re- established within the non -first floor portions of the building. Within both districts, office uses are allowed in the basement and upper floors of buildings; however, they are not allowed on the first floor. Several sections of the Lionshead Redevelopment Master Plan clearly discourage non- retail uses being located at street level within the Lionshead Retail Core Area- 7 3. The extent to which the text amendment demonstrates how conditions have substantially changed since the adoption of the subject regulation and how the existing regulation is no longer appropriate or is inapplicable; and Since the original adoption of the Lionshead Redevelopment Master Plan and Lionshead Mixed Use 1 and 2 Districts, numerous Lionshead properties have redeveloped. During the course of this redevelopment activity, the Town of Vail revised the zoning regulations to allow temporary business offices to be located on the first floor in the Lionshead Mixed Use 1 District with a conditional use permt. These amendments facilitated the relocation of Vail Resorts offices displaced from the former Gondola Building to the Concert Hall Plaza and Treetops buildings. The conditional use permits for these temporary offices have received multiple extensions which have allowed those offices to remain in place since 2004. These permits are again scheduled to expire this year. Staff believes another review of these temporary business office conditional use permits may be more appropriate than permanently allowing office uses on the first floor of the entire Lionshead area. 4. The extent to which the text amendment provides a harmonious, convenient, workable relationship among land use regulations consistent with municipal development objectives. Staff believes this proposal is contrary to the purpose of the horizontal zoning policies established in the commercial core areas. The Commercial Core 1 District in Vail Village and the Lionshead Mixed Use 1 and 2 Districts in Lionshead were intentionally established to prohibit non - retail uses on first floor or street level of buildings. Staff does not believe the proposed text amendments will facilitate and provide a harmonious, convenient, workable relationship among land use regulations consistent with the Town of Vail master plans and development objectives. 5. Such other factors and criteria the Commission and/or Council deem applicable to the proposed text amendment. VII. STAFF RECOMMENDATION Based upon review of the criteria outlined in section VIII of this memorandum and the evidence and testimony presented, the Community Development Department recommends the Planning and Environmental Commission forwards a recommendation of denial to the Vail Town Council for prescribed regulation amendments, pursuant to Section 11 -3 -3, Prescribed Regulation Amendment, Vail Town Code, to amend Section 12 -7H -3, Permitted and Conditional Uses; and Section 12 -16 -7, Use Specific Criteria and Standards, Vail Town Code, to allow business office and professional office on the first floor in the Lionshead Mixed Use -1, and setting forth details in regard thereto. Should the Planning and Environmental Commission choose to forward a recommendation of denial of this request; Community Development Department recommends the Commission pass the following motion: 8 "The Planning and Environmental Commission forwards a recommendation of denial to the Vail Town Council, pursuant to Section 11 -3 -3, Prescribed Regulation Amendment, Vail Town Code, to amend Section 12 -7H -3, Permitted and Conditional Uses; and Section 12 -16 -7, Use Specific Criteria and Standards, Vail Town Code, to allow business office and professional office on the first floor in the Lionshead Mixed Use -1, and setting forth details in regard thereto." Should the Planning and Environmental Commission choose to forward a recommendation of denial to the Vail Town Council for the proposed text amendment, the Community Development Department recommends the Commission makes the following findings: "Based upon the review of the criteria outlined in Section Vi of Staff's February 9, 2009, memorandum and the evidence and testimony presented, the Planning and Environmental Commission finds: 1. The amendment is not consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town; and 2. The amendment does not further the general and specific purposes of the zoning regulations, the Lionshead Mixed Use 1 District, and the Lionshead Mixed Use 2 District outlined in Sections 12 -1 -2, 12 -7H -1, 12 -71 -1, and 12 -16- 1, Vail Town Code; and 3. That the amendment promotes the health, safety, morals, and general welfare of the Town and promotes the coordinated 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." Should the Planning and Environmental Commission choose to forward a recommendation of approval of this request; Community Development Department recommends the Commission pass the following motion: "The Planning and Environmental Commission forwards a recommendation of approval, with conditions, to the Vail Town Council, pursuant to Section 11 -3 -3, Prescribed Regulation Amendment, Vail Town Code, to amend Section 12 -7H -3, Permitted and Conditional Uses; First Floor or Street Level, Section 12 -71 -3, Permitted and Conditional Uses; First Floor or Street Level, and Section 12 -16 -7, Use Specific Criteria and Standards, Vail Town Code, to allow business office and professional office on the first floor in the Lionshead Mixed Use -1 and Lionshead Mixed Use -2 Districts, and setting forth details in regard thereto." Should the Planning and Environmental Commission choose to forward a recommendation of approval to the Vail Town Council for the proposed text amendment, the Community Development Department recommends the Commission recommends the following conditions: "The prescribed regulation amendments shall be subject to the following conditions: 9 I 1. The proposed amendments shall apply to the Lionshead Mixed Use 2 District. 2, In addition to the applicant's proposed use specific criteria and standards, offices shall not be located within the Lionshead Retail Core Area as defined by the Lionshead Redevelopment Master Plan. 3. In addition to the applicant's proposed use specific criteria and standards, offices shall not be located along pedestrian corridors and connections the as defined by the Lionshead Redevelopment Master Plan. Should the Planning and Environmental Commission choose to forward a recommendation of approval, with conditions, to the Vail Town Council for the proposed text amendment, the Community Development Department recommends the Commission makes the following findings: "Based upon the review of the criteria outlined in Section VI of Staffs February 9, 2009, memorandum and the evidence and testimony presented, the Planning and Environmental Commission finds: 1. The amendment is consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town; and 2. The amendment furthers the general and specific purposes of the zoning regulations, the Lionshead Mixed Use 1 District, and the Lionshead Mixed Use 2 District outlined in Sections 12 -1 -2, 12 -71-1-1, 12 -71 -1, and 12 -16 -1, Vail Town Code, and 3. That the amendment promotes the health, safety, morals, and general welfare of the Town and promotes the coordinated 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. Applicant's request B. Lionshead Retail Core Area Map C. Pedestrian Walks and Paths Map D. Overall Pedestrian Corridors and Connections 10 Attachment A Addendum to Zoning Code Amendment Application of Buffalo Properties Group, LLC, for Zone Change for Lionshead Mixed Use (LMU - t) District Request to add to Section B. Conditional Uses, of Definitions already set forth in Section 12 -2 -2. OFFICE, BUSINESS: An office for the conduct of general business and service activities, such as office of real estate or insurance agents, brokers, secretarial or stenographic services, or offices for general business activities and transactions, where storage, sale, or display of merchandise on the premises occupies less than ten percent (10 %) of the floor area. OFFICE, PROFESSIONAL: An office for the practice of a profession, such as office of physicians, dentists, lawyers, architects, engineers, musicians, teachers, accountant, and other who through training are qualified to perform services of a professional nature, where storage, sale or display of merchandise on the premises occupies less than ten percent (10 %) of the floor area. Applicant suggests some use specific considerations, to be incorporated into 12 -16-7, for the granting of the new Conditional Uses. Ground Floor Business or Professional Office use: a. Office use is part of a coordinated mixed use development: and b. Office use is advantageous to create compatibility with or a transition to other development in the vicinity; and i c. Office use is designed to the same general scale and character of other uses in the zoned district; and d. Office use is consistent with the intent and objectives of the Lionshead redevelopment master plan; and e. Offices for real estate agents, sales and brokerage shall be excluded; and The storage, sale, or display of merchandise shall occupy less then ten percent (10 %) percent of the office's floor area; and g. Off street parking shall be provided in accordance with Chapter 10 of this title; and h. Signage shall be provided in accordance with Title 11, "Sign Regulations ", of this code. Zone Change will apply to entire Lionshead Mixed Use (LMU -1) District, insuring fair and uniform application of the new standards requested, solves problems created by prior regulations creating time limitations for conditional uses, which have proved to be based on assumptions not born out by market and business realities within the Lionshead Mixed Use (LMU -1) District. 11 Attachment B LIONSFiEAD ARCADE LIONSHEAD CENTFR ---, F VAR, ASSOaATES COR=. STTF. LANDMARK RE - TAIL CONCERT HALL PLAZA Or It iiAwi s s�.rr�a� ._ s�s��of +L� J s Lam. ti. I It- I T-f)I T.F. T .f 1T)CrF. VAIL ? I F.Ww -e ? -8 - Liaruhead Retail Core .4iea 12 AttachmentC w • e W I — rD Ir 1 1 t r © y 1 I I if f,r E 13 Attachment D Y Y © 0 0 , tv r r- ,4 L t f 14 MEMORANDUM To: Town Council From: Stan Zemler, Judy Camp, Kathleen Halloran Date: February 12 2009 Subject: Supplemental Appropriation Due to a decline in construction and concern with sales tax revenue collections, we have reduced the 2009 General Fund operating budget by $1 million. This reduction brings 2009 expenditure levels flat with the 2008 budget and is accomplished without reducing service levels, including recently added costs of streetscape heat, loading and delivery, summer parking, expanded bus service, and extended hours of cleaning in the villages. Other new programs and services not impacted are environmental sustainability, forest health, Siebert Circle and recreational improvements — all of which are in RETT. If supportive of these reductions, staff asks that you approve this amended budget by passing an ordinance on Tuesday evening. The following is an outline of staff's reductions to the General Fund budget of nearly $1.0 million, although other funds are affected as well: Reduction in Positions - $228.000 Twelve positions have been added since 2004 in response to increased levels of activity related to the Billion Dollar Renewal. Several major projects have been completed including the Tivoli, Sonnenalp addition; One Willow Bridge; Vail Plaza Hotel; Arrabelle; Manor Vail; Vail Center; the Chalets at the Lodge at Vail; and the town's Village Streetscape project. Construction continues on several other projects through 2009 and possibly into 2010: Solaris, Four Seasons, Ritz Carlton, North Day Lot, Landmark Townhomes, Lions Square Lodge, Bell Tower and Rucksack. After reviewing recent statistics compiled by the Community Development Department that indicate a sharp decline in building permit applications and other related development activity in 2009, coupled with a decrease in sales tax collections during fourth quarter of 2008, staff recommends eliminating a total of 7.5 full -time equivalent positions from the 2009 Budget. Eliminations include positions in planning, building inspection, code enforcement and public works. Affected employees have all been notified of these changes. The remaining positions are needed to support the ongoing redevelopment projects. However, these positions will be re- evaluated during the 2010 budget process for a phased reduction. Open Positions - $219,000 Positions budgeted in 2009 but currently not filled include a senior planner position and a community information assistant position. These positions are frozen until the end of the year. The community information office will be supplemented with contract labor. In addition, a full -time journey mechanic position will be filled as a summer seasonal (for a .5 reduction in full -time equivalents) and two full -time bus driver positions will be filled seasonally. Merit Pool Only 4% of the budgeted 6% merit pool will be implemented. The remaining 2% will be frozen until the town's financial status is evaluated later in the year. The dollars have not been removed from the amended budget. Municipal Employee Home Ownership Program - $ 1 25,000 This program replaces the existing, ineffective down payment assistance program. The budget for the program was reduced from $500,000 to $375,000 to achieve the $800,000 reductions previously directed by Council back in November, 2008. This additional reduction leaves $250,000 to implement the program in 2009, in support of Council's housing priority. 090217 1 st Supp - 1 - Commission on Special Events (CSE) $79,000 This represents a 10% reduction in funding for the CSE. No reduction was taken during the budget process when $800,000 was cut from other line items. The CSE will determine which events will be affected. Reductions to Departmental Line Items - $341,500 Finally, directors were asked to cut a total of $341,500 from line item budgets. These operating cuts include reductions to professional development, travel, meals, office supplies, peer resort visits, recruiting, etc. Items that may be noticeable to the public include the elimination of one (of three) community picnics, and the bi- annual construction newsletter. Staff Recommendation Accept staffs budget reductions by approving the first reading of Ordinance No. 5 making budget adjustments to the 2009 budget. We have set aside time for discussion in the afternoon work session and are attaching the following information for your review: • First Supplemental Appropriation Request of 2009 • Statements of Revenue, Expenditure, and Changes in Fund Balance including the first supplemental • Ordinance No. 5, Series 2009 Once the proposed reductions are implemented, there will be limited latitude for additional spending for new programs, expanded services, etc. Future Adjustments Although staff is recommending these reductions, the town has built up a healthy fund balance over the past five years, budgeted at $21.6 million for the end of 2008. This does not include another potential $2 million surplus when all of the 2008 financial data is compiled. We do not plan to revisit any additional budget reductions until June. At that time, if the town experiences more significant revenue shortfalls in 2009, the following options are recommended for future consideration: — Use of 2008 Surplus. This will still leave a healthy reserve of $21.6 million. — Restore the sales tax "split' to 65% general fund and 35% capital projects fund. Based on the current 2009 budget, this shift would provide an additional $750,000 to the General Fund. — Without use of the 2008 surplus or a change in the sales tax "split ", it will be necessary to reduce service levels. i 090217 1st Supp -2- I m N O N N C� S O h K O C O 4 O N R M 44 3 d o . 0 a o • R v � � a J � m c O v H v C y O O O C� O O a q0 r+i _? v 3 3 3 _4 o Q. Li o y . v O 'b 'C 7 y E 7 q 7 O 7 7 5 5 u ° H .y 'K � O. G O R d C g O. �, C c O � r, 00 00 e0 e0 eU a0 e0 CO 00 e6 04 rn yY v v v ctl w c � v v• a • c • G • c . c ° • c • = c v L' E �. y ^ Lj " a 4, U o u r QoLoCoC W. LL U oG o V 00 0000000000 dF a 0 tsu OC +� O 0 0 0 0 O O O N N O 00 Vl © e{ O N Vt R R O u•i Q O R Q Q O C� C e. A vi �p R aD O c•1 •D O. Vi O� N C z° O v N v ^' v v � �' v N —�� P — N R Q R •--• Ifs .-. 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F y" o s U S C cy 7 Fl v ��CSy 3 E W� o U w 2 a ° W K� W^ N N C t_ V .! , C L ` a a ° E R« Q N ° _ ° c 777 2 ro A a vi a ro m ro A Vi o 0 0 0 0 7 u u h ,° m 3 e n N L, rr, rn v: F F U U s. 2 a ii 1 •�:: S v a i va V c vi t a v, TOWN OF VAIL 2009 BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERALFUND 2008 Proposed Amended 2009 1st Ammended Budget Budget Supplemental 2008 Revenue Local Taxes: Sales Tax Split b/t Gen'l Fund & Capital Fund 60140 61139 61139 j Sales Tax $ 11,640,000 $ 11,860,000 $ (1,000,000) $ 10,860,000 Property and Ownership 4,293,500 4,293,500 4,293,500 Ski Lift Tax 3,123,852 3,190,000 3,190,000 Franchise Fees, Penalties, and Other Taxes 926,110 899,935 899,935 Licenses & Permits 3,501,950 1,755,200 1,755,200 Intergovernmental Revenue 1,762,287 1,308,719 1,308,719 Transportation Centers 5,111,880 5,680,744 5,680,744 Charges for Services 767,135 798,838 798,838 Fines & Forfeitures 259,000 260,000 260,000 Earnings on Investments 585,000 495,000 495,000 Rental Revenue 797,400 795,300 795,300 Miscellaneous and Project Reimbursements 156,807 59,000 59,000 Total Revenue 32,924,921 31,396,236 (1,000,000) 30,396,236 Expenditures Salaries 13,371,331 14,119,592 (275,905) 13,843,687 Benefits 4,519,262 4,795,382 (130,095) 4,665,287 Subtotal Compensation and Benefits 17,890,593 18,914,974 (406,000) 18,508,974 Contributions and Special Events 1,399,706 1,315,675 (122,550) 1,193,125 All Other Operating Expenses 7,500,595 7,383,434 (221,950) 7,161,484 Heavy Equipment Operating Charges 2,247,650 2,147,637 (117,000) 2,030,637 Heavy Equipment Replacement Charges 631,026 678,881 678,881 Dispatch Services 535,657 543,072 543,072 Total Expenditures 30,205,227 30,983,673 (867,500) 30,116,173 Revenue Over (Under) Expenditures 2,719,694 412,563 (132,500) 280,063 Transfer to Capital Projects Fund (441,000) Winter Economic Marketing Campaign (550,000) Employee Home Ownership Program (375,000) 125,000 (250,000) Total Expenditures 31,196,227 31,358,673 (992,500) 30,366,173 Surplus Net of Transfers & New Programs 1,728,694 37,563 (7,500) 30,063 Beginning Fund Balance 19,834,717 21,563,411 21,563,411 Ending Fund Balance 3 21,563,411 $ 21,600,974 $ 21,593,474 -4 I TOWN OF VAIL 2009 BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 2008 Proposed Amended 2009 list Ammended Budget Budget Supplemental 2009 Revenue Sales Tax $ 7,760,000 $ 7,540,000 $ 7,540,000 Use Tax 582,000 1,000,000 1,000,000 Federal Grant Revenue 815,577 1,400,000 1,400,000 Eagle County Grant Revenue 317,000 - - Lease Revenue 187,800 188,550 188,550 Employee Housing Fee -In -Lieu 418,000 48,000 48,000 Project Reimbursement 1,001,510 - - Earnings on Investments and Other 195,043 18,750 18,750 Total Revenue 11,276,930 10,195,300 - 10,195,300 Expenditures Land I Property Purchases Altair Unit 178,066 - - Gore Range Condo Units 2E & 3W 599,452 - - Wendy's Property Capital Maintenance Expenditures Bus Shelters 79,354 30,000 30,000 Parking Structures 1,163,216 480,000 480,000 Facilities 568,817 755,000 755,000 Building Remodels - 55,000 55,000 Creekside Housing Improvements - 60,000 60,000 Donovan Park Pavilion 13,000 - - Street Light Improvements 75,000 75,000 75,000 Capital Street Maintenance 1,702,280 1,505,000 (19,413) 1,485,587 Flammable storage! Mag Chloride containment 24,000 - - Fire Truck Rebuild I Refurbish - - _ West Vail Fire Station - Planning / Design 329,229 - _ Replace AM530 radio system 50,000 - - Audio Visual (Council video, Security, Police car video) 31,000 61,150 61,150 Document Imaging 350,000 - - Sofiware Licensing 8,500 68,200 68,200 Hardware Purchases 43,000 84,380 84,380 Data Center (Computer Rooms) 35,500 12,000 12,000 Website and e- commerce 32,000 28,500 28,500 Comm Dev ArcGIS System - 52,000 52,000 Fiber Optics in Buildings 30,000 15,000 15,000 Network upgrades 43,478 18,300 18,300 Computer Aided Dispatch (CAD) / RMS Project 57,640 51,650 51,650 Comm Dev Interactive Permit software 21,838 25,000 25,000 Vehicle Expansion 61,411 18,000 18,000 E Vail Radio Tower 5,000 - - Maintenance Paid for by Capital Fund 4,724,263 3,394,180 (19,413) 3,374,767 Capital Replacement Expenditures West & East Meadow Drive 1,720,000 - - East Meadow Drive - Streetscape Heat 165,000 - Village Streetscape 963,761 - - Neighborhood Road Reconstruction 150,000 50,000 50,000 Neighborhood Bridge Reconstruction 75,000 75,000 75,000 Fire Breathing Apparatus - 180,000 180,000 Parking Equipment Replacement 52,985 - - Radio Equipment replacement (public works, public safety) 545,500 227,000 (227,000) - Heavy Duty Tire Changer (22 yrs old) - - -5- TOWN OF VAIL 2009 BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 2008 Proposed Amended 2009 1st Ammended Budget Budget Supplemental 2009 GPS for Buses - - - Office Equipment > $5,000 14,635 9,000 9,000 Heavy Equipment new capital 3,400 - - Generator - Municipal Building / Dispatch 250,000 - - Replace Buses 3,840,297 143,400 143,400 Replacement Paid for by Capital Fund 7,780,578 684,400 (227,000) 457,400 Property Tax Increment - Reserved 441,000 Other Improvements Buy -down Program - 500,000 500,000 Pitkin Creek Unit 7,350 - - Variable Message Signs/ Way- Finding Improvements 36,416 180,000 180,000 1 -70 Noise 1,079,282 - - 1 -70 Fiber Optics 909,128 - - Underground Utility improvements 212,783 - - Manor Vail Street Plan 100,000 - - g Chamonix Area Planning 130,545 30,000 30,000 West Vail Area Planning 22,732 - - TOV Strategic Planning - - - Housing Strategic Plan 25,341 - - LH Parking Structure Redevelopment 64,857 - - Timber Ridge Legal /Zoning 63,927 - - Timber Ridge Debt Service Guarantee 925,000 - - LionsHead Improvements 32,242 - - Bio -Mass Study 50,000 - - Total Other Improvements 3,659,603 710,000 - 710,000 Total Capital before Financing 17,382,962 4,788,580 (246,413) 4,542,167 Debt Service and Financing Debt Service on Outstanding Bonds 2,321,825 2,266,775 2,266,775 Transfer to Vail Reinvestment Authority - 1,400,000 1,400,000 Transfer from Dispatch Fund (75,000) - - Transfer from General Fund (441,000) - - Total Debt Service and Financing; 1,805,825 3,666,775 - 3,666,775 Total Expenditures 19,188,787 8,455,355 (246,413) 8,208,942 I Revenue Over (Under) Expenditures (7,911,857) 1,739,945 246,413 1,986,358 Beginning Fund Balance 10,154,128 2,242,271 2,242,271 i Ending Fund Balance 2,242,271 3,982,216 4,228,629 Unfunded Capital Projects West Vail Fire Station - 2,760,000 2,760,000 Total Unfunded Projects - 2,760,000 2,760,000 Ending Fund Balance Incl. Unfunded lust 2,242,271 1,222,216 1,468,629 -6- TOWN OF VAIL 2009 BUDGET PROPOSAL SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HEAVY EQUIPMENT FUND 2008 Proposed Amended 2009 'Ist Ammended Budget Budget Supplemental 2009 Revenue Town of Vail Interagency Charge $ 2,951,828 $ 2,910,595 (117,000) $ 2,793,595 Insurance Reimbursements & Other 59,857 38,800 38,800 Earnings on Investments 45,000 37,000 37,000 Equipment Sales and Trade -ins 133,530 79,880 79,880 Total Revenue 3,190,215 3,066,275 (117,000) 2,949,275 Expenditures Salaries & Benefits 970,593 1,010,532 (42,000) 968,532 Operating, Maintenance & Contracts 1,413,721 1,294,625 (75,000) 1,219,625 Capital Outlay 923,456 740,500 740,500 Total Expenditures 3,307,770 3,045,657 (117,000) 2,928,657 Revenue Over (Under) Expenditures (117,555) 20,618 - 20,618 Beginning Fund Balance 1,734,787 1,617,232 1,617,232 Ending Fund Balance $ 1,617,232 $ 1,637,850 $ 1,637,850 -7- I ORDINANCE NO. 5 SERIES OF 2009 AN ORDINANCE MAKING BUDGET ADJUSTMENTS TO THE TOWN OF VAIL GENERAL FUND, CAPITAL PROJECTS FUND, AND HEAVY EQUIPMENT FUND OF THE 2009 BUDGET FOR THE TOWN OF VAIL, COLORADO; AND AUTHORIZING THE SAID ADJUSTMENTS AS SET FORTH HEREIN; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, contingencies have arisen during the fiscal year 2009 which could not have been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No. 28, Series of 2008, adopting the 2009 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 otherwise reflected in the Budget, in accordance with Section 9.10(a) of the Charter of the Town of Vail; and, WHEREAS, in order to accomplish the foregoing, the Town Council finds that it should make certain 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 budget adjustments for the 2009 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the following budget adjustments: General Fund $ (992,500) Capital Projects Fund (246,413) Heavy Equipment Fund (117,000) Total $(1,355,913) 2. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. 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 Ordinance No. 5, Series of 2009 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 commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 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 17th day of February, 2009, and a public hearing shall be held on this Ordinance on the 3rd day of March, 2009, 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. 5, Series of 2009 i CAST - Colorado Association of Ski Towns Taxable Sales (based on Sales(Use tax collected) 2007/2006 to 2008/2007 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 07/06 08/07 08/07 08/07 08107 08107 08/07 08/07 08/07 08/07 08/07 08107 08107 Winter Park 8.12% 12.65% 4.11% - 0.95% -8.70% -8.18% - 16.86% - 17.96% -0.65% - 26.66% - 23.54% - 27.30% - 14.08% Aspen 4.40% 13.73% 12.41% 6.73% 5.55% 7.54% -3.02% 1.01% 6.23% - 7.88% - 12.20% -5.51% - 19.27% Breckenridge 12.07% 2.84% 8.37% 4.42% 0.85% 2.16% -0.60% 1.43% 4.45% 1.37% -0.16% - 8.52 %_ - 10.06% Vail 1.83% 6.90% 12.91% 11.37% - 17.42% 14.33% -3.54% 10.45% 15.86% -8.20% - 4.00 % - 4.08 % -6.46% Steamboat Springs 7.22% 5.95% 7.31% 5.07% -1.72% 6.10% -0.42% 2.89% 2.84% -2.04% -3.78% -8.03% -9.07% Glenwood Springs 7.05% 1.29% 4.90% 1.37% 3.79% 3.65% -2.52% - 0.32% - 0.13% -2.36% -0.68% -7.28% -9.88% Snowmass -6.27% 11.17% 10.37% 5.82% - 14.62% 22.81% -9.81% 1.24% -4.70% - 12.19% - 24.66% - 22.89% VAIL LODGING OCCUPANCY FORECAST DESTINATION COMPARATIVE REPORT Bookings as of January 31, 2009 Oc:upancy Rate as of January 31, 2009: Destination Comparisons Next highest Next highest Next highest Next highest Next highest Next highest Next highest Next highest Next highest Next highest Next highest Lowes AGGREGAT Month of Occu nc VAIL occu occu oau n occu n occu an occu an acou a occu a o:cu an occupancy occu anc occu an TOTAL Aug-08 53% 71% 67% 5611 4 46% 44% 38% 33% 31% 29% 26% 23 44 Sep-08 36% 48% 45% 42% 34% 29% 29% 26% 25% 17% 17% 10% 9% 29 Oct-08 31% 39% 29 28% 25% 21% 19% 18% 15% 12% 11% 7% 6 21° Nov -08 23% 35% 24% 22% 22% 20% 17% 14% 11% 10% 9% 5% 4% 16° Dec-08 54% 52% 51% 4996 49% 42% 41% 40% 39% 35% 31% 24% 40% Jan-09 Hastodc 61% 69% 57% 57% 56% 56% 50% 49% 47% 44% 41% 37% 50° Feb-09 Forecast 63% 59% 58% 57% 56% 50% 46% 46% "% 44% 39% 39% 50 1 /1 Mar -09 44% 41% 41% 38% 37% 36% 35% 30% 29% 26% 26% 20% 34 Apr -09 26% 25% 17% 17% 16% 13% 13% 11% 9% 5% 3% 2% 12 °/ May -09 11% 20% 13% 4% 3% 2% 2% 2% 0°% 0% 0% 0% 5% Jun -09 11% 25% 22% 17% 14% 14% 13% 1D% 9% 7% 5% 2% 13 °/ Jul -09 I 15% 26% 24% 20% 17% 14 °4, 12% 11% 6% 3% 3% 1% 129 Grand total 37% 38% 35% 32 °0 31% 29 % 28 % 28% 24% 20% 19% 17% 28 ^ Historic months total 44 °/ 4840 43 °6 ?7% 36% 33% 33% 33% 32% 24% 20% 20% 33 Foreca 2 22 21% 2 0 °% 17% 15% 15% 14% 21 003300VLMD Month End Group Sales Report January 2009 Vail Pace Report Current Year Variance'09 over'08 2009 Lodging Revenue Room Nights 2009 lodging Revenue Room Nights Revenues Room Nights J anuary- $150,177.41 610 January* $443,751.00 1140 $ 530 February $160,262.00 495 February $113,155.00 105 $47,107.00 390 March $116,115.00 385 March $0.00 0 $116,115.00 385 April $111,562.00 761 April $352,814.00 2706 - $241,252.00 -1,945 May $0.00 0 May $0.00 0 $0.00 0 June $412,532.00 2,289 June $0.00 0 $412,532.00 2,299 July $289,445.00 1,557 July $128,319.00 705 $161,126.00 852 August $3,575.00 30 August $65,000.00 450 September - $61,425.00 -420 September $0.00 0 Se P $77,800.00 600 - $77,800.00 -600 October $0.00 0 October $0,00 0 $0.00 0 November $0.00 0 November December $ 0 $0.00 0 $0.00 0 December $0.00 0 $0.00 0 Total $1,343,668.421 6,127 Total $1,180,839.00 5706 $162,829.42 421 •Actuols V�U9 I i Vail Valley Partnership Vail Groups Booked for Arrival 2009 As of February 17, 2009 Lodging Property # Booked Room Nigh. Antlers at Vail 3 230 Arrabelle at Vail Square 1 75 Evergreen Lodge 1 48 Lion Square Lodge 1 186 Lodge at Vail 4 558 Manor Vail Lodge 0 0 Marriott 3 2166 Sonnenalp 1 120 Vail Cascade 8 2559 Vail Plaza 2 160 T I