HomeMy WebLinkAbout2010-12-07 Agenda and Support Documentation Town Council Evening Session VAIL TOWN COUNCIL
EVENING SESSION AGENDA "fi TOW
VAIL TOWN COUNCIL CHAMBERS
75 S. Frontage Road W.
Vail, CO 81657
6:00 P.M., DECEMBER 7, 2010
NOTE: Times of items are approximate, subject to change, and cannot
be relied upon to determine at what time Council will consider
an item.
1. ITEM /TOPIC: Citizen Participation (15 min.)
PRESENTER(S): Public
2. ITEM /TOPIC: Town Manager Report:
Revenue Update - Kathleen Halloran
TimberRidge Memo and Budget- Judy Camp (15 min.)
PRESENTER(S): Stan Zemler
3. ITEM /TOPIC: 2015 World Championship Update and Discussion (30 min.)
PRESENTER(S): Ceil Folz, Vail Valley Foundation
4. ITEM /TOPIC: A presentation on the findings and recommendations of the
Fiscal Impacts and Econimic Analysis Report completed by Economic
Planning Systems, Inc.(EPS) of the proposed Ever Vail project. (60 min.)
PRESENTER(S): Andy Knudtsen, Economic Planning Systems, inc.
ACTION REQUESTED OF COUNCIL: The Vail Town Council is being
asked to listen to the presentaion and actively engage in a discussion with
Town Staff with regard to the recommendations and conclusions cited in the
Report.
BACKGROUND: The Vail Town Council instructed staff to contract fort the
consulting services of Economic Planning Systems, Inc. to conduct a fiscal
impacts and economic analysis report of the proposed Ever Vail project.
EPS was contracted to complete a fiscal impact report which addressed the
projected fiscal impacts to the delivery of municipal services as a result of
the development of the proposed Ever Vail project and model the
economic impacts that may be realized to shifts in market share within the
Town, projected sales tax collections and other economic afects of the
project.
5. ITEM /TOPIC: Second reading of Ordinance No. 18, Series 2010, an
Ordinance making supplemental appropriations to the Town of Vail General
Fund, Capital Projects Fund, Real Estate Transfer Tax Fund, Health
12/7/2010
Insurance Fund and Debt Service Fund of the 2010 Budget for the Town of
Vail, Colorado; and authorizing the expenditures of said appropriations as
set forth herein; and setting forth details in regard thereto. (5 min.)
PRESENTER(S): Kathleen Halloran
ACTION REQUESTED OF COUNCIL: Approve or approve with
amendments the second reading of Ordinance No. 18, Series 2010.
BACKGROUND: To be provided in a separate memo.
STAFF RECOMMENDATION: Staff recommend that the Town Council
approves or approves with amendments Ordinance No. 18, Series 2010,
upon second reading.
6. ITEM /TOPIC: Second reading of Mil Levy Certification, Ordinance No. 20,
Series 2010 (5 min.)
PRESENTER(S): Kathleen Halloran
ACTION REQUESTED OF COUNCIL: Approve Ordinance No. 20, Series
2010, on second reading.
BACKGROUND: Mill Levy assessments must be certified to the County for
collection annually; this ordinance authorizes certification.
STAFF RECOMMENDATION: Approve Ordinance No. 20, Series 2010, on
second reading.
7.
ITEM /TOPIC: Presentation of Chamonix Commons design, cost estimates
and construction phasing plan for civil engineering. (15 Minutes)
PRESENTER(S): George Ruther
ACTION REQUESTED OF COUNCIL: Provide staff with direction on the
next steps, if any, Town Council would like to take toward the construction of
new employee housing units at Chamonix Commons.
BACKGROUND: In April, 2010, the Vail Town Council authorized the
expenditure of $50,000 to complete the design, cost estimates and
construction phasing plan for the civil engineering at Chamonix
Commons. On October 5, 2010, the Vail Town Council provided staff with
clarification regarding proposed site plan modifications. Based upon the
input, the civil engineering plans for Chamonix Commons have been
completed with five duplexes (10 units) taking access off of Chamonix Lane
and the interior connecting road and utilities designed to service either five
buildings (40 units) or six buildings (48 units).
The addition of up to 58 new employee housing units at Chamonix
Commons is a high priority action identified in the Employee Housing
Strategic Plan and will help ensure the Town achieves its stated goal
of having deed restricted housing for at least 30% of Vail's workforce within
the Town of Vail.
STAFF RECOMMENDATION: The Community Development Department
12/7/2010
recommends the Vail Town Council instructs staff to: 1) Issue a Request for
Proposals for Phase I of the civil engineering in January, 2011, with the goal
of commencing construction on the work on April 15, 2011. 2) Issue a
Request for Proposals to design and build one duplex on Lot A. 3) Develop
funding strategies. 4) Identify development partnerships and opportunities.
8. ITEM /TOPIC: Town of Vail policies for public parking on private property.
(30 min.)
PRESENTER(S): George Ruther
ACTION REQUESTED OF COUNCIL: Listen to a brief staff presentation
and discuss the items outlined in section 5 of the staff memorandum and
then provide any direction to the town staff.
BACKGROUND: See staff memorandum dated December 7, 2010.
STAFF RECOMMENDATION: Staff recommends the following actions:
- Maintain existing policies and continue to encourage the development and
utilization of public parking in private parking facilities.
-Amend Section 12- 10 -17, Leasing of Private Parking Spaces, Vail Town
Code, to better facilitate the leasing of private parking spaces for public use.
-Amend Title 11, Sign Regulations, to better implement the adopted parking
policies.
- Ensure that any future amendments to policies or regulations maintains
Vail's unique character and results in a world class resort of the highest
quality.
9.
ITEM /TOPIC: An appeal, pursuant to Section 12 -3 -3, Appeals, Vail Town
Code, of the Design Review Board denial of a minor exterior alteration
application to allow for the installation of special event banner poles in the
street right -of -way generally located at the intersection of East Meadow Drive
and Willow Bridge Road, and setting forth details in regard thereto. (5
minutes)
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Pursuant to Section 12 -3 -3, Appeals,
Vail Town Code, grant a continuance of this appeal to the Town Council's
December 21, 2010 public hearing.
BACKGROUND: On October 20, 2010 the Design Review Board denied an
application to install special event banner poles in the street right -of -way
generally located at the intersection of East Meadow Drive and Willow Bridge
Road.
On November 2, 2010 the Vail Town Council called -up (i.e. appealed) the
Design Review Board's decision. In accordance with the requirements of
Section 12 -3 -3, Appeals, Vail Town Code, a hearing of this appeal was
scheduled and noticed for the Council's December 7, 2010 public hearing.
The Town of Vail Committee on Special Event Coordinator (i.e.
the applicant) will not be available to testify at the Town Council's December
7, 2010 public hearing; so Staff recommends the Vail Town Council grant a
continuance of this appeal to the Council's December 15, 2010 public
12/7/2010
hearing in accordance with the provisions of Section 12 -3 -3, Appeals, Vail
Town Code.
STAFF RECOMMENDATION: Staff recommends the Vail Town Coucil
grants a continuance this appeal to its December 21, 2010 public hearing.
10. ITEM /TOPIC: Second reading of Ordinance No. 15, Series of 2010, an
ordinance amending Chapter 12 -6, Residential Districts, Vail Town Code, to
establish the Vail Village Townhouse (VVT) District, and setting forth details
in regard thereto. (5 minutes)
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Table the second reading of
Ordinance No. 15, Series of 2010, to the Vail Town Council's December 21,
2010 public hearing.
BACKGROUND: On October 13, 2010 the Vail Town Council tabled the
second reading of Ordinance No. 15, Series of 2010, to its December 1,
2010 public hearing to allow staff and the applicant time to gather additional
information for the Council's review.
Since that hearing, Staff has contracted Winston and Associates to create
three dimensional digital models to illustrate the potential outcomes of
adopting the proposed Vail Village Townhouse District and to draft regulatory
options for preserving the existing character of the neighborhood. Those
digital models and regulatory options will be ready for presentation at the
Council's December 21, 2010 hearing.
STAFF RECOMMENDATION: Staff recommends the Vail Town Council
tables the second reading of Ordinance No. 15, Series of 2010, to its
December 21, 2010 public hearing.
11.
ITEM /TOPIC: Resolution 23, Series of 2010, a resolution amending
Chapter VII, Vail Village Sub - Areas, East Gore Creek Sub -Area ( #6) to
include recommendations related to a new Vail Village Townhouse (VVT)
District, and setting forth details in regard thereto. This resolution is being
reviewed in association with the proposed Ordinance No. 15, Series of 2010.
(5 minutes)
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Table Resolution 23, Series of 2010,
to the Vail Town Council's December 21, 2010 public hearing.
BACKGROUND: On October 13, 2010 the Vail Town Council tabled
Resolution 23, Series of 2010, to its December 7, 2010 public hearing to
allow staff and the applicant time to gather additional information for the
Council's review.
Since that hearing, Staff has contracted Winston and Associates to create
three dimensional digital models to illustrate the potential outcomes of
adopting the proposed Vail Village Townhouse District and to draft regulatory
options for preserving the existing character of the neighborhood. Those
digital models and regulatory options will be ready for presentation at the
12/7/2010
Council's December 21, 2010 hearing.
STAFF RECOMMENDATION: Staff recommends the Vail Town Council
tables Resolution 23, Series of 2010 to its December 21, 2010 public
hearing.
12. ITEM /TOPIC: Adjournment 9:10 p.m.
Follow the Vail Town Council on Twitter for real -time updates on these
agenda items at:
www.twitter.com/vaiItowncounci1
12/7/2010
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VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: Town Manager Report:
Revenue Update - Kathleen Halloran
TimberRidge Memo and Budget - Judy Camp
PRESENTER(S): Stan Zemler
ATTACHMENTS:
Revenue Highlights
Timberridge Memo to Council
Timber Ridge Budget
12/7/2010
TOWN OF VAIL
REVENUE HIGHLIGHTS
November 30, 2010
Sales Tax
Upon receipt of all sales tax returns for the month of October, collections for the
month are expected to be $588,667 up 3.4% from budget and 1.3% from last
year. The summer season (May — October) is up 5.2% from last summer. Year -
to -date sales tax collections are expected to be up 3.7% from budget and up
2.1% from last year. Inflation as measured by the consumer price index was up
1.2% in October compared with October 2009.
Construction Permit Fee Revenue
Construction permit revenue through November 30 totals $658,570, down 16%
from last year. The 2010 budget for construction permit fees assumed a
decrease of 21%, with annual revenues at $625,000. Major redevelopment
projects account for $222,650 compared with $379,211 in 2009 (down 41%).
Revenue from non -major projects is up 9% from 2009.
Use Tax
Use tax collections as of November 30, 2010 total $1,071,153 compared with
$701,902 at this time last year and a full year budget of $600,000. Major
redevelopment projects including First Chair, Lodge Tower, and Ramshorn
contributed $372,719 or 37% of the total. Several remodel projects including
additions to units at Vail Village Inn and Vail Mountain Lodge and remodels at
Millrace Condos, the Antlers, and Vail Point also paid use tax in 2010.
Real Estate Transfer Tax (RETT)
RETT collections through November 30, 2010 total $6,337,139, compared with
$2,323,800 at this time last year. Approximately $3,913,656, or 62% of the 2010
RETT collected is from major redevelopment projects including Arrabelle,
Chalets at the Lodge at Vail, Founders' Park Garage, Landmark, Lions Square
Lodge North, Manor Vail, Mountain View, Ritz Carlton Residences, Solaris, and
Vail Plaza Hotel. Collections not related to major redevelopment projects total
$2,416,680 compared with $1,715,095 through November of 2009, a 41%
increase. The full -year budget for RETT is $6,083,000 and we have surpassed
that by over $250,000.
Summary
Across all funds and revenue accounts through November 30, 2010, total
revenue of $41.8 million is up 18.4% year -to -date from this time last year and up
15.8% from the budget. The 4 supplemental of 2010 will increase budgeted
revenues by a total of $4.0 million.
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12i7i2010
2 -t -t
MEMORANDUM
To: Vail Town Council
From: Judy Camp, Treasurer, Timber Ridge Affordable Housing Corporation
Date: December 2, 2010
Subject: Timber Ridge Budget
On behalf of the Timber Ridge Affordable Housing Corporation ( TRAHC) Board, I am
attaching the 2010 amended budget and 2011 annual budget as approved by the board
on November 23rd.
For 2010, the revenue budget has been amended to reflect reduced rental rates and
fewer units master leased to Vail Resorts as of October 1. Expenses have also been
reduced based on year -to -date actual information with the largest reduction in interest
expense on the variable rate 2003A bonds. The original budget was based on a 4.5%
variable interest rate to correspond with the maximum expected under our rate cap
whereas the actual interest rate is tracking at less than 30 basis points (0.3 %) for a
savings versus budget of $784,726. Positive cash flow of $677,114 is expected in 2010.
The 2011 budget is prepared based on current operating assumptions continuing for the
full year and is essentially break -even on a cash flow basis. It does not include the
impact of redevelopment currently in process with Vail Timber Ridge, LLC, or any
significant change in the Vail Resorts master lease when it comes up for renewal in
October 2011. Maintenance of a significant unrestricted cash balance of $1.6 million
(96% of annual revenue) as well as full funding of all reserves required under our
financing agreement with U.S. Bank provides additional resources for un- budgeted
events.
Budgeted rents for 2011 are $950 per month for individual two - bedroom, one -bath units
and $894 per unit per month for 115 units master leased by Vail Resorts. Average
annual vacancy of 23% is higher than prior years primarily because of a reduction in the
number of Vail Resorts units.
Operating expenses for 2011 reflect a 4.3% reduction compared with the 2010 amended
budget. The largest reduction is approximately $30,000 in the line item for interior
repairs. Window and roof repairs have reduced water leaks which could damage
interiors and we plan to minimize interior work next year by using in -house labor and
phasing any necessary interior work based on new leases. Interest expense is
budgeted at an average annual rate of 75 basis points (0.75 %). Although this is
significantly less than our current rate cap of 5.5 %, it is 2.5 times the rate we are
currently paying and we do not expect interest rates to rise significantly in the near
future.
TRAHC is a non - profit corporation and a component unit of the Town of Vail. Its budget
is prepared on a full accrual basis.
12i7i2010
2 -2 -1
Timber Ridge Village Apartments
2011 Budget
2010 Amended Budget
As Approved by the Timber Ridge Affordable Housing Corporation
Board on November 23, 2010
1 -3 -1
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
2011 2010 Amended 2010 2009
ACCT DESCRIPTION Budget Budget Budget Actuals
OPERATING INCOME
4001 Gross Potential Rents $2,197,320 $2,693,212 $2,858,496 3,191,845
4005 Vacancies /Lost Rent ($509,200) ($399,793) ($221,712) (171,492)
Monthly Rental Income $1,688,120 $2,293,419 $2,636,784 $3,020,353
4050 Utility Income $0 $0 $0 1,942
4070 Laundry Income $24,255 $31,250 $32,360 19,740
4085 Miscellaneous Income $0 $0 $0 3,695
4090 Late /NSF Fees $300 $0 $300 25
4115 Admin Income (N /R) $0 $0 $0 459
4125 Employee Apartments /Garages ($15,960) ($19,200) ($26,100) (22,992)
6117 Bad Debt Expense (1,155)
F OTAL OPERATING INCOME $1,696,715 $2,305,469 $2,643,344 $3,022,067
OPERATING EXPENSES
ADMINISTRATIVE
5110 Advertising /Promotion $600 $0 $600 0
Print Advertising $3,600 $1,345 $3,600 2,028
Internet Advertising $3,000 $3,971 $0 449
Clubhouse Refresh /Supplies $0 $95 $0 292
5120 Auto Expense $1,500 $1,420 $1,500 1,744
5121 Meals $600 $550 $600 567
5125 Marketing Expense $300 $0 $300 0
5130 Credit Checks $300 $1,099 $300 1,986
5135 Management Fee $90,000 $90,000 $90,000 90,000
5140 Office Expense $3,000 $4,275 $5,700 5,200
Computer Support $4,500 $107 $0 0
5145 Printing /Copying $3,060 $3,040 $3,540 3,658
5150 Postage $1,500 $1,341 $1,500 1,271
5165 Phone / Fax $4,740 $4,850 $5,160 5,278
Cell Phones $1,200 $2,310 $1,200 2,383
5170 Dues /Subscriptions $0 $1,159 $0 798
Employee Training /Seminar $500 $1,255 $500 1,192
5175 Banking Fee's $180 $336 $180 208
TOTAL ADMINISTRATIVE $118,580 $117,153 $114,680 $117,054
PAYROLL
5220 Administrative Wages $59,400 $74,780 $59,400 47,584
5230 Maintenance Wages $130,428 $116,487 $130,428 118,798
Temp Labor - Maint /Grounds $0 $278 $2,400 1,030
TOTAL PAYROLL $189,828 $191,545 $192,228 $167,412
HVAC /PLUMBING
5315 HVAC Repairs $600 $300 $600 0
5320 HVAC Supplies $600 $400 $600 1,084
5345 Plumbing Repairs $9,000 $9,840 $10,404 2,863
5350 Plumbing Supplies $6,900 $6,650 $8,400 4,287
TOTAL HVAC /PLUMBING $17,100 $17,190 $20,004 $8,234
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12/7/2010
2 -3 -2
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
2011 2010 Amended 2010 2009
ACCT DESCRIPTION Budget Budget Budget Actuals
GROUNDS
5610 Contract - Outdoor Plant $7,500 $7,500 $7,500 3,354
5620 Trash Removal $26,400 $26,400 $26,400 19,531
5625 Snow Removal Contract $21,000 $25,825 $21,000 215
Snow Removal - Contract Labor $10,000 $4,756 $23,900 16,615
Snow Removal - Supplies $6,000 $6,020 $7,500 9,477
5630 Sweeping /Striping $0 $0 $0 2,250
5645 Pest Control $900 $1,075 $900 950
5655 Grounds Equipment $1,200 $1,150 $1,200 127
TOTAL GROUNDS $73,000 $72,726 $88,400 $52,519
GENERAL REPAIR /MAINTENANCE
5325 Electrical Repairs $1,800 $2,885 $1,800 0
5330 Electrical Supplies $2,400 $2,400 $2,400 1,996
5355 Interior Repairs $10,000 $39,999 $50,000 0
5365 Maintenance /Repair Supply $6,000 $7,750 $8,400 7,471
5367 Door/ Window Repair /Maintenance $600 $0 $600 6,926
5370 Misc. Repairs & Maintenance $12,000 $11,750 $12,000 4,043
5380 Painting Supplies $1,800 $2,511 $1,800 3,840
5385 Appliance Maintenance $9,000 $9,500 $14,400 8,967
5387 Carpet /Blind Repair $2,400 $2,850 $2,400 4,258
5395 Uniforms $800 $425 $800 812
5720 Locks $900 $550 $900 1,595
5760 Other Fire & Life Safety $4,050 $4,050 $4,050 4,075
TOTAL GENERAL REPAIR $51,750 $84,670 $99,550 $43,983
UTILITIES
5410 Electrical - Common Area $32,000 $32,500 $19,600 24,766
5450 Water /Sewer $130,150 $129,800 $130,000 112,629
TOTAL UTILITIES $162,150 $162,300 $149,600 $137,395
JANITORIAL
5510 Janitorial -Labor Contract $2,500 $2,400 $2,500 (325)
5520 Janitorial - Supplies $600 $775 $600 777
5530 Carpet /Drape Cleaning $2,700 $2,700 $2,700 1,630
TOTAL JANITORIAL $5,800 $5,875 $5,800 $2,082
OTHER EXPENSES
5830 Property Insurance $67,892 $65,809 $64,464 78,684
TOTAL INSURANCE $67,892 $65,809 $64,464 $78,684
TOTAL OPERATING EXPENSES $686,100 $717,268 $734,726 $607,363
NET OPERATING INCOME $1,010,615 $1,588,201 $1,908,618 $2,414,704
3
12/7/2010
2 -3 -3
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
2011 2010 Amended 2010 2009
ACCT DESCRIPTION Budget Budget Budget Actuals
OWNER EXPENSE
6110 Accounting /Audit $8,600 $8,250 $8,500 8,250
6153 Life Safety Work $155,000 $46,491 $200,000 210,149
TOTAL OWNER EXPENSE $163,600 $54,741 $208,500 $218,399
INTEREST INCOME
8105 Interest Income - Misc. Funds $9,984 $9,978 $19,464 18,308
TOT. INTEREST INCOME $9,984 $9,978 $19,464 $18,308
11CASH FLOW AVAILABLE FOR DEBT SERVICE $856,999 $1,543,438 $1,719,582 $2,214,613
INTEREST EXPENSE
6165 Letter of Credit Fees $232,796 $243,427 $243,427 243,728
6170 Financing Fees $29,976 $30,426 $30,426 30,992
6202 Misc Interest Expense $28,500 $28,500 $28,500 28,500
6205 Interest Exp. - Series A $138,323 $53,274 $838,000 144,404
6210 Interest Exp. - Series B $0 $0 $0 50,703
TOTAL INTEREST EXPENSE $429,595 $355,627 $1,140,353 $498,327
11INCOME BEFORE DEPRECIATION & AMORT $427,404 $1,187,811 $579,229 $1,716,286
AMORTIZATION & DEPRECIATION
6470 Amortization $38,256 $43,116 $43,116 42349
6480 Depreciation $519,264 $519,264 $519,264 519,267
TOTAL AMORT. & DEPRECIATION $557,520 $562,380 $562,380 $561,616
IINET INCOME / (LOSS) ($130,116) $625,431 $16,849 $1,154,670
CASH FLOW
Add back Amortization & Depreciation $557,520 $562,380 $562,380 $561,616
Debt Service Reserve Fund - catch up deposits $0 $0 $0 (S38Q077)
Accrued Interest on TOV loan $28,500 $28,500 $28,500 528,500
Rate Cap Escrow Fund ($45,000) ($45,000) ($45,000) (545,103)
Replacement Reserve Withdrawals $155,000 $46,491 $200,000 205,097
Replacement Reserve Deposits ($114,009) ($110,688) ($110,688) (107,465)
Principal (Series A Bonds) ($450,000) ($430,000) ($430,000) (405,000)
Payments to Bond reserve Funds (37,656)
Principal (Series B Bonds) $0 $0 $0 (885,000)
Principal paid from reserve fund 222,981
Reduction in AP and Other Liabilities $0 $0 $0 (270,425)
CASH FLOW ADJUSTMENTS $132,011 $51,683 $205,192 ($1,112,532)
11CASH FLOW $1,895 $677,114 $222,041 $42,138
Unrestricted Cash - Beginning of Year 1,626,623 949,509 907,371
Unrestricted Cash - End of Year 1,628,518 1,626,623 949,509
4
12/7/2010
2 -3 -4
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
.IAN FEB 11:1R APR MAY _ JUL AUG sEP OCT Nov DEC TOTAL
OPERATING INCOME
4001 Gross Possible Rents $183,110 5183,110 $181110 S183.110 $183,110 $183,110 $183,110 $183,110 $183.110 $183110 10 5183.110 52.197320
4005 Vacancies/Lost Rent ($53:200) (551,300) ($48,450) (546550) ($43,700) ($41,800) ($39,900) ($39,900) ($39,900) (538,000) (S34?00) (532300) (5509200)
Monthly Rent $129,910 5131 -810 S134,660 $136560 $139,410 $141,310 $143210 $143,210 $143,210 S145,110 S14h.910 5150,810 SL688.1
4070 Laundry Income $2.665 52.665 53.665 ti'h65 SLI20 $L120 $1.120 $1.120 $1,120 5'_665 ti'.w'5 ,0.665 524.255
4090 Late/NSF Fees ti25 ti25 ti25 ti25 S25 525 S25 ti25 S_'5 ti'5 ti]5 525 1,300
4125 Emptoyce Apartment 1.3 ;n ti 1.330 ti 1.3301 LS 1.330) 151.330) t,ti 1.330) i,ti 13 It) ti 1.330 i i,ti 1.3301 (51.330) LS 1.330' r,ti 1.330) 615.960)
11 TOTAL OPERATING INCOMI Su1.� o 133.170 1 i6.0 1 0 137.920 139 ti141.1'S 514'.O'5 5143.n2s 14'J) 146.470 150.270 515_.170 1.6)6.715
OPERATING EXPENSES
ADMINISTRATIVE
5110 Advertising/Promotion ,ti5n ,ti5n ti50 S50 S50 $50 ,tin ,ti5n ,ti5n S50 ti5o 550 $600
5111 Print Advertising tium ti3on ti3no 5300 5300 $300 ti3nn ti3nn ti3on 5300 ti300 5300 $3.600
Internet Advertising $250 5250 $250 5250 5250 $3,000
5120 Auto Expense 51 tit tiL'S 5125 5125 $125 5 2 5 tit tit 5125 S125 S125 $1,500
5121 Meals $50 ti50 ti50 S50 X50 $50 $50 ,ti5n ti50 550 S50 S50 $600
5125 Marketing $25 525 ti'S $25 S25 $25 $25 525 525 ti25 S25 $25 $300
5130 Credit Cheeks $o S0 do S50 S50 S50 S50 $50 S50 SO $o $0 $300
5135 Management Fee $7,500 $7500 57500 $7500 S7,500 57.500 57,500 SZSnn 57.500 57500 S7.500 $7,500 S94(HH)
5140 Office Expense $250 S250 ti'S0 $250 $250 S250 5250 5250 S250 S250 $250 53.000
5142 Computer Support $375 5375 ti;7; 5375 5375 5375 5375 5375 S375 S375 5375 54.500
5145 Printing /Copying $255 5255 ti'SS S255 $255 5255 $255 ti'9; ti255 5255 5255 $255 53.060
5150 Postage $125 S1 ti125 5125 $125 S725 $125 S1 51 5125 $125 SI.500
5165 Telephone /Fax S395 5395 5395 5395 $395 5395 5395 532 S395 S395 5395 $395 54.740
5166 Cell Phones S100 S100 5100 SI00 $100 $100 $100 SIOn S100 5100 S10 $100 $1,200
5171 Employee Training /Seminar SO Sit S0 So $0 S250 5250 tin Sit S0 5o $0 $500
5175 Banking Fee's 1 ,15 S15 S15 S15 $15 S15 SIS tit S15 S15 S15 $15 $180
TOTAL ADMINISTRATIVE 59.815 59,815 $9,815 59.865 $9,865 510,115 510,115 59,865 59.865 $9,815 59,815 S9.815 $118,580
PAYROLL
5220 Administrative Wages 54.950 $4,950 $4950 $4,950 $4,950 54950 $4,950 $4,950 54,950 $4,950 $4.950 54,950 $59,400
5230 Maintenance Wages $1(1,869 $10,869 $10.869 $10,869 510,869 510.869 $10.869 $10,869 510,869 $10,869 $10.869 510,869 $130.428
5240 Cleaning Wages $0 $o S0 5o so so $0 $0 $o S0 so $0 $0
5250 Landscaping Wages $0 $0 $0 S0 $0 SO S0 $0 $0 Sit S0 $0 $0
5280 Temp Labor - Maint/Grounds $0 $0 $0 S0 $o S0 S0 $0 $0 $0 $0 $o $0
TOTALPAYROLL $15.519 $15,819 $15,819 $15,819 $15.819 $15.819 $15.819 $15.519 $15,819 $15.819 $15,819 $15.819 $189.828
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12/7/2010
2 -3 -5
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
.IAN FEB MAR APR MAY JUL AUG SEP OCT NOV DEC TOTAL
HVAC/PLUMBING
5315 HVAC Repairs S50 $50 S50 $50 S50 $50 550 S50 $50 550 $50 $50 5600
5320 HVAC Supplies ,55(1 S50 S50 $50 S50 $50 S50 550 $50 ,550 $50 S50 $600
5345 Plumbing Repairs 5750 5750 5750 $750 5750 $750 $750 5750 $750 5750 $750 $750 59,000
5350 Plumbing Supplies 5575 $575 $575 $575 $575 $575 $575 5575 $575 S575 $575 $575 $6900
TOTAL HVAC/PLU -MBING $1,475 $1,425 $1,425 SL425 51,425 51,425 $1,425 $1,475 $1,425 51,425 $1,425 $1,425 517.100
GROUNDS
5610 Contract - Outdoor Plant $0 $0 $0 So 51.500 $1,500 $1,500 $1500 51,500 $0 $0 $0 $7.500
5620 Trash Removal $2,200 $2,2(1) $2200 52,200 S2-2(X) $2,200 52,200 52200 S $2,200 $2,200 $2.200 5MAW
5625 Snow Removal Contract $3.500 $3,500 $3500 53500 $0 $0 $0 S0 S0 $0 $3,500 $3,500 521,000
5626 Snow Removal - Contract Labo. S0 $5,000 S5000 So $0 $0 $0 $0 SO $0 $0 $0 S 10.000
5627 Snow Removal - Supplies $1200 51,200 SO SO SO $0 $0 $0 SO $1,200 $1,200 $1,200 56,000
5645 Pest Control $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $900
5655 Grounds Equipment $100 $100 SIM $100 $100 $100 $100 $100 SIM SI00 $100 $100 $1,200
TOTAL GROUNDS $T,075 $12,075 510,875 $5.575 $3,875 $3,875 $1575 $3,875 $3,575 $3.575 $7,075 S7075 $73,000
GENERAL REPAIRWAINT.
5325 Electrical Repairs $150 5150 S150 $150 $150 $150 $150 $150 5150 $150 $150 $150 $1.800
5330 Electrical Supplies 5200 5200 5200 $200 5200 $200 $200 5200 8200 $200 $200 $200 52.400
5355 Interior Repairs $0 S0 $0 $0 S0 $10,()(H) $0 SO S0 $0 $0 S0 S10,000
5365 Maintenance /Repair Supply $500 5500 $500 $500 $500 $500 $500 5500 5500 $500 $500 $500 $6,000
5367 Door/Window Repair/Maintena S50 $50 $50 $50 S50 S50 $50 S50 $50 S50 S50 S50 $600
5370 Misc, Repairs & Maintenance $5(H) $500 $500 $500 SI500 $1,500 $1,500 $1JW $1,500 $1,500 $5(H) $500 $12,0W
5380 Painting Supplies $150 5150 5150 $150 5150 $150 5150 $150 5150 $150 5150 $150 51,500
5385 Appliance Maintenance $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000
5387 Carpet/Blind /Vinyl $2(H) $200 5200 $200 $200 $200 $200 $200 $200 $200 SM) $200 $2,400
5395 Uniforms SO SO 5400 $0 $0 $0 $0 SO 5400 $0 SO $0 $800
5720 Locks $150 S0 5150 S0 $150 $0 $150 $0 $150 $0 5150 S0 $900
5760 Other Fire & Life Safety $0 S0 5400 S0 $0 $2,950 $0 $0 $400 $0 S0 5300 $4.050
TOTAL GENERAL REPAIR 52,650 $2,500 $3,450 $1500 $1650 $16.450 53.650 S15W 54,450 $3,5W 52.650 52.800 $51.750
UTILITIES
5410 Electrical- Common 51550 $1550 53,550 53,250 51.550 SL550 51,550 51,550 51,550 51250 $3,550 53.550 $32.000
5450 Water /Sewer SI1575 $11,575 $11575 $10325 $10.325 $10,325 $10325 $10,325 $10.325 SI0,325 571,575 $11,575 $130.150
TOTALUTILITIES 515.125 515.125 $15.125 $13,575 $11.575 $11.875 $1 L875 511.875 511.875 $13575 515.125 515.125 5162.150
6
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TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
.IAN FEB MAR APR MAY JUL AUG SEP OCT NOV DEC TOTAL
JANITORIAL
5510 Janitorial Labor /Contract SO Y) ti0 SO $500 $500 $500 SS00 5500 S0 SO $0 52.500
5520 Janitorial Supplies 550 550 550 550 S50 $50 $50 550 550 ti50 550 S50 $600
5530 Carpet/Drape Cleaning S'25 $225 ,5 5225 S225 $225 S225 S'25 $225 ,0225 ,5225 S225 $2,700
TOTAL JANITORIAL S275 $275 $275 $275 S775 $775 S775 5775 S775 5275 S275 5275 55.800
OTHER EXPENSES
5830 Property Insurance S5A31 55.431 S5.431 55.431 55.431 S5A31 $5.431 S5,975 S5,975 S5.975 S5.975 $5,975 S67892
TOTAL OTHER EXPENSES 55.431 SSA31 ti5A31 SSA31 ti5A31 55.4 55.431 55.975 55.975 55.975 ti5A75 55.975 567.87?
11 TO , rA L OPERATING EXPENSES $57,61$ $62,x65 $62115 $54,765 $52,715 $65,765 $52,965 $53,109 $54,059 $53,959 $58,159 $58,3119 $686,100
NEA OPERATING INCOME: $73,655 $70,705 $73,805 $83,155 $86,5111 $75,3611 $90,060 $89,916 $88,966 $92,511 $92,111 $93,861 $1,010,615
OWNER EXPENSE
6110 Accounting /Audit tin Y) $4,000 $4,600 $0 SO SO tin $0 ,tin ti0 So $8,600
6153 Life Safety Work tin ti0 $0 So $51,667 ti5 .667 551,666 ,tin $0 tin ,tin So $155.000
TOTAL OWNER EXPENSE ti0 SO $4,000 $4.600 $51,667 ti5 L667 $51.666 $0 $0 $0 SO Y) 5163.600
INTEREST INCOME
8105 Interest Income -Mist SR32 ti,u ;? $832 $832 $832 $832 $832 5832 ti833 $832 $832 $832 $9.984
TOTAL INTEREST INCOME $832 S832 5832 $832 $832 $9.984
11 CASH FLOAT AA:1ILABLE
FOR DI:I3'I'SER \'ICI: ti74AH7 ti71.537 ti7n.h37 ti7`).;h'7 ti;5675 1'4.5'5 343 ti9'.)43 591.h93 tix56 x)99
INTEREST EXPENSE
6165 Letter of Credit Fees S57,402 $0 10 ti .040 $0 $0 $58,677 $0 $0 $58,677 10 Y) $232.796
6170 Financing Fees $0 $0 So ti5.W- S0 $fl $5,669 S7.150 $0 $5.731 tip 15819 $29.976
6'n3 MISC Interest Expense $2,375 $2,375 S2375 52.375 1'.;75 $2,375 $2.375 $2,375 $2,375 S2375 ti'.375 ,1'.;75 S28.500
6'05 Interest Expense -SeriesA $11.748 $10.611 S11.748 $11,,369 111.745 $11,369 $11.748 S11,748 $11,369 $11,748 ,1 1. 111.745 $138,323
TOTAL INTEREST EXPENS S71,525 S12,986 $14.123 $77,391 ti 14.1 S11744 S78A69 S21,273 $13,744 $78,531 513.744 S19,942 $429,595
INCOME BEFORE DEPRECIATION
:AND: UIORTIZATION 14 SL996 ti'I_ti' ti10.7l,1 Lti 39?43i ti69.475 176.054 114.l,1 179.199 174.751 ti4
7
' _2010
_ -3 -7
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
.111 FEB MAR APR MAY JUL AUG SEP OCT NOV DEC TOTAL
DEPRECIATION & AMORT.
6470 Amortization 53.188 ti3.18N ti;.l BN ti3.l n�ti ti3.188 53.188 53 -188 53.188 53188 $3,188 ti3.M ti3.188 538256
6480 Depreciation Expense ti4; '73 14;? "_ ti4; '73 ti4 ti43?72 ti4;?72 Sd3?72 543272 $43,272 $43272 S43?7 ti43?72 $519,264
TOTAL DEPR/AMORT EXP 546.460 $46.460 ti46.460 ti46.460 ti46.460 $46.460 $46.460 546.460 $46.460 ti*,.461) ti46.460 ti46.460 $557.520
11 NEA'M 1$43,498 $12,091 $10,054 1$44,464 1$24,908 c$35,679 $85,703) $23,015 $29,594 i$3L648� $32,739 $28191 c$ 130,116
CASH FLOW
Add Back Depr. and Amort ti46.460 546.460 $46,460 $46,460 ti46.460 $46,460 ti46.460 $46,460 $46,460 $46,460 $46,460 ti46.460 $557,520
Add Back accrued Int - TOV to 52375 52375 $2375 52,375 ti'.375 52375 52,375 $2375 52,375 $2375 52375 ti'.375 $28,500
Rate Cap Escrow Fund $0 $0 S0 $0 S0 $0 $o ($45,M)) $0 S0 $0 S0 ($45,000)
Replacement Res - Withdrawn $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $155,000 $155,000
Replacement Reserve -Depot $0 $0 $0 $0 $0 $0 $0 ($114,009) $0 $0 $0 $0 ($114,009)
Principal (Series A Bonds) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($450,000) ($450,000)
CASH FLOW ADJUSTMEN" $48.835 548.835 548.835 S48 -835 548.835 S48 -835 ti4N.835 (5110,174) 548.835 548.835 $48 -835 (5246.165) 5132()11
('ASHFLOIN $5337 $60,926 $58,889 $4,371 $23,927 $13,156 1$36,868 1$87,159) $78,429 $17,187 $81,574 1$217,874 $1,895
8
_ -3 -�
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
INCOME
Gross Possible Rents
Gross Possible rent is the total income produced if the property were 100% occupied. See Exhibit A for specifics.
4005 Vacancies
115 units are master leased by Vail Resorts. See Exhibit A for specifics.
Monthly Rental Income
Net rental income is the income for the property after the projected loss for vacancies. Projections are detailed in Exhibit A.
4070 Laundry Income W 0
Laundry Income is based on estimated income based on occupancy projections and prior year history.
4090 Late /NSF Fees
JMBF
One late fees at $25 per month based on prior year figures. The majority of the residents are corporate accounts that are paid by their companies.
4125 Employee Apartments /Garages
4 employee apartments at 35% employee discount.
EXPENSES
ADMINISTRATIVE
Advertising /Promotion
Advertising and promotional dollars budgeted for emplyment ads along with newspaper classified advertisements, online internet advertising and similar advertisements.
Based on prior year numbers.
5120 Auto Expense
Mileage reimbursement for driving to the post office, hardware store, bank, etc.
5130 Credit Checks
The credit check fee is based on the charge from the company completing background and credit reporting.
9
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TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
Management Fee
Agreed upon management fee is $7,500 per month as opposed to 5% of gross collected income or the minimum of $8,000 per month as the management agreement
states.
5140 Office Expanse
Office supplies, computer supplies and repairs, copier lease, lease forms, etc.
514.5 Printing & Copying
Includes reprinting of leases, business cards, letterhead and other similar expenses.
5150 Postage _
$125 per month for postage for overnight packages and courier service.
5160 Legal Fees
Legal fees are budgeted for evictions including filing fees and attorney costs throughout the entire year.
5165 Telephone and Fax
Budgeted dollars for local & long distance calling charges that also includes long distance faxes to the corporate office and the after hours answering service, computer
lines and cell phones.
PAYROLL
5220 Administrative Wages
Administrative salaries is for the Property Manager.
5230 Maintenance Wages
Maintenance salaries for three full time maintenance staff.
GROUNDS
Contract - Outdoor Plant
Contract dollars budgeted for chemical and physical removal of weeded areas in landscape area in conjunction with regular mowing and weed cut down.
5620 Trash Removal
10
12/7/2010
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TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
Weekly contract trash removal service with reduced service during summer months when occupancy is lower, ie, one less pick up per week.
5625 -5627 Snow Removal
Contract snow removal during the months of November through April for the parking lot areas. The contract calls for snow removal after 3 inches of accumulation.
5655 Grounds Equipment
Covers repairs /replacements of lawn mowers, snow blowers and various grounds equipment and snow removal equipment throughout the year.
GENERAL REPAIR /MAINTENANCE
3330 Electrical Supplies
Light bulbs, switch plates fixture replacements, smoke detectors, batteries, etc.
53$5, Interior Repairs
Anticipated dollars for unexpected repair and replacement of drywall and texturing from roof leak damage
5365 Maintenance /Repair Supply
5370 Misc. Repairs & Maintenance
plumbing issues.
5380 Painting Supplies
Purchase of paint supplies based on projected occupancies and prior years expenses.
5385 Appliance Maintenance —
Repair and /or replacement of appliances where cost of repair exceeds cost of replacement.
5387 Carpet/BlindNinyl
Budget repairs for carpet wear and tear or vinyl repair.
5395 Uniforms
This line item reflects expenses of $400 in March and $400 in September for the purchase of property uniforms for both spring and winter.
11
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TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
5720 Locks
Budgeted expense for a lock replacement every other month.
5760 Other Fire & Life Safety
Monitoring contract paid quarterly and fire extinguisher inspection in June
UTILITIES
5410 Electrical - Common
This amount reflects projected electric service for vacant units, exterior lighting, common areas and the leasing and Management office. The amounts budgeted are
based on prior year actual and estimated expenses which included a rate increase at the time of budgeting.
5450 Water /Sewer
Water and sewer is based on prior year actuals based on all 200 units being occupied with a 6% projected increase.
JANITORIAL
5510 Janitorial Labor /Contract
N/A
5520 Janitorial Supplies
Budgeted dollars for janitorial supplies for cleaning common areas, laundry rooms, management and leasing office and vacated units.
5530 Carpet /Drape Cleaning —MMINEENEPIpm— -0W
Minimal dollars are budgeted for carpet cleaning of units that are vacated throughout the summer months.
INSURANCE
Property Insurance
Property, casualty and umbrella liability insurance. 10% increase anticipated on August Ist.
OWNER EXPENSE
12
12/7/2010
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TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
N/A
6110 Accounting /Audit
Based on prior year actual costs.
6153 Life Safety Work 'Ir
Continue with window replacements per the Borne Engineering report throughout the summer months totaling $72,000. There is also $45,000 budgeted for the
replacement of concrete /wood stair and walkways. $83,000 is budgeted for roof replacements in the summer months.
INTEREST INCOME
8105 Interest Income
Interest income that is earned on all deposited amounts that are in property bank accounts.
INTEREST EXPENSE
6165 Letter of Credit Fees
Quarterly payments for letter of credit.
6170 Finance Costs
Quarterly remarketing fees George K Baum $5,819 (Series A) and the US Bank $2,650 annual Trustee Fee (Series A) and LOC Moody's $4,500 series A
6202 Misc. Interest exp.
Interest on Town of Vail note of $1,900,000 at 1.5 %.
6205 Interest Expense Series A
Interest on series A Bonds of $19,025,000 projected at .75 %.(Rate Cap Agreement at 5.5% 5/5/10 - 5/1/11)
13
12/7/2010
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TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
MONTH TOTAL NUMBER MONTHLY 3ROSS< POTENTIAL UNITS: PERCENT MONTHLY
OF UNITS RENT RENT OCCUPIED OCCUPIED INCOME.
JANUARY
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 28 = $26,600
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 144 72%
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT 53.200
TOTAL MONTHLY RENTAL INCOME: $129,910 $129,910
FEBRUARY
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 30 = $28,500
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 148 73
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($51,300
TOTAL MONTHLY RENTAL INCOME: $131,810 $131,810
MARCH
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 33 = $31,350
2 BEDROOMS (VRI) 115 x $894 $102,810 _ 115 = $102,810
TOTAL UNITS 200 149 75%
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($48,450
TOTAL MONTHLY RENTAL INCOME: $134,660 $134,660
APRIL
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 35 = $33,250
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 151 76
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($46,550
TOTAL MONTHLY RENTAL INCOME: $136,560 $136,560
14
12/7/2010
2 -3 -14
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
MONTH TOTAL NUMBER MONTHLY 3ROSS POTENTIAL UNITS: PERCENT' - MONTHLY
OF UNITS RENT RENT OCCUPIED OCCUPIED INCOME.
MAY
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 38 = $36,100
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 154 77%
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($43,700
TOTAL MONTHLY RENTAL INCOME: $139,410 $139,410
JUNE
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 40 = $38,000
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 156 78
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($41,800
TOTAL MONTHLY RENTAL INCOME: $141,310 $141,310
JULY
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 42 = $39,900
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 158 79%
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($39,900
TOTAL MONTHLY RENTAL INCOME: $143,210 $143,210
AUGUST
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 42 = $39,900
2 BEDROOMS (VRI) 115 x $894 $102,810 _ 115 = $102,810
TOTAL UNITS 200 158 79
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($39,900
TOTAL MONTHLY RENTAL INCOME: $143,210 $143,210
15
12/7/2010
2 -3 -15
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
TOTAL NUMBER MONTHLY 3ROSS< POTENTIAL UNITS: PERCENT MONTHLY
OF UN PRS RENT RENT OCCUPIED OCCUPIED INCOME.
SEPTEMBER
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 42 = $39,900
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 158 79
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($39,900
TOTAL MONTHLY RENTAL INCOME: $143,210 $143,210
OCTOBER
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 44 = $41,800
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS i 200 160 80
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($38,000
TOTAL MONTHLY RENTAL INCOME: $145,110 $145,110
NOVEMBER
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 48 = $45,600
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 164 82%
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($34,200
TOTAL MONTHLY RENTAL INCOME: $148,910 $148,910
DECEMBER
UNIT TYPES
1 BEDROOMS 1 x $500 $500 1 = $500
2 BEDROOMS 84 x $950 $79,800 50 = $47,500
2 BEDROOMS (VRI) 115 x $894 $102,810 115 = $102,810
TOTAL UNITS 200 166 83%
TOTAL MONTHLY GROSS POTENTIAL RENT: $183,110
LESS VACANT /LOSS RENT ($32.30
TOTAL MONTHLY RENTAL INCOME: $150,810 $150,810
TOTAL ANNUAL GROSS POTENTIAL RENT: $2,197,320
LESS VACANT /LOSS RENT
TOTAL ANNUAL RENTAL INCOME: $2,197,320 100% $1,688,120
16
12/7/2010
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ITL1 Oil
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: 2015 World Championship Update and Discussion
PRESENTER(S): Ceil Folz, Vail Valley Foundation
ATTACHMENTS:
TOV Proposal
12/7/2010
p p
L.
L YAI L BEAVER CREEK
2M51 COLORADO I USA
Presentation to the Vail Town Council
REQUEST FOR SUPPORT
December, 2010
12/7/2010
3 -1 -1
U WORLD
CHAMPIONSHIPS
.......... FIS ..........
ALPINE SKI
OVERVIEW
Background: In the spring of 2009, the Vail Valley Foundation, Vail Resorts and the
United States Ski Team agreed to move forward with a bid for the 2015 World Alpine
Ski Championships. Throughout the rest of 2009 and the first part of 2010, we
proceeded full speed ahead to bring the World Championships back to the Vail
Valley. On June 3, 2010, the FIS voted in support of our bid and we now begin the
arduous task of the real work... organizing the best ever World Alpine Ski
Championships.
Our first move in this endeavor is to secure all of our partnerships needed to be
successful in this venture. Those partners include:
Avon Town Council
Beaver Creek Merchants Association
Beaver Creek Resort Company Directors
Denver Sports Commission
Eagle County Commissioners
Eagle Town Council
Lodging Community
Minturn Town Council
Ski Country USA
State of Colorado
US Olympic Committee
USSA
Vail Town Council
Vail Valley Partnership
Description: The World Alpine Ski Championships have been held in the Vail Valley
twice before, in 1989 and 1999. The Alpine Championships gather together the
greatest skiers from over 70 nations to compete over a two -week period of time in
every alpine discipline. The Alpine Championships attract more than 800 athletes,
coaches and officials; 2000 members of the media; 2000 volunteers and large
international sponsors. In addition, more than 70 countries will carry the television
feed to more than one billion worldwide viewers.
The Championships represent the highest level of competition. Equal to the
Olympics in many athletes' eyes, there is tremendous prestige in hosting a World
Championships. To have been selected to host our third World Championships is an
honor only St. Moritz can match, with their trio of Championships representing a 76-
year span. In 2015, the Vail Valley will have hosted three Championships in just 26
years.
12i7i2010
3 -1 -2
The plan of organization and operation is to utilize the best assets from both Vail
and Beaver Creek to ensure the greatest success. To that point, our plan it to host
all of the men's World Championships medal races in Beaver Creek on the existing
Birds of Prey course; to build a new women's speed course in Beaver Creek; and to
place the women's Giant Slalom and Slalom races on a new cut on Raven Ridge. The
men's Giant Slalom and Slalom qualification competitions, along with the Opening
Ceremonies and all medal ceremonies and nightly festivities, including concerts,
street parties, snowboard and freestyle demonstrations and national hospitality
houses will be in Vail. In essence, Beaver Creek will serve as the Competition Center
for the Championships, while Vail will serve as the Festival Center for the event.
In addition, given the current success of the US Ski Team, especially Vail's own
Lindsey Vonn and Sarah Schleper, the 2015 World Championships will generate even
more excitement throughout the US skiing community, with a unique opportunity to
see their heroes and heroines compete in a major international event on home soil.
In short, the 2015 World Alpine Ski Championships will be a single celebration of
skiing, conducted in two of the world's finest resorts.
12i7i2010
3 -i -3
U OR L
.... .... FIS ..........
ALPINE SKI
ECONOMIC RESULTS FROM 1999 CHAMPIONSHIPS
1999: In planning for the 1999 World Alpine Ski Championships, organizers
understood that it would be a challenge to provide increased business for the two -
week period of the event. Efforts were placed on improving business during the
event itself, but organizers again looked toward future returns to justify the efforts
of hosting a second World Championships.
Economic Impact: In an economic impact study created the year following the 1999
Championships, the following successes were reported:
❑ Lodging occupancy rates increased valley -wide from an average in 1998 of 67%
to an average for the same time slot of 84% in 1999.
❑ At a total event cost of $25 million, $17 million was generated from sources
outside of Colorado.
• Of the $25 million spent on the 1999 Championships, just over $20 million was
spent in Colorado.
• Of the $20 million spent in Colorado, $16 million was spent in the Vail Valley.
❑ Total economic impact to the state of Colorado was over $100 million.
❑ In a comparison of 1998 to 1999 for the two- week period of the
Championships, sales receipts showed a small percentage of growth.
However, for the same time period, Aspen, Steamboat and Breckenridge
reported a 10% drop in sales receipts.
Television Impact: Perhaps the most successful measure of the Championships
came from the television and marketing exposure received:
❑ There were 22 hours of domestic coverage through the combined efforts of
NBC and ESPN.
❑ Twelve national television networks were on site to cover the Championships
live.
❑ Over 350 hours of programming was produced during the two weeks of the
event.
❑ 45 countries broadcast to an estimated 400 million people.
Community Impact: In the spring of 2000, RRC Associates prepared an analysis of
the economic impact of the 1999 World Championships. As it relates directly to the
Vail Valley business community, a summary of the analysis follows:
❑ 90% felt the Championships met or exceeded their expectations.
❑ 100% indicated they would participate in a future World Championships.
❑ 96% felt that there would be a long term benefit to having hosted the
Championships.
12i7i2010
3 -1 -4
❑ 89% felt the Championships had given the community a common purpose and
for a time, had created a strong sense of satisfaction for those who lived and
worked here.
12/7/2010
3 -1 -5
WORLD
CNAMPINNSNIPS
...... FIS ... I......
ALPINE SKI
EXPECTED IMPACTS FOR 2015
Community: As in 1999, it is expected that these Championships will allow all parts
of our diverse community to come together. This has not happened since the 1999
Championships and as the community has become even more polarized over the past
years, it is important for us to find common causes that can more tightly bind us
together. The World Championships allow us as communities to both foster that
which this community was created for, and to celebrate the world's best.
In addition, we are in a much different economic time than when the 1999
Championships were held. Upon the announcement that Vail had been selected, the
Vail Daily ran an editorial that summed it up best:
"People who were around 20 years ago might recall that talk went on for years
about the "bounce" provided by the 1989 championships. That bounce came across
the local economy, from room reservations to lift tickets to real estate sales.
The valley's economy was already humming along pretty well when the
championships came in 1999, but that celebration of the world's best skiers still
sent long - lasting ripples through the local economy.
Of course, 2015 is a long way off, and our valley's economy is still struggling. But it
seems as if many of us have been looking for something to aim toward — a point
that, if we could just make it to here, we'd probably be all right."
Goal Line: There are many exciting projects being considered up and down the
valley corridor. A 2015 Championships provides a goal line for each community and
the county to look to to complete these projects, thereby presenting the world with
the new face of the Vail Valley.
Grow Future Customers: A key element of the bid for the 2015 World
Championships was always a focus on our future. Not only is Vail the host for 2015s,
we are at the very heart of our business, a ski resort. We all depend on the
maintenance and growth of the sport of skiing. We look to utilize the 2015 World
Championships not only as a celebration of the sport, but as a springboard for
marketing exposure to entice new peoples and populations into the sport of skiing.
Revenue Infusion: The operations budget for the 2015 effort exceeds $45 million. Of
this, over $34 million will come from outside our community. It is also expected that
much of this revenue will be spent with services and businesses in Eagle County. In
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3 -1 -6
addition, the cost for the television setup, services and production will exceed $6
million and the majority of this will be spent in the Vail Valley.
Positioning: The image of the Vail Valley has benefited greatly by the annual
support and hosting of the World Cup. A future World Championship can only
reinforce that image of Vail as a world -class ski resort. In addition, the opportunities
to present Vail as a year -round resort is abundant through television bumpers,
special features and lead -up stories for the 2015 Championships. The recently
completed study by the University of Denver identified the importance of
"internationalizing Vail." The study concluded that there were five key
recommendations, one of which was to work hard to bring either the Winter
Olympics or the World Championships back to the valley.
Request for Support: While a significant amount of money to host the World
Championships will come from sources outside of our community, much will also
need to be raised from within. Support is expected from all corners of our county:
from businesses, individuals and government agencies. The Vail Valley Foundation
humbly requests from the Town of Vail a commitment for cash and in -kind support
for the 2015 World Alpine Ski Championships. With a budget of over $45 million, we
ask the Town of Vail to provide just over 1 /45th of the cost of running this
international showcase.
Our formal request is for $1.25 million, to be contributed over a five -year term,
based upon what works best for the Town of Vail. In addition, we request up to
$150,000 of value in in -kind trade, in the form of assistance from the Town's Police,
Fire and Public Works Departments.
12/7/2010
3 -I -7
ITL1 Oil
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: A presentation on the findings and recommendations of the Fiscal Impacts and
Econimic Analysis Report completed by Economic Planning Systems, Inc.(EPS) of the
proposed Ever Vail project.
PRESENTER(S): Andy Knudtsen, Economic Planning Systems, inc.
ACTION REQUESTED OF COUNCIL: The Vail Town Council is being asked to listen to the
presentaion and actively engage in a discussion with Town Staff with regard to the
recommendations and conclusions cited in the Report.
BACKGROUND: The Vail Town Council instructed staff to contract fort the consulting
services of Economic Planning Systems, Inc. to conduct a fiscal impacts and economic
analysis report of the proposed Ever Vail project. EPS was contracted to complete a fiscal
impact report which addressed the projected fiscal impacts to the delivery of municipal
services as a result of the development of the proposed Ever Vail project and model the
economic impacts that may be realized to shifts in market share within the Town, projected
sales tax collections and other economic afects of the project.
ATTACHMENTS:
EPS Memorandum
Fiscal Impact Analysis
Fiscal Model
Sales Tax Model
Commercial Core Comparison
12/7/2010
MEMORANDUM
To: Town of Vail
From: Andrew Knudtsen and Brian Duffany
Economic & Planning Systems
Subject: Ever Vail Fiscal & Economic Impacts
Date: November 11, 2010
The ,f conornics of JAntd Use
Purpose and Background
Economic & Planning Systems (EPS) was hired by the Town of Vail to
conduct a fiscal and economic impact analysis of the proposed Ever Vail
(ell development. EPS' scope of work included two major tasks:
• Fiscal Impact Analysis -- The fiscal impact analysis addresses the
costs of providing Town services to the project compared to the
revenues generated by the project. The fiscal analysis accounts for
a range of funds including the General Fund, the Capital Fund, the
RETT Fund, the Marketing Fund, and the URA Fund.
• Economic Impact Analysis -- The economic impact analysis
addresses the ways in which the project is expected to impact other
sectors of the Vail economy and how these impacts can be
mitigated. One of the key issues has been cannibalization (sales
erosion). To address this issue, the Economic Impact Analysis
quantifies retail sales flows by base area, Vail Village, Lionshead, and
West Vail. The Economic Impact analysis also addresses other
economic and policy issues (more qualitatively) such as the provision
and filling of "hot beds," the capability to attract group sales and
ability of the project to fill shoulder seasons, and the economic goal
of attracting and retaining jobs in more diverse economic sectors.
Economic & Planning Systems, Inc.
730 17th Street Suite 630
Denver, CO 80202 -3511
303 623 3557 tel
303 623 9049 fax
Berkeley
Sacramento
Denver
www.epsys.corn 12/7/2010
4 -1 -1
Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 2
Development Program
Residential
The development program as proposed is summarized in Table 1. It includes a total of 530
residential units and hotel rooms. The hotel is currently proposed to be 102 rooms. A 76 unit
"branded residence" condominium component would be associated with the hotel brand,
management, and guest services. An additional 307 market rate condominiums are proposed,
plus 26 deed restricted rental units and 19 deed restricted for -sale condominiums. The for -sale
units would be deed restricted to Eagle County residents and full -time local employees.
Compared to the earlier submittal, the residential program is largely the same; the major
difference is that the hotel has been reduced to 102 rooms from 120 rooms. The retail program
has also been scaled back significantly, as will be discussed below.
The project was analyzed as a two phase project. The fiscal impact of each phase was modeled
as if it were a single standalone project; the fiscal impacts of Phase I and Phase II are reported
separately. The cumulative impact of full buildout of both phases was also analyzed. EPS has
modeled the east phase as Phase I. Phase I includes the hotel and retail /commercial space.
Phase II, the western phase, is almost entirely residential.
Table 1
Ever Vail Proposed Development Program
Ever Vail Fiscal Impact Analysis
Description Phase I Phase II Total
East West
Development Program
Hotel 102 0 102
Branded Residences 76 0 76
Condominiums 158 149 307
Deed Restricted Rental 8 18 26
Deed Restricted For -Sale 12 7 19
Total Units 356 174 530
GRFA 468,067 315,273 783,340
Source: Vail Resorts Development Company, Economic & Planning Systems
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 3
Market values for the fiscal impact analysis were determined by EPS from research on several
recently built and currently for -sale base area projects located throughout the Intermountain
West. The market rate components are modeled at an average of $1,200 per square foot, or
$1.8 million per unit, as shown in Table 2. The hotel market value is estimated to be $426,000
per room, based on 60 percent occupancy, a $350 per night average daily rate, 50 percent
operating expenses, and a 9.0 percent capitalization rate. Vail Resorts Development Company
(VRDC) staff has indicated that the deed - restricted for -sale units would be priced at
approximately $400,000 per unit.
Table 2
Ever Vail Estimated Market Values
Ever Vail Fiscal Impact Analysis
Description Phase I Phase II
Avg. Sq. Ft.
Hotel - -- - --
Branded Residences 1,500 1,500
Condominiums 1,500 1,500
Deed Restricted Rental 1,200 1,200
Deed Restricted For -Sale 1,250 1,250
Market Value /Sq. Ft.
Hotel - -- - --
Branded Residences $1,200 $1,200
Condominiums $1,200 $1,200
Deed Restricted Rental - -- - --
Deed Restricted For -Sale $325 $325
Market Value /Unit
Hotel $426,000 $426,000
Branded Residences $1,800,000 $1,800,000
Condominiums $1,800,000 $1,800,000
Deed Restricted Rental $102,000 $102,000
Deed Restricted For -Sale $406,250 $406,250
Source: Vail Resorts Development Company, Economic& Planning Systems
H'. \20312 Ev V,i Fi, iAnjys V,,Jet U0812 -f ,J m d,e 11 092010 x1sP M toss a pti - - -s
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 4
Retail and Commercial
The project is also proposed to contain approximately 123,000 square feet of mixed use retail
and commercial space. However, less than half of the space or approximately 53,000 square
feet is programmed as retail and food and beverage space. There is an additional 69,500 square
feet of conference, meeting, skier services, spa, and office space, as shown in Table 3. The
program also proposes additional parking. A total of 1,464 parking spaces will be constructed,
1,025 in Phase I and 439 in Phase II. Approximately 400 of the total count will be public spaces
and are anticipated to be used by day skiers during the ski season. The balance fulfills
requirements related to retail and residential uses.
Table 3
Ever Vail Retail and Commercial Development Program
Ever Vail Fiscal Impact Analysis
Description Phase I Phase II Total
East West
Retail and F &B
Restaurant 16,090 0 16,090
Nightclub 6,013 0 6,013
Sporting /Apparel 11,118 0 11,118
Spa and Other Leaseable Retail 5,881 0 5,881
Grocer 14,156 0 14,156
Subtotal 53,258 0 53,258
Other Commercial Space
Skier Services - Ticketing 2,489 0 2,489
Children's Skier Services 0 12,114 12,114
Spa 9,870 0 9,870
Office 35,395 0 35,395
Meeting Spaces (incl. hotel) 9,663 0 9,663
Subtotal 57,417 12,114 69,531
Totals 110, 6 75 12,114 122,789
Parking
Public Spaces 200 200 400
General 825 239 1,064
Total Analyzed 1,025 439 1,464
Source: Vail Resorts& BBC Research, Economic& Planning Systems
H: \263'12 Ever Vai Fscal A nalysisM we O \I27812iscI male FI I-0 U10x I sl4CommeraA Der Pro3
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 5
The applicant has reduced by approximately half the amount of retail proposed in this submittal.
The applicant is currently proposing 53,000 square feet of restaurant, spa, and leasable retail
space. Earlier versions of the development program contained approximately 100,000 square
feet of retail and restaurant space. The current proposal has been downsized, as shown in
Table 4.
Previously, EPS expressed concerns that the earlier proposal had too much retail space for the
location and the size of the bed base proposed. A number of potential impacts to the Town were
identified such as vacant retail space and a lack of vitality and potential impacts to the existing
retail areas of the Town. The reduction in retail space was an outcome of several discussions
and working meetings between Vail Resorts Development Company (VRDC), EPS, BBC Research
working as VRDC's consultant, and Town of Vail Staff. A key factor used in these discussions
was the amount of retail floor area that could be supported by reasonable assumptions about the
expenditure potential from Ever Vail guests and residents. (Based on the immediate adjacency,
the "right sizing" also accounted for future expenditure from Ritz Carlton guests.) The retail is
now appropriately sized, as the supply reflects appropriate assumptions about demand and
results in sufficient ballast to provide a high quality guest experience expected by visitors at a ski
area base portal.
Table 4
Comparison of Ever Vail Retail Programs
Ever Vail Fiscal Impact Analysis
Retail Development Current Proposal Previous Proposal
Restaurant 16,090 24,000
Nightclub 6,013 6,000
Sporting /Apparel 11,118 36,000
Spa and Other Leaseable Retail 5,881 21,000
Grocer 14,156 13,000
Total 53,258 100,000
Source: Vail Resorts, Economic & Planning Systems
H 1212 Eva Vail`i lAnal ys Mo�ls,1208124 al mo�l-11- 05- 2010.dsJShzetl
Key Assumptions
EPS analyzed the project under "High" and "Low" scenarios to evaluate the project under
different performance measures. The High Scenario reflects what EPS believes to be reasonable
estimates of performance for a well located high quality base portal development with direct lift
access. It was not designed to be an "optimistic" or "aggressive" scenario. It does, however,
assume that VRDC will actively market the project, pursue off- season business (group business,
meetings, conferences, etc.) to fill hotel rooms and rental condominiums, and motivate owners
to participate in a rental program. The "Low" scenario was designed to reflect "average" or
"business -as- usual" performance for Vail properties. Occupancy is a key economic and fiscal
driver; the occupancy assumptions are shown below in Table 5. In the High Scenario, the hotel
is assumed to operate at 60 percent annual occupancy and 50 percent occupancy in the Low
Scenario. Condominiums are modeled at 40 percent occupancy in the High Scenario and at 30
percent in the Low Scenario.
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 6
Table 5
Occupancy Assumptions
Ever Vail Fiscal Impact Analysis
Description "High" Scenario "Low" Scenario
% In Rental Pool
Hotel 100% 100%
Branded Residences 75% 65%
Condominiums (Free Market) 50% 35%
Deed Restricted Rental 0% 0%
Deed Restricted For -Sale 0% 0%
Annual Occupancy
Hotel 60% 50%
Branded Residences 45% 40%
Condominiums in Rental Pool 40% 30%
Second Home Condominiums 20% 20%
% of Guests Net New
Hotel 70% 60%
Branded Residences 70% 60%
Condominiums in Rental Pool 50% 40%
Second Homes 100% 100%
Source: Vail Resorts, Economic & Planning Systems
H'.A20812E —V• Fs09 I Amalys3Wldd, 0812 -fsc rt,,d,l- 11- 052010.,§She21
The percent of guests that are "net new" to Vail are also estimated. The hotel is assumed to
draw 60 to 70 percent net new guests, based on interviews with hospitality consultants and hotel
managers. Net new guests are lower for the condominiums, estimated at 40 to 50 percent. All
second homeowners are assumed to be new; however, second homes have a fraction of the
economic impact of hotel rooms and therefore do not have a large effect in the fiscal impact model.
Another key assumption is that costs related to infrastructure internal to the project will be borne
by Vail Resorts, not the Town of Vail. It is anticipated that Vail Resorts will establish a number of
Title 32 Metropolitan Districts (metro districts) for this purpose. At the time the service plan is
submitted to the Town for its approval, it is recommended that a segregated revenue stream be
established to cover operations and maintenance costs (as distinct from debt service for capital
improvements) and that it be sized to ensure a level of service commensurate with Town of Vail
standards.
Additionally, it has been assumed that CDOT will continue to own and maintain the Frontage
Road at CDOT's cost.
Finally, it is important to note that the fees included in the model are the best approximation
available at this time. Actual fees and requirements applied at time of project approval or at
time of building permit may differ, based on a modified development program and /or modified
Town standards.
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 7
Summary of Findings
Fiscal Impacts
1. At full buildout, the Ever Vail project is estimated to generate a positive fiscal
impact to the Town. After accounting for high and low occupancy assumptions, the
fiscal impact to the General Fund is estimated at $383,000 to $709,000 annually at
full project buildout and stabilization.
The higher range of estimated fiscal impacts reflects what EPS believes are reasonable
assumptions for the performance of a high quality well performing base area resort project
with direct lift access. It also presumes that VRDC will actively market the project to fill hotel
beds, attract groups during the off - season, and encourage owners to participate in a rental
program. The lower fiscal impact estimate represents more "average" performance for Vail
properties, with no special marketing or management strategies designed to maximize "hot
beds." The project's actual performance will likely lie somewhere between the low and high
estimates. The results of the fiscal impact analysis are summarized in Tables 6 and 7 for
the High and Low Scenarios, respectively.
2. The fiscal impacts of both phases of the project are positive. Phase I (east)
generates a larger benefit to the Town than Phase II (west) due to higher guest
expenditure levels generated by the 102 hotel rooms, 76 branded residences, and
158 condominium units.
The hotel is a key economic driver estimated to generate about 25 percent of the visitors and
spending from the project under the High Scenario. The branded residences are modeled as
performing similarly to the hotel and account for approximately 17 percent of total visitors
and expenditures. As noted previously, Phase II does not include hotel rooms or branded
residences. It is also noteworthy that Phase II has nine fewer condominium units. Retail
sales and sales tax are derived from visitor spending, and Phase I generates more spending
that Phase II. The annual net fiscal impact of Phase I by itself is estimated at $342,000 to
$563,000. Phase II by itself has a fiscal impact of $118,000 to $223,000 per year.
3. Ever Vail is estimated to require additional staff for Police and Fire under the High
and Low Scenarios.
Police and Fire service demands were estimated by a comparative analysis of call volumes in
Lionshead Village by EPS and Town staff. At full buildout of both phases, Police is forecasted
to need one additional code enforcement officer at an annual cost of $77,150 plus a one -time
training cost of $65,000. By themselves, neither phase triggers the need for an additional
police officer. Cumulatively, however, demand for services will require a new position.
Based on the forecasted call volume, the Fire Department will need an additional staff person
to serve Phase I at an annual cost of $76,600 plus a one -time training and equipment cost of
$7,800.
4. The largest impacts on Town services are to the Town's transit system.
LSC Transportation Consultants completed a study of the impacts of Ever Vail on the Town's
transit system. LSC estimated the need for three new buses at a cost of $600,000 each.
The annual operations cost is estimated at $111,000. EPS has allocated the impacts to
Phase I, as it generates the most visitor activity.
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 8
5. The project is largely within the Lionshead URA. Therefore, the majority of the
property tax generated by the project will flow to the URA rather than the General
Fund until 2030.
At full buildout, the General Fund portion of the property tax increment generated by the
project is approximately $360,000 per year. After the URA expires in 2030, this revenue will
revert back to the General Fund, increasing the net fiscal impact by the same amount. The
total property tax increment at buildout is approximately $3.5 million per year, based on the
structure of the URA which redirects non -Town revenue streams for the duration of the URA.
These funds can be used by the URA to fund eligible projects.
6. The Ever Vail development will generate substantial one -time revenues from
construction use tax and permit fees.
The construction use tax from Phase I is estimated at $9.3 million over the course of its
construction, contributing to the Town's Capital Fund. The construction of Phase II would
produce approximately $5.1 million in use tax. The Real Estate Transfer Tax (RETT) from
developer sales is forecasted to be $4.7 million for Phase I and $3.0 million for Phase II. The
RETT fund is used for park, open space, and sustainability projects.
Permit and plan check fees are estimated at $3.1 million for Phase I and $1.7 million for
Phase II. Permit and plan check fees are one -time revenues that contribute to the cost of
development revue. Since they are one -time revenues during construction, they are not
counted in the annual fiscal impact to the General Fund which reflects the project at buildout
and stabilization.
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 9
Table 6
High Scenario Fiscal Impacts
Ever Vail Fiscal Impact Analysis
By Phase - Standalone Cumulative Impact by Phase
Fund Phase I Phase II Phase I Phases I & II
General Fund
Revenues $1,015,500 $430,100 $1,015,500 $1,445,500
Expenses [1] -$452,800 -$206,900 -$452,800 -$736,850
Net Fiscal Impact $562,700 $223,200 $562,700 $708,650
Capital Fund
One -Time Use Tax $9,291,760 $5,103,520 - -- - --
Annual Sales Tax $599,800 $258,464 $599,800 $858,232
RETT
One -Time Developer Sales $4,729,067 $3,025,273
Annual Resales $192,000 $122,000 $192,000 $314,000
Vail Marketing District
1.4% Lodging Tax (Annual) $366,000 $168,000 $366,000 $534,000
Urban Renewal Authority
General Fund Property Tax to URA [2] $258,000 $104,000 $258,000 $362,000
Other Taxing Entities Tax Increment $2,280,000 $919,000 $2,280,000 $3,199,000
Total Property Tax Increment $2,538,000 $1,023,000 $2,538,000 $3,561,000
[1] Expenses by phase do not add to the cumulative impacts of the entire project. Police is not estimated to need additional staff to serve individual phases,
but would need an estimated 1 officer to serve the project if both phases are built. Fire is estimated to need an additional staff person to serve Phase I,
which will also cover Phase ll.
[2] The project is largely within the Lionshead URA. This revenue reverts to General Fund after URA expires in 2030.
Source: Economic & Planning Systems
H. \20812 Ever Vai l Fiscal Analysis \MO , \]2!)812- fiscalm dtl1- 11- 05- 2010.xls]ES -1
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 10
Table 7
Low Scenario Fiscal Impacts
Ever Vail Fiscal Impact Analysis
By Phase - Standalone Cumulative Impact by Phase
Fund Phase I Phase II Phase I Phases I & II
General Fund
Revenues $777,800 $316,200 $777,800 $1,093,900
Expenses [1] -$435,600 -$198,000 -$435,600 -$710,750
Net Fiscal Impact $342,200 $118,200 $342,200 $383,150
Capital Fund
One -Time Use Tax $9,157,200 $5,103,520 - -- - --
Annual Sales Tax $457,096 $188,264 $457,096 $645,344
RETT
One -Time Developer Sales $4,729,067 $3,025,273
Annual Resales $192,000 $122,000 $192,000 $314,000
Vail Marketing District
1.4% Lodging Tax (Annual) $294,000 $126,000 $294,000 $420,000
Urban Renewal Authority
General Fund Property Tax to URA [2] $248,000 $104,000 $248,000 $352,000
Other Taxing Entities Tax Increment $2.193.000 $919,000 $2,193,000 $3,112,000
Total Property Tax Increment $2,441,000 $1,023,000 $2,441,000 $3,464,000
[1] Expenses by phase do not add to the cumulative impacts of the entire project. Police is not estimated to need additional staff to serve individual phases,
but would need an estimated 1 officer to serve the project if both phases are built. Fire is estimated to need an additional staff person to serve Phase I,
which will also cover Phase II.
[2] The project is largely within the Lionshead URA. This revenue reverts to General Fund after URA expires in 2030.
Source: Economic & Planning Systems
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 11
Economic Impacts
1. The spending from new guests in Ever Vail is forecast to be $18.1 million per year
with 90 percent of expenditures estimated to occur in the Town of Vail and 10
percent in the Vail Valley.
The town derives most of its retail sales from visitor expenditures. Adding to the bed base
will introduce new dollars into the Vail economy, contributing to additional retail sales. Ever
Vail visitors are estimated to make 35 to 40 percent of their expenditures within Ever Vail, as
shown in Figure 1. Approximately 50 to 55 percent of Ever Vail visitors' dollars are
expected to occur within the Town of Vail in other retail locations such as Lionshead, Vail
Village, and West Vail. The remaining 10 percent of expenditures are estimated to occur
elsewhere in the Vail Valley, such as Beaver Creek, Avon, or Edwards. Similar to any guest
in Vail, Ever Vail's guests will spend money in multiple locations in the Town.
Figure 1
Ever Vail Guest Spending Patterns
Ever Vail Fiscal Impact Analysis
Total Spending
$18.1 Million
Ever Vail Vail Village, Lionshead, West Vail Down
$6.8 Million $9.6 Million Valley
$1.7M
A 8 8529522$
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 12
2. The project is not expected to cannibalize (erode) sales from Vail Village or
Lionshead. The West Vail area is expected to see sales erosion of 1.1 percent. As
new retail in Ever Vail is introduced, some sales from other Vail locations will now
to Ever Vail. At the same time, Ever Vail guests will spend money in existing retail
establishments in Vail. In most cases and in total, the net dollar flows to existing
retail areas are positive.
The economic analysis projects sales of $19.0 million in Ever Vail to achieve a minimum
viability. Of this total, approximately 60 percent are expected from guest in the immediate
village (Ever Vail plus the Ritz Carlton). The balance of 40 percent would need to come from
guests staying elsewhere in Vail to support $19.0 million in sales in Ever Vail.
Under these assumptions, Lionshead and Vail Village would "lose" $2.6 to $2.9 million in
sales to Ever Vail; however, this is estimated to be replaced by $2.9 to $5.5 million in
expenditures from new Ever Vail guests spending money in Lionshead and Vail. Thus, net
sales flows are expected to be positive for Lionshead and Vail Village. Due to the competition
created by the proposed market, a one percent loss in sales is projected for West Vail.
The sales flows are quantified below in Table 8 and Figure 2. Vail Village currently achieves
$152.7 million in sales, while Lionshead achieves $32.8 million, and West Vail has $71.8
million in sales. The net dollar flows shown are less than two percent of existing sales and
are only projected to be negative for West Vail. EPS believes that the strength of Lionshead
and Vail Village will be the main draw for all Vail guests regardless of where their lodging is.
Our opinion is that the removed location of Ever Vail is unlikely to draw significant amounts
of sales away from existing retail areas.
Table 8
Summary of Town Sales Flows with Ever Vail
Ever Vail Fiscal Impact Analysis
Erosion to Ever Spending From
Potential Dollar Flows Vail Ever Vail Net Dollar Flows
Lionshead $2,632,000 $2,954,000 $322,000
Vail Village $2,994,000 $5,486,000 $2,492,000
West Vail $1,938,000 $1,166,000 772000
Total $7,564,000 $9,606,000 $2,042,000
Existing Sales Erosion as % of
Potential Erosion vs. Existing Sales Net Dollar Flows (2009) Sales
Lionshead $322,000 $32,789,000 1.0%
Vail Village $2,492,000 $152,700,000 1.6%
West Vail 772000 $71,807,000 -1.1%
Total $2,042,000 $257,296,000 0.8%
Source: Economic & Planning Systems
H'. 1,208 12 E, Vaal F'—A,Aysi, `. MaJd,s� 27012 -EV Saes Tax Md,e 11- 052010.,SJT,U,, ES 1
12/7/2010 20812 - Fiscal & Economic Memo 11- 11- 10.doc
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 13
Figure 2
Net Dollar Flows vs. Existing Retail Sales
Ever Vail Fiscal Impact Analysis
Chart 2
$180,000,000
■ Net Dollar Flows Existing Sales (2009)
$160,000,000
$140,000,000
w $120,000,000
d
m
U)
$100,000,000
d
m
'a $80,000,000
0
0
LL
$60,000,000
d
$40,000,000
$20,000,000
$322,000 $2,492,000
$0 W
Lionshead Vail Village West Vail
- $20,000,000 $772,000
12/7/2010 20812-Fiscal a economic Memo 11-11 -10.de
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 14
3. The amount of retail and restaurant space proposed in Ever Vail is small in
comparison to the Town's retail inventory and is therefore forecast to have a
relatively small impact on existing retailers.
EPS has focused on "right sizing" the amount of retail space in the project. The effort has
resulted in downsizing the retail from 100,000 to 120,000 square feet in earlier development
plans to approximately 53,000 square feet as currently proposed. This has been based on an
expenditure analysis, qualitative analyses and comparisons of other base areas, and from a
determination of the minimum numbers and types of services needed for a successful base
area portal. The tenant mix is expected to cater largely to hotel and condominium guests
rather than to create a new shopping destination in Vail. The amount of retail proposed would
result in an 8 percent increase in the amount of retail space in Vail, as shown in Table 9.
Table 9
Vail Retail Inventory
Ever Vail Fiscal Impact Analysis
Vail Village Lionshead West Vail Vail Ever
Store Category # Retailers Sq. Ft. # Retailers Sq. Ft. # Retailers Sq. Ft. Total Vail
Food & Beverage 54 205,000 21 58,500 11 27,000 290,500 22,103
Gallery /Art/Books 14 21,000 0 0 0 0 21,000 TBD
Clothing /Fur 32 48,000 8 13,000 0 0 61,000 5,559
Jewelry 12 8,500 2 3,200 0 0 11700 TBD
Ski Equipment 14 36,000 16 28,000 2 16,000 80,000 5,559
Grocery /Liquor 2 1,400 1 1,000 4 108,000 110,400 14,156
Gift Shop 6 6,000 3 2,400 0 0 8,400 TBD
Eyewear 2 1,100 1 350 0 0 1,450 TBD
Miscellaneous 14 10,000 6 10,000 11 25,000 45,000 5
Total 150 337,000 58 116,450 28 176,000 629,450 53,258
Source : Town of Vail; Economic & Planning Systems
H: \2-217 - Vail R-1
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 15
4. To maximize economic benefit from the Ever Vail development, the Town and Vail
Resorts Development Company should ensure the following aspects of the project
are adequately addressed.
• Phasing - Given that the expenditure potential from Phase I is 4.5 times higher than that
of Phase II ($11.2 million vs. $2.5 million), constructing Phase I first will generate
greater economic benefit to the Vail community and greater fiscal benefit to the Town.
• Hot Beds and Critical Mass - Comparing one hotel room to one condominium unit, the
hotel room generates 2.3 times the expenditure potential of a condominium unit and 1.3
times the net fiscal benefit ($3,150 vs. $2,440). Thus, hot beds result in significantly
greater economic and fiscal benefit. A related issue is the ability for the hotel to control
and market a critical mass of accommodation units, sufficient to capture group meeting
business. A reasonable target, based on representatives that have marketed Vail
facilities for group business, is 200 to 225 rooms. Vail Resorts should be encouraged to
create lock off units and incentive programs with sufficient benefits to increase
participation and achieve the critical mass needed to effectively market its group sales.
In addition to boosting occupancy rates during summer and winter seasons, group sales
are one of the most effective tools to increase rates during shoulder seasons.
• Office Uses - When the office is evaluated in terms of economic benefit, it will provide
space for direct, indirect, and induced employment. All are beneficial to the Town. The
35,000 square feet of office proposed are an important economic development tool for
the Town to consider, as a modest way to diversify its economy.
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 16
Methodology
This section provides an overview of the methodology used to perform the detailed calculations
in the Fiscal Impact Model. Fiscal impact analysis (FIA) is a municipal financial planning and
community development tool used to evaluate the impacts of land use decisions. It provides
order -of- magnitude estimates of the impacts to a Town's ongoing revenues, operations and
maintenance costs, and capital expenditures. The FIA can, however, identify specific project
impacts to be addressed and mitigated such as extraordinary O &M costs, or one -time capital
costs triggered by the project.
This analysis focuses on the Town's General Fund revenues and expenditures to estimate the net
fiscal impact of the project. The General Fund is the major operating fund for the Town. The
analysis also estimates the building and construction related revenues, the Real Estate Transfer
Tax (RETT), construction use tax, lodging tax, the recreation impact fee, and property tax
increment to the URA. The Town has many other smaller revenue sources. Most of these were
not analyzed because they are not directly impacted by growth and development. In other
words, they are determined by contractual agreements or formulas which are not linked to new
growth and development.
Tax Revenues
The tax revenues described below are ongoing annual revenues that will occur after the project
is constructed and occupied, and will continue for the life of the project. Revenues are based on
the assumption that 90 percent of visitors to Ever Vail are net new. The major ongoing tax
revenues analyzed are described below:
• Sales and Lodging Tax - The Town allocates about 60 percent of sales tax to the General
Fund and 40 percent to the Capital Fund. Within the General Fund, sales tax accounts for 37
percent of all General Fund revenues. A 4.0 percent sales tax is applied to retail sales and
overnight lodging sales. A distinct 1.4 percent tax is applied to lodging and is dedicated to
the Vail Marketing District. There is a minor amount of existing retail space on the site and
the analysis nets out the existing sales on site to provide the Town with an understanding of
net new revenues.
• Property Tax - Property tax is normally a General Fund revenue. However, the Ever Vail
project lies primarily within the Lionshead Tax Increment Financing (TIF) District. Thus the
incremental property tax generated by the new construction flows to the Town's urban
renewal authority, not the General Fund. The amount of property tax collected is based on
mill levies imposed by all taxing entities in the area other than metropolitan districts which
may be specifically excluded under agreement with the Town of Vail. The TIF district's 25-
year life expires in 2030, at which time the Town's portion of property tax will be redirected
to the General Fund. Urban renewal authority revenue may be used to fund capital projects
supporting the elimination of blight within the district. URA funds cannot be used for
operating expenditures.
• Ski Lift Tax - This is a 4.0 percent sales tax on lift ticket sales. Lift tax revenue contributes
to operating the Town's free bus service.
• Real Estate Transfer Tax (RETT) -This is a 1.0 percent transaction tax on the sale of real
property in the Town of Vail. RETT revenues are restricted to the RETT Fund, which is used
for parks, recreation, open space, and environmental sustainability.
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 17
Construction Related Revenues
Ever Vail will generate several revenue streams during the course of project construction. Some
are on -going and some are one -time. The object of the fiscal impact analysis is to ensure that
the ongoing revenues will cover the incremental increase in the cost of services, as the project
should document net fiscal neutrality (or positive impact) for costs and revenues that run in
perpetuity. In addition to on -going revenues, a list of the one -time revenues is provided below:
• Construction Use Tax — The Town's 4.0 percent construction use tax is applied to the cost
of materials. The construction use tax is dedicated to the Capital Fund.
• Building Permit and Plan Review Fees — The Town charges a building permit fee based
on the construction valuation and a plan review fee that is 65 percent of the building permit
fee. Permit fees go to the General Fund.
• Recreation Impact Fee — The Town charges a $1.00 per square foot recreation impact fee
which is allocated to the RETT fund for parks, recreation, open space, and environmental
sustainability.
• Traffic Impact Fee — The Town has traditionally collected a traffic impact fee that is $6,500
per peak hour trip, based on a study provided to the Town by Kimley Horn, a traffic
engineering firm.
Cost and Revenue Methodology
The fiscal impact model uses the Town of Vail Budgets and audited annual financial statements
from 2006 through 2008 as the basis for estimating revenue and cost factors, which are applied
to estimate project specific impacts. The analysis compares annual ongoing revenues to ongoing
annual expenditures (O &M). One time capital costs are addressed separately. Two methods are
used to estimate costs and revenues: case studies and average cost or revenue multipliers as
described below.
Case Studies
This refers to a specific calculation of the marginal costs or revenues derived from the Project
based on available data. Case studies were developed for revenue sources when refined
calculation methods were available. For example, property taxes are calculated from expected
market values multiplied by the assessment ratio and then multiplied by the applicable mill
rates. Sales tax revenues are calculated from estimated visitor expenditures. Police and fire
impacts (calls for service) were estimated by constructing a per -unit comparison of call volume
in Lionshead Village.
Average Cost or Revenue Multipliers
These are cost or revenue measures that are ratios of budget line items to known quantities such
as population, housing units, or peak persons served. The variable "peak persons served" is
defined as population plus visitors plus one -half of non - resident employees. Half of non - resident
employees reflect the impacts of employees who are only present for a portion of a day. This
estimating technique is used when more detailed data is not available. Revenues or expenditures
can be expressed in terms of a cost /revenue per capita, or per housing unit, or per peak person
served, etc.
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Memorandum November 11, 2010
Ever Vail Fiscal Impact Analysis Page 18
Some costs and revenues do not increase at the same rate as the Town's growth (i.e., the per
capita or person served, etc., factors). For example, general Town administration and
government is a relatively fixed cost that does not increase by a one -to -one ratio with new
development. The costs to provide other services such as police and fire are more directly tied
to the increase in population and persons served generated by new development. To account for
cost variability, a percentage adjustment is applied to gross average cost multipliers to reduce
them to a net multiplier.
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DRAFT
Fiscal Impact Analysis
EverVail Fiscal Impact Analysis
High Scenario
Prepared by Economic & Planning Systems 1 of48 November 11, 2010
12/7/2010
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DRAFT
Table A
Table of Contents
Ever Vail Fiscal Motlel
Sec[ioNfable Description
Table ES -1 Executive Summary
Project Assumptions
Tables Devel opment Program
Table 2 Market Value Assumptions
Table antl Abb.— tlation ,Assumptions- Occupancies
Tablet Commercial Development Program
Table5 Visitor Days Generatetl by F —Vail
Tablefi Pect Peak Population(Population plus V on-
sitor, plus 1/2 of NReeitlent Employees)
Table] Pro Commuting Employees
Tablefi Derivation of Monty Occupancy Estimates
Town DemograPblcs
Table 9 Town of Vail Peak Demographics (Population plus Visitors plus 1/2 of NonRb,,dbm Employees)
Table l9 Vail Population, HOUSeholtls, antl ESlimaletl Secontl Homes for Peak Persons Servetl Calculation
Table 11 General Funtl antl Revenue Estimating Methotl,
Table 12 General Funtl Revenue Multipliers
Table 13 General Funtl Expenses antl Estimating Methotl,
Table 14 General Funtl Cost Multipliers
Table 15 Town of Vail Sales Tax Structure
Revenue Analysis
Table 1F Market Value antl Property Tax Summary
Table 1] Affortlable Rental Unit Pricing
Table 13 Hotel Valuati on
Table 19 Commercial Market Value
Table 29 Ltlging Sales Tax Estimate
Table 21 1.9 % Real Estate Transfer Tax Revenue
Table 22 LA Tax Revenue
Cost Analysis
Table23 Annual Public RigM-of -Way Maintenance Costs
Table 24 Lion,heatl Single Family Equivalents for Estimating Public Safety Call Volume
Table 25 Project SFES antl Calls for Service
Table 2F E,timatetl Cost of Police Service
Tablet E,timated Cost of Fire Service
Table 28 Transit Impacts
One Time Fees antl Revenues
Table 29 Construction Value Estimate
Table 39 Builtling Permit antl Plan Review Fees, antl Construction Use Tax Estimate
Table 31 Recreation Impact Fee
Table 32 Traffic Mitigation Fee at Project BUiltlout
Results Tables
Table 33 Estimatetl Annual General Funtl Revenues
Table 34 E,timatetl Annual General Funtl Expenses
Table 35 Annual Net Fiscal Impact to General Funtl
Table 36 General Funtl One -Time Revenues antl Costs
Table 3, Capital Funtl Impact
Table 39 Other Funtl, Impacts
p y onomrce Wan g y ms )y72010 2of 48 Novemher ti,
2010
4 -2 -2
DRAFT
Table ES -1
Summary of Annual Fiscal Impacts
By Phase - Standalone Cumulative Impact by Phase
Fund Phase Phase ll Phase Phases l &11
General Fund
Revenues $971,500 $412,100 $971,500 $1,383,500
Expenses [1] -$452,800 - 206 900 -$452,800 - 736 850
Net Fiscal Impact $518,700 $205,200 $518,700 $646,650
Capital Fund
One -Time Use Tax $9,291,760 $5,103,520 - -- --
Annual Sales Tax $599,800 $258,464 $599,800 $858,232
RETT
One -Time Developer Sales $4,729,067 $3,025,273
Annual Resales $192,000 $122,000 $192,000 $314,000
Vail Marketing District
1.4% Lodging Tax (Annual) $366,000 $168,000 $366,000 $534,000
Urban Renewal Authority
General Fund Property Tax to URA [2] $258,000 $104,000 $258,000 $362,000
Other Taxing Entitles Tax Increment $2.280.000 $919,000 $2.280.000 $3.199.000
Total Property Tax Increment $2,538,000 $1,023,000 $2,538,000 $3,561,000
[1] Expenses by phase do not add 1. the cumulative impacts of the entire pmj.d Police is not estimated to need addif rai staff 1. serve individual phases,
but would need an estimated 1 officer(. serve the project if both phases are built, Fire is e,ti—fi,d 1, need an additbrai staff person 1. serve Phase I,
which will also cover Phase I I.
[2] The project is largelywilhin the Li.nshead URA. This revenue reverts 1. General Fund after URA expires in 2030.
Source. Economic & Planning Systems
Prepared by Economic & Planning Systems 3 of 48 November 11, 2010
12/7/2010
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DRAFT
1. Project Assumptions
Prepared by Economic & Planning Systems 4 of 48 November 11, 2010
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DRAFT
Table 1
Development Program
Description Phase I Phase II Total
East West
Development Program
Hotel 102 0 102
Branded Residences 76 0 76
Condominiums 158 149 307
Deed Restricted Rental 8 18 26
Deed Restricted For -Sale 12 7 19
Total Units 356 174 530
GRFA 468,067 315.273 783,340
Source: Vail Resorts Development Company, Economic & Planning Systems
I¢ 12--1 nn 1a 1[21oians 1modern- n-m11.1ul aI—
Prepared by Economic & Planning Systems 5 of 48 November 11, 2010
12/7/2010
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DRAFT
Table 2
Residential and Accommodations Assumptions - Occupancies
Description Phase I Phase II
% In Rental Pool
Hotel 100% 100%
Branded Residences 75% 75%
Condominiums (Free Market) 50% 50%
Deed Restricted Rental 0% 0%
Deed Restricted For -Sale 0% 0%
Annual Occupancy
Hotel 60% 60%
Branded Residences 45% 45%
Condominiums in Rental Pool 40% 40%
Second Home Condominiums 20% 20%
% of Guests Net New
Hotel 70% 70%
Branded. Residences 70% 70%
Condominiums in Rental Pool 50% 50%
Second Home Condominiums 100% 100%
Second Home Branded Residences 100% 100%
Source: Vail Resorts, Economic & Planning Systems
1 -121wa1 F-1 v —1a 1[211121 1m1aw1 - n -mm.s] —Ir ,a
Prepared by Economic & Planning Systems 6 of 48 November 11, 2010
12/7/2010
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DRAFT
Table 3
Market Value Assumptions
Description Phase I Phase II
Avg. Sq. Ft.
Hotel - -- --
Branded Residences 1,500 1,500
Condominiums 1,500 1,500
Deed Restricted Rental 1,200 1,200
Deed Restricted For -Sale 1,250 1,250
Market Value /Sq. Ft.
Hotel -- —
Branded Residences $1,200 $1,200
Condominiums $1,200 $1,200
Deed Restricted Rental - -- —
Deed Restricted For -Sale $325 $325
Market Value /Unit
Hotel $426,000 $426,000
Branded. Residences $1,800,000 $1,800,000
Condominiums $1,800,000 $1,800,000
Deed Restricted Rental $102,000 $102,000
Deed Restricted For -Sale $406,250 $406,250
Source: Vail Resorts Development Company, Economic & Planning Systems
H¢ 1 au Fi-I v eislm cans 1 ml.111 n -ma wsla -rviaas p s
Prepared by Economic & Planning Systems 7 of 48 November 11, 2010
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4 -2 -7
DRAFT
Table 4
Commercial Development Program
Description Phase I Phase II Total
East West
Retail and F &B
Restaurant 16,090 0 16,090
Nightclub 6,013 0 6,013
Sporting /Apparel 11,118 0 11,118
Spa and Other Leaseable Retail 5,881 0 5,881
Grocer 14156 0 14156
Subtotal 53,258 0 53,258
Other Commercial Space
Skier Services - Ticketing 2,489 0 2,489
Children's Skier Services 0 12,114 12,114
Spa 9,870 0 9,870
Office 35,395 0 35,395
Meeting Spaces (incl. hotel) 9 663 0 9 663
Subtotal 57,417 12,114 69,531
Totals 110,675 12,114 122,789
Parking
Public Spaces 200 200 400
General 825 239 1664
Total Analyzed 1,025 439 1,464
Source: Vail Resorts & BBC Research, Economic & Planning Systems
1 12—r au11 v n 1a 1 [21121- 1.1awi 1 o�v�
Prepared by Economic & Planning Systems 8 of 48 November 11, 2010
12/7/2010
4 -2 -8
DRAFT
Table 5
Visitor Days Generated by Ever Vail
Phasel Phasell
Units in Units in
Annual Persons Rental % Net Rental % Net Total Visitor
Description Occupancy per Unit Program New Visitor Days Program New Visitor Days Days
355 Days 355 Days
By Phase
Hotel 60% 2.0 102 70% 31,270 0 70% 0 31,270
Branded. Residences in Rental Pool 45% 3.0 57 70% 19,660 0 70% 0 19,660
Condos in Rental Pool 40% 3.5 79 50% 20,180 75 50% 19,030 39,210
Second Home Units (not rented) 20% 2.5 82 100% 15 000 60 100% 10 880 25 880
Totals 320 86,110 134 29,910 116,020
Cumulative by Phase
Hotel 102 31,270 102 31,270 31,270
Branded Residences in Rental Pool 57 19,660 57 19,660 19,660
Condos in Rental Pool 79 20,180 154 39,210 39,210
Second Home Units (not rented) 82 15 000 142 25 880 25880
Totals 320 86,110 454 116,020 116,020
Source: Economic & Planning Systems
H- 12E- -lr5.i 1- 1mI.111- n- mmwslsP lea visimrozvs
Prepared by Economic & Planning Systems 9 of 48 November 11, 2010
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DRAFT
Table 6
Project Peak Population (Population plus Visitors plus 112 of Non - Resident Employees)
Peak Occupancy Net New Visitors Persons per Unit Units Peak Population
Total/
Description Phase I Phase II Phase I Phase II Phase I Phase II Phase I Phase II Phase I Phase II Buildout
Overnight Visitors
Hotel 90% 90% 70% 70% 2.00 2.00 102 0 129 0 129
Branded Residences 90% 90% 70% 70% 3.00 100 57 0 108 0 108
Condominiums 90% 90% 50% 50% 3.50 150 79 75 124 117 242
Subtotal 361 117 478
Cumulative 361 478
Permanent Residents
Condominiums 100% 100% 100% 100% 2.09 2.09 16 15 33 31 64
Deed Restricted Rental 100% 100% 100% 100% 2.09 2.09 8 18 17 38 54
Deed Restricted For -Sale 100% 100% 100% 100% 2.09 2.09 12 7 25 15 40
Subtotal 75 83 158
Cumulative 75 158
Public Parking Spaces 100% 10046 25% 25% 2.60 2.60 200 200 130 130 260
Cumulative 130 260
Plus 112 of Non - Resident Employees 111 7
Cumulative 111 118 118
Total Peak Population 677 338
Cumulative 677 1,015 1,015
Source. Economic & Punning systems
112E-r-IF—I 1�112o121— 1m 111111i,obt6PiaaP�Keaaa
Prepared by Economic & Planning Systems ^ 0 of 4A November 11, 2010
DRAFT
Table 7
Project Commuting Employees
Square Feet Jobs Generated
Employees/
Description 1,000 Sq. Ft. Phase I Phase II Phase I Phase II Totals
Retail and F &B
Restaurant 6.00 16,090 0 97 0
Nightclub 6.00 6,013 0 36 0
Sporting /Apparel 3.00 11,118 0 33 0
Spa and Other Leaseable Retail 3.00 5,881 0 18 0
Grocer 3.00 14156 0 42 0
Subtotal 53,258 0 226 0
Cumulative 53,258 53,258 226 226 226
Other Commercial Space
Skier Services - Ticketing 3.5 2,489 0 9 0
Children's Skier Services 2.0 0 12,114 0 24
Spa 3.0 9,870 0 30 0
Office 3.0 35,395 0 106 0
Meeting Spaces (incl. hotel) - -- 9 663 0 - -- --
Subtotal 57,417 12,114 145 24
Cumulative 57,417 69,531 145 169 169
Totals 110,675 12,114 371 24
Cumulative 110,675 122,789 371 395 395
Commuters
Commuting 60% 60%
Commuter Employees 222 15
Commuter employee impact % 50% 50
Non - resident employee impact 111 7
Cumulative 111 118 118
Note: Does not include maintenance faality employees which are existing, not net new.
Source: Vail Resorts & BBC Research, Economic 8 Planning Systems
Prepared by Economic & Planning Systems 11 of 48 November 11, 2010
12/7/2010
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DRAFT
Table 8
Derivation of Montly Occupancy Estimates
Branded Condo -
Month Days Hotel Residences miniums
Annual Occupancy 60% 45% 40%
January 31 90% 68% 60%
February 28 90% 68% 60%
March 31 90% 68% 60%
April 30 53% 40% 36%
May 31 35% 26% 23%
June 30 65% 49% 43%
July 31 65% 49% 43%
August 31 65% 49% 43%
September 30 47% 35% 31%
October 31 33% 25% 22%
November 30 33% 25% 22%
December 31 53% 40% 36%
Annual Average 365 60% 45% 40%
Source: MTRiP, Property Manager Interviews, Economic & Planning Systems
H12F- -1 Frs y n 1e 1lmoiz -1s 1mI.111- >> -mio ws]dMOninry ocry oerNauon
Prepared by Economic & Planning Systems 12 of 48 November 11, 2010
12/7/2010
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DRAFT
2. Town Demographics
Prepared by Economic & Planning Systems 13 of 48 November 11, 2010
12/7/2010
4 -2 -13
DRAFT
Table 9
Town of Vail Peak Demographics (Population plus Visitors plus 112 of Non - Resitlent Employees]
Fact Calculation
Jobs
Private Employment [1]
Town Employment 290
Total Jobs 8,190
Retlud —. Multiple -Job Holtlings 1 607
Total Employees too 6,293
Distribution of Workers [1]
Resitlent Employees 1,570
Non - Resitlent Employees(Commutem) 4,720
Lotlging [2]
Lotlging Inventory (MTR,P) 3,706
Persons per Unit 3.5
Peak Occupancy 95
Peak Overnight Visitors 12,300
Secontl Homes
Secontl Home Units ]3] 2,400
Persons per Unit 2.50
Peak Occupancy 90 %%
Peak Overnight Visitors 5,400
Parking
Vail Village Structure Spaces 1,150
Lionsheatl St,—, Spaces 1,250
Persons per Car 2.6
Peak Occupancy 98
Peak Day Visitors antl Non -Vail LotlgeC Guests 6;100
Peak Persons Servetl
Resid- zo 4,960
Secena Hemeewne�a 5,400
o�em�ght vieim�a 12,300
Non - Resitlent Employees]4] 50 2,360
Parking fi600
Total Peak Persons Servetl 31,120
M1I ue cea.�.. u�l Emplonrem q,remle
Pl niiala
Isl E. im remre� a i..ic cci. i..Ne i..i..e cn e m � hr1 eaeirebletn
I4lmmmue.empMee.rerere..cmmmn�re .,om�m cure �m arre mnrecem re.�mct
Prep -by Economic & Planning Systems 14 0(48 November 11, 2010
12/7/2010
4 -2 -14
DRAFT
Table 10
Vail Population, Households, and Estimated Second Homes for Peak Persons Served Calculation
Description Calculation
Household Population 4,960
Group Quarters 13
Total Population 4,973
Occupied Housing Units (Households) 2,369
Vacant and /or Seasonal Housing Units n 4 572
Total Housing Units 6,941
Rental Pool Lodging
Hotel Rooms 1,534
Condos, Townhomes, & Homes a 2 172
Total 3,706
Second Homes n -a 2,400
Source: MTRiP: CO State Demographer: Economic & Planning Systems
H-121 --11 -1 v new 1e 1[mo +z-n -1 mI.111 unno�paq
Prepared by Economic & Planning Systems 15 of 48 November 11, 2010
12/7/2010
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DRAFT
3. Budget Analysis
Prepared by Economic & Planning Systems 16 of 48 November 11, 2010
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DRAFT
Table 11
General Funtl antl Revenue Estimating Methotls
Gross
2006 -2008 One Time or Revenue
Revenue 2006 2007 2008 2009 Avg. Estimating Method Ongoing Revenue Factor
ended Bud et (200-008 A�l
Local Ta
Sales Tax Split b/t Gen 'I Funtl & Gapilal.FUntl (%) 56/44 59141 59/41
Sales Tax(Incl. L.dgmg Sales Tax) $9,345,660 $10,741,500 $11,640,000 $9,760,000 $10,575,720 Case Slutly Ongoing -
Pmperty- d0- ership 2,931,347 3,012,030 4,309,622 4,293,500 3,417,666 Case Slutly Ongoing -
Ski Lift Tax 2,975,097 3,039,619 3,277,703 3,115,000 3,097,473 Case SWtly Ongoing -
FranchiseFees , Penalties, and Other Taxes 884328 877634 1075209 1049935 945724 C -t-Wal Revenue -N.t Analyzetl -- --
Tolal- L- i Taxes 16,136,432 17,670,783 20,302,534 18,218,435 18,036,583
Licenses & Permits
Construction Fees 3,481,989 4,992,752 3,799,444 -- 4,091,395 Case SWtly One -Time --
Conlmctors'Licenses 30,993 34,398 42,061 -- 35,817 Not Analyzed -- -
-
OlherPermit.mdLicenses 48.774 55867 61521 -- 55387 Not Analyzetl - --
Total- Licenses antl Peomils 3,561,756 5,083,017 3,903,026 1,335,200 1,335,200
Inleroovernmenlal Revenue
County Sales Taz 570,445 603,364 625,674 -- 599,828 Case Slutly Ongoing. --
CounlyROatl antl Bridge 488,095 497,974 733,673 -- 573,247 Case Slutly Ongoing --
Molor Vehicle Registration Fees 25,673 25,578 25,109 -- 25,453 Not Analyzetl -- --
CigamlleTax 80,738 81,781 80,913 - 81,144 Per Peak Pelson Servetl Ongoing $81,100
Highway USers Tax 202,188 191,042 179,605 - 190,945 Not Analyzetl - -
State Healthlnspection 11,748 18,822 11,768 - 14,113 NolAnalyzed - -
OlherC.- ty Revenues 0 0 0 -- 0 Nol Analyzetl -- --
OlherStaleS.,ces 400 30,936 49,455 -- 26,930 Not Analyzetl -- --
FetleralS -ces 97883 59542 0 -- 52508 Not Analyzetl -- --
Total- Inteig overnmental 1,477,270 1,509,039 1,706,197 1,581,680 1,581,680
Chames for Services
Management Fees(L.c.1 Marketing District) 22,172 66,750 93,000 - 60,641 Not Analyzetl - -
InlernalSmiceChafge 356,841 318,297 550,409 - 408,516 Not Analyzetl - -
OulofDislriclFire Response 40,535 57,393 97,526 -- 65,151 Nol Analyzetl -- --
Alarm Monitoring Fees 49,188 36,953 37,853 -- 41,331 Nol Analyzetl -- --
Parking Slruclures 3,451,912 3,592,596 3,905,299 5,459,744 3,649,936 Not Analyzetl- Developer Revenue -- --
Parking Passes, Misc. Parking Revenue 555,422 921,796 800,686 -- 759,301 NotAmlmd -- - -
Finesantl FOrteilures 286,197 347,090 396,707 260,000 343,331 Per Peak Person Servetl Ongoing $343,300
Rents 827,280 897,958 949,961 906,382 891,733 Not Analyzetl -- --
Other Charges, Services, -d Sales 291427 354755 332467 686488 327483 Per Peak Person Servetl Ongoing $327,100
Total - Chafgesfor Services 5,880,574 6,596,588 7,163,908 7,312,914 6,547,023
Other Rev
Interest on 820,136 984,040 571,072 115,000 791,749 Nol An alyzed - -
Other 501,699 91 5,016 61 3,025 8 0,500 286780 Not Analyzetl - -
Total,OtherRevenues 1,321,835 1,179,056 734,097 295,500 1,078,329
Total Revenue $28,377,867 $32,03BA83 $33,809,762 $28,743,729 $28,578,816
vIll
ec�amerevenues ere namec en ..ease m. east rn)da nat ry eely with new develapmeM ar b)nr m,nor revenue sauces theb.11 g c Ily act th. fists p d Ih. p /
Prepared by Economic & Planning Systems 17 0 48 November 11, 2818
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DRAFT
Table 12
General Fund Revenue Multipliers
2006 -2008 Revenue Factors
Avg. Denom- Gross % Net
Revenue Estimating Method Revenue inator Multiplier Variable Multipler
Local Taxes:
Sales Tax (Intl. Lodging Sales Tax) Case Study - -- - -- -- - -- --
Property and Ownership Case Study -- -- - -- -- - --
Ski Lift Tax Case Study -- -- - -- -- - --
Franchise Fees, Penalties, and Other Taxes Contractual Revenue - Not Analyzed - -- - -- -- - -- - --
Licenses & Permits
Construction Fees Case Study -- -- - -- -- -
--
Contractors'Licenses Not Analyzed - -- - -- - -- - -- --
Other Permits and Licenses Not Analyzed - -- - -- - -- - -- --
Intergovernmental Revenue
County Sales Tax Case Study -- -- - -- — - --
County Road and Bridge Case Study -- -- - -- -- - --
Motor Vehicle Registration Fees Not Analyzed - -- - -- -- - -- --
Cigarette Tax Per Peak Person Served $81,100 31,120 $2.81 100% $2.61
Highway Users Tax Not Analyzed - -- - -- -- - -- --
State Health Inspection Not Analyzed - -- - -- -- -- --
Other County Revenues Not Analyzed - -- - -- -- — —
Othdr State Sources Not Analyzed - -- - -- -- -- --
Federal Sources Not Analyzed - -- - -- -- — --
Charges for Services
Management Fees (Local Marketing District) Not Analyzed - -- - -- -- — —
Internal Service Charge Not Analyzed - -- - -- -- -- --
Out of District Fire Response Not Analyzed - -- - -- -- — --
Alarm Monitoring Fees Not Analyzed - -- - -- -- -- --
Parking Structures Not Analyzed - Developer Revenue - -- - -- -- - -- - --
Parking Passes, Misc. Parking Revenue Not Analzed - -- - -- -- - -- --
Fines and Forfeitures Per Peak Person Served $343,300 31,120 $11.03 100% $11.03
Rents Not Analyzed - -- - -- -- - -- --
Other Charges, Services, and Sales Per Peak Person Served $327,100 31,120 $10.51 100% $10.51
Other Revenues
Interest on Investments Not Analyzed - -- - -- -- - -- --
Other Not Analyzed - -- - -- -- - -- --
Source: Town of Vail, Economic & Planning Systems
Note: Some revenue, a re not analyzed because they are either a)d. not vary d, redlly with new d,elopmeht or b)are minorrevenue sources that will not significantly affed the 11 -1'im ddtheproj—
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Table 13
General Fund Expenses and Estimating Methods
Avg. Cost
2006 -2008 Method Cost
Expenditures by Type 2006 2007 2008 2009 Avg. Numerator Estimating Method
CAFR CAFR CAFR Amended Budget (2006 - 2008 Avg.)
Municipal Services:
Town Officials $1,171,124 $1,245,517 $1,224,007 $1,261,297 $1,213,549 - -- Not Analyzed - Fixed Cost
Administrative 2,944,160 3,155,193 3,164,384 3,234,825 3,087,912 $3,087,900 Per Peak Person Served
Community Development 2.481.703 3,329,590 3 327 400 2,405,353 3 046 231 $3,046,200 Per Peak Person Served
Total - General Government 6,596,987 7,730,300 7,715,791 6,901,475 7,347,693
Public Safety
Police 4,451,637 4,799,831 5,047,503 5,315,289 4,766,324 - -- Case Study - # of Calls
Fire 2.083.075 2.305.073 2.577.087 2.735.009 2.321.745 - -- Case Study - # of Calls
Total - Public Safety 6,534,712 7,104,904 7,624,590 8,050,298 7,088,069
Public Works and Transportation
Highways and Streets 3,020,483 3,134,300 3,717,159 3,552,133 3,290,647 - -- Case Study
Transportation 3,176,855 3,390,419 3,853,826 4,629,449 3,473,700 - -- Case Study
Parking Operations 705,679 795,353 926,689 - -- 809,240 - -- Not Analyzed
Facility Maintenance 2,722,637 3.045.019 3.281.389 3,723,070 3.016.348 $3,016,300 Per Peak Person Served
Total - Public Works 9,625,654 10,365,091 11,779,063 11,904,652 10,589,936
Culture and Recreation
Contributions and Special Events 986,792 1,293,767 1,541,498 1,524,634 1,274,019 - -- Discretionary Expense - Not Analyzed
Special Recreation Facilities 196,854 168,224 161,594 - -- 175,557 - -- Fixed Cost- Not Analyzed
Library 664,856 752,031 828,056 825,745 748,314 -- Fixed Cost - Not Analyzed
Total - Culture and Recreation $1,848,502 $2,214,022 $2,531,148 $2,350,379 $2,197,891
Total Expenditures $24,605,855 $27,414,317 $29,650,592 $29,206,804 $27,223,588
Revenue Over or Under Expenditures $3,772,012 $4,624,166 $4,159,170 - $463,075 $1,355,228
Source: Town of Vail', Economic 8 Planning Systems
Note: Some expenses are not analyzed because they are either a) are not directly linked to new development or blare minor expenses that will not significantly affect the fiscal impact of the project.
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Table 14
General Fund Cost Multipliers
Cost Factors
2006 -2008 Avg. Denom- Gross % Net
Expenditures by Type Estimating Method Expenses inator Multiplier Variable Multipler
Municipal Services:
Administrative Per Peak Person Served $3,087,900 31,120 $99.23 50% $49.61
Community Development Per Peak Person Served $3,046,200 31,120 $97.89 50% $48.94
Public Safety
Police Case Study - # of Calls - -- See case study
Fire Case Study - # of Calls -- See case study
Public Works and Transportation
Highways and Streets Case Study - -- See case study
Transportation Case Study - -- See case study
Parking Operations Not Analyzed - -- - -- - -- -- —
Facility Maintenance Per Peak Person Served $3,016,300 31,120 $96.92 75% $72.69
Source: Town of Vail: Economic & Planning Systems
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DRAFT
Table 15
Town of Vail Sales Tax Structure
Tax Rate
State of Colorado 2.9%
Eagle County 1.0%
Eagle County Transportation 0.5%
Town of Vail 4.0%
Total Sales Tax 8.4%
Vail Local Marketing District (Lodging) 1.41
Total Lodging Tax 9.8%
Source: Town of Vail; Economic & Planning Systems
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4. Revenue Analysis
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DRAFT
Table 16
Market Value and Property Tax Summary
Units Market Value & Property Tax
Unit Type Factors Phase Phase 11 Phase Phase 11
Market Value
Hotel $426,000 102 0 $43,452,000 $0
Branded Residences $1,800,000 76 0 $136,800,000 $0
Condominiums $1,800,000 158 149 $284,400,000 $268,200,000
Deed Restricted Rental $102,000 8 18 $816,000 $1,836,000
Deed Restricted For -Sale $406,250 12 7 $4,875,000 $2,843,750
Retail and Restaurant - -- - -- - -- $18,092,000 $0
Other Commercial — - -- - -- $11.021.000 $1.545.000
Total 356 174 $499,456,000 $274,424,750
Cumulative 356 530 $499,456,000 $773,880,750
Assessed Value
Hotel 29.00% $12,601,080 $0
Residential 7.96% $33,980,524 $21,721,228
Commercial 29.00% $8.442.770 $448,050
Total $55,024,374 $22,169,278
Cumulative $55,024,374 $77,193,652
Property Tax by Phase
Road and Bridge . per $1,000 $44,000 $18,000
URA Tax Increment (expires 2030, includes General Fund portion) 46.124 per $1,000 $2,538,000 $1,023,000
General Fund Property Tax After 2030 4.690 per $1,000 $258,000 $104,000
Cumulative Property Tax
Road and Bridge $44,000 $62,000
URA Tax Increment (expires 2030) $2,538,000 $3,561,000
General Fund Property Tax After 2030 $258,000 $362,000
Source: Economic & Planning Systems
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DRAFT
Table 17
Affordable Rental Unit Pricing
Description Calculation
Median Family Income, 2.0 Person
Household, 80% of AM] $51,200
Payment Capacity
Monthly Payment [1] $1,200
Gross Potential Income $14,400
Occupancy 85%
Effective Gross Income $12,240
Operating Expenses 25/ -3060
Net Operating Income (NOI) $9,180
Cap Rate 9.0%
Market Value /Unit $102,000
[11 Estimated from HUD fair market rent data for Eagle County.
Source: Economic & Planning Systems
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DRAFT
Table 18
Hotel Valuation
Description Phase I Phase II
Average Daily Rate $350 $350
Rooms 102 0
Days 365 365
Potential Gross Income $13,030,500 $0
Occupancy 60% 60
Effective Gross Income $7,818,300 $0
Operating Expenses 50% 50%
Net Operating Income (NOI) $3,909,150 $0
Capitalization Rate 9.0% 9.0
Market Value $43,435,000 $0
Per Room $426,000 - --
Source: Economic & Planning Systems
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Table 19
Commercial Market Value
Sq. Ft. Market Value
Rent/ Capitalization Per
Description Sq. Ft. Occupancy Rate Phase I Phase II Phase I Phase II Total Sq. Ft.
Retail and F &B
Restaurant $50 85% 10.0% 16,090 0 $6,838,000 $0 56,838,000 $425
Nightclub $20 85% 10.0% 6,013 0 1,022,000 0 1,022,000 $170
Sporting /Apparel $50 85% 10.0% 11,118 0 4,725,000 0 4,725,000 $425
Spa and Other Leaseable Retail $50 85% 10.0% 5,881 0 2,499,000 0 2,499,000 $425
Grocer $25 85% 10.0% 14 156 0 3.008.000 0 3.008.000 $212
Subtotal 53,258 0 $18,092,000 $0 $18,092,000
Other Commercial Space
Skier Services- Ticketing $15 85% 10.0% 2,489 0 $317,000 $0 $317,000 $127
Children's Skier Services $15 85% 10.0% 0 12,114 0 1,545,000 1,545,000 $128
Spa $20 85% 10.0% 9,870 0 1,678,000 0 1,678,000 $170
Office $30 85% 10.0% 35395 0 9.026.000 0 9.026.000 $255
Subtotal 57,417 12,114 $11,021,000 $1,545,000 $12,566,000
Totals 110,675 12,114 $29.113,000 $1,545.000 $30.658.000 $250
Source: Economic & Planning Systems
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DRAFT
Table 20
Lodging Sales Tax Estimate
Description Factors Phase I Phase II
Room Nights (Units X Occ'y X 365 Nights)
Hotel 22,300 0
Branded Residences 12,500 0
Condominiums 23100 21800
Total 57,900 21,800
Avg. Daily
Lodging Sales Rate
Hotel $350 $7,805,000 $0
Branded Residences $450 $5,625,000 $0
Condominiums $550 $12.705.000 $11.990.000
Total $26,135,000 $11,990,000
Cumulative $26,135,000 $38,125,000
4% Sales Tax by Phase
General Fund 60% $627,000 $288,000
Capital Fund 40/ $418,000 $192,000
Cumulative 4% Sales Tax
General Fund 60 $627,000 $915,000
Capital Fund 401% $418,000 $610,000
1.4% Local Marketing District Tax
By Phase $366,000 $168,000
Cumulative $366,000 $534,000
Source: Economic & Planning Systems
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Table 21
1.0% Real Estate Transfer Tax Revenue
Sales Volume 1.0% RETT Total/
Unit Type Factors Phase I Phase II Phase I Phase II Buildout
Initial Developer Sales Mkt. value
Branded Residences $1,BOo,oao $136,800,000 $0 $1,368,000 $0 $1,368,000
Condominiums $1,80o,000 284,400,000 268,200,000 2,844,000 2,682,000 5,526,000
Deed Restricted Rental - -- - -- - -- - -- - -- 0
Deed Restricted For -Sale $406,250 4,875,000 2,843,750 49, 000 28, 000 77, 000
Total $426,075,000 $271,043,750 $4,261,000 $2,710,000 $6,971,000
Cumulative $426,075,000 $697,118,750 $4,261,000 $6,971,000
Annual Resales of Built Units Turnover Rate
Branded Residences 4.5% $6,156,000 $0 $62,000 $0 $62,000
Condominiums 4.5% 12,798,000 12,069,000 128,000 121,000 249,000
Deed Restricted Rental - -- - -- -- - -- -- 0
Deed Restricted For -Sale 4.5/ 219.000 128.000 2 000 1 000 3 000
Total $19,173,000 $12,197,000 $192,000 $122,000 $314,000
Cumulative $19,173,000 $31,370,000 $192,000 $314,000
Source: Economic & Planning Systems
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Table 22
Lift Tax Revenue
Lodging Occupancy Visitor Days Skier Visits
Ski Branded
Season Branded Condo- Resid- Condo- Skier
Time Period Days Hotel Residences miniums Hotel ences miniums Total Participation Days Skied Lift Tax [1]
70', 80% $1.91 /Skier Visit
Phase I
20 -Nov 30 -Nov 10 33% 25% 22% 500 299 307 1,106 775 620 $1,200
1 -Dec 31 -Dec 30 53% 40% 36% 2,285 1,436 1,475 5,196 3,637 2,910 5,600
1 -Jan 31 -Jan 30 90% 68% 60% 3,856 2,424 2,489 8,768 6,138 4,910 9,400
1 -Feb 28 -Feb 27 90% 68% 60% 3,470 2,182 2,240 7,891 5,524 4,419 8,400
1 -Mar 31 -Mar 30 90% 68% 60% 3,856 2,424 2,489 8,768 6,138 4.910 9,400
1 -Apr 18 -Apr 17 53% 40% 36% 1 295 814 836 2 2 061 1.649 3 100
Totals 144 15,261 9,579 9,834 34,674 24,272 19.417 $37,100
Phase II
20 -Nov 30 -Nov 10 33% 25% 22% 0 0 290 290 203 162 $300
1 -Dec 31 -Dec 30 53% 40% 36% 0 0 1,391 1,391 973 779 1,500
1 -Jan 31 -Jan 30 90% 68% 60% 0 0 2,347 2,347 1,643 1,314 2,500
1 -Feb 28 -Feb 27 90% 68% 60% 0 0 2,112 2,112 1,478 1,183 2,300
1 -Mar 31 -Mar 30 90% 68% 60% 0 0 2,347 2,347 1,643 1,314 2,500
1 -Apr 18 -Apr 17 53% 40% 36% 0 0 788 788 552 441 800
Totals 144 0 0 9,274 9,274 6,492 5,193 $9,900
Cumulative 15,261 9,579 19,108 43,948 30,764 24.611 $47,000
[t] Town of Vail analysis indicated an average of $1.91 in lift tax per skier visit.
Source: Economic & Planning Systems
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5. Cost Analysis
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Table 23
Annual Public Right -of -Way Maintenance Costs
Labor & Equipment
Hours $ /Hour # of Times Total
Snow Removal, Hauling, Sweeping
Loaders 2.0 $125 55 $13,750
Plow Truck 1.0 $110 55 $6,050
Loaders - Roundabouts 8.0 $125 14 $14,000
Loader and Blower- Roundabouts 8.00 $305 14 $34,160
End dump trailers 24.00 $110 14 $36,960
Summer Sweeping 2.00 $225 30 $13,500
Materials
Qty. Cost Total
Magnesium Chloride (gal.) 5,000 $0.90 $4,500
Cinders (ton) 100.00 $30 $3,000
Subtotal (Rounded) [11 $126,000
Landscaping /Grounds
Ever Vail Roundabout $0.60 /SF 38,430 Sq. Ft. $23,000
Total $149,000
[11 Costs include 0.5 FTEs
Source: Town of Vail: Economic & Planning Systems
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Table 24
Lionshead Single Family Equivalents for Estimating Public Safety Call Volume
Dwelling Accomm. Empl. Comm. Sq. Total Police Fire
Project Units Units Housing Ft. SFEs Calls Calls
Landmark 76 0 2 12,445 40 11
Lift House 45 0 0 13,357 54 1
Lionshead Centre 25 0 0 19,550 17 8
Lionshead Arcade 16 0 0 5,200 3 1
Lion Square Lodge 109 28 0 4,850 33 12
Arabelle 67 85 0 43 524 149 4
Totals 338 113 2 98,926 296 37
Single Family Equivalents (SFEs)
Conversion Factor 1.00 0.35 1.00 3,000
SFEs 338 40 2 33 413
Calls per SFE 0.72 0.09
Lionshead Structure Parking Spaces 1,250 192 11
Calls per Parking Space 0.154 0.009
Source: Town of Vail, Economic & Planning Systems
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Table 25
Project SFEs and Calls for Service
Single Family Equivalents
Phase I Phase II Totals
Ever Vail SFEs SFEs /Unit
Hotel 0.35 35.7 0.0 35.7
Branded Residences 1.00 76.0 0.0 76.0
Condominiums 1.00 158.0 149.0 307.0
Deed Restricted Rental 1.00 8.0 18.0 26.0
Deed Restricted For -Sale 1.00 12.0 7.0 19.0
Commercial (Sq. Ft./SFE) 3,000 36.9 4_0 40.9
Total SFEs 326.6 178.0 504.6
Residential and Comm. Calls Calls/SFE
Police 0.72 234 128 362
Fire 0.09 29 16 45
Parking Calls Calls /Space
Police 0.154 157 67 224
Fire 0.009 9.0 4.0 13.0
Total by Phase
Police 391 195 586
Fire 38 20 58
Cumulative
Police 391 586 586
Fire 38 58 58
Source: Economic 8 Planning Systems
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Table 26
Estimated Cost of Police Service
Base Call Load
Avg. Ann. Calls, 2005 -2009 45,200
Avg. Staff Level, 2005- 2009 54.4
Avg. Calls per Staff 831
Impacts by Phase Phase I Phase II
Project Calls 391 195
Total Police Calls (new calls plus base call load) 45,591 45,395
Total Staff 331 54.86 54.63
Additonal Staff by Phase 54.4 0.46 0.23
Rounded to Whole Staff Person 0.00 0.00
Staff Cost by Phase
Additional Officers 0.00 0.00
Starting Salary wBenefits (annual) $66,151) $0 $0
Annual Training per Officer $ 11,000
Total Annual Cost $0 $0
One -Time Training & Equip. $65,000 $0 $0
Cumulative Impacts Phase I Phases I & II
Project Calls 391 586
Total Police Calls (new calls plus base call load) 45,591 45,786
Total Staff 331 54.86 55.10
Additional Staff by Phase 14.4 0.46 0.70
Rounded to Whole Staff Person 0.00 1.00
Cumulative Staff Cost
Additional Officers 0.00 1.00
Starting Salary w /Benefits (annual) $66,150 $0 $66,150
Annual Training per Officer $ 11,000 $ 0 $11,000
Total Annual Cost $0 $77,150
One -Time Training & Equip. $65,000 $0 $65,000
Source: Economic & Planning Systems
Prepared by Economic & Planning Systems 34 of 48 November 11, 2010
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Table 27
Estimated Cost of Fire Service
Base Call Load
Avg. Ann. Calls, 2005 -2009 1,800
Avg. Staff Level, 2005 -2009 26.82
Avg. Calls per Staff 67
Impacts by Phase Phase I Phase II
Project Calls 38 20
Total Calls (new calls plus base call load) 1,838 1,820
Total Staff 67 27.43 27.16
Additonal Staff by Phase 26.82 0.61 0.34
Rounded to Whole Staff Person 1.00 0.00
Staff Cost by Phase
Additional Officers (rounded to whole staff) 1.00 0.00
Starting Salary wBenefits (annual) $67,400 $67,400 $0
Ann. Clothing, Equip., Training / Staff $5,200 $9,200
Total Annual Cost $76,600 $0
One -Time Training & Equip. $7,800 $7,800 $0
Impacts by Phase Phase I Phases I & II
Project Calls 38 58
Total Calls (new calls plus base call load) 1,838 1,858
Total Staff 67 27.43 27.73
Additonal Staff by Phase 26.82 0.61 0.91
Rounded to Whole Staff Person 1.00 1.00
Cumulative Staff Cost
Additional Officers 1.00 1.00
Starting Salary w /Beneftts (annual) $67,400 $67,400 $67,400
Ann. Clothing, Equip., Training / Staff $5,200 $9,200 $9,200
Total Annual Cost $76,600 $76,600
One -Time Training & Equip. $7,800 $7,800 $7,800
Source: Economic & Planning Systems
Prepared by Economic & Planning Systems 35 of 48 November 11, 2010
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DRAFT
Table 28
Transit Impacts
Total/
Description Phase I Phase II Cumulative
Annual Operations Impacts [1] $111,300
Impact by Phase 100% 0
Total Impact $111.300 $0 $111,300
Capital Impact
Impact by Phase
Hybrid Bus $600,000 3 0
Total Impact $1,800,000 $0 $1,800,000
Source: Economic & Planning Systems
[1] LSC Transportation Consultants July 23, 2010 Memorandum.
Hzooz�wau Fs�i v n�aisizoorh�i m�a�i- >>- mmwslza.asn
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DRAFT
6. One Time Fees and Other One Time Revenues
Prepared by Economic & Planning Systems 37 of 48 November 11, 2010
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DRAFT
we(W)
Morel a $43452,000 $o $43,452,000
c a�damlumae�cea 2 12 o a mmemial 5499,4 a, 0 S2]4p o $]]3 5 0, o
Hl. ° $30,590,000 $0 $30,590,000
12 : 000
ea Far -sale 21,- 000 5 05
mmemial 2ao^,n o^,n 0053
121 12,737,000 0 12:737:
7000 oa $352,900,000 $193,65],000 $546,045,000
GZA 4611,067 2]3
63,340
$754 $614 $698
ost m $20,169,000 $0 $20,169,000 63 es 1 1 156:761
56
2]5000
mmem�al QOM``
o a $:3:,:94,000 $12� 588,000 $359,66:,000
coat
$20,169,000 $0 $20,169,000 63 1=,�R_111111 63 1 1 2552630000 000
92099
R. ea Far -sale 2314000 1,346 651 00
R1, comma �al 5290,000 11,406,000 0 11:4 000
Totals $2,32,2N,000 $1275 0 000 $359,001, 0
on value $40,3]6,000 $0 $40,3]6,000
000 es
127 ,2gg 900 249,234,990 0 12 7 12 000
7. 000 0 ea Far -Sale 2696000 7:316 00
oil comma �al 1464 000 16,1112,000 16,112,000
$464,5 $255,176,000 $719,]8 ,000
200 200 400
value $10,000,000 $10,000000 $20,000000
Metenels w^,n $5,000,000 $5000,000 $10000,000
Pmee yFSOSOrmoB.ales y ms 12/7/2010 sd orad Nosemba to
4 -2 -3K
DRAFT
Table 30
Building Permit and Plan Review Fees, and Construction Use Tax Estimate
Phase I Phase II Totals
Building Permit & Plan Review Fees [1]
Permit Fee
Hotel $160,559 $0 $160,559
Branded Residences 501,279 0 501,279
Condominiums 1,040,019 980,889 2,020,908
Deed Restricted Rental 4,937 8,660 13,597
Deed Restricted For -Sale 19,753 12,338 32,091
Retail and Restaurant 67,995 0 67,995
Other Commercial 42,185 7,598 49,783
Parking 38459 38459 76918
Total Permit Fee $1,875,184 $1,047,944 $2,923,128
Plan Review Fee 65% $1,218,870 $681,164 51,900,034
4% Construction Use Tax on Materials
Hotel $807,560 $0 $807,560
Branded Residences 2,542,520 0 2,542,520
Condominiums 5,285,760 4,984,680 10,270,440
Deed Restricted Rental 15,680 35,240 50,920
Deed Restricted For -Sale 92,400 53,920 146,320
Retail and Restaurant 336,240 0 336,240
Other Commercial 211.600 29680 241.280
Total $9,291,760 $5,103,520 $14,395,280
Parking Structure Construction Fees
Permit Fee $38,459 $38,459
Plan Review Fee 65% $24,998 $24,998
4% Use Tax $200,000 $200,000
[1] $5,606.75 for the first $1.o rrillb, in construction value plus $3.65 per $1,000 of ,dditi,ral value.
Source'. Economic & Planning Systems
Prepared by Economic & Planning Systems 39 of 48 November 11, 2010
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DRAFT
Table 31
Recreation Impact Fee
Unit Type Factor Phase I Phase II Total
Residential Square Feet 468,067 315,273
Recreation Impact Fee $1.00 $468,067 $315,273 $783,340
Source: Economic & Planning Systems
H-121- -1F-1 v n 1� 1[21121- 1.1awi- n- mmwsloiampaa �s
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DRAFT
Table 32
Traffic Mitigation Fee at Project Buildout
Description Calculation
PM Peak Hour Trips at Buildout 385
Fee per PM Peak Hour Trip $6 500
Traffic Mitigation Fee [1] $2,502,500
[t] The Fee is based on a Study completed by Kimley Horn for the Town of Vail.
Source: Kimley Horn, Vail Resorts, Economic & Planning Systems
H —121 --11 -1 new 1. 1[21121 1.1.111 -11111 w]oz -Tame
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DRAFT
7. Fiscal Impacts
Prepared by Economic & Planning Systems 42 of 48 November 11, 2010
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DRAFT
Table 33
Estimated Annual General Fund Revenues
By Phase Cumulative
Revenue Net Factor Method Phase I Phase II Phase I Phasea I & II
Local Taxes:
Retail Sales Tax -- Case Study $273,000 $100,000 $273,000 $372,000
4.0% Lodging Sales Tax Case Study $627,000 $288,000 $627,000 $915,000
Property and Ownership - -- Case Study - -- - -- -- - --
Ski Lift Tax - -- Case Study $37,100 $9,900 $37,100 $47,000
Intergovernmental Revenue
County Sales Tax - -- Case Study $18,000 $6,000 $18,000 $25,000
County Road and Bridge Prop. Tax [1] - -- Case Study $0 $0 $0 $0
Cigarette Tax $2.61 Per Peak Person Served $1,800 $900 $1,800 $2,600
Charges for Services
Fines and Forfeitures $11.03 Per Peak Person Served $7,500 $3,700 $7,500 $11,200
Other Charges, Services, and Sales $10.51 Per Peak Person Served $7,100 $3,600 $7,100 $10,700
General Fund Revenue from Project $971,500 $412,100 $971,500 $1,383,500
General Fund Property Tax to URA $258,000 $104,000 $258,000 $362,000
Other Taxing Entities Tax Increment $2.280.000 $919,000 $2.280.000 $3.199.000
Total Property Tax Increment to URA [1] $2,538,000 $1,023,000 $2,538,000 $3,561,000
[t] The project is within a URA, therefore property tax goes to the URA as tax increment, rather than to the General Fund until 2030. After 2030, property tax will be re- directed to the General Fund.
Source: Economic & Planning Systems
H�oo,z�wau r�i v n�a,hoo,��m�a� „- „- �ombm�aaa�w
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DRAFT
Table 34
Estimated Annual General Fund Expenses
By Phase Cumulative
Net
Expenditures by Type Multipler Estimating Method Phase I Phase II Phase I Phases I & II
Municipal Services:
Administrative $49.61 Per Peak Person Served $33,600 $16,800 $33,600 $50,300
Community Development $48.94 Per Peak Person Served $33,100 $16,500 $33,100 $49,700
Public Safety
Police - -- Case Study - # of Calls $0 $0 $0 $77,150
Fire - -- Case Study - # of Calls $76,600 $0 $76,600 $76,600
Public Works and Transportation
Right -of -Way and Landscaping - -- Case Study $149,000 $149,000 $149,000 $298,000
Transportation Operations [1] - -- Case Study $111,300 $0 $111,300 $111,300
Facility Maintenance $72.69 Per Peak Person Served $49,200 $24,600 $49,200 $73,800
Total Impact to General Fund $452,800 $206,900 $452,800 $736,850
[1] LSC Transportation Consultants July 23, 2010 Memorandum.
Source: Economic & Planning Systems
H — 12E- -1 F-1 v mw 1e 1[21121 -1 m1..1i linen _ a_1z —
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DRAFT
Table 35
Annual Net Fiscal Impact to General Fund
By Phase Cumulative
Description Phase I Phase II Phase I Phase II
Revenue
Local Taxes.
4.0% Retail Sales Tax [1] $273,000 $100,000 $273,000 $372,000
4.0% Lodging Sales Tax $627,000 $288,000 $627,000 $915,000
Ski Lift Tax $37,100 $9,900 $37,100 $47,000
Intergovernmental Revenue
County Sales Tax $18,000 $6,000 $18,000 $25,000
County Road and Bridge Prop. Tax $0 $0 $0 $0
Cigarette Tax $1,800 $900 $1,800 $2,600
Charges for Services
Fines and Forfeitures $7,500 $3,700 $7,500 $11,200
Other Charges, Services, and Sales $7,100 $3,60 0 7 100 $10,70 0
Total Revenue $971,500 $412,100 $971,500 $1,383,500
Expenses
Municipal Services:
Administrative $33,600 $16,800 $33,600 $50,300
Community Development $33,100 $16,500 $33,100 $49,700
Public Safety
Police $0 $0 $0 $77,150
Fire $76,600 $0 $76,600 $76,600
Public Works and Transportation
Right -of -Way and Landscaping $149,000 $149,000 $149,000 $298,000
Transportation Operations 12] $111,300 $0 $111,300 $111,300
Facility Maintenance $49,200 $24,60 0 49 200 $73,80 0
Total Expenses $452,800 $206,900 $452,800 $736,850
Net Fiscal Impact $518,700 $205,200 $518,700 $646,650
[1] See attached sales tax and retail sales model.
[2] LSC Transportation Consultants July 23, 2010 Memorandum.
Source'. Economic & Planning Systems
Prepared by Economic & Planning Systems 45 of 48 November 11, 2010
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DRAFT
Table 36
General Fund One -Time Revenues and Costs
Totals/
Phase Phase 11 Buildout
General Fund One -Time Revenues
Building Permit Fee [1] $1,875,184 $1,047,944 $2,923,128
Plan Review Fee [1] $1.218.870 $681,164 $1.900.034
Total $3,094,054 $1,729,108 $4,823,162
General Fund One -Time Costs
Police Training & Equip. $0 $65,000 $65,000
Fire Training & Equip. $7,800 $7,800 $15,600
Total $7,800 $72,800 $80,600
[11 Building permit and plan review fees contribute to the cost of development review, permitting, inspection, and Community Development
and Building administrative functions.
Source: Town of Vail; Economic & Planning Systems
1¢ 12FVe lFi-I v nno 1e 1[ 21121- 1moaewi- n- mmwslosone Time Imp
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DRAFT
Table 37
Capital Fund Impact
Costs and Revenues Phase I Phase II Totals/ Buildout
One Time Revenues
Construction Use Tax $9,291.760 $5.103.520 $14.395.280
Traffic Mitigation Fee [1] $1,251,250 $1.251.250 $2.502,500
Annual Sales Tax by Phase
4.0% Sales Tax (Annual) $181,800 $66,464
4.0% Lodging Sales Tax (Annual) $418,000 $192,000
Total Sales Taxes $599,800 $258,464 N/A
Cumulative Sales Tax
4.0% Sales Tax (Annual) $181,800 $248,232
4.0% Lodging Sales Tax (Annual) $418,000 $610,000
Total Sales Taxes $599,800 $858,232
Capital Fund Costs (3 Hybrid Buses @ $600K ea.) $1.800.000 $0 $1.800.000
[t] The Fee is based on a Study completed by Kimley Horn for the Town of Vail.
Source: Economic & Planning Systems
H- 12— r-11 -1 v n eis1[21 --1— .111- n- mmws]— plz1wm
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DRAFT
Table 38
Other Funds Impacts
Fund Phase I Phase II Totals/ Buildout
RETT Fund One Time Revenue
RETT - Developer Sales $4,261,000 $2,710,000 $6,971,000
Recreation Impact Fee $468,067 $315,273 $783,340
Total One Time Revenue $4,729,067 $3,025,273 $7,754,340
RETT Fund Annual Revenue
RETT on Resales $192,000 $122,000 $314,000
Vail Marketing District
1.4% Lodging Tax (Annual) $366,000 $168,000 $534,000
Urban Renewal Authority Property Tax
Town Mill Levy (4.69 Mills) (Annual) [1] $258,000 $104,000 $362,000
Other Taxing Entities (Annual) $2,280,000 $919,000 $3,199,000
Annual Property Tax Increment $2,538,000 $1,023,000 $3,561,000
[1] Reverts to General Fund after URA expires in 2030.
Source: Economic & Planning Systems
H-1 a1 11s-1 . v aisimoian- 1m1.111 maowshdo1,F,—
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DRAFT
Table ES -1
Summary of Annual Fiscal Impacts - Low Scenario
By Phase - Standalone Cumulative Impact by Phase
Fund Phase Phase ll Phase Phases l &11
General Fund
Revenues $735,800 $298,200 $735,800 $1,033,900
Expenses [1] -$435,600 - 198 000 -$435,600 - 710 750
Net Fiscal Impact $300,200 $100,200 $300,200 $323,150
Capital Fund
One -Time Use Tax $9,157,200 $5,103,520 - -- --
Annual Sales Tax $457,096 $188,264 $457,096 $645,344
RETT
One -Time Developer Sales $4,729,067 $3,025,273
Annual Resales $192,000 $122,000 $192,000 $314,000
Vail Marketing District
1.4% Lodging Tax (Annual) $294,000 $126,000 $294,000 $420,000
Urban Renewal Authority
General Fund Property Tax to URA [2] $248,000 $104,000 $248,000 $352,000
Other Taxing Entitles Tax Increment $2.193.000 $919,000 $2.193.000 $3.112.000
Total Property Tax Increment $2,441,000 $1,023,000 $2,441,000 $3,464,000
[1] Expenses by phase d. not add 1. the cumulative impacts of the entire pmj.d Police is not estimated 1. need addif rai staff 1. serve individual phases,
but would need an estimated 1 officer(. serve the project if both phases are built, Fire is e,ti—fi,d 1, need an additbrai staff person 1. serve Phase I,
which will also cover Phase I I.
[2] The project is largelywilhin the Li.nshead URA, This revenue reverts 1. General Fund after URA expires in 2030.
Source'. Economic & Planning Systems
Prepared by Economic & Planning Systems 1.f3 Novemeber 9, 2010
12/7/2010
4 -3 -1
DRAFT
Teble2
Resitlential antl Accommotlat — Assumptions- Occupaniig -Low Scenar
Descnp0on Phasel Phase 11
%In Rental Pool
Hotel 1do% t00%
Brantletl Resltlenoes 65 °/ 65%
Contlominlums(Free Market) 35 °/ 35%
Deetl Restrlotetl Rental d%
Deetl Restricted For -Sale o% 0 °/
%Secontl Homes ( "COId Betls')
Hotel o% 1%
Brantletl Resitlences 25°/ 25°/
Cd,d— nlums(Free Market) 40% 40%
Deed Restrlotetl Rental o% o%
Deed Restrlotetl For -Sale 0 °/ o%
% Peim anent Resitlents
Hotel 0 °/ o%
Brantletl Resitlences o% o%
Cd,d— nlums(Flee Market) to% to%
Deetl Restrlotetl Rental 100 ° / t00%
Deed Restrlotetl For -Sale t00% t00%
Total (Adds to 100% by unit Type)
Hotel t00% t00%
Brantletl Resltlenoes 9o% 90%
Cd,d— nlums(Free Market)
Deed Restrlotetl Rental t00% t00%
Deed Restrlotetl ForSele t00% t00%
Annual Occupancy
Hotel 50% 5o%
Brantletl Resitlences 4o% 4o%
Contlominlumsln Rental P.1 30% 30%
Secontl Home Contlominiums 20 °/ 20%
Peak Occupancy
Hotel 9o% 9o%
Brantletl Resitlences 9o% 9o%
Contlominlumsln Rental P-1 90°/ ho%
Secontl Home Contlominiums 5o% 50°/
Persons per Uni[
Hotel 20 3.0
ed Resitlences 3.0 3.0
Cd,d
Contlominlumsln Rental POOI 3.5 3.5
Secontl Home Contlominiums 2.5 2.5
Permanent Resitlents 2.09 2.09
%. Guests NM New
Hotel 60% 6o%
Brantletl Resitlences 6o% 6o%
Contlominlumsln Rental P-1 4o% 4o%
Secontl Home COntlominlums 1do% 100%
_2 Home Brantletl Resitlences t00% t00%
M1i oe ere vmem comv y
Prepereb byEronornlc I Plennlrtg systems 2 ot3 Noverneb f0
4_;_2
DRAFT
Table 35
Annual Net Fiscal Impact to General Fund - Low Scenario
By Phase Cumulative
Description Phase I Phase II Phase I Phase II
Revenue
Local Taxes.
4.0% Retail Sales Tax [1] $182,000 $68,000 $182,000 $250,000
4.0% Lodging Sales Tax $504,000 $215,000 $504,000 $719,000
Ski Lift Tax $22,800 $4,300 $22,800 $27,100
Intergovernmental Revenue
County Sales Tax $13,000 $4,000 $13,000 $17,000
County Road and Bridge Prop. Tax $0 $0 $0 $0
Cigarette Tax $1,500 $700 $1,500 $2,200
Charges for Services
Fines and Forfeitures $6,400 $3,200 $6,400 $9,500
Other Charges, Services, and Sales $6,100 $3,00 0 6 100 $9,10 0
Total Revenue $735,800 $298,200 $735,800 $1,033,900
Expenses
Municipal Services:
Administrative $28,600 $14,200 $28,600 $42,800
Community Development $28,200 $14,000 $28,200 $42,200
Public Safety
Police $0 $0 $0 $77,150
Fire $76,600 $0 $76,600 $76,600
Public Works and Transportation
Right -of -Way and Landscaping $149,000 $149,000 $149,000 $298,000
Transportation Operations 12] $111,300 $0 $111,300 $111,300
Facility Maintenance $41,900 $20,80 0 41 900 $62,70 0
Total Expenses $435,600 $198,000 $435,600 $710,750
Net Fiscal Impact $300,200 $100,200 $300,200 $323,150
[1] See attached sales tax and retail sales model.
[2] LSC Transportation Consultants July 23, 2010 Memorandum. EPS has assumed that 2/3 of the impact occurs in Phase I and 1/3 occurs in Ph,,
Source'. Economic & Planning Systems
Prepared by Economic & Planning Systems 3 0/3 Novemeber 9. 2010
12/7/2010
4 -3 -3
DRAFT
Sales Tax and Sales Erosion Analysis
EverVail Fiscal Impact Analysis
October 18, 2010
Economic & Planning Systems 1 of 26 November 9, 2010
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4 -4 -1
DRAFT
Table A
Table of Contents
Ever Vail Sales Tax Model
Table Description
Executive Summary
ES -1 Summary of Sales Flows
Chart 1 Net Dollar Flows by Village
Chart 2 Net Dollar Flows vs. Existing Retail Sales
Expenditures and Sales Tax Calculation
Table 1 Retail Development Program
Table 2 Project Visitor /Resident Expenditure Potential
Table 3 Spending Pattern Assumptions
Table 4 Ever Vail Visitor /Resident Spending in Project
Table 5 Ever Vail Visitor /Resident Spending IN VAIL, Outside Project
Table 6 Ever Vail Spending Leakage - Cumulative
Table 7 Net New Retail Sales Estimate for Sales Tax Calculation - Town Wide
Table 8 Total Retail Spending and Sales Tax
Sales Flows and Potential Erosion
Table 9 Ever Vail Retail Sales by Source
Table 10 Ritz Carlton Spending Estimate
Table 11 Ritz Carlton Spending in Ever Vail
Table 12 Potential Sales Erosion or Sales Transfers as a Percentage of Existing Vail Retail Sales
Appendix Tables
Table Al Estimated Day Visitors Spending
Table A2 Project Resident Total Income
Table A3 Permanent Resident Retail Expenditure Potential
Table A4 Vail Village Retail Sales
Table A5 Lionshead Retail Sales
Table A6 West Vail, Cascade, and Other Areas Sales
H —812 Ever Vail Fl-1 A- 1ysis\MOtl- [20812 -EV Sales Tax M-1 11-D-10..
Economic & Planning Systems 2 of 26 November 9, 2010
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DRAFT
Table ES -1
Summary of Sales Flows
Expenditures and Sales Generated by Ever Vail Factors Calculations Notes
Total Spending by Ever Vail Guests /Residents
In Ever Vail $6,806,000 38% Net new, generates sales tax (Table 7)
In Vail, Not in Ever Vail A $9,606,000 53% Net new, generates sales tax (Table 7)
Leakage / Down Valley Spending $1.704.000 9% Does not generate sales tax
Total Spending $18,116,000 100% Minor difference with Table 2 due to rounding
Estimated Spending by Location
In Ever Vail $6,806,000 38
Lionshead 35% $2,954,000 16% 35% times 'A' minus $1.166M conveniece goods spending in W. Vail
Vail Village 65% $5,486,000 30% 65% times'A' minus $1.166M conveniece goods spending in W. Vail
West Vail $1,166,000 6% See Table 5, cumulative convenience goods expenditures
Down Valley / Leakage $1.704.000 99
Total Spending $18,116,000 100%
Erosion to Ever Spending From
Potential Dollar Flows Vail Ever Vail Net Dollar Flows
Lionshead $2,632,000 $2,954,000 $322,000 See Table 12 for erosion estimates
Vail Village $2,994,000 $5,486,000 $2,492,000
West Vail $1.938.000 $1.166.000 -$772,000
Total $7,564,000 $9,606,000 $2,042,000
Existing Sales Erosion as % of
Potential Erosion vs. Existing Sales Net Dollar Flows (2009) Sales
Lionshead $322,000 $32,789,000 1.0
Vail Village $2,492,000 $152,700,000 1.6%
West Vail -$772,000 $71.807.000 -1.1
Total $2,042,000 $257,296,000 0.8
Source: Economic & Planning Systems
H —12 —r-1 F-1 v —121 11211111 Salsa% 11.111 112111 any FS1
Economic & Planning Systems 3 of 26 November 9, 2010
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Chart 1
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0 -11,
Lionshead Vail Village West Vail
- $1,000,000
- $2,000,000
■ Erosion to Ever Vail ■ Spending From Ever Vail Net Dollar Flows
I I - I O
4 -4 -4
Chart 2
$180,000,000
■ Net Dollar Flows Existing Sales (2009)
$160,000,000
$140,000,000
m $120,000,000
m
m
U)
$100,000,000
m
m
10 $80,000,000
0
0
LL
°d $60,000,000
m
$40,000,000
$20,000,000
$322,000 $2,492,000
$0
Lionshead Vail Village West Vail
- $20,000,000 $772,000
1 1 -I O
4 -4
DRAFT
Sales Tax Analysis
Economic & Planning Systems 6 of 26 November 9, 2010
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4 -4 -6
DRAFT
Table 1
Retail Development Program
By Phase Cumulative
Description Phase I Phase II Phase I Phase II
Square Feet
Restaurant 22,103 0 22,103 22,103
Retail 16,999 0 16,999 16,999
Convenience Goods 14156 0 14156 14156
Total 53,258 0 53,258 53,258
Source: Vail Resorts Development Corp., Economic & Planning Systems
H-121 --11 -1 v n� 1a 1[moiaeV Say— 11.1 rwsmiow 7ia�am
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DRAFT
Table 2
Project Visitor /Resident Expenditure Potential
Visitor $/Pers./Day Expenditure Potential by Phase Cumulative Expenditure Potential
Description Days Retail Conv. F &B Total Retail Conv. F &B Total Retail Conv. F &B Total
Phase
Hotel 31,270 $60 $10 $100 $170 $1,876,000 $313,000 $3,127,000 $5,316,000 $1,876,000 $313,000 $3,127,000 $5,316,000
Branded Residences in Rental Pool 19,660 60 30 75 165 1,180,000 590,000 1,475,000 3,244,000 1,180,000 590,000 1,475,000 3,244,000
Condos in Rental Pool 20,180 60 30 40 130 1,211,000 605,000 807,000 2,623,000 1,211,000 605,000 807,000 2,623,000
Second Home Condos 15,000 30 30 20 80 450,000 450,000 300,000 1,200,000 450,000 450,000 300,000 1,200,000
Residents [1] - -- - -- - -- - -- - -- 289,000 189,000 85,000 563,000 289,000 189,000 85,000 563,000
Parking Day Visitors [t] - -- -- -- - -- - -- 243,500 74 875 224,625 543,000 243,500 74875 224,625 543,000
Totals 86,110 $5,249,500 $2,221,875 $6,018,625 $13,489,000 $5,249,500 $2,221,875 $6,018,625 $13,489,000
Phase 11
Hotel 0 $60 $10 $100 $170 $0 $0 $0 $0 S1,876,000 $313,000 $3,127,000 $5,316,000
Branded Residences in Rental Pool 0 60 30 75 165 0 0 0 0 1,180,000 590,000 1,475,000 3,244,000
Condos in Rental Pool 19,030 60 30 40 130 1,142,000 571,000 761,000 2,474,000 2,353,000 1,176,000 1,568,000 5,097,000
Second Home Condos 10,880 30 30 20 80 326,000 326,000 218,000 870,000 776,000 776,000 518,000 2,070,000
Residents [11 - -- - -- -- - -- 377,000 247,000 111,000 735,000 666,000 436,000 196,000 1,298,000
Parking Day Visitors [1] - -- -- -- - -- - -- 243.500 74 875 224.625 543.000 487.000 149.750 449.250 1.086.000
Totals 29,910 $2,088,500 $1,218,875 $1,314,625 $4,622.000 $7,338,000 $3,440,750 $7,333,250 $18,111,000
[1] See Appendix Tables Al through A3 for further detail.
Source: Economic & Planning Systems
H 21112 ErerVeI11. 1-1..11- 1,R1112 1vee1a.ia. 1a1111 -0szo,1 I.V I..,I am
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Table 3
Spending Pattern Assumptions
%Sent in Ever Vail % S ent Elsewhere in Vail % Spent Outside Vail Leakage Total
Phase Retail Conv. F &B Retail Conv. F &B Retail Conv. F &B Retail Con, F &B
By Phase - Standalone
Phase I
Hotel 25% 75% 40% 65% 25% 50% 10% 0% 10% 100% 100% 100%
Branded Residences in Rental Pool 25% 75% 40% 65% 25% 50% 10% 0% 10% 100% 100% 100%
Condos in Rental Pool 25% 65% 35% 65% 35% 55% 10% 0% 10% 100% 100% 100%
Second Home Condos 25% 50% 35%. 65% 40% 55% 10% 10% 10% 100% 100% 100%
Residents 10% 35% 10% 55% 50% 70% 35% 15% 20% 100% 100% 100%
Parking Day Visitors 50% 100% 50% 50% 0% 50% -- -- -- 100% 100% 100%
Phase if
Hotel — — __ — — —
Branded Residences in Rental Pool -- — -- -- — -- - -- — -- - -- - -- --
Condos in Rental Pool 0% 0% 0% 90% 100% 90% 10% 0% 10% 100% 100% 100%
Second. Home Condos 0% 0% 0% 90% 90% 90% 10% 10% 10% 100% 100% 100%
Residents 0% 0% 0% 65% 85% 80% 35% 15% 20% 100% 100% 100%
Parking Day Visitors 0% 0% 0% 100% 100% 100% - -- — -- 100% 100% 100%
Cumulative
Phase I
Hotel 25% 75% 40% 65% 25% 50% 10% 0% 10% 100% 100% 100%
Branded Residences in Rental Pool 25% 75% 40% 65% 25% 50% 10% 0% 10% 100% 100% 100%
Condos in Rental Pool 25% 65% 35% 65% 35% 55% 10% 0% 10% 100% 100% 100%
Second Home Condos 25% 50% 35% 65% 40% 55% 10% 10% 10% 100% 100% 100%
Residents 10% 35% 10%. 55% 50% 70% 35% 15% 20% 100% 100% 100%
Parking Day Visitors 50% 100% 50% 50% 0% 50% -- -- -- 100% 100% 100%
Phase 18 II
Hotel 25% 75% 40% 65% 25% 50% 10% 0% 10% 100% 100% 100%
Branded Residences in Rental Pool 25% 75% 40% 65% 25% 50% 10% 0% 10% 100% 100% 100%
Condos in Rental Pool 25% 65% 35% 65% 35% 55% 10% 0% 10% 100% 100% 100%
Second Home Condos 25% 50% 35% 65% 40% 55% 10% 10% 10% 100% 100% 100%
Residents 10% 35% 10% 55% 50% 70% 35% 15% 20% 100% 100% 100%
Parking Day Visr om 50% 100% 50% 50% 0% 50% -- -- — 100% 100% 100%
Source. Economic & Planning Systems
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Table 4
Ever Vail VisitorlResident Spending in Project
Spending In Ever Vail by Phase Cumulative Spending In Ever Vail
Percent Expenditures Percent Expenditures
Description Retail Con, F &B Retail Con, F &B Total Retail Con, F &B Retail Con, F &B Total
Phase I
Hotel 25% 75% 40% $469,000 $235,000 $1,251,000 $1,955,000 25% 75% 40% $469,000 $235,000 $1,251,000 $1,955,000
Branded Residences in Rental Pool 25% 75% 40% 295,000 443,000 590,000 1,328,000 25% 75% 40% 295,000 443,000 590,000 1,328,000
Condos in Rental Pool 25% 65% 35% 303,000 393,000 282,000 978,000 25% 65% 35% 303,000 393,000 282,000 978,000
Second Home Condos 25% 50% 35% 113,000 225,000 105,000 443,000 25% 50% 35% 113,000 225,000 105,000 443,000
Residents 10% 35% 10% 29,000 66,000 9,000 104,000 10% 35% 10% 29,000 66,000 9,000 104,000
Parking Day Visitors 50% 100% 50% 122 000 75 000 112 000 30y000 50% 100% 50% 122 000 75 000 112 000 30y000
Totals $1,331,000 $1,437,000 $2,349,000 $5,117,000 $1,331,000 $1,437,000 $2,349,000 $5,117,000
Phase II
Hotel -- -- - -- - -- - -- -- $0 25% 75% 40% $469,000 $235,000 $1,251,000 $1,955,000
Branded Residences in Rental Pool - -- - -- - -- -- -- -- 0 25% 75% 40% 295,000 443,000 590,000 1,328,000
Condos in Rental Pool 0% 0% 0% 0 0 0 0 25% 65% 35% 588,000 764,000 549,000 1,901,000
Second Home Condos 0% 0% 0% 0 0 0 0 25% 50% 35% 194,000 388,000 181,000 763,000
Residents 0% 0% 0% 0 0 0 0 10% 35% 10% 67,000 153,000 20,000 240,000
Parking Day Visitors 0% 0% 0% 0 0 0 0 50% 100% 50% 244 000 150 000 225 000 61y000
Totals $0 $0 $0 $0 $1,857,000 $2,133,000 $2,816,000 $6,806,000
Source: Economic & Planning Systems
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Table 5
Ever Vail Visitor /Resident Spending IN VAIL, Outside Project
Spent Elsewhere in Vail - by Phase Spent Elsewhere in Vail - Cumulative
Percent Expenditures Percent Expenditures
Description Retail Conv. F &B Retail Conv. F &B Total Retail Conv. F &B Retail Conv. F &B Total
Phasel
Hotel 65% 25% 50% $1,219,000 $78,000 $1,564,000 $2,861,000 65% 25% 50% $1,219,000 $78,000 $1,564,000 $2,861,000
Branded Residences in Rental Pool 65% 25% 50% 767,000 148,000 738,000 1,653,000 65% 25% 50% 767,000 148,000 738,000 1,653,000
Condos in Rental Pool 65% 35% 55% 787,000 212,000 444,000 1,443,000 65% 35% 55% 787,000 212,000 444,000 1,443,000
Second Home Condos 65% 40% 55% 293,000 180,000 165,000 638,000 65% 40% 55% 293,000 180,000 165,000 638,000
Residents 55% 50% 70% 159,000 95,000 60,000 314,000 55% 50% 70% 159,000 95,000 60,000 314,000
Parking Day Visitors 50% 0% 50% 122,000 0 112.000 234,000 50% 0% 50% 122,000 0 112,000 234.000
Totals $3,347,000 $713,000 $3,083,000 $7,143,000 $3,347,000 $713,000 $3,083,000 $7,143,000
Phase 11
Hotel - -- - -- - -- - -- - -- - -- $0 65% 25% 50% $1,219,000 $78,000 $1,564,000 $2,861,000
Branded Residences in Rental Pool - -- - -- -- -- -- - -- 0 65% 25% 50% 767,000 148,000 738,000 1,653,000
Condos in Rental Pool 90% 100% 90% 1,028,000 571,000 685,000 2,284,000 65% 35% 55% 1,529,000 412,000 862,000 2,803,000
Second Home Condos 90% 90% 90% 293,000 293,000 196,000 782,000 65% 40% 55% 504,000 310,000 285,000 1,099,000
Residents 65% 85% 80% 245,000 210,000 89,000 544,000 55% 50% 70% 366,000 218,000 137,000 721,000
Parking Day Visitors 100% 100% 100% 244.000 75 000 225.000 544,000 50% 0% 50% 244.000 0 225,000 469,000
Totals $1,810,000 $1,149,000 $1,195,000 $4,154,000 $4,629,000 $1,166,000 $3,811,000 $9,606,000
Source: Economic & Planning Systems
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Table 6
Ever Vail Spending Leakage - Cumulative
Spending Leakage - Cumulative
Percent Expenditures
Description Retail Conv. F &B Retail Conv. F &B Total
Phase[
Hotel 10% 0% 10% $188,000 $0 $313,000 $501,000
Branded Residences in Rental Pool 10% 0% 10% 118,000 0 148,000 266,000
Condos in Rental Pool 10% 0% 10% 121,000 0 81,000 202,000
Second Home Condos 10% 10% 10% 45,000 45,000 30,000 120,000
Residents 35% 15% 20% 101.000 28 000 17 000 146.000
Totals $573,000 $73,000 $589,000 $1,235,000
Phase II
Hotel -- - -- - -- - -- -- - -- $0
Branded Residences in Rental Pool - -- - -- - -- - -- - -- - -- 0
Condos in Rental Pool 10% 0% 10% 114,000 0 76,000 190,000
Second Home Condos 10% 10% 10% 33,000 33,000 22,000 88,000
Residents 35% 15% 20% 132.000 37 000 22 000 191.000
Totals $279,000 $70,000 $120,000 $469,000
Phases I & II
Hotel 10% 0% 10% $188,000 $0 $313,000 $501,000
Branded Residences in Rental Pool 10% 0% 10% 118,000 0 148,000 266,000
Condos in Rental Pool 10% 0% 10% 235,000 0 157,000 392,000
Second Home Condos 10% 10% 10% 78,000 78,000 52,000 208,000
Residents 35% 15% 20% 233.000 65 000 39 000 337M0
Totals $852,000 $143,000 $709,000 $1,704,000
Source: Economic & Planning Systems
n-1 au1 -1 v eis1Imoiz11 Sa1 112111 .wsls�x�ea
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Table 7
Net New Retail Sales Estimate for Sales Tax Calculation - Town Wide
Ever Vail Visitor /Resident, Ever Vail Visitor, Parking,
and Day Visitor Spending and Resident Spending, Total Town -Wide
On -Site Other Vail Locations Net New Sales
By Phase
Phase I
Restaurant $2,349,000 $3,083,000 $5,432,000
Retail $1,331,000 $3,347,000 $4,678,000
Grocer /Conv. $1.437.000 $713,000 $2.150.000
Total $5,117,000 $7,143,000 $12,260,000
Phase 11
Restaurant $0 $1,195,000 $1,195,000
Retail $0 $1,810,000 $1,810,000
Grocer /Conv. Lo $1.149,000 $1.149.000
Total $0 $4,154,000 $4,154,000
Cumulative
Phase I
Restaurant $2,349,000 $3,083,000 $5,432,000
Retail $1,331,000 $3,347,000 $4,678,000
Grocer /Conv. $1.437.000 $713,000 $2.150.000
Total $5,117,000 $7,143,000 $12,260,000
Phases I & 11
Restaurant $2,816,000 $3,811,000 $6,627,000
Retail $1,857,000 $4,629,000 $6,486,000
Grocer /Conv. $2.133.000 $1,166,000 $3.299.000
Total $6,806,000 $9,606,000 $16,412,000
Source: Economic & Planning Systems
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Table 8
Total Retail Spending and Sales Tax
Store Type Phase I Phase II
By Phase
Net New Sales
Restaurant $5,432,000 $1,195,000
Retail $4,678,000 $1,810,000
Grocer /Conv. $2,150,000 $1,149,00 0
Total $12,260,000 $4,154,000
Existing Sales Tax
4.0% Town Sales Tax [11
General Fund (60 %) . $ 21,540 $272,700 $99,696
Capital Fund (40 %) . $ 14,360 $181,800 $66,464
1.0% County Sales Tax
Sales Tax $123,000 $42,000
15% to Town $18,000 $6,000
Cumulative Phase I Phase I & II
Net New Sales
Restaurant $5,432,000 $6,627,000
Retail $4,678,000 $6,486,000
Grocer /Conv. $2,150,000 $3,299,00 0
Total $12,260,000 $16,412,000
Existing Sales Tax
4.0% Town Sales Tax [11
General Fund (60 %) . $ 21,540 $272,700 $372,348
Capital Fund (40 %) . $ 14,360 $181,800 $248,232
1.0% County Sales Tax
Sales Tax $123,000 $164,000
15% to Town $18,000 $25,000
[1] Sales tax currently collected from businesses - the Ever Vail site.
Source'. Economic & Planning Systems
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Sales Flows and Erosion Estimates
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Table 9
Ever Vail Retail Sales by Source
Project Visitors/ Total Sales
Residents, and Ritz Carlton Vail Village Lionshead West Vail In Ever Vail
Description Parking Spending Spending [1] Erosion [2] Erosion [2] Erosion [2] Businesses
By Phase
Phase I
Restaurant $2,349,000 $1,586,250 $1,204,000 $389,000 $0 $5,528,250
Retail $1,331,000 $1,395,900 $1,790,000 $2,243,000 $0 $6,759,900
Convenience Goods /Market $1,437,000 $1,586,250 LO L $1,938,000 $4,961,250
Total $5,117,000 $4,568,400 $2,994,000 $2,632,000 $1,938,000 $17,249,400
Cumulative
Phase
Restaurant $2,349,000 $1,586,250 $1,204,000 $389,000 $0 $5,528,250
Retail $1,331,000 $1,395,900 $1,790,000 $2,243,000 $0 $6,759,900
Convenience Goods/Market $1,437,000 $1,586,250 LO $ $1,938,000 $4,961,250
Total $5,117,000 $4,568,400 $2,994,000 $2,632,000 $1,938,000 $17,249,400
Phase I & II
Restaurant $2,816,000 $1,586,250 $1,204,000 $389,000 $0 $5,995,250
Retail $1,857,000 $1,395,900 $1,790,000 $2,243,000 $0 $7,285,900
Convenience Goods/Market $2,133 000 $1,586,250 $ L $1,938,000 $5,657,250
Total $6,806,000 $4,568,400 $2,994,000 $2,632,000 $1,938,000 $18,938,400
Percent of Ever Vail Sales
Restaurant 47% 26% 20% 6% 0% 100%
Retail 25% 19% 25% 31% 0% 100%
Convenience Goods/Market 38% 28% 0% 0% 34% 100%
Total 36% 24% 16% 14% 10% 100%
[1] See tables 10 and 11.
[2] See Table 12 for erosion estimates.
Source: Economic & Planning Systems
H 11112E —,11. 1 1IEV I. I. .1- 111 -012mn..1lssei— Eiw,.,
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Table 10
Ritz Carlton Spending Estimate
Pers./ Ann. Visitor $IPers.IDay Spending Potential
Description Units Unit Occupancy Days Retail Conv. F &B Total Retail Conv. F &B Total
x 365
Condo 71 3 50% 38,900 $60 $30 $75 $165 $2,334,000 $1,167,000 $2,917,500 $6,418,500
Fractional 45 3.5 55% 31600 $60 $30 $75 $165 $1.896.000 $948,000 $2.370.000 $5.214.000
Total 116 70,500 $4,230,000 $2,115,000 $5,287,500 $11,632,500
Source: Economic & Planning Systems
HHOO, i. salsa, Mean, -0s2oaobno-w�
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Table 11
Ritz Carlton Spending in Ever Vail
% Spent in Ever Vail $ Spent in Ever Vail
Description Retail Conv. F &B Retail Conv. F &B Total
Condo 33% 75% 30% $770,220 $875,250 $875,250 $2,520,720
Fractional 33% 75% 30% $625,680 $711,000 $711,000 $2.047.680
Total $1,395,900 $1,586,250 $1,586,250 $4,568,400
Source: Economic & Planning Systems
HHOO, i. SI-- 11 112111
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Table 12
Potential Sales Erosion or Sales Transfers as a Percentage of Existing Vail Retail Sales
Vail Village Lionshead Village West Vail
% of Existing % of Existing % of Existing Potential Erosion
Description 2009 Sales Sales $ Erosion 2009 Sales Sales $ Erosion 2009 Sales Sales $ Erosion to Ever Vail
A
By Phase
Phase
Restaurant $60,218,000 2.0% $1,204,000 $2,994,000 13.0% $389,000 $16,243,000 0.0% $0 $1,593,000
Retail $89,484,000 2.0% $1,790,000 $28,037,000 8.0% $2,243,000 $16,798,000 0.0% $0 $4,033,000
Convenience Goods $2.998.000 0.0% _ $1.758.000 0.0% _ $38.766.000 5.0% $1.938.000 $1.938.000
Total $152,700,000 $2,994,000 $32,789,000 $2,632,000 $71,807,000 $1,938,000 $7,564,000
Phase II
Restaurant $60,218,000 0.0% $0 $2,994,000 0.0% $0 $16,243,000 0.0% $0 $0
Retail $89,484,000 0.0% $0 $28,037,000 0.0% $0 $16,798,000 0.0% $0 $0
Convenience Goods $2.998.000 0.0% §0 $1.758.000 0.0% §0 $38.766.000 0.0% 0 0
Total $152,700,000 $0 $32,789,000 $0 $71,807,000 $0 $0
Phase Ill (Buildout)
Restaurant 0.0% $0 0.0% $0 0.0% $0 $0
Retail 0.0% $0 0.0% $0 0.0% $0 $0
Convenience Goods 0.0% ,U0 0.0% -L0 0.0% 5 0 KO
Total $0 $0 $0 $0
Cumulative
Phase 1
Restaurant $60,218,000 2.0% $1,204,000 $2,994,000 13.0% $389,000 $16,243,000 0.0% $0 $1,593,000
Retail $89,484,000 2.0% $1,790,000 $28,037,000 8.0% $2,243,000 $16,798,000 0.0% $0 $4,033,000
Convenience Goods $2.998.000 0.0% §0 $1.758.000 0.0% §0 $38.766.000 5.0% $1.938.000 $1.938.000
Total $152,700,000 $2,994,000 $32,789,000 $2,632,000 $71,807,000 $1,938,000 $7,564,000
Phase II
Restaurant $60,218,000 2.0% $1,204,000 $2,994,000. 13.0% $389,000 $16,243,000 0.0% $0 $1,593,000
Retail $89,484,000 2.0% $1,790,000 $28,037,000 8.0% $2,243,000 $16,798,000 0.0% $0 $4,033,000
Convenience Goods $2.998.000 0.0% §0 $1.758.000 0.0% 0 $38.766.000 5.0% $1.938.000 $1.938.000
Total $152,700,000 $2,994,000 $32,789,000 $2,632,000 $71,607,000 $1,938,000 $7,564,000
[1] Assumetl to be 10% of regdretl seles.
Source. Economic & Planning Systems
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■
Appendix Tables
EverVail Fiscal Impact Analysis
August 16, 2010
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Table Al
Estimated Day Visitors Spending
Description Factor Phase I Phase II
Public and Retail Parking Spaces 200 200
Avg. People per Vehicle 2.6 2.6
% Utilization 50% 50%
Ski Season Days 144 144
Parking /Day Visitor Days 37,440 37,440
Retail $ /Day /Person $13 $13
F &B $ /Day /Person $16 16
Total [1] $29 $29
F &B Spending - Convenience Goods 25% $149,750 $149,750
F &B Spending - Bars /Restaurants 75% $449,250 $449,250
Total F &B Spending 100% $599,000 $599,000
Annual Retail Spending $487,000 $487,000
Annual Convenience Goods Spending $149,750 $149,750
Annual Bar /Restaurant Spending $449,250 $449,250
Total Annual Spending $1,086,000 $1,086,000
Net New Day Visitors Reduction
Annual Retail Spending 50% $243,500 $243,500
Annual Convenience Goods Spending 50% $74,875 $74,875
Annual Bar /Restaurant Spending 50 $224,625 $224,625
Total Net New Spending $543,000 $543,000
Cumulative Spending $543,000 $1,086,000
[11 Town of Vail Parking Survey. F &B category is allocated below into retail food and beverage and eatint
Source: Town of Vail Parking Survey, 2009 (RRC Associates), Economic & Planning Systems
n-1 au 1 -1 v eis1l21o1111 Sa1sTax Mmai 11 112111 1, visit Sw Ira
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Table A2
Project Resident Total Income
Description Phase I Phase II
Deed Restricted For -Sale Households 12 7
Household Income [1] $92,000 $92,000
Total Personal Income (TPI) $1,104,000 $644,000
Deed Restricted Rental Households [2] 8 26
Household Income $51,200 $51,200
Total Personal Income (TPI) $410,000 $1,331,000
Total Income $1,514,000 $1.975.000
[1] Claritas, 2009
[2] 80% of AMI, 2 person household
Source: Claritas; Economic & Planning Systems
H1 812 —r -1 Fl-1 An 1ysis\MOde [20812 -FV Sales Tex M -111 -05 010.x1s]A2-R d,nt TPI
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Table A3
Permanent Resident Retail Expenditure Potential
%of Expenditure Potential
Store Category TPI Phase Phase 11
Total Personal Income $1,514,000 $1,975,000
Convenience Goods
Supermarkets and Specialty Grocery Stores 6.2% $94,000 $123,000
Convenience Stores, Health, Beer, Wine & Liquor 6.3% $95,000 $124,000
Total Convenience Goods 12.5% $189,000 $247,000
Apparel and Sporting Goods 3.6% $55,000 $72,000
Other General Merchandise and Shoppers Goods 15.4% $234,000 $305,000
Food and Beverage 5.6 % $85,000 $111,000
Total Retail Expenditures /Sales 37.2% $563,000 $735,000
[1] Estimated by comparing expenditures to actual store sales and sales tax data.
Source: US Census of Retail Trade: Economic & Planning Systems
H-12 Ever Vell Fl-1 A- 1ysls\MOd- [20812 -EV Sales Tax V-1 11 -05- 2010.xl ]—R- Spentling
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Table A4
Vail Village Retail Sales
2006 2007 2008 2009
Restaurants & Bars $64,069,000 $69,088,000 $67,237,000 $60,218,000
Apparel and Sporting Goods 67,723,000 70,024,000 62,743,000 53,115,000
Gifts, Galleries, Jewelry, and Other 52,426,000 55,285,000 45,420,000 36,369,000
Groceries, Beer/Wine /Liquor 3,904,000 3,461,000 3,083,000 2,998,000
Total $188,122,000 $197,858,000 $178,483,000 $152,700,000
Source: Town of Vail; Economic & Planning Systems
H-121wau1— M—i- 11[211— usaiaswslvau 111 s1m
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Table A5
Lionshead Retail Sales
2006 2007 2008 2009
Restaurants & Bars $2,045,000 $2,283,000 $3,619,000 $2,994,000
Apparel and Sporting Goods 17,625,000 18,529,000 24,725,000 24,053,000
Gifts, Galleries, Jewelry, and Other 7,092,000 6,949,000 5,481,000 3,984,000
Groceries, Beer/Wine /Liquor 717,000 896,000 1,750,000 1,758,000
Total $27,479,000 $28,657,000 $35,575,000 $32,789,000
Source: Town of Vail; Economic & Planning Systems
H-121waur5.iM1 -11[211— usaiaswslvau 111 SIm
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Table A6
West Vail, Cascade, and Other Areas Sales
2006 2007 2008 2009
Restaurants & Bars $22,806,000 $21,622,000 $19,380,000 $16,243,000
Apparel and Sporting Goods 5,383,000 5,546,000 4,890,000 4,875,000
Gifts, Galleries, Jewelry, and Oth 14,130,000 16,357,000 16,325,000 11,923,000
Groceries, Beer/Wine /Liquor 39,369,000 41,052,000 42202,000 38,766,000
Total $81,688,000 $84,577,000 $82,797,000 $71,807,000
Source: Town of Vail; Economic & Planning Systems
—0812 Eves VO F—al A lyty ! \D— [20812- recall seles.xls]Vell Vlllege Sum
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Commercial Core Comparison
Golden Peak Vail Village Lionshead Ever Vail Cascade Villa a West Vail
Acres (approximate) 32 61 49 13 26 28
Uphill Lift capacity per hour 2,600 2,800 4,800 2,000 1,800 NA
% Skier Accessing Mtn:current 17% 31% 48% 0% 4% NA
• Skier Accessing Mtn:proposed 16% 28% 44% 10% 3% NA
Annual # of Skiers through portal 271,830 495,690 767,720 NA 63,960 NA
Skier Mix % (Destination /Local /Front Range) NA NA NA NA NA NA
# of Hotels 1 12 4 1 1 1
Hotel beds 88 1,840 1,534 306 est 868 288
Private Beds 709 2,664 2,570 1905 est 408 110
Hotel Occupancy Summer Average 2010 ( %) 36 36 36 NA. 36 36
Hotel Occupancy Winter Average 2009/10 ( %) 54 54 54 NA 54 54
Meeting Space sq ft 11,285 26,820 40,781 9,663 45,000 2,700
Lodging Sales Tax per Rental Bed (annual) ($) 403* 485 395 NA 403* 403*
Annual(2009) Lodging Sales Tax total 995,992* 2,155,733 1,623,789 NA 995,992* 995,992*
Total Commercial sq ft 26,606 337,000 116,450 47,245 11,010 176,000
Retail sq ft 7,256 132,000 57,950 31,155 3,000 149,000
Retail Sales Tax per sq ft (2009) ($) NA 16.58 17.61 NA NA 12.03
Annual (2009) Retail Sales Tax Total 1,792,683* 2,188,952 1,020,558 NA 1,792,683* 1,792,683*
# Retail outlets 2 96 37 7 3 20
Restaurant sq ft 19,350 205,000 58,500 16,090 NA 27,000
Restaurant Sales Tax per Seat (annual) ($) 634.64 505.71 597.65 NA 634.64 634.64
Annual (2009) Restaurant Sales Tax total 583,239* 2,385,460 815,199 NA 583,239* 583,239*
# Restaurant outlets 4 54 21 3 1 10
# Night Clubs 0 3 0 1 0 0
Office /Businesses sq ft NA NA NA 35,395 NA NA
Public Parking spaces in structure 0 1,225 1,050 714 125 0
Public Parking spaces non - structure 285 40 0 0 0 290
Private Parking Spaces (not residnetial) 170 345 129 289 0 0
Public Skier Drop off Spaces 30 1 28 25 13 4 0
Frontage Road Additonal Parking 450 150 245 70 100 0
Deed Restricted Employee Units 2 50 42 41 0 0
Public Benefit Ammenities (List) Ford Park Theater Ice Rink Live Music None None
Bowling Central Loading Night Club
Ice Rink VRD Space
Base Lode Central Loadin
Central Loadin
Skier Services sq ft 6,500 6,118 2,100 2,256 500 0
# Public Restrooms 2 7 3 3 1 0
# Ticket windows 6 6 6 6 est 1 0
# VR Employees NA NA NA NA NA 0
Base area lodge (warming) (Y /N) Yes Yes No No No No
# Public lockers 146 30 210 50 est 0 No
Public overnight ski storage (Y /N) Yes Yes Yes NA No No
Children's Ski School facility (Y /N) Yes No Yes I No No No
Private Lesson meeting area (Y /N Yes Yes Yes Yes No No
Beginner Lesson in base area (Y /N) Yes No Yes No No No
* This data is reported for East Vail, West Vail, and Cascade as a group and not individually.
The data found in this matrix was gathered from multiple resources procvided from within the Town and outside of the Town.
In several instances assumptions and determinations were made by staff to provide the most accurate data for comparison.
12/7/2010
4 -5 -1
ITL1 Oil
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: Second reading of Ordinance No. 18, Series 2010, an Ordinance making
supplemental appropriations to the Town of Vail General Fund, Capital Projects Fund, Real
Estate Transfer Tax Fund, Health Insurance Fund and Debt Service Fund of the 2010 Budget
for the Town of Vail, Colorado; and authorizing the expenditures of said appropriations as set
forth herein; and setting forth details in regard thereto.
PRESENTER(S): Kathleen Halloran
ACTION REQUESTED OF COUNCIL: Approve or approve with amendments the second
reading of Ordinance No. 18, Series 2010.
BACKGROUND: To be provided in a separate memo.
STAFF RECOMMENDATION: Staff recommend that the Town Council approves or approves
with amendments Ordinance No. 18, Series 2010, upon second reading.
ATTACHMENTS:
4th Suppl
12/7/2010
MEMORANDUM
To: Town Council
From: Stan Zemler
Judy Camp
Kathleen Halloran
Date: December 2, 2010
Subject: 2010 Budget Amendment — Ordinance 18
There were no changes to this ordinance since first reading.
On Tuesday evening, you will be asked to approve the fourth budget amendment and
supplemental appropriation of 2010 upon second reading. Attached is a summary of changes
proposed in the attached Statements of Revenue, Expenditures, and Changes in Fund
Balances.
Across all funds, this supplemental request will adjust the budget to reflect $3.9 million of
additional revenue and proposes an increase of approximately $862,000 to expenditures.
Significant items reflected in this Ordinance include recent events such as parking equipment
upgrades, the purchase of Red Sandstone parking area, and relocation of the North Day Lot
skier drop off spaces. Also included are updated projections for revenue performance beyond
budget such as Real Estate Transfer Tax, County Road & Bridge Tax and Construction Use Tax
collections.
The following information details the changes proposed in the attached Statements of Revenue,
Expenditures, and Changes in Fund Balances:
General Fund
Revenue has been adjusted by a total increase of $492,378. This includes $200,000 of
additional county road and bridge tax collections, plan check fees of $125,000 and $70,000 in
RETT administration relating to the increase in RETT (5% of RETT collections are paid to the
General Fund for administration).
All other revenue adjustments are charges for service or reimbursements relating to expenses
also included in this supplemental appropriation. The following are a list of items that directly
offset each other with both revenue and expenditures:
• $70,000 for review of the Ever Vail project, reimbursed by Vail Resorts Development Co.
• $18,000 for Police overtime contracted and paid for by event producers
• $ 3,000 relating to police participation in a federal drug case
• $6,378 for emergency incident responders to the Water Creek and Echo Lake fires
Budgeted expenditures will be reduced by $240,000 to reflect a change in accounting for the
Employee Home Ownership Program (EHOP). Funding of this program is considered a loan to
the employee and while any funding must be approved by Council, the loans are now recorded
as restricted fund balance rather than expenditures.
12i7i2010
5 -i -I
Capital Projects Fund
Increases to revenue include Construction Use Tax of $450,000, which is based on current
collections at this time ($1.1 million). The town has received $725,000 from Vail Resorts for a
relocation of the North Day Lot skier drop off spaces. The town will receive $15,000 in
reimbursement from Eagle County Sheriff's office for dispatch services equipment purchased
and installed in the new jail.
Expenditures requested for appropriation include $65,000 of parking equipment ($50,000 for
value pass access and an automated exit at LionsHead parking structure and $15,000 for real -
time information distribution to guests). Continued work toward redevelopment of Timber Ridge
of $6,000 is needed to cover legal fees and rock fall mitigation consultants (offset by the same
amount of revenue). The Arosa Drive duplex budget covered costs based on the town's
contract with the developer and needs to be increased by $9,100 to cover items outside of that
contract (electric bills, survey work, etc). Additional flood repairs of $5,600 are also included
(see RETT below for more information).
Total adjustments are an increase in revenue of $1,196,000 and an increase in expenditures of
$100,708.
Real Estate Transfer Tax (RETT) Fund
RETT collections have exceeded budget by $1.8 million year -to -date, based on increased sales
from both major redevelopment projects (up 36% from budget) and non -major projects (up 55%
from budget). Major redevelopment projects make up approximately $3.9M of the $6.1M
collected so far this year (64 %).
Expenditures requested include $350,250 for the purchase of the Red Sandstone parking area,
and an increase of $90,000 of the 5% administrative expense to the General Fund based on
current RETT projections. Damage caused by the spring flood is expected to cost a total of
$252,200 for 2010. The budget already included $92,372, so the supplemental reflects the
remaining $159,828 in expenditures needed to repair the damage, as well as an offset of
$81,000 in revenue from our insurance provider (CIRSA). Additional work recommended for
Gore Creek and tributaries with cost estimates will be presented to Council on December 7th.
Total adjustments are an increase in revenue of $1,881,000 and an increase in expenditures of
$600,078.
Health Insurance Fund
Based on recent information and actual experience, this fund needs to be adjusted to reflect an
increase in revenue from stop -loss insurance collected by the town of $385,000 (budgeted
modestly each year because it is based on individual claims costing over $75,000). Budgeted
collections of premiums paid by both employees and departments will be increased by a total of
$31,000 based on actual receipts so far this year. Claims experience is also increasing (due to
large claims offset by insurance above), with a requested budget adjustment of $425,000.
Total budgeted revenue is proposed to increase by $428,000 and expenditures to increase by
$425,000.
Debt Service Fund
A budget adjustment to this fund is requested to remove interest costs originally included under
the assumption that the West Vail Fire Station was going to be financed. This reduction in both
revenue and expense of $121,081 will correctly reflect the fact that the fire station was in fact
paid for in cash.
2
12i7i2010
5 -I -2
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERALFUND
2010
2009 2010 2010 4th Proposed
Actual Budget Amended Supplemental Amended Comments
Revenue
Local Taxes: $ 16,913.338 $ 16,600,000 $ 16,600,000 $ 16,600,000
Sales Tax Split b/t Gen'I Fund & Capital Fund 52/48 61/39
Sales Tax $ 8,760,000 $ 10,126,000 $ 10,143,624 $ 10,143,624
Property and Ownership 4,506,491 5,013,647 5,013,647 5,013,647
Ski Lift Tax 3,048,011 3,115,000 3,115,000 3,115,000
Franchise Fees, Penalties, and Other Taxes 944,084 1,056,126 1,074,564 1,074,564
Licenses & Permits 1,440,972 732,200 1,082,200 125,000 1,207,200 Plan check fees
Intergovernmental Revenue 1,611,570 1,544,000 1,717,830 209,378 1,927,208 $200K County Road & Bridge tax; $3K Fed'I drug case; $6K fire
response reimbursement
Transportation Centers 4,975,795 5,432,744 4,932,744 4,932.744
Charges for Services 717,653 724,775 711,768 88,000 799,768 $70K RETT administration fee 5 %; $18K Police contract OT
Fines & Forfeitures 330,660 260.000 260,000 260.000
Earnings on Investments 170,353 1 115,000 115,000 1 115,000
Rental Revenue 912,091 882,796 882,796 882,796
Miscellaneous and Project Reimbursements 243,991 92,800 337,800 70,000 407.800 EverVail reimbursement for consultants
Total Revenue 27,661,671 29,095,088 29,386.973 492,378 29,879,351
Expenditures
Salaries 13,357,585 13,530,070 13,583,822 27,378 13,611,200 $18K Police contract OT; $6.3K fire response (both PD and
Fire); $3K Fed'I drug case
Benefits 4,555,786 4,619,212 1 4,621.972 1 4,621,972
Subtotal Compensation and Benefits 17,913,371 18,149,282 18,205,794 27,378 18,233,172
Contributions andSpecial Events 1,333,890 1,225,025 1,285,025 1,285,025
All Other Operating Expenses 4,892,123 6,206,218 6,363,876 70,000 6,433,876 EverVail consultant fees
Heavy Equipment Operating Charges 1,929,721 2,074,812 2,067,124 2,067,124
Heavy Equipment Re lacement Charges 632,271 677,538 671.944 671,944
Dispatch Services 539,763 522,213 522,213 522,213
Total Expenditures 27,241,139 28,855,086 29,115,976 97,378 29,213,354
Revenue Over (Under) Expenditures 420,532 240,000 270,997 395,000 665,997
$3.66M Transfer of General Fund fund balance for W. Vail Fire
Transfer to Capital Projects Fund (3,659,000) (3,749,000) (3,749,000) Station construction; $90K transfer of Library donations for use
toward new self check system
Employee Home Ownership Program (250,000) (240,000) (240,000) 240,000 - Remove for change in reporting
Total Expenditures 27,491,139 32,754,088 33,104,976 (142,622) 32,962,354
Surplus Net of Transfers & New Programs 170,532 (3,659,000) (3,718,003) 635,000 (3,083,003)
Beginning Fund Balance 23,002,885 23,173,417 23,173,417 23.173.417
Ending Fund Balance $ 23,173,417 $ 19,514,417 $ 19,455,414 $ 20.090.414
EHOP balance included in ending fund balance - 450 240,000 690,000
not spendable
1217 2010
-3-
5-1-1
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERALFUND
2010
2009 2010 2010 4th Proposed
Actual Budget Amended Supplemental Amended Comments
Revenue
Local Taxes: $ 16,913,338 $ 16,600,000 $ 16,600,000 $ 16,600,000
Sales Tax Split b/t Gen'I Fund & Capital Fund 52/48 61/39 61/39 61/39
Sales Tax $ 8,760,000 $ 10,126,000 $ 10,143,624 $ 10,143,624
Property and Ownership 4,506,491 5,013,647 5,013,647 5,013,647
Ski Lift Tax 3.048,011 3,115.000 3,115,000 3.115.000
Franchise Fees, Penalties, and Other Taxes 944,084 1,056,126 1,074,564 1,074,564
Licenses & Permits 1,440,972 732,200 1,082,200 125,000 1,207,200 Plan check fees
Intergovernmental Revenue 1,611,570 1,544,000 1,717,830 209,378 1,927,208 $200K County Road & Bridge tax; $3K Fed'I drug case; $6K fire response
reimbursement
Transportation Centers 4,975,795 5,432,744 4,932,744 4,932,744
Charges for Services 717,653 724,775 711,768 88,000 799,768 $70K RETT administration fee 5%; $18K Police contract OT
Fines & Forfeitures 330,660 260,000 260,000 260,000
Earnings on Investments 170,353 115,000 115,000 115,000
Rental Revenue 912,091 882,796 882,796 882,796
Miscellaneous and Project Reimbursements 243,991 92,800 337,800 70,000 407,800 EverVail reimbursement for consultants
Total Revenue 27,661,671 29,095,088 29,386,973 492,378 29,879.351
Expenditures by Type:
Municipal Services:
Town Officials 1,161,906 1,234,126 1.279,126 1,279,126
Administrative Services & Risk Management 2,986,758 3,350,484 3.359.732 3,359,732
Community Development & Housing 1,888,707 1,847,525 1.947,525 70,000 2,017.525 EverVail consultant fees
Police 4,496,447 4,587,116 4,597,996 24,348 4,622,344 $18K Police contract OT; $3.3K Police dept response to Echo Lake fire;
$3K Fed'I drug case
Police Communications 539,763 522,213 522,213 522,213
Fire 2,717,947 2,869,190 2,902,243 3,030 2,905,273 Fire dept response to Echo lake fire
Public Works & Streets 3,357,816 3,649,854 3,652,561 3,652,561
Transportation & Parking 4,458,923 4,701.320 4,701,320 4.701,320
Facilities 3,308,598 3,872,255 3,872,255 3,872,255
Library 808,649 805,119 805,119 805,119
Economic Development 1,515.625 1 1,415.886 1,475,886 1 1.475,886
Total Expenditures 27,241,139 28,855,088 29,115,976 97,378 29,213,354
Revenue Over (Under) Expenditures 420,532 240,000 270,997 395,000 665,997
$3.66M Transfer of General Fund fund balance for W. Vail Fire Station
Transfer to Capital Projects Fund (3,659,000) (3,749,000) (3,749,000) construction; $90K transfer of Library donations for use toward new self
check system
Investment in Employee Home Ownership Prog (250,000) (240,000) (240,000) 240,000 Remove for change in reporting
Total Expenditures 27,491,139 32,754,088 33,104,976 (142,622) 32,962,354
Net Change in Fund Balance 170,532 (3,659,000) (3,718,003) 635,000 (3,083,003)
Beginning Fund Balance 23,002,885 22,289,810 23,173,417 23,173,417
Ending Fund Balance $ 23,173,417 $ 18,630,810 $ 19,455,414 $ 20,090,414
EHOP balance included in ending fund balance - 450,000 240,000 690,000
not spendable
12/7/2010
5 -1 -4 -4-
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE
CAPITAL PROJECTS FUND
2010
2009 2010 2010 41h Proposed
Actual Budget Amended Supplemental Amended Comments
Revenue
Total Sales Tax Revenue: $ 16,913,338 $ 16,600,000
Sales Tax Split b/t Gen'l Fund & Capital Fund 52/48 61/39
Sales Tax -Capital Projects Fund $ 8,251,795 $ 6,474,000 $ 6,474,000 $ 6,474,000
Use Tax 713,582 500,000 600,000 450,000 1,050,000 Based on YTD collections
Federal Grant Revenue 2,508,015 5,028,500 5,028,500 Transit center grant:$S.OM; $28.5K for Police Live Scan interface software; 2011:
$828K for bridge reconstruction, $600K buses
Other State Revenue 24,000
Lease Revenue 201,450 184,500 184,500 184,500 Per Vail Commons commercial & residential leases
Employee Housing Fee -In -Lieu 72,425 - 100,000 100,000 Based on YTD collections from Ramshorn & Meadow Drive renovation
$11,300 reimbursement of Timber Ridge legal expense and $33,800 additional
reimbursement from Solaris and Four Seasons for streetscape.; $444K for
Reimbursement for streetscape work done in 2009 during redevelopment projects:
Project Reimbursement 246,858 - 709,100 746,000 1,455,100 ($275K from Solaris and $169K from Four Seasons); $200K reimbursement from
Eagle County for a portion of the 1 -70 Fiber Optic installation; Bald Mtn berm $1 OK
ER W &S & $1 OK neighbors; $725K from Vail Resorts to relocate North Day lot
skier drop -off spaces; $61K reimbursement of Timber Ridge rock fall
mitigation; $15K reimbursement from county for dispatch
software /equipment for new jail
Sale of Arosa Duplex / CGOL loan repayment 1 775,000 816,000 1 816,000 Based on actual sales price
Earnings on Investments and Other 109,605 18,000 18,000 18,000
Total Revenue 9,619,715 10,459,515 13,930,100 1,196,000 15,126,100
Expenditures
Capital Maintenance Expenditures
Bus Shelters 21,085 27,000 27,000 27,000 Annual maintenance of town bus shelters
Parking Structures 325,380 486,000 486,000 486,000 2010 includes repair of ventilation, fire system, painting & rust control, concrete and
joints
Re- appropriated'09 funds and utilize savings from parking structure projects to
Facilities 263,423 473,000 1,073,000 1,073,000 address deferred maintenance following study and prioritization of town's aging
facilities; $17K library tap fee
Per Council's approval April, 2010 as part of long -term capital plan; originally
Library Roof Replacement 400,000 400,000 budgeted in 2014 but due to leaks Council agreed to move the project up; Per
council 7/20 reduce to $400K (from $500K)
Creekside Housing Improvements 46,918 54,000 110,582 110,582 Utilized savings from Building Remodels to address continued issues of plumbing,
electrical and now asbestos inside units
Vail Village Inn Condo Roof (TOV Portion) 17,000 17,000 TOV's portion of special assessment for new roof on VVI Plaza condo building
Street Light Improvements 65,765 67,500 67,500 1 67,500 New street lights and refurbish residential lighting
Capital Street Maintenance 1,317,330 730,000 730,000 730,000 On -going maintenance to roads and bridges including asphalt overlays, patching
and repairs
Flood Incident Repairs 3,440 5,600 9,040 Temporary repairs to bridges from flood incident
Flammable storage / Mag Chloride containment 16,560 - - - Secondary containment around Mag tank / remove glycol tankto meet
containment requirements; This is a compliance issue.
Fire Truck Rebuild / Refurbish - - 570,000 570,000 New fire truck for W Vail station - moved forward from 2011 to place order; delivery
expected 2011
Audio Visual (Council video,Security, PD carvideo) 35,271 8,000 33,879 33,879 09 re- appropriated for Council chamber forfixed cameras and potential technology
e uipment for Council;'10 police car cameras
Document Imaging 136,421 110,000 130,592 130,592 09 reapproprialon to continue historical scanning; Annual maintenance, scanning,
licensing and contract position thru 2011
Software Licensing 12,382 37,000 37,000 37,000 Upgrade Microsoft products on all equipment, replacement PC's, server upgrades,
AS400. These upgrades occur every 3 -5 years on a rotation schedule
12/7/2010
5 -1 -5 -5-
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE
CAPITAL PROJECTS FUND
2010
2009 2010 2010 41h Proposed
Actual Budget Amended Supplemental Amended Comments
Hardware Purchases 68,221 45,000 93,000 93,000 09 re-appropriated for purchase of two backup appliances - utilize savings from
Data Center and W ebsite unspent 2009 funds to help cover
Data Center (Computer Rooms) 33,598 15,000 15,000 15,000 Fire suppression in computer rooms; maintenance, security and power systems for
3 rooms
Website and e- commerce 12,000 12,000 12,000 Internet security & application interfaces: website redevelopment
To complete project relating to web access to the town's GIS information; includes
Comm Dev ArcG IS System 20,899 10,000 25,700 25,700 purchase of "base data" from Eagle County and consulting services to develop
applications for the system
Fiber Optics in Buildings 7,273 21,000 21,000 21,000 Cabling /Network Infrastructure: to repair, maintain & upgrade
Network upgrades 16,014 30,000 30,000 30,000 Computer network systems - replacement cycle every 3-5 years
Computer Aided Dispatch (CAD) / RMS Project 41,769 55,000 55,000 15,000 70,000 County -wide "Computer Aided Dispatch /Records Mgmt System" ; $15K added for
Eagle Cty jail - reimbursed above.
Comm Dev Interactive Permit software - 200,000 225,000 225,000 Upgrade of Permit Plus software; $25K re- appropriated for consultantto identify
system requirements, etc.
Live Scan Interface software (Police) 28,500 28,500 28,500 Funded by grant above; Links our Live Scan software to other agencies
Libra Self -Check System 90,000 90,000 Funded by Library donations collected over the years
Vehicle Expansion 34,730 2009 continued set up of Police Volvos $16K; Forklift for PW $1 SK
Maintenance Paid for by Capital Fund 2,463,039 2,409,000 4,281,193 20,600 4,301,793
Capital Replacement Expenditures
West Meadow Drive 520,539 83,189 83,189 $18.8K Four Seasons streetsca e; see reimbursement above
$15K Solaris streetscape; see reimbursement above (total Solaris work & reimb
Village Streetscape 312,317 300,000 767,389 767,389 $290K); Future work includes Covered Bridge (heat and /or safety) for $150K;
Finish Vail Valley Drive to Gold Peak $150K: Replace newspaper boxes $100K
Neighborhood Road Reconstruction 20,531 1,100,000 429,469 429,469 Project savings; Overhaul residential streets (Mill Creek Circle); Construction split
between 2010 and 11
Neighborhood Bridge Reconstruction - - 150,000 150,000 Overhaul residential bridges (Matterhorn Bridge) - 2010 design with construction in
2011; Delayed design to coincide with CDOT "s matching grant schedule
Fire Breathing Apparatus 180,043 - - Replacement of all (30) cylinders /compressors; Older model currently used not
effective or safe
Purchase 1 add'I ticket dispensor to allow public use of value pass lot ; $50K for
Parking Entry System / Equipment 118,388 - 13,000 65,000 78,000 value pass access and automated exit at LH; $15K for real -time information
to guests
Generator - Municipal Building / Dispatch 19,960 2009: work finished up in 2009 / balance due on a contract
$30K for spare parts on new hybrid buses - stocking parts reduces downtime when
Replace Buses 23,174 2,199,600 2,283,214 2,283,214 buses need servicing; Remainderwill go for new buses in 2010 (6 regular buses);
2011 2 Hybrid buses
Replacement Paid for by Capital Fund 1,194,952 3,599,600 3,726,261 65,000 3,791,261
Property Tax Increment - Reserved Use in 2010 toward construction of the West Vail Fire Station
Other Improvements
LionsHead Transit Center (VRA) 5,288,331 5,288,331 $5.0 million from Federal grant; $288K transferred from VRA
Welcome Center (VRA) 681,350 681,350 Transferred from VRA (in current budget)
Parking Addition (VRA) 65,000 65,000 Transferred from VRA (in current budget)
West Vail Fire Station 102,548 2,800,000 5,300,000 5,300,000 Appropriate full amount of original budget in 2010 (originally split between 2010
and 2011); Amended during Council mtg- reduce to $5.3M
Arosa Drive - Duplex for Employee Housing 517,681 - 288,358 9,108 297,466 Development project for deed- restricted housing -based on construction contract
approved by Council; total project cost $815,147
Buy -down Program 261,882 314,000 552,118 552,118 Re- appropriated to help fund purchase of Red Sandstone parking lot
Buy -down Program Funded by Pay -in -Lieu 186,000 186,000 186,000 Funding for the buy -down program from developers electing the employee housing
pay- indieu option
Variable Message Signs 62,320 65,000 193,653 193,653 Re- appropriated'09 funds for wayfinding signs installation (VV, Main Vail round
about& Four Seasons;'l 0/11 Solaris
12/7/2010
5 -1 -6 -6-
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE
CAPITAL PROJECTS FUND
2010
2009 2010 2010 41h Proposed
Actual Budget Amended Supplemental Amended Comments
$300K was allocated in 2009 for utility and drainage work to accomdate berm near
1 -70 Noise 18,320 251,639 383,180 383,180 Bald Mtn townhomes; project was delayed while obtaining approvals from CDOT
and homeowners' agreement extension; $101.5K to relocate waterline under berm
1 -70 Fiber Optics 158,623 - - 2009:Town has fiber optic connection to 1 -70 corridor for improved public safety
communications
Underground Utility improvements 147,221 - _ Transfer of utility lines from above ground to underground; offset by $156K
revenue above from Holy Cross
Manor Vail Street Plan - - 83,800 83,800 Expenditure related to impact fee paid by Manor Vail development: Keep funds in
budget due to developer agreement; intent is for streetscape in that neighborhood
Chamonix Area Planning 20,265 50,000 50,000 Next phase of Chamonix area planning / engineering
LH Parking Structure Redevelopment 3,460 - - - Final expenditures regarding this RFP; offset by reimbursement in revenue above
Fire Impact Fee Nexus study 15,000 - - Nexus study to determine redevelopment impact on Fire Department: Potential
revenue source
Traffic Impact Fee study 8,355 21,645 21,645 Re- appropriated'09 funds to prepare Exaction ordinance
Timber Ridge Legal /Zoning 51,220 - 60,080 6,000 66,080 Add'] $6,000 for ongoing legal and rock fall mitigation (reimbursement above)
Timber Ridge Debt Service Guarantee 925,000 925,000 Annual debt service guarantee - a requirement of TR debt
LionsHead Improvements 34,000 - - This is offset by contributions from Vail Resorts and CDOT and covers completion
of the transportation study (currently underway)
S.Frontage Road Relocation 20,000 - Study of the Frontage Rd relocation (EverVail) - reimbursed from Vail Resorts
above
Total Other Improvements 1,420,895 3,616,639 14,078,515 15,108 14,093,623
Total Capital before Financing 5,078,886 9,625,239 22,085,969 100,708 22,186,677
Debt Service and Financing
Debt Service on Outstanding Bonds 2,289,492 2,273,959 2,273,959 2,273,959
Federal Transit Center funding was going to be transferred to the VRA; Now the
Transfer to Vail Reinvestment Authority 2,479,515 - - project will be funded through the Capital Projects Fund - see Transit Center
project above
Total Debt Service and Financing: 2,289,492 4,753,474 2,273,959 2,273,959
Total Expenditures 7,368,378 14,378,713 24,359,928 100,708 24,460,636
$3.66M Transfer of General Fund fund balance for West Vail Fire Station
Transfer from General Fund (3,659,000) (3,749,000) (3,749,000) construction; $90K transfer of Library donations for use toward new self check
system
Transfer from Vail Reinvestment Authority (1,194,681) (1, 194 ,681) VRA - funded capital projects
Net Change in Fund Balance 2,251,337 (260,198) (5,486,147) 1,095,292 (4,390,855)
Beginning Fund Balance 8,981,869 5,077,325 11,233,206 11,233,206
Ending Fund Balance 11,233,206 4,817,127 5,747,059 1,095,292 6,842,351
'Promissory notes due from Childrens' Garden of CGOL pays $51K per year ($15K outstanding for 2010); Timber Ridge owes TOV
Leaning and Timber Ridge included in ending fund 1,920,000 1,915,000 $1.9m
balance -not spendable
12/7 /2010
5- 1 -7 -7-
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDffURES, AND CHANGES IN FUND BALANCE
REAL ESTATE TRANSFER TAX
2010
2009 2010 2010 41h Proposed
Actual Budget Amended Supplemental Amended Comments
REVENUE
Real Estate Transfer Tax $ 2,513,481 $ 4,283,000 $ 4,283,000 $ 1,800,000 $ 6,083,000 Based on actual collections
Federal Grants 157,628 - 17,000 17,000 $8K Weed management grant; $3K grant from NWCOG for regional energy efficiency survey;
$6K grant awarded for Stephen's park restoration
Golf Course Lease 126,768 122,000 122,000 122,000 Annual lease payment from Vail Recreation District
VRD repayment for promissory note 572,000 343,424 257,000 257,000 Original note based on $1.6 M loan at 3.5% over 5 years; Add'I repayment in 2009 due to project
savings of $315K; 2010 adjusted future loan repayment amount to reflect reduced principal
Intergovenmental Revenue 22,958 20,000 32,324 32,324 $6,324 ECO- Trails grant; $6,000 reimb. For USDA grant to survey 3 counties regarding solid
waste reduction; $20K Lottery proceeds
Project Reimbursements 53,777 - - 81,000 81,000 CIRSA reimbursement of flood repairs
Recreation Amenity Fees 72,308 10 10,000 10,000 Based on actual collections in 2009
Earnings on Investments and Other 136,150 40,402 46,402 46
Total Revenue 3,655,070 4,818,826 4,767,726 1,881,000 6,648,726
Capital Maintenance Expenditures
Annual Park and Landscape Maintenance 1,145,481 1,323,478 1,333,114 1,333,114 $8,000 weed control; $1,636 seasonal staff and overtime from flood incident
Management Fee to General Fund (5%) 123,180 214,150 214,150 90,000 304,150 5% of RETT Collections - fee remitted to the General Fund for administration
Ron. Path Capital Maint 123,406 150,000 176,324 176,324 stripe rec path per ECO Trail grant: completion of sewer plant bike path work
Tree Maintenance 47,111 65,000 127,843 127,843 Continued pine beetle / pine needle scale / aspen scale treatment / spruce tree fertilization
Flood Incident Repairs 92,372 159,828 252,200 Repairs to rec paths, bridges and stream banks from Spring '10 flood
Forest Health Management 189,442 265,000 265,000 265,000 Pine beetle mitigation in conjunction w/ Forest Service
Street Furniture Replacement 18,113 22,500 22,500 22,500 Additions and replacement of street furniture and to expand bike rack installations (at approx.
$1,000 per bike rack)
Park / Playground Capital Maintenance 92,399 115,000 115,000 115,000 Repair & maintenance of playgrounds, restrooms
Bald Mountain Underpass Maintenance 200,000 200,000 200,000 Reconstruction of retaining wall that supports bike path through the underpass
Alpine Garden Support 55,620 55,620 65,620 65,620 $10,000 matching grant off- cycle; $55K Annual support flat with 2009
Black Gore Creek Sand Mitigation 38,937 90,000 90,000 90,000 Annual support of water protection programs
Total Capital Maintenance 1,833,689 2,500,748 2,701,923 249,828 2,951,751
Other Improvements
Stephen's Park Stream Repairs 66,000 66,000 Re -build waterfront area at Stephen's park due to erosion
Meadow Drive Streetsca e 411,788 09 for West Meadow Drive (Library to Vail Road); ongoing costs under contract
Katsos Ranch Bike Path 5,499 - - - 09 for wetland re- vegetation - the last task in resurfacing use path from Sunburst to E. Vail
Timber Ridge- Buffehr Creek Rd separation 473,506 - 15,000 15,000 Path from TimberRidge to Roost; offset by Federal Grant of approx. $149K; Re- appropriated'09
funds to plant trees in spring to finish project.
Lionshead to Meadow Dr Improvements to existing bike path along the stream - cancelled
Trailhead Development/ Improvement Improve trailheads; Continued need through 2012 one trail per ear
ADA Compliance 46,101 10,000 25,000 25,000 Shared costs with VRD - ADA access at recreational facilities
Recreation Master Planning 5,406 - - - Concept and design of recreation asset improvements; 2008/09 the Vail Golf Course Clubhouse
Slreamwalk ADA & Safety improvements 1,033 To cover a remaining engineering bill
Greenhouse 230,165 5 5,000 Re -a ro riated'09 funds to finish greenhoLise irrigation in sprin
Construct widened 6' shoulders along all frontage roads; Re- appropriated'09 funds to finish
Frontage Road Bike Lanes/Trails 30,732 - 119,268 119,268 design work on Blue Cow Chute to E. Vail ; construction was budgeted in 2010, but now pushed
to 2011
Ford Park Master Plan 171,983 200,000 328,017 328,017 Re-appropriated '09 funds for ongoing project design relative to master planning; Reduced 2010
from $3.3M to $200K for just the continuation of Ford Park master plan.
Ford Park Improvements Use'09 funds for Ford Park restrooms to be constructed in 2011
Seibert Circle 194,922 - 17,774 17,774 Re- appropriated'09 funds for initial replacement part inventory, which was delayed; ongoing
maintenance is budgeted within General Fund operations.
Raw Water / Irrigation Control 5,259 366,493 366,493 To reimburse Eagle River Water & San. for infrastructure out at golf course;
Kayak Take -out - - 10,000 10,000 Kayak take -out area along stream (part of One Willow Bridge development agreement and must
be accounted for separately
5 -1 -5 e
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDffURES, AND CHANGES IN FUND BALANCE
REAL ESTATE TRANSFER TAX
2010
2009 2010 2010 41h Proposed
Actual Budget Amended Supplemental Amended Comments
Stream Tract Encroachment Survey 50,800 - 14,081 14,081 Re-appropriated '09 funds for final bills and to complete project
Reconstruction of playground per safety plan; 20 years old; in -house design currently underway
Red Sandstone Park - Per Safety plan - 439,000 464,000 464,000 and staff working on a plan to deal with parking and ADA requirements; $25K to finish design:.
Construction to be re- evaluated in June'l 0. Delayed due to parking lot discussions
White Water Park 2,522 - _ - 3rd hole / bladder system at Whitewater Park - last part of project is to program the water
feature's system
To purchase sculptures, artwork, art programs and events; remainder is re- appropriated each
Public Art - General Programs / Art 27,188 80,000 221,816 221,816 year to accumulate enough funds for larger projects; Reduction relates to allocation to Winterfest
now that it is accounted for separately
Public Art - Morales relocation - 164,728 164,728 Re- appropriated leftover from Meadow Drive project to put toward the Morales relocation ($39K)
plus re -a pro nation of 2009 funds $125K
Public Art - Meadow Drive Entry 45,272 See above comment
Public Art - Winterfest - 63,446 63,446 Allocation from current year's appropriation in Public Art general projects of $57K plus $6K
donations received in 2010
Public Art - Operating 81,861 85,157 85,157 85,157 AIPP salary and operating expenses related to RETT
Landscape Medians 109,689 - 190,311 190,311 Re- appropriated'09 funds for Frontage Rd medians, lighting (Four Seasons / Solans); Will
upgrade whatthose projects have approved by DRB in orderto reduce future maintenance costs
Environmental Sustainabilfty 209,264 250,000 378,160 378,160 Environmental projects such as energy efficiency studies of municipal buildings, recycling
p rograms, etc.
Open Space Land Acquisition 350,250 350,250 Purchase of Red Sandstone parking lot area
Capital Paid for by RETT Funds: 2,102,990 1,064,157 2,534,251 350,250 2,884,501
VRD- Managed Facility Projects
Recreation Enhancement Account 122,000 242,000 242,000 Reserve accountfor got course improvements - funded by annual lease revenue
Golf Course Irrigation - VRD's portion 1 Funds were loaned to VRD in 2009 with payback over 5 years
Golf Course Irrigation 1,286,022 - 22,000 22,000 Replacement of irrigation system on golf course; 50% split with VRD; Reappropnate for final bill
payment and landscaping
Golf Course Clubhouse, Starter Shack, etc. 12,724 33,000 562,450 562,450 Re-appropriation of'09 funds for remodel of existing clubhouse
Golf Course - Other Improvements 196,137 200,000 575,100 575,100 Re- appropriation of'09 funds for remodel of existing clubhouse
Dobson Ice Arena 624,919 100,000 240,000 240,000 Re-appropriation of'09 funds for louvers stem upgrade on roof.
Ford Park /Tennis Center Improvements - 175,000 290,986 290,986 Refurbishing of Ford Park tennis courts, walkways & restroom roof per lease agreement: delayed
due to park master planning
Athletic Fields 09 irrigation system
Youth Services 97,907 25,000 25,000 25,000 09 ADA access and furnaces
Gymnastics Center 25,000 25,000 25,000 09 retaining walls;'l0 mechanical improvements
Nature Center 10,000 10,000 10,000 10 wood open rail tencin
Total VRD - Managed Facility Projects 3,817,709 690,000 1,992,536 1,992,536
Total Expenditures 7,754,388 4,254,905 7,228,710 600,078 7,828,788
Revenue Over (Under) Expenditures (4,099,318) 563,921 (2,460,984) 1,280,922 (1,180,062)
Beginning Fund Balance 17,288,265 8,401,043 13,188,947 13,188,947
Ending Fund Balance $ 13,188,947 $ 8,964,964 $ 10,727,963 $ 12,008,885
'Promissory notes due from Vail Recreation District 1,028,000 771,000 Annual principal payments of $257,000, with note paid off by end of 2013
included in ending fund balance - not spendable
12/7/2010
5 -1 -9 s
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
HEALTH INSURANCE FUND
2010
2009 2010 4th Proposed
Actual Budget Supplemental Amended Comments
Revenue
Town of Vail Interagency Charge - Premiums $ 2,512,230 $ 2,510,000 $ 12,000 $ 2,522,000 Short term disability reimb
Employee Contributions 263,196 305,000 31,000 336,000 Cobra premiums
Insurer Proceeds 365,165 100,000 385,000 485,000 Based on YTD actual collected
Earnings on Investments 10,465 5,000 5,000
Total Revenue 3,151,056 2,920,000 428,000 3,348,000
Expenditures
Health Inusrance Premiums 321,081 365,000 365,000
Claims Paid 2,903,459 2,650,000 425,000 3,075,000 Conservative estimate of activity
Short -term Disability Pay 24,811 35,000 35,000
Professional Fees 20,000 20,000 20,000
Total Expenditures 3,269,351 3,070,000 425,000 3,495,000
Revenue Over (Under) Expenditures (118,295) (150,000) 3,000 (147,000)
Beginning Fund Balance 1,339,459 1,144,099 1,339,460
Ending Fund Balance $ 1,221,164 $ 994,099 $ 1,192,460
1 2/7/2010
-10-
5-1-10
TOWN OF VAIL 2010 BUDGET
SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
DEBT SERVICE FUND
2010
2009 2010 4th Proposed
Actual Budget Supplemental Amended Comments
Revenue
Transfer from Capital Projects Fund $ 2,289,492 $ 2,395,040 $ (121,081) $ 2,273,959 Remove old W Vail FS assumption
Earnings on Investments and Other 5,847 -
Total Revenue 2,295,339 2,395,040 (121,081) 2,273,959
Expenditures
Principal 1,980,000 2,035,000 2,035,000
Interest Expense 296,295 359,412 (121,081) 238,331 Remove old W Vail FS assumption
Fiscal Agent Fees 3,950 4,000 4,000
Total Expenditures 2,280,245 2,398,412 (121,081) 2,277,331
Revenue Over (Under) Expenditures 15,094 (3,372) - (3,372)
Beginning Fund Balance 174,334 189,210 218 189,428 Adjust to 2009 actual
Ending Fund Balance $ 189,428 $ 185,838 $ 218 $ 186,056
12/7/2010
5 - I - 11
ORDINANCE NO. 18
SERIES OF 2010
AN ORDINANCE MAKING BUDGET ADJUSTMENTS TO THE TOWN OF VAIL GENERAL
FUND, CAPITAL PROJECTS FUND, REAL ESTATE TRANSFER TAX FUND, HEALTH
INSURANCE FUND AND DEBT SERVICES FUND OF THE 2010 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 2010 which could not have
been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No.
19, Series of 2009, adopting the 2010 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 2010 Budget and Financial Plan for
the Town of Vail, Colorado, and authorizes the following budget adjustments:
General Fund $(142,622)
Capital Projects Fund $ 100,708
Real Estate Transfer Tax Fund $ 600,078
Health Insurance Fund $ 425,000
Debt Service Fund $(121,081)
Total $ 862,083
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.
Ordinance No. 18, Series of 2010
12/7/2010
5 -1 -12
3. The Town Council hereby finds, determines, and declares that this ordinance is
necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants
thereof.
4. The repeal or the repeal and reenactment of any provision of the Municipal Code of
the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty
imposed, any violation that occurred prior to the effective date hereof, any prosecution 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 16th day of November, 2010, and a public hearing shall be held on this
Ordinance on the 7th day of December, 2010, 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
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED IN FULL this 7th
day of December 2010.
Dick Cleveland, Mayor
ATTEST:
Lorelei Donaldson, Town Clerk
Ordinance No. 18, Series of 2010
12/7/2010
5 -I -13
ITL1 Oil
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: Second reading of Mil Levy Certification, Ordinance No. 20, Series 2010
PRESENTER(S): Kathleen Halloran
ACTION REQUESTED OF COUNCIL: Approve Ordinance No. 20, Series 2010, on second
reading.
BACKGROUND: Mill Levy assessments must be certified to the County for collection
annually; this ordinance authorizes certification.
STAFF RECOMMENDATION: Approve Ordinance No. 20, Series 2010, on second reading.
ATTACHMENTS:
Mil Levy
12/7/2010
Memorandum
To: Town Council
From: Judy Camp
Kathleen Halloran
Date: December 2, 2010
Subject: Mil Levy Ordinance
You will be asked to approve the attached mil levy ordinance upon second reading on
Tuesday evening. This ordinance authorizes the collection of property taxes in 2011
based upon 2010 assessed valuations of property within the town's boundaries. Eagle
County is responsible for assessing values and for collecting property taxes on our behalf.
The town is required by Colorado state law to certify the mil levy by December 15 of
each year.
The attached ordinance has been updated from the first reading to reflect revised
assessed valuations from the county.
The property tax authorized by the attached ordinance will generate approximately $4.9
million in revenue in 2011, representing approximately 11 % of the town's total revenue.
12/7/2010
6 -1 -1
ORDINANCE NO. 20
SERIES OF 2010
AN ORDINANCE PROVIDING FOR THE LEVY ASSESSMENT AND COLLECTION
OF TOWN AD VALOREM PROPERTY TAXES DUE FOR THE 2010 TAX YEAR AND
PAYABLE IN THE 2011 FISCAL YEAR.
WHEREAS, it is necessary for the Town Council to provide for the levy, assessment and
collection of Town ad valorem property taxes due for the 2010 year and payable in the 2011
fiscal year.
NOW, THEREFORE, be it ordained by the Town Council of the Town of Vail,
Colorado, that:
1. For the purpose of defraying part of the operating and capital expenses of the
Town of Vail, Colorado, during its 2011 fiscal year, the Town Council hereby levies a property
tax of 4.73 mills upon each dollar of the total assessed valuation of $1,037,964,140 for the 2010
tax year of all taxable property within the Town, which will result in a gross tax levy of
$4,905,159 calculated as follows:
Base mill levy 4.690 $4,868,052
Abatement levy .036 37,107
Total mill levy 4.726 $4,905,159
Said assessment shall be duly made by the County of Eagle, State of Colorado, as directed by the
Colorado Revised Statutes (1973 as amended), and as otherwise required by law.
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
thereof..
Ordinance 20, Series of 2010
12/7/2010
6 -1 -2
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 ON FIRST READING, APPROVED AND ORDERED
PUBLISHED ONCE IN FULL, this 16th day of November, 2010. A public hearing shall be
held hereon at 6 P.M. on the 7th day of December, 2010, 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
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED IN FULL this
7th day of December 2010.
Dick Cleveland, Mayor
ATTEST:
Lorelei Donaldson, Town Clerk
Ordinance 20, Series of 2010
12/7/2010
6 -1 -3
ITL1 Oil
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: Presentation of Chamonix Commons design, cost estimates and construction
phasing plan for civil engineering.
PRESENTER(S): George Ruther
ACTION REQUESTED OF COUNCIL: Provide staff with direction on the next steps, if
any, Town Council would like to take toward the construction of new employee housing units
at Chamonix Commons.
BACKGROUND: In April, 2010, the Vail Town Council authorized the expenditure of $50,000
to complete the design, cost estimates and construction phasing plan for the civil engineering
at Chamonix Commons. On October 5, 2010, the Vail Town Council provided staff with
clarification regarding proposed site plan modifications. Based upon the input, the civil
engineering plans for Chamonix Commons have been completed with five duplexes (10 units)
taking access off of Chamonix Lane and the interior connecting road and utilities designed to
service either five buildings (40 units) or six buildings (48 units).
The addition of up to 58 new employee housing units at Chamonix Commons is a high
priority action identified in the Employee Housing Strategic Plan and will help ensure the Town
achieves its stated goal of having deed restricted housing for at least 30% of Vail's workforce
within the Town of Vail.
STAFF RECOMMENDATION: The Community Development Department recommends the
Vail Town Council instructs staff to: 1) Issue a Request for Proposals for Phase I of the civil
engineering in January, 2011, with the goal of commencing construction on the work on April
15, 2011. 2) Issue a Request for Proposals to design and build one duplex on Lot A. 3)
Develop funding strategies. 4) Identify development partnerships and opportunities.
ATTACHMENTS:
Memorandum
Attachment No. 1
Attachment No. 1
Attachment No. 2
Power Point Presentation
12/7/2010
MEMORANDUM
TO: Vail Town Council
FROM: Community Development Department
DATE: December 7, 2010
SUBJECT: Presentation of the Chamonix Commons Civil Engineering Plans
I. PURPOSE
The purpose of this agenda item is to present the Chamonix Commons design, cost
estimates and construction phasing plan for civil engineering and determine which steps, if
any, Town Council would like to take toward the construction of new employee housing
units at Chamonix Commons.
II. INTRODUCTION
September 2, 2008, the Town of Vail adopted an Employee Housing Strategic Plan. The
goal of the Strategic Plan is "to ensure there is deed restricted housing for at least 30% of
Vail's workforce within the Town of Vail." To further the Town's efforts in achieving its goal,
on January 6, 2009, the Chamonix Master Plan was adopted. The plan achieves the stated
goals of a location for a new fire station and the development of an optimal number of new
deed - restricted, for -sale, employee housing. Additionally, the property was rezoned to
General Use (GU) for the fire station site and Housing (H) for the employee housing site.
In April, 2010, the Vail Town Council authorized the expenditure of $50,000 to complete the
design, cost estimates and construction phasing plan for the civil engineering at Chamonix
Commons. On October 5, 2010, Town Council expressed support for the proposed site
plan modifications. The civil engineering plans for Chamonix Commons have been
completed with five duplexes (10 units) taking access off of Chamonix Lane and the interior
connecting road and utilities have been designed to service up to six multiple family
buildings (44 units).
III. CHAMONIX COMMONS CIVIL ENGINEERING
Martin /Martin Consulting Engineers has completed a civil engineering plan for Chamonix
Commons. The plan meets the goals and requirements of the Chamonix Master Plan and
incorporates the site plan clarifications provided by Town Council in October. In summary
the plan:
• Optimizes the number of new employee housing units on site
• Limits access off of Chamonix Lane to 5 duplexes
• Reduces the amount of site work and utility redundancies
• Provides a sidewalk around the perimeter of the property
• Provides usable green space on the property
• Increases the affordability of the housing units
• Allows for affordable phasing of construction
12i7i2010
7-1 -I
Phase I — as identified in the Engineer's Opinion of Probable Cost dated November 30,
2010, includes the site work and utilities for future construction of five duplex units.
This phase of work balances the soil on the property and provides appropriate grading for
future foundations and homes to be constructed as efficiently as possible. With this work
complete the duplex units could be constructed to meet market demand. The estimated
cost for Phase I is $1,080,930.26. The cost estimate includes:
Reimbursement for the water line already constructed through the fire station
property ($80,000)
• Water and Sewer Tap Fees for all 10 units that would not be paid until each unit
needs water and sewer service ($197,000)
• Public sidewalks, curb and gutter along Chamonix Lane ($67,320)
• An 8" Water Main and Fittings to loop between the South Frontage Road and
Chamonix Lane. This will be reimbursed by Eagle River Water & Sanitation District
upon acceptance of the line ($60,900)
• 20% of the cost for contingency ($151,656)
Phase II — includes the site work and utilities for future construction of up to 44 multi-
family units. This includes the construction of the connecting road through the Chamonix
property and the shallow utilities for the multi - family units. Under current conditions, it will
be most cost effective to construct the through road and shallow utilities in one phase. The
future units can be constructed to meet market demand. The estimated cost for Phase 11 is
$934,324.61. The cost estimate includes:
Water and Sewer Tap Fees for all 44 units that would not be paid until each unit
needs water and sewer service ($414,150)
Public sidewalks, curb and gutter along Chamonix Road ($44,220)
20% of the cost for contingency ($141,564.34)
IV. STAFF RECOMMENDATION
The Community Development Department recommends the Vail Town Council instructs
staff to:
1. Identify development partnerships and opportunities;
2. Issue a Request for Proposals for Phase I of the civil engineering to be issued in
January, 2011, with the goal of commencing construction in April, 2011;
3. Issue a Request for Proposals to design and build one duplex on Lot A; and
4. Develop funding strategies.
V. DIRECTION REQUESTED
Provide staff with direction on the next steps, if any, Town Council would like to take toward
the construction of new employee housing units at Chamonix Commons.
VI. ATTACHMENTS
1. Martin /Martin Engineer's Opinion of Probable Cost dated November 30, 2010
2. Martin /Martin's Narrative regarding Design Assumptions /Parameters dated November
30, 2010
12/7/2010
7 -1 -2
ENGINEER'S OPINION OF PROBABLE COST
/�� MARTIN / MARTI N
/ �j CONSULTING ENGINEERS
Project: Chamonix Date: 30- Nov -10
Location: West Vail Job No.: 22023.c.01
Subject: Roadway and Utility Cost Estimate (Phase /) Prep. By: JAW
Client: Town of Vail Ckd. By:
Note: Any opinions of price, probable project costs or construction costs rendered by MARTIN /MARTIN represent
its best judgment and are furnished for general guidance. MARTIN /MARTIN makes no warranty of guarantee,
either expressed or implied as to the accuracy of such opinions as compared to bid or actual cost.
Item No. Item Description Units Quantity Unit Price Item Cost
1 Mobilization LS 1 $ 5,200.00 $ 5,200.00
2 Traffic Control LS 1 $ 3,500.00 $ 3,500.00
3 Clearing /Grubbing LS 1 $ 11,000.00 $ 11,000.00
4 Earthwork:
On -site CY 9055 $ 2.00 $ 18,110.00
Export excess (if necessary) CY 3075 $ 7.00 $ 21,525.00
5 Inlet Protection EA 2 $ 255.00 $ 510.00
6 Curb Socks EA 3 $ 650.00 $ 1,950.00
7 Rock Check Dams EA 5 $ 800.00 $ 4,000.00
8 Silt Fence LF 1900 $ 3.75 $ 7,125.00
9 Temporary Re- vegetation AC 3 $ 3,750.00 $ 11,250.00
10 8" Sanitary Sewer Main -C900 LF 597 $ 180.00 $ 107,460.00
11 6" Sanitary Sewer Services LF 425 $ 165.00 $ 70,125.00
12 Sanitary Sewer Cleanouts EA 3 $ 810.00 $ 2,430.00
13 8" Water Main & Fittings -DIP LF 290 $ 210.00 $ 60,900.00
14 8" Gate Valves EA 2 $ 2,800.00 $ 5,600.00
15 Fire Hydrant Assembly EA 1 $ 8,100.00 $ 8,100.00
16 2" Water Service LF 230 $ 145.00 $ 33,350.00
17 18" RCP Storm Sewer LF 137 $ 100.00 $ 13,700.00
18 Type 'C' Storm Inlet EA 1 $ 4,350.00 $ 4,350.00
19 Utility Manholes EA 7 $ 5,400.00 $ 37,800.00
20 Public Sidewalks (Chamonix Lane) LF 1020 $ 35.00 $ 35,700.00
21 CDOT Type II Curb /Gutter LF 1020 $ 31.00 $ 31,620.00
22 Trenching Shallow Utilities LF 650 $ 23.00 $ 14,950.00
Tap Fees: (Based on unit size of 5,870 ft 2 )
23 Water Service (five Duplex) EA 5 $ 21,900.00 $ 109,500.00
24 Sewer Service (five Duplex) EA 5 $ 17,500.00 $ 87,500.00
25 Const /Contractor Soft Costs LS 10% $51,025.50 $51,025.50
26 Water Line Constructed -Fire Station LS 1 $ 80,000.00 $80,000.00
Remarks: Cost of Items: $ 838,280.50
20% Contingencies: $ 151,656.10
Cost estimate does not include site amenities (i.e. interior Subtotal: $ 989,936.60
walks /trails, landscape) 10% Const. Survey /Observation: $ 90,993.66
Total Cost: $ 1,080,930.26
1 2/7/2010
7 -2 -1
run date: 121112010 4:12 PM Page 1 of 1
ENGINEER'S OPINION OF PROBABLE COST
/�� MARTIN / MARTI N
/ �j CONSULTING ENGINEERS
Project: Chamonix Date: 30- Nov -10
Location: West Vail Job No.: 22023.c.01
Subject: Roadway and Utility Cost Estimate (Phase II) Prep. By: JAW
Client: Town of Vail Ckd. By: JCM
Note: Any opinions of price, probable project costs or construction costs rendered by MARTIN /MARTIN represent
its best judgment and are furnished for general guidance. MARTIN /MARTIN makes no warranty of guarantee,
either expressed or implied as to the accuracy of such opinions as compared to bid or actual cost.
Item No. Item Description Units Quantity Unit Price Item Cost
1 Mobilization LS 1 $ 5,200.00 $ 5,200.00
2 Traffic Control LS 1 $ 3,500.00 $ 3,500.00
3 Clearing /Grubbing LS 1 $ 5,000.00 $ 5,000.00
4 Inlet Protection EA 2 $ 255.00 $ 510.00
5 Curb Socks EA 3 $ 650.00 $ 1,950.00
6 Silt Fence LF 875 $ 3.75 $ 3,281.25
7 Temporary Re- vegetation AC 1 $ 3,750.00 $ 3,750.00
8 6" Sanitary Sewer Services LF 100 $ 165.00 $ 16,500.00
9 Fire Hydrant Assembly EA 1 $ 8,100.00 $ 8,100.00
10 2" Water Service LF 272 $ 145.00 $ 39,440.00
11 18" RCP Storm Sewer LF 20 $ 100.00 $ 2,000.00
12 Type 'R' Storm Inlet EA 1 $ 4,350.00 $ 4,350.00
13 Utility Manholes EA 1 $ 5,400.00 $ 5,400.00
14 Public Sidewalks (Chamonix Road) LF 670 $ 35.00 $ 23,450.00
15 CDOT Type II Curb /Gutter LF 670 $ 31.00 $ 20,770.00
16 Trenching Shallow Utilities LF 650 $ 23.00 $ 14,950.00
17 8" Asphalt Roadway w/ Curb & Gutter LF 631 $ 135.00 $ 85,185.00
18 8" Asphalt Parking LF 223 $ 106.00 $ 23,638.00
Tap Fees: (Based on unit size of 11,224 ft 2 )
19 Water Service (five 8 -plex, one 4 -plex) EA 5.5 $ 41,900.00 $ 230,450.00
20 Sewer Service (five 8 -plex, one 4 -plex) EA 5.5 $ 33,400.00 $ 183,700.00
21 Con st /Contractor Soft Costs LS 10% $ 26,697.43 $ 26,697.43
Remarks: Cost of Items: $ 707,821.68
20% Contingencies: $ 141,564.34
Cost estimate does not include site ammenities (i.e. Subtotal: $ 849,386.01
interior walks /trails, landscape, erosion control) 10% Const. Survey /Observation: $ 84,938.60
Total Cost: $ 934,324.61
1 2/7/2010
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run date: 121112010 3:25 PM Page 1 of 1
MARTIN /MARTIN
C❑NSULTING ENGINEERS
November 30, 2010
Town of Vail
75 South Frontage Road
Vail, CO 81657
Attn. Nina Timm
Re: Engineer's Opinion of Probable Cost Phase I Design Assumptions /Parameters
Dear Nina,
As previously discussed the Engineer's Opinion of Probable Cost for Phase I (EOPC) has been prepared
based on the Town of Vail's potential desire to develop the project in phases as dictated by the market
demands. Additionally, it is our understanding that the duplex models are intended to be constructed in
the earlier phases due to both marketability as well as to be able to defer a significant portion of the
internal infrastructure costs. With that said bulleted below are the design assumptions and parameters that
Martin/Martin Inc. used to help generate the construction costs for Phase I of the Chamonix project.
Duplex Phasing and Associated Cost Improvements:
• Grading operations would be contained to support the entire build out of the duplex units.
However, please note that the entire site will undergo some grading activities in order to generate
the fill material necessary for phase 1. Additionally, it should also be noted that the entire project
could be overlot graded which could generate a cost savings for this portion of the work.
Construction bids and unit prices would possibly be more advantageous and cheaper by
performing the overlot grading in its entirety as well as reducing the future disturbance to any of
the initial building(s) /tenants.
• Phasing of the sanitary sewer main located within the common landscape buffer is feasible;
however, the EOPC assumes the entire 8" trunk line is constructed. In order to take advantage of
this phasing the most western duplex would need to be constructed first. As more duplex units
are constructed easterly the sanitary sewer line would be extended as necessary. However, please
note that the common landscape buffer between the duplexes and 8- plexes would not be
constructed until such time when the entire common sanitary sewer line is constructed.
• The 8" water main which the Fire Marshall is requiring would be installed under the first phase.
Again, this makes the most sense as it is located along the west side and would more than likely
be located adjacent the first duplex.
• Internal roadway improvements are not anticipated during this phase. These will be triggered
once an 8 -plex unit is constructed.
• Storm sewer improvements have been incorporated within phase I in order to mitigate storm
water runoff and aid in erosion control measures. The majority of this storm sewer has been
designed with phase II considerations and will remain in place in subsequent phases.
12499 West Colfax Lakewood Col or ado 8021 5 303 -431 -61 00
12/7/2610
7 -4 -1
8 -Plex Phasing and Associated Cost Improvements
• Please note that no significant cost savings are gained by reducing the quantity of 8 -plex units
from six to five. The internal roadway and storm sewer utility infrastructure, which is the lion's
share of the improvement costs, will still be required to support the 8 -plex layout regardless of the
five or six layout scenario. The costs savings will primarily be gained via the structural costs.
• Phasing of the 8 -plex units could start on either end of the project site assuming the connection to
the fire department property remains open to the public and can serve as a primary connection
point.
• Phasing of the internal roadway does not make sense as construction costs would be much higher
at the completion of the project due to the minimal length of roadway. Additionally, once the
roadway exceeds 1501f a cul -de -sac would be required to satisfy life safety requirements and
subsequently would need to be relocated each time another 8 -plex was developed.
As always please contact me with any questions or comments.
Regards,
Jeff White
12/7/2010
7 -4 -2
Chamonix Commons
a a
Civil Engineering
Design, Cost Estimates, and
Construction Phasing
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Chamonix Commons Site Plan
• Optimizes the number of new employee housing
units on site
• Reduces the amount of site work and utility
redundancies
• Limits access of off Chamonix Lane to 5 duplexes
• Provides a sidewalk around the perimeter of the
property
• Provides useable green space on the property
• Allows for affordable phasing of construction
December 7, 2010
Community Development Department
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7-5-4
Civil Engineering — Phase 1
Includes:
• Balanced grading on the property
• Appropriate grading for future housing
development
• Development sites for five duplex units
• Reduced future construction impact
December 7, 2010
Community Development Department
Civil Engineering — Phase 1
• Estimated Cost of $1,080,930.26 includes:
— $80,000 for water line already constructed
through fire station property
— $197,000 for all ten water and sewer taps that
would not be paid until needed
— $67,320 for sidewalk, curb and gutter along
Chamonix Lane
— $60,900 for looped 8" water line that will be
reimbursed
— $151,656 for contingencies
December 7, 2010
Community Development Department
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i
7 -5 -7
Civil Engineering — Phase 11
Includes:
• Minimal removal of top soil
• Adequate grading and utilities for up to 44
future housing units
• Efficient development site for the multi - family
buildings to be constructed over time
• Limited site disturbance during this phase
December 7, 2010
Community Development Department
Civil Engineering — Phase 11
• Estimated cost of $934,324.61 includes:
— $414,150 for a 1 144 water and sewer taps that
would not be paid until needed
— $44,220 for sidewalk, curb and gutter along
Chamonix Road
— $141,564 for contingencies
December 7, 2010
Community Development Department
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7 -5 -10
why Now?
• Identified as a high priority action in the Employee
Housing Strategic Plan
• Adds up to 54 new employee housing units
• Expands the diversity of housing options in Vail
• Appeals to a broader spectrum of wage earners
• Ease of phasing housing construction
• Construction costs are favorable
• Interest rates remain favorable for future homeowners
• Construction already taking place on the property
• Plans are complete and ready for construction
December 7, 2010
Community Development Department
Direction Requested
Instruct staff to:
• Issue a Request for Proposals for Phase I of
the civil engineering in January, 2011, with the
goal of commencing construction in April,
2011
• Issue a Request for Proposals to design and
build one duplex on Lot A
• Develop funding strategies
• Identify and develop partnerships
December 7, 2010
Community Development Department
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VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: Town of Vail policies for public parking on private property.
PRESENTER(S): George Ruther
ACTION REQUESTED OF COUNCIL: Listen to a brief staff presentation and discuss the
items outlined in section 5 of the staff memorandum and then provide any direction to the town
staff.
BACKGROUND: See staff memorandum dated December 7, 2010.
STAFF RECOMMENDATION: Staff recommends the following actions:
- Maintain existing policies and continue to encourage the development and utilization of public
parking in private parking facilities.
-Amend Section 12- 10 -17, Leasing of Private Parking Spaces, Vail Town Code, to better
facilitate the leasing of private parking spaces for public use.
-Amend Title 11, Sign Regulations, to better implement the adopted parking policies.
- Ensure that any future amendments to policies or regulations maintains Vail's unique
character and results in a world class resort of the highest quality.
ATTACHMENTS:
Town Council Memorandum
12/7/2010
MEMORANDUM
TO: Vail Town Council
FROM: Community Development Department
DATE: December 7, 2010
SUBJECT: Policies for Public Parking on Private Property
I. SUMMARY
The purpose of this memorandum is to facilitate a discussion regarding the Town's parking
policies for public parking on private property. This discussion is in response to several
citizen inquiries to the Community Development Department regarding the ability to
advertise and promote public parking on private property. Several property owners in Town
have constructed surplus parking spaces for public use. This has resulted in a need to
advertise and promote the availability of public parking within what appears to be a private
facility. The construction of surplus parking is the result of Town policies which encourage
public /private partnerships to meet parking demand in Vail.
II. PROBLEM STATEMENT
Throughout the year, the demand for parking in Vail varies considerably, ranging from very
low demands between winter and summer guest seasons to very high demands, especially
during the peak skiing periods. The total community parking supply is made up of many
components, including a wide variety of public and private parking facilities. As parking
demand approaches the limits of the parking supply, major public parking facilities such as
the Vail Transportation Center, Lionshead Parking Garage and Ford Park fill to capacity.
As this condition occurs, excess parking demand has been accommodated on the frontage
road system. In response, the Vail Town Council adopted parking policies which encourage
public parking in private parking structures. However, the Town has other policies and
regulations currently adopted that directly or indirectly conflict with this policy.
III. EXISTING PARKING POLICY
The Vail Town Council adopted a goal to remove all parking on the Frontage Road system
by 2012. Additional policies related to parking are outlined in the Vail Comprehensive Plan
as follows:
VAIL VILLAGE MASTER PLAN (IN PART)
fl. HISTORY OF VAIL VILLAGE
In addition to density increases, there are many other factors relative to the future growth
and development in the Village area that point to the need for a comprehensive long range
planning document. These other factors include:
Future ski mountain expansion: Recent and planned expansions of Vail Mountain will attract
larger numbers of skiers creating a need for increased parking, transit, pedestrian and other
facilities which could impact the existing character and function of the Village area.
1
12/7/2010
8 -1 -I
Public improvements: In order to maintain its overall competitive position as a world class
resort community, there is a need for physical improvements in public areas to maintain an
aesthetically pleasing community and to promote a healthy, year- around resort economy.
Updating zoning controls and expanding design guidelines is seen as an essential step
toward assuring the long term unified development of the Village: It is a goal of this Plan to
establish a framework for guiding private sector development and improvements as well as
public improvements throughout the entire Vail Village area. Another goal is to set forth
future actions required to fully implement the Plan.
V. GOALS, OBJECTIVES, POLICIES AND ACTION STEPS
GOAL #5: INCREASE AND IMPROVE THE CAPACITY, EFFICIENCY, AND
AESTHETICS OF THE TRANSPORTATION AND CIRCULATION SYSTEMS
THROUGHOUT THE VILLAGE.
Objective 5.1 Meet parking demands with public and private parking facilities
Policy 5.1.3: Seek locations for additional structured public and private parking.
Policy 5.1.4: Continue to promote the lease parking program as a means for
maximizing the utilization of private parking spaces.
Policy 5.1.5: Redevelopment projects shall be strongly encouraged to provide
underground or visually concealed parking.
GOAL #5 Action Steps:
1. Construct vehicular circulation and signage improvements designed to reduce
unnecessary traffic into the Village core.
2. Review Chapter 10, Off Street Parking and Loading, Title 12, Zoning Regulations, to
identify additional opportunities to further enhance the maximum utilization of private
parking spaces within the master plan study area.
LIONSHEAD REDEVELOPMENT MASTER PLAN (IN PART)
3.9 Parking: The ground rules of the Lionshead master plan state that future
redevelopment will not cause a net loss of parking.
IV. EXISTING REGULATIONS
The following regulations in the Vail Town Code relate to parking and signage, and are
pertinent to this discussion:
TITLE 12, ZONING REGULATIONS (in part)
12 -2 -2: DEFINITIONS OF WORDS AND TERMS (in part):
PRIVATE CLUB: An association of persons and its premises established for the fraternal,
social, educational, recreational, or cultural enrichment of its members and not primarily for
profit, whose bona fide members pay dues and meet certain prescribed qualifications for
2
12/7/2010
8 -1 -2
membership, use of such premises being restricted to members and their guests. Parking
structures may not be the sole facility for a private club.
PRIVATE PARKING STRUCTURES. A parking area within a building for the exclusive use
of its owners, to be considered an individual land use not to be linked with parking
requirements regulated in chapter 10 of this title.
PUBLIC PARKING STRUCTURES: A parking area within a building for use by the public, to
be considered an individual land use not to be linked with parking requirements regulated in
chapter 10 of this title.
12- 10 -17: LEASING OF PARKING SPACES (in part):
A. General: No owner, occupant or building manager, or their respective agent or
representative, shall lease, rent, convey or restrict the use of any parking space, spaces
or area to any person other than a tenant, occupant or user of the building for which the
space, spaces or area are required to be provided by the zoning ordinances or
regulations of the town except as may be specifically provided in this section.
B. Lease Qualifications; Application To Lease: A parking space, spaces or areas may be
leased by the owner, occupant or building manager thereof in accordance with the
following:
1. Any owner, occupant or building manager who owns, occupies or manages ten (10)
or more private parking spaces located in commercial core 1, commercial core 2,
commercial core 3, high density multiple- family, public accommodations, Lionshead
mixed use 1, Lionshead mixed use 2, or special development zone districts and
provides sufficient parking for use by employees may apply to the administrator of the
town for a permit to lease parking spaces.
6. No applicant who is operating a private parking area charging an hourly fee on the
effective date hereof shall be eligible for approval of his or her application.
8. It shall be the responsibility of the owner, occupant or building manager who has
leased spaces to others to provide adequate and proper signs on the premises and
to see that the leased spaces are used and occupied in accordance with the lease
agreement.
9. Leasing shall be permitted for short term parking only, and shall be prohibited for long
term storage of vehicles by individuals or companies.
TITLE 4 BUSINESS AND LICENSE REGULATIONS (in part)
CHAPTER 4 -8: TRANSIENT DEALERS (in part)
4 -8 -9: SELLING ON STREETS PROHIBITED: Under no circumstances shall any person
conduct any selling or soliciting activity on or in any public street or right of way within the
Town. This Section shall not, however, be deemed to prohibit the selling of taxicab or
pedicab services or horse drawn conveyance rentals on the streets or rights of way within
the Town, where such vehicles are permitted to operate by the laws of the Town, or
activities of a street entertainer or street artisan as permitted under this Chapter.
3
12/7/2010
8 -1 -3
Title 11: SIGN REGULATIONS (in part)
11 -1 -2: PURPOSE:
A. General Purpose: These regulations are enacted for the purpose of promoting the
health, safety, morals, and general welfare of the town of Vail and to promote the
coordinated and harmonious design and placement of signs in the town in a manner that
will conserve and enhance its natural environment and its established character as a resort
and residential community of the highest quality.
B. Specific Purpose: These regulations are intended to achieve the following specific
purposes:
1. To describe and enable the fair and consistent enforcement of signs in the town of
Vail.
2. To encourage the establishment of well designed, creative signs that enhance the
unique character of Vail's village atmosphere.
3. To preserve a successful and high quality business environment that is aided by
signs that identify, direct, and inform.
4. To aid in providing for the growth of an orderly, safe, beautiful, and viable
community
11 -9 -2: PROHIBITED SIGNS: (in part)
The following signs are prohibited within the town of Vail:
A. Animated signs that incorporate the use of movement (aside from natural wind induced
movement) through revolving, rotating, or otherwise moving parts;
B. Signs with the illusion of movement;
C. Signs (or the illumination thereof) that flash, pulse, move, rotate, scintillate, blink, flicker,
or vary in intensity and /or color;
F. Any sign or structure that is unsafe or constitutes a hazard to safety for any reason;
H. Any sign or structure that obstructs ingress to or egress from a required exitway, that
obstructs the view of vehicular traffic entering or exiting a public roadway, or that
creates an unsafe distraction for motor vehicle operators;
I. Any sign that could be confused with an official government sign (such as a traffic sign)
but is not;
J. Any off premises sign that is not otherwise regulated by this title;
V. DISCUSSION ITEMS
1. What additional role should the Town of Vail play in facilitating the use of public parking
on private property to address the Town's parking demand?
2. Have conditions changed enough to warrant amending the Town's parking, sign and /or
land use policies and regulations? If yes, what policy or regulations changes are
acceptable yet continue to maintain Vail's character?
3. If public parking on private property remains desirable, should additional signage be
permitted to direct traffic to these sites? Is additional signage appropriate if it results in
diverting traffic away from TOV parking facilities?
4. How might addressing this issue result in greater guest convenience and improved
public safety?
4
12/7/2010
8 -1 -4
VI. STAFF RECOMMENDATION
The Town of Vail has encouraged the development of public parking on private property,
and as a result, a small portion of available parking spaces ( <10% of spaces) are located
on private property. Based on these conditions, Staff recommends the following actions:
• Maintain existing policies and continue to encourage the development and utilization of
public parking in private parking facilities.
• Amend Section 12- 10 -17, Leasing of Private Parking Spaces, Vail Town Code, to better
facilitate the leasing of private parking spaces for public use.
• Amend Title 11, Sign Regulations, to better implement the adopted parking policies.
• Ensure that any future amendments to policies or regulations maintains Vail's unique
character and results in a world class resort of the highest quality.
5
12/7/2010
8 -1 -5
ITL1 Oil
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: An appeal, pursuant to Section 12 -3 -3, Appeals, Vail Town Code, of the Design
Review Board denial of a minor exterior alteration application to allow for the installation of
special event banner poles in the street right -of -way generally located at the intersection of
East Meadow Drive and Willow Bridge Road, and setting forth details in regard thereto.
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Pursuant to Section 12 -3 -3, Appeals, Vail Town Code,
grant a continuance of this appeal to the Town Council's December 21, 2010 public hearing.
BACKGROUND: On October 20, 2010 the Design Review Board denied an application to
install special event banner poles in the street right -of -way generally located at the intersection
of East Meadow Drive and Willow Bridge Road.
On November 2, 2010 the Vail Town Council called -up (i.e. appealed) the Design Review
Board's decision. In accordance with the requirements of Section 12 -3 -3, Appeals, Vail Town
Code, a hearing of this appeal was scheduled and noticed for the Council's December 7, 2010
public hearing.
The Town of Vail Committee on Special Event Coordinator (i.e. the applicant) will not be
available to testify at the Town Council's December 7, 2010 public hearing; so Staff
recommends the Vail Town Council grant a continuance of this appeal to the Council's
December 15, 2010 public hearing in accordance with the provisions of Section 12 -3 -3,
Appeals, Vail Town Code.
STAFF RECOMMENDATION: Staff recommends the Vail Town Coucil grants a continuance
this appeal to its December 21, 2010 public hearing.
ATTACHMENTS:
Memo to Council
12/7/2010
Page 1 of 1
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEMITOPIC: An appeal, pursuant to Section 12 -3 -3, Appeals, Vail Town Code, of the
Design Review Board denial of a minor exterior alteration application to allow for the
installation of special event banner poles in the street right -of -way generally located at the
intersection of East Meadow Drive and Willow Bridge Road, and setting forth details in regard
thereto.
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Pursuant to Section 12 -3 -3, Appeals, Vail Town
Code, grant a continuance of this appeal to the Town Counci l's December 21, 2010 public
hearing.
BACKGROUND: On October 20, 2010 the Design Review Board denied an application to
install special event banner poles in the street right -of -way generally located at the intersection
of East Meadow Drive and Willow Bridge Road.
On November 2, 2010 the Vail Town Council called -up (i.e. appealed) the Design Review
Board's decision. In accordance with the requirements of Section 12 -3 -3, Appeals, Vail Town
Code, a hearing of this appeal was scheduled and noticed for the Council's December 7, 2010
public hearing.
The Town of Vail Committee on Special Event Coordinator (i.e. the applicant) wi31 not be
available to testify at the Town Council's December 7, 2010 public hearing; so Staff
recommends the Vail Town Council grant a continuance of this appeal to the Council's
December 15, 2010 public hearing in accordance with the provisions of Section 12 -3 -3,
Appeals, Vail Town Code.
STAFF RECOMMENDATION: Staff recommends the Vail Town Coucil grants a continuance
this appeal to its December 21, 2010 public hearing.
12/7/2010
http:lll 92. 168.2. 224 /AgendalPrevicw.aspx ?ItonID #1640 &MeetingID =109 121112010
ITL1 Oil
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: Second reading of Ordinance No. 15, Series of 2010, an ordinance amending
Chapter 12 -6, Residential Districts, Vail Town Code, to establish the Vail Village Townhouse
(VVT) District, and setting forth details in regard thereto.
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Table the second reading of Ordinance No. 15, Series
of 2010, to the Vail Town Council's December 21, 2010 public hearing.
BACKGROUND: On October 13, 2010 the Vail Town Council tabled the second reading of
Ordinance No. 15, Series of 2010, to its December 1, 2010 public hearing to allow staff and
the applicant time to gather additional information for the Council's review.
Since that hearing, Staff has contracted Winston and Associates to create three dimensional
digital models to illustrate the potential outcomes of adopting the proposed Vail Village
Townhouse District and to draft regulatory options for preserving the existing character of the
neighborhood. Those digital models and regulatory options will be ready for presentation at
the Council's December 21, 2010 hearing.
STAFF RECOMMENDATION: Staff recommends the Vail Town Council tables the second
reading of Ordinance No. 15, Series of 2010, to its December 21, 2010 public hearing.
ATTACHMENTS:
Memo to Council
12/7/2010
Page 1 of 1
TMT�
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7 2010
1TEMITOPIC: Second reading of Ordinance No. 15, Series of 2010, an ordinance amending
Chapter 12 -6, Residential Districts, Vail Town Code, to establish the Vail Village Townhouse
(VVT) District, and setting forth details in regard thereto.
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Table the second reading of Ordinance No. 15,
Series of 2010, to the Vail Town Council's December 21, 2010 public hearing.
BACKGROUND: On October 13, 2010 the Vail Town Council tabled the second reading of
Ordinance No. 15, Series of 2010, to its December 1, 2010 public hearing to allow staff and
the applicant time to gather additional information for the Council's review.
Since that hearing, Staff has contracted Winston and Associates to create three dimensional
digital models to illustrate the potential outcomes of adopting the proposed Vail Village
Townhouse District and to draft regulatory options for preserving the existing character of the
neighborhood. Those digital models and regulatory options will be ready for presentation at
the Council's December 21, 2010 hearing.
STAFF RECOMMENDATION: Staff recommends the Vail Town Council tables the second
reading of Ordinance No. 15, Series of 2010, to its December 21, 2010 public hearing.
12/7/2010
http: 11192. 168.2. 224 /Agenda/Preview,aspx?Itelfilb - 639 &Mectingl D = - -109 12/1/2010
ITL1 Oil
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEM /TOPIC: Resolution 23, Series of 2010, a resolution amending Chapter VII, Vail Village
Sub - Areas, East Gore Creek Sub -Area ( #6) to include recommendations related to a new Vail
Village Townhouse (VVT) District, and setting forth details in regard thereto. This resolution is
being reviewed in association with the proposed Ordinance No. 15, Series of 2010.
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Table Resolution 23, Series of 2010, to the Vail Town
Council's December 21, 2010 public hearing.
BACKGROUND: On October 13, 2010 the Vail Town Council tabled Resolution 23, Series of
2010, to its December 7, 2010 public hearing to allow staff and the applicant time to gather
additional information for the Council's review.
Since that hearing, Staff has contracted Winston and Associates to create three dimensional
digital models to illustrate the potential outcomes of adopting the proposed Vail Village
Townhouse District and to draft regulatory options for preserving the existing character of the
neighborhood. Those digital models and regulatory options will be ready for presentation at
the Council's December 21, 2010 hearing.
STAFF RECOMMENDATION: Staff recommends the Vail Town Council tables Resolution 23,
Series of 2010 to its December 21, 2010 public hearing.
ATTACHMENTS:
Memo to Council
12/7/2010
Page I of l
TM �V�
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 7, 2010
ITEMITOPIC: Resolution 23, Series of 2010, a resolution amending Chapter VII, Vail Village
Sub- Areas, East Gore Creek Sub -Area ( #6) to include recommendations related to a new Vail
Village Townhouse (VVT) District, and setting forth details in regard thereto. This resolution is
being reviewed in association with the proposed Ordinance No. 15, Series of 201
PRESENTER(S): Bill Gibson, Planner
ACTION REQUESTED OF COUNCIL: Table Resolution 23, Series of 201 to the Vail Town
Council's December 21, 2010 public hearing.
13ACKGROUND: On October 13, 2010 the Vail Town Council tabled Resolution 23, Series of
2010, to its December 7, 201 public hearing to allow staff and the applicant time to gather
additional information for the Council's review.
Since that hearing, Staff has contracted Winston and Associates to create three dimensional
digital models to illustrate the potential outcomes of adopting the proposed Vail Village
Townhouse District and to draft regulatory options for preserving the existing character of the
neighborhood. Those digital models and regulatory options will be ready for presentation at
the Council's December 21, 2010 hearing.
STAFF RECOMMENDATION: Staff recommends the Vail Town Council tables Resolution
23, Series of 2014 to its December 21, 2414 public hearing.
12/7/2010
littp: 11192..168.2. 2241 Agenda /Preview.aspx ?It (tinili)41 524 &MeelingID -109 12/1/2010