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2012-04-03 Agenda and Support Documentation Town Council Special Session
VAIL TOWN COUNCIL 7L9" SPECIAL MEETING AGENDA T�'6' N OF UA VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 3:35 P.M., APRIL 3, 2012 NOTE: Times of items are approximate, subject to change, and cannot be relied upon to determine at what time Council will consider an item. Public comments on work session item may be solicited by the Town Council ITEM /TOPIC: Executive Session, pursuant to: 1) C.R.S. §24- 6- 402(4)(a)(b)(e) - to discuss the purchase, acquisition, lease, transfer, or sale of property interests; to receive legal advice on specific legal questions; and to determine positions, develop a strategy and instruct negotiators, Regarding: Solaris Public Plaza. (20 min.) PRESENTER(S): Matt Mire 2. ITEM /TOPIC: Request by Solaris Metro District No. 1 (the "District ") to place two (2) Cadillac brand display vehicles on the Solaris plaza. The Town of Vail General Improvement No. 1 (the "GID ") has been delegated the power to plan, program, schedule administer, regulate and control the use of the Plaza for the public benefit during the life of the special development district. (10 min. ) PRESENTER(S): Craig Cohen, Solaris Metropolitan District No. 1 ACTION REQUESTED OF COUNCIL: Listen to the presentation, ask questions and provide direction. BACKGROUND: According to Metro District Board Member, Craig Cohen, allowing the request would provide the District a promotional consideration `to assist in meeting its financial obligations'. Mr. Cohen explains that due to lower property tax revenues the District has been operating at a deficit. In fact, Mr. Cohen's request states that the District's 2012 budget relies upon this supplemental revenue. At the time of the request the District was delinquent on payment of certain obligations to the Town. Solaris has assigned to the District certain obligation undertaken in the development agreement with Town. Attached for the GI D's consideration: 1. Application for approval, dated February 24, 2012, from Solaris Metro District No. 1. 2. Response to application for approval from GID counsel, dated March 29, 2012. 3. District /Cadillac Sponsorship Supplemental Funding Agreement. 4. Solaris Metro District: 2010 audited Financial Statement; 2011 budget; and Balance Sheet dated October31, 2011. 4/3/2012 5. Sponsorship Agreement between Vail Resorts and Solaris, dated December1, 2011. 6. The GID has also received privileged and confidential memorandum from counsel under separate cover. 3. ITEM /TOPIC: Use and Programming of Public Plaza of Solaris (15 min.) PRESENTER(S): Economic Development Office /Kelli McDonald ACTION REQUESTED OF COUNCIL: It is recommended by the Town of Vail Economic Development Office that the GID utilize the existing process and permitting procedures already in place for all other public venues in the Town of Vail. The Town of Vail Special Events Coordinator is the point person for this process. Please see the attached example of the existing special event permit. 4. ITEM /TOPIC: Adjournment (4:20 p.m.) 4/3/2012 K � TOWN OF'VA10 VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: April 3, 2012 ITEM /TOPIC: Executive Session, pursuant to: 1) C.R.S. §24- 6- 402(4)(a)(b)(e) - to discuss the purchase, acquisition, lease, transfer, or sale of property interests; to receive legal advice on specific legal questions; and to determine positions, develop a strategy and instruct negotiators, Regarding: Solaris Public Plaza. PRESENTER(S): Matt Mire 4/3/2012 TOWN OF'VA1 VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: April 3, 2012 ITEM /TOPIC: Request by Solaris Metro District No. 1 (the "District ") to place two (2) Cadillac brand display vehicles on the Solaris plaza. The Town of Vail General Improvement No. 1 (the "GID ") has been delegated the power to plan, program, schedule administer, regulate and control the use of the Plaza for the public benefit during the life of the special development district. PRESENTER(S): Craig Cohen, Solaris Metropolitan District No. 1 ACTION REQUESTED OF COUNCIL: Listen to the presentation, ask questions and provide direction. BACKGROUND: According to Metro District Board Member, Craig Cohen, allowing the request would provide the District a promotional consideration `to assist in meeting its financial obligations'. Mr. Cohen explains that due to lower property tax revenues the District has been operating at a deficit. In fact, Mr. Cohen's request states that the District's 2012 budget relies upon this supplemental revenue. At the time of the request the District was delinquent on payment of certain obligations to the Town. Solaris has assigned to the District certain obligation undertaken in the development agreement with Town. Attached for the GID's consideration: 1. Application for approval, dated February 24, 2012, from Solaris Metro District No. 1. 2. Response to application for approval from GID counsel, dated March 29, 2012. 3. District /Cadillac Sponsorship Supplemental Funding Agreement. 4. Solaris Metro District: 2010 audited Financial Statement; 2011 budget; and Balance Sheet dated October31, 2011. 5. Sponsorship Agreement between Vail Resorts and Solaris, dated Decemberl, 2011. 6. The GID has also received privileged and confidential memorandum from counsel under separate cover. ATTACHMENTS: GID application for vehicle placement Cohn letter Cadillac Sponsorship Supplemental funding SMD Audit 2010 SMD No.1 2011 budget SMD #1 -3, 10 -11 Cadillac agreement 4/3/2012 SOLARIS METROPOLITAN DISTRICT NO. 1 February 24, 2012 BY ELECTRONIC MAIL TO MMIRE6DVAILG0V.00M Town of Vail General Improvement District No. 1 c/o J. Matthew Mire, Town Attorney 75 S. Frontage Rd. Vail, CO 81657 Subject: Application for GID Approval: Display Vehicles on Solaris Plaza Dear Mr. Mire: Please accept this letter as Solaris Metropolitan District No. 1's (the "District ") application to the Town of Vail General Improvement District No. 1 (the "GID ") to consent to the placement of two Cadillac brand display vehicles (the "Display Vehicles ") on the Solaris plaza. Although the GID has not established a formal application process, in response to the District's inquiry last month, your counsel suggested applying in this format. Specifically, the District desires to place the Display Vehicles in the location set forth on Appendix A hereto. The placement of the vehicles at these locations will not adversely affect the public's enjoyment of the plaza or interfere with the adjacent commercial businesses. To the extent that the vehicles interfere with any special events conducted on the plaza, the District will relocate or remove the vehicles as necessary to accommodate the special event, as the District has done in the past. Approving the placement of the Display Vehicles on the plaza will enable the District to receive promotional consideration to assist it in meeting its ongoing financial obligations. Due to lower than anticipated property tax revenues, the District has operated at a deficit. Consequently, the District, in addition to cutting costs, has sought to supplement its property tax income with other revenue sources. Indeed, the District's 2012 budget relies on receiving the sponsorship revenue to offset the projected deficit. Enabling the District to meet its financial obligations through a private sponsorship agreement is in the public's interest. Aside from providing for the continued operation of the plaza at the current high standard, the private funding source is a welcome alternative to increasing fees or raising taxes on our mutual constituency. For the past year -and -a -half, in the absence of the GID, the District and the Town's Commission on Special Events have cooperated in the coordination of special events on the plaza. That cooperation has resulted in dozens of highly- successful events being held on the Solaris plaza. The District looks forward to continued cooperation with the Town and stands ready to work with the GID to provide for the placement of the Display Vehicles in a way that meets the needs 4/3/2012 2 -1 -I J. Matthew Mire February 23, 2012 Page 2 of 2 of all stakeholders. Please contact me at (970) 479 -7125 to discuss any questions or concerns you may have. Thank you for your consideration. Very truly yours, SOLARIS METROPOLITAN DISTRICT NO. 1 S A " Craig B. Cohn Vice President, Solaris Metropolitan District No. 1 cc: Stan Zemler, Town Manager Sybill Navas, Commission on Special Events William P. Ankele, Jr., District Counsel Kendra Carberry 4/3/2012 2 -1 -2 APPENDIX A 4/3/2012 2 -1 -3 HAYES, PHILLIPS, HOFFMANN & CARBERRY, P.C. 1530 Sixteenth Street, Suite 200 Denver, Colorado 80202 -1468 Telephone: (303) 825 -6444 Facsimile: (303) 825 -1269 Corey Y. Hoffmann Kendra L. Carberry Jefferson H. Parker Of Counsel Herbert C. Phillips J. Matthew Mire Fairplay Office 675 Main Street P.O. Box 1046 Fairplay, CO 80440 Telephone: (719) 836 -9005 Facsimile: (719) 836 -9010 March 28, 2012 Craig B. Cohn Solaris Metropolitan District No. 1 141 East Meadow Drive 211 Vail, CO 81657 via email to: crai solarisvail.com Re: Solaris Public Plaza Dear Mr. Cohn: Elizabeth C. Gross Christine Stretesky Ryan S. Malarky John E. Hayes (Retired) As you know, our firm represents the Town of Vail and the Vail General Improvement District (the "GID"). I write in response to your letter of February 24, 2012 to Matt Mire. If you would prefer that I communicate with the District's counsel, Mr. Ankele, please let me know and forward this letter to him. In your February 24 letter, the Solaris Metropolitan District No. 1 (the 'District ") requests permission from the GID to park two Cadillac Display Vehicles on the Solaris Public Plaza. The District's request is hereby denied for the following reasons: 1. When the GID requested copies of the agreement between the District and Vail Resorts regarding this sponsorship, the GID was repeatedly told by the District's counsel and by Ryan Smith that no such agreement existed. After several weeks, Reed Weily finally forwarded a copy of the agreement to Matt Mire, which agreement had been executed in December of 2011 without the GID's knowledge or consent. The sponsorship agreement should not have been executed without the GID's consent. The District's actions in relation to the sponsorship agreement indicate that the District is unwilling to cooperate with the GID on the use of the Solaris Public Plaza. 3128112 C: IPROGRAMFILESWEEVIA.COM DOCUMENT CONVERTER ITEMPIPDFCONVERT .3182.1.COHN- LOI.DOC 4/3/2012 2 -2 -1 March 28, 2012 Page 2 2. The parking of the Display Vehicles is inconsistent with the public use of the Solaris Public Plaza. 3. The District is in violation of the Sidewalk/Streetscape & Snowmelt Maintenance Agreement dated September 10, 2010 between the District and the Town. 4. Solaris Property Owner LLC is currently in violation of Section 3(d) of the Development Improvement Agreement between the Town and Crossroads East One LLC, predecessor of Solaris Property Owner LLC. 5. The District is currently in violation of the Intergovernmental Agreement between the District and the GID. 6. The District is currently in violation of its Service Plan. In light of the foregoing, the GID cannot consent to the District's request. Please contact me if you need additional information or would like to discuss this further. Very truly yours, c: J. Matthew Mire, Town Attorney Bill Ankele, Esq. (via email) 3128112 C: IPROGRAMFILESWEEVIA.COM DOCUMENT CONVERTER ITEMPIPDFCONVERT .3182.1.COHN- LOI.DOC 4/3/2012 2 -2 -2 Kendra L. Carberry klcarberry�ic hphclaw.com c: J. Matthew Mire, Town Attorney Bill Ankele, Esq. (via email) 3128112 C: IPROGRAMFILESWEEVIA.COM DOCUMENT CONVERTER ITEMPIPDFCONVERT .3182.1.COHN- LOI.DOC 4/3/2012 2 -2 -2 CADILLAC SPONSORSHIP SUPPLEMENTAL FUNDING AGREEMENT THIS CADILLAC SPONSORSHIP SUPPLEMENTAL FUNDING AGREEMENT (this "Funding Agreement "), effective as of , 201 (the "Effective Date "), is from SOLARIS COMMERCIAL OWNER, LLC, a Delaware limited liability company ( "Solaris "), to SOLARIS METROPOLITAN DISTRICT NO. 1, a quasi - municipal corporation and political subdivision of the State of Colorado (the "District "). Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Solaris Agreement. BACKGROUND A. The Vail Corporation dba Vail Resorts Management Company ( "Vail ") has entered a long term corporate sponsorship agreement with the Cadillac Division of General Motors, LLC ( "Cadillac ") (the "Vail Agreement "). B. Vail and Solaris entered into that certain Sponsorship Agreement dated December 1, 2011 and attached hereto as Exhibit A whereby Solaris agreed to provide Vail with a variety of sponsorship and promotional benefits associated with the Vail Agreement in exchange for consideration (the "Solaris Agreement "). C. Among the various sponsorship and promotional benefits to be provided for by Solaris pursuant to the Solaris Agreement are the (i) placement of two Cadillac brand Display Vehicles in a high- traffic location on the Solaris complex, and (ii) integration of the Cadillac mark into several elements of the Solaris complex where District funded installations have been constructed, including the ice rink and Ice Rink Cover (collectively, the "Promotional Benefits "). The Promotional Benefits are more specifically described in Paragraph 1 hereof. D. The Promotional Benefits are assignable by Solaris to the District E. The District has the power and authority to enter into contracts and agreements affecting the affairs of the District; manage, control and supervise the business and affairs of the District; furnish services and facilities within the boundaries of the District and to establish fees, rates, or charges for such services and facilities; and other powers conferred by law, including those set forth in Sections 32 -1 -101, et seq. of the Colorado Revised Statutes. F. The Plaza is in a high - traffic location on the Solaris complex suitable for the placement of the Display Vehicles. G. The District has determined that it needs to purchase an Ice Rink Cover to enable it to continue to operate the ice skating rink throughout the ski season. H. Due to a general decline in property tax valuations throughout Eagle County, the District's property tax revenues have caused the District to operate at a budget deficit. I. In an effort to avoid raising taxes on the District's residents and local businesses operating therein, the District is seeking to augment its revenue with alternate funding sources. J. The private funding provided by Solaris pursuant to this Assignment in exchange for the District's acceptance of the Promotional Benefits will enhance the District's ability to meet its current and future financial obligations. K. District desires to accept assignment of, and Solaris desires to assign, Solaris' rights and obligations related to the Promotional Benefits as provided in the Solaris Agreement. 1 4/3/2012 2 -3 -1 AGREEMENT NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the District and Solaris hereby agree as follows: 1. Promotional Benefits The Promotional Benefits consist of the right to and obligation to place Static Display Vehicles as described in Paragraph 4.b of the Agreement, and as further described in the following sections of Exhibit A: a. "Brand Visibility and Naming Rights," except for bullet 3, and, with respect to bullet 5, only to the extent the signage elements are to be located on property or installations constructed by the District, and not by Solaris; and b. "Static Display Vehicles." 2. Assignment Solaris hereby assigns, transfers and conveys unto the District all rights and obligations of Solaris related to the Promotional Benefits to have and to hold the unto the District and its successors and assigns for the Term. By execution of this Funding Agreement, the District accepts such rights and agrees to assume and perform all of the obligations of Solaris set forth in the Solaris Agreement related to the Promotional Benefits, including Sections 3, 4(b), 5, 6, 7, 8, 10, and Exhibit A thereto. This Funding Agreement shall bind and inure to the benefit of Solaris and the District and their respective successors and assigns. Solaris and the District further agree to execute any additional documents or to perform any additional acts reasonably necessary to carry out the intent and purpose of this Funding Agreement. Solaris shall remain obligated to perform the obligations set forth in the Solaris Agreement for sponsorship and promotional benefits other than the Promotional Benefits, as well as remain entitled to all receive all consideration provided for in the Solaris Agreement other than as assigned herein. 3. Compensation to District a. Ice Rink Cover In the first Contract Year, Solaris shall purchase for the District, or reimburse the District for its purchase of, an Ice Rink Cover. The specifications of the Ice Rink Cover shall be mutually agreed upon by the parties. Solaris shall make payment to the District for the Ice Rink Cover within thirty (30) days of written receipt of an invoice evidencing the purchase of a conforming Ice Rink Cover. In addition, at the time of such payment Solaris shall pay to the District an amount equal to the difference between the cost of the Ice Rink Cover and Twenty Four Thousand and No /100 Dollars ($24,000.00). In no event shall Solaris' obligations pursuant to this paragraph exceed the amount of Fees collected by Solari s from Vail for the first Contract Year. b. Annual Supplemental Revenue Payment Commencing in the second Contract Year and in each subsequent Contract Year during the Term, Solaris shall pay to the District the sum of Twenty Four Thousand and No /100 Dollars ($24,000.00) (each, a "Supplemental Funding Payment "). At Solaris' sole option, and with prior written notice to the District, in lieu of making the Supplemental Funding Payment, Solaris shall credit an equivalent amount against any amounts owed by the District to Solaris and /or its affiliates pursuant to any written agreements then in effect between the District and such parties. Such payment or credit shall be made within thirty (30) days of Solaris' receipt of the Fees from Vail for the then current 4 4/3/2012 2 -3 -2 Contract Year. In no event shall Solaris' obligations for any Contract Year pursuant to this paragraph exceed the amount of Fees collected by Solaris from Vail for such Contract Year. 4. Special Conditions a. Location of Display Vehicles The location of the Display Vehicles on the Plaza shall be mutually agreed upon by Solaris and the District. b. Temporary Movement of Display Vehicles Notwithstanding anything herein or the Solaris Agreement to the contrary, the District shall have the right to temporarily remove the Display Vehicles from, or move the Display Vehicles about, the Plaza during the course of special events that have been approved by the Town of Vail and Solaris. The District shall also have the right to park the Display Vehicles in Solaris' underground parking garage free of charge during the special event. At the conclusion of the event, the District shall promptly restore the vehicles to the Plaza. C. Governmental Approval In the event that the District seeks the approval of any governmental authority with jurisdiction over the Plaza in connection with the Promotional Benefits and such governmental authority fails to grant or revokes a previously granted approval after the parties' exercise of commercially reasonable efforts to obtain or maintain such approval, either party may terminate this Funding Agreement. d. Notices Under Solaris Agreement Solaris shall furnish the District with any notices received by Solaris under the notice provisions of the Solaris Agreement. 5. Indemnification a. By the District The District hereby covenants and agrees that it will at all times indemnify, defend and hold safe and harmless Solaris (including, without limitation, its managers, trustees, officers, employees, agents) from, and pay or reimburse Solaris for, any loss, liability, claims, suits, costs, expenses, incurred by Solaris, its agents, employees, officers, partners, invitees, or licensees arising out of or resulting from (i) any failure by the District to perform or observe, or to have performed or observed, in full, any covenant, agreement, obligation or condition to be performed or observed by it pursuant to this Funding Agreement, or (ii) any liability arising from or related to the provision of the Promotional Benefits. The foregoing indemnification shall survive the termination of this Funding Agreement. b. By Solaris Solaris hereby covenants and agrees that it will at all times indemnify, defend and hold safe and harmless the District (including, without limitation, its managers, trustees, officers, employees, agents) from, and pay or reimburse the District for, any loss, liability, claims, suits, costs, expenses, incurred by the District, its agents, employees, officers, partners, invitees, or licensees arising out of or resulting from (i) any failure by Solaris to perform or observe, or to have performed or observed, in full, any covenant, agreement, obligation or condition to be performed or observed by it pursuant to this Funding Agreement. The foregoing indemnification shall survive the termination of this Funding Agreement. 6. Termination This Funding Agreement shall terminate upon the earliest to occur of (i) the natural expiration of the Term of the Solaris Agreement, (ii) the earlier termination of 3 4/3/2012 2 -3 -3 the Solaris Agreement, or (iii) pursuant to the conditions of 4.c. above. Upon any termination pursuant to (ii) of this paragraph, the District shall refund to Solaris a pro -rata portion of any Supplemental Funding Payment paid in advance for the then current Contract Year. [SIGNATURE PAGE FOLLOWS] M 4/3/2012 2 -3 -4 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written. Attest IM SOLARIS METROPOLITAN DISTRICT NO. 1, a quasi- municipal corporation and political subdivision of the State of Colorado By: Name: Title: SOLARIS COMMERCIAL OWNER, LLC, a Delaware limited liability company By: Name: 4/3/2012 Title: E 2 -3 -5 SOLARIS METROPOLITAN DISTRICT NO. 1 TOWN OF VAIL, COLORADO FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS' REPORT DECEMBER 31, 2010 4/3/2012 2 -4 -1 SOLARIS METROPOLITAN DISTRICT NO. 1 TOWN OF VAIL, COLORADO CONTENTS Page Independent Auditors' Report Management's Discussion & Analysis..... Basic Financial Statements Governmental Funds - Balance Sheet /Statement of Net Assets ......1 Governmental Funds - Statement of Revenues, Expenditures and Changes in Fund Balances /Statement of Activities .... 2 General Fund - Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual .......... ..............................3 Notes to Financial Statements 4 -16 Other Supplementary Information Capital Projects Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual .............................................. .............................17 Debt Service Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual .............................................. .............................18 4/3/2012 2 -4 -2 Steven T. I Iiratsuka, CPA Hiratsuka', Schmitt, L.L.P. Bryan T. Schmitt, CPA, CFP Certified Public Accountants 437 Consultants Don XV Gruenler, CPA INDEPENDENT AUDITORS' REPORT Board of Directors Solaris Metropolitan District No. 1 Town of Vail, Colorado We have audited the accompanying financial statements of the governmental activities and each major fund of the Solaris Metropolitan District No. 1 (the District), Town of Vail, Colorado, as of and for the year ended December 31, 2010, which collectively comprise the District's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the District's management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities and each major fund of the Solaris Metropolitan District No. 1, Town of Vail, Colorado, as of December 31, 2010, and the respective changes in financial position and the respective budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. The Management's Discussion and Analysis on pages i — iii, is not a required part of the basic financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District's basic financial statements. The budgetary schedules on pages 17 and 18 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Airabuha & Schmitt, UP September 26, 2011 Denver, Colorado Denver 1875 South Bellaire Street, Suite 1550 Denver, CO 80222 505.295.7077 • (fax) 505.295.6866 www. hiratsukaschmitt. co m Winter Park P.O. Box 29 79050 U.S. I lighway 40 4/3/2012 Winter Park, CO 80482 2.4. 3 970.726.0522 • (fax) 970.726.0524 Solaris Metropolitan District No. 1 Management's Discussion and Analysis December 31, 2010 As management of Solaris Metropolitan District No. 1 (the "District "), we offer readers of the District's financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended December 31, 2010. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the District's basic financial statements. The District's basic financial statements are composed of three components: 1) government -wide financial statements; 2) fund financial statements; and 3) notes to the financial statements. Government -wide financial statements. The government -wide financial statements are designed to provide readers with an overview of the District's finances, from both a short -term fund perspective and a long -term economic perspective. The Governmental Funds Balance Sheet /Statement of Net Assets presents information on all the District's assets and liabilities (both short -term and long- term), with the difference between the two reported as fund balance or net assets. The Balance Sheet columns present the financial position focusing on short -term available resources and are reported on a modified accrual basis of accounting. The Statement of Net Assets column presents the financial position focusing on long -term economic resources and is reported on a full accrual basis. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances /Statement of Activities shows how the government's fund balances and net assets changed during the most recent fiscal year. Again, the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances column focuses on short -term available resources and is reported on a modified accrual basis. The Statement of Activities column focuses on long -term economic resources and is reported on a full accrual basis. The District's government -wide financial statements can be found on pages 1 & 2 of this report. Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District uses fund accounting to ensure and demonstrate compliance with legal requirements. The District currently has three funds, the General Fund, the Debt Service Fund, and the Capital Projects Fund, all of which are governmental funds. Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, unlike the government -wide financial statements, governmental fund financial statements focus on near -term inflows and outflows of expendable resources, as well as on balances of expendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near -term financing requirements. Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government -wide financial statements. By doing so, readers may better understand the long -term impact of the government's near -term financing decisions. A reconciliation of the fund balance as reported in the governmental funds to the net assets reported in the government -wide financial statements and a reconciliation of the net change in fund balance to the change in net assets has been provided to facilitate the comparison between governmental funds and governmental activities. Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The notes to the financial statements can be found on pages 4 through 16 of this report. 4/3/2012 2 -4 -4 Government -wide Financial Analysis. A condensed summary of the District's government -wide assets, liabilities, net assets, revenues and expenditures follows: Statement of Net Assets Governmental Activities Assets: Current and other assets Capital and long term assets Total Assets Liabilities: Current and other liabilities Long -term obligations payable Total Liabilities Net Assets: Invested in capital assets, net of debt Restricted for TABOR Unrestricted Total Net Assets Revenue: Program Revenues Operating grants and contributions General revenue: Taxes Intergovernmental Interest and other revenue Total Revenue Expenses: General government Debt Service Intergovernmental Total Expenses Change in Net Assets Net Assets - Beginning Net Assets - Ending 2010 $ 2,621,071 56,036,285 58,657,356 2009 $ 6,615,642 52,151,055 58,766,697 130,199 33,291,334 33,421,533 (6,430,391) 2,776 31,663,438 $ 25,235,823 1,089,373 33,554,742 34,644,115 24,122,582 2,776 (2,776) $ 24,122,582 Statement of Activities 3,002,527 78,148 3,080,675 89,768 1,877,666 9,554,787 128,257 9,683,044 98,717 1,619,584 1,967,434 1,718,301 1,113,241 24,122,582 $ 25,235,823 7,964,743 16,157,839 $ 24,122,582 The District is the "service district" in a triple district structure whereby the District is constructing the infrastructure for Solaris Metropolitan District Nos. 2 and 3. The District entered into a District Operating Agreement which obligates the District to provide operational services. The agreement also obligates Solaris Metropolitan District Nos. 2 & 3 (the "taxing districts ") to fully fund the District's cost of operations, which is recorded as a "service obligation ". The District also entered into a Capital Pledge Agreement which provides the taxing districts will pay the annual bond costs of the District, which are recorded as "capital obligations" to the District for the infrastructure in the Districts. The District's revenues consisted primarily of interest income and revenue due from other entities, as defined in agreements between the District and those entities. Government -wide Financial Analysis. The District's primary activity in 2010 has been the construction of infrastructure. The infrastructure has been funded through proceeds received from the issuance of the 2008 4/3/2012 2 -4 -5 Bonds in the amount of $30,560,000. The District's primary revenue source is intergovernmental revenues from Solaris Metropolitan District Nos. 2 & 3 reflecting their obligation to ultimately reimburse the District for the cost of the infrastructure. Financial Analysis of the District's Funds As mentioned earlier, the District uses fund accounting to ensure and demonstrate compliance with finance - related legal requirements. Governmental Funds. The focus of the District's governmental funds is to provide information on near -term inflows, outflows, and balances of expendable resources. Such information is useful in assessing the District's financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the District's governmental funds reported a combined ending fund balance of $2,427,939. The majority of this fund balance is held in the Debt Service Fund as a bond reserve fund. The District adopts budgets for each fund on an annual basis. Budgetary comparisons have been provided on page 3 for the General Fund, page 17 for the Capital Projects Fund and on page 18 for the Debt Service Fund. Capital assets. The District's capital assets consist primarily of infrastructure that is being constructed in the District. During 2010 the District constructed capital assets of $1,201,071. The capital assets were completed at December 31, 2010 and $74,662 depreciation expense recorded in 2010. Details can be seen in Note 3 on page 7 of this report. Long -term debts. The District issued $30,560,000 of variable -rate bonds during 2008 which are subject to an interest rate swap to hedge the cash flows on the variable -rate bonds. Please see Note 4 on pages 11 to 13 for more information on the District's interest rate swap. A portion of the bond proceeds were used to repay advances received from the Developer to finance public facilities and improvements that are within the District's boundaries. Additional information can be found in the Notes to the Financial Statement on pages 8 to 11 of this report. Request for Information This financial report is designed to provide a general overview of the District's finances for all those with an interest in the government's finances. 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I Filed electronically: dlg filing(�4statexo.us LGID#: 65739 December 10, 2010 Division of Local Government 1313 Sherman Street, Room 521 Denver, CO 80203 RE: Solaris Metropolitan District No. 1 Attached is the 2011 Budget for the Solaris Metropolitan District No. 1 in Eagle County, Colorado, submitted pursuant to Section 29 -1 -116, C.R.S. This Budget was adopted on December 10, 2010. If there are any questions on the budget, please contact Mr. Kenneth J. Marchetti, telephone number 970 - 926 -6060. The mill levy certified to the County Commissioners of Eagle County is 0.000 mills for all general operating purposes, subject to statutory and/or TABOR limitations; 0.000 mills for general obligation debt; 0,000 mills for contractual obligations; 0.000 for refund/abatement; and 0.000 mills for Temporary Tax Credit/Mill Levy Reduction. Based on a net assessed valuation of $9,360, the total property tax revenue is $0. A copy of the certification of mill levies sent to the County Commissioners for Eagle County is enclosed. I hereby certify that the enclosed is a true and accurate copy of the budget and certification of tax levies to the Board of County Commissioners of Eagle County, Colorado. Sincerely, 4k it District Administrator Enclosure(s) Administrative Management Provided By Robertson & Marchetti, P. C. 28 Second Street, Suite 213, Edwards, CO 81632; Phone (970) 926 -6060, Fax (9 70) 926 -6040 504(8123 SOLARIS METROPOLITAN DISTRICT NO. 1 2011 BUDGET MESSAGE Solaris Metropolitan District No. 1 is a quasi - municipal corporation organized and operated pursuant to provisions set forth in the Colorado Special District Act. The District was established to supply the necessary public improvements and related operation and maintenance services as such power and authority is described in the Special District Act, and other applicable statutes. The District has no employees and all operations and administrative functions are contracted. The following budget is prepared on the modified accrual basis of accounting, which is consistent with the basis of accounting used in presenting the District's financial statements. 2011 BUDGET STRATEGY The District was formed in late 2006. The District has joined with Solaris Metropolitan District No. 2 and Solaris Metropolitan District No. 3 in adopting a consolidated service plan. Under this consolidated service plan, the District is the "service district" and Solaris Metropolitan District Nos. 2 and 3 are the "financing districts." As such, the District is responsible for managing the construction and operation of facilities and improvements needed for the Solaris Metropolitan District Nos. 2 and 3 areas. For this reason, the District issued $30,560,000 property tax revenue variable rate bonds on March 25, 2005. Per the District Operating Agreement signed April 26, 2007, the District receives property tax revenues from the "financing" districts to support the financing plan for capital improvements. 504(8123 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO.1 TO ADOPT 2011 BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE SOLARIS METROPOLITAN DISTRICT NO. 1, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY 2011 AND ENDING ON THE LAST DAY OF DECEMBER 2011. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 1 (the "District") has appointed a budget committee to prepare and submit a proposed 2011 budget at the proper time; and WHEAREAS, such committee has submitted a proposed budget to this governing body at the proper time, for its consideration, and; WHEREAS, upon due and proper notice, published or posted in accordance with the law, said proposed budget was open for inspection by the public at a designated place, and a , public hearing was held on October 28, 2010 and continued to December 10, 2010 and interested taxpayers were given the opportunity to file or register any objections to said proposed budget; and; WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues or planned to be expended from reserves /fund balances so that the budget remains in balance, as required by law. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the District: Section 1. That the budget as submitted, amended, and summarized by fund, hereby is approved and adopted as the budget of the District for the year stated above. Section 2. That the budget hereby approved and adopted shall be certified by any officer or the District Administrator of the District and made a part of the public records of the District. (THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) Pa e 1 of 5 504(8173 !. !6!. !4 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO.1 CONTINUED TO SET MILL LEVIES A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2010, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE SOLARIS METROPOLITAN DISTRICT NO. 1, TOWN OF VAIL, EAGLE COUNTY, COLORADO, FOR THE 2011 BUDGET YEAR. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 1 (the "District " ), has adopted the annual budget in accordance with the Local Government Budget Law of Colorado, on December 10, 2010 and; WHEREAS, the amount of money necessary to balance the budget for general operating expenses and capital expenditure purposes from property tax revenue is $0.00 and; WHEREAS, the Board of Directors of the District finds that it is required to temporarily lower the general operating mill levy to render a refund for $0.00, and; WHEREAS, the amount of money necessary to balance the budget for capital expenditure purposes from property tax revenue approved by voters or at public hearing is $ 0.00, and; WHEREAS, the amount of money necessary to balance the budget for contractual obligations from property tax revenue as approved by voters is $ 0.00 and; WHEREAS, the amount of money necessary to balance the budget for voter approved bonds and interest is $0.00, and; WHEREAS, the 2010 net valuation for assessment for the District, as certified by the County Assessor is $9,360. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the District: Section 1. That for the purposes of meeting all general operating expenses of the District during the 2011 budget year, there is hereby levied a tax of 0.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2010. a Section 2. That for the purposes of rendering a refund to its constituents during budget year 2011 there is hereby levied a temporary tax credit/mill levy reduction of 0.000 mills. Section 3. That, for the purpose of meeting all capital expenditures -of the District during the 2011 budget year, there is hereby levied a tax of 0.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2010. Page 2 of 5 504CB123 !.!6!.!5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1 CONTINUED TO SET AULL LEVIES (CONTINUED) Section 4. That for the purpose of meeting all payments for contractual obligations of the District during the 2011 budget year, there is hereby levied a tax of 0.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2010. Section 5 That for the purpose of meeting all payments for bonds and interest of the District during the 2011 budget year, there is hereby levied a tax of 0.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2010. Section 6. That any officer of the District or the District Administrator is hereby authorized and directed to either immediately certify to the Board of County Commissioners of Eagle County, Colorado, the mill levies for the District as hereinabove determined and set, or be authorized and directed to certify to the Board of County Commissioners of Eagle County, Colorado, the mill levies for the District as hereinabove determined and set based upon the final (December) certification of valuation from the County Assessor. (THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) Page 3 of 5 504CB123 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1 CONTINUED TO APPROPRIATE SUMS OF MONEY (PURSUANT TO SECTION 29 -1 -108, C.R.S.) A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH BELOW, FOR THE SOLARIS METROPOLITAN DISTRICT NO. 1, TOWN OF VAIL, EAGLE COUNTY, COLORADO, FOR THE 2011 BUDGET YEAR. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 1 (the "District ") has adopted the annual budget in accordance with the Local Government Budget Law of Colorado, on December 10, 2010, and; WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal or greater to the total proposed expenditures as set forth in said budget, and; WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and reserves or fund balances provided in the budget to and for the purposes described below, thereby establishing a limitation on expenditures for the operations of the District. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE DISTRICT: Section 1. That the following sums are hereby appropriated from the revenues of each fund, to each fund, for the purposes stated: GENERAL FUND: Current Operating Expenses $ 548,122 Replacement Reserve $50,000 General Fun Total $598,122 CAPITAL IMPROVEMENTS FUND: Capital Improvements Expenditures $ 2,913 DEBT SERVICE FUND: Debt Service Expenditures $ 1,631,781 (THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) Page 4 of 5 504(8123 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. I (CONTINUED) TO ADOPT 2011 BUDGET, SET MILL LEVIES AND APPROPRIATE SUMS OF MONEY The above resolutions to adopt the 2011 budget, set the mill levies and to appropriate sums of money were adopted this 10th day of December, 2010. Pa e 5 of 5 504CB123 County Tax entity code DOLA LGID 65739 CERTIFICATION OF TAX LEVIES for NON - SCHOOL Governments TO: County Commissioners' of Eagle County, Colorado. On behalf of the Solaris Metropolitan District No. 1, the Board of Directors of the Solaris Metropolitan District No. 1 Hereby officially certifies the following mills to be levied against the taking entity's GROSS assessed valuation of (Gross assessed valuation, Line 2 of the Certification of Valuation From DLG 57) $ 9,360 Note: If the assessor certified a NET assessed valuation (AV) different than the GROSS AV due to a Tax Increment Financing (TIF) Area the tax levies must be calculated using the NET AV. The taxing entity's total property tax revenue will be derived from the mill levy multiplied against the NET assessed valuation of: MT assessed valuation, Line 4 ofthe Certification of Valuation Foam DLG 57) $ 9,360 Submitted: December 10, 2010 for budgrVfascal year 2019 (not later than Dee 15) (dd/mm/yny) (yyyy) PURPOSE LEVY' REVENUE' 1. General Operating Expenses 2. (MINUS) Temporary General Property Tax Credit/ Temporary Mill Levy Rate Reduction SUBTOTAL FOR GENERAL OPERATING: 3. General Obligation Bonds and Interest [Special Districts must certify separately for each debt pursuant to 29- 1- 301(1.7),C.RS.; seepage 2 -of this form.] 4. Contractual Obligations Approved at Election [Per 29- 1- 301(1.7) C.R.S.] 5. Capital Expenditures [These revenues are not subject to the statutory property tax revenue limit if they are approved by counties and municipalities through public hearing pursuant to 29- 1- 301(1.2)C.R.S. and for special districts through approval from the Division of Local Government pursuant to 29- 1- 302(1.5)C.R.S. or for any taxing entity if approved at election 6. Ref nlds/Abatements 7. Other (specify): [These levies and revenues are for purposes not subject to 29 -1 -301 C.R.S. that were not reported above] 0.000 mills $ - 0.000 mills $ - 0.000 mills $ - 0.000 mills $ - 0.000 mills $ - TOTAL: [ sum of General Operating Subtotal and Lines 3 to 71 1 (0.000) mills $ - Contact person: Kenneth J March Daytime phone: (970) 926 -6060 x8 1� Si ed: Title: A 2621 In elude one copy of this tax entity's comple6fd farm when filing the local government's budget by January 3lst, per 29 -1 -113 C Local Government (DLG), Room 521, 1313 Sherman Street Denver, Colorado 80203. Questions? Call DLG (303) 866-2156. 1 If the taxing entity's boundaries include more than one county, you must certify the levies to each county. Use a separate form for each county and certify the same levies uniformly to each county per Article X, Section 3 of the Colorado Constitution. 2 Levies must be rounded to three decimal places and revenue must be calculated from the total NET assessed valuation (Line 4 of Form DLG57 on the County Assessor's anal certification of valuation). Form DLG 70 (rev 6107) 504CB123 Page 1 of 2 0.000 mills $ - (0.000) mills $ - to.000) mius $ ROBERTSON & MARCHETTI, P.C. Certified Public Accountants December 10, 2010 Board of Directors Solaris Metropolitan District No. 1 I have compiled the accompanying statement of revenues, expenditures and changes in fund balance with budgets of the Solaris Metropolitan District No. 1 for the nine month period ended September 30, 2010 in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. I also compiled the accompanying budget and forecast of revenues, expenditures and changes in fund balance for calendar year 2010 and the adopted budget for calendar year 2011, in accordance with standards established by the American Institute of Certified Public Accountants. A compilation of historical financial statements is limited to presenting in the form of financial statements information that is the representation of management. I have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. A compilation of a forecasted financial statement is limited to presenting in the form of a forecast, information that is the representation of management and does not include evaluation of the support for the assumptions underlying the forecast. I have not examined the forecast and, accordingly, do not express an opinion or any other form of assurance on the accompanying forecasted statement or assumptions. Furthermore, there will usually be differences between the forecasted and actual results, because events and circumstances frequently do not occur as expected and those differences may be material. I have no responsibility to update this report for events or circumstances occurring after the date of this report. Management has elected to omit substantially all of the disclosures, as of September 30, 2010 required by generally accepted accounting principles. Management has also elected to omit the summary of significant accounting policies required by the guidelines for presentation of a forecast established by the American Institute of Certified Public Accountants. If the omitted disclosures were included in the historical financial statements and if the summary of significant accounting policies were included in the budget and forecast, they might influence the user's conclusions about the District's historical financial position and results of operations and the forecasted results of operations and fund balances. Accordingly, the historical financial statements and forecast are not designed for those who are not informed about such matters. The actual historical information for calendar year 2009 is presented for comparative purposes only. Such information is taken from the financial statements for the District for the year ended December 31, 2009, which have been audited by Hiratsuka & Schmitt, LLP and upon which they expressed an unqualified opinion in their report dated September 13, 2010. I am not independent with respect to Solaris Metropolitan District No. 1 ROBERTSON & MARC I P.C. Kenne J. Marchetti, CPA President 28 S #t 213, Edwards, CO 81632 P one } 926 -6060; Fax (970) 926 -6040 !. !6!. !: SOLARIS METROPOLITAN DISTRICT #1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/24111 BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis GENERAL FUND Assessed Valuation Solaris Metro Dist # 1 Solaris Metro Dist # 2 Solaria Metro Dist # 3 Residential Service Obligation Mill Levy Commercial Service Obligation Mill Levy REVENUES General Developer Cost Recovery Advance SMD #1 Prop Tax - Operating SMD #1 Specific Ownership Taxes SMD #2 Operations Costs Payment SMD #3 Operations Casts Payment Interest Income Total General Operating g Ice Skate Rental Income €� Loading Dock Income i3 W Total Operating TOTAL REVENUES GENERAL & ADMIN EXPENDITURES Accounting Audit Elections General Engineering Financial Planning Insurance Legal Miscellaneous Office Overhead & Expense Treasurer's Fees Contingency Contributions to SMD 2 and 3 Capitalized Overhead TOTAL G&A EXPENDITURES Cal Yr Cal Yr 9 Months 9 Months Cal Yr 2009 2010 Variance Cal Yr Ended Ended Variance 2011 Audited Adopted Favorable 2010. 09/30/10 09/30/10 Favorable Adopted Actual Budget (Unfav) Forecast Actual Budget Unfav Budget 9,360 9,360 9,360 9,360 9,360 3,039,250 3,039,250 13,745,540 2,453,490 838,390 838,390 3,391,720 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 87,505 260,437 14,179 274,615 64,495 74,557 (10,062) 203,358 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 96 24,501 1,746 26,247 0 24,501 (24,501) 131,947 24,793 2,271 397 2,668 0 2,271 (2,271) 27,794 820 23 0 23 23 17 6 23 113,214 287,232 16,321 303,554 64,518 101,347 (36,829) 363,122 0 61,750 0 61,750 0 0 0 232,000 0 1,000 0 1,000 0 400 (400) 3,000 0 62,750 0 62,750 0 400 (400) 235,000 113,214 349,982 16,321 366,304 64,518 101,747 (37,229) 596,122 44,072 44,873 0 44,873 21,302 33,655 12,352 44,873 7,000 7,210 (386) 7,596 7,596 7,210 (386) 7,596 0 0 (1,301) 1,309 1,301 0 (1,301) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,890 2,050 (4,548) 6,598 6,598 2,050 (4,549) 10,000 36,016 30,900 0 30,900 18,854 23,175 4,321 30,900 51 515 (207) 722 722 386 (336) 515 0 515 0 515 0 515 515 515 0 0 0 0 0 0 0 0 0 2,500 0 2,500 0 2,500 2,500 2,500 9,689 0 (9,879) 9,879 9,879 0 (9,879) 0 0 0 0 0 0 0 0 0 98,717 88,563 (16,321) 104,884 66,253 69,491 3,238 96,899 PAGE 2 SOLARIS METROPOLITAN DISTRICT #1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED GENERAL FUND, CONTINUED OPERATING EXPENDITURES Ice Rink Expenditures Ice Rink Expenditures Plaza and Promenade Expenditures Contract Labor - Cleaning & Maintenance Snowmelt - Promenade Snowmelt - Plaza Trash Removal Utilities - Gas for Firepits Utilities - Lighting Plaza Expenditures Roads Expenditures Snowmelt - Village Center (pd. to Town) Snowmelt - East Meadow (HOA allocation) Snow Melt - Porte Cochere Porte Cochere Repairs & Maintenance Roads Expenditures Loading Dock Expenditures (Y1 Contract Labor - Cleaning & Maintenance Trash Removal Utilities - Electricity U Snowmelt Loading Dock Expenditures Landscaping Expenditures Contract Labor - Landscaping Maint. Irrigation Water Landscaping Replacement Fund Landscaping Expenditures Operating Contingency Operating Contingency TOTAL OPERATING EXPENDITURES TOTAL EXPENDITURES REVENUE OVER (UNDER) EXPEND. OTHER FINANCING SOURCES and (USE; Repayment of Developer Advances Replacement Reserve TOTAL OTHER FINANCING SOURCES FUND BALANCE - BEGINNING FUND BALANCE - ENDING SEE ACCOMPANYING ACCOUNTANTS REPORT Printed: 01124/11 Modified Accrual Basis Cal Yr Cal Yr 9 Months 9 Months Cal Yr 2009 2010 Variance Cal Yr Ended Ended Variance 2011 Audited Adopted Favorable 2010 09130110 09130/10 Favorable Adopted Actual Bu. daet (Unfav) Forecast Actual Budq f Unfay l Budget 0 1 70,780 0 70,780 0 0 0 216,687 0 12,000 0 12,000 0 4,800 4,800 28,800 0 12,000 0 12,000 0 0 0 27,000 35,000 0 35,000 0 0 81,000 1,000 0 1,000 ..400 400 2,400 0 240 0 240 0 96 96 576 0 2,400 0 2,400 0 960 960 5,760 0 62,640 0 62,640 0 6,256 6,256 145,536 0 14,000 0 10,000 0 0 0 24,000 0 18,000 0 18,000 0 0 0 5,000 0 5 0 0 13,000 1,000 0 1,000 400 400 3,000 0 1 34,000 0 34,000 0 400 400 40,000 0 18,000 0 18,000 0 7,200 7,200 18,000 0 1,000 0 1 0 400 400 1,000 0 1,000 0 1,000 0 400 400 1 2,000 0 2,000 0 0 2,000 0 22,000 0 22,000 0 8,000 8,000 22,000 0 20,000 0 20,000 0 16,000 16,000 20,000 0 2,000 0 2,000 0 1,600 1,600 2,000 0 0 0 0 0 0 22,000 0 22,000 0 17,600 17,600 22,000 5,000 6 211,420 0 211,420 0 32,256 32,256 451,223 98,717 299,982 (16,321) 316,304 66,253 101,747 35,494 548,122 14,497 50,000 32,643 50,000 1,735 0 72,723 50,000 i) 0 0 0 0 0 0 0 0 0 (50,000) 0 (50,000) 0 0 0 (50,000) 0 (50,000) 0 (50,000) 0 0 0 (50,000) 0 2,327 0 2,327 14,497 2,327 12,170 2,327 14,497 2,327 32,643 2,327 12,763 2,327 10,436 2,327 Note: Page 1 Balance sheet not used for budgets PAGE 3 SOLARIS METROPOLITAN DISTRICT #1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/24111 BUDGET, ACTUAL_ AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis CAPITAL IMPROVEMENTS FUND REVENUES Interest income - Cap Fund TOTAL REVENUES CAPITAL EXPENDITURES Road Improvements E Meadow Dr Village Center Dr S Frontage Rd Landscape and Site Improvements Promenade Loading Dock & Porte Cochere Ice Rink and Public Art Features Prof Sery . : Eng;Const Mgmnt Engineering 1 Construct Nolte Capital Projects Interest Expense Capitalized Accounting Captalized Legal Capital Expenditures, Future TOTAL CAPITAL EXPENDITURES w w REVENUE OVER (UNDER) EXPEND. OTHER FINANCING SOURCESI(USES) Issuance SMD # 1 Bonds Cost of Issuance LOC Risk Payment Xfer to D/S fund - Cap Interest Xfer to DIS fund - Cap Expense Xfer to DIS fund - Reserve Fund Developer Advances Repayment of Developer Advances TOTAL OTHER FINANCING SOURCES Revenue and Other Sources over Expenditures and other Uses FUND BALANCE - BEGINNING FUND BALANCE - ENDING SEE ACCOMPANYING ACCOUNTANT'S REPORT Cal Yr Cal Yr 9 Months 9 Months Cal Yr 2009 2010 Variance Cal Yr Ended Ended Variance 2011 Audited Adapted Favorable 2010 09/30110 09/30/10 Favorable Adopted Actual Bud et Unfav Forecast Actual Budgie t Unfav Budaet 74,229 5,825 0 5,825 1,472 4,369 (2,897) 2,913 74,229 5,825 0 5,825 1,472 4,369 (2,897) 2,913 8,098 0 5,346 0 (5,346) 3,370 0 2,224 0 (2,224) 65,937 0 41,613 0 (41,613) 378,296 0 18,205 0 (18,205) 681,950 0 222,318 0 (222,318) 900,691 0 280,350 0 (280,350) 3,349,026 0 983,370 0 (983,370) 2,558,431 0 645,964 0 (645,964) 51,310 24,000 0 24,000 16,480 18,000 1,520 32,533 13,555 15,294 0 15,294 4,512 11,471 6,959 5,004 4,222 0 4,222 23 3,167 3,144 0 11,517,798 483,623 11,034,175 0 11,517,798 11,517,798 8,015,669 11,561,314 483,623 11,077,691 2,252,938 11,550,435 9,330,031 0 (7,941,440) (11,555,489) (483,623) (11,071,866) (2,251,466) (11,546,066) 9,294,600 2,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,015,000 65,000 10,080,000 0 10,004,623 (10,004,623) 0 0 0 0 0 0 0 0 0 0 10,015,000 65,000 10,080,000 0 10,004,623 (10,004,623) 0 (7,941,440) (1,540,489) (418,623) (991,866) (2,251,466) (1,541,444) (710,022) 2,913 8,934,552 1,541,444 (548,332) 993,112 993,112 1,541,444 (548,332) 1,246 993,112 955 (966,956) 1,246 J (1,258,354) , 5 , 55 4,1 PAGE SOLARIS METROPOLITAN DISTRICT #1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/24/11 BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis DEBT SERVICE FUND Assessed Valuation Solarls Metro Dist # 1 Solaris Metro Dist # 2 Solaris Metro Dist # 3 Total Residential Debt Service Mill Levy Commercial Debt Service Mill Levy REVENUES SMD #1 Prop Tax - Debt Service SMD #2 Bond Costs Payment SMD #3 Bond Costs Payment SMD #1 Specific Ownership Taxes Interest income - Debt Service Reserve Interest Income - Other TOTAL REVENUES EXPENDITURES Bond Interest and Swap Pmts 2008 Bonds g Bond Principal 2008 Bonds 9 Letter of Credit Fees 2008 Bonds N W Remarketing Fees 2008 Bonds Paying Agent Fees Draw Fees Treasurer's Fees Contingency TOTAL EXPENDITURES REVENUE OVER (UNDER) EXPEND. OTHER FINANCING SOURCES and (USE Developer Cash Advance Xfer from Cap Imp fund - Cap Interest Xfer from Cap Imp fund - Cap Expense Xfer from Cap Imp fund - Reserve Fund TOTAL OTHER FINANCING SOURCES FUND BALANCE - BEGINNING FUND BALANCE - ENDING SEE ACCOMPANYING ACCOUNTANTS REPORT Components of Fund Balance Capitalized Interest 8, DS Tax Rev Swap Payment Fund Capitalized Expense Fund Debt Service Reserve Fund Reserved for Future Debt Service Cal Yr C Cal Yr 9 9 Months 9 9 Months C Cal Yr 2009 2 2010 V Variance C Cal Yr E Ended E Ended V Variance 2 2011 Audited A Adopted F Favorable 2 2010 9 9130110 9 9130110 F Favorable A Adopted Actual B Budget ( (Unfav) F Forecast A Actual B Budget U Unfav B Budget 9,360 9 9,360 9 9,360 9 9,360 9,360 3 3,039,250 3 3,039,250 1 13,745,540 2,453,490 8 838,390 8 838,390 3 3,391,720 2,462,850 3 17,137,260 41.670 4 50.000 25.000 2 27.000 2 27.000 5 50.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 394 1 138,145 ( (845) 1 137,300 0 0 0 0 0 0 6 690,713 61,984 2 22,863 ( (127) 2 22,736 0 0 0 0 0 0 1 170,434 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 53,208 8 84,516 ( (9,199) 7 75,317 7 70,689 6 63,387 7 7,302 7 75,317 115,586 2 245,524 ( (10,171) 2 235,353 7 70,689 6 63,387 7 7,302 9 936,464 1,110,911 1 1,146,000 1 132,599 1 1,013,401 6 688,702 7 764,000 7 75,298 1 1,146,000 0 0 0 0 0 0 0 407,331 4 400,241 0 0 4 400,241 2 202,344 3 300,180 9 97,837 4 400,241 76,400 7 76,400 0 0 7 76,400 0 0 0 0 0 0 7 76,400 6,500 6 6 0 0 6 6 3 3 5 5,021 1 1,521 6 6,500 2,640 0 0 2 2,640 1 1,980 1 1,980 0 0 2 2,640 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 20,000 2 20,000 0 0 0 0 0 0 0 0 1,601,142 1,651,976 1 152,599 1 1,499,377 8 896,526 1 1,071,182 1 174,656 1 1,637,781 55 1 (1,406,452) 1 142,428 ( (1,264,024) ( (825,836) ( (1,007,795) 1 181,958 ( (695,317) PAGE 5 SOLARIS METROPOLITAN DISTRICT #1 Investment in Capital Assets, Net Accounts Payable 103,646 2,636 25,278,725 COMBINED BALANCE SHEET Net Assets - Capital /Service Oblig 106,282 Due to Solaris PO for Operations 234,083 Printed: 01/25/12 October 31, 2011 Retainage Payable Net of Developer Advance for Operations 0 0 Deferred Property Tax Revenue 0 17,131 4,831 2,076,041 123,216 0 2,221,218 DEBT CAPITAL FIXED 27,423,096 TOTAL LIABILITIES AND GENERAL OPERATIONS SERVICE IMPROVE ASSETS 1,074,454 ASSETS FUND FUND FUND FUND & LT DEBT TOTAL Csafe 22,012 0 Swap Payable 0 22,012 Alpine Bank / Cash Drawer Remarketing Fee Payable 1,155 0 1,155 UMB - Bond Revenue Fund 0 0 Interest Rate Swap 0 UMB - Cap Int bond Fund 0 Accrued Liabilities 6,279 0 UMB - Cap Exp Bond Fund 0 0 33,228,401 33,568,766 0 UMB - Revenue Fund 0 37,322 37,322 RB Canada - GIC Reserve Fund 0 2,260,400 2,260,400 UMB - Swap Payment 0 0 Cash Due From (To) Other Funds 98,465 (221,681) 123,216 0 Property Taxes Receivable 0 0 Accounts Receivable - Developer 0 0 0 Accounts Receivable - SMD #2 0 0 0 0 Accounts Receivable - SMD #3 0 0 0 Prepaid Insurance/ Security Deposits 300 6,311 6,611 Capital Assets 23,891,725 23,891,725 Accum Depreciation /Amort 0 Capitalized Loan Issue Costs, Net 1,387,000 1,387,000 Developer Advance - Note Payable 0 Capital Oblig Recbl from SMD #2 30,133,463 30,133,463 Capital Oblig Recbl from SMD #3 2,907,615 2,907,615 Service Oblig Recbl from SMD #2 314,238 314,238 Service Oblig Recbl from SMD #3 30,321 30,321 TOTAL ASSETS 120,777 7,466 2,076,041 123,216 58,664,362 60,991,862 LIABILITIES AND NET ASSETS Investment in Capital Assets, Net Accounts Payable 103,646 2,636 25,278,725 0 Net Assets - Capital /Service Oblig 106,282 Due to Solaris PO for Operations 234,083 33,385,637 0 234,083 Retainage Payable Net of Developer Advance for Operations 0 0 Deferred Property Tax Revenue 0 17,131 4,831 2,076,041 123,216 0 2,221,218 0 Accrued Interest Payable 123,216 25,435,961 27,423,096 TOTAL LIABILITIES AND 0 Develop Advance - Note Payable NET ASSETS 1,074,454 1,074,454 Bonds Payable SEE ACCOMPANYING ACCOUNTANT'S REPORT = _ _ 30,560,000 30,560,000 Bonds Payable interest 0 0 Swap Payable 0 0 Remarketing Fee Payable 0 0 Facility Fee Payable 0 0 Interest Rate Swap 1,587,668 1,587,668 Accrued Liabilities 6,279 6,279 TOTAL LIABILITIES 103,646 236,719 0 0 33,228,401 33,568,766 NET ASSETS Investment in Capital Assets, Net 25,278,725 25,278,725 Net Assets - Capital /Service Oblig 33,385,637 33,385,637 Net of related Debt (33,228,401) (33,228,401) Net of Developer Advance for Operations (234,083) (234,083) Unrestricted Net Assets 17,131 4,831 2,076,041 123,216 0 2,221,218 TOTAL NET ASSETS 17,131 (229,253) 2,076,041 123,216 25,435,961 27,423,096 TOTAL LIABILITIES AND NET ASSETS 120,777 7,466 2,076,041 123,216 58,664,362 60,991,862 SEE ACCOMPANYING ACCOUNTANT'S REPORT = _ _ _ _ _ PAGE 4/3/2012 2 -b -1 SOLARIS METROPOLITAN DISTRICT #1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/25/12 BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis GENERALFUND Assessed Valuation Solaris Metro Dist # 1 Solaris Metro Dist # 2 Solaris Metro Dist # 3 Residential Service Obligation Mill Levy Commercial Service Obligation Mill Levy REVENUES Developer Cost Recovery Advance SMD #2 Operations Costs Payment SMD #3 Operations Costs Payment Interest Income Total Revenues GENERAL & ADMIN EXPENDITURES Accounting Audit Elections General Engineering Financial Planning Insurance Legal Interest Expense Miscellaneous Contingency Contributions to SMD 2 and 3 Capitalized Overhead TOTAL G&A EXPENDITURES REVENUE OVER (UNDER) EXPEND. OTHER FINANCING SOURCES and (USE: Repayment of Developer Advances Replacement Reserve Transfer to Operations Fund TOTAL OTHER FINANCING SOURCES FUND BALANCE - BEGINNING FUND BALANCE - ENDING SEE ACCOMPANYING ACCOUNTANT'S REPORT Cal Yr Cal Yr 10 Months 10 Months Cal Yr 2010 2011 Variance Cal Yr Ended Ended Variance 2012 Audited Adopted Favorable 2011 10/31/11 10/31/11 Favorable Adopted Actual Budget (Unfav) Forecast Actual Budget Unfav Budget 9,360 9,360 9,360 8,720 3,039,250 13,745,540 13,745,540 28,290,810 838,390 3,391,720 3,391,720 5,663,960 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 64,495 0 0 0 30,480 131,947 0 131,947 135,272 131,947 3,324 278,127 8,412 27,794 0 27,794 33,325 27,794 5,532 50,630 32 23 0 23 30 19 11 23 103,420 159,764 0 159,764 168,627 159,760 8,867 328,780 30,174 44,873 14,873 30,000 22,644 37,394 14,751 15,000 7,596 7,596 57 7,539 7,539 7,596 57 7,539 1,301 0 0 0 0 0 0 1,500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6,598 10,000 (742) 10,742 10,742 10,000 (742) 11,064 33,375 30,900 (7,161) 38,061 38,061 25,750 (12,311) 15,000 776 0 0 0 0 847 1,030 1,030 0 0 858 858 0 0 2,500 2,000 500 0 2,500 2,500 0 9,879 0 (9,882) 9,882 9,882 0 (9,882) 9,882 0 0 0 0 0 0 0 0 90,546 96,899 175 96,724 88,868 84,098 (4,770) 59,985 12,874 62,865 175 63,040 79,759 75,662 4,097 268,795 0 0 90,000 (90,000) (90,000) 0 (90,000) (265,000) 0 (50,000) (50,000) 0 0 0 0 (12,865) 0 (62,865) 40,000 (90,000) (90,000) 0 (90,000) (265,000) 14,497 2,327 25,044 27,371 27,371 2,327 25,044 412 27,371 2,327 64,869 412 17,131 77,989 (60,858) 4,207 PAGE 2 4/3/2012 Final Cent Final Cent Final Cent Reducing meeting dates ?011 Forecast 3oard member election 3ased on 2011 plus 3% Reducing meeting dates ?011 forecast 2 -b -2 SOLARIS METROPOLITAN DISTRICT #1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/25/12 BUDGET. ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis OPERATING FUND Operating Ice Skate Rental Income Loading Dock Income Skate Shop Rent Income Special Event Income Sponsorship Developer Cost Recovery Advance Total Operating OPERATING EXPENDITURES Bank Fees Cash Short (Sales Tax not Collected) Credit Card Fees Insurance Expense Janitorial Expense/ Trash Misc Expense Rent & CAM Repairs and Maintenance Supplies Skate Shop Contract Labor Skate Shop Supplies Utilities - Shop Utilities - Electricity Utilities - Gas Utilities - Water Zamboni Maint. And Fuel Turf Contingency Ice Rink Expenditures Cal Yr Cal Yr 0 10 Months 10 Months 0 Cal Yr 2010 2011 Variance Cal Yr Ended Ended Variance 2012 Audited Adopted Favorable 2011 10/31/11 10/31/11 Favorable Adopted Actual Budget (Unfav) Forecast Actual Budget Unfav Budget 0 232,000 (192,000) 40,000 32,127 232,000 (199,873) 38,338 0 3,000 (3,000) 0 2,500 (2,500) 0 0 11,394 11,394 13,292 0 13,292 14,115 0 1,587 1,587 1,190 0 1,190 1,587 0 0 45,000 203,358 91,642 295,000 234,083 55,050 179,033 178,000 0 438,358 (90,377) 347,981 280,693 289,550 (8,858) 277,040 0 (240) 240 234 0 (234) 240 0 (1,896) 1,896 1,896 0 (1,896) 0 0 7,656 5,812 1,844 1,291 7,656 6,365 1,800 0 (10,551) 10,551 10,551 0 (10,551) 5,880 0 (2,703) 2,703 1,477 0 (1,477) 1,344 0 (573) 573 430 0 (430) 0 0 68,661 (19,570) 88,231 73,161 22,887 (50,274) 85,624 10,350 10,350 0 8,625 8,625 10,000 1,500 1,433 67 50 1,250 1,200 1,200 0 143,600 134,526 9,074 9,074 95,733 86,660 16,630 0 0 1,200 0 2,550 1,429 1,121 457 1,700 1,243 1,121 24,760 (21,661) 46,421 36,245 16,507 (19,739) 32,771 147,576 (2,559) 150,135 113,565 98,384 (15,181) 112,885 2,000 (3,783) 5,783 4,145 1,333 (2,811) 3,685 0 0 1,450 (23,286) 23,286 23,286 0 (23,286) 0 42,570 37,570 5,000 35,475 35,475 0 451,223 104,298 346,925 275,862 289,550 13,688 275,830 REVENUE OVER (UNDER) EXPEND. 0 (12,865) (194,675) 1,055 4,831 0 4,831 1,210 OTHER FINANCING SOURCES and (USE: Developer Advances Transfer from General Fund TOTAL OTHER FINANCING SOURCES FUND BALANCE - BEGINNING FUND BALANCE - ENDING SEE ACCOMPANYING ACCOUNTANT'S REPORT 0 0 0 0 0 12,865 0 12,865 0 0 0 0 0 0 (0) 0 (0) (0) 0 0 0 1,055 (0) (0) (194,675) 1,055 4,831 0 4,831 2,265 PAGE 3 4/3/2012 'rior Year 'rior Year 'rior Year Cadillac 'rior Year Forecast Should be $0 'rior Year Need to review 'er Mike Schedule 'er Mike Schedule per Agreement 'er Mike Schedule 'er Mike Schedule 'er Mike Schedule 'er Mike Schedule 'er Mike Schedule 'er Mike Schedule 'er Mike Schedule 'er Mike Schedule 'er Mike Schedule Replace every 4- 5 years 2 -b -3 SOLARIS METROPOLITAN DISTRICT #1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/25/12 BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis CAPITAL IMPROVEMENTS FUND REVENUES Interest income - Cap Fund TOTAL REVENUES CAPITAL EXPENDITURES Road Improvements E Meadow Dr Village Center Dr S Frontage Rd Landscape and Site Improvements Promenade Loading Dock & Porte Cochere Ice Rink and Public Art Features Prof Sery : Eng,Const Mgmnt Engineering / Construct Nolte Capital Projects Interest Expense Capitalized Accounting Captalized Legal Capital Expenditures, Future TOTAL CAPITAL EXPENDITURES REVENUE OVER (UNDER) EXPEND. OTHER FINANCING SOURCES /(USES) Issuance SMD # 1 Bonds Cost of Issuance LOC Risk Payment Xfer to D/S fund - Cap Interest Xfer to D/S fund - Cap Expense Xfer to D/S fund - Reserve Fund Developer Advances Repayment of Developer Advances TOTAL OTHER FINANCING SOURCES Revenue and Other Sources over Expenditures and other Uses FUND BALANCE - BEGINNING FUND BALANCE - ENDING SEE ACCOMPANYING ACCOUNTANT'S REPORT Cal Yr Cal Yr 10 Months 10 Months Cal Yr 2010 2011 Variance Cal Yr Ended Ended Variance 2012 Audited Adopted Favorable 2011 10/31/11 10/31/11 Favorable Adopted Actual Budget Unfav Forecast Actual Budget Unfav Budget 1,473 2,913 0 2,913 1 2,427 (2,426) 0 1,473 2,913 0 2,913 1 2,427 (2,426) 0 (4,249) 0 0 0 0 (1,768) 0 0 0 0 (33,362) 0 0 0 0 (92,777) 0 0 0 0 95,748 0 0 0 0 124,329 0 0 0 0 505,380 0 0 0 0 590,985 0 0 0 0 16,480 0 0 0 0 31,758 0 0 0 5,144 0 0 0 0 1,161 0 0 0 0 0 0 0 0 0 1,238,829 0 0 0 0 0 0 0 (1,237,355) 2,913 0 2,913 1 2,427 (2,426) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 367,459 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 367,459 0 0 0 0 0 0 0 (869,896) 2,913 0 2,913 1 2,427 (2,426) 0 993,112 1,246 121,970 123,215 123,215 1,246 121,970 126,128 123,215 4,158 121,970 126,128 123,216 3,673 119,543 126,128 PAGE 4 4/3/2012 2 -6 -4 SOLARIS METROPOLITAN DISTRICT #1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/25/12 BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis DEBT SERVICE FUND Assessed Valuation Solaris Metro Dist # 1 Solaris Metro Dist # 2 Solaris Metro Dist # 3 Total Residential Debt Service Mill Levy Commercial Debt Service Mill Levy REVENUES SMD #1 Prop Tax - Debt Service SMD #2 Bond Costs Payment SMD #3 Bond Costs Payment SMD #1 Specific Ownership Taxes Interest income - Debt Service Reserve Interest Income - Other TOTAL REVENUES EXPENDITURES Bond Interest and Swap Pmts 2008 Bonds Bond Principal 2008 Bonds Letter of Credit Fees 2008 Bonds Remarketing Fees 2008 Bonds Paying Agent Fees Cash Management Fees Draw and Cash Management Fees Contingency TOTAL EXPENDITURES REVENUE OVER (UNDER) EXPEND. OTHER FINANCING SOURCES and (USE: Developer Cash Advance Xfer from Cap Imp fund - Cap Interest Xfer from Cap Imp fund - Cap Expense Xfer from Cap Imp fund - Reserve Fund TOTAL OTHER FINANCING SOURCES FUND BALANCE - BEGINNING FUND BALANCE - ENDING SEE ACCOMPANYING ACCOUNTANT'S REPORT Components of Fund Balance Capitalized Interest & DS Tax Rev Swap Payment Fund Capitalized Expense Fund Debt Service Reserve Fund Reserved for Future Debt Service Cal Yr Cal Yr 10 Months 10 Months Cal Yr Cal Yr 2010 2011 Variance Cal Yr Ended Ended Variance 2012 2013 Audited Adopted Favorable 2011 10/31/11 10/31/11 Favorable Adopted Prelim Actual Budget (Unfav) Forecast Actual Budget Unfav Budget Budget 9,360 9,360 9,360 8,720 8,720 3,039,250 13,745,540 13,745,540 28,290,810 28,290,810 838,390 3,391,720 17,137,260 50.000 3,391,720 17,137,260 50.000 5,663,960 5,663,960 3,877,640 33,954,770 33,954,770 45.004 50.000 50.000 27.000 50.000 50.000 50.000 50.000 0 0 0 0 0 0 0 0 0 137,173 690,713 0 690,713 687,980 690,713 (2,733) 1,421,613 1,421,613 22,714 170,434 0 170,434 169,468 170,434 (966) 284,614 284,614 0 0 0 0 0 0 0 0 0 76,644 75,317 0 75,317 37,587 37,658 (71) 75,317 75,317 32,533 0 0 0 269,065 936,464 0 936,464 895,035 898,806 (3,770) 1,781,544 1,781,544 1,010,407 1,146,000 0 1,146,000 807,925 859,500 51,576 1,146,000 1,125,000 0 0 0 560,000 400,000 405,799 400,241 0 400,241 204,567 300,180 95,613 400,241 272,012 76,400 76,400 0 76,400 76,400 0 (76,400) 76,400 74,000 6,500 6,500 0 6,500 5,000 4,875 (125) 6,500 6,500 0 (50) 50 35 0 (35) 100 2,640 2,640 0 2,640 2,420 1,980 (440) 2,640 2,640 0 0 0 0 0 0 1,501,747 1,631,781 (50) 1,631,831 1,096,347 1,166,535 70,188 2,191,881 1,880,152 (1,232,682) (695,317) (50) (695,367) (201,312) (267,730) 66,418 (410,337) (98,608) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,510,035 2,246,011 31,342 2,277,353 2,277,353 2,246,011 31,342 1,581,986 1,171,649 2,277,353 1,550,694 31,292 1,581,986 2,076,041 1,978,281 97,760 1,171,649 1,073,041 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,260,400 2,260,400 2,260,400 2,260,400 2,260,400 2,260,400 16,953 709,706 1,550,694 678,414 1,581,986 184,359 2,076,041 1,088,751 1,187,359 2,277,353 1,171,649 1,073,041 PAGE 5 4/3/2012 BUDGET ASSUMPTIONS 'relim 2011 AV 'relim 2011 AV 'relim 2011 AV DA Davidson Finl DA Davidson Finl 3.75% interest rat 1:25% Outstandin 2 -6 -5 SPONSORSHIP AGREEMENT THIS SPONSORSHIP AGREEMENT (this "Agreement "), effective as of December 1, 2011 (tie "Effective Date "), between The Vail Corporation dba Vail Resorts Management Company ( "VRMC" or "Vail "), and Solaris Commercial Owner, LLC, a Delaware limited liability company ( "Solarls "). BACKGROUND A. 'Vail has ontored a long term corporate sponsorship agreement with -the Cadillac Division of General Motors, LLC ( "Cadillac "). B. Solaris owns and operates the Solaris commercial complex in Vail, Colorado, C. Vail desires to purchase sponsorship and promotional benefits floor Solaris for the benefit of Cadillac. AGREEMENT NOW THEREFORE, for good rind valuable consideration, the receipt and sufficiency of Nvliich are hereby acknowledged, Vail and Solaris hereby agree as follows:- ' 1. TERM; TERiV WATION This Agreement starts on the Effective Date and ends on July 31, 2014 (the "Terra'). Either party may terminate this'Agreement.if the other party materially brenolios the Agreement and fails to care such breach within 30 days of receiving written notice from (lie non - breaching pain=. In addition, Vail may terminate this Agreement if its corporate sponsorship agreement with Cadillac expires or terminates for any reason, provide([ that Vail first provides Solaris with 60 days written notice and provlded that Solaris is compensated for any Benefits provided to Vail prior to the termination. Li no event shall Solaris be required'to refund any Fees (as hereinafter defnned in Section 2) paid in advance to Solaris, 2. FEES In exchange for the Benefits (defined below), Vail will pay Solaris the following sponsorship fees (the "Fees "): Contract'Yenr Perlod Amowrt .Contract Year 1 Execution - 7/31/12 $50,000 Contract Year 2 8/1/12 - 7/31/13 $50,000 Contract Year 3 8/1/13 —7/31/14 $50,000 Fees for Contract Year 1 shall be simultaneous with the execution of this Agreement. Fees for each subsequent Contract Year slial I be due oil the first day of the Cotttr iet Year without notice, setoff, of - demand, 3. PROMOTIONAL BENEFITS EXCLUSIVITY Solaris will provide, or cause its Designee($) to provide, the sponsorship and promotional benefits described in xhibit A to Vail (the "Benefits "). The rights and benefits describer( in this Agreement are exclusive to the Cadillac brand. Solaris will not enter into ally similar promotional agreement daring the Term with any competing automobile manufacturer, distributor or dealer. Cadillac will be the exclusive hospitality vehicle and automotive marketing and promotional partner of Solaris during tile, Term. 4. VEHICLES, 504(8123 AK +.KKKK /.KKKKKKKAS I a. Loaned Vehicles Commencing no later than two (2) days front the Effective Date and thereafter throughout the Ternt, Vail will loan to Solaria, and Solarls will use, the two (2) hospitality vehicles Identified in Exti. A ( "Loaned Vehicles "), The Loaned Vehicles may only be used as guest hospitality vehicles at the Solaria residential and commercial complex in Vail, Colorado, prior to receipt of the Loaned Vehicles, Solaris will execute and deliver to Vail a copy of the-Loan of Vehicle Terms and Conditions and Vehicle .Receipt, attached as Bx1iI i B. In addition, prior to allotiving any Individual Solarls personnel to drive a Loaned Vehicle, Solaria will require that individual to sign a copy of General Motors &A Driving Progrean Driver Conduct Requirernerrts, which are attached as Exhibit C. Solaria wil I deliver copies of the signed forms to Vail upon request. : b, Static Display Vehicles Solaria shall allow no less than two (2) current model Cadillac static display. vehicles to be placed on the Solaris complex In Vail, Colorado as further described in xhibit A ("Dlspiny Vehicles "), Display Vehicles will be for display purposes only and may not be driven or used for any other purpose without Vail's permission, The .Display Vehicles are, and shall remain, the property of Cadillac. Solaris will not tamper, disconnect, or otbenvise interfere with the operation of the odometer, emission control equipment, or any other equipment on the Display Vehicles. Vail shall cause the appearance of the Display Vehicles to be maintained to a level consistent with that of a first -class retail complex such as Solaris. In no event shall any of the Solaris Parties be responsible for any damage to the Display Vehicles except In. the case of their wil Ifttl misconduct. 5, ICE RINK CQYBR In consideration of Vail's payment of the Bees, Solaris shall provide, at its cost and expense (except as provided below) a cover for the Solaris Ice skating rink (the "Ice R1111c Covet "'), During the Term, the Ice Rink Cover shall include the Cadillac marls. Solaris shall use commercially reasonable efforts to source an Ice Rink Cover with a removable Cadillac mark such that the mark is capable of being removed and/or replaced upon the termination of this Agreement, Vail shall be responsible for the cost of producing and installing the removable Cadillac mark on the Ice Rink Cover, not to exceed $1,000, which amount shall be payable to Solaris within fifteen (15) days of Solaris written request therefor. Solaris' use of the Ice Rink Cover shall be In Solaris' sole and absolute discretion, provided (fiat during the Terns Solaris shall not be permitted to use an ice rink cover other than the Ice Rink Cover. 6, TRADEMARKS a. Solarls expressly recognizes and agrees that the names, logos, and trademarks of Vail and Cadillac are the sole property of Vail and Cadillac, respectively. Solaris agrees that all the trademarks have great value and good will and, in, (lie event of a breach of this Section, injury to Vail would be irreparable and, therefore, injunctivo relief to.protect Vail and Cadillac's interests would be appropriate (without limitation as to other damages which might be allowed by law), b. Vail grants to the Solaris Parties a limited, non - exclusive, revocable license to use the Vail and Cadillac marks solely in connection with its obligations under this Agreement and in accordance with the terms of this Agreement. Vail represents and warrants that It has the right to grant the Solaris Parties a sub - license to use the Cadillac marks as described Mersin. c. NmAthstanding the termination of this Agreement or anything to the contrary set forth herein, Vail grants to the Solaris Parties a license to use any Cadillac nnark(s) embedded within the ice of the ice skating rink for the duration of the then current ski season in which the termination takes place, provided . that the Solaris shall have no obligation to use such marks after (lie expiration of the Term, 7. INDEMNIFICATION 504(8123 Aq +.rtAKq /.C4AwdC+lt a. Vail will indemnify Solaris and, if applicable, its Designee's), and their employees, officers, directors, owners, affiliates, agents and assignees and each of their successors -ill- interest (each, an "Iudeni nified Patty ") from all injuries, losses and liabilities in any way arising from (i) any third party claim alleging that Solaris' use of the Vail or Cadillac trademarks constitute intellectual property infringement; (ii) tine negligence of Vail; or (iii) Vail's breach of this Agreaunent. b, - Solaris will indemnify Vail its employees, officers, directors, owners, affiliates, agents and assignees and each of their successors -in- interest (each, ail "Iudernnnified Party ") from (i) all injuries, losses.and liabilities lit any way arising from the operation of the Solaris complex, including the Ice rink, except as such irjuries may result from the sponsorship and promotional benefits provided herein; and (H) the negligence of Solaris; or (iii) Solarls's breach of this Agreement. c, Upon notice from an Indemnlfied Party claiming Indemmtity for a claim or threatened claim, tine indemnifying party will assume defense of the claim and retain counsel reasonably satisfactory to Indemnified Party. fndenunifned Party will cooperate as reasonably requested in the defense and any reasonable costs and expenses incurred by Indemnified Party will be reimbursed by tine indemnifying party, Indemnified Party may retain counsel and participate in any proceeding at its own expense. Indemnifying Party may- not resolve the claim without indemnified party's consent. If Indemnifying Party does not assume defense of the (lain, indemnified party may retain. counsel of its choice at Indemnifying fatty's expense and indemnified party will leave control over the defense and authority to resolve tine claim. This Section will survive any termination or expiration of this Agreement. 8. INSURANCE It. Each patty must carry and maintain, or cause to be maintained on its behalf, at rlo cost to the other party, tine following insurance policies with Insurance companies with an AM Best Rating of no less than A- VII: (i) Commercial General Liability insurance in an occurrence form. in ail amount of no less than $1,000,000 per occurrence and $2,000,000 in the aggregate covering liability arising out bf premises operations, personal and advertising injury, products- eoinpleted operations, contractual liability and independent contractors: (ii) Workers' Compensation insurance as require([ by applicable law- and Employers Liability insurance with a limit of no less than $500,000 each accident for bodily Injury, $500,000 each employee for bodily injury by disease and $500,000 policy limit for disease. b, Each party must provide the other with certificates of insurance evidencing the policies listed above execution of this Agreement. 91 RESIDENTIAL ASSOCIATION• METROPOLITAN DISTRICT OBLIGATIONS a, Solaris may assign certain of its rights and obligations hereunder to The Residences at Solaris Condominium Association (the "Residenntial Association ") and/or the Solaris Metropolitan District (each, a "Designee" and collectively, together with Solaris, the " Solarls Parties "). As a condition of any such assignment, Designee shall agree in writing to assume and abide by the terms and conditions of this Agreement that are applicable to the assumed right or obligation (and also to the general provisions contained in Sections 6,7,8, and lo. of this Agreement), Performance of an obligation by a Designee shall be deemed to satisfy Solaris' obligations with respect to performance of such 9bligation. In the event of such assignment, Solaris shall be r eleased from any and all liability ther eafter accruing hereunder with respect to such obligation and shall have no liability to Vail for such Designee's performance or 11011- performance so long as Solaris makes reasonable efforts to cause such Designee to perform such obligations in accordance with this Agreement. 504(8123 AK +.KKKK /.KKKKKKKAS � b. Notwithstanding the foregoing, should a Designee's failure to perform any obligations assigned to it by Solarls, despite Solaris' efforts to cause such Designee to perform. and through no fault of Vail or Cadillac, materially and adversely affect Vail's Benefits hereunder, the parties shall in good faith negotiate an equitable adjustment to the Fees for any subsequent Contract Year in which the Benefits fail to accrue to Vail or Cadillac. 10. OBNERAL PROVISIONS a. Comp liance wit LaNy. Iii performing its obligations under the Agreement, each party Nvarrants that it will comply with all applicable laws and regulations. b. Authority. Each.party represents that (i) it lies the corporate power and authority to enter into and perform this Agreement; and (ii) exeontion or performance of this Agreement does not breach any other agreement. c. Forgo Majeure No party will be liable for any failure or delay in performance under this Agreement to the exteut solely caused by unseasonable and extreuie weather conditions, fire, unforeseeable changes in govermunernt restrictions, acts of terror, or wars, which makes performance impossible. d. Ooyerniag Low This Agreonient is governed by Colorado law, without regard to its conflicts of laws principles. e. Jurisdiction and Venue Exclusive jurisdiction and venue for any legal action finder this Agreement is the Eagle County District Court or the U.S. District Court for the District of Colorado. the parties. f. ,Amendment Tlic parties may only alter tliis Agreement by written amnemidnneit.signed by g. Relationship of No Third Party Beneficiaries, Nothing In this Agreement creates a partnership, joint venture, or similar relationship between the parties. Neither party may bind the other party or hold itself out as having authority to bind the other party. This Agreement is solely for the benefit of Vail and Solaris and nothing contained in this Agreement shall be deemed to confer upon anyone other than Vail and Solaris any right to insist upon or to enfarce the performance or observance of any of the obligations contained herein. Ii. Assignment; Successors Neither party may assign or delegate its rights or duties under this Agreement without written consent of the other party. This Agreement is binding on the successors and permitted assigns of either party. I. Entire Ag eel meat TAis Agreement contains the entire understanding between the parties relating to the subject described and supersedes all prior agreements, whether written or oral, relating to the same subject. If any part of this Agreement is held invalid in a legal proceeding, then the rest of the Agreement will remain valid. j. Counterparts This Agreement may be executed in counterparts and delivered by . facsimile or other electronic inethod, which taken together form the Agreement and will be binding as If. the original signatures are on one document. k. Notices All notices or deliveries required under this Agreement shall either be given by (I) certified mai I, (ii) overnight courier, directed to the address of Vail or Solarls set forth under their respeotive signatures. All notices so given shall be considemd. effective (i) if by certified mail, three (3) days after deposit, postage prepaid, with the United States Postal Service; or (ii) it by overnight courier, one (1) business day afier deposit with the overnight courier company. Either party may change the address or facsimile number to which future notices shall be sent by notice given hi accordance with this section, 504(8123 Aq {EM - 2 46wdC+lS IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above written. VAIL Title: 64EMO d & Date• Address: 3� e cnr.Atti'� Address: Approved as to Form: Vail Resorts Legal Department Mike Keenan q 501(8123 i !8! ig Solaris Commercial Owner, LLC 141 East Meadoly Drive, Suite 211 Vail, Colorado 81657 Attn: Craig Cohn . 1;XMBIT A Benefits Brand Visibility and Nanning I2tgints, SOLARIS will grant Cadillac the naming rights for tine SOLARIS Ice Rink (tile " Cadlllac Ice mute). The ice rink will be named the "Cadillac Ice Rink at Solaris" or some other similar uutually agreeable name that indicates Cadillac s sponsorship, and the parties shall uSe such flame hi any Materials promoting the ice rink. In connection witli these rlalning rights, Cadillae receive the following benefits: • Highly visible Cadillac brand features integrated into file ice rink surface; • Cadillac logo integration onto the ice rink cover; • Up to six (G) Cadillac logos featured oil premium signage throughout the SOLARIS parking garage; e Cadillac brand signage and logo presence at the ice rink rental shop; • Miscellaneous Cadillac signage elements around the ice rink complex, the location of wltkh shall be determined In Solaris' reasonable discretion; • All signage and branding will be subject to, the reasonable approval of Cadillac, VRMC and SOLARIS, with approvals not to be unreasonably withheld; • All signage production, installation and maintenance costs will be the responsibility of VRMC or Cadillac; o All branding and signage locations, creative and installation will be mutually agreed upon by VRMC and SOLARI$; and • Notwithstanding Solaris' approval, all permitted signage must comply with all requirements established by any governmental or quasi- governmerltaI authority having jurisdiction over the complex or portion thereof, and Vail shall be solely responsible for such compliance. Static Display Velifeles, Solaris will provide prominent placement for vo Display Vehicles in high - trafi'ic locations on the SOLARIS complex. Tile exact location of the Display Vehicles will be mutually acceptable to both parties. Loaned Vehicles, Solaris will use 1wo Loaded Vehicles as the primary guest hospitality vehicles of the Solaris complex. Vehicles will be Bscalade thodet or equivalent model. On -site Prolllotlollal Initiative. Bacll year of tlla Term, SOLAIUS will provide discolnited guest parking for alt guests parking at SOLARIS' garage from the opening of Vail mountain to the public for skiing through December 17 (each, a "Parldug Promotion Period "). SOLARiS has the right to suspend each Parking Promotion period for up to 5 days within each Parking Promotion Period during the Vail Snow Daze event time period. During each Parking Promotion Period, Solaris Nvlll make reasonable commercial efforts to Notify users of the garage that such Parking Promotion Period is sponsored by Cadillac. VRMC will communicate the offer of the Parking Promotion Period via promotional emails to its gnest databases, including EPIC pass (or, if discontinued, the most comparable season pass) holders, throughout each Parking Promotion Period. 504(8123 AK +.KKKK /.KKKKKKKAS EXHIBIT B Loaned Vehicles Terms and Conditions and Vehicle Receipt VRMC ("Vail") agrees to loan tine following Vehicles to SOLARIS during the Term, upon the terms set forth below: VEHICLE t: MAKE: MODEL: VIN: VEHICLE 2: MAKE: MODEL: VIN: - VAIL'S ADDRESS: (Street) (City) Mato) (71p Code) PHONE: () - Terms: The Vehicle(s) Is /are, andslrali remain, the property of General Motors; LLC. 2. At delivery SOLARIS agrees to conduct an hrspection of (lie Vehicle($). If theme Is any dannage to any Vehicle(s), SOLARIS shall Immediately so notify Vail, in writing, prior to taking delivery of the Vehicle. SOLARIS hereby waives, on behalf of itself and any patty claiming by or through SOLARIS, any claim that damages to the Vehicle existed prior to dellveiy to SOLARIS, unless SOURIS provides timely notice of those damages as required.under this paragraph. 3. SOLARIS agrees that: (a) the Vehicle(s) will not be utilized illegally, huproperly, for hire, as a public conveyance or in any ntntnter for any lioliticai purpose whatsoever; (b) the Vehible(s) shalt be driven in a safe and prudent manner by insured, licensed drivers, twenty-one (21) years of age or older who meet the GM Safe Driving Program Driver Conduct Requirements (attached as Exhibit B) and who are officers, directors, or employees of SOLARIS wino are driving the Veh €cic(s) for the liurpose of providing guest hospitality at the SOLARIS complex in Vail, Colorado; (c) SOLARIS shall ensure that no -one modifies, disconnects, or otherwise Interferes with the operation of the odometer, emission control equipment, or any other equipment; (d) SOLARIS iveknowledges receipt of and will obtain flotri each driver of a Vehicle a signed Driver Conduct Requirements form and shall retain each executed form for three (3) years and provide theta to Vail at VON request; (e) SOLARIS will report ALL inoidentslerashes involving a Vehicle to Vail and will follow Instructions provided in the glove compartment of the Vehicle; (f) without limiting or altering any Insurance or indemnification obligations coritahted in this Agreement, SOLARIS will cooperate with Vail and General Motors, LLC in the defense of any claims or lawsuits related to SOLARIS's use or possession of any Vehicle; (g) SOLARIS will not matte any repairs to a Vehicle tivithout the explicit prior consent of Vail; (h) SOLARIS shall be responsible for all fines, forfeitures and penalties Incurred by reason ofthe use ofthe Vehicle(s). 501(8123 4. VAIL•and General Motors, LLC MADE NO WARRANTY OTHRR THAN THAT EXPRESSED IN GENERAL MOTORS' NEW VEHICLR LIMITED WARRANTY, A PRINTED COPY OF WHICH IS FURNISHED WITH THE VEHICLE. SOLARIS may obtain such warranty service as Is necessary and pibvided for under the new vehicle limited warranty. Ordinary operating expenses such as gas, oil, grease, tkerepalr and other hncldentals are the responsibility of SOLARIS, SOLARIS agrees to defend, hidenuiify and hold Vail and General Motors, LLC harmless ftom all claims, liability and expenses arising out of SOLARTS's use or possession of any Loaned Vehicle. In addition SOLARIS agrees to obtain and maintain, at its own expense, comprehensive automobile liability Insurance (covering all owned, non-owned and iihvd vehicles) with limits of not less than $5,000,000 per occurrence combined single limit for personal injury and property damage, including all statutory coverage for all states of operation. SOLARIS will also provide comprehensive (fire and theft) and collision coverage on the Vehicle(s). Prior to reeolpt of the Voltlele(s), SOLARIS will provide Vail with a certificate of insurance evidencing Vail and General Motors LLC as additional insured, stating that such insurance is primary In coverage to any other insurance which may be available to Vail or General Motors LLC, and providing at least thirty (30) days' prior written notice to Vail and General Motors, LLC of cancellation, modification, or material change to tho policy. [SUBJECT TO REVIEW BY SOLARIS' INSURANCE. CONSULTANT] G. At the end of the term of the Agreement, or earlier if requested by Vail in connection with file substitution of the Vehicles, SOLARIS will return the Vehicle(s) to Vail, in the same condition as delivored, reasonable wear and tear excepted (based on GM guidelines). If a Vehicle must be recovered by Vail or requires repairs to restore it to the condition in which It was delivered, then SOLARIS will pay Vail the pests to recover the Vehicle and the costs of any damage based on a repair estimate by a certified appraisal service or dealer. If, in Vail's opinion, a Vehicle cannot or should not be repaired based upon General Motors LLC's policy for repairing/serapping damaged vehicles, Olen the Vehicle must be returned to Vail and SOLARIS will pay Vail the Vehicle's value, based upon the following formula: The amount General Motors LLC would have received if the Vehicle had been sold at auction the month the Vehicle was damaged based on a similar make and model year vehicle with similar mileage, as reasonably determined by GM Remarketing Staff, Fleet and Commercial Operations sale results report, less (i) file salvage value of the VehicIe(s) as determined by Vail based on competitive salvage bid, or (if) $4,000 if there are no salvage bids. 5C4CB123 AK +.KKKK /.KKKKKKKAS � D XHI BiT C General Motors Safe Driving Program Driver Conduct Requirements I tmderstand the loan of this Vehicle is contingent upon my compliance with the following tdrins: 1, 1 aui twenty -one (21) years of age or older. 2. I possess a valid operator's license and will display such license to the vehicle key Issuer at each Vehicle exehango and will comply with all license restrictions. 3. I will never drive while Impaired by alcohol, drugs, medication, illness, fatigue, or h0iv. 4. I am aware of Cite dangers of distracted driving and will obey all local ordinances nu<Uor state laws addressing the use of hand -held communication devices. r 5. I will never read or type text messages or o -mails on my hand -field communication device while driving. 6. I will always use hands -free technology (e.g. OnStar Hands -Free Calling) if I absolutely must place or receive a call while driving. 7. I will ensure the proper use of safety belts and child safety restraints for all occupants. 8. I will obey all applicable motor vehicle laws, codes, and regulations, 9. I will drive in a defensive inanner, anticipating situations whero Incidents are likely to occur. 10, I will refrain from uslug radni /Inser defection devices, 11, I will plan trips by selecting the safest route, depart early enough to observe posted speed and traffic regulations, aiul be mindful of current and forecasted weather conditions. 12. 1 will report all incidents /crashes involving the Vehicle to BSIS (General Motors' Insurance claims administrator) at 1- 800.888 -0154 (direction Is provided in the glove conipartment of the vehicle} and to the DIVISION. 13, 1 will not permit any other person to operate the Vehicle. Furthennore, by signing this receipt and acknowledgment, I verify (lint I have not been convicted within the past five years of any of (lie following motor vehicle violations: I, Driving while operator's license is suspended, revoked, or denied. 2. Vehicular manslaughter, negligent homicide, felonious driving or felony with a vehicle, 3. Operating a vehicle while -Impaired, under the influence of alcohol or Illegal drugs, or refusing a sobriety test, 4. Failure to stop or identify under a crash (includes leaving the scene of a crash; hit and run; giving false Information to an officer), 5. Binding or attempting to elude it law enforcement officer. 6. Traffic violation resulting in death or serious Injury, 5(4(B123 AK +.KAKK /.KKAKKKK•S Any other signit3cant violation %warranting snspension of license. DRIVER's Signattires Print Name; Driver's License Number and State; Date; (Nun►bu) (State) 501(8123 !.!8!.!21 K � TOWN OF VAI!% VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: April 3, 2012 ITEM /TOPIC: Use and Programming of Public Plaza of Solaris PRESENTER(S): Economic Development Office /Kelli McDonald ACTION REQUESTED OF COUNCIL: It is recommended by the Town of Vail Economic Development Office that the GID utilize the existing process and permitting procedures already in place for all other public venues in the Town of Vail. The Town of Vail Special Events Coordinator is the point person for this process. Please see the attached example of the existing special event permit. ATTACHMENTS: GID Memorandum 504(8123 TOWN OF VAIL � Up;! ! Upx o!pdWhjMf of sbriah gspvl n f odEjt L�ddOp /!2! Can ;! Upx o!pdWhjrtFdpopn jd!Ef \Af rpgn f oUPgjdf EbJ ;!! Bglri4- !3123! Tvck dU! Vt f !boe!Qsphsbn n joh!pdQvc#!Qrb{ b!bdTprblt J! VTF !BOE!QSPHSBNNJOH!PG!QVCMD!QIVB[ B!BU!TPIVBSJF! 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TbLvsebz -!29 #tbx of Tvoebz -!27 Mjrtffisn f st QN bd f Uboe!Bsd Tvoebz -!2: Ti px !, !W{ !b id f !N bd f u TbLvsebz -!33 Dpn n vojrz!PvLepps!Zphb!po!d f TbLvsebz -!36 #tbx of V\bjrYG)sn f st ON bsl f dboe!Bal Tvoebz -!37 Ti px !, !W{ !bdd f !N bd f u 501(8123 Lf orbtk4 :.21;26bn 21 bn .4;41 qn 31.Nbs @ Lf orbLk4 :.21;26bn 21 bn .4;41 qn 31.Nbs@ Lf orbtk4 :.21;26bn Lf orbLk4 :.21;26bn 21 bn .4;41 qn Lf orbtk4 :.21;26bn 21 bn .4;41 qn Lf orbLk4 :.21;26bn 21 bn .4;41 qn rf orbLk4 :.21;26bn 21 bn .4;41 qn Lf orbtk4 :.21;26bn 21 bn .4;41 qn Lf orbtk4 :.21;26bn 21 bn .4;41 qn Lf orbLk4 :.22bn 21 bn .4;41 qn Dpn n vojrz!PvLepps!Zphb!po!d f TbLvsebz -!2 #tbx of VWjrtG)sn f st (1N bd f Uboe!Bsd Tvoebz -!3 Ti px ! Dpn n vojrz!PvLepps!Zphb!po!d f TbLvsebz -!9 #tbix of V\bjaGbsn f st QN bd f Uboe!Bsd Tvoebz -!: Ti px !, Dpn n vojrz!Pvrepps!Zphb!po!d f TbLvsebz -!26 #tbx of WhjrtG)si f st ON bsl f dboe!Bsd Tvoebz -!27 Ti px ! X pse!Qf bdf !Ebz!Zphb! TbLvsebz -!33 Df rincsbgpo!po!d f Abx of V f st ON bsl f dboe!Bsd Ti px !!g)s!V \SN !#N bsl f ULp! Tvoebz -!34 Ubcrfr#P.X f f I 501(8123 Lf orbtk4 :.21;26bn 21 bn .4;41 qn 31.Nbs @ Lf orbLk4 :.21;26bn 21 bn .4;41 qn 31.Nbs@ Lf orbtk4 :.21;26bn Lf orbLk4 :.21;26bn 21 bn .4;41 qn Lf orbtk4 :.21;26bn 21 bn .4;41 qn Lf orbLk4 :.21;26bn 21 bn .4;41 qn rf orbLk4 :.21;26bn 21 bn .4;41 qn Lf orbtk4 :.21;26bn 21 bn .4;41 qn Lf orbtk4 :.21;26bn 21 bn .4;41 qn Lf orbLk4 :.22bn 21 bn .4;41 qn Tf uvq!ebLf Qjn f Vail f !ebLf Qjn f Dpor.bdLlObn f Qi pof !$; Df rr1Qi pof !$ 9bn 23bn ! TdpLdCnai n : 81!: 5:.2::: : 81!442.7129 Tf bo!Dspt t 8bn 6qn Bohf rb!Nvf riffs : 81!512.4431 757!347.3266 Kvi*!DrM f ! 9bn 23bn TdpulCrmi n : 81!: 5:.2::: : 81!442.7129 Lf vyo!Ef bo 881!826.7811 881!826.7811 Lf vyo!Ef bo 881!826.7811 881!826.7811 Kvrjb!DrbA f ! Kvrjb!Drbd f ! Kvi*!Drtd f ! 8bn 6qn Bohf rb!Nvf rfis : 81!512.4431 Kvrjb!Drbsl f ! 8bn 6qn Bohf rb!Nvf riffs : 81!512.4431 Kvrjb!Drbsl f ! 8bn 6qn Bohf rb!Nvf riffs : 81!512.4431 Upoz!IVboepo 723!498.: 369 Kvrjb!Drbsl f ! 8bn 6qn Bohf rb!Nvf riffs : 81!512.4431 Kvi*!DrM f ! 8bn 6qn Bohf rb!Nvf rfis : 81!512.4431 501(8123 i !2! i99 501(8123 q####$!.!2!.!23 Kvrjb!Drbd f ! 8bn 6qn Bohf rb!Nvf r6ns : 81!512.4431 N bai b!Csbt t f m : 81!888.3126 : 81!442.7264 Kvrjb!Drbsi f ! 8bn 6qn Bohf rb!Nvf rdns : 81!512.4431 N bsri b!Csbt t f m : 81!888.3126 : 81!442.7264 Kvi*!Drtd f ! Kvi*!Drbd f ! 8bn 6qn Bohf rb!Nvf rfis : 81!512.4431 Nf f !Trf f rfi! ): 81 *!587.: 568!y!376 Kvrjb!DrM f ! 8bn 6qn Bohf rb!Nvf rfis : 81!512.4431 Kvrjb!Drbd f ! 8bn 6qn Bohf rb!Nvf rdns : 81!512.4431 Kvi*!Drtd f ! 8bn 6qn Bohf rb!Nvf rdns : 81!512.4431 Kvrjb!Drbsi f ! 8bn 6qn Bohf rb!Nvf rfis : 81!512.4431 Kvrjb!DrM f ! 8bn 6qn Bohf rb!Nvf rfis : 81!512.4431 Kvrjb!Drbd f ! 8bn 6qn Bohf rb!Nvf riffs : 81!512.4431 501(8123 q####$!.!2!.!23 Fn bjni TPNBSJF!26@ $!pjebzt t crmi n A v4psh op 2 t f boA vbmmm cf t ri\Abripsh op 5 t crmi n A w4psh op 2 1 f \0A hpi ihi V /dpn op 2 1 f \0A hpi ihi V /dpn op 2 bohf rb/n of nMsA n f /dpn Zf t . !2!ebz 2 K/*drbd f 92A hn biridw op kii*drbd f 92A hn bir/Mpn op ki*drhd f 92A hn bir/Mpn op bohf rb/n of *sA n f /dpn op k/*drbd f 92A hn bir/Mm op bohf rb/n of nMsA n f /dpn op ki*drbd f 92A hn bir/Mm op bohf rb/n of *sA n f /dpn op LpozA dbozpvn P\4 /n f op K/i*drbd f 92A hn biridw op bohf rb/n of *sA n f /dpn op ki*drbd f 92A hn bir/Mm op bohf rb/n of nfnsA n f /dpn op 2 501(8123 !. !2!. !24 Ivribdrind A hn biN/dpn op bohf rb✓n of rrtisA n f /dpn op n csbt t f M va4psh op Iv*drhd f 92A hn biddo op bohf rbr/n of fiisA n f /dpn op n csbt t f M vy4psh op IvrODdrbA f 92A hn bir/dpn op Ivrlbdrbsi f 92A hn biridpn op bohf rbr/n of rfisA n f /dpn op rW f MA t t Wof u Zf t !!9!ebzt IvrOdArl f 92A hn bir/dpn op bohf rbr/n of r6nsA n f /dpn op IvrODdrhd f 92A hn biridpn op bohf Ain of rrlfnsA n f /dpn op Ivi*drbA f 92A hn bir/dpn op bohf rb✓n of rrtisA n f /dpn op IvrOpdrInsl f 92A hn birNpn op bohf rb✓n of fiisA n f /dpn op Ivribdrinsl f 92A hn bir/dpn op bohf rbr/n of rrtisA n f /dpn op IvrODdrhd f 92A hn biridpn op bohf rb✓n of fiisA n f /dpn op 2 2 IJ 501(8123 !. !2!. !25 TOWN OF VAIL � Up;! ! Upx o!pdVUhjMf of sbr1ah gspvl n f odEjt ujddOp /!2! Can ;! Upx o!pdVUhjrtFdpopn jd!Ef \Af rpgn f oUPgjdf EbJ ;!! Bglri4- !3123! I Tvck dU! Tprblt !Qrb{ b!VyrA bypo!cz!F4 odQspn pLf st T VU,M[ BU,PO!PG!QVCMD!QIVB[ B! BU !TPIVBSJf!CZ!FVAFOU!QSPNPUFST! Memorandum I Tf \Af sbrtf \Af odgspn pd st !x i p!vyrAf !d f !gvc#!grb{ b!bdTprblt !x f sf !dpoLbdLf e!cz!d f Upx o!pdVUhjrtFdpopn jd!Ef \Af rpgn f oUP gjdf !g)s� j f ecbdl !po!u f !jt t of t !pdt Lbhf !t f uvq! boe!Lf odgrbdf n f odjo!d f !qrb {b /!Cf rpx !jt !d f !jogvdgspvyef e;! I •! Qspn pLf st !i b\Af !cf f o!bcrh!Lp!n byjn j {f !t gbdf !boe!t f Ud opt !ps!t Lbhf t !x i f sf of f of e!Lp!cf t Ut vjdl f !f %f odrbzpvd! •! Ui f !J odt gbdf !po!d f !jdf !jol !hsbt t z!bsf b!jo!u f !t vn n f djt !bef r vbd !g)s!t n brdis! dpodf sd !boe!t yrribrrpx t !g)s!b!21 i!y!21 i!cppd !g)s!hvf t Ut f sgdf t !bt !x f rribt !bo! bsf b!g)s!gf pgrfi!Lp!n johrfi! •! Gpdrbshf ddpodf sd -!u f !ubjrfis!gpsjpo!pdd f !t Lbhf !jt !t f dvq!cf i joe!u f !cpvref st boe!d f !t Lbhf !vog)ret !gpn !d f !gpodLp!dp\Af dd f !cpvref st /!TLbhf !gpoddpn f t !Ivt d Lp!d f !f ehf !pdd f !spbe!boe!d f !cvt !spvLf !jt !opdjn gbdd e!cz!d f !i bsrx bsf -!f \Af o! x jd !cbslf st !t f dvq!jo!gpodpdd f !t Lbhf /!Tpvoe!f r vjqn f odjt !t f dvq!Lp!d f !t jef !pd u f !t Lbhf /!Tqf dLbLpst !bsf !jo!u f !cvt !Ihi Updx bz!g)s!d f !dpodf at !podf !u f z!t Lbgd!! JJjt !opol btjcrfn!Lp!gvdd f !t Lbhf !n psf !d bo!5!pd6!4 f Ugiai f s!cbdl !evf !LP!d f grbod st !boe!pd f djrf n t !d bdbsf !rpdbLf e!jo!d f !qrb{ b /!Sf grbdjoh!u f !cpvref st xjd !sf n p\Abcrfn!cprgnset !x pv re! porn! hbjo!bcpvd60boe!opdn bl f !b!tjhojgdbod ejW I odf !jo!t Lbhf !grbdf n f oil! 501(8123 i i2i i6