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HomeMy WebLinkAbout2013-10-15 Agenda and Support Documentation for Special Session for VRIVAIL TOWN COUNCIL SPECIAL MEETING AGENDA VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 2:00 P.M., OCTOBER 15, 2013 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 1. ITEM/TOPIC: VAIL REINVESTMENT AUTHORITY MEETING - separate meeting. 1) Vail Reinvestment Authority (VRA) 2014 Budget Resolution No. 2, Series of 2013 (15 min. ) PRESENTER(S): Kathleen Halloran ACTION REQUESTED OF COUNCIL: Approve or approve with amendments VRA Resolution No. 2, Series of 2013 BACKGROUND: Provided in separate memo STAFF RECOMMENDATION: Approve or approve with amendments VRA 10/15/2013 VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: October 15, 2013 ITEM/TOPIC: VAIL REINVESTMENT AUTHORITY MEETING - separate meeting. 1) Vail Reinvestment Authority (VRA) 2014 Budget Resolution No. 2, Series of 2013 PRESENTER(S): Kathleen Halloran ACTION REQUESTED OF COUNCIL: Approve or approve with amendments VRA Resolution No. 2, Series of 2013 BACKGROUND: Provided in separate memo STAFF RECOMMENDATION: Approve or approve with amendments VRA ATTACHMENTS: VRA Proposed Budget 10/15/2013 - 1 - MEMORANDUM TO: Vail Reinvestment Authority Commissioners FROM: Kathleen Halloran DATE: October 15, 2013 RE: Vail Reinvestment Authority Budget Message The Vail Reinvestment Authority (VRA) was created on November 4, 2003, following approval of a resolution by the Vail Town Council to create an urban renewal authority. On December 16, 2003, the Commissioners adopted by-laws and entered into a cooperative agreement between the Town of Vail and the VRA for administrative services. On June 7, 2005, tax increment financing (TIF) was authorized for the LionsHead TIF district via an amendment to the LionsHead Public Facilities Plan. Because of demolition activity within the TIF district in 2005, no property tax revenue was collected by VRA in 2006. Incremental property tax revenue has been collected since 2007 as a result of redevelopment activity within the TIF district. The Arrabelle project established the Vail Square Metropolitan Districts, which collect either 40 or 25 mils based on district lines. The Vail Reinvestment Authority receives these taxes from the County, and then remits them to the Vail Square Metro Districts. For 2014, property tax revenue is budgeted at $3,385,000 for the Lionshead TIF, 8% higher than 2013. Vail Square Metro property tax revenues are projected at $448,000 which is passed through to the district, net of a 3% fee paid to the County Treasurer. Revenue projections are based upon the latest information provided by Eagle County. On November 4, 2010, the VRA issued its Series 2010A and Series 2010B bonds in the aggregate principal amount of $11,940,000. The 2010B taxable bonds were issued separately to take advantage of Build America Bonds (BABs) which reduce the overall interest cost due to a subsidy paid by the federal government. Using the BABs will save the VRA approximately $700,000 of interest. Net interest cost to the VRA for these bonds is 4.2%, with the Series 2010A bonds having a final maturity of 2018 and Series 2010B bonds having a final maturity of 2030. Bond proceeds have been used to finance several capital projects including the Lionshead Welcome Center ($8.0M), a portion of the Lionshead Transit Center ($912,300), a major remodel of the Vail Library ($2.3M), portals into both East and West Lionshead ($3.1M), Guest Service Enhancements within the district ($343,000) and renovations to Sundial Plaza ($850,000). 2014 projects include a reconstruction of the Lionshead parking entry and equipment, medians in Lionshead from the parking structure to Vail Spa and the town’s portion of the Simba Run Underpass pending CDOT “RAMP” funding approval. The 2014 proposed budget of $5.7 million includes debt service payments totaling $1,068,378 and a transfer of $3.95 million to the town’s Capital Projects Fund, where the projects will be managed. Also included in that transfer is a reimbursement to the town for the annual capital maintenance of the Lionshead parking structure ($50,000 for 2014). The 2014 Vail Reinvestment Authority (VRA) budget is prepared on a modified accrual basis. 1 - 1 - 1 10/15/2013 Vail   Reinvestment  Authority Summary  of   Revenue,  Expenditures,   and   Changes   in   Fund   Balance 2013201320132014Budget A mendedForecastProposed2015201620172018 RevenuePropert y Tax - LionsHead TIF2,953,000$ 3,133,000$ 3,133,000$ 3,385,000$ 3,385,000$ 3,554,250$ 3,554,250$ 3,731,963$ Propert y Tax - Vail Square Metro Districts385,000 415,000 415,000 448,000 448,000 462,000 462,000 481,423 Federal Subsid y for Build America Bonds173,343 173,343 164,905 167,614 173,343 173,343 173,343 173,343 Earnings on Investments33,000 33,000 33,000 41,000 34,474 22,424 10,280 11,821 Total Revenue3,544,343 3,754,343 3,745,905 4,041,614 4,040,817 4,212,017 4,199,873 4,398,550 Operating ExpendituresProfessional Fees25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Management Fee 59,060 59,060 59,060 67,700 67,700 71,085 71,085 74,639 Treasurer's Fee -LionsHead TIF88,590 93,990 93,990 101,550 101,550 106,628 106,628 111,959 Treasurer's Fee -Vail Square Metro Districts11,550 12,450 12,450 13,440 13,440 13,860 13,860 14,443 Vail Square Metro District Pass Through373,450 373,450 373,450 434,560 434,560 448,140 448,140 466,980 Total Operating557,650 563,950 563,950 642,250 642,250 664,713 664,713 693,021 Debt ServicePrincipal460,000 460,000 460,000 475,000 490,000 500,000 515,000 535,000 Interest605,203 605,203 605,203 591,178 577,928 564,928 547,753 526,753 Fiscal Agent fees2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 Bond Issuance costsTotal Debt Service 1,067,403 1,067,403 1,067,403 1,068,378 1,070,128 1,067,128 1,064,953 1,063,953 Total Expenditures 1,625,053 1,631,353 1,631,353 1,710,628 1,712,378 1,731,841 1,729,666 1,756,974 Excess of Revenues Over Expenditures1,919,290 2,122,990 2,114,552 2,330,986 2,328,439 2,480,176 2,470,207 2,641,576 Transfer Out - Capital Projects FundLionshead Welcome Center(94,536) (94,536) Guest Services Enhancements/Wayfinding(500,000) (570,000) (70,000) Library Remodel(298,497) (298,497) East LionsHead Portal (VRA) (463,561) (463,561) West LionsHead Portal (VRA) (129,544) (129,544) Lionshead Parkin g Structure Entry ( 200,000 ) ( 200,000 ) ( 200,000 ) ( 2,000,000 ) Fronta g e Road improvements ( LH Pk g to Muni ) ( 3,000,000 ) Parkin g Entry Sy stem / Equipment ( LH onl y) ( 300,000 ) Lionshead Medians (1,000,000) Sundial Plaza fountain & surround (840,568) (840,568) East LH Circle pathway to Dobson (890,000) Dobson Plaza (1,075,000) Simba Run Underpass Feasibility study (200,000) (200,000) (200,000) Simba Run Underpass - RAMP Project (600,000) (1,000,000) (2,200,000) (2,200,000) - Lionshead Parking Structure Capital Maintenance(310,000) (310,000) (10,000) (50,000) (50,000) (50,000) (50,000) (50,000) Total Other Financing Sources (Uses) (1,210,000) (3,106,706) (2,306,706) (3,950,000) (4,050,000) (4,215,000) (2,250,000) (50,000) Net Change in Fund Balance 709,290 (983,716) (192,154) (1,619,014) (1,721,561) (1,734,824) 220,207 2,591,576 Beginning Fund Balance3,028,132 6,736,091 6,736,091 6,543,937 4,924,923 3,203,363 1,468,539 1,688,746 Ending Fund Balance 3,737,422 $ 5,752,375$ 6,543,937$ 4,924,923$ 3,203,363$ 1,468,539$ 1,688,746$ 4,280,322$ ‐  2 ‐ 1 - 1 - 2 10/15/2013 Resolution No. 2, Series 2013 RESOLUTION NO. 2, SERIES OF 2013 VAIL REINVESTMENT AUTHORITY A RESOLUTION ADOPTING A BUDGET AND MAKING APPROPRIATIONS TO PAY THE COSTS, EXPENSES, AND LIABILITIES OF THE VAIL REINVESTMENT AUTHORITY FOR ITS FISCAL YEAR JANUARY 1, 2014, THROUGH DECEMBER 31, 2014. WHEREAS, the Vail Reinvestment Authority Commissioners received the operating budget for the fiscal year 2014 on October 15, 2013; and WHEREAS, in accordance with CRS section 29-1-106 a notice of budget hearing has been published; and WHEREAS, notice of this public hearing to consider the adoption of the proposed Vail Reinvestment Authority budget was published in the VAIL DAILY on the 7th day of October, 2013; and NOW, THEREFORE, LET IT BE RESOLVED by the Vail Reinvestment Authority of Vail, Colorado, as follows: The Vail Reinvestment Authority adopts the submitted budget and appropriates $5,660,628 for expenditures beginning on the first day of January 2014 and ending on the 31st day of December 2014. Attested: Signed: _________________________ ____________________ Stan Zemler, Secretary / Executive Director Andrew P. Daly, Chairman 1 - 1 - 3 10/15/2013