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Home My WebLink About2013-12-17 Agenda and Support Documentation Town Council Special SessionVAIL TOWN COUNCIL SPECIAL MEETING AGENDA VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 1:00 P.M., DECEMBER 17, 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) Resolution No. 3, Series of 2013 - 2013 Supplemental; 2) Vail Reinvestment Authority approval of Vail I-70 Underpass Commitment Letter (5 min. ) PRESENTER(S): Kathleen Halloran 2. ITEM/TOPIC: Adjournment 12/17/2013 VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: December 17, 2013 ITEM/TOPIC: VAIL REINVESTMENT AUTHORITY MEETING - separate meeting. 1) Vail Reinvestment Authority (VRA) Resolution No. 3, Series of 2013 - 2013 Supplemental; 2) Vail Reinvestment Authority approval of Vail I-70 Underpass Commitment Letter PRESENTER(S): Kathleen Halloran ATTACHMENTS: Resolution No. 3, Series of 2013 I70 Commitment Letter 12/17/2013 TO: Vail Reinvestment Authority FROM: Finance Department DATE: December 11, 2013 SUBJECT: 2013 Budget Amendment – Resolution 2 I. SUMMARY Staff is requesting approval of Resolution No. 2, making supplemental appropriations and adjustments to the 2013 budget. II. DISCUSSION This supplemental appropriation request will update to the VRA budget to correlate with expenditures approved during the year in the Capital Projects Fund, and to adjust both revenue and expenditures relating to the collection of TIF revenues. Specifically, the budget adjustments include:  Reduction of revenue by $7,084 for the federal subsidy of the Build America Bonds credit, reduced due to government budget cuts.  Increasing expenses by $3,600 for the town’s 2% fee collected on TIF property tax (town’s portion only) to manage the VRA funds (directly related to previously adjusted revenue for TIF property tax collections).  Increasing expenses by $29,100 for the pass-through of TIF property tax revenue to the Vail Square Metro District  A reduction of $500,000 in transfers to the town’s Capital Projects Fund. This is merely an update to the VRA budget to correlate with expenditures approved and adjusted during the year in the Capital Projects Fund. The projects are being paid for out of the Capital Projects Fund, with reimbursement from the Vail Reinvestment Authority (VRA) because those projects (or a related portion) are capital improvements within the TIF district. Total budget adjustments result in a reduction in revenue of $7,084 and a reduction in expenditures of $467,300. 1 - 1 - 1 12/17/2013 Vail Reinvestment Authority Summary of Revenue, Expenditures, and Changes in Fund Balance 2013 Original1st 20132nd2013 BudgetSupplemental AmendedSupplementalProposed Revenue Property Tax - LionsHead TIF2,953,000$ 180,000$ 3,133,000$ 3,133,000$ Property Tax - Vail Square Metro Districts385,000 30,000 415,000 415,000 Federal Subsidy for Build America Bonds173,343 173,343 (7,084) 166,259 Earnings on Investments33,000 33,000 33,000 Total Revenue3,544,343 210,000 3,754,343 (7,084) 3,747,259 Operating Expenditures Professional Fees25,000 25,000 25,000 Management Fee 59,060 59,060 3,600 62,660 Treasurer's Fee -LionsHead TIF88,590 5,400 93,990 93,990 Treasurer's Fee -Vail Square Metro Districts11,550 900 12,450 12,450 Vail Square Metro District Pass Through373,450 373,450 29,100 402,550 Total Operating557,650 6,300 563,950 32,700 596,650 Debt Service Principal460,000 460,000 460,000 Interest605,203 605,203 605,203 Fiscal Agent fees2,200 2,200 2,200 Bond Issuance costs Total Debt Service 1,067,403 - 1,067,403 - 1,067,403 Total Expenditures 1,625,053 6,300 1,631,353 32,700 1,664,053 Excess of Revenues Over Expenditures1,919,290 203,700 2,122,990 (39,784) 2,083,206 Other Financing Sources (Uses) Debt Proceeds Transfer Out - Capital Projects Fund Lionshead Transit Center Lionshead Welcome Center(94,536) (94,536) (94,536) Surface Parking at Charter Bus Lot Guest Services Enhancements/Wayfinding(500,000) (70,000) (570,000) 500,000 (70,000) Library Remodel(298,497) (298,497) (298,497) East LionsHead Portal (VRA)(463,561) (463,561) 112,000 (351,561) West LionsHead Portal (VRA)(129,544) (129,544) (129,544) Energy Audit Enhancements - - Lionshead Parking Structure Entry (200,000) (200,000) (200,000) Frontage Road improvements (LH Pkg to Muni)- - Parking Entry System / Equipment (LH only)- - Bike Lanes: Westwind to LH Pkg Structure - - Lionshead Medians CDOT-Required Parking - - Sundial Plaza fountain & surround (840,568) (840,568) (112,000) (952,568) Demolition of current LH Info Booth - - East LH Circle pathway to Dobson - - Dobson Plaza - - Simba Run Underpass Feasibility study (200,000) (200,000) (200,000) Simba Run Underpass - RAMP Project Lionshead Parking Structure Capital Maintenance(310,000) (310,000) (310,000) Total Other Financing Sources (Uses)(1,210,000) (1,896,706) (3,106,706) 500,000 (2,606,706) Net Change in Fund Balance 709,290 (1,693,006) (983,716) 460,216 (523,500) Beginning Fund Balance3,028,132 6,736,091 6,736,091 Ending Fund Balance 3,737,422$ 5,752,375$ 6,212,591$ ‐ 2 ‐ 1 - 1 - 2 12/17/2013 Resolution No. 2, Series 2013 RESOLUTION NO. 2, SERIES OF 2013 VAIL REINVESTMENT AUTHORITY A RESOLUTION ADOPTING AN AMENDED BUDGET AND MAKING APPROPRIATIONS TO PAY THE COSTS, EXPENSES, AND LIABILITIES OF THE VAIL REINVESTMENT AUTHORITY FOR ITS FISCAL YEAR JANUARY 1, 2013, THROUGH DECEMBER 31, 2013. WHEREAS, contingencies have arisen during the fiscal year 2013 which could not have been reasonably foreseen or anticipated by the Vail Reinvestment Authority at the time it enacted Resolution No. 2, Series of 2012, adopting the 2013 Budget for the Vail Reinvestment Authority of Vail, Colorado; 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 28th day of March, 2013; and NOW, THEREFORE, LET IT BE RESOLVED by the Vail Reinvestment Authority of Vail, Colorado, as follows: The Vail Reinvestment Authority adopts the amended budget with a reduction of expenditures by $467,300 beginning on the first day of January 2013 and ending on the 31st day of December 2013. Attested: Signed: _________________________ _______________________ Stan Zemler, Secretary Andrew P. Daly, Chairman 1 - 1 - 3 12/17/2013 Safety People Integrity Customer Service Excellence Respect Page 1 of 3 Assurance that 1 Town of Vail 2 Remains Committed to Entering into a Partnership with CDOT Concerning 3 Vail I-70 Underpass 4 Tracking No.: 3-9 Project Name: I-70 Simba Run Underpass Commission Requirement. The purpose of this document is to satisfy the requirement 5 established by the Transportation Commission that applicants for Public-Public Partnership1 projects 6 confirm their commitment to the project. Transportation Commission Resolution TC-3106 adopted on 7 October 17, 2013, provides in part: 8 BE IT… RESOLVED that the Transportation Commission requires for each Public-9 Public Partnership project on or before January 6, 2014, a project scope, schedule, and 10 budget developed by the Colorado Department of Transportation in the form and to the 11 level of detail specified by the Chief Engineer; and 12 BE IT FURTHER RESOLVED that the Transportation Commission also required for 13 each Public-Public Partnership project on or before January 6, 2014, evidence, in a form 14 specified by the Chief Financial Officer, confirming a commitment by the applicant to the 15 project scope, schedule, and budget developed by the Department, including an 16 agreement to hold a public vote to authorize the local match by no later than April 8 if 17 such vote is necessary; and 18 BE IT FURTHER RESOLVED that the Chief Engineer may extend the January 6, 19 2014, deadlines to April 7, 2014, upon application for extension form any applicant or 20 CDOT Region Transportation Director for projects in a flood damaged area. 21 Project Scope, Schedule, and Budget Prepared by CDOT. The Colorado Department of 22 Transportation has prepared the required scope, schedule, and budget for this Public-Public Partnership 23 project. This scope, schedule, and budget is incorporated as Exhibit A of this document. Exhibit A 24 specifies the financial and other commitments of Town of Vail and identifies when it is reasonably 25 anticipated that such commitments will be provided or performed. 26 Changes in Project Costs. CDOT and the Local Agency Partner will assess at the Final Office 27 Review (FOR) the project budget to be contracted. An estimate over the Exhibit A amount will trigger a 28 reevaluation of the project as well as the project match. CDOT and Town of Vail will engage in 29 negotiations to determine how and if the project moves to advertisement for construction, as well as the 30 project match. If a project is determined by CDOT to no longer be feasible or if an agreement cannot be 31 reached, CDOT will advise the Transportation Commission that the project is unable to be moved forward 32 1 CDOT interprets Public-Public Partnership projects references in TC-3106 to include Operations projects that have Local Agency Partners. 1 - 2 - 1 12/17/2013 Safety People Integrity Customer Service Excellence Respect Page 2 of 3 and should be removed from the list of approved Public-Public Partnership projects. On a CDOT 33 administered project, any cost variance discovered after the Final Office Review (FOR) will be the 34 responsibility of CDOT. On a project administered by the Local Agency Partner, the CDOT contribution 35 will not increase after the Final Office Review. Any addition of a “betterment” at the request of the Local 36 Agency Partner is the responsibility of the Local Agency Partner. 37 If there is a cost savings regardless of who is administering the project or when the cost savings 38 occurs, the savings will be prorated. 39 Intergovernmental Agreement. An Intergovernmental Agreement will be completed and fully 40 executed prior to any CDOT expenditure other than the five percent of the total project cost for Fiscal 41 Year 2014 authorized in the RAMP Resolution for pre-construction expenditures unless an exception is 42 granted by the CDOT Chief Financial Officer. It is the policy of CDOT that the Intergovernmental 43 Agreements must be executed by June 30, 2014. Any change in the standard wording of the 44 Intergovernmental Agreement may delay the project and thus put the project in jeopardy. 45 Criteria for Approval of RAMP Local Commitments. The CDOT Chief Financial Officer has 46 issued the following criteria: 47 (1) Local agencies acknowledge receipt of CDOT estimated project cost and drawdown schedule 48 and confirm their ability to provide funding on the schedule. 49 (2) Resolution by city councils or county commissioners or signed commitments by local officials 50 with authority to commit agency resources constitute adequate funding reaffirmation by the local. Where 51 ballot initiative or future budget adoptions are required, locals are fully disclosing and committing to all 52 necessary steps to ensure that it will be on the ballot and/or receive budget consideration. 53 (3) Dollar amount of local agency commitment must align with dollar amounts of CDOT cost 54 estimates. 55 (4) Local agencies cannot commit traditional federal transportation funds. 56 (5) Where multiple local agencies are involved, commitments are required from those local 57 agencies with the authority to commit all local agency funds before approval of funding commitment will 58 be considered. 59 (6) IGAs already in place should meet the above criteria. 60 Evidence of the Continued Commitment by Town of Vail to the Project. As an officer of 61 Town of Vail, I confirm that appropriate officials of Town of Vail have reviewed and considered Exhibit 62 A which contains the scope, schedule, and budget developed by CDOT for the project and the policy 63 regarding changes in project cost stated in the body of this document. 64 I confirm that to the best of my knowledge I know of no reason why Town of Vail and CDOT 65 will not execute an Intergovernmental Agreement as specified in Exhibit B and based on the scope, 66 schedule, and budget contained in Exhibit A and the policy regarding changes in project cost stated in the 67 body of this document by June 30, 2014. 68 69 __________________________________ 70 Andrew P. Daly 71 Vail Town Mayor 72 73 Date: __________________ 74 1 - 2 - 2 12/17/2013 Exhibit A – Scope, Schedule, and Budget Developed by CDOT Safety People Integrity Customer Service Excellence Respect Page 3 of 3 75 1 - 2 - 3 12/17/2013 DEPARTMENT OF TRANSPORTATION Eagle Residency PO Box 298, 714 Grand Avenue Eagle, CO 81631-0298 (970) 328-6385 Exhibit A I-70 Vail Underpass Project RAMP Tracking Number 3-9 Project Scope, Schedule and Budget STA 0702-327 (s/a 19094) Scope: This project is located along I-70 between the West Vail (MP 173) and Main Vail (MP 176) interchanges. It will connect the North and South I-70 Frontage Roads by means of a new underpass in the vicinity of the Simba Run condominiums. The new I-70 underpass will improve mobility and safety at the existing interchanges. It will also provide a safe pedestrian/bicycle crossing of I-70, enhance the transit service routing and connectivity, improve emergency response routing and provide water quality improvements for storm water before it enters Gore Creek. Schedule: Survey – November 2013 Scoping – January 2014 Prelim Horiz. And Vert. Alignments – Jan 2014 FIR – May 2014 Structure Selection Report – May 2014 Form 128 Signed (Top) – September 2014 FOR – January 2015 ROWPR/Final ROW Plans– February 2015 Utility Clearance – February 2016 ROW Clearance – February 2016 Environmental Clearance – February 2016 Final PS&E – February 2016 Advertisement Date – March 2016 Construction Start – June 2016 Project Complete – December 2017 Budget and Drawdown: FY14 -$ 0.6M (PE) FY15 -$ 1.2M (PE and start ROW) FY16 -$ 1.8M (ROW and finish PE) FY16 -$ 9.8M (utility & construction) FY17 -$ 7.4M (utility & construction) $20.8M TOV Funds: Calendar Yr 13 - $0.2M Calendar Yr 14 - $0.6M Calendar Yr 15 - $0.7M Calendar Yr 16 - $2.2M Calendar Yr 17 - $2.3M $6.0M 1 - 2 - 4 12/17/2013 I-70 Vail Underpass Project Cost Estimate Completed by: Jen Babcock Current Indirect Rate 11.00% Sub Account No: 19094 Creation Date: 11/25/2013 Date Modified: 11/26/2013 Ad Date: Feb. 2016 Bridge$11,134 Survey$12,014 Right of Way $53,640 Consultant-ROW$43,520 Materials$5,567 Hydraulic$3,992 Traffic$0 Utilities$11,175 Environmental$17,061 Design$80,711 Consultants$1,640,749 Total Preconstruction including Indirects 1,879,564$ ROW Acquisition $1,700,000 Construction, including FA, CE & Indirects 17,182,419$ 20,761,983$ Budget Action DateAmountComments Remaining to Budget 20,761,983$ Project Total COLORADO DEPARTMENT OF TRANSPORTATION Scope: This project is located along the I‐70 corridor between the West Vail (MP 173) and Main Vail (MP 176) interchanges. It will connect the North and South I‐70 Frontage Roads by means of a new underpass in the vicinity of the Simba Run condominiums. 1 - 2 - 5 12/17/2013 Alternative: Prepared By: Creation Date: Date Modified: ItemUnitUnit CostQuantityExtended Cost Asphalt planing SY4.007,989.0031,956.00 Unclassified Exc (CIP)CY13.0045,000.00585,000.00 Guardrail Type 3 LF28.002,500.0070,000.00 ABC (various classes)ton30.006,922.00207,660.00 HBP ton125.003,461.00432,625.00 Retaining Walls-MSE/SN SF100.0013,895.001,389,500.00 Retaining Wall - CIP SF165.005,500.00907,500.00 Curb and Gutter (2-IIB)LF20.005,000.00100,000.00 Sidewalk (6")SY45.004,400.00198,000.00 WB Bridge SF200.003,801.00760,200.00 EB Bridge SF200.003,801.00760,200.00 Storm Sewer (30")LF125.002,000.00250,000.00 Inlet Each5,000.0025.00125,000.00 Manhole Each5,500.0012.0066,000.00 WQ Vault Each150,000.001.00150,000.00 8"/10" Sewer (PVC)LF150.002,500.00375,000.00 0.00 0.00 0.00 6,408,641.00 % UsedCost N / A $6,408,641 30.0%$1,922,592 0.0%$0 3.0%$249,937.00 2.0%$166,624.67 5.0%$416,561.67 25.0%$2,082,808.33 5.0%$416,561.67 7.0%$583,186.33 $12,246,913 0.0% 0.0% 0.0% 0.0% 2.0%$244,938 8.0%$979,753 5.0%$612,346 Subtotal FA $1,837,037 $14,083,950 22.00%$3,098,469 Construction TOTAL - PRESENT COST $17,182,419 No. of years 0 $0 Total Construction Cost $17,182,419 Inflation @ 3%/year Subtotal of Construction Cost Construction Engineering (11%) + Indirects11% + Indirects Force Account - Utilities(1 - 2%) MCR(5-10%) Force Account - Misc.(2-5%) Force Account - HMA EscalationCalculated Force Account - SmoothnessCalculated Force Account - Quality IncentiveCalculated Mobilization(4 - 7%) Total of Construction Bid Items Force Account - Fuel Cost adjCalculated Signing and Striping(1 - 5%) Construction Signing & Traffic Control(5 - 25%) Erosion Control/Landscaping(10-25%) Lighting(1 - 5%) Contingencies/other bid items(15 - 30%) ITS(6 - 10%) Drainage / Utilities(3 - 10%) Sub Account Number: Project Name: Engineers (Semi) Detailed Estimate Enter Major Roadway Bid Items Only Shaded Fields are for INPUT Jen Babcock 11/26/13 Project Construction Bid ItemsProject Dependent % Range Comments: 1 - 2 - 6 12/17/2013 VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: December 17, 2013 ITEM/TOPIC: Adjournment 12/17/2013