HomeMy WebLinkAbout2015-12-01 Agenda and Supporting Documentation Town Council Work SessionNOTE:
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VAIL TOWN COUNCIL
WORK SESSION AGENDA
VAIL TOWN COUNCIL CHAMBERS
75 S. Frontage Road W.
Vail, CO 81657
1:00 P.M., DECEMBER 1, 2015
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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: Site Visit to Evergreen Lodge Vail, 250 South Frontage
Road West (45 min. )
PRESENTER(S): George Ruther, Director of Community Development
ITEM/TOPIC: PEC/DRB Update (10 min.)
PRESENTER(S): Chris Neubecker, Planning Manager
ITEM/TOPIC: Chamonix Project Update
An informational update and presentation on the status of the Chamonix
Residential Development. The purpose of the work session meeting is
inform and update the Vail Town Council and the community on the
Chamonix Residential Development and to outline a number of key next
steps and critical decisions that need to be made. (60 min.)
PRESENTER(S): George Ruther, Director of Community Development
ACTION REQUESTED OF COUNCIL: No action is required at this time.
BACKGROUND: The Chamonix Development, Vail's newest residential
neighborhood for families, is progressing towards construction in 2016. To date, a
number of actions have been taken to ensure construction starts in 2016 and a
number of key decisions have been made. The Town of Vail acquired the
Chamonix Parcel in West Vail for the expressed purpose of constructing a new
West Vail Fire Station and an affordable housing development on the combined
area of the site. Since the acquisition, the Town of Vail, in participation with the
West Vail neighborhood and the Chamonix Advisory Committee, completed and
adopted a master plan for the future development of the site. The Chamonix
Master Plan was first adopted by the Vail Town Council in 2005, and the plan
was subsequently amended in 2009. The most significant change resulting from
the amendment approval was the ability to gain vehicular access to the duplex
units from Chamonix Lane. In the end, the "Neighborhood Block Scheme" was
selected by the community as the preferred alternative for future development on
the site. Developing affordable housing on the Chamonix Parcel is a development
objective of the Town of Vail. Determining the potential viability for affordable
housing to be built on the Chamonix Parcel and completing a first phase of
development on the property has been identified as a key initiative of the Vail
12/1/2015
Town Council. In the end, this action helps achieve the Town Council's adopted
goal of "growing a thriving and balanced community".
STAFF RECOMMENDATION: Staff recommends the Vail Town Council
establishes a schedule for addressing those critical decisions which remain
outstanding and informs staff of any additional project information needed at this
time.
4. ITEM/TOPIC: Town Council Interviews for Vail Local Marketing District
Advisory Council (VLMDAC) vacancies (60 min. )
ACTION REQUESTED OF COUNCIL: Conduct interviews with applicants during
the work session and appoint four members to the VLMDAC during the evening
meeting.
BACKGROUND: Town Council will have an opportunity to interview six
candidates for four vacancies on the VLMDAC during the work session.
5. ITEM/TOPIC: Information Update:
1) CSE Draft Minutes from November 4 and 11, 2015 meetings
2) December 2015 Revenue Highlights (5 min)
6. ITEM/TOPIC: Council Committee and Task Force Appointments (15 min. )
PRESENTER(S): Dave Chapin, Mayor
BACKGROUND: Each election cycle (every two years), there is a review of a
number of committee and task force appointments. There will be council
discussion about these committees and new appointments will be made.
7. ITEM/TOPIC: Matters from Mayor, Council and Committee Reports (5
min.)
ITEM/TOPIC: Adjournment (4:20 p.m.)
NOTE: UPCOMING MEETING TOPICS AND ESTIMATED TIMEFRAMES
BELOW (ALL ARE APPROXIMATE DATES AND TIMES AND SUBJECT
TO CHANGE)
THE NEXT REGULAR VAIL TOWN COUNCIL MEETING WORK
SESSION WILL BEGIN AT APPROXIMATELY 12:30 P.M. (or TBD),
TUESDAY, DECEMBER 15, 2015 IN THE VAIL TOWN COUNCIL
CHAMBERS.
Ongoing agenda items
DRB/PEC updates WS - 15 min.; Information Updates Attachments: WS -
15 min.; Executive Session items: 30 min.; Consent Agenda: 5 min.; Town
Manager Report: 5 min.
Future agenda items:
Town Council Retreat - 12/15
CSE Board interviews and appointments - 12/15
Joint Meeting with VEAC (DestiMetrics Mountain Travel Update) - 12/15
USO Burton Introductions of Event Team and Update - 12/15
12/11/2015
Proposed future agenda items
Review Matrix on Multi -Use Facilities - TBD
Vail Municipal Building Remodel Update - TBD
Cleanup Title 12, zoning amendments- TBD
Gore Creek Water Quality Plan Update - TBD
Vail Trails Update - TBD
Environmental Strategic Plan Update - TBD
Eagle County School District Meeting w/ Board - TBD
Ford Park Leases - TBD
Peer City Visit to Aspen - TBD
Open Lands Strategic Plan - TBD
Pedestrian Crossings at Roundabouts & Bus Shelters Discussion - TBD
VRD Agreement for Skate Park - TBD
Please call (970) 479-2138 for additional information. Sign language
interpretation is available upon request with 48-hour notification. Please call
(970) 479-2356, Telecommunication Device for the Deaf (TDD), for
information.
12/1/2015
TOWN OF VAIN
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 1, 2015
ITEM/TOPIC: Site Visit to Evergreen Lodge Vail, 250 South Frontage Road West
PRESENTER(S): George Ruther, Director of Community Development
12/1/2015
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VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 1, 2015
ITEM/TOPIC: PEC/DRB Update
PRESENTER(S): Chris Neubecker, Planning Manager
ATTACHMENTS:
November 18, 2015 DRB Meeting Results
November 23, 2015 PEC Meeting Results
12/1/2015
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MEMBERS PRESENT
Peter Cope
Doug Cahill
Bill Pierce
Rollie Kjesbo
DESIGN REVIEW BOARD AGENDA
PUBLIC MEETING
November 18, 2015
Council Chambers
75 South Frontage Road West - Vail, Colorado, 81657
MEMBERS ABSENT
Andy Forstl
PROJECT ORIENTATION 2:30pm
SITE VISITS
1. Vail Spa Condominiums, 710 West Lionshead Circle
MAIN AGENDA 3:OOpm
Gore Creek Plaza LLC DRB150353 Jonathan
Final review of an addition (Storage Shed)
193 Gore Creek Drive/Tract A, Block 5B, Vail Village Filing 1
Applicant: Gore Creek Plaza LLC, represented by Pierce Architects
ACTION: Table to January 20, 2016
MOTION: Kjesbo SECOND: Cahill VOTE: 4-0-0
2. Vail Spa Condominiums DRB150487 Chris
Final review of an exterior alteration (Cladding, Windows, Doors, Pool)
710 West Lionshead Circle/Lot 1, Block 2, Vail Lionshead Filing 3
Applicant: Vail Spa HOA, represented by Jeff Andrews
ACTION: Approve with Conditions
MOTION: Kjesbo SECOND: Cahill VOTE: 4-0-0
CONDITION(S):
1. Vail Spa Condominium Association shall agree to enter into a Bonded Developer
Improvement Agreement with the Town of Vail, in an amount to be mutually agreeable by
the Town of Vail and the Vail Spa Condominiums Association, prior to the issuance of the
building permit for this project, for the purposes of Vail Spa agreeing to design and
construct a 6' wide separated pedestrian paver walk along the north side of the West
Lionshead Circle Frontage in a similar location as shown in the Public Works comments in
Project Dox. Vail Spa shall also agree to provide the Town of Vail with the necessary
pedestrian easements for the portions of the pedestrian walkway that are on Vail Spa
property. It is recognized that the design and construction of this path is anticipated in
2018 and the Developer Improvement Agreement shall reflect this timeframe. The
pedestrian walk shall be subject to the Town of Vail approval process. In addition, Vail Spa
shall agree that the proposed crosswalk implementation will be delayed until such time that
a safe solution is agreed upon in conjunction with the design and construction of the
pedestrian walk. The Developer Improvement Agreement shall expire December 31, 2018.
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12/11/2015
2. All windows on the building that were installed prior to the year 2000 shall be upgraded to
new aluminum clad windows in bronze colors to match the new window style and color.
3. The eight (8) foot tall concrete wall shown on the plan in the northeast corner of the
property shall be removed form the plan and is not approved.
3. AHCO27 LLC DRB150508 Jonathan
Final review of changes to approved plans (Materials, Roof, Deck)
3838 Bridge Road/Lot 12, Bighorn Subdivision 2nd Addition
Applicant: AHCO27 LLC, represented by VAg Architects & Planners
ACTION: Approve
MOTION: Kjesbo SECOND: Cahill VOTE: 4-0-0
CONDITION(S): None
STAFF APPROVALS
Wild Bill's DRB150363 George
Final review of a sign (Business ID)
225 Wall Street/Lots B & C, Block 5C, Vail Village Filing 1
Applicant: Wild Bill's, represented by Michael Suman Architects
City Market DRB150475 Jonathan
Final review of an exterior alteration (Propane Exchange)
2109 North Frontage Road/Vail Commons
Applicant: City Market, represented by Jon Sherlock
Millers Lionshead LLC DRB150485 Chris
Final review of changes to approved plans (Paint/Manifold)
695 Forest Road/Lot 5, Block 2, Vail Village Filing 6
Applicant: Millers Lionshead LLC, represented by Steven Kirchner
Westhaven Partners LLC DRB150504 Chris
Final review of a sign (Construction Sign)
1240 Westhaven Circle/Lot 31, Glen Lyon Subdivision
Applicant: Westhaven Partners LLC, represented by Matthew Blake
H28 Vail Ltd. DRB150510 Jonathan
Final review of an exterior alteration (Deck/Window)
1635 Golf Terrace, Unit H28/Lot 1, Sunburst Filing 3
Applicant: H28 Vail Ltd., represented by Karin Millette
Northwoods Condominium Association DRB150513 Jonathan
Final review of a sign application
600 Vail Valley Drive/Tract B, Vail Village Filing 7
Applicant: Northwoods Condominium Association, represented by Patrick Pinnell
Bower Residence DRB150514 Jonathan
Final review of a change to approved plans (Window)
1370 Sandstone Drive Unit 9/Lot G3, Lions Ridge Filing 2
Applicant: Gordon Bower, represented by Marty Slott
Blythe Residence DRB150515 Chris
Final review of an exterior alteration (Stucco)
Page 2
12/11/2015
1404 Moraine Drive/Lot 2, Dauphinais Moseley Filing 1
Applicant: Mary Jo Blythe, represented by Synthetic Sidings
Wall Street Office LLC DRB150518
Final review of a sign application (Business ID/Brochure)
225 Wall Street/ Lot B & C, Block 5C, Vail Village Filing 1
Applicant: Wall Street Office LLC, represented by Michael Slevin
GGG LLC DRB150520
Final review of a sign application (Window Sign)
12 Vail Road/Lot N & O, Block 5D, Vail Village Filing 1
Applicant: GGG LLC, represented by Julie Weihaupt
Tanous Residence DRB150521
Final review of an exterior alteration (Pindow)
133 Willow Place/Lot 6, Block, Vail Village Filing 1
Applicant: Joan Tanous, represented by Stephen Ison
SF & Jacaranda Inc. DRB150522
Final review of an exterior alteration (Oaint)
242 East Meadow Drive/Tract C, Block 5E, Vail Village Filing 1
Applicant: SF & Jacaranda Inc., represented by Josh Lautenberg
Fred Hibberd DRB150523
Final review of an exterior alteration (Paint)
122 East Meadow Drive/Lot K, Block 5E, Vail Village Filing 1
Applicant: Fred Hibberd, represented by Josh Lautenberg
Jonathan
Jonathan
Chris
Jonathan
Jonathan
Homestake Condominiums Homeowners Association DRB150524 Jonathan
Final review of an exterior alteration (Landscaping)
1081 Vail View Drive/Lot A6, Block A, Lions Ridge Filing 1
Applicant: Homestake Condominiums Homeowners Association, represented by Robert Shaneen
Vail Sports DRB150525 Jonathan
Final review of a sign application (Business ID)
521 East Lionshead Circle (Vail 21)/Lot 3, Block 1, Vail Lionshead Filing 1
Applicant: Vail Sports, represented by Todd Architecture
Vail Sports DRB150526 Jonathan
Final review of a sign application (Business ID)
728 West Lionshead Circle (Ritz Carlton Residences)/Lot 2, West Day Subdivision
Applicant: Vail Sports, represented by Todd Architecture
Vail Sports DRB150527 Jonathan
Final review of a sign application (Business ID)
458 Vail Valley Drive (Gold Peak Lodge)/Gold Peak Ski Base & Recreation District Parcel
Applicant: Vail Sports, represented by Todd Architecture
Vail Sports DRB150528 Jonathan
Final review of a sign application (Business ID)
675 Lionsead Place (Arrabelle)/Lots 1 & 2, Lionshead Filing 6
Applicant: Vail Sports, represented by Todd Architecture
Greenauer Design Group DRB150529 Jonathan
Final review of a sign (Window)
Page 3
12/1/2015
12 Vail Road (Vail Gateway) Unit C5/Lots N & O, Block 5D, Vail Village Filing 1
Applicant: Greenauer Design Group, represented by Joie Degraff
Manor Vail Lodge DRB 150530 Jonathan
Final review of a sign (Building ID)
595 Vail Valley Drive/Lots A -C, Block 1, Vail Village Filing 7
Applicant: Manor Vail Lodge, represented by Yaseen Design Studio
Vail Corp. DRB150531
Final review of a sign application (Window)
244 Wall Street/Lot A & C, Block 5C, Vail Village Filing 1
Applicant: Vail Corp., represented by Paul Todd
Jonathan
The applications and information about the proposals are available for public inspection during regular office
hours at the Town of Vail Community Development Department, 75 South Frontage Road. The public is
invited to attend the project orientation and the site visits that precede the public hearing in the Town of Vail
Community Development Department. Times and order of items are approximate, subject to change, and
cannot be relied upon to determine at what time the Planning and Environmental Commission will consider
an item. Please call (970) 479-2138 for additional information. Sign language interpretation is available upon
request with 48-hour notification. Please call (970) 479-2356, Telecommunication Device for the Deaf (TDD),
for information.
Page 4
12/11/2015
PLANNING AND ENVIRONMENTAL COMMISSION
TOWN Of VA105 November 23, 2015, 1:00 PM
Vail Town Council Chambers
75 S. Frontage Road - Vail, Colorado, 81657
Call to Order
Members Present: Brian Gillette, Webb Martin, John Ryan Lockman, John Rediker
Members Absent: Henry Pratt, Kirk Hansen
Vice Chair Rediker suggested that item #2 and #3 be changed in order on the agenda.
There was no opposition to the change in agenda order.
2. A report to the Planning and Environmental Commission on the administrator's approval of
a request for an amendment to a Conditional Use Permit, pursuant to Section 12-16-10,
Amendment Procedures, Vail Town Code, to allow for a 3 year extension to the existing
Conditional Use Permit to allow for a private parking lot, located at 934 South Frontage
Road (West Day Lot)/Unplatted, and setting forth details in regards thereto. (PEC150031)
Applicant: Vail Corp, represented by Mauriello Planning Group
Planner: Chris Neubecker
Chris Neubecker summarized the request to renew the permit for three (3) years, with no
changes.
Vice Chair Rediker asked if staff is allowed to approve the continuation of a Conditional Use
Permit. Staff confirmed that they can approve these applications per the Vail Town Code.
Dominic Mauriello, agent for the Applicant, spoke to the fact that the Town Code was
amended a few years ago to clarify this issue.
There was no public comment.
3. A request for a recommendation to the Vail Town Council for the adoption of the Strategic
Plan for Water Quality Improvements on Gore Creek. (PEC150027)
Applicant: Town of Vail
Planner: Kristen Bertuglia
Action: Table to December 14, 2015
Motion: Martin Second: Lockman Vote: 4-0-0
Kristen Bertuglia, Environmental Sustainability Manager, indicated that the CDOT staff is
not able to attend the meeting today but will attend a future meeting in December to
discuss road maintenance and best management practices.
Gregg Barrie, Landscape Architect, Department of Public Works — We talked with Matt
Lopez at State of Colorado, as well as section chief on Pesticide Use. As a municipality, we
have no ability to regulate pesticides or limit their use. The Pesticide Applicators Act was
strengthened over this past summer, and specifically mentions limits on local government.
Since the "label is the law", we need to focus back on education to property owners and
landscaping contractors on how to properly use pesticides, and what we can do to reduce
the use of pesticides. Betty Ford Alpine Gardens is very open to the idea of homeowner
education on lawns, landscaping and pesticides. Idea for a "Green Star" landscape
contractor system could be developed by the Town, in conjunction with the Town's Actively
Green program, to encourage educating and certifying local contractors in Best
Management Practices. We could include integrated pest management, turf maintenance,
noxious weed control, and the importance of vegetated stream buffers. This program could
become a marketing advantage for certified landscaped contractors.
12/1/2015
Gillette — Many people will not go to Betty Ford Gardens to take a class. Make it easy on
those that will not go, through education, news articles, letters, website, etc.
Lockman — I like the idea of the applicators given incentives to participate. Are there any
incentives for the homeowner to participate?
Barrie indicated that we have not yet looked into the benefits for the homeowners. Most
people want to do the right thing, but they do not realize that their practices are bad.
Gillette — As part of the Town's tree giveaway, we could create incentives to participate.
Martin — It sounds like we can't prohibit or control the use or purchase of pesticides. (Barrie
— That's right)
Gillette — Do we know what we are teaching with respect to which pesticides to use?
Barrie — Yes, but we need to develop the education program curriculum. There are options
available without pesticides.
Gillette — Was the reduction in pesticides one of the Top 25?
Bertuglia — Yes, looking into the legal ability of the town to regulate was identified as a
priority.
Gillette — We need to develop a low growth riparian garden plan for those next to the
creeks. We need a riparian plant list, and a plan showing the proper locations for various
species.
Barrie — We have developed a list of recommended plants.
Rediker — Did you discuss with the state the "5 miles upstream" provision?
Barrie — Yes, and they indicated a need to consult with the State Attorney General on this
issue. They indicated that with the strengthening of the law, we cannot regulate pesticide
use application or sales.
Rediker — We can't regulate the application of pesticides; is it up to the state to enforce
their own regulations?
Barrie — We can monitor the applicators, or ask them what they are doing and what
pesticides they are using. The state indicated that they will respond within 48 hours. They
may even take samples on both sides of the creek to see if pesticides we applied
improperly (tree spraying, for example).
Gillette — Would our Code Enforcement Officers take the photos?
Barrie — Yes, and we are also considering hiring an intern to keep an eye on the use of
pesticides as well as help with the noxious weed program.
Rediker — Do we have a grasp on the number of pesticide applicators in the valley?
Barrie — We do not know how may are applying pesticides, but we could probably find a list
of the licensed applicators.
Rediker — Is there a way to show that there is an economic benefit to alternative methods,
other than using pesticides?
Barrie — For just a few noxious weeds, management can be handled without spraying. But
for a large yard with many noxious weeds, spraying may be the only effective method. In
their reports, applicators need to mention the other types of methods they considered other
than pesticides.
12/1/2015
Rediker — Does the Town ever contract out the spraying or do we use Town staff?
Barrie — Majority of the work is done by contractors.
Rediker — Are these usually the same contractors throughout the summer?
Barrie — Yes, we often use the same contractor.
Martin — Are we talking about the golf course now or later?
Bertuglia — The golf course will provide a presentation in December as well, on their
Audubon certification as well as their best management practices.
Gillette — We need to give staff time to develop the curriculum. Is 25 the right number of
items on the priority list? Each item on the list should be of equal depth. We should try to
make the list with even keel with other items on the list.
Barrie — The law does not prohibit requiring an Occupational/Business License, but we
cannot just focus on applicators only. It would need to include other occupations in the
Town. We should approach this cautiously and not only focus on pesticide applicators.
Bertuglia — This approach would be similar to the contractor registration we currently have
in place for snow plow drivers, waste haulers and contractors. We do not verify their
credentials but it is an opportunity to provide education and keep tabs on who is applying
pesticides in our community.
Rediker — The law is focused on the agricultural industry, allowing farmers the freedom to
take steps to create healthy crops, but we get left out and are affected in another way.
Gillette — Make something that is no fee, and just vary that applicators have read the
material that we provide them.
Rediker — There must be some way that we can outreach to commercial applicators vs.
homeowners.
Barrie — That is the advantage of encouraging participation in the Actively Green Program.
Gillette — The curriculum should explain why we are concerned, and the importance of
Gore Creek.
Bertuglia — Matt Mire is looking into regulations on mowing or not mowing near the creek.
Mire will provide more information on this topic.
Tom Kassmel, Town Engineer — General practice, other than construction Best
Management Practices, is that we do require installation of permanent water quality
features. We now require separation of general storm water features from parking lots for
water quality.
Rediker — How does water quality vault work?
Kassmel — Water goes into a vault creating centrifugal force to separate particles; it collects
larger particulates and oils. We do not have or require vaults with filters. These are
potentially more time consuming for maintenance.
Gillette — Are these vaults working?
Kassmel — Yes, they are collecting sediment.
Gillette — Are we checking any of these when we do sampling?
12/1/2015
Bertuglia — It puts a spotlight on these vaults that need more maintenance. But we don't
have actual filters in any of our vaults at this time, that would remove more than oil, solids
and sediment, (e.g. metals, other chemicals).
Rediker — What are the filters expected to filter out?
Kassmel — Very small particulates. Real cost is in the maintenance which could be every
month or few months. There is no specification on the types of vaults needed. In parking
garages, they need to pump out the sediments. There are capacity issues with vaults. We
can ask that the ground water be in a separate outfall to the creek.
Gillette — Do roof drains go into the water quality vault?
Kassmel — Sometimes they do, and sometimes they go directly to the surface.
Gillette — Our top 25 items list did not mention any current Town code that is contrary to
these goals. For example, we do not allow gravel driveways. One of our top items should
be a review of our codes to identify conflicts that do not advance this goal.
Rediker — What happens to a water quality vault if it is not maintained?
Kassmel — Town did not see any backup on vaults that were not maintained, but they do
not work as well if they are not maintained, as in, the water bypasses the vault and picks
up dirty water on its way by and that enters the Creek.
Rediker — Can we require developers or owners to inspect or maintain vaults annually?
Kassmel — Yes it could be worthwhile to require annual inspection reports. We have a
pretty good idea on where these are located. Town currently has 22 vaults. There could be
another 25 of these in the town.
Rediker — Are these vaults only required if the water will go to Gore Creek?
Kassmel — They are not required if going to the sanitary sewer system, but Eagle River
Water and Sanitation does not like having the storm water flowing into their plants. .
Gillette — Should we inventory the large parking lots and where the water is going? Or if a
water quality vault is needed?
Kassmel — That is something that could be discussed.
Bertuglia — We can identify the outfalls that are suspicious or allowing dirty water to
outflow.
Gillette — If it is a private development, it may benefit the Town to help private property
owners to install separators.
Martin — What is the responsibility of contractors to inspect BMPs on construction sites
during rain event?
Kassmel — We require BMPs for small sites. For over half acre, needs a Town permit. Over
one acre, State of Colorado requires a permit to require BMP inspections, erosion control
plans, and an erosion control supervisor. Town requires those within half acre to one acre
to have a similar plan. Dewatering is separate and requires a state permit. We have not
seen any major impacts from construction. About half the contractors do not install BMPs
properly. We may need additional help if we are going to actively enforce that issue.
Bertuglia read some of the details of the plan recommendations. Town Master Plan
addresses storm water in many locations. Where we may fall short is installation of storm
water and water quality vaults.
12/1/2015
Lockman - Can we require inspection and maintenance of the vaults?
Bertuglia — That is a recommendation in the plan.
Greg Hall, Public Works Director, clarified that "site" over an acre means "site disturbance"
not the total area of a property.
Bertuglia — Discussed many of the recommendations in the plan, and highlighted a few.
There is a lot we can do on education to property owners. This may include matching
grants or cost sharing for areas along the creek. Gregg Barrie will be developing a chart to
show alternatives to using pesticides. Development of a "Green Star" landscapers list of
those well-educated on pesticide issues and use. Discussed ideas on a new marketing
campaign, "A little wild goes a long way". There is still a lot to be developed in the
education and outreach side.
Lockman — Are you piggybacking onto the Love Vail recycle campaign?
Bertuglia — Yes, the Love Vail concept is an overarching sustainability message.
Martin — I like this marketing idea as well as Restore the Gore. What is the timeline?
Bertuglia - CDOT is planned to be here December and Council in January.
Comments:
Lockman — Whole plan overall is very well planned out. Like the direction it is going, but
there are so many challenges with our inability to regulate. Town does not have the teeth to
regulate the true problems. Challenge is education, but how effective can it be if we have
so many second homeowners and applicators from out of town.
Martin — I also which we could do more to regulate. I like the Green Star applicators idea. I
like Brian's point of looking at the Town code. We need to do inspections on water quality
vaults. It needs to happen. We should look at incentives to property owners.
Gillette — Whatever we forward to Council needs to be concise. Items #18 — 25 should be
one item. If we can reduce the list from 25 to 15 it will help us focus; this needs to be very
understandable. It was easy to lose track of the original study from the consultants.
Bertuglia — There may still be some issues that come up from CDOT and the Golf Course.
Gillette - Maybe developing an inventory of applicators makes more sense than registering
them. If we can figure out on our own who they are, that makes more sense.
Lockman — I would like to see a better visual representation of the top 25. Show the big
picture objectives. Maybe some color coding showing what has been done, and timeline for
what is planned.
Bertuglia — The top 25 was a way to narrow down the 200 + ideas. Each action item is
prioritized, and there are the strategies within.
Rediker — I like where the plan is going. One thing that is not in the plan, some type of
certification for water quality vaults, maybe annually inspected and certified. High priority
actions do not appear to have potential Town code amendments to achieve our goals.
Look at our codes to see where we can amend the code to strengthen the water quality in
the Gore.
Lockman — Was #7 checked off the list "Consider legal ramifications of pesticide
regulations?
Bertuglia — We have likely found the answer we're looking for on pesticide use, but it was
still identified as a top action.
12/1/2015
Rediker — I think we should leave pesticide regulation on, so it's still a top priority and there
may be more we can do. State cannot even tell us if we can regulate within 5 miles of our
water intake sites. Ten years down the road, if the bug counts are not coming up, we will
have to further investigate this issue.
Lockman — Because of the unique circumstance we are in, we may be a unique case.
Rediker — Somebody out there can determine if we have a unique circumstance
Gillette — Asked to verify the date of the plan and if this is the most recent version.
Bertuglia verified the plan dates.
4. A request for final review of a Development Plan, pursuant to Section 12-61-11, Vail
Town Code, to allow for the future development of Employee Housing Units on the
Chamonix parcel located at 2310 Chamonix Road, Parcel B, Resubdivision of Tract D,
Vail Das Schone Filing 1, and setting forth details in regard thereto. (PEC150019)
Applicant: Town of Vail Community Development Department
Planner: George Ruther
Action: Table to December 14, 2015
Motion: Martin Second: Lockman Vote: 4-0-0
5. Approval of Minutes
November 9, 2015 PEC Meeting Results
Action: Motion to approve
Motion: Martin Second: Lockman Vote: 4-0-0
6. Informational Update
7. Adjournment
The applications and information about the proposals are available for public inspection
during regular office hours at the Town of Vail Community Development Department, 75 South
Frontage Road. The public is invited to attend the project orientation and the site visits that
precede the public hearing in the Town of Vail Community Development Department. Times
and order of items are approximate, subject to change, and cannot be relied upon to
determine at what time the Planning and Environmental Commission will consider an item.
Please call (970) 479-2138 for additional information. Sign language interpretation is available
upon request with 48-hour
notification. Please call (970) 479-2356, Telecommunication Device for the Deaf (TDD),
for information.
Community Development Department
Published in the Vail Daily November 20, 2015
12/1/2015
TOWN OF VAIL
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 1, 2015
ITEM/TOPIC: Chamonix Project Update
An informational update and presentation on the status of the Chamonix Residential
Development. The purpose of the work session meeting is inform and update the Vail Town
Council and the community on the Chamonix Residential Development and to outline a
number of key next steps and critical decisions that need to be made.
PRESENTER(S): George Ruther, Director of Community Development
ACTION REQUESTED OF COUNCIL: No action is required at this time.
BACKGROUND: The Chamonix Development, Vail's newest residential neighborhood for
families, is progressing towards construction in 2016. To date, a number of actions have been
taken to ensure construction starts in 2016 and a number of key decisions have been made.
The Town of Vail acquired the Chamonix Parcel in West Vail for the expressed purpose of
constructing a new West Vail Fire Station and an affordable housing development on the
combined area of the site. Since the acquisition, the Town of Vail, in participation with the
West Vail neighborhood and the Chamonix Advisory Committee, completed and adopted a
master plan for the future development of the site. The Chamonix Master Plan was first
adopted by the Vail Town Council in 2005, and the plan was subsequently amended in 2009.
The most significant change resulting from the amendment approval was the ability to gain
vehicular access to the duplex units from Chamonix Lane. In the end, the "Neighborhood
Block Scheme" was selected by the community as the preferred alternative for future
development on the site. Developing affordable housing on the Chamonix Parcel is a
development objective of the Town of Vail. Determining the potential viability for affordable
housing to be built on the Chamonix Parcel and completing a first phase of development on
the property has been identified as a key initiative of the Vail Town Council. In the end, this
action helps achieve the Town Council's adopted goal of "growing a thriving and balanced
community".
STAFF RECOMMENDATION: Staff recommends the Vail Town Council establishes a
schedule for addressing those critical decisions which remain outstanding and informs staff of
any additional project information needed at this time.
ATTACHMENTS:
Chamonx Update Presentation
2009 Chamonix Master Plan
Chamonix Informational Update 121713
Chamonix Market Study
Chamonix Market Study Update Letter
October 26, 2015 PEC Meeting Memo
October 26, 2015 PEC Presentation Pages 1-13
October 26, 2015 PEC Presentation Pages 14-19
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Chamonix
"Nail's newest residential neighborhood for families""
r
"...growing a thriving and balanced community"
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Purpose of the Presentation:
• Background
• Project Guidelines and Goals
• Market Study Recommendations
• Project Team
• Development Plan Process
• Proposed Development Plan
• Phased Construction
• Next Steps
• Critical Decisions
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Background:
• 2310 Chamonix Road •Site for affordable
• 3.6 acres in size housing
• Master Plan approved 0100% of the units shall
2009 and 2011 be for sale deed -
Neighborhood and restricted
Community 0Housing zone district
engagement 0 Market studies
• Guide for future (2008,2011, 2014)
decision making 0 Development Plan
review underway
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Project Guidelines and Goals:
-Optimize the use of the site for workforce for -sale housing (15 - 25 du's per acre)
-Design a context sensitive design solution (design review guidelines)
-Ability to be phased overtime (min. two phases)
-Deliver desirable, marketable and diverse types of housing products (duplexes; one, two
& three bedroom flats; townhomes, etc.)
-Maximize the town's limited supply of financial resources
-Build responsibly given the existing site configuration, topography and natural features
of the site
-Develop a diversified cost/sales structure to respond to a wider range of buyers (i.e.
pricing structure based upon income)
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Vail Town Council, April 2015
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Market Study Recommendations
• The deed restricted units currently in • 24% of the deed restricted units in
Vail have performed well, Vail are occupied by households with
commanding the maximum allowable at least one child.
price appreciation. 0 Pricing units at the 140% AMI level is
• Demand for deed restricted not recommended.
ownership opportunities is • The demand from households that
increasing. may want to move up from existing
• Competition from within Vail is very deed restricted homes in Vail is
limited. appears to be limited.
• Approximately 20% to 30% of the • Work with local lenders to obtain
buyers at Chamonix will have children approval of the deed restrictions and
but over time the number of land leases so that both
households with children living at conventional, government and
Chamonix will probably increase. portfolio loan products are available.
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Project Team:
• Vail Town Council awarded a design contract
for the Chamonix development.
• Chamonix Contract Fee - $596,886
• 359 Design —Will Hentschel, Principal
• Scope of work divided into two phases (site
access/infrastructure &entitlement/vertical
construction)
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Development Plan Process:
• Chamonix Parcel Approved Development Plan
-uses
-development standards
-parking
-amendment procedures
• Reviewed and Approved by the PEC and DRB
• Regulatory framework
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Proposed Development Plan
• For sale, deed restricted, employee housing in
a mix of product types.
• Density of 15-25 du/ac.
• 5 Duplexes, 9 townhomes, ??multi -family
• Shared open space/neighborhood park
• Adequate parking and storage
• Pedestrian and vehicular connectivity
• Flexibility and adaptability
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Phased Construction:
• Project Goal..."Ability to be phased over time
(min. two phases)""
• Two Distinct Phases:
1.site access and infrastructure
improvements
2. vertical building construction
• 2016 ToV Budget for Phase 1 - $2.2M
• Phase 1 projected start —April 1, 2016
• Phase 2 projected start —July 1, 2016
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Next Steps:
• Finalize Phase 1 construction documents,
permitting and entitlements
• Release Plans for Phase 1 to bidders
• Award bid
• Complete probable cost estimate for vertical
construction
• Seek final approval from PEC
• Continue prospective buyer engagement
• Retain Owner's Rep services
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Critical Decisions:
✓Land acquired
✓Master Plan adopted
,w/ Property rezoned
✓Design Contract awarded
✓Development Plan application submitted
✓Phase 1 permitting and entitlements
underway
✓Land cost will not be recouped
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Critical Decisions ... co nt:
❑Determine target market (who lives there?)
❑Determine total project density, unit mix,
product type
❑Determine development approach
❑Determine funding options
❑Determine policy on level of subsidies
❑Determine cost/pricing model strategies
❑Determine construction phasing
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Chamonix Master Plan
6 January 2009
Adopted by Resolution No. 2,
Series of 2009
Prepared For the Town of Vail by
STAN CLAUSON ASSOMATES
Lam.. .......... . .. .... . .... ..... � I
Drexel, Barrell & Co. a r c h i c e c, s
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Chamonix Master Plan
Acknowledaements
The Chamonix Area Master Plan Amendment is the result of over a year of work on the
part of many individuals. Without the effort of the Vail Town Council, the Chamonix
Advisory Committee, the Planning and Environmental Commission, the Vail Local Housing
Authority, and Town of Vail Staff the Chamonix Area Master Plan would not have been
completed.
Vail Town Council
Planning and Environmental Commission
Dick Cleveland, Mayor
Bill Pierce, Chair
Andy Daly, Mayor Pro -Tem
Rollie Kjesbo, Co -Chair
Kevin Foley
Michael Kurz
Mark Gordon
Sarah Robinson-Paladino
Farrow Hitt
Scott Proper
Kim Newbury
Susie Tjossem
Margaret Rogers
David Viele
Chamonix Advisory Committee
Vail Local Housing Authority
Bob Armour
Mark Ristow, Chair
Jack Bergey
Sally Jackie
Andy Daly
Steve Lindstrom
Rollie Kjesbo
Ethan Moore
Ethan Moore
Kim Newbury
Mark Ristow
Margaret Rogers
David Viele
Town of Vail Staff
Consultants
Stan Zemler, Town Manager
Stan Clauson Associates, Inc.
George Ruther, Community Dev. Director
Studio B Architects
Mark Miller, Vail Fire Chief
Drexel, Barrell & Co.
Craig Davis, Vail Fire Department
Economic & Planning Systems
Nina Timm, Housing Coordinator
Scott Hunn, Former Project Planner
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Chamonix Master Plan
Table of Contents
1.
Project Scope
1
2.
Process
3
A. Overview
B. Advisory Committee
C. Town Council Hearing
D. Refinement of Schemes
E. Sustainability
3.
Final Recommendations
6
A. Advisory Committee
B. Final Town Council Approval
4.
Preferred Option
7
5.
Procedural Requirements
9
6.
Non -Preferred Options
9
7.
Recommended Actions
12
8.
Appendix
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Chamonix Master Plan
1. PROJECT SCOPE
The proposed design schemes for the Chamonix Master Plan Area were directed by the
stated goals and objectives developed early in the community participation process.
The consultant team of Stan Clauson Associates, Inc., Studio B Architects, and Drexel,
Barrell & Co. identified a variety of opportunities and constraints from the unique physical
characteristics of the
Chamonix site. The inclusion
of a fire station and student
dormitory further complicated
the layout and programmatic
elements of the site design.
4F The Master Plan Area is
generally south facing and
- .
sloped and occupies a highly
visible location off of the west
• ��~ Vail exit (Exit No. 173) from I-
j� - 70. Highway commercial and
strip mall commercial
development characterizes the uses off of the frontage road and Chamonix Road, with
residential neighborhoods characterizing the use patterns off of Chamonix Lane. The
Chamonix Master Plan Area is located near to bus stops on both the West Vail Red and
Green Loop transit lines. Commercial and employment opportunities are located in the
commercial areas within walking distance of the site.
The Town Council identified eleven development goals to direct the master planning
process. These goals were:
• The site is to be used for development of a fire station and employee housing.
Housing for student fire department employees should be considered in the
design of the fire station.
An ambulance substation could be an ancillary use on the site.
• Energy-efficient and sustainable design and construction techniques are
important. Certification by a particular program (LEED, Green Globes) is to be
investigated, although not mandatory.
• 100 percent of housing developed should be deed -restricted, for -sale employee
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Chamonix Master Plan
housing, with a mix of one-, two-, and three-bedroom units.
• The site should be optimized to provide the greatest amount of employee
housing.
• Re -zoning the site to Housing (H) District is preferred to allow flexibility in design
and development.
• Additional traffic onto Chamonix Lane should be limited.
• One-story of development along Chamonix Lane is acceptable.
• All financing and phasing options will be considered.
• New pedestrian circulation and access routes should be provided around the
site, along Chamonix Road and/or Lane, to ensure connectivity of the
surrounding neighborhood to other areas within West Vail. Existing pedestrian
paths through the site are to be limited.
The charge made by the Vail Town Council to "optimize the site" required that the
planning concepts developed by the design team be evaluated in the context of
adjacent uses. The ultimate goal was to provide a plan for the Chamonix Master Plan
Area that balanced the concepts of density, neighborhood impact, and traffic and
parking concerns with aesthetics, sustainability, and value in a way that would address
the community need for additional affordable housing in a contextually appropriate
way.
The target group for the Chamonix development was families. The target group income
was determined to fall within 60-120% of the Area Median Income (AMI) range for Eagle
County, with a possible inclusion of incomes up to 140% of AMI. In current dollars, this
equated to a household income range of $47,000 to $94,000, with a possible excursion to
$110,000.
An important component to the site plan for the Chamonix Master Plan Area was the
inclusion of a new fire station. Members of the Town Council recommended the fire
station be segregated from the residential use of the Chamonix development for safety
and noise reasons. Dedicated access for emergency equipment was requested, as was
the incorporation of a community room for public gathering. A student dormitory, to
help alleviate the cramped conditions experienced by fire department recruits, was also
requested. Finally, provisions for possible Ambulance District participation were to be
considered.
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Chamonix Master Plan
2. PROCESS
A. History of Chamonix Master Plan Area
The Town of Vail acquired the 3.6 -acre "Chamonix Parcel" in October, 2002, for the
purpose of constructing a fire station, employee housing and land banking. To
achieve the Town's goals the Town of Vail adopted the Chamonix Master Plan in
2005. The Master Plan outlined development areas for a fire station, employee
housing and open space.
In 2007, the Town of Vail was able to acquire the adjacent former Wendy's Site. It
was determined the former Wendy's Site was a more optimal location, from an
emergency services perspective, for a future West Vail Fire Station. Based upon the
acquisition of the new property, the Town of Vail determined it could better utilize
the two parcels if a new, comprehensive master plan process was completed. A
Request for Proposals to hire a new consultant team was issued in September, 2007.
The Team of Stan Clauson Associates, Inc., Studio B Architects, and Drexel, Barrell &
Co. were retained by the Town of Vail to develop this new Chamonix Master Plan.
B. Overview
During a period of six months, the consulting team developed three schemes. The
three schemes, titled Neighborhood Block, Neighborhood Cluster, and Village
Neighborhood, explored varying densities and internal character. Development of
the three schemes benefited from informal and formal meetings with stakeholders
and Town staff and from responses to a survey distributed to potential residents.
Members of the consultant team also attended the Fire Chief Magazine "Station
Style Design Conference" in Phoenix to broaden their understanding of current fire
station design trends. Revisions to the three schemes were periodically presented to
the Advisory Committee for additional input and direction, and these refinements
were subsequently presented to the Town Council.
Information from the Town department heads was considered in the site planning
and design guidelines for the development of the employee housing and fire station
at the Chamonix Master Plan Area. Information from other sources was balanced
with the input gained from the Focus Groups.
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C. Advisory Committee
Chamonix Master Plan
lown Staff
On 16 January 2008 a "Kick -Off" meeting was held for the purpose of introducing the
Chamonix Site Master Plan project to the Advisory Committee. The Advisory
Committee, which was selected by Town of Vail staff as well as citizens, consisted of
representative from the Town Council, the Planning and Environmental Commission,
the Housing Authority, the Vail Fire Department, Community Development, and two
Citizens at large. Duties of the Advisory Committee consisted of reviewing previous
master planning efforts produced for the Chamonix site, engaging in discussions on
new opportunities and changed conditions to be considered during the new master
planning effort, and issuing recommendations to the consultant team on the
parameters that would guide the process and the creation of alternative
development scenarios.
D. Town Council Hearing
The Town Council received an update on the work to date on 20 May 2008. The
consultant team presented three schemes which ranged in total unit counts from 50
to 70 units. Optimizing the density of the site, the Council's charge at the outset of
the master planning effort, was not construed to mean that the maximum number of
units possible for the site should be sought. Rather, the consultant team sought a
balance between number of units and resident population, with special
consideration given to the quality of the experience of living in and around the
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development. The Town Council instructed the design team to seek a middle path
on density, considering internal views and character of the surrounding
neighborhoods. There was also a discussion of unit sizes, with the Council inclining
toward larger units of two, there and possibly four bedrooms.
E. Refinement of Schemes
Based on the Council's comments and the request accommodate more family-
oriented units, the schemes were refined to concentrate on the creation of two and
three bedroom units. Units ranged in size from 768 sq. ft for 1 -bedroom units, 1,292 sq.
ft. for 2 -bedroom flats, 1,333 sq. ft. for 2 bedroom lofts, 1,460 sq. ft. for 3 -bedroom
units to 1,632 sq. ft. for 3 bedroom duplex units. Because family housing was the
stated focus of the development, one bedroom units were incorporated sparingly
and generally used as "infill." There was attention to the possibility of providing 4 -
bedroom units. While these were not included in the final unit mix, some units were
designed with expansion potential, where a fourth bedroom could be finished later.
F. Sustainability
Various construction methods and site design techniques
were discussed for the site which conformed to "green"
practices. Both traditional on-site building methods as
well as the use of offsite, factory built construction were
considered for the ultimate construction of the housing
structures. Based on discussions with the Advisory
Committee, offsite, factory built construction became the
preferred method due to the energy efficiencies as well
as lower construction costs inherent with this construction method. Site design
standards which focused on solar orientation, limits to site disturbance, brown -field
development, open space preservation, access to transit, and on-site storm water
retention were integrated into the three schemes as providing the basis for certifiably
sustainable construction practices.
Certification of the project using a third -party certification program, such as the
United States Green Building Council LEED certification process, was considered and
' was included in the cost estimates. The Advisory Committee determined that third -
party certification would create potential advantages in the future marketing of the
development, would leverage the green techniques used in the development to
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Chamonix Master Plan
encourage or require other private developments to seek the same standards, and
foster community pride. As a part of the third party certification process, on-site
storm water detention, which would minimize impacts from impermeable surfaces at
the Chamonix site to the municipal storm water system, was incorporated in to the
design.
3. FINAL RECOMMENDATIONS
A. Advisory Committee
On 17 July 2008, the final Advisory Committee meeting was held. The consultants
presented the final versions of the three schemes and, after discussing the schemes,
the Advisory Committee members in attendance voted on their preferred scheme for
recommendation to the Town Council. The "Village Neighborhood" scheme, which
was the most dense scheme that featured an underground parking garage, received
six of the ten votes cast, the "Neighborhood Block" plan received four of the ten votes
cast, and the "Neighborhood Cluster" received none of the votes cast. While the
Village Neighborhood became the elected preference of the Advisory Committee, a
subsequent discussion after the vote tended to suggest that there was significant
concern regarding the additional cost and maintenance of the sub -grade parking
garage. This concern was noted and included in the report to Town Council.
B. Final Council Approval
On 5 August 2008, a final presentation of the three schemes was made to the Town
Council. Following an update on the Advisory Committee recommendations the
council voted six to one for the Neighborhood Block scheme as the preferred option.
Reasons given for the preference for the Neighborhood Block scheme ranged from
the middle density character of the scheme, the inclusion of open space, the mix of
units, and the flexibility of unit layout. Council members voiced support for the third
party certification of the project as well as for factory, off-site construction.
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Chamonix Master Plan
4. PREFERRED OPTION
Neighborhood Block
/ 1Xdll��s
A. Overview
The Neighborhood Block scheme contains 58 units. The following unit mix was
proposed:
• No 1 -bedroom units;
• twenty, 2 -bedroom flats;
• sixteen, 2 bedroom lofts;
• eight, 3 -bedroom units; and
• fourteen, 3 bedroom duplexes.
This unit mix provided for 81,696 sq. ft. of housing with a density of 16 dwelling units per
acre. A main access street, which gained access to the site from Chamonix Road,
bisected the site, with 3 -bedroom duplexes on the north side and multi -family units on
the south side. An alley offers secondary access to the multi -family units. The main
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Chamonix Master Plan
street passed through the development to the fire station site. While access to the fire
station was intended to be limited, this configuration allowed for dual points of access
1
to the site, thus alleviating internal traffic congestion.
The landscape located throughout the
plan potential community gathering spots
scheme. Semi -private, stepped courtyards were located between the duplex units.
Turf areas were limited to large open spaces on the east and west ends of the
1
development. The open space on the east end could be utilized for such uses as a
dog park. Landscaping on the east end was kept away from the street to preserve
1
sightlines at the Chamonix Road/Chamonix Lane intersection. The open space on
the west end would provide a viewing area into the fire station operations. For safety
1
reasons, the viewing area was segregated from the fire station by a series of low,
landscaped walls.
The landscape palette utilized native trees and shrubs. Aspens were situated along
p p P 9
the northern edge of the site and gradually "spilled" through the spaces created by
the structures. In these stands of aspen, a native understory of grasses (Thurber's
fescue, wheatgrass and blue -wild rye) was punctuated by (orbs such as columbine,
common lupine, golden banner, and strawberry. Along the southern portion of the
site, where retention ponds were intended to hold and treat storm water runoff, more
water -oriented plants took over. Blue spruce was planted densely to act as a screen
to the commercial uses to the south and 1-70 beyond. Shrub thickets of willow and
birch filled in among the spruce.
B. Fire Station
The fire station design shown in the Neighborhood Block scheme was the consensus
alternative of Fire District staff and the
Advisory Committee. The building
foundation itself provided retention of
z -
the steep slopes to the north of the site,
and thereby offered the most cost-
_ /? effective site design.
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Chamonix Master Plan
5. PROCEDURAL REQUIREMENTS
Following extensive analysis of both the Chamonix Parcel and the Wendy's Site, staff
determined the Official Land Use Map for the Town of Vail should be amended to reflect
the new designation of Chamonix Master Plan Area. The designation of Chamonix
Master Plan Area is harmonious with the residential and commercial uses in the
surrounding neighborhood and achieves the development goals listed above.
Both properties were rezoned to reflect the development goals of the Chamonix Master
Plan Area. The 3.6 -acre parcel commonly known as the Chamonix Parcel was rezoned
from Two -Family Primary/Secondary (P/S) zone district to Housing (H) zone district
(Ordinance No. 27, Series of 2008)and the 1.25 -acre former Wendy's Site was rezoned
from Commercial Core 3 (CC3) zone district to General Use (GU) zone district (Ordinance
No. 26, Series of 2008) on November 18, 2008.
Ultimately, the fire station itself will require the approval of a Conditional Use Permit by
the Planning and Environmental Commission (PEC) in the General Use (GU) zone district
as it is a conditional use rather than a permitted use in all zone districts.
The master plan is intended to be used as the development guide for the Chamonix
Master Plan Area. The plan identifies the location for the fire station and the employee
housing. The plan locates the highest density employee housing to the south of the lower
density employee housing. This layout ensures the greatest compatibility with the
adjacent neighbors. Locating the fire station on the southern edge of the property also
locates this more commercial type use farthest from residential development.
6. NON -PREFERRED OPTIONS
A. Neighborhood Cluster Overview
The Neighborhood Cluster scheme contained 50 units. Unit mix consisted of:
• four, 1 -bedroom units;
• eight, 2 -bedroom flats;
• sixteen, 2 -bedroom lofts;
• fourteen, 3 -bedroom units; and
• eight, 3 -bedroom duplexes.
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The unit mix provided for 68,232 sq. ft. of housing with a density of 14 dwelling units
per acre. A main access street, which gained access to the site from Chamonix
Road, passed through the site to the fire station, again offering dual points of access.
Access to the fire station was limited for safety reasons. Multi -family units were
situated off the north and south side of the access road. Drives extend to the north
off the main street to duplex units.
The landscape plan, similar to the Neighborhood Block scheme, located community
gathering spots throughout the design. These community spots utilized terraced
courtyards which were located off of internal pedestrian circulation routes. As with
the Neighborhood Block scheme, turf areas were provided on the east and west
ends of the development, connected by a pedestrian trail. The turf area on the
eastern portion could be utilized for an amenity such as a dog park, while the
western turf area offered a segregated vantage point of the fire station operations.
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B. Village Neighborhood Overview
A
The Village Neighborhood scheme contained 70 units. This scheme offered a
combination of lower density duplex and multifamily units and a multi -story, multi-
family structure. Unit mix consisted of:
• nine, 1 bedroom units;
• thirty-two, 2 bedroom flats;
• no 2 bedroom lofts;
• sixteen, 3 bedrooms; and
• ten, 3 bedroom duplexes.
The unit mix provided for 87,936 sq. ft. of housing with a density of 19 dwelling units per
acre, the highest density of the three schemes. The main access to the site is via
Chamonix Road. The entry road offered a traditional neighborhood lane, with duplex
units to the north and multi -family units to the south. The lane terminated in the plaza
located in the center courtyard of the multi -story, multi -family structure.
The plaza was of a more urban character, with paving that allowed for pedestrian
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Chamonix Master Plan
and occasional vehicular access as needed. A raised landscaped platform in the
center offered a green gathering spot for residents. A parking structure was located
below the plaza and provided parking for the residents of the multi -storied structure.
The parking structure was accessed via a dedicated entrance off of the frontage
road. As in the previous schemes, open space was provided on the eastern and
western ends of the site, with similar possibilities for programming.
7. RECOMMENDED ACTIONS
A. Amend the Vail Land Use Plan.
• Planning and Environmental Commission recommendation on December 22,
2008
• Vail Town Council adoption, on first reading of Ordinance No. 1, Series of
2009, scheduled for January 6, 2009
B. Rezone the "Chamonix Parcel" to Housing (H) District.
• Occurred on November 18, 2008 (Ordinance No. 26, Series of 2008)
C. Rezone the "Wendy's Site" to General Use (GU) District.
• Occurred on November 18, 2008 (Ordinance No. 27, Series of 2007)
D. Complete the final Chamonix Affordable Housing Development Cost and
Revenue Analysis by Economic & Planning Systems.
• Draft complete on December 9, 2008
E. Complete a site and unit mix specific market study to determine demand for the
development, based on the pre -determined area median income target.
• Initiated Phase II of contract with Economic & Planning Systems on December
16, 2008. Anticipated completion by February 15, 2009.
8. APPENDIX
A. Neighborhood Block Site Plan
B. Chamonix Affordable Housing Development Cost and Revenue Analysis
C. Vicinity Map
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WEST VAL FIRE STATION L
MQ AFFORDABLE HOUSING I r {
`V/i`/J v /�/ if f •� ''1 1 II
ut)l 013,
.7 i 1
NEIGHBORHOOD
--- —'' ' c ��, _ BLOCK
16 dwelling unit per acre
It
9 o SF/ tohlSF/
, ;
J* iR - ftalmafr md�
Y of
pokingspaces spaces
Bre station spaces
26
enclosed a
68
en or tuck under
61
total r of s es
ISS
It unit unita unY udlfype
1 beoYoom 0 768 0
2 bedroom Bad 20 1,242 25,840
2t> < oom loft 16 1,333 21,328
3 bedroom 8 1.460 11,680
du - 3 np 14 1.632 22,848
dud r of ants SY
total sq R 81,696
m
M M M iii♦ iii. iili, i M M MW /2� M M iii. M
m
M M M iii♦ iii. iili, i M M MW /2� M M iii. M
Chamonix Master P
Appendix B
CHAMONIX AFFORDABLE HOUSING DEVELOPMENT
COST AND REVENUE ANALYSIS
Prepared for:
Town of Vail
Prepared by:
Economic & Planning Systems, Inc.
December 9, 2008
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Chamonix Master Plan
TABLE OF CONTENTS
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PAGE
I. Introduction.................................................................................................
2
ProjectBackground..........................................................................................
2
Scopeof EPS Analysis........................................................................................
2
ll. Comparative Analysis
................................................................................ 3
ComparativeProjects.......................................................................................
3
III. Feasibility Analysis.....................................................................................
10
ProjectCosts.....................................................................................................
10
ProjectRevenues.............................................................................................
11
CostScenerios..................................................................................................
13
IV. Findings........................................................................................................
0
CostConsiderations..........................................................................................
0
UnitSubsidy.........................................................................................................
1
BuyerLending Issues..........................................................................................
2
Additional Considerations
................................................................................ 2
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LIST OF TABLES
Chamonix Master Plan
PAGE
Table 1
Total Project Costs..........................................................................
11
Table 2
Affordability Calculation................................................................
12
Table 3
Subsidy at Optimal AMI Levels ......................................................
14
Table 4
AMI Levels for Stick Build & Standard Subsidy ............................
15
Table 5
AMI Levels for Modular & Standard Subsidy ...............................
16
Table 6
Incomes Required to Cover Costs of Stick Built Construction .
17
Table 7
Incomes Required to Cover Costs of Modular Construction...
18
Table 8
Summary of Findings.........................................................................
1
16
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Chamonix Master Plan
I. INTRODUCTION
The proposed Chamonix affordable housing project site is located on Chamonix Lane in
close proximity to the West Vail interchange. The Town purchased the site several years
ago for the purpose of constructing housing. The former Wendy's site was purchased
more recently for the purpose of constructing a fire station. Collectively, the two sites
total 5.5 acres and are slated for housing and the fire station. Surrounding land uses in
the area consist of highway oriented commercial development. Further north from the
highway along Chamonix Lane, the land use pattern is composed of both single family
and multi family residential uses.
PROJECT BACKGROUND
' The Town of Vail recently retained Stan Clauson Associates, Inc. to complete a site plan
and cost estimation for an affordable housing project on the Chamonix site. As part of
the work, Clauson identified three possible development programs with varying levels of
density and building types. Clauson's work also estimated costs associated with
construction, engineering, and landscaping of the scenarios for both stick built and
modular construction. In addition, the report considered additional costs and fees
associated with achieving LEED certification. The analysis was completed in the fall
of 2008.
From this work, the Town Council identified scheme 1, Neighborhood Block, as the
favored development program. Included in this program are 58 total units with an
overall density of 16 dwelling units per acre. The project cost estimated by Stan Clauson
ranges from $16.7 to $23.3 million depending upon the building construction method. As
part of the evaluation of the project, the Town seeks to develop a full understanding of
any and all costs in addition to land costs that may occur throughout the course of the
project's implementation.
SCOPE OF EPS ANALYSIS
Economic & Planning Systems (EPS) was retained by the Town of Vail to conduct a
feasibility study of the project, building on the work done by Stan Clauson Associates.
First, EPS researched comparable projects within Summit County, the Roaring Fork Valley,
and Eagle County to identify prominent factors influencing the overall economics of a
number of projects. Second, EPS modeled potential Chamonix project revenue based
on targeted AMI levels. Project revenue was then compared to estimated costs,
including additional cost factors identified by EPS, to determine the AMI requirements
needed to provide sufficient revenue to make the project feasible.
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Vies Landing I
The Vic's Landing project is located in the Town of Breckenridge across from the
Breckenridge Golf Course on Tiger Road. The project was spurred by an annexation ,
request by the developer, Tom Silengo, and the corresponding request for water taps.
As part of the annexation, the Town's inclusionary housing requirement was triggered.
The Town required the developer to construct 24 affordable units in exchange for
entitlements for 12 market rate units. Town contribution to the project viability was limited
to fee waivers and the entitlement of the 12 market units.
The project is evenly split between one- and two-bedroom units with target AMI levels of
80 and 100 percent. The 24 -unit project consists of six four-plexes. One -bedroom units are
priced at $185,000 and target income levels at 80 percent of AMI. Two-bedroom units
target both 80 and 100 percent of AMI and are priced at $229,500 and $285,000 per unit.
Among other standards, the deed restriction limits annual appreciation to three percent
or the increase in local AMI, dependant upon whichever measure is higher. In addition,
resales of the units are subject to income testing on the part of the buyer with a 10
percent income level tolerance. I
Closings began in April of 2008. The one -bedroom units in the project are sold out.
Approximately half of the two bedroom units are sold. It should be noted that the two
bedroom units were completed later and thus have been impacted to a greater degree
by current credit restrictions. Federal Housing Administration (FHA) approval of the
project was not originally sought, although an effort on the part of the developer is
currently being made to receive approval. The approval is expected to broaden market
demand as buyer financing will become more available.
3 1
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Chamonix Master Plan
II. COMPARATIVE ANALYSIS
'
EPS compiled comparative cost information for seven projects in the Roaring Fork Valley,
Summit County, and Eagle County based on interviews with project representatives. This
'
section discusses the individual projects and then summarizes the relevant findings.
1
COMPARATIVE PROJECTS
,
SUMMIT COUNTY
Vies Landing I
The Vic's Landing project is located in the Town of Breckenridge across from the
Breckenridge Golf Course on Tiger Road. The project was spurred by an annexation ,
request by the developer, Tom Silengo, and the corresponding request for water taps.
As part of the annexation, the Town's inclusionary housing requirement was triggered.
The Town required the developer to construct 24 affordable units in exchange for
entitlements for 12 market rate units. Town contribution to the project viability was limited
to fee waivers and the entitlement of the 12 market units.
The project is evenly split between one- and two-bedroom units with target AMI levels of
80 and 100 percent. The 24 -unit project consists of six four-plexes. One -bedroom units are
priced at $185,000 and target income levels at 80 percent of AMI. Two-bedroom units
target both 80 and 100 percent of AMI and are priced at $229,500 and $285,000 per unit.
Among other standards, the deed restriction limits annual appreciation to three percent
or the increase in local AMI, dependant upon whichever measure is higher. In addition,
resales of the units are subject to income testing on the part of the buyer with a 10
percent income level tolerance. I
Closings began in April of 2008. The one -bedroom units in the project are sold out.
Approximately half of the two bedroom units are sold. It should be noted that the two
bedroom units were completed later and thus have been impacted to a greater degree
by current credit restrictions. Federal Housing Administration (FHA) approval of the
project was not originally sought, although an effort on the part of the developer is
currently being made to receive approval. The approval is expected to broaden market
demand as buyer financing will become more available.
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Chamonix Master Plan
Valley Brook
Valley Brook is a project in the final planning stages also located in the Town of
Breckenridge on northeast corner of Airport Road and Valley Brook Street. The proposed
project is being developed on a fee basis by Mercy Housing Colorado as a result of a
Town issued RFQ in November 2007. As currently proposed, the project includes 42 units
targeting income levels at 80 and 100 percent of AMI.
The project is composed of two- and three-bedroom units in two-story townhomes.
' Approximately 52 percent of the units are targeted for AMI of 80 percent or less and 48
percent of the units are targeted for AMI of 100 percent or less. Units at 80 percent range
in price from $133,000 to $160,000 per unit. Prices at 100 percent range from $200,000 to
1 $250,000. Similar to Vic's Landing, the deed restriction limits annual appreciation to three
percent or the percent by which AMI increases.
I
Hard costs are currently estimated at $184 per square foot with total a total square foot
IJ
cost of $230 per square foot for hard and soft costs as well as site work. The cost
excludes land and off-site costs. Construction prices have increased approximately 10
percent from the time of that the project was initially bid. However, both the developer
and representatives from the Town expect to benefit from a downward renegotiation of
costs. The developer is charging a one-time fee equivalent to approximately four
percent of total costs, although a 10 percent fee is typically used by the developer.
The project is being developed with a high level of subsidy with contributions from town,
state, and federal sources. In total, it is estimated that grant funding will account for $4.7
million of the project's budget, or approximately 38 percent of total costs, which does
not include costs of land (which was contributed to the project by the Town). The
subsidy figure does include fee waivers by the Town. In addition, the Town may also
contribute an additional subsidy in grant funding. At this time, the subsidy per unit is
estimated at $117,000 per unit.
Roaring Fork Valley
Rodeo Place
The Town of Snowmass has recently completed the first homes in Rodeo Place, a 27 -unit
affordable housing development located near the Rodeo Grounds. The project is
' located within the Town of Snowmass, approximately half the distance between the
base area and Highway 82, and is highly visible to traffic along Brush Creek Drive.
The project consists of 20 single family homes, two duplexes, and one triplex. Phase I
accounts for 15 of the 27 total units. The Town finished and closed six units in the fall of
4
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Chamonix Master Plan
2008 and plans to have the balance of Phase I completed by the spring of 2009. The
homes are modular. Town staff noted that there have been problems coordinating the
site work and the manufacturer resulting in project delays and cost increases.
Nevertheless, the Town staff is pleased with the overall process and the quality of the
architectural design.
The Town did not established AMI targets for the prospective residents but relied on
surveys of interested households to derive home prices. Approximately 50 to 60
households with at least one full-time employee based in Snowmass expressed interest in
the project. Most of these households have maintained interest in the project since the
surveys were first distributed in mid 2007. The deed restriction, which limits appreciation
to three percent per year (among other terms), has caused some prospective
purchasers to drop out of the process. However, because housing options are limited
(particularly in Snowmass), most households have maintained their participation
throughout the development process and the pool of buyers has remained sufficiently
large to provide adequate demand.
Based on the response to surveys, homes were designed to fall into a price range
spanning from $300,000 to $550,000 per unit (which translates to an AMI of approximately
140 to more than 250 percent). The small single family homes and duplexes are priced at
$300,000, for 1,400 square feet of finished living area plus 700 square feet of basement
floor area ($214 per square foot, finished). Medium sized single family homes are priced
from $425,000 to $450,000 for 1,800 square feet, plus 900 square feet of basement area
($229 per finished square foot). The largest are priced at $550,000 for 2,150 square feet
plus 950 of basement floor area ($256 per square foot, finished). Basements were not an
optional feature, as the Town mandated that they be included in each home. The
requirement not only ensures adequate storage, but also creates additional bedroom
area to be used for sublets and/or roommates, increasing the number of employees that
can be housed locally.
The construction costs range from $210 to $225 per square foot and covers only vertical
costs. The Town absorbed costs for all on-site infrastructure improvements as well as soft
costs related to the site engineering and architectural design. While staff did not have
specific costs for these services, they estimate a 25 percent increase for these costs
resulting in a total cost of $262 to $281 per square foot. The Town had acquired the land
previously and contributed the cost of the land as a form of subsidy. Subsidies range
from $33,000 to $80,000 per unit based on an average construction cost of $271 per
square foot. The smaller units generate $300,000 of revenue while construction costs total
$380,000 (1,400 * 271), resulting in a net subsidy of $80,000. The medium sized units
required a subsidy of $50,000 and the largest units were subsidized by $33,000. The
average among all three unit types is $54,000.
5
J
I I
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Chamonix Master Plan
' Burlingame Ranch
Burlingame Ranch is a 21.5 acre affordable housing development in the Town of Aspen
located off Highway 82 to the north of the Bar/X Ranch. The project is entirely dedicated
to affordable housing and planned to be developed over three phases and will include
a total of 236 units. To date, 91 units have been constructed on the site. Income targets
for the project range widely, although the majority of the units accommodate income
' levels that range from approximately 80 to 140 percent of AMI. (Note that the Aspen
Housing Office sets its own median income and corresponding AMI levels. The targets
shown here are approximate.)
The first phase of development includes 15 one bedroom units, 30 two bedroom units, 39
' three bedroom units, and 7 single-family lots. Most of the units are townhomes. In
addition to the identified income limits, residents are also required to earn a minimum of
75 percent of their yearly income within Pitkin County. The units are deed restricted to
I
three percent annual appreciation or the percent by which the Consumer Price Index
(CPI) increases. All 91 units included in the first phase have been sold.
I An extensive audit of Phase I costs in completed Burlingame Ranch was as a result of a
9
brochure that was published in 2005 misstating the total cost of the project to the public.
The average sales price per unit (including lots) for the project was approximately
$230,000. Hard costs for the project averaged $170 per square foot with an average
total cost of $202 per square foot of hard and soft costs (which exclude land, off-site, and
mitigation costs). Including land and all other costs, such an off-site infrastructure,
mitigation, and community benefits, the total project cost $236 per square foot.
The project's audit indicates a per unit subsidy of $331,567, or approximately 59 percent
of the project's costs. This contrasts with an anticipated subsidy of $184,455 per unit. The
increase is largely attributable to programmatic changes made by Council as well as
shifting AMI targets to lower levels. The project costs increased by $11.7 million, resulting
' in relatively high per unit subsidies.
1
F-1
II
Iron Bridge
Iron Bridge is an affordable housing development located in Garfield County between
Carbondale and Glenwood Springs. The affordable component of the project is part of
the larger 300 home development by Iron Bridge Homes, LLC. The inclusion of affordable
units in the development was a requirement of Garfield County's inclusionary housing
ordinance triggered by the developer's request for a Planned Unit Development (PUD)
density increase. A total of 30 deed restricted affordable single family units were
required. County representatives expect 24 to be completed on site and another six to
be addressed via fees -in -lieu.
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Chamonix Master Flan
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i
Chamonix Master Plan
The affordable units are all comprised of 3 -bedroom 2 -bath units with an average size of
1,430 square feet. The units are targeted to families earning 80 percent or less of AMI
and working in Garfield County. The units are priced at $230,000 as a result of
' calculation of AMI based on a 6 -person family. Garfield County has since amended
their ordinance to limit the amount of people able to be included in the AMI calculation
and maintain lower price points. The units are deed restricted to three percent annual
' appreciation or the percent by which the Consumer Price Index (CPI) increases (among
other requirements).
Sales within the affordable component have been slow, as the developer has closed on
only four units However, the balance of the project is under contract and the remaining
' 20 units are awaiting their certificate of occupancy which has been delayed as a result
of the involvement of Lehman Brothers in the construction loan. As a result, the
completion of the units and release has been delayed several months. No County or
' other public subsidy was used in the construction of the units. Developer representatives
report that their approach was to sell the units at the cost of vertical construction and
shift costs related to land, infrastructure, and soft costs to the market rate portion of the
development. Vertical construction costs are estimated range from $160 to $175 per
square foot. The project is not currently FHA approved, although the developer and
County are investigating the measures necessary to become approved.
i�
J
iEAGLE
COUNTY
Stratton Flats
Stratton Flats is a 47 -acre housing development located in the Town of Gypsum south
i
of Hwy 6 on the northwest side of the Eagle County Regional Airport. The developer for
the project is Meritage Development Group. At build -out the 339 unit project will include
152 single family homes, 118 townhomes, and 69 condominiums of which 226 will include
deed restrictions. At this time, a total of seven units have been permitted on the 47.3
acre site.
' The affordable units target income levels at 140 percent of AMI and are evenly divided
between Town of Gypsum and Eagle County deed restrictions. The Gypsum restriction
i limits income to 140 percent of AMI and requires that buyers earn 85 percent of their
income in Eagle County. The Eagle County deed restriction limits income to 140 percent
of AMI and includes a cap on annual appreciation based on the increase to the local
i AMI.
' Units with the less restrictive Town of Gypsum deed restriction are priced at
approximately $320,000 to $350,000 for townhomes and between $180,000 and $245,000
for condominiums. Units with the Eagle County restriction are priced at $350,000 for
isingle family units, $300,000 to $330,000 units for townhomes, and between $180,000 and
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Chamonix Master Plan
$245,000 for condominiums. Market rate units range from $400,000 to $430,000 for single-
family homes and between $340,000 and $380,000 for townhomes. To date, the
developer has written 8 contracts for units in the project. The developer reported that
approximately 80 people had pursued loans without success. As a result, the developer
has pursued and recently received FHA approval, which allows for 97 percent Loan -to -
Value buyer financing.
The project was completed using modular construction at a total cost of $200 per square
foot. From the time of initially ordering the modular units through the current point in the
construction process, the developer reported a cost increase of eight percent. Within
the Gypsum deed restricted units, there is a per unit subsidy of approximately $23,000
which was provided in the form of fee waivers by the Town. Eagle County units required
higher subsidies of approximately $23,000 of waived Town of Gypsum fees plus $40,000
per unit which was provided through a $4.5 million equity investment in the project by
Eagle County in the form of a subordinated position.
Eagle Ranch Village
Eagle Ranch Village is a land development project by East-West Partners located in the
Town of Eagle off Grand Avenue on Sylvan Lake Road. The project includes
approximately 60 units which were constructed as part of the Town's inclusionary housing
ordinance and were constructed approximately five to six years ago. The affordable
units within the project are housed in four-plexes within the Sylvan Square development,
which is part of a larger development that includes single-family houses, entitled lots, and
additional multifamily housing.
The affordable units sold for approximately $300,000 per unit as compared to market rate
units within the project that sold for approximately $350,000 per unit. Hard costs within
the project were approximately $180 per square foot for vertical construction only. Soft
costs accounted for approximately 20 percent of hard costs resulting in a total cost to
approximately $216 per foot. The developer of the affordable units reported that no
profit margin was received on the affordable units.
No income restrictions exist on the units. The deed restriction requires that residents must
live and work in Eagle County and limits annual appreciation to three percent or CPI,
although this provision is waived if the seller cannot find a buyer. The Eagle County
Housing Authority has the first right of purchase from the owner. The affordable units
were provided a development subsidy through a land donation by East-West Partners as
well as a 0.2 percent transfer fee on the market rate units. The fee is allocated by a
community housing committee to individual units. Including land and the transfer fee,
the total subsidy in Sylvan Square was approximately $50,000 per unit.
9 1
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Chamonix Master Plan
III. FEASIBILITY ANALYSIS
EPS conducted a financial analysis to provide a full indication of the costs the Town of
Vail will incur in the development of the Chamonix site. EPS analyzed potential revenues
from varying AMI levels and projected the per unit subsidies needed to finance the
project.
Project Costs
Town Council has indicated a preference for Scheme 1 of the Stan Clausen proposals
which includes 36 two-bedroom and 22 three-bedroom units for a total of 58 units. EPS
compiled the cost information provided by the consultant with line items for a developer's
fee and contingency consideration. With these factors added to the original estimate,
the total construction cost for the "stick built" Option A is $29,523,540. The cost for the
modular built Option B is $21,844,116, as shown on the following page in Table 1.
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Chamonix Master Plan
Table 1
Total Project Costs
Chamonix Affordable Housing Costs and Revenue Analysis
Sources & Uses
Neighborhood Block
Option A Option B
Total Square Feet
81,696
81,696
Program
$848,328
$848,328
1 Bedroom
0
0
2 Bedroom
36
36
3 Bedroom
22
22
Subtotal
58
58
Costs
Cost Factor
Engineering
$848,328
$848,328
Engineering Services
7.0%
59,383
59,383
Construction
23,283,360
16,747,680
Landscaping
748,552
748,552
LEED Certification
135.420
135,420
Subtotal
$25,075,043
$18,539,363
Cost per Square Foot
$307
$227
Contingency
Engineering Contingency
15.0%
$127,249
$127,249
Construction Contingency'
10.0%
2,328,336
1,674,768
Landscaping Contingency
15.0%
112,283
112,283
Subtotal
$2,567,868
$1,914,300
Fees
LEED Certification Fee
0.5%
125,375
92,697
Developer Fee
7.0%
$1,755,253
$1,297,755
Subtotal
$1,880,628
$1,390,452
Total Costs
$29,523,540
$21,844,116
' EPS additions to Stan Clauson estimate
Source: Economic & Planning Systems, Stan Clauson Associates
».,,.v -w cn..v,:1a—F—ftru,q+e+M+..n--w.can„W—
Project Revenues
EPS estimated appropriate sales prices based upon an Average Median Income (AMI) of
$75,000 for a household of three in Eagle County, as shown in Table 2. Target home
prices range from approximately $228,000 at 80 percent of AMI to $407,300 at 140
percent AMI.
11
Chamonix Master Plan
Table 2
Affordability Calculation
Chamonix Affordable Housing Costs and Revenue Analysis
Description Factor I 80% 90% 100% 110% 120% 130% 140%
Maximum Income
2 Bedroom
3 Bedroom
Housing Payment Capacity
Monthly Payment
Less: Insurance
Less: Property Taxes
Net Available for Debt Service
Affordability Target
Loan Amount
Loan Term
Down Payment
Loan : Value Ratio
Target Affordable House Price
30%
$600 / Year
0.50%
7% interest
Source: HUD; Economic & Planning Systems
H'\18887 -Vail Chant -in, Housing Site Feasibility Analy,s0ata\]18887 -AMI Eagle County As]OwnrAMOrd
$60,320
$67,860
$75,400
$82,940
$90,480
$98,020
$105,560
$60,320
$67,860
$75,400
$82,940
$90,480
$98,020
$105,560
10%
10%
2 8r,
3 Bedroom
10%
10%
10%
$1,508
$1,697
$1,885
$2,074
$2,262
$2,451
$2,639
-$50
-$50
-$50
-$50
-$50
-$50
-$50
-$90
- 100
-$110
-$120
- 130
-$140
- 150
$1,368
$1,547
$1,725
$1,904
$2,082
$2,261
$2,439
$205,600
$232,500
$259,300
$286,100
$312,900
$339,800
$366,600
30 Years
30 Years
30 Years
30 Years
30 Years
30 Years
30 Years
10%
10%
10%
10%
10%
10%
10%
90%
90%
90%
90%
90%
90%
90%
$228,400
$258,300
$288,100
$317,900
$347,700
$377,600
$407,300
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Chamonix Master Plan
COST SCENERIOS
The total amount of revenue available to the project was determined by the number of
units within the project dedicated to each income level. Total income was then
compared to the total project cost to determine the net difference. This amount
provides the basis of the estimate of subsidy per unit for the proposed Chamonix project
in three scenarios. For this analysis, the costs are based on the San Clauson report. Stick
built construction is assumed to cost $285 per square foot and modular is assumed to
cost $205 per square foot.
t
The field research indicates that these may be overly conservative at this time and that a
lower cost figure may be reasonable. In the analysis that follows, the original cost figures '
have been maintained. It is recommended that the feasibility analysis be rerun with
lower figures after the Town has had the opportunity to review them.
11
The first scenario examined an optimal level of affordability with half of the units targeting
households at 80 percent of AMI and half at 100 percent AMI. The second scenario
determines the price points necessary to reach a per unit subsidy consistent with the
comparative projects in the region. The third scenario examines the per unit prices
needed for the project to break even.
'
In the tables that follow, Scenario A refers to stick built construction costs and Scenario B
is based on modular costs.
13
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Chamonix Master Plan
OPTIMAL AMI TARGET
An optimal AMI level of 80 and 100 percent of AMI was used in this analysis. At these
levels a stick built project requires a per unit subsidy of approximately $251,000 per unit,
as shown in Table 3. Modular construction at these incomes requires a per unit subsidy
of $118,000.
Table 3
Subsidy at Optimal AMI Levels
Chamonix Affordable Housing Costs and Revenue Analysis
Neighborhood Block
Revenue Sources Option A Option B
2 Bedroom
% of Total
80% AMI - 2 Bdrm.
50%
4,111,200
4,111,200
90% AMI - 2 Bdrm.
0%
0
0
100% AMI - 2 Bdrm.
50%
5,185,800
5,185,800
110% AMI - 2 Bdrm.
0%
0
0
120% AMI - 2 Bdrm.
0%
0
0
130% AMI - 2 Bdrm.
0%
0
0
140% AMI - 2 Bdrm.
0%
0
0
Subtotal
100%
9,297,000
9,297,000
3 Bedroom
80% AMI - 3 Bdrm.
50%
2,512,400
2,512,400
90% AMI - 3 Bdrm.
0%
0
0
100% AMI - 3 Bdrm.
50%
3,169,100
3,169,100
110% AMI - 3 Bdrm.
0%
0
0
120% AMI - 3 Bdrm.
0%
0
0
130% AMI - 3 Bdrm.
0%
0
0
140% AMI - 3 Bdrm.
0%
0
0
Subtotal
100%
5,681,500
5,681,500
Total Revenue
$14,978,500
$14,978,500
Project Profit/Loss
Square Feet
($178.04)
($84.04)
Unit
($250,777)
($118,373)
Total
($14,545,040)
($6,865,616)
Source: Economic & Planning Systems, Stan Clauson Associates
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Chamonix Master Plan
TYPICAL SUBSIDY
Based on the research of regional projects, a representative per unit subsidy for stick built
construction in a project with only affordable units is approximately $120,000 per unit. A
typical subsidy for modular construction is approximately $30,000 per unit.
To reach a typical stick built subsidy, the program required units to be evenly split
between 130 and 140 percent of AMI, as shown in Table 4. At these income levels, the
project could be feasible with a per unit subsidy of approximately $117,000.
Table 4
AMI Levels for Stick Build & Standard Subsidy
Chamonix Affordable Housing Costs and Revenue Analysis
Neighborhood Block
Revenue Sources Option A
2 Bedroom
% of Total
80% AMI - 2 Bdrm.
0%
0
90% AMI - 2 Bdrm.
0%
0
100% AMI - 2 Bdrm.
0%
0
110% AMI - 2 Bdrm.
0%
0
120% AMI - 2 Bdrm.
0%
0
130% AMI - 2 Bdrm.
50%
6,796,800
140% AMI - 2 Bdrm.
500/6
7.331,400
Subtotal
50%
14,128,200
3 Bedroom
80% AMI - 3 Bdrm.
0%
0
90% AMI - 3 Bdrm.
0%
0
100% AMI - 3 Bdrm.
0%
0
110% AMI - 3 Bdrm.
0%
0
120% AMI - 3 Bdrm.
0%
0
130% AMI - 3 Bdrm.
50%
4,153,600
140% AMI - 3 Bdrm.
50%
4.480.300
Subtotal
50%
8,633,900
Total Revenue
$22,762,100
Project Profit/Loss
Square Feet
($82.76)
Unit
($116,577)
Total
($6,761,440)
Source: Economic & Planning Systems, Stan Clauson Associates ,
h.++an-w cn.no.—Ma F-01 M*w. ne --Eq, C—,AW p
15 ,
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Chamonix Master Plan
Modular construction affords a greater flexibility in the program required to reach typical
subsidies. When 50 percent of units are priced for 120 percent AMI and the remaining
units are divided between 110 and 130 percent AMI, a per unit subsidy of approximately
$33,000 is needed, as shown in Table 5.
Table 5
AMI Levels for Modular & Standard Subsidy
Chamonix Affordable Housing Costs and Revenue Analysis
Revenue Sources
Neighborhood Block
Option B
2 Bedroom
% of Total
80% AMI - 2 Bdrm.
0%
0
90% AMI - 2 Bdrm.
0%
0
100% AMI - 2 Bdrm.
0%
0
110% AMI - 2 Bdrm.
30%
3,496,900
120% AMI - 2 Bdrm.
50%
6,258,600
130% AMI - 2 Bdrm.
20%
2,643,200
140% AMI - 2 Bdrm.
211
0
Subtotal
100%
$12,398,700
3 Bedroom
80% AMI - 3 Bdrm.
0%
0
90% AMI - 3 Bdrm.
0%
0
100% AMI - 3 Bdrm.
0%
0
110% AMI - 3 Bdrm.
30%
2,225,300
120% AMI - 3 Bdrm.
50%
3,824,700
130% AMI - 3 Bdrm.
20%
1,510,400
140% AMI - 3 Bdrm.
of
0
Subtotal
100%
$7,560,400
Total Revenue $19,959,100
Project Profit/Loss
Square Feet ($23.07)
Unit ($32,500)
Total ($1,885,016)
Source: Economic 8 Planning Systems, Stan Clauson Associates
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Chamonix Master Plan
MINIMAL SUBSIDY
The following two tables test hypothetical scenarios in which the Town pays the least
amount of subsidy. For stick built construction, the project requires a subsidy of $102,000
per units even if 100 percent of the units are sold at 140 percent of AMI, as shown in Table
6.
Table 6
Incomes Required to Cover Costs of Stick Built Construction
Chamonix Affordable Housing Costs and Revenue Analysis
Revenue Sources
Neighborhood Block
Option A
2 Bedroom
% of Total
80% AMI - 2 Bdrm.
o%
0
90% AMI - 2 Bdrm.
o%
0
100% AMI - 2 Bdrm.
0%
0
110% AMI - 2 Bdrm.
o%
0
120% AMI - 2 Bdrm.
o%
0
130% AMI - 2 Bdrm.
o%
0
140% AMI - 2 Bdrm.
100%
14.662,800
Subtotal
0%
14,662,800
3 Bedroom
80% AN - 3 Bdrm.
o%
0
90% AMI - 3 Bdrm.
0%
0
100% AMI - 3 Bdrm.
o%
0
110% AMI - 3 Bdrm.
o%
0
120% AMI - 3 Bdrm.
o%
0
130% AMI - 3 Bdrm.
0%
0
140% AMI - 3 Bdrm.
l00%
8.960.600
Subtotal
0%
8,960,600
Total Revenue
$23,623,400
Project Profit/Loss
Square Feet
($72.22)
Unit
($101,727)
Total
($5,900,140)
Source: Economic & Planning Systems, Stan Clauson Associates
K„.n-vr —"e F�bft r *d*le -. Ey.0 ar F.-
17
Chamonix Master Plan
The Town could hypothetically achieve feasibility with minimal subsides using modular
construction costs, as shown in Table 7. The sales modular constructed units are cost
neutral when 40 percent and 50 percent of units are targeted for incomes of 130 and 140
percent of AMI, respectively. At these sales prices a small number of units can be
devoted to 120 percent of AMI.
Table 7
Incomes Required to Cover Costs of Modular Construction
Chamonix Affordable Housing Costs and Revenue Analysis
Revenue Sources
Neighborhood Block
Option B
2 Bedroom
% of Total
80% AMI - 2 Bdrm.
0%
0
90% AMI - 2 Bdrm.
0%
0
100% AMI - 2 Bdrm.
0°i
0
110% AMI - 2 Bdrm.
0%
0
120% AMI - 2 Bdrm.
10%
1,390,800
130% AMI - 2 Bdrm.
50%
6,796,800
140% AMI - 2 Bdrm.
40%
5,702,200
Subtotal
60%
$13,889,800
3 Bedroom
80% AMI - 3 Bdrm.
0%
0
90% AMI - 3 Bdrm.
0°i
0
100% AMI - 3 Bdrm.
0%
0
110% AMI - 3 Bdrm.
0%
0
120% AMI - 3 Bdrm.
10%
695,400
130% AMI - 3 Bdrm.
50%
4,153,600
140% AMI - 3 Bdrm.
40%
3,665,700
Subtotal
60
$8,514,700
Total Revenue
$22,404,500
Project Profit/Loss
Square Feet $6.86
Unit $9,662
Total $560,384
Source: Economic & Planning Systems, Stan Clauson Associates
H \t000] -Vv CNmmi. Xaclnp Sm: F.m0n0y AmIHeDMcy,BBOi - PMI EeBle Ca„Bv X+P�nws
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Chamonix Master Plan I
IV. FINDINGS
The following analysis summarizes the most prominent issues encountered in the development of
the selected affordable housing projects. Issues are organized by cost considerations, subsidy
levels, and buyer lending.
'
Cost Considerations
Construction costs for the projects under consideration in this report ranged from $200 to $281 per '
square foot, as shown on the following page in Table 8, which summarizes the costs, revenues, and
subsidies for the projects evaluated. The construction cost data shown in the table is exclusive of '
land, off site mitigation, and other considerations. The figures generally include hard costs, soft
costs, and on-site infrastructure. Results indicate frequent instances of construction costs around
$200 to $230 per square foot. 01
Developers experienced cost escalations ranging from 8 to 20 percent from the time an initial bid '
was received to construction. However, project representatives repeatedly indicated that
downward pressure in materials costs has fallen 20 percent from 2007 to 2008. Contractors in the
planning stages are tending to renegotiate prices in light of weakening demand for construction '
materials worldwide.
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t
Chamonix Master Plan
Table 8
Summary of Findings
Chamonix Affordable Housing Costs and Revenue Analysis
Construction Cost
Project Planned Built Target AMI Cost Subsidy 5 Escalation Price Range
(sq. ft.) (per unit)
Summit County
Vic's Landing
24
24
80% to 100%
Mercy Housing
42
---
80% & 100%
Roaring Fork Valley
Rodeo Ground
27
9
140%-250%
Burlingame Ranch
91
91
80% to 140% 2
Iron Bridge
24
24
80% s
Eagle County
Stratton Flats'
226
7
140%
Eagle Ranch Village
60
60
live/work in Cty.
Modular units
Majority of units in this range, AMI level based on survey
Based on six person household
"Total cost derived by allocating 20% of hard costs to soft costs
5 Burlingame Ranch and Mercy Housing figure do not include waived fees
Source: Economic & Planning Systems
n nsae,-v., a mn� w..y s , c�eq wa,rmy, am, . r.q,u acRun...y
Unit Subsidy
-- fee waivers --- $185,000 - $285,000
$230 $117,000 10% $133,000 - $250,000
$281 $300,000 - $550,000
$202 $332,000 12% avg. $230,000
$202 ° $0 --- $230,000
$200 $23,000 - $40,000 8% $180,000 - $350,000
$216 ° $50,000 20% $300,000
Subsidies take many forms in affordable housing development. The research shows a clustering of
per unit subsidies in the $20,000 to $50,000 range as well as a cluster on the upper end that spans
from $120,000 to $330,000. In all cases, these subsidy levels are on top of land costs. In each of the
case studies provided, land was provided at no cost to the affordable units, which is a minimum
threshold for pursuing an affordable housing project at this time.
Generally, the projects requiring lower subsidies benefit from market rate units that defray the land,
soft costs, developer fees, on-site infrastructure, and off-site mitigation. For example, Iron Bridge,
Stratton Flats, Vic's Landing, and Eagle Ranch Village all received indirect subsidy through the
ability of the developer to build market rate units on-site. In addition, the projects also received fee
waivers to help offset the costs of affordable units. The $23,000 to $40,000 subsidy at Stratton Flats
includes both fee waivers as well as the benefit of a $4.5 million equity contribution from Eagle
County. The $50,000 per unit subsidy at Eagle Ranch Village includes both fee waivers proceeds
from a RETA and the value of a land contribution from the master developer.
Another way to reduce subsidies is to increase sales prices and target higher AMI levels. The
Snowmass project reflects relatively unique approach as virtually all of the units are priced at the
upper end of the affordable spectrum, reaching approximate AMI levels near (or above) 140
percent. The Town was able to reduce the subsidy to $54,000 per unit based on sales prices for
some units that exceeded $500,000. The project with the lowest required subsidy, Stratton Flats,
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Chamonix Master Plan
reflects a combination of benefits, including on-site market rate units, modest deed restriction
terms, as well as higher AMI targets.
In projects without supporting market rate units and conventional AMI targets that reach
households earning as little as 80 percent of AMI, higher subsidies are required to cover project
costs. The proposed Valley Brook project anticipates a per unit subsidy of approximately $117,000.
Burlingame Ranch requires $332,000 per unit.
Moving forward, the Town of Vail should recognize that land subsidy alone will be insufficient for the
project unless construction costs drop and/or AMI targets are set high. The Town should carefully
consider higher AMI levels and should set them only after completing additional market analysis, as
identified below. Generally, the Town should anticipate committing additional levels of subsidy to
the project based on the research of comparative projects.
Buyer Lending Issues
Project developers repeatedly indicated that underwriting standards for residential borrowers
represent the greatest current risk to affordable housing development. Preliminary research shows
that mortgage terms require down payments of 10 to 15 percent. Many developers cited the need
to secure Federal Housing Administration approval, thus providing 97 percent loan -to -value
financing. Project representatives indicated that FHA approval was contingent upon review of the
deed covenants and in the case of the modular development (Stratton Flats) approval of building
plans, including the unit foundation.
Construction loans appear to be less of an issue than individual homebuyer loans. Representatives
from the Valley Brook project indicated a willing market for construction loans. In addition,
downward pressure on construction costs has also eased restrictions to borrowing.
Additional Considerations
Based on discussions with developers with active affordable housing projects in the region, there
are a number of critical issues that warrant consideration, in addition to the issues of costs,
revenues, and feasibility. These include:
■ Competitive Market Position - The Town should understand the market position of the site
relative to other projects within the county. Prospective home purchasers have options and
can be expected to evaluate several other opportunities before selecting a home at this
location. Documenting the market context and determining the competitive advantages
provided by this site will shed light on the profiles of buyers likely to purchase here. The analysis
will enable the Town to price its units based on the market and improve receptivity among the
segment(s) most likely to consider it.
1!
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Chamonix Master Plan
■ Product Alignment - Once the market position and price banding has been established, the
' Town should revisit the products designed for the site. Aligning the products with the buyer
profiles is a critical step to creating a marketable project. It should be noted that most
developers attempt to provide as broad a range of products as possible, thus generating
interest from across the spectrum of prospective buyers. This approach is recommended for the
' Chamonix site as well; however, the Town should identify the most profitable and saleable
product and ensure that the development program is concentrated around this unit type.
' Market Depth by AMI Level - In addition to evaluating the market supply, as noted in the first
two bullets, the Town should consider an analysis of market demand. Using recent survey data,
the Town could understand the depth of potential demand for units by income level. The data
can be cross -tabulated by a range of factors to better understand depth of demand by type
' of resident.
■ Financing Risk Mitigation - The current credit markets are substantially different from the recent
past. Accordingly, developers must take action to ensure that financing is as available under
the most flexible terms possible for future buyers. At this time, developers are seeking FHA
approval to achieve this. The Town should understand the requirements of FHA and ensure that
it is addressed from the start of
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Chamonix Master Plan I
Appendix C
J
El
C
4•
12/l/2015
To: Vail Town Council
From: George Ruther, Director of Community Development
Date: December 3, 2013
Subject: Chamonix Master Plan Informational Update
I. Purpose
Over the last several months there have been a number of questions directed to town staff with regard
the Chamonix Master Plan. The purpose of this memorandum is to provide the Vail Town Council with
an informational update on the Chamonix Master Plan. In order to effectively convey the information,
this memorandum will focus primarily on the Chamonix Master Plan, however, a number of other
employee housing planning and policy related documents will also be summarized.
In the end, with instruction from the Vail Town Council, town staff will schedule a future worklsession
discussion with the town council to address any unanswered questions.
II. Chamonix Master Plan
1. Where is the Chamonix parcel located?
• The Chamonix parcel is located at 2310 Chamonix Road. The parcel of land is approximately 3.6
acres in size. Uses adjacent to the parcel include the West Vail Shell gas station, the West Vail
Fire Stations and a mix of low to medium density residential development.
2. When did the Town of Vail acquire the property?
• The Town of Vail purchased the Chamonix parcel in 2002. Subsequently, in 2007, the Town also
acquired the immediately adjacent Wendy's parcel.
3. When was the master plan adopted?
• The first master plan for the parcel was adopted in 2005. The Chamonix Parcel Land Use Plan
was adopted to facilitate the development of a new fire station in the West Vail neighbor hood.
The objectives of the Land Use Plan were to identify a site for a new fire station, identify other
potential land use opportunities for the parcel, and establish guidelines and recommendations
for future applications for development plans proposed for the parcel.
4. What is the role of the master plan in the decision-making process
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12/1/2015
• Like many of the Town's adopted master planning documents, the role of the Chamonix Master
Plan is to illustrate and articulate the community's expectations for development on the parcel
prior to responding to a request for development and to guide decision -makers in the decision
making process on how the parcel should be developed.
5. What is the relationship of the Chamonix Master Plan (2009) to the Employee Housing Strategic Plan
(2008)?
• In 2008, the Town of Vail adopted an Employee Housing Strategic Plan. The stated goal of the
strategic plan is "to ensure there is deed restricted housing for at least 30% of Vail's workforce
with the Town of Vail." The strategic plan identifies a series of actions steps the Town should
consider, like developing deed restricted housing on the Chamonix Parcel, in an effort to achieve
its adopted housing goal.
6. Has the master plan ever been amended? If so, what was the reason for the amendment?
• Yes, the Chamonix Parcel Land Use Plan (2005) was amended in 2009. As a result, the Chamonix
Master Plan was created. In part, the original plan was amended for the following reasons:
1) The Town was further preparing for the construction of the new West Vail Fire Station.
2) New opportunities and changed conditions warranted further consideration.
3) There was a desire to create alternative development scenarios for review and consideration.
The plan was later amended to address opportunities for increased (See Memo)
7. What is the objective of the Chamonix Master Plan (2009)?
8. Is the Chamonix parcel zoned? If so, what is the development potential of the parcel?
• Yes, according to the Official Zoning Map of the Town of Vail, the Chamonix parcel is zoned
9. What role did the community play in the adoption of the master plan?
10. Have development scenarios been proposed for the parcel? If so, what were they and what is the
status of the project?
11. Does the Town of Vail have a policy when it comes to transferring ownership of land underneath
town -sponsored housing projects
12. How can the Chamonix parcel help the Town achieve its goals for deed restricted housing?
13. To what degree has the Town studied the marketability and suitability of the parcel for
development?
14. How have market conditions changed since the adoption of the master plan?
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15.
16. Financial provisions ensure the improvements are in good repair at the end of the 35 -year term.
17. Town obligated to mitigate rockfall hazard. +/- $100,000 initial construction cost with annual
maintenance required. Developer obligated to pay for Frontage Road turn lane improvements.
18. Deed restriction required consistent with the Housing Zone District 70%/30%
19. Initial pre -application meetings with Fire and PW. Project proposal is consistent with Town
requirements.
20. CDOT application and meetings pending. Town to apply for CDOT access permit on behalf of the
project.
21. Development application submitted by November 29, 2013. Final PEC meeting on December 16,
2013. Schedule based upon construction start by late spring 2014.
III. Project Next Steps
A preliminary project schedule has been created to facilitate the successful outcome for this project. The
next steps for the project include:
• Deed restriction discussion with the Vail Town Council
• Final Lease Agreement negotiations with the Vail Town Council
• Rockfall mitigation approval
• Transit stop improvements discussion
• Development application submittal to the Town of Vail by November 29th
• Final development application review by the PEC on December 16th
• Conceptual design application review by the DRB on December 18th
• Final design application review by the DRB on January 8th or 22nd
• Submit building permit application by March 15th
• Issuance of building permit by May 15t
This schedule is subject to change as discussions regarding this project continue.
3
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Market Analysis
Chamonix For -Sale Employee Housing
Draft 4-30-14
Prepared by:
Rees Consulting, Inc.
PO Box 3845
Crested Butte, CO 81224
970-349-9845
reesconsultinginc.com
Contents
Introduction................................................................................................................................ 1
Purposeof the Study..............................................................................................................
1
Organizationof the Report......................................................................................................
1
Methodology and Sources......................................................................................................
1
AreaCovered.........................................................................................................................
2
1. Master Plan Summary.....................................................................................................
3
Number, Type and Size of Units.............................................................................................
3
Income Targeting and Prices..................................................................................................
4
Amenities...............................................................................................................................
4
SitePlan.................................................................................................................................
5
Access and Infrastructure.......................................................................................................
5
Potential Market Impediments................................................................................................
5
11. Location Analysis................................................................................................................
6
Street Address/Street Boundaries..........................................................................................
6
SurroundingLand Use............................................................................................................
6
Proximityto Services..............................................................................................................
9
Shoppingand Dining...........................................................................................................
9
PublicTransit......................................................................................................................
9
Bike and Pedestrian Access...............................................................................................
9
Parks..................................................................................................................................
9
Schools..............................................................................................................................10
Marketabilityof the Site.........................................................................................................10
III. Demographic and Economic Framework........................................................................12
Market Area Demographics...................................................................................................12
DemographicTrends.............................................................................................................14
TheEconomy........................................................................................................................16
IV. Rental Market Overview.................................................................................................19
ApartmentInventory..............................................................................................................19
OccupancyLevels.................................................................................................................20
Rents.....................................................................................................................................21
Condominium/Townhome Rentals.........................................................................................22
V. Ownership Market Conditions............................................................................................24
County -Wide Ownership Market Trends................................................................................24
PriceVariation by Area..........................................................................................................26
Availability of Market Housing................................................................................................27
12/11/2015
Sales of Deed Restricted Units..............................................................................................29
Availability of Deed Restricted Housing.................................................................................30
LotSales...............................................................................................................................31
Foreclosures..........................................................................................................................31
VI. Competitive Analysis......................................................................................................32
Vail Deed Restricted Inventory..............................................................................................32
Amenities/Design Features....................................................................................................37
VII. Demand Estimates.........................................................................................................39
MarketSegmentation............................................................................................................39
MarketSize...........................................................................................................................42
DemandEstimate..................................................................................................................43
Lottery/Buyer Applicants........................................................................................................44
VIII. Mortgage Availability......................................................................................................45
LoanProducts.......................................................................................................................45
Deed Restriction Limitations..................................................................................................45
Lending on Condominiums....................................................................................................46
LeasedLand..........................................................................................................................46
ARM's....................................................................................................................................46
The Impacts of Interest Rates on Affordability.......................................................................47
Down Payment Assistance....................................................................................................47
BorrowerProfile.....................................................................................................................47
IX. Conclusions and Recommendations..............................................................................48
Competition...........................................................................................................................49
FamilyOrientation.................................................................................................................50
Income Targets and Pricing...................................................................................................50
Unit Size, Type and Bedroom Mix.........................................................................................51
MortgageAvailability.............................................................................................................52
Marketing..............................................................................................................................53
Amenities/Design Features....................................................................................................53
Phasing.................................................................................................................................53
12/11/2015
Draft 4-3-14
Introduction
Purpose of the Study
The Town of Vail contracted with Rees Consulting, Inc. to analyze the market for Chamonix, a proposed
employee housing development. As envisioned, Chamonix will provide 58 units of deed restricted
ownership housing, ranging from two-bedroom flats to three-bedroom duplexes serving households
with incomes from 60% of the Area Median Income (AMI) to 120% or possibly 140% AMI.
The 3.6 -acre Chamonix site just north of the west Vail 1-70 interchange was acquired by the Town in
2005. The original master plan for Chamonix was first adopted that same year. The current master
plan, adopted in 2009, examined three development scenarios and involved citizen input and
stakeholder focus groups. A guiding policy of the master plan calls for a family-oriented neighborhood.
Two previous studies have been done analyzing the market, similar developments in other communities
and financial feasibility/gap.
Organization of the Report
This report has nine main sections as follows:
I. Master Plan Summary
II. Location Analysis
III. Demographic and Economic Framework
IV. Rental Market Overview
V.
Ownership Market Conditions
VI.
Competitive Analysis
VII.
Demand Estimates
VIII.
Mortgage Availability
IX.
Conclusions and Recommendations
The appendix contains supplemental tables with data supporting statements made herein.
Methodology and Sources
This study incorporates information from numerous sources including:
Interviews of staff managing deed restricted units in Vail, Avon and Eagle County's down valley
communities, the school district, the Eagle River Water and Sanitation District, four realtors, an
apartment manager and three mortgage lenders;
Eagle County Assessor records;
The Vail Board of Realtors MLS;
A rent and vacancy survey conducted by Polar Star Properties;
For -rent notices on craigslist.org and in the Vail Daily:
Current data on jobs, employment and the unemployment rate;
The 2000 and 2010 Census;
Rees Consulting, Inc.
12/1/2015
Draft 4-3-14
Population and employment projections from the Demography Section of the Colorado
Department of Local Affairs; and
Findings from the 2007 Eagle County Housing Needs Assessment survey.
Area Covered
While Vail is the focus of this study, information is also provided on other areas within Eagle County as
needed to analyze housing market supply and demand. Eagle County's economy and population are
very inter -connected with 1-70, public transit, and well established commuting patterns. Depending
upon topic and information availability, the areas covered in this report include:
Vail, which includes only the area within municipal boundaries when referencing Census data
but extends to the zip code boundary for jobs and the developed zone for MLS data.
The Up Valley Area, which includes the towns of Vail and Avon and the unincorporated
community of Eagle -Vail, but does not include Beaver Creek, Arrowhead or other development
to the west.
Eagle County, which is all encompassing with Vail and the Up Valley area included. Occasionally
information is also provided by town within the county, such as when historical data is provided
on the sale of deed restricted homes.
Rees Consulting, Inc.
12/1/2015
Draft 4-3-14
1. Master Plan Summary
A Master Plan was finalized in early 2009 for a 3.6 -acre parcel owned by the Town of Vail known as the
Chamonix site. According to this plan, 100% of the housing to be developed on the site should be deed
restricted, for -sale employee housing. The vision for the site going into the master planning process
called for a mix of units serving families with incomes between 60% and 120% of the Area Median
Income (AMI), possibly ranging as high as 140% AMI.
After considering three development scenarios, the Neighborhood Block scheme was selected which
provides for a mix of residential units with a density in the middle of the range considered and open
space. It also included a new fire station on adjacent land known as the Wendy's site. This station has
since been constructed.
Number, Type and Size of Units
The Neighborhood Block scheme contains 58 units, ranging from almost 1,300 square feet in size to over
1,600 square feet.
Proposed Units by Size
Unit Type # of Units Square Feet
2 BR Flats 20 1,292
2 BR Lofts 16 1,333
3 BR Lofts or TH's 8 1,460
3 BR Duplexes 14 1,632
No one -bedroom units are planned. This unit mix provides 81,696 sq. ft. of housing with a density of 16
dwelling units per acre. A main access street, which gained access to the site from Chamonix Road,
bisects the site with the 14 three-bedroom duplexes on the north side and the 44 multi -family units on
the south side. An alley offers secondary access to the multi -family units.
The duplexes will be situated with southern exposure. The multi -family units will have varying north,
south, east and west exposure, providing options based on views, sun exposure, highway noise and
other preferences.
Units on the north side of the buildings will view residential uses up the hill and the hillside, but
will be more protected from 1-70 noise than other units;
Units facing south will have greater sun exposure in the winter and provide views of the
mountains, but will be most prone to highway noise; and
Units facing west and east will have limited mountain views and varying degrees of sun
exposure during the day, and moderate exposure to noise from the Interstate.
Rees Consulting, Inc.
12/1/2015
Draft 4-3-14
Income Targeting and Prices
Prices for the proposed homes have not yet been determined pending the outcome of this market study
and a subsequent analysis of the development's financial feasibility. Based on 2014 AMI's the proposed
units should serve households with annual incomes from approximately $40,000 to $120,000.
2014 Area Median Income - Eagle County
AMI
1 Person
2 Persons
3 Persons
4 Persons
140%
$85,260
$97,440
$109,620
$121,660
120%
$73,080
$83,520
$93,960
$104,280
100%
$60,900
$69,600
$78,300
$86,900
80%
$44,750
$51,150
$57,550
$63,900
60%
$36,540
$41,760
$46,980
$52,140
Source: Colorado
Housing
and Finance Authority
For the proposed homes to be affordable for all households with these income categories, prices would
need to range from about $135,000 to $450,000.
Source: Rees Consulting calculation
To calculate affordable prices for these targeted households, the following assumptions were used:
The monthly payment equals 30% of gross household income;
20% of the monthly mortgage payment covers taxes, insurance and HOA fees;
Down payments average 5% of the purchase price; and
The interest rate is 5.5% for 30 -years. As rates rise, a prediction economists seem to agree upon,
the amount that households in the targeted income range can afford will decrease.
Amenities
As planned, Chamonix will offer the following amenities and design features:
Garages, probably for two cars, with the duplexes;
Parking for multi -family homes on site, probably in common garages under the buildings;
Semi -private stepped courtyards between the duplexes;
Rees Consulting, Inc. 4
12/1/2015
Maximum Affordable Prices
AMI
1 Person
2 Persons
3 Persons
4 Persons
140%
$316,100
$361,300
$406,500
$451,100
120%
$271,000
$309,700
$348,400
$386,700
100%
$225,800
$258,100
$290,300
$322,200
80%
$165,900
$189,700
$213,400
$236,900
60%
$135,500
$154,800
$174,200
$193,300
Source: Rees Consulting calculation
To calculate affordable prices for these targeted households, the following assumptions were used:
The monthly payment equals 30% of gross household income;
20% of the monthly mortgage payment covers taxes, insurance and HOA fees;
Down payments average 5% of the purchase price; and
The interest rate is 5.5% for 30 -years. As rates rise, a prediction economists seem to agree upon,
the amount that households in the targeted income range can afford will decrease.
Amenities
As planned, Chamonix will offer the following amenities and design features:
Garages, probably for two cars, with the duplexes;
Parking for multi -family homes on site, probably in common garages under the buildings;
Semi -private stepped courtyards between the duplexes;
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Common area between the two rows of multi -family units large enough for a play area, grill and
tables, flower/vegetable beds, etc.
Open space at the east end of the parcel which could potentially be used for a dog park;
Open space at the steeply sloping west end that might provide for viewing for fire station
activities separated by a series of low landscaped walls; and
Extensive landscaping, including aspen groves and native vegetation along the southern edge of
the parcel to buffer homes from neighboring commercial uses.
Site Plan
The parcel is about 3.6 -acres. Zoning is Housing (H); the proposed use is allowed. The parcel is vacant,
with native grasses, a few bushes and, on the southwest side of the parcel, scattered trees. The parcel
has a moderate downhill slope from north to south, with a steep slope in the northwest corner of the
parcel, which is not planned for development. Views of the mountains occur across 1-70 to the south,
southwest and southeast of the parcel. Chamonix Lane borders the property to the north. Chamonix
Road runs along the east and southeast side of the property and the West Vail Fire Station borders the
property on the southwest.
Access and Infrastructure
Access to the site will from Chamonix Lane (to the north) and Chamonix Road (to the east). The access
off of Chamonix Road will loop through the West Vail Fire Station to the North Frontage Road, allowing
for dual points of access and reducing internal traffic congestion.
Power, water and sewer lines are in place on Chamonix Lane. Utilities connections will be provided
concurrent with construction; significant utilities/infrastructure improvements are not needed prior to
developing the site.
Potential Market Impediments
Although decisions have not been finalized on many aspects of the Chamonix development, this study
examines the marketability of the proposed project taking into consideration:
Deed restrictions that allow only employees earning at least 75% of their income in Eagle County
to purchase units and limit resale prices to no more than 3% per year; income limits would not
be imposed;
Developing the 44 multi -family units and possibly the duplex units as condominiums; and
An underlying long-term land lease held by the Town of Vail.
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II. Location Analysis
Street Address/Street Boundaries
The project is located in west Vail just north of North Frontage Road. It is in a highly visible location on
the north side of 1-70, a major east -west interstate highway through Colorado, just off of exit 173.
Project Location Map
Surrounding Land Use
Highway commercial and strip mall commercial development characterizes the uses off of the North
Frontage Road and Chamonix Road, with residential neighborhoods characterizing the use patterns off
of Chamonix Lane.
To the south and east of the parcel, off of Chamonix Road, includes two gas stations, a bank and
associated commercial uses, a Holiday Inn hotel, cafe and local market and a brew pub.
Bordering the southwest corner of the parcel is the West Vail Fire Station, with access off of the
North Frontage Road.
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Primarily single family and duplex units are accessed off of Chamonix Lane to the north of the
parcel.
Vicinity Map
L - .'Mak_ h
r
no
A residential area is located to the north of the parcel accessed via Chamonix Lane. The units are
primarily single family homes and duplexes although there are some interspersed townhomes and
condominiums. The units were mostly built in the late 1960's and the '70's. Most are modest by Vail
standards, and there are few signs of redevelopment/remodeling. Homes appear to be occupied by a
mix of residents and second -home owners. The duplexes planned as part of the Chamonix development
were placed along Chamonix Lane to ensure the greatest compatibility with adjacent neighbors in terms
of unit type, size and style.
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The Chamonix parcel, looking to the east
from the northwest corner. Chamonix Road
borders the east side of the parcel and the
truck on the south side is in the West Vail
Fire Station parking lot. Some residential
uses can be seen on the north side of the
parcel, off of Chamonix Lane.
Standing on Chamonix Lane to the north,
looking east. This shows mountain views
and the Holiday Inn hotel.
Standing on Chamonix Lane to the
north, looking southeast. This shows
the mountain views, back of the bank
(grey building) and back of the
cafe/market (green -blue roof).
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Standing on Chamonix Lane to the
north, looking south. This shows the
mountain views, 1-70 bridge, and two
gas stations adjacent to the parcel on
the south.
Proximity to Services
Safeway is within 3 -tenths of a mile of the site on North Frontage Road — about a six -minute walk along
the relatively flat bike and pedestrian trail. This is also reachable via personal vehicle or bus.
Other neighboring amenities include gas stations, bank, hotel, bar/restaurant, local market and, near
the Safeway, a barber, UPS store, dental office, child care center, liquor store, coffee shop, Sports
Authority, and 7 -Eleven. Restaurants include a pizza place, sub shop, cafe, sushi restaurant and quick
serve options, including Subway, McDonalds and Qdoba.
Public Transit
The site is located within %-mile of several bus stops on both the West Vail Red and Green Loop transit
lines, including stops off of the North Frontage Road, Chamonix Lane and the South Frontage Road.
These lines provide service every 40 -minutes in the summer (May 27 through mid-December), once per
hour in the spring (April 15 through May 26) and in 30 -minute intervals during peak hours in the winter
(December 10 through April 14). Buses run between 6 a.m. and 12 a.m. each day, with service offered
until about 2 a.m. in the winter. Routes traverse the length of the North and South Frontage Roads,
from West Vail to Vail Village.
Bike and Pedestrian Access
A bike and pedestrian path runs along North Frontage Road to the south of the parcel. This access also
travels under 1-70 to access the South Frontage Road and associated amenities.
Parks
The Chamonix Master Plan calls for some community gathering spots and semi -private courtyards
between the duplex units. Larger open areas are provided on the east and west ends of the
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development. The open space on the east end could be utilized for such uses as a dog park. Otherwise,
Town of Vail parks, numerous mountain trails and open spaces are accessed from the property via the
bike and pedestrian trails, bus service, and personal vehicles.
Schools
Children living at Chamonix would attend the following Eagle County public schools:
Red Sandstone Elementary is located at 551 North Frontage Road, 2.3 miles east of the
Chamonix site (about a 5 minute drive).
Homestake Peak School, located at 750 Eagle Road in Eagle -Vail, 5.2 miles west of the site, is
where middle school children would attend. It offers kindergarten through eighth grade.
Battle Mountain High School, located at 0151 Miller Ranch Road in Edwards, is 11 miles, or
about 15 minutes if roads are dry, west of the Chamonix site.
School bus service is available with the closest stop a short distance from the site at Chamonix and
North Frontage Road. Two different routes serve this stop. The route serving Red Sandstone
Elementary, which continues on to Battle Mountain, has 9 students assigned for this stop. Morning pick
up is at 7:33. Afternoon drop off is 4:25. For Homestake Peak, pick up is at 7:47 AM and drop off is also
at 4:25 PM. Three students from this stop are now assigned to this route. Most of the District's bus
routes are running full; a significant increase in students at the Chamonix site would need to be
discussed with the District to make sure adequate capacity exists to serve them.
Marketability of the Site
The site is marketable in many aspects though has attributes that may not appeal to some, especially
families with children and others seeking quiet, safe surroundings.
It is located between a residential and commercial area, with easy access to groceries and other
necessary goods and services. With a bike/pedestrian path running near the property and nearby bus
stops serviced by two public transit routes, it is very convenient. Proximity to a transit stop is a big plus
— a car is not required to reach most job sites, shopping, skiing and Vail's other amenities.
Views of the mountains to the south, southwest and southeast are desirable, as well as the southern sun
exposure for units facing that direction. Noise from 1-70 and Frontage Road bus/truck traffic presents
some concerns. The proximity of the West Vail Fire Station also adds some noise concerns, but
conversely provides quick emergency response times.
Trees will be planted along the south border, helping to mitigate the sight and sounds of traffic.
Nonetheless, the use of advanced soundproofing in units to protect against such noise should help the
marketability of units. Trees will also be planted around the open spaces surrounding the duplex units
and a few scattered throughout the development.
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The site is highly visible; it can be seen from 1-70 and both frontage roads and is conveniently located
just off of Exit 173. It will not be difficult to provide directions to potential residents when they make
inquiries.
Impediments to marketability of the site include:
The proximity to 1-70 and its noise. While there are few other options within Vail, many down
valley housing options would be quieter.
Proximity to adjacent commercial uses. While convenient, these commercial uses generate
traffic and bring in persons who are not residents of the community.
Limited public open space in the area. It is a densely developed area with much of the land
consumed by buildings and parking lots, private residential lots and steep hillsides. There are no
nearby parks within walking distance.
Distance to public schools. All children living in the area would have to bus to school, other than
elementary school students who are old enough to bike to Red Sandstone. This is a distinct
disadvantage compared to deed restricted housing options located in Edwards and further
down valley.
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III. Demographic and Economic Framework
This section of the market study consists of three parts:
Market Area Demographics, which provides information on population, housing units,
households and household composition and size of renter households.
Demographic Trends, which presents information from the 2000 and 2010 Censuses to identify
trends and gain insights as to how current demographic characteristics will likely be changing in
the future.
Economic Conditions, which covers jobs, wages and the distribution of jobs in Eagle County.
Since most buyers of deed restricted homes are first time buyers, the focus is on the demographics of
renter households.
Market Area Demographics
As of 2010, Eagle County had a population of around 52,000 persons residing in 19,236
households/housing units. Of these, 2,604 households or 13.5% of the total were within the town of
Vail. About one-third of the county's households resided in the larger up valley area.
2010 Population and Housing Occupancy
Eagle County is projected to have a relatively strong rate of growth during upcoming years, averaging 2%
per year through 2015 then 2.9% per year through 2020. The State Demography Section projects that
the county will have a population of 66,382 in 2020, a gain of over 14,000 residents, or about 700
persons per year. These growth estimates may be somewhat overstated; however. State Demography
estimates for 2012 indicate the Eagle County has declined slightly since the Census, from 52,197 to
51,944.
While most residential units in Eagle County were occupied as primary residences in 2010
(approximately 61%), only 36% of units in Vail were occupied by residents; second homes/vacation
accommodations comprised the majority. In the up valley area, the housing occupancy rate was only
48% in 2010. The homes that are not occupied by members of the workforce typically create demand
for workforce housing through cleaning, repair, snow removal, landscaping and similar jobs involved in
the operation and maintenance of the units.
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Vail
Up Valley
Eagle
County
Population
5,305
15,257
52,197
Housing units
7,230
13,064
31,312
Households
2,604
6,294
19,236
Housing occupancy rate
36.0%
48.2%
61.4%
Source: 2010 US Census
Eagle County is projected to have a relatively strong rate of growth during upcoming years, averaging 2%
per year through 2015 then 2.9% per year through 2020. The State Demography Section projects that
the county will have a population of 66,382 in 2020, a gain of over 14,000 residents, or about 700
persons per year. These growth estimates may be somewhat overstated; however. State Demography
estimates for 2012 indicate the Eagle County has declined slightly since the Census, from 52,197 to
51,944.
While most residential units in Eagle County were occupied as primary residences in 2010
(approximately 61%), only 36% of units in Vail were occupied by residents; second homes/vacation
accommodations comprised the majority. In the up valley area, the housing occupancy rate was only
48% in 2010. The homes that are not occupied by members of the workforce typically create demand
for workforce housing through cleaning, repair, snow removal, landscaping and similar jobs involved in
the operation and maintenance of the units.
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Proportionately more renters live up valley while more owners live down valley. While up valley is home
to about one-third of Eagle County's total households, nearly 45% of total renter households reside
there. Relatively fewer households can afford to buy homes in the Vail area; the option other than
commuting to buy down valley is to rent up valley.
Over one-half of the households in Vail and nearly 50% of those in the up valley area rent. Demographic
characteristics vary by area. There are clear differences between up -valley and down -valley
communities. Vail has proportionately more renters than owners, more singles and roommate
households than families, and smaller renter households than down valley.
Of the 3,336 renter households living up valley in 2010:
Roommate households were the most common (37%).
Nearly 30% had only one member living alone.
Families were in the minority. About 19% were families with children and 15% were families
(both couples and singles) without children.
2010 Renter Households by Type: Up Valley Area
Family, no
children
Roommates 479 total
37 /o ( )
(1,152 total)
29%
(899 total)
Source: 2010 US Census
Family, with
children
19%
(800 total)
In Vail, proportionately fewer renter households have children (only 8%) and more consist of singles
living alone (36%) or with roommates (45%).
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The average size of renter households within the up valley area is about 2.45 persons per unit. In Vail is
it considerably smaller at 2.04 persons per renter occupied unit. The largest segment of the renter
market is comprised of one- and two -person households, which combined total 61%.
2010 Renter Households by Size: Up Valley Area
5+ person
4 -person 9%
12% (264 total) 1 -person
(2
3 -person
18%
(571 total)
Demographic Trends
Source: 2010 US Census
29%
9 total)
son
YO
(1,U14 total)
Between 2000 and 2010, most of the population growth in Eagle County occurred down valley. While
growth in Vail was slower, the rate of growth was particularly low elsewhere within the up valley area.
The population increased by 25% in the county but only 17% in Vail and just under 6% in the up valley
area. Growth in households followed a similar pattern.
Total housing units, however, increased at about the same rate in the county and the up valley area
(41%) and at a slower pace in Vail (34%), where land availability is very limited. The number of housing
units grew faster than the resident population and households due to construction of second/seasonal
homes.
Change in Population, Housing Units and Households: 2000 - 2010
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Vail
Up Valley
Eagle County
Population
2000
4,531
15,326
41,659
2010
5,305
16,234
52,197
• change
17.1%
5.9%
25.3%
Total Housing Units
2000
5,389
11,527
22,111
2010
7,230
16,286
31,312
• change
34.2%
41.3%
41.6%
Source: 2000 and 2010 US Census
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The housing occupancy rate declined by about 7 percentage points in the county, 4 points in Vail and 9
points in the up valley area, indicating a significant rise in second homes. Even though growth in the
number of households did not keep pace with growth in second/seasonal homes, the number of units
occupied by local residents increased. The up valley area gained 680 households (owners and renters
combined) between 2000 and 2010, for an average increase of 68 households per year.
The increase in households within the up valley area was due primarily to growth in the number of
renter households (a gain of 419 renter households between 2000 and 2010, or an average of nearly 42
households per year). Renters now comprise the majority of households living in Vail (51.5%). The
number of renter households in Eagle County as a whole increased by nearly 1,400 households, or an
average gain of 140 households each year.
There were some significant changes in the composition of renter households, which varied by area:
Roommate households declined as a percentage of households in all areas, from 34% to 27% in
Eagle County, from 44% to 38% within the up valley area and from 49% to 45% in Vail.
Renters living alone increased, especially in Vail, from 33% to 36%.
The percentage of family households, with and without children, stayed about the same in Vail
but increased in the county as a whole; growth in families largely occurred down valley.
2000
2010
Change in Composition of Renter Households: 2000 — 2010
Family, no children
Family, with children
Living alone
Non -family, roommates
Family, no children
Family, with children
Living alone
Non -family, roommates
Source: 2000 and 2010 US Census
Vail
Up Valley
Eagle County
1,032
2,917
5,499
12%
11%
17%
7%
19%
25%
33%
25%
25%
49%
44%
34%
100%
100%
100%
1,340
3,336
6,893
11%
15%
18%
8%
18%
29%
36%
29%
26%
45%
38%
27%
100%
100%
100%
Changes in renter household size also varied by region:
Renter households decreased in size in both the town of Vail and the up valley area while size
increased slightly in the county.
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Renter households in all areas predominately have one or two -persons (56% to 73%), followed
by 3 -person households (16% to 18%).
A much larger percentage of households have three or more members in both the county (26%)
and the up valley area (22%) than in Vail (10%).
The population and labor force in the Vail area is aging, as is the trend in other Colorado mountain
resort communities. The age of renter households increased between 2000 and 2010.
The largest increase occurred in households 35 to 44 years of age.
The percentage of households under 35 declined in all areas; although these younger
households comprise a larger percentage of households in Vail and the up valley area than in
the county as a whole.
Only households with a householder under 25 years of age decreased in number as well as
percentage in all areas (-21 in Vail, -150 in Eagle County and -153 in the up valley area).
The Economy
The economy in Eagle County is slowly recovering. Eagle County currently had about 37,820 jobs on
average in 2013. This is down from the peak of about 40,500 jobs in 2008, but up from a low of 35,660
in 2010. The loss of 2,680 jobs reported by the Colorado Department of Local Affairs is much lower than
a local estimate of nearly 6,000 jobs, a difference likely attributed in part to construction jobs, which are
hard to track. Since 2010, total employment has increased by approximately 2,160 jobs, which equates
to an average rate of growth of about 2% per year.
Change in Jobs: Eagle County, 2005 — 2013
44,000
42,000 40,499
40,163
40,000 -
38,319 37,821
38,000 - 7,2300 047
36,529 36,030
0 35,662
36,000
0
0
34,000
32,000
30,000
2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Colorado Department of Local Affairs (DOLA), State Demography Section
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The unemployment rate in Eagle County has been declining. Unemployment reached a high of 9.6% in
2010 and declined to an average annual rate of 6.6% in 2013, slightly lower than the state average of
6.8%. This is still much higher than pre -recession rates, which varied between 2.9% and 3.9% from 2005
and 2008, although during the 2013/14 ski season the rate hovered just above 5%.
Average Yearly Labor Force and Employment: Eagle County 2005 - 2013
Year
Labor Force
Employment
Unemployment
Unemployment Rate
2013
29,391
27,454
1,937
6.6%
2012
29,793
27,388
2,405
8.1%
2011
29,293
26,689
2,604
8.9%
2010
29,674
26,836
2,838
9.6%
2009
30,624
28,235
2,389
7.8%
2008
31,837
30,705
1,132
3.6%
2007
31,161
30,267
894
2.9%
2006
30,206
29,191
1,015
3.4%
2005
28,670
27,555
1,115
3.9%
Source: Colorado
Department
of Labor and Employment
It appears that the decline in the unemployment rate has been due in part to the continued out
mitigation of the labor force. The total number of Eagle County's residents who were employed in the
2013/14 ski season was slightly lower than in the 2012/13 season.
35000
30000
d
,i 25000
0
20000
m
0
0
15000
UJ
1111
5000
Employment and Unemployment by Month:
Eagle County July 2012 — June 2013
Employment (Unemployment Rate (%)
9.7%
.1%
8.0°/ ° 8.4%
0
1.1 o rjo0 7.3%
6% no/ -.6 .4 ° .3% 6.6%
0
0/65.1%05.3
'4 %
12%
10%
8%
6% >,
0
n
E
d
4% 0
2%
0 0%
C
Source: Colorado Department of Labor and Employment
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Unemployment rates in Eagle County vary by season. Unemployment is lowest during the winter
months (December through March) and highest during the shoulder seasons, in May and November.
For those who qualify, filing for unemployment is a common way to make it through the shoulder
seasons.
Eagle County jobs paid an average annual wage of about $39,187 in 2012. About 40% of jobs in Eagle
County are in the lowest wage sectors of accommodations and food, arts and retail trade, averaging
between about $28,700 and $34,000 per year.
Vail is no longer the economic center of Eagle County in terms of jobs. Based on the Quarterly Census of
Employment and Wages (does not include sole proprietors and employees exempt from unemployment
insurance), approximately 26% of the county's employees work in the Vail zip code area. Just over 15%
of establishments (businesses, government, non profits, etc.) are located in Vail, an indication that
employers tend to be larger in Vail than elsewhere in the county. Wages in Vail are slightly higher than
in Eagle County as a whole.
Employees and Employers by Area
Average Jobs
Eagle County
Vail
Percent Vail
2012
28,179
7,401
26.3%
2013: 1st -3rd Qtr.
28,910
7,569
26.2%
# of Establishments
2012
3,191
493
15.4%
2013: 1st -3rd Qtr.
3,199
483
15.1%
Source: Colorado Department of Labor and Employment, Quarterly Census of
Employment and Wages
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IV. Rental Market Overview
To assess the extent to which limited rental availability and rising rents could impact the demand for
ownership housing, rental market conditions in the Vail area are summarized, including number of units,
vacancy rates, apartment and condominium rents, and trends in rental rates.
Apartment Inventory
This analysis focuses on two major apartment complexes in Vail, two in the Dowd Junction area and
three in Avon. Combined, these properties have a total of 1,046 units. These units house approximately
30% of the renter households residing in the area. All but one of these properties, River Run, has some
type of occupancy and/or income restriction.
General Description of Competing Properties
The only apartment projects within Vail through Avon that were not examined as part of this analysis
are:
Riverview Apartments, a 72 -unit rent subsidized Section 8 complex in Eagle -Vail serving very low
income households;
Three seasonal employee projects owned by Vail Resorts: First Chair, Vail, a 124 -bed project
completed in 2011; River Edge, Avon, a 103 -unit project built in 1997; and The Tarnes, Avon, a
136 -unit project built in 2000;
18 rental units located at Vail Commons above retail space; and
36 units in two projects (Buzzard Park and Creekside) owned by the Town of Vail and rented to
Town employees.
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Buffalo
Buffalo
EagleBend
Kayak
Middle
River Run
Timber
Ridge
Ridge II
Crossing
Creek
Ridge
Management
Polar Star
Corum
Polar Star
Polar Star
Coughlin &
Texas Capital
Corum
Properties
Properties
Properties
Company
Partners LLC
Location
Avon
Avon
Avon
Dowd
Vail
Dowd Junction
Vail
Junction
# of floors
4
4
3
3
3-8
3-4
3
Unit Type
flats
flats
flats
flats
flats
Flats/lofts/TH
flats
Year Built
2003
2003
1990
2000
2003-04
1985
1981
General
excellent
excellent
good
good
excellent
good
poor
Total Units
68
176
294
50
142
117
199
Restrictions
Local
LIHTC/Mkt
Local
Local
LIHTC/Mkt
Mkt
Local
50% AM I
40
6
60% AMI
92
91
80% AMI
68
120% AMI
294
50
None
44
45
117
199
The only apartment projects within Vail through Avon that were not examined as part of this analysis
are:
Riverview Apartments, a 72 -unit rent subsidized Section 8 complex in Eagle -Vail serving very low
income households;
Three seasonal employee projects owned by Vail Resorts: First Chair, Vail, a 124 -bed project
completed in 2011; River Edge, Avon, a 103 -unit project built in 1997; and The Tarnes, Avon, a
136 -unit project built in 2000;
18 rental units located at Vail Commons above retail space; and
36 units in two projects (Buzzard Park and Creekside) owned by the Town of Vail and rented to
Town employees.
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Property Location Map
1
%R gp Trip
Timber Ridge
Middle Creek
z Buffalo Ridge
GWctit P.hycR — GuCh� , ' 9'' W�t Yall
I Y
` ! Kayak Crossingj
73
�
EagleBend fi _
River Run
�APc Gey
FaN
i
Occupancy Levels
_ _ •ppGame C}`eelr
'I Boxd
Draft 4-3-14
Vai k}cv•la^ TZW
et.t�l2
Te-
_ 5mn,fm � Sunup �
'ga�q B�w7 Eos
ltum - �Tu FI
Z-0
Rental occupancy levels were very high in March. The overall rate among the county's major non-
seasonal apartment complexes was over 97%. Timber Ridge, water damage and long term wear/tear
limited the ability to rent some units, had the highest vacancy rate and skewed the overall average.
Excluding Timber Ridge, the overall average occupancy rate was nearly 99%.
Apartment vacancy rates remained low through 2009, shot upward in 2010, started to decline in 2011
and dropped to their lowest point in three years by the first quarter of 2013. More specifically:
Vacancy rates remained low through 2009, long after the recession caused rental markets to
soften throughout much of the country. This was due to the strong influence that construction
has on jobs and the economy in the Vail Valley; construction projects initiated before the
recession were not completed until 2009.
In 2010, vacancies shot upward from a combination of job losses and Vail Resorts terminating
their master leases on many units. Their need to import seasonal employees dropped when
high unemployment freed up many local workers to fill seasonal ski resort positions. Vail
Resorts had extremely high vacancies in the seasonal worker properties they owned, as was the
case at other Colorado ski resorts.
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Vacancy rates vary by season. Rates are consistently lower in the first quarter of each year and tend to
be lowest in the third quarter. April and May generally have the highest turnover.
The following table shows that properties in Avon and Edwards have similar occupancy levels as those
within Vail. This means that, as occupancy levels continue to rise in general with the economy's
recovery, moving down valley will not be a viable alternative to the decreasing availability and rising
rents in the Vail area.
Occupancy Levels by Property, March 2013
Rents
The rents shown on the following table are market rates or rents for units with income restrictions in
the same range at 80% to 120% AMI which, according to property managers, are set based on market
conditions rather than income caps. In other words, the maximum allowed rents for 80% and 120% are
not charged; rents reflect the market. The rents for Low Income Housing Tax Credit (LIHTC) units with
restrictions at 50% and 60% AMI have been excluded from this analysis.
Rents by Unit Type and Property
Location
# Units
Occupancy
Kayak
Middle
River
Rate
Buffalo Ridge
Avon
68
100%
Buffalo Ridge II
Avon
176
100%
EagleBend
Avon
294
99%
Eagle Villas
Eagle
120
93%
Kayak Crossing
Avon
50
98%
Lake Creek
Edwards
270
99%
Middle Creek
Vail
142
100%
Timber Ridge
Vail
198
87%
River Run
Avon
117
100%
Total/Average
1 BR
1435
97.3%
Source: Polar Star Properties Market Summary,
3/17/14
Rents
The rents shown on the following table are market rates or rents for units with income restrictions in
the same range at 80% to 120% AMI which, according to property managers, are set based on market
conditions rather than income caps. In other words, the maximum allowed rents for 80% and 120% are
not charged; rents reflect the market. The rents for Low Income Housing Tax Credit (LIHTC) units with
restrictions at 50% and 60% AMI have been excluded from this analysis.
Rents by Unit Type and Property
12/1/2015
Buffalo
Buffalo Ridge II
Eagle
Kayak
Middle
River
Timber
Average
Ridge
Bend
Crossing
Creek
Run
Ridge
Income
80%
50% -Mkt
120%AMI
120%
60% -Mkt
Mkt
None
Restriction
AMI
AMI
Studios
$735 mkt
$735
1 BR
$930
$925 mkt
$804
$1,703
$1,091
2 BR/1 BA
$1,220
$1095 mkt
$1,045
$1,140
$1,075
$1,115
2 BR/2 BA
$1,910
$1,910
3 BR
$1,455
$1,324
$1,450
$1,985
$2,210
$1,685
4+ BR
$1,650
$1,650
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Historically rents have generally been higher in Vail than down valley. Current rents among these
properties, however, only partially reflect this. For example, rents for three-bedroom units at Middle
Creek in Vail average about $575 higher than at Buffalo Ridge, EagleBend and Kayak Crossing further
down valley.
Alternatively, River Run, a condominium project in the Dowd Junction area that functions as an
apartment property (all units owned and managed by one company) without any type of occupancy or
income restriction, recently raised rents by around $540 per month, exceeding rents in Vail. The extent
to which these rent increases may negatively impact occupancy levels or marketability can be evaluated
by mid -summer when units vacated in April/May should be leased.
Condominium/Townhome Rentals
During the last week in April, a total of 61 units were listed for rent in the Up Valley area (Vail through
Avon), 40 on craigslist and 24 in the Vail Daily, with only three duplicates. Of these, most were
condominiums although a few were listed as apartments, townhomes, duplexes and lock offs. Rents for
these units ranged from $700 for a studio to $3,200 for a three bedroom duplex. The overall average
rent for these units was $1,918.
Condominium and Townhomes For -Rent Listings
Unit Type Average Rent
1 Bdrm $1,285
2 Bdrm $1,859
3 Bdrm $2,550
Trends in Rents
Rents are rising after several post -recession years when rates dropped and discounts were widespread.
The overall average rent for apartments increased 3% between July 2012 and 2013, and the per -square -
foot average grew by 15%, indicating relatively higher increases for smaller units.
Change in Average Apartment Rents
July 2012 — July 2013
July July March
2012 2013 2014
Avg. Rent/Unit $1,159 $1,162 $1,264
Avg, Rent/SF $1.17 $1.35 $1.46
Source: Polar Star Properties
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Rates for units listed for rent in the Vail Daily and on craigslist.org were higher in April 2014 than in
July/August 2013.
Condo/Townhome Rent Increases
Unit Type Average Rent
Average Rent
Percent Change
July/Aug 2013
April 2014
1 Bdrm $1,104
$1,285
16.4%
2 Bdrm $1,762
$1,859
5.5%
3 Bdrm $2,106
$2,550
21.1%
Source: Vail Daily and craigslist
The decreased availability of rental units combined with rising rents will cause some renters who want
to live in Vail to consider buying, especially households that have been residing in the area for some
time. Employees moving into the area will be more likely than longer term residents to live with
multiple roommates, allowing them to share the cost of higher rents with others and crowd into and
occupy available units.
Market rents have increased to levels where mortgage payments could be competitive, depending upon
how units at Chamonix are priced. To be affordable for households with incomes ranging from 60% AMI
to 140% AMI, monthly payments would need to range from about $900 to $3,000, with resulting in an
overall average below $2,000 per month. Rents now average about $1,860 for two-bedroom
condos/town homes and $2,550 for three bedrooms.
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V. Ownership Market Conditions
This section provides an overview of the ownership market in Eagle County for both market rate and
deed restricted housing. This section evaluates current conditions and past trends including the number
of sales, sales prices, and inventory of units listed for sale. Variations in market conditions by location
within the valley is also analyzed to determine how values vary and if down valley housing is competitive
given commuting costs.
The focus is on deed restricted homes and market units priced less than $500,000 given that units at this
price point would be most competitive with homes at Chamonix. Because Chamonix is proposed to
target households with incomes in the 60% to 140% AMI range, this equates to a price range of
$135,000 to $450,000, or a midpoint around $300,000.
County -Wide Ownership Market Trends
The ownership market in Eagle County has improved since 2009, although the recovery has not been
robust or consistent across the board. Dollar volume jumped quickly in 2010 due to high-end sales then
declined due to sales of bank owned properties and lower -end bargains. The number of sales, however,
has steadily increased since 2009. In 2013, the overall dollar volume decreased slightly from 2012 yet
the number of sales continued to increase.
Trends - Transactions and Dollar Volume
$1,600,000,000
$1,400,000,000
$1,200,000,000
$1,000,000,000
$800,000,000
$600,000,000
$400,000,000
$200,000,000
$0
Source: Land Title Guarantee
2009 2010 2011 2012 2013
Dollar Volume Number of Transactions
2000
1800
1600
1400
1200
1000
800
600
400
200
0
Just over 1,400 residential units sold in Eagle County in 2013. This figure includes the sale of 45 deed
restricted units. The inventory of bargains and bank owned homes largely disappeared as buyers
became motivated by several factors:
Evidence that prices had hit bottom and were starting to rebound;
Economic recovery; and
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Widespread predictions that mortgage interest rates will rise.
Of total sales in 2013, over half were for prices at or below $500,000.
The free market overall remains priced higher than deed restricted units in most of the county. The
average 2013 sales price of $887,330 is nearly three times the $300,000 midpoint of the price range
targeted by Chamonix.
Residential Sales by Price Range, 2013
While non -local buyers, often paying cash, were some of the first buyers to take advantage of lower,
post -recession prices, over half of the sales in Eagle County in 2013 were to local buyers. Sales to locals
drove the high number of sales in 2013 of units priced under $500,000.
All Sales by Unit Type, 2013
Origin of Buyer Number of Percent of Units
Units Sold Sold
Local 943 53%
Front Range 267 15%
Out of State - US 532 30%
International 24 1%
Total 1,766 100%
Source: Land Title Guarantee Note: 365 vacant lots and non-
residential sales included in these figures.
The number of sales were about evenly divided in 2013 between up valley (Vail through Avon) and
mid/down valley communities. Just over one-third of sales were within Vail.
Vail
Up Valley Area
Down Valley
Source: Land Title Guarantee
Sales by Area, 2013
Number of Sales Percent of Sales
598
Number of Sales
Percent of Sales
Average Price
<$500,000
724
51.7%
$306,338
$500,001 - $1,000,000
374
26.7%
$696,944
$1,000,001 - $1,500,000
108
7.7%
$1,237,384
$1,500,001- $2,000,000
74
5.3%
$1,734,328
>$2 million
121
8.6%
N/A
Total/Average
1,401
100.0%
$887,330
Source: Land Title Guarantee
While non -local buyers, often paying cash, were some of the first buyers to take advantage of lower,
post -recession prices, over half of the sales in Eagle County in 2013 were to local buyers. Sales to locals
drove the high number of sales in 2013 of units priced under $500,000.
All Sales by Unit Type, 2013
Origin of Buyer Number of Percent of Units
Units Sold Sold
Local 943 53%
Front Range 267 15%
Out of State - US 532 30%
International 24 1%
Total 1,766 100%
Source: Land Title Guarantee Note: 365 vacant lots and non-
residential sales included in these figures.
The number of sales were about evenly divided in 2013 between up valley (Vail through Avon) and
mid/down valley communities. Just over one-third of sales were within Vail.
Vail
Up Valley Area
Down Valley
Source: Land Title Guarantee
Sales by Area, 2013
Number of Sales Percent of Sales
598
34%
842
48%
924
52%
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Sales were about evenly split between single family homes and multi -family units. The similarity in
average price between the two categories is not typical in most market areas and can be attributed to
the sale of high-end, multi -family second/vacation homes.
Residential Sales by Unit Type, 2013
Number of Percent of Units Average Price
Units Sold Sold
Single Family 707 50.5% $970,764
Multi Family 694 49.5% $802,332
Total/Average 1,401 100.0% $887,330
Source: Land Title Guarantee
Price Variation by Area
Prices vary widely within Vail, due to the location, age, size and quality of units within various areas of
the town. The Chamonix parcel is within the Buffer Creek, Vail Das Shone, Vail Heights, Vail Ridge area,
where the median price in 2013 was $480,000. The average price per square foot was $475 for single
family homes and $349 for multi -family units.
County wide, variation in price is location dependent but is also influenced by age and size of units. The
median price of 2013 sales in Gypsum, Edwards and Avon was lower or equal to the mid point of
$300,000 under consideration for Chamonix.
2013 Sales by Area and Price
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Number
Median
Avg. PPSF
Avg. PPSF
of Sales
Price
SF
MF
Bighorn, East Vail
85
$471,000
$475
$405
Vail Village
67
$1,650,000
$1,485
$1,581
Lionsridge, Sandstone, The Ridge, The Valley
40
$395,000
$506
$1,041
Buffer Creek, Vail Das Shone, Vail Heights, Vail Ridge
11
$480,000
$475
$349
Intermountain, Matterhorn, Vail Village West
45
$527,000
$394
$372
Minturn, Redcliff
43
$305,000
$271
$257
Eagle -Vail
80
$427,500
$247
$226
Avon
121
$278,000
$244
$326
Edwards
87
$300,000
$229
$258
Homestead, South 40
56
$422,500
$242
$225
Eagle
229
$341,000
$173
$160
Gypsum
229
$228,500
$133
$97
Source: Land Title Guarantee Note: 365 vacant lots and non-residential
sales included in these figures.
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Availability of Market Housing
The availability of housing listed for sale in Eagle County at prices under $500,000 is very limited. A total
of 78 units as of early April were for sale at this price point in the major communities. This equates to a
1.3 -month inventory based on 724 sales in this price range in 2013. While the inventory of homes listed
for sale may increase in the summer months it was very tight as of early April.
Nearly half of the 78 units were condominiums, most of which were located in Vail. While the down
valley inventory of homes in this price range has been much larger in recent years, only 21 units were
for sale in Eagle and 16 units in Gypsum.
To buy a free market single family home for less than $500,000 generally requires living in Eagle and
Gypsum. Single family homes at this price point are no longer available in Edwards. Of the 15 units in
Edwards, 13 were condominiums and the other two were duplex units.
Market Units Listed for Sale at <$500,000, by Type and Location
Condo Townhome Duplex Single Total
Family Listings
Vail 23 2 1 26
Edwards 13 2 15
Eagle 1 7 4 9 21
Gypsum 2 13 16
36 11 7 24 78
Source: Vail Board of Realtors MLS
Note: A list of units for sale by area is in the appendix to this report.
Opportunities to buy a free market homes for less than $300,000 were very limited throughout the
county —12 in total, half of which were condominiums in Vail built in the 1960's or early '70's.
Choice improves in the $300,000 to $400,000 range where 30 units were listed for sale. For this price, a
buyer could choose among condominiums in in Vail or Edwards, small single family homes or larger
townhomes in Eagle, or two- to four-bedroom single family homes in Gypsum.
In the $400,000 to $500,000 price range, choices in Vail range from a lodge unit to a 1,500 square foot
duplex. The average age of these 14 units is 42 years, with most built in the early 1970's. Of the five
units in Edwards, four were larger, relatively newer condominiums (compared to Vail) and one
townhome. In Eagle, a total of 7 duplexes and single family homes were for sale, averaging 2,500 square
feet. In Gypsum, 10 single family homes were for sale at about the same average size as in Eagle though
the range was much larger, from 1,816 to 4,130 square feet.
The variation in price per square foot is indicative of the difference in home values in the county. At
$527 per square foot the price of homes listed for sale in Vail under $500,000 is nearly three times the
average price in Gypsum. The average price per square foot drops sharply between Vail and Edwards
(-45%) but then declines more gradually between Edwards and Eagle (-30%). The difference in the
average price per square foot between Eagle and Gypsum was only $19.
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Market Units Listed for Sale at <$500,000, by Price Range and Location
A total of 26 residential units were listed for sale in Vail in early April and priced under $500,000.
The four units for sale most comparable to the proposed Chamonix units in terms of location and
suitability for occupancy by year-round residents were listed for an average price of $458,750, averaged
1,298 square feet in size and were built between 1969 and 1972.
Comparable Market For -Sale Listing in Vail
Price
Vail
Edwards
Eagle
Gypsum
Total
$100,000 - $149,999
Chamonix Ln
2
$475,000
1
1
$150,000 - $199,999
East Vail
2
1
1500
1
$200,000 - $249,999
1
1
1
3
$250,000 - $299,999
6
1
7
$300,000 - $349,999
3
5
11
2
21
$350,000 - $399,999
2
4
1
2
9
$400,000 - $449,000
7
2
4
3
16
$450,000 - $500,000
7
3
3
7
20
Total Listings
26
15
21
16
78
Avg. Price/Sq Ft
$527
$308
$212
$193
Source: Vail Board of Realtors MLS, 4-8-2014
A total of 26 residential units were listed for sale in Vail in early April and priced under $500,000.
The four units for sale most comparable to the proposed Chamonix units in terms of location and
suitability for occupancy by year-round residents were listed for an average price of $458,750, averaged
1,298 square feet in size and were built between 1969 and 1972.
Comparable Market For -Sale Listing in Vail
Price
Project/Area
Bdrms
$432,500
Chamonix Ln
2
$432,500
Chamonix Ln
2
$475,000
Chamonix Ln
3
$495,000
East Vail
2
Source: Vail Board of Realtors MLS, 4-8-2014
Of the comparable properties:
Baths Scl Ft Price/SF Yr Built Type
2
1103
$392
1972
TH
2
1110
$390
1972
TH
2
1480
$321
1969
Condo
3
1500
$330
1967
Duplex
Two are townhomes on Chamonix Lane that are within different phases of the same property.
Each townhome is listed at $432,500. One unit had just been listed in early April. The other had
been on the market for about one month and received much interest — 6 or 7 showings within a
few weeks. Most were from professionals who had lived in Vail some time (not new to the area)
and were in their late 20's to early 40's. Some were singles and others were couples, but none
had children. The units both have homemade storage sheds and small yards, but no garages.
One is a condominium listed for sale at $475,000 on Chamonix Lane that was originally a three-
bedroom unit, but later converted into a two-bedroom unit on the upper floor with a lock -off
studio and kitchen downstairs that can be rented separately. The two units combined total
1,480 square feet. It was built in 1969. It has a storage closet off of the patio, but no garage.
The property had three offers within a couple of days of being listed — one from a Denver
resident looking to buy a second home and two from developers looking for a unit to deed
restrict in order to satisfy the Town's housing requirements.
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The other unit listed for sale that is somewhat comparable to the proposed Chamonix homes is
a duplex unit in east Vail with an EHU restriction (occupancy by an employee working 30+ hours
in Eagle County). This 1,500 square foot, two-bedroom unit built in 1967 is listed at $495,000. It
has been on the market for about one year. Interest has been moderate with 6 to 8 showings to
qualified buyers. These potential buyers have all been single or couples without children. They
have been considering homes as far down valley as Edwards, although some have also looked in
Eagle.
Sales of Deed Restricted Units
County Assessor records indicate 144 deed restricted housing units sold from 2010 through March 2014,
for an average of nearly 35 units per year or 2.8 units per month. In 2010 and 2011, the inventory of
deed restricted units listed for sale was large due to a combination of factors: employees left the valley
due to lack of work, opted to purchase free market homes when prices dropped, or delayed purchasing
due to economic uncertainty and tough mortgage lending standards. By 2013, however, the deed
restricted market had rebounded with 45 sales in a single year. In 2013, a record was set at the largest
deed restricted development in the county, Miller Ranch. By the end of the year, the inventory of units
listed for sale had been largely absorbed; none were listed for sale through Eagle County's Valley Home
Store.
The trend in deed restricted sales in Vail differed from that in the rest of the county. The number of
sales peaked in 2010 then declined to only one sale in 2013. This was due to decreased availability of
units for sale rather than demand, however. When owners of deed restricted units moved out of Vail
during the recession, units became available for others to buy. Also two new units were added in 2010,
the Arosa duplex. Availability did not last for long, however, as there were sufficient lottery applicants
to purchase all homes that became available. Buyers during this period were always able to obtain
maximum allowed resale prices, an indication that demand continued to outweigh supply.
Sales of Deed Restricted Homes, 2010 — March 2014
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2010
2011
2012
2013
2014
Total
Percent of
Jan -Mar
Total
Vail
11
5
4
1
2
23
16.0%
Avon
1
1
0.7%
Edwards
25
14
21
30
2
92
63.9%
Eagle
2
4
5
5
1
17
11.8%
Gypsum
7
7
4.9%
Basalt
1
2
1
4
2.8%
Total
39
24
30
45
6
144
100.0%
Source: County Assessor data.
Note: units with covenants only
requiring
preference be given to employees not
included.
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Unlike with the free market, prices of deed restricted housing do not vary much by community. The
homes at Miller Ranch in Edwards have generally been higher on both a per-unit and per -square -foot
basis than units in Vail. While the development includes single family homes, it also includes duplex and
condominium units. Deed restricted prices have been consistently lower in Eagle but the price
differential is not nearly as great as in the free market.
Prices of Deed Restricted Sales by Area, 2010 — 2013
Avg. Price/Unit
2010
2011
2012
2013
Eagle
$172,500
$145,000
$153,700
$202,300
Edwards
$247,904
$238,700
$237,319
$253,220
Gypsum
$157,100
Vail
$238,718
$199,060
$197,400
$164,300
Avg. Price/SF
Eagle
$189
$144
$130
$177
Edwards
$226
$197
$200
$219
Gypsum
$141
Vail
$195
$167
$200
$177
Source: County Assessor data
While sales of deed restricted homes in Vail have historically been able to command the maximum
appreciation allowed, this has not always been the case down valley. Following the recession, the
inventory grew and it was clearly a buyers' market. In 2011, deed restricted homes sold for 10% to 20%
below allowed maximum resale price. The trend is reversing, however. In 2012, resale prices were
generally 5% to 10% below the allowed maximum, and by 2013 the reduction averaged around 5%. So
far in 2014, some sellers have been able to obtain full appreciation while others have had to reduce
prices up to 7% reduction. Sellers of smaller units are better able to stay firm on price whereas larger,
more expensive homes are taking the biggest price hits. The down valley deed restricted market is
definitively switching from being a buyer's to a seller's market.
The 2010 average sale price for deed restricted homes in Vail may best represent the prices of the
town's entire deed restricted inventory since there have been few sales since then and only one in 2013.
Availability of Deed Restricted Housing
Very few deed restricted homes are available for purchase. As of late April, four units at Miller Ranch
and one at Eagle Ranch were listed for sale through the Valley Home Store. The Town of Vail had
received notification that two units (one at Red Sandstone and one at Vail Heights) were being listed for
sale. These seven units combined equal a 1.9 -month inventory based on 45 sales in 2013.
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Deed Restricted Units Listed for Sale
Unit Type
Development
Town
Bdrms Price
Condo*
Vail Heights
Vail
1
$212,544
Condo
Red Sandstone
Vail
2
$236,248
Condo
Miller Ranch
Edwards
2
$183,000
Condo
Miller Ranch
Edwards
3
$248,000
Townhome
Eagle Ranch
Eagle
3
$354,900
Single Family
Miller Ranch
Edwards
3
$390,000
Single Family
Miller Ranch
Edwards
3
$354,000
*Town of Vail employees
have priority.
Note: Table does
not include units that
may be listed
by realtors.
Lot Sales
Draft 4-3-14
In 2013, a total of 176 vacant residential parcels sold for an average of $264,750, up from 103 sales in
2012 and 100 sales in 2011.
Foreclosures
Short sales and sales of bank owned homes obtained through foreclosure should not have significant
impact on the market in the near future. The number of foreclosures has dropped off sharply. In 2011,
463 foreclosures were filed in/near the county's major towns (not including the portion of Eagle County
within the Roaring Fork valley). In 2013, the number had dropped to 178 or about 36% of the total two
years before.
Foreclosures Filed by Town, 2011 and 2013 Compared
2011 2013
Avon
103
43
Eagle
109
36
Edwards
64
34
Gypsum
152
51
Vail
35
14
Total
463
178
Source: Eagle County Public Trustee
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VI. Competitive Analysis
This section will focus on deed restricted units throughout the county. This analysis, in combination with
the pricing and availability of free market housing both in Vail and down valley are used to determine
the prices that the proposed units can command (see Conclusions and Recommendations).
This analysis first focuses on the inventory of deed restricted ownership units in Vail then provides
information on the nearly 650 other deed restricted units elsewhere in Eagle County. The marketability
of amenities and design features is then examined.
Vail Deed Restricted Inventory
A total of 137 deed restricted condominium, townhome and duplex units are located within the town of
Vail. This inventory does not include apartments. The largest project is Vail Commons, with 53 units.
All of the inventory is deed restricted for occupancy by employees who work in Eagle County 30 or more
hours per week.
Most units (about 60%) also have resale price caps that limit appreciation in order to maintain
permanent affordability. The other 40% are Employee Housing Units (EHU's) units, which are scattered
in various developments in Vail. These 56 units have occupancy restriction (they can only be owned by
or rented to a household with an employee who works 30 or more hours in Eagle County). These units
have no initial or resale price restrictions, nor are they tracked by the Town of Vail.
Inventory of Deed Restricted Units in Vail
Shading denotes focus of analysis.
Location
# Units
Arosa Duplex
2
North Trail Townhomes
6
ERWSD Pitkin Creek & Trailridge
2
Red Sandstone
18
Vail Commons
53
Employee Housing Units (EHU)
56
Total
137
Not all of these units are owner occupied, including 9 units at Red Sandstone — 7 are owned by the Eagle
River Water and Sanitation District and renter occupied and 2 are owned by Mountain Valley
Development Services.
This analysis will focus on the 79 units shaded in the table above since they are the most comparable to
the proposed Chamonix units in terms of deed restrictions and method by which they are sold to
qualified buyers.
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Arosa Duplex
A LEED Silver Certified duplex completed in 2010 and located at the start of Arosa Drive in West Vail, this
development is comprised of two units, each with three -bedrooms, two and one-half bathrooms and
attached two -car garages. These units are two floors and are approximately 1,500 square feet of living
area plus garages. Since this project is fairly new, applicants for these units are considered in the
Demand Analysis section of this report.
Units are located at the west end of North Frontage Road,
where it turns north and becomes Arosa Drive. The City
Market center and associated services are less than one mile
east on North Frontage Road from the development. A
transit stop is located about two-tenths of a mile from the
duplex.
The duplex is nestled on a small, relatively flat site at the end
of a gulley. Residential uses are across the street and north
of the site. The duplex gets good sun exposure, with one
unit having south, east and west facing exposure and the
other having north, east and west exposure. Views to the
south look upon 1-70 and the mountains; hills/mountains are seen in the other directions. Noise from I-
70 is very apparent.
The Arosa units sold in 2010 for $402,300 and $410,300, or $254 per square foot.
North Trail Town Homes
This six -unit complex completed in 2001 is located at the intersection of Arosa Drive and Garmisch Drive.
This development is comprised of:
4 two-bedroom, two -bath townhomes located in a four-plex, all with attached one -car garages.
These units are two floors and start at approximately 1,230 square feet.
2 three-bedroom, two -bath townhomes located in a duplex, with attached one -car garages.
These units are two floors and start at approximately 1,440 square feet.
This complex has little exposure to 1-70 noise. It also has the best park access of all comparables, being
located adjacent to Ellefson Park, providing usable outdoor recreation space for the residents. It is
located in quiet residential neighborhood along Garmish
Drive, which dead ends just east of the development.
Duplex units face north/south and the 4-plex faces
east/west with views of hills and mountains in all
directions.
The nearest transit stop is about four -tenths of a mile
from the development. The nearest large grocery store
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(Safeway) is less than one mile, along with restaurant, fuel, convenience store, mail, lodging and
shopping services.
One of the six units in North Trail townhomes has sold since 2010 for a price of $223,800 or $198 per
square foot.
Red Sandstone Creek
This 18 -unit complex completed in 1999 is located on Red Sandstone Road across from the Potato Patch
Club in Vail. This development is comprised of two buildings with dispersed unit types of:
2 one -bedroom, one -bath townhomes, with attached one -car garages. These units are two
floors and approximately 850 square feet.
10 two-bedroom, one -bath townhomes, with attached one -car garages. These units are two
floors and approximately 1,040 square feet.
2 two-bedroom, two -bath condominiums, with attached one -car garages. These units are one
floor and approximately 1,160 square feet.
4 three-bedroom, two -bath condominiums, with attached one -car garages. These units are
three floors and approximately 1,430 square feet.
Even though some units are townhome style
(two story) all are part of a single condominium
project. The Eagle River Water and Sanitation
District either owns and rents out or has first
right of refusal on 11 units.
These units have had roof problems with some
owners taking out second mortgages for repair.
They have little to no noise exposure from 1-70.
Red Sandstone is located about three -tenths of
a mile north of the North Frontage Road,
nestled among the hills. A creek runs along the
west side of the units. Brookstone
Condominiums are on the other side of the creek, which appear to be a mix of local and second
homeowner occupied units. The units are separated on the east side from the primarily residential and
recreation -access Red Sandstone Road by a berm.
Units face east/west, with good sun exposure. Views of mountains are available to the south, whereas
north and west views are of the surrounding hills and east views include the river valley, Brookstone
we7ii.. u � . u . � •.�ifil�
Public transportation is available via the Sandstone Purple transit line and stops about two-tenths of a
mile from the site. A pedestrian bridge is available within one mile of the units, which crosses over 1-70
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into the Vail town center. The nearest grocery and other resident services are located within the City
Market shopping center, about 1.6 miles from the development along the North Frontage Road.
The development itself has limited shared outdoor space. Hiking is available on the hillsides near the
development.
From 2010 through March 2014, turnover was high at Red Sandstone when 12 of the 18 units sold. This
equates to an average annual turnover rate of nearly 16%. The prices for these units were as follows:
Price Range Price Range
1 BR $168,000 - $177,900
2 BR $174,200 - $213,500
3 BR $235,000 - $249,000
Source: County Assessor records
Vail Commons
Average Price Average PPSF
$172,950
$167
$200,217
$193
$239,975
$197
A complex with 53 for -sale and 18 rental units completed in 1997. The for -sale units are comprised of:
24 two-bedroom condominiums located in three buildings, including either one -and -a -half baths
or two -baths, each with a large exterior storage closet and a shared garage under every building.
These units are one floor and approximately 992 square feet.
13 two-bedroom, two -bath townhomes located in two buildings, no covered parking. These
units are two floors and approximately 1,018 square feet.
6 three-bedroom, two -bath townhomes located in two buildings, all with one -car attached
garages. These units are two floors, were built with an unfinished basement and are
approximately 1,800 square feet.
10 three-bedroom, two -bath townhomes located in three buildings, all with two -car attached
garages. These units are two floors, were built with an unfinished basement and are
approximately 1,850 square feet.
Units are located between the North Frontage
Road and Chamonix Lane, just east of the City
Market in Vail. Groceries and other services
(restaurants, postal, hardware, shopping, vision
care, etc.) are within easy walking distance of the
complex and a day care center is located within
the development. Transit stops are located within
mile of the development. Units primarily face
either north/south or east/west. Units located
adjacent to the frontage road receive the most
highway noise, although 1-70 noise is present
throughout the development. Views of
mountains are available in all directions, with
units located along the perimeter of the development having the best access to views.
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Open space within the development is of limited
usability, primarily providing interior pedestrian
pathways and property drainage. Hiking is available
on the hillsides to the immediate north of the
development.
Of the 53 ownership units at Vail Commons, eight
sold between 2010 and March 2004, a far lower
turnover rate of 3.5% per year than at Red
Sandstone. The prices for these eight units were as
follows:
Price Range Price Range
2 BR $155,400 - $176,700
3 BR $250,300
Average Price Average PPSF
Other Deed Restricted Ownership Units in Eagle County
$166,814 $172
$250,300 $132
There are nearly 650 deed restricted condos, townhomes, duplexes and single-family homes down
valley from Vail in Eagle County (apartments and units in the Roaring Fork Valley not included). Deed
restrictions vary widely from those with employment, income and resale limitations to ones only
requiring that preference be given to Eagle County employees for a defined time when listed for sale.
Down Valley Deed Restricted Ownership Housing
Project location # Deed/Covenant
Restricted Units
Brett Ranch
Edwards
156
Multiple Sites*
Avon
64
Eagle Ranch
Eagle
43
Miller Ranch
Edwards
282
Red Draw Condos
Edwards
16
Riverwalk
Edwards
59
Stratton Flats
Gypsum
26
Total
646
*Larger projects include
the Sheridan, Chapel Square, Wildwood Townhomes
and Grandview.
With 282 units, Miller Ranch in Edwards is by far the largest deed restricted development in
Eagle County. Completed in 2006, it offers 69 single family homes, 64 duplexes, 49 townhomes
and 100 condominiums. Features that make this development particularly attractive include
walking distance to schools, ample parks/green space and neighborhood design. Deed
restrictions limit price appreciation and occupancy to county residents who are employed, earn
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at least 75% of their income within the county and are qualified for the Valley Home Store's
Master Buyers List.
Red Draw Condominiums is a 16 -unit development in Edwards next to the St. Claire of Assisi
Church has both local employment occupancy and resale price restrictions. The two-
bedroom/two-bathroom units initially sold for $263,600.
Riverwalk Condominiums in downtown Edwards has restrictions that limit sale to Riverwalk then
Eagle County employees for 90 days before anyone can purchase.
Brett Ranch in Edwards has covenants that impose a 1% transfer fee on sales to households that
do not include Eagle County employees or that own another residential property.
Stratton Flats in Gypsum is a single family home development offering three and four bedroom
homes with two -car garages starting around $240,000. Of the total of 339 units at build out, six
were built under deed restrictions that limit price and occupancy. A modified deed restriction
limiting occupancy to Eagle County employees has been applied to about 20 units. These units
have sold for market prices with a small incentive (1% - 1.5%) for closing costs.
The deed restricted housing inventory in Avon includes 64 units scattered through the
community in nine developments (apartment project excluded). Most units have occupancy
restrictions (employment 30+ hours per week in Eagle County and incomes no greater than
120% AMI) and limits on capital improvements and resale prices. Of the 64 units, 13 are still
owned by their developers and rented to employees. There is little turnover among the units.
Amenities/Design Features
Interviews of staff involved in managing/selling deed restricted housing as well as realtors revealed
consistent opinions about the features most desired by local homebuyers. They are:
1. Storage — Mountain residents have lots of gear and recreational equipment. Plus outdoor
furniture and grills must often be moved into storage in the winter so as not to impede snow
removal. In -unit spaces, exterior storage lockers and extra space in garages have all worked well.
Garages/Parking — Parking is very tight throughout most of Vail. While residents often take a
bus, walk or bike to work, they have cars for other errands and travel. With a harsh winter
climate, garages are highly desired for parking as well as storage. It does not appear that there
are strong preferences for private attached garages over common garages with storage lockers
and or detached private garages. Parking for guests is crucial but access should be limited so
that day skiers do not park at Chamonix due to its proximity to a bus stop.
3. Outdoor Space — Common outdoor areas should be functional, large enough and designed so
that it can be used for more than open/green space. It should be sunny. Grills, tables, seating,
space for a garden, a play area for children, and a play area for dogs would all be appealing.
Small private fenced outdoor areas for children and/or dogs is highly desired by many.
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4. Access to Sunlight and Views — Vail is known for having limited access to the sun in the winter.
More sunlight has been cited by buyers of down valley housing as a reason for not considering
Vail. Fortunately for the Chamonix site, access to one will provide access to the other — south
facing units get the most sun and the best views are to the south. North facing walkways, front
doors and garages entrances can be problematic. Positioning all units so that each has a south
facing wall would be ideal.
5. An Extra Bedroom — While many of the owners now living in Vail's deed restricted housing and
many of the potential buyers are single they want the opportunity to rent to a roommate even if
only seasonally. Also, residents of resort communities tend to have a lot of company during
peak winter and summer periods. Most want one more bedroom than they absolutely need.
6. Energy Efficient Heating System — Utilities can be very expensive in Vail. Heating systems are
typically used nine months per year and occasionally even in the summer months. New, energy
efficient systems, especially in floor heat, would be very appealing when compared to the
systems in the older residential units in Vail and would keep heating bills comparatively low.
7. Convenient Access to Bus Stop — Sidewalks and internal walkways should be designed so as to
make it easy to travel, wearing ski boots, from units to the bus stop.
8. Mud Room —Since Vail's residents have many boots, coats, hats and gear, a "mud"
room/entryway is far more functional and appealing than a coat closet. Designs that provide an
air lock/doorway between the entry and main living area would also improve energy efficiency.
9. A Second Bathroom — Whether for use by a roommate, family member or guest, most buyers
seek two bathrooms.
Other design features that should be a given but that have been overlooked in the past include:
Outdoor spigots —the lack of them has been a problem at Miller Ranch;
Roofs that last given snow loads without features that create ice dams and cause leaking; and
Snow shed/snow storage.
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VII. Demand Estimates
This section quantifies the size of the market and the capture rates for the proposed units taking into
consideration the number of households residing within the market area by income and household size,
in migration of households from outside the market area, and projected growth in households.
Market Segmentation
To estimate the potential size of the market for the proposed Chamonix homes, the profile of buyers is
analyzed to segment those who qualify and are most likely to qualify.
From Where
The potential market for deed restricted homes in Vail primarily consists of persons who already live in
or near Vail. Very little movement up valley of families from Eagle and Gypsum should be expected
although interest would likely be higher among some now living in Edwards.
Results from a 2007 household survey in Eagle County showed there is not strong interest in moving
from mid valley and down valley communities to Vail. Of the residents who indicated Vail was their first
choice in which to live, 65% already lived within the community, 4% lived in the unincorporated area
adjacent to Vail, 6% lived in Eagle -Vail, 4% in Minturn and 4% in Avon. Only 8% lived in Edwards and 3%
in the Eagle area.
Preference to Live in Vail
Where Now Live
Want to Live
in Vail
Edwards
8%
Eagle/Brush Creek
3%
Gypsum/Gypsum Creek
3%
Vail -Incorporated
65%
Avon
4%
Basalt/EI Jebel/Frying Pan
1%
Minturn/Redcliffe
4%
Eagle -Vail
6%
Other
1%
Vail -Unincorporated
4%
Wolcott/Bellyache Ridge
1%
100%
Source: 2007 Eagle County Housing Needs Assessment
Respondents to the 2007 survey were also asked whether they wanted to buy or rent a different
residence and which community they preferred. Results showed that:
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Edwards was the number one choice of where residents looking to buy most want to live
followed by the Eagle/Brush Creek area; and
Vail was third overall with nearly 15% of those surveyed indicating it was their first choice.
There has been a fundamental shift in location preferences. According to the 1999 Eagle County
Housing Needs Assessment survey, Vail had the highest ranking of where Eagle County's residents most
wanted to live (22%) followed by the Edwards area at 20% and Eagle at 12%.
The mix of applicants for the Arosa duplex lottery supports the 2007 survey findings. Of the 11
applicants, nine were living in Vail or Eagle -Vail at the time of application and two were living in
Edwards, indicating that housing in Vail will primarily attract persons who already live in or near Vail.
Arosa Duplex Lottery Applicants
Household Type
Where they lived @ application
Priority Purchasers
Couple with child
Vail Commons
Couple with child
Eagle -Vail Townhouse
Couple with 2 children
East Vail
Couple with child
Eagle -Vail Townhouse
Couple with child
West Vail
Single with 2 children
Edwards
Non -Priority Purchasers
Couple no children
Red Sandstone
Couple no children
Vail Commons
Single
Vail Commons
Couple no children
West Vail
Single with 1 child
Edwards
There is less correlation between job location and where residents most want to live than might be
presumed. According to the 2007 survey, about 40% of employees working in Vail indicated their first
choice of location to live is Vail.
Length of Residency
Most buyers of deed restricted properties are long-time residents. Very few buyers will be new to the
area. Although not tracked, the typical applicant for Vail's lotteries has lived in Vail for about 10 years.
Of the 31 buyers of Miller Ranch homes in 2013, only one was moving in from outside of the county.
The 2007 Housing Needs Assessment survey found that only 2% of homeowners in the county had lived
there for less than one year. Most (69%) had lived in the county for 10 or more years.
First Time or Move-Up/Move-Down
The majority of Chamonix purchasers will be first-time homebuyers, probably 75% or more
based on historical sales.
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Some will be moving within the deed restricted system, either moving up as families grow or, as
has been increasingly the case, buying two residences to replace one in the event of divorce.
There have been a few cases where buyers have sold free market homes down valley and
purchased deed restricted housing in Edwards. The extent to which this is likely to happen at
Chamonix is hard to judge, but the possibility may increase as the free market appreciates over
time.
Household Composition
Compared with Eagle County households overall, residents who indicated Vail was their first choice of
where to live in the 2007 survey were more likely to live alone or with roommates than were residents
who preferred to live down valley. Approximately 37% of the county's households overall compared
with 25% of those who wanted to live in Vail included at least one child.
Of the 79 fully deed restricted ownership units in Vail, 37 (or 47%) are now occupied by singles without
children. Families own about 42% of the units. The rest are owned by the Eagle River Water and
Sanitation District or Mountain Valley Developmental Services and are rented. A couple lives in the only
one bedroom unit that is owner occupied.
Three of the 24 three-bedroom units are owned by a single individual without children; 16 are occupied
by households with at least one child (typically one). Of the 53 two-bedroom units, 34 were purchased
by singles.
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OVERALL
Vail —1'
Choice
Couple with child(ren)
27%
20%
Couple, no child(ren)
27%
25%
Adult living alone
23%
31%
Unrelated roommates
10%
17%
Single parent with child(ren)
8%
4%
Family members and unrelated roommates
3%
2%
Immediate and extended family members
2%
1%
Other
1%
100%
100%
Source: 2007 Housing Needs Assessment Survey
Of the 79 fully deed restricted ownership units in Vail, 37 (or 47%) are now occupied by singles without
children. Families own about 42% of the units. The rest are owned by the Eagle River Water and
Sanitation District or Mountain Valley Developmental Services and are rented. A couple lives in the only
one bedroom unit that is owner occupied.
Three of the 24 three-bedroom units are owned by a single individual without children; 16 are occupied
by households with at least one child (typically one). Of the 53 two-bedroom units, 34 were purchased
by singles.
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Household Composition — Owners of Vail Deed Restricted Units
Single Single w/ Couple Couple w/ Other Total
Child(ren) Child(ren) Units
Vail Commons
2 BR 25 2 10 37
3 BR 3 3 1 8 1 16
Red Sandstone
1 BR 1 1 2
2 BR 6 1 5 12
3 BR 1 1 2 4
North Trail Townhomes
2 BR 3 1 4
3 BR 2 2
Arosa Duplex
3 BR 2 2
Total 37 7 14 12 9 79
Percent of Total 46.8% 8.9% 17.7% 15.2% 11.4% 100%
There are distinct differences between buyers interested in Edwards and those who prefer to live in
Eagle or Gypsum. Edwards attracts singles as well as families, appeals to those who work mid valley or
who commute in both directions, works well for residents who like to ski often, is attractive to
households that prefer greater diversity in the community and are interested in higher density
multifamily housing.
Market Size
Approximately 3,100 renters reside in the area that includes Vail, Eagle -Vail and Avon. This area should
be considered the primary market area for the proposed Chamonix development since:
Past surveys have shown in interest in living in Vail is highest among existing residents; and
Lottery applicants and buyers of deed restricted housing in Vail lived in or near Vail at the time
of application.
Of these 3,100 renter households, roughly 1,600 households have incomes within the ranges specified
by the Chamonix Master Plan (60% AMI to 140% AMI). How the proposed units are ultimately priced
will impact the extent to which they are actually affordable for the wide range of targeted households.
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Market Area Renter Households by Income and Size, 2013
Income Range
1 -Person
2 -Person
3 -Person
4 -Person
5+ -Person
Total
60%AM1
$36,540
$41,760
$46,980
$52,140
$56,340
N/A
140% AMI
$85,260
$97,440
$109,620
$121,660
$131,460
$0-10,000
211
69
6
16
0
302
$10,000-20,000
189
23
115
9
10
346
$20,000-30,000
32
157
68
99
13
369
$30,000-40,000
83
46
107
22
148
406
$40,000-50,000
123
174
43
32
2
374
$50,000-60,000
132
171
94
21
11
429
$60,000-75,000
97
126
37
54
67
381
$75,000-100,000
15
166
37
97
9
324
$100,000-125,000
16
30
36
9
7
98
$125,000-150,000
4
2
9
9
0
24
$150,000-200,000
11
32
10
0
0
53
$200,000+
6
1
1
0
0
8
Total
919
997
563
368
267
3,114
Within Targeted
Income Ranges
450
637
247
181
94
1,609
% by Household Size
28.0%
39.6%
15.4%
11.2%
5.8%
100.0%
Source: Ribbon Demographics data and Rees Consulting
calculations
Demand Estimate
There is total potential demand for approximately 1,850 ownership units in Vail generated by
households with incomes in the ranges targeted by the Chamonix Master Plan. The proposed 58 units
would need to capture 3.1% of this demand, which is a low capture rate.
Demand and Capture Rate Calculation
# Households
Market Area Renter Households 3,100
In Targeted Income Ranges 1,600
Growth within 2 Years (2% per year) 65
Total Up Valley Market 1,665
In Migration (from down valley or out of county) 10%
Total Demand 1,850
Capture Rate (58 units proposed) 3.1%
This estimate of potential demand includes households that may not want to buy or may not be able to
buy because they cannot qualify for a mortgage; however, with a conservative capture rate of only 3.1%,
it appears that demand is more than adequate for the proposed units.
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While four of the 11 applicants for the Arosa lottery were seeking to move up from existing deed
restricted housing within Vail (Vail Commons and Red Sandstone), the vacated units will need to be sold;
therefore, demand from existing owners has not been considered in this calculation.
Lottery/Buyer Applicants
Information on lottery/homebuyer applicants is provided for additional insight into demand.
The Valley Home Store maintains a Master Buyers List with approximately 100 applicants
currently who are pre -qualified under both Eagle County's Guidelines and for a mortgage. Of
these applicants, roughly 20% include a member who works full time in Vail. At least some of
the applicants on the list are potential buyers for Chamonix.
The Town of Vail has had an average of 8.4 applicants over the past five years for its annual
lottery (between 13 and three applicants each year). This lottery has been for resales; a
separate lottery was held for the Arosa duplex units. No other new units were completed
during this period. Lottery fatigue and perceptions that there was nothing available may have
resulted in fewer households participating in the lottery than were interested in purchasing
housing.
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VIII. Mortgage Availability
Obtaining home mortgages has been more difficult since the recession due to the imposition of stricter
lending standards. Further, mortgage availability is complicated by deed restrictions, leased land and
condominium ownership. Through interviews of mortgage lenders, this section of the report examines
how mortgage availability, deed restrictions/complications and interest rates affect the ability for
households to purchase and afford homes.
Loan Products
Mortgage lenders provide a full array of loan products for deed restricted housing in Eagle County,
including:
Conventional mortgages sold on the secondary market most often under Fannie Mae guidelines;
Portfolio loans held by the originating lenders and underwritten based on in-house criteria.
These are most often 5- or 7 -year adjustable rate mortgages (ARM'S), but at least one lender
can offer 30 -year fixed rates; and
Government insured or guaranteed loans for 15- or 30 -year fixed rate mortgages — USDA for
which no down payment is required and FHA that requires about 3.5% down. None of the
lenders interviewed are now processing VA loans for deed restricted housing due at least in part
to their understanding that VA requires deed restrictions to have income caps, which is typically
not the case in Vail or Eagle County.
Not all lenders provide all these loan products. Some provide only portfolio loans on deed restricted
homes, while others also offer conventional and possibly government loans.
Deed Restriction Limitations
Deed restrictions must be approved by lenders. There are generally two approaches:
In house approvals by larger lenders with the restrictions submitted for each individual loan
application. This is the way it has typically been done in Eagle County. The requirements vary
somewhat by lender.
Project approval by Fannie Mae and/or FHA that would then allow any lender to originate
conventional/secondary market mortgages for units within the development. The application
process can be time consuming. Fannie Mae requires an application fee, and the approval is in
effect for only two years.
Lenders often apply their own unique limitations or "overlays" on top of Fannie Mae/USDA/FHA criteria.
While underwriting guidelines vary, the following requirements are typical:
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The deed restriction must terminate at foreclosure or deed in lieu of foreclosure. Fannie Mae no
longer imposes this requirement, but lenders in Eagle County have not yet dealt with
restrictions that survive foreclosure;
The appraisal has to include three comparables with similar deed restrictions;
The lender is not required to send notices of foreclosure to third parties, including the Town or
other entities that might have an interest in preservation of the deed restriction;
Right of first refusal will only be granted to the entity that applied the deed restriction and the
time period for acting on the right cannot exceed 90 days;
Resale controls must have a fixed period of time; and
The deed restriction must be in a public record identifiable through a routine title search.
Lending on Condominiums
Mortgage lending on condominiums is more complex and time consuming than for townhomes,
duplexes and single-family homes for which the underlying land is subdivided. Several requirements are
typically imposed that limit loans for condominiums, including having too many renter -occupied units in
the complex, too many units owned by one party (as is the case at Red Sandstone where the Eagle River
Water and Sanitation District owns seven units) and mixed/commercial uses on site. At least one local
lender will not provide any long-term, fixed rate loans on condos at this point in time. A limit on the
number of loans that can be made by a mortgage company on any one project is also common to limit
their exposure (usually calculated as a percentage of total units in the development).
The interest rate for mortgages on condominiums may also be higher or require more points. The
condominium approval process can be intertwined with deed restriction approval procedures. Since FHA
no longer allows "spot" loans within condominium projects, FHA approval of the entire project is
required. In Eagle County Few projects (maybe only one) have current FHA approvals in place.
None of the deed restricted housing in Vail is FHA approved or has a Fannie Mae master project
approval.
Leased Land
Mortgage lenders typically accept land leases provided that the term extends beyond the term of the
loan by a specified number of years. While leases complicate the mortgage application since
underwriters must review and approve the lease with every application, they do not significantly limit
the types of loans available.
ARM's
While most borrowers prefer loans where their payment is fixed for typically 15 or 30 years, most of the
buyers of deed restricted units in Vail have obtained 5 or 7 year ARM's amortized over 30 years with a
five point maximum lifetime increase in the interest rate. The initial interest rate on ARM's has been
very low in recent years — below 3%, and the annual adjustments have not been to the maximums
allowed since fixed rates have been held low by Federal Reserve polices for a relatively long time. In
other words, ARMS have provided the lowest, most affordable payments possible and have been stable
in recent years.
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Interest rates are going to rise, however. Fixed rates have increased one percentage point since last
year. Mortgage lenders generally feel that rates will remain mostly stable through this year but will
increase starting next year as the Federal Reserve backs down from its economic stimulus efforts.
The Impacts of Interest Rates on Affordability
Interest rates have a profound impact on housing affordability. For every 1/4 point difference that rates
rise between 4.5% (about the current average for a 30 -year fixed rate mortgage) and 5.5%, a buyer's
borrowing capacity decreases by nearly 3%. A one point increase in the rate, as occurred in 2013, would
drop the affordable purchase price for a household with an income of around 80% AMI by $20,000 to
$25,000.
According to a recent quote, the interest rate on ARMs is about 3% for 5 years and 3.5% for 7 years. The
monthly payment for a $250,000 ARM at 3.5% with a 5 point lifetime cap could increase 73% during a
period of rising interest rates, from less than $1,100 to nearly $1,900 in five to seven years.
Interest Rate Comparison for Adjustable Rate Mortgages
Starting Rate Maximum Rate
Loan Amount $250,000 $250,000
Interest rate 3.25% 8.25%
Monthly Payment (principal & interest) $1,088 $1,878
Down Payment Assistance
Eagle County's down payment program was adjusted in recent years to limit the amount provided to no
more than 3.5% of the purchase price. The program has not been utilized much since this change,
however. The availability of funds is currently good. The program is ideal for use with FHA mortgages;
however, the fact that few deed restricted projects are approved by FHA is likely reducing its utilization.
Borrower Profile
Most of the applicants for mortgages on deed restricted units are first time buyers. They tend to be
young singles or families, though there seems to be an increase in middle aged borrowers. Many have
credit issues. One lender indicated about 70% can eventually qualify while 30% cannot. Since the
recession, credit problems have become more frequent. Very few have a 20% down payment and thus
must obtain a government loan or pay for private mortgage insurance. At Miller Ranch, which is the
largest of the deed restricted properties and has had the highest number of sales, between 30% and
50% of buyers have obtained USDA mortgages, which allow loans up to 102% of price or appraised value
in order to cover the program's up -front costs.
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IX. Conclusions and Recommendations
Market conditions appear to be prime now for proceeding with the development of Chamonix. The
availability of housing affordable for households with incomes between 60% and 140% AMI to purchase
is small while potential demand appears to be more than sufficient for the absorption of 53 additional
homes. Specifically:
The economy is recovering with growth in jobs and significant reductions in unemployment.
Projections call for continuation of this trend and population growth of 2% to 2.9% per year
through 2020.
The housing market is rebounding. The number and choice of free market homes for sale down
valley has decreased and prices are starting to rise. Bargains have disappeared and the number
of foreclosures and bank sales has dropped sharply.
The deed restricted units currently in Vail have performed well. All units that have been listed
for sale have sold, commanding the maximum allowable price appreciation.
The inventory of deed restricted units available for sale down valley has largely disappeared.
There are five listings currently, all of which have been placed on the market this year. All units
listed for sale in 2013 were sold or removed from the market by the end of 2013.
Rental availability is becoming increasingly limited and rents are rising; current average market
rents are within the range that it would cost to purchase a Chamonix home at the targeted
incomes.
Demand for deed restricted ownership opportunities is increasing with a record number of sales
at Miller Ranch last year, an increase in lottery applicants (both Town of Vail and the Valley
Home Store), and approximately 100 pre -qualified applicants on the County's Master Buyers
List. Knowledge that the housing market has bottomed out and that prices are starting to rise,
combined with concerns about interest rate increases, are spurring residents to buy.
Potential demand from households that are most likely to buy at Chamonix (i.e., households
that now rent in or near Vail, have incomes in the 60% to 140% AMI range, and have from one
to five members) appears be to be adequate for the proposed units with a low required capture
rate of less than 4%.
To be responsive to demand and competition with limited but nonetheless attractive choices, some
modifications to the existing development plan are recommended. These include some revisions to
Master Plan concepts (unit mix and size) and additional recommendations for pricing, amenities/design
features, marketing and mortgage options to enhance marketability of the proposed homes.
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Competition
From within Vail
Competition from within Vail is very limited. Of the units listed for sale under $500,000, only three
condominium units and one townhome could be considered comparable to the proposed Chamonix
units in terms of their suitability for year-round workforce households. While they offer a choice for
households that might consider Chamonix, they are 42 to 48 years old and have no garages,
outdated/inefficient heating systems, and HOA dues that are likely higher than will be charged at
Chamonix. The one with an EHU restriction in place has been on the market for about one year.
Interest in the unrestricted units has been higher, in part due to developers wanting to buy units to
satisfy their employee housing requirements. Their price range from $432,500 to $495,000 sets an
upper limit for Chamonix.
Only two units in Vail with full deed restrictions as envisioned for Chamonix are listed for sale or soon
will be, with maximum allowable prices of $212,544 and $236,248. The competition that Chamonix will
create for current owners who desire to sell their deed restricted homes should be a concern only if the
new units are priced lower than existing units.
From Down Volley
A total of 78 units down valley from Vail were listed for sale through the MLS in early April at prices less
than $500,000. Prices per square foot were far lower than in Vail and decreased the farther down valley
the units were located (527 in Vail, $308 in Edwards, $212 in Eagle and $193 in Gypsum). The free
market is not generating significant competition in Edwards — only a few condominiums and townhomes
were in this price range. A couple of small single family homes were listed for sale in Eagle for less than
$400,000, but Gypsum is the only community were buyers can choose among new single family homes
in the $300,000 to $500,000 range. The competition generated by homes in Gypsum and, to a smaller
degree, Eagle for families with children should decline as the market continues its recovery. Regardless,
the distance and the difference between Vail and Gypsum is so great, that attempting to set prices for
Chamonix based on prices in Gypsum is not necessary — direct competition with these units will be
limited.
The deed restricted homes down valley, particularly in Edwards, provide attractive alternatives to
purchasing at Chamonix. The neighborhoods like Miller Ranch, Eagle Ranch and Stratton Flats are
attractive, well designed, near schools and parks and convenient to many jobs. They offer single family
homes, which Chamonix will not provide. Yet availability is now low and no new deed restricted
developments are currently planned. Five deed restricted homes were listed for sale in Edwards and
Eagle through the Valley Home Store as of late April, with list prices that ranged from $183,000 for a
condominium to $390,000 for a single family home at Miller Ranch.
Miller Ranch will pose the greatest competition since it has so many units (282), has K-12 schools within
a short walk, is a much shorter commute for employees working in the Vail area than Eagle or Gypsum,
offers a variety of unit types (15 different models ranging from condominiums to single family), offers a
wide range of pricing and is in Edwards, which appeals to singles as well as families. While the Chamonix
site is suitable for housing, the proximity to commercial uses and the lack of schools and parks within
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walking distance make it less desirable for families with children. The pricing and value of homes at
Miller Ranch should be considered when designing and setting prices for Chamonix.
Family Orientation
Approximately 20% to 30% of the buyers at Chamonix will have children. Expectations that Chamonix
will primarily target families is counter to experience among other properties, demographic trends and
resident preferences. Specifically:
25% of the county's households that prefer to live in Vail include at least one child.
24% of the deed restricted units in Vail are occupied by households with at least one child.
32% of the renter households with incomes in the targeted income range have three or more
members, but this figure includes roommate households; 28% live alone and 40% are two -
person households.
These statistics reflect what all of the key informants interviewed as part of this study relayed -
households with school age children have housing options down valley that better meet their family's
needs and preferences. Few families have moved back to Vail when three-bedroom homes have
become available; the large majority of applicants for those homes lived in or near Vail. Chamonix will
be ideal for couples, however, who plan to have children. Over time, the number of households with
children living at Chamonix will probably increase.
Income Targets and Pricing
The Master Plan target of 60% AMI to 140% AMI is a wide range to serve in one 58 -unit development.
Prices that are affordable for 60% AMI households would be much lower than what a household earning
140% AMI could afford and would likely pay for a larger/higher quality home. In 2014 figures, the
income range would extend from less than $40,000 to over $120,000. Serving this entire range will
necessitate a wage range of prices, from about $135,000 to just over $450,000.
At the upper end, pricing units at the 140% AMI level is not recommended for several reasons:
Single family homes are available in Edwards at Miller Ranch for less ($350,000 - $390,000).
Historically, deed restricted housing in Vail has been priced at similar or lower levels than at
Miller Ranch.
The market is providing housing in this price range in Vail. While only four units were listed in
early April for less than $500,000 that are well suited for ownership by year round residents,
buyers generally expect deed restricted units to be priced below the free market.
There are relatively few renter households residing within the Vail/up-valley area that have
incomes at and above 140% AMI. The income distribution shows a drop in households between
100% and 120% depending upon household size. Of the relatively few with incomes above
$140% AMI, most are two -person households and many of them are likely roommate
households.
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While some households may want to move up from existing deed restricted homes in Vail, the
incomes of these households are not known and the step up would large in terms of price. For
example, the last two-bedroom unit at Vail Commons to sell was priced just over $250,000. To
purchase a three-bedroom home priced around $450,000 for 140% AMI households would
result in a significant increase in the monthly payment. Unless research on existing residents of
Vail's deed restricted homes documents move up desire and capacity, Chamonix pricing should
not extend to the 140%AMI level.
At the lower end, developing units for households with incomes as low as 60% AMI (roughly $135,000 to
$175,000) will require substantial subsidies. It will also likely be more challenging for households at this
income level to obtain mortgages. There are a significant number of renters with incomes in the 60% to
80% AMI range, but there are more with incomes between 80% and 100% AMI.
It is therefore recommended that prices at Chamonix:
Be primarily affordable for households in the 80% to 120% range. If sufficient subsidies are
available, providing some units for 60% AMI households should be considered, but pricing as
high as 140% AMI is not advised at this time.
Be set lower than at maximum affordable levels. For example, to serve households with incomes
at 80% AMI, prices should be set at 75% AMI, or even lower during periods of rising interest
rates.
Possibly be structured using income tiers. In other words, identical units could sell for different
amounts. This pricing technique is common for deed restricted units where the restrictions
impose income limits. This has not been the way that Vail's deed restrictions have been
structured in the past.
Be set with the expectation that interest rates will rise.
Unit Size, Type and Bedroom Mix
To serve a variety of households with incomes in the 80% AMI to 120% AMI variety in unit type and size
is recommended. Specifically:
The size range should be expanded. As proposed, units would range in size from 1,292 for two-
bedroom flats to 1,632 square feet for three bedroom duplexes. These sizes are relatively large.
o Two-bedroom flats could be as small as 800 to 900 square feet and still be very livable
provided that garage/storage space is provided.
o Townhomes could range from 1,200 to 1,400, perhaps smaller depending upon price.
o Duplexes units would be attractive as currently envisioned (1,632 SF) but could be
marketable at 1,300 to 1,400 square feet.
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Consideration should be given to reducing the number of condominiums and offering
townhomes. Each unit could have a south facing wall, private garages might be feasible,
mortgage availability/pricing would improve, the development would lend itself more readily to
phasing, and it would allow for private outdoor space.
Provide variety within unit types, perhaps two or three models, so as to allow for a wider range
of pricing, provide more choice for buyers and enhance marketability.
The bedroom mix could be adjusted to offer slightly fewer three-bedroom units. Existing deed
restricted properties already disproportionately accommodates families with about 30% of units
(not counting EHU's) having three bedrooms. As now proposed, 38% of the Chamonix units will
have three bedrooms.
Mortgage Availability
Mortgage availability for the proposed Chamonix units will be complicated by:
Deed restrictions limiting purchase to eligible households;
Building at least some of the units as condominiums; and
Developing the project on land leased from the Town of Vail.
With interest rates on the rise, the availability of 30 -year, fixed rate mortgages will become more
important to the marketability of deed restricted housing. Although most of Vail's buyers have been
willing to obtain ARMs in the past, more borrowers prefer a 30 -year fixed rate and, with rate increases,
will insist upon it. Furthermore, limitations on mortgage availability will negatively impact Chamonix's
competiveness relative to Miller Ranch, where about half of the buyers in recent years have obtained
USDA loans with the lowest fixed rates available and no down payment.
To increase the type of mortgages available and the lowest/most competitive interest rates for
borrowers:
Consider redesign of the proposed flats and lofts so that all or at least some of the units are
townhomes rather than condominiums.
Work with local lenders to obtain approval of the deed restrictions and land leases so that both
conventional, government (USDA, FHA and VA) and portfolio loan products are available.
Explore obtaining Fannie Mae and FHA direct approval of the project.
Divide the development into multiple HOA's so that the duplex units and townhome units, if
built, are not subject to the same limitations and rates as condominium units.
Provide a lender referral packet to applicants that describes the various loan projects each
lender offers and compares fixed to adjustable rate alternatives.
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Marketing
Vail's once a year lottery system has worked adequately for resales and project -specific lotteries have
generated sufficient buyers in the past. Chamonix will be the largest deed restricted development built
to date in Vail, however. Given this, the following steps are recommended to enhance sales:
Provide a more flexible sale system than a single project lottery.
Pre -sell to allow for interior finish choices.
Work with the Valley Home Store to access their Master Buyers List.
Amenities/Design Features
To enhance the livability and competitiveness of the Chamonix homes, the following should be
provided:
Garages, space for parking at least two cars per unit and adequate guest parking;
Additional storage suitable for bikes, skis and other recreational gear;
Small fenced outdoor areas for small children and dogs;
Functional common outdoor areas;
Access to sunlight and views (each unit should ideally have some south facing exposure);
A mud room;
Adequate sound proofing from 1-70 noise;
A landscaped buffer between the site and the adjacent commercial uses;
Energy efficiency; and
Convenient pedestrian access to the bus stop.
It is important to make the outdoor areas at Chamonix functional for more than open/green space. The
semi -private areas between the duplexes should be fenced. The green areas on either ends of the
parcel should be developed for use, perhaps a dog park and a playground. The areas between the row
of duplexes and multifamily units to the south should be usable yet not too noisy.
Phasing
If the recommendations provided herein are followed with variety in unit type, size, pricing and
mortgage availability in combination with well-designed units, desirable amenities and a flexible
marketing system, phasing will likely not be necessary. Applications and presales could be used to test
the validity of this conclusion, with adjustments made if it appears that the length of time for the units
to sell will exceed the Town's ability to retain ownership of units after their completion. Construction
phasing would be inconvenient and disruptive to initial buyers, would be more costly in the long run and
would be difficult for condominium units.
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Appendix
Change in Renter Households: 2000 - 2010
Source: 2000 and 2010 US Census
Renter Household Composition by Area, 2010
J Vail
# Renter Households 1,340
Up Valley Eagle
County
3,336 6,893
'
2000 # renter -households
1,032
2,917 176,8937
18%
renter-households
47.7%
48.0%
2010 # renter -households
1,340
3,336
renter -households
51.5%
49.3%
35.8%
% Change in renter households
29.8%
14.4%
25.4%
# Change in renter households
308
419
1,394
Source: 2000 and 2010 US Census
Renter Household Composition by Area, 2010
J Vail
# Renter Households 1,340
Up Valley Eagle
County
3,336 6,893
Renter -Occupied
51.5%
49.7% 35.8%
16%
18%
18%
Renter Households by Type
8%
12%
Family, no children
11%
15% 18%
Family, with children
8%
19% 29%
Living alone
36%
29% 26%
Non -family, roommates
45%
37% 27%
100%
100% 100%
Source: 2010 US Census
Renter Household Size by Area, 2010
Persons per Unit
1 -person
2 -person
!fail
36%
37%
Up Valley
29%
32%
Eagle
26%
30%
3 -person
16%
18%
18%
4 -person
8%
12%
14%
5+ person
2%
8%
13%
Average size
2.04
2.45
2.68
Source: 2010 US Census
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Change in Age of Renter Households: 2000 — 2010
Source: 2000 and 2010 US Census
For -Sale Listings in Vail, At or Under $500,000
April 2, 2013
Price
Project/Area
•Valley•'
f
2000 (total renter households)
1,032
2,917
5,499
15 to 24 years
21%
22%
17%
25 to 34 years
46%
44%
40%
35 to 44 years
16%
18%
22%
45 to 54 years
10%
11%
14%
55 to 64 years
5%
4%
4%
65 years and over
2%
1%
3%
2010 (total renter households)
1,340
3,336
6,893
15 to 24 years
15%
14%
11%
25 to 34 years
42%
42%
36%
35 to 44 years
19%
21%
24%
45 to 54 years
12%
13%
16%
55 to 64 years
7%
7%
9%
65 years and over
4%
3%
4%
865
100%
100%
100%
Source: 2000 and 2010 US Census
For -Sale Listings in Vail, At or Under $500,000
April 2, 2013
Price
Project/Area
Bdrms
Baths
Scl Ft
Price/SF
Yr Built
Type
$248,500
East Vail
2
1
797
$312
1965
Condo
$267,500
1
1
705
$379
1971
Condo
$275,000
short term rental
1
1
835
$329
1973
Condo
$279,000
Sandstone
1
1
530
$526
1974
Condo
$289,000
1
1
576
$502
1973
Condo
$299,000
1
1
576
$519
1973
Condo
$299,900
East Vail
2
1
865
$347
1965
Condo
$300,000
1
1
728
$412
1980
Condo
$309,900
Vail Racquet Club
1
1
576
$538
1973
Condo
$318,000
2
1
901
$353
1970
Condo
$350,000
2
1
882
$397
1970
Condo
$390,000
2
2
990
$394
1980
Condo
$415,000
Vail Racquet Club
2
2
864
$480
1979
Condo
$415,000
Vail Racquet Club
2
2
864
$480
1975
Condo
$420,000
Vail Racquet Club
2
2
864
$486
1979
Condo
$429,000
Vail Racquet Club
2
2
864
$497
1976
Condo
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$432,500
Chamonix Ln
$432,500
Chamonix Ln
$435,000
2 2
$475,000
Chamonix Ln
$489,000
Lionshead
$495,000
East Vail
$495,000
Lionshead
$495,000
East Vail
$499,000
Lions Sq. Lodge
$499,000
Lions Sq. Lodge
$499,000
Lions Sq. Lodge
Source: Vail Area Realtors
MLS
MLS Listings -
VRB.net
Edwards
4/8/2014
Price
$210,500
$309,000
$310,000
$315,000
$325,000
$329,000
$379,000
$397,900
$399,000
$399,500
$430,000
$438,000
$488,000
$490,000
$495,000
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2 2
1103
$392
1972
TH
2 2
1110
$390
1972
TH
3 3
1792
$243
1972
Condo
3 2
1480
3
1969
Condo
1 1
506
$966
1972
Condo
2 3
1500
$330
1967
Duplex
0 1
308
$1,607
1971
Condo
2 2
1223
$405
1973
Condo
0 1
660
$756
1971
Condo
0 1
660
$756
1971
Condo
0 1
660
$756
1971
Condo
Bdrms SF
2
3
3
2
2
3
2
2
2
1
1
2
1
3
2
924
1393
1259
1415
849
1415
1229
1884
1333
756
1293
1089
1078
2163
1505
Type
Condo
Condo
Condo
Condo
Condo
Condo
Condo
TH
Condo
Condo
Condo
Condo
Condo
TH
Condo
Eagle $189,900
2
908
Condo
$299,000
2
1334
TH
$312,500
2
1016
Duplex
$324,000
3
1809
TH
$325,000
3
1798
SF
$325,000
2
938
SF
$329,000
2
968
SF
$335,000
3
1765
TH
$335,000
3
1717
TH
Rees Consulting, Inc.
Price/SF
$227.81
$221.82
$246.23
$222.61
$382.80
$232.51
$308.38
$211.20
$299.32
$528.44
$332.56
$402.20
$452.69
$226.54
$328.90
$308.27
$209.14
$224.14
$307.58
$179.10
$180.76
$346.48
$339.88
$189.80
$195.11
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$341,000
3
1739
TH
$196.09
$345,000
3
1717
TH
$200.93
$349,000
3
1784
TH
$195.63
$349,000
3
1702
Duplex
$205.05
$375,000
3
2004
SF
$187.13
$400,000
6
2582
SF
$154.92
$407,000
3
2092
Duplex
$194.55
$445,000
4
2756
SF
$161.47
$447,000
3
1892
SF
$236.26
$469,500
5
2905
SF
$161.62
$497,500
3
2453
SF
$202.81
$499,995
3
2822
Duplex
$177.18
$211.70
Gypsum $149,900
3
1152
SF/mod
$130.12
$245,000
4
1647
SF
$148.76
$319,900
2
1213
SF
$263.73
$349,900
3
2029
SF
$172.45
$387,000
4
2992
Duplex
$129.34
$395,000
4
2014
SF
$196.13
$418,000
3
2006
SF
$208.37
$449,000
3
2006
SF
$223.83
$449,000
4
1996
SF
$224.95
$450,000
4
2003
Duplex
$224.66
$465,000
3
1816
SF
$256.06
$477,000
3
2103
SF
$226.82
$479,900
6
3705
SF
$129.53
$485,000
5
4130
SF
$117.43
$489,000
4
2948
SF
$165.88
$489,000
3
1860
SF
$262.90
$192.56
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Rees Consulting, Inc.
PO Box 3845
Crested Butte, CO 81224
970/349-9845
melanie@reesconsultinginc.com
October 27, 2015
George Ruther
Community Development Dept.
Town of Vail
75 S. Frontage Rd.
Vail, CO 81657
Re: Update to May 2014 Chamonix Market Study
Dear George:
The conclusions of the market study I prepared last year for the development of ownership housing on
the Chamonix site remain valid. It does not appear to me that an update to the study is needed at this
time. Specifically:
The estimates of potential market size, total demand and capture rates for Chamonix were
projected forward for two years; we are within the time period the study covered.
The economy is continuing the trends identified in the report with growth in jobs and declining
unemployment. The unemployment rate was 5.3% in early 2014 and had dropped to only 2.4%
as of September 2015.
The real estate market has continued its rebound with increases in home prices and diminishing
inventory of homes listed for sale.
The 70 price -capped employee ownership units in Vail are still performing well with no empty
homes and ample applicants. All re -sales continue to command maximum allowed appreciation.
Competition from down valley has not changed significantly. While a couple of large
developments that will ultimately offer employee housing are in the pipeline (Wolcott and Eagle
River Station), construction has not yet commenced.
Nothing has changed about the location and the site's marketability.
I hope this addresses your concerns.
Sincerely,
Melanie Rees
12/1/2015
TOWN OF VAIL '
Memorandum
TO: Planning and Environmental Commission
FROM: Community Development Department
DATE: October 26, 2015
SUBJECT: A request for final review of a Development Plan, pursuant to Section 12-61-11, Vail
Town Code, to allow for the future development of Employee Housing Units on the
Chamonix Parcel located at 2310 Chamonix Road, Parcel B, Resubdivision of Tract D,
Vail Das Schone Filing 1, and setting forth details in regard thereto (PEC150019)
Applicant: Town of Vail, represented by Will Hentschel, 359 Design
Planner: George Ruther
I. SUMMARY
The Town of Vail acquired the Chamonix Parcel in West Vail for the expressed purpose of
constructing a new West Vail Fire Station and an affordable housing development on the
combined area of the site. Since the acquisition, the Town of Vail, in participation with the West
Vail neighborhood and the Chamonix Advisory Committee, completed and adopted a master
plan for the future development of the site.
The Chamonix Master Plan was first adopted by the Vail Town Council in 2005, and the plan
was subsequently amended in 2009. The most significant change resulting from the
amendment approval was the ability to gain vehicular access to the duplex units from Chamonix
Lane. In the end, the "Neighborhood Block Scheme" was selected by the community as the
preferred alternative for future development on the site.
Developing affordable housing on the Chamonix Parcel is a development objective of the Town
of Vail. Determining the potential viability for affordable housing to be built on the Chamonix
Parcel and completing a first phase of development on the property has been identified as a key
initiative of the Vail Town Council. In the end, this action helps achieve the Town Council's
adopted goal of "growing a thriving and balanced community'.
11. DESCRIPTION OF REQUEST
The applicant, the Town of Vail, is requesting approval of a development plan to allow for the
future development of deed restricted employee housing units on the Town -owned Chamonix
Parcel, located at 2310 Chamonix Road. A development plan approval is required, pursuant to
Section 12-61-11, Development Plan Required, of the Vail Town Code to guide and direct
development within the Housing District. Once adopted, an approved development plan, along
with any applicable land use regulations contained in the Town's Zoning Regulations, becomes
the principal governing document for land use and dimensional requirements and limitations on
the property. The development plan shall remain in effect for the life of the development, and
12/1/2015
may be amended from time to time, as deemed appropriate, as part of an established
development review process.
A copy of the proposed Approved Development Plan has been attached for reference
(Attachment A)
The purpose of this worksession is to present the proposed development standards for the
Chamonix development and receive feedback from the Town of Vail Planning and
Environmental Commission on the standards proposed. The proposed development standards
are prescribed in Approved Development Plan which has been attached for reference.
III. BACKGROUND
The Town of Vail has been exploring options for developing the community's newest residential
neighborhood on the Town owned Chamonix parcel located in West Vail. This action helps
achieve the Town Council's adopted goal of "growing a thriving and balanced community'. The
Town Council affirmed a number of goals for the project. The goals include:
• Optimize the use of the site for workforce for -sale housing (15 - 25 du's per acre)
• Design a context sensitive design solution (design review guidelines)
• Ability to be phased over time (min. two phases)
• Deliver desirable, marketable and diverse types of housing products (duplexes; one, two
& three bedroom flats; townhomes, etc.)
• Maximize the town's limited supply of financial resources
• Build responsibly given the existing site configuration, topography and natural features of
the site
• Develop a diversified cost/sales structure to respond to a wider range of buyers (i.e.
pricing structure based upon income)
Prosect Approach
Development on the Chamonix site requires two distinct steps:
1) site access and infrastructure improvements, and
2) vertical building construction.
For obvious reasons site access and infrastructure work must be completed before vertical
building construction. Town staff recommends breaking the project entitlement process down
into two steps as well. Due to the presence of the Housing District on the site, this approach can
be easily accommodated and is particularly advantageous.
Step One - The Housing District provides flexibility in the application of the development
standards. According to the Town's Zoning Regulations, the development standards for
the District are prescribed by the applicant and reviewed for approval by the PEC. With
that in mind, staff recommends that the Town prepares a development plan generally
prescribing the applicable development standards (i.e. density, GRFA, setbacks, building
locations, site coverage, landscape area, building height, etc.) and seek a development
plan approval from the Planning & Environmental Commission. Once a development
plan approval prescribing this general development standards are in place, the site
access and infrastructure designs can be completed, contracted and permitted (late
2
12/1/2015
summer 2015). Approximately $1.5M has been appropriated in the 2015 Budget for this
work. Prior to submitting an application to the Planning & Environmental Commission for
review and approval of the site access and infrastructure improvements the town staff
will return to the Town Council with a detailed probable cost estimate for the work.
Step Two - While the site access and infrastructure improvements are being installed
and completed, the Town can simultaneously make progress on meeting with
prospective home buyers and work towards the design review approvals needed for the
vertical building construction. The first phase of vertical building construction could
begin as early as spring 2016. The advantage of this approach is it optimizes time,
reduces risk, saves cost, creates predictability and allows for phased construction of the
housing development.
IV. APPLICABLE PLANNING DOCUMENTS
2009 Chamonix Master Plan
Title 12, Zoning Regulations, Vail Town Code (in part)
V. ZONING ANALYSIS
Address:
Legal Description:
Lot Area:
Buildable Area:
Zoning:
Land Use Designation
2310 Chamonix Road
Parcel B, Resubdivision of Tract D,
3.21 acres/ (139,828 sq. ft.)
???? acres/(??? sq. ft.)
Housing District
Medium Density Residential
VI. SURROUNDING LAND USES AND ZONING
Vail Das Schone Filing No. 1
VII. REVIEW CRITERIA
According to Section 12-61-13, Development Standards/Criteria for Evaluation, of the Zoning
Regulations of the Town of Vail, the following criteria shall be used as the principal means for
evaluating a proposed development plan. It shall be the burden of the applicant to demonstrate
that the proposed development plan complies with all applicable design criteria.
A. Building design with respect to architecture, character, scale, massing and orientation is
compatible with the site, adjacent properties and the surrounding neighborhood.
3
12/1/2015
Land Use
Zoning
North:
Residential
Two -Family Primary/Secondary Residential (P/S)
South:
Commercial
Heavy Service District
East:
Commercial
Heavy Service District/Commercial Core III
West:
Residential
Two -Family Primary/Secondary Residential (P/S)
VII. REVIEW CRITERIA
According to Section 12-61-13, Development Standards/Criteria for Evaluation, of the Zoning
Regulations of the Town of Vail, the following criteria shall be used as the principal means for
evaluating a proposed development plan. It shall be the burden of the applicant to demonstrate
that the proposed development plan complies with all applicable design criteria.
A. Building design with respect to architecture, character, scale, massing and orientation is
compatible with the site, adjacent properties and the surrounding neighborhood.
3
12/1/2015
B. Buildings, improvements, uses and activities are designed and located to produce a
functional development plan responsive to the site, the surrounding neighborhood and uses,
and the community as a whole.
C. Open space and landscaping are both functional and aesthetic, are designed to preserve and
enhance the natural features of the site, maximize opportunities for access and use by the
public, provide adequate buffering between the proposed uses and surrounding properties,
and, when possible, are integrated with existing open space and recreation areas.
D. A pedestrian and vehicular circulation system is designed to provide safe, efficient and
aesthetically pleasing circulation to the site and throughout the development.
E. Environmental impacts resulting from the proposal have been identified in the project's
environmental impact report, if not waived, and all necessary mitigating measures are
implemented as a part of the proposed development plan.
F. Compliance with the Vail comprehensive plan and other applicable plans.
VIII. STAFF RECOMMENDATION
As this is a worksession, the Community Development Department will not be forwarding a
recommendation at this time. A formal recommendation will be provided at the time of the final
public hearing on this application.
IX. ATTACHMENTS
0
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Chamonix Parcel
Approved Development Plan
"Vail's Newest Residential Development for Families"
Adopted
???, 2015
Resolution No. ??, Series of 2015
Table of Contents
Statement of Intent
Development Plan Contents
III.
General Information
IV.
Definitions
V.
Development Standards
a. Permitted Uses
b. Conditional Uses
c. Accessory Uses
d. Setbacks
e. Site Coverage
f. Landscaping and Site Development
g. Parking and Loading
h. Location of Business Activity
i. Additional Development Standards
VI.
Supplemental Regulations
VII.
Open Space/Recreation
VIII.
Phased Development
IX.
Amendment Procedures
X.
Exhibits
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12/1/2015
Statement of Intent
The purpose of the Chamonix Parcel Approved Development Plan is to facilitate the completion
of Vail's newest residential development for families on the town -owned property located at
2310 Chamonix Road/ Parcel B, Resubdivision of Tract D, Vail Das Schone Filing No. 1, in Vail,
Colorado. It shall be the intent of this Approved Development Plan to develop, over a period of
time, for -sale, deed -restricted, employee housing units in a mix of dwelling unit product types
consistent with the recommendations of the 2011 Chamonix Master Plan. The Master Plan
recommendations locate the highest densities of units on the south and east sides of the
development site. The northern portion of the site is set aside for lesser densities to maintain
the greatest compatibility with existing and adjacent neighborhoods. The western most portion
of the site is unbuildable due to the presence of steep slopes. The undeveloped areas in and
around the buildings and internal driveway system provides landscape areas and recreational
opportunities for the residents living in the homes on the site.
Development on the parcel is intended to achieve and further the seven (7) goals affirmed by
the Vail Town Council in the adopted 2011 Chamonix Site Master Plan. The seven (7) goals of
the plan are as follows:
Chamonix Master Plan Goals
o Optimize the use of the site for workforce, for -sale housing (15 - 25 du's per
buildable acre)
o Design a context sensitive design solution (design review guidelines)
o Ability to be phased over time (min. two phases)
o Deliver desirable, marketable and diverse types of housing products (duplexes;
one, two & three bedroom flats; townhomes, etc.)
o Maximize the town's limited supply of financial resources
o Build responsibly given the existing site configuration and topography of the site
o Develop a diversified cost/sales structure to respond to a wider range of buyers
(e.g. pricing structure based upon income)
The approved development plan shall remain in effect for the life of the development,
and may be amended from time to time, as deemed appropriate, as part of an
established development review process.
Approved Development Plan Contents
To ensure unified development, protection of the natural environment, compatibility with
the surrounding area and that development on the Chamonix Parcel meets the intent of
the 2011 Chamonix Master Plan and development objectives of the Town of Vail, an
approved development plan shall be required. The Chamonix Approved Development
Plan shall include the following contents and materials:
1.
Topographic Survey
2.
Development Area Plan
3.
Site and Grading Plan
4.
Landscape Plan
5.
Architectural Elevations
6.
Architectural Floor Plans
7.
Outdoor Lighting Plan
8. On Site Vehicle and Pedestrian
Circulation Plan
9. Phased Development Plan
10. Approved Development
Standards Matrix
11. Land Use Summary Matrix
12. Project Design Guidelines
12/1/2015
13. Open Space and Recreation Plan
III. General Information
The Chamonix Parcel is to be developed to meet the growing demand for for -sale, deed
restricted employee housing in Vail. To that end, a mix of housing product types that are
both desirable in the eyes of prospective buyers and marketable to persons and families
choosing to make Vail, Colorado their place of primary residency is the intended
outcome of the Chamonix Parcel development.
Once adopted, an approved development plan, along with any applicable land use
regulations contained in the Town's Zoning Regulations, becomes the principal
governing document for land use and dimensional requirements and limitations on the
property. The development plan shall remain in effect for the life of the development,
and may be amended from time to time, as deemed appropriate, as part of an
established development review process. The Town of Vail Zoning Regulations, in
effect at the time, shall prevail in the event that the Approved Development Plan is silent
on a particular issue or is otherwise in conflict with a particular development standard or
guideline.
The total gross land area of the Chamonix Parcel is 3.21 acres/ 139,828 square feet.
The buildable area is ??? acres/???square feet. The use of the land area shall be as
stated on the Land Use Summary Matrix.
A total density of 15 - 25 dwelling units per buildable acre is approved for the site. The
mix of dwelling unit types should be broken down as follows and further illustrated on the
Development Area Plan:
• Duplex —five buildings (10 units)
• Townhomes — 3 to 4 buildings (9 — 12 units)
• Multiple Family — 3 to 4 buildings (24 -34 units)
IV. Definitions
Approved Development Plan: The set of development plans approved by the Town of
Vail Planning and Environmental Commission on ????, 2015 entitling development on
the Chamonix Parcel.
Chamonix Parcel: The parcel of land legally described as Parcel B, Resubdivision of
Tract D, Vail Das Schone Filing , Town of Vail, County of Eagle, State of Colorado.
Zoning Regulations: Title 12 of the Municipal Code of the Town of Vail
V. Development Standards
According to the Official Zoning Map of the Town of Vail, the Chamonix Parcel is zoned
Housing (H) District. Development on the Chamonix Parcel shall be governed by the
following development standards:
7
12/1/2015
A. PERMITTED USES:
The following uses shall be permitted in the u dist ri..+ on the Chamonix Parcel:
Bicycle and pedestrian paths.
Employee housing units, as further regulated by chapter 13 of this le the Zoning
Regulations.
Passive outdoor recreation areas, and open space.
B. CONDITIONAL USES:
The following conditional uses shall be permitter♦ in the u dictrin+ on the Chamonix
Parcel, subject to issuance of a conditional use permit in accordance with the provisions
of chapter 16 of this title the Zoning Regulations:
the Reeds of the FesideRtS of the developmeRt, and developed OR GE)RjURGtm()R With
utnmated teller manhines (ATMs) evterinr to a building
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12/1/2015
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Outdoor paties.
Publi^ and private c^heelc
Public buildings, grounds and facilities.
Public parks and recreational facilities.
Public utilities installations including underground transmission lines and appurtenant
equipment.
C. ACCESSORY USES:
The following accessory uses shall be permitted in the H dicfri^+ on the Chamonix
Parcel:
Home occupations, subject to issuance of a home occupation permit in accordance with
the provisions of section 12-14-12 of this the Zoning Regulations.
Private greenhouses, toolsheds, playhouses, or attached garages
peels nr ro^reatinn faGilities customarily incidental to permitted residential uses.
Other uses customarily incidental and accessory to permitted or conditional uses, and
necessary for the operation thereof.
D. SETBACKS:
The setbacks in this diStri^+ on the Chamonix Parcel shall be twenty feet (20') from the
perimeter of the zeno diStri^f parcel boundary. The distance separation between
buildings on the interior of the site shall comply with the requirements of the
International Building Code and Uniform Fire Code, as may be amended. At the
standards may be appreved during the review of a develepmeRt plan subjeGt te the
appli^ant demenstratinn ^mmPlian^o with the fnl'GWinn GFiteria•
n
12/1/2015
E. SITE COVERAGE:
Site coverage shall not exceed fifty seventy five percent (575%) of the total site area of
the Chamonix Parcel. At the diSGretinn of the planning and envirenmontal nnmmiccinn
site Geyerage may be inGFeased if provided more than seventy five percent (75%) of
the required parking spaces are underground or enclosed, thus reducing the impacts of
surface paving provided within a development, and that the minimum landscape area
requirement is met.
F. LANDSCAPING AND SITE DEVELOPMENT:
At least thirty percent (30%) of the total site area of the Chamonix Parcel shall be
landscaped. The minimum width and length of any area qualifying as landscaping shall
be fifteen feet (15') with a minimum area not less than three hundred (300) square feet.
G. PARKING AND LOADING:
10
12/1/2015
The parking requirement for the Chamonix Parcel shall be as follows:
Duplex Units — two (2) enclosed spaces and one (1) surface space per unit.
Townhome Units — two (2) enclosed spaces and one (1) surface space per
unit.
Multiple Family Units — two (2) enclosed spaces per unit
Unassigned Guest/Visitor Parking — A minimum of 9 surface spaces total
All enclosed and surface parking spaces and areas shall be constructed in
accordance with design standards and dimensional requirements contained in
chapter 10 of the Zoning Regulations.
■
I. ADDITIONAL DEVELOPMENT STANDARDS:
The following additional development standards shall be approved for the
Chamonix Parcel:
1. Lot area and site dimensions.
There shall be no minimum lot area or site dimensions requirements. Any
subsequent resubdivision of the Chamonix Parcel such as duplex plats,
townhomes plat or condominium maps and plats shall adhere to the procedures
of the Title 13, Subdivision Regulations of the Vail Town Code.
2. Building height.
The maximum allowable building height with the Chamonix Parcel shall be as
follows:
11
12/1/2015
Duplex Units — For a flat or mansard roof the height of buildings shall not exceed
thirty feet (30'). For a sloping roof the height of buildings shall not exceed thirty-
three (33').
Townhome Units - For a flat roof or mansard roof, the height of buildings shall not
exceed thirty five feet (35'). For a sloping roof, the height of buildings shall not
exceed thirty eight feet (38').
Multiple Family Units - For a flat roof or mansard roof, the height of buildings shall
not exceed forty five feet (45'). For a sloping roof, the height of buildings shall not
exceed forty eight feet (48').
3. Density Control
Dwelling Units per Acre - A total density of 15 - 25 dwelling units per acre of buildable
area is approved for the Project.
Gross Residential Floor Area
A total of 67,900 — 84,300 square of Gross Residential Floor Area (GRFA) is approved
for the Project. GRFA should generally be allocated as follows:
Duplex Units — 32,000 to 40,600
Townhomes Units — 20,200 to 24,600
Multiple Family Units — 26,700 to 52,500
68,900 — ??? square feet total
VI. Supplemental Regulations
(See Title 14, Development Standards)
VII. Open Space/Recreation
Passive outdoor recreation areas and open spaces are permitted uses within the project.
Each of these uses are an important element of the project and critical to ensuring the
creation of a desirable neighborhood for families. The open space area provide
opportunities to protect the more steeply sloping hillside on the westerly end of the
project and creates areas to plant landscape buffers between the project and the
adjacent commercial uses. It is, however, important to make the outdoor areas within
the project more than just open/green space. The outdoor areas between the buildings
provide opportunities for semi -private outdoor spaces for the owners and the larger
outdoor area running through the center portion of the project is to be used as a shared,
passive outdoor recreation area. The open space and recreation areas shall developed
consistent with the improvements shown on the Landscape Plan and Open Space and
Recreation Plan.
12
12/11/2015
VIII. Phased Development
Development of the Chamonix Parcel will be completed overtime and in a series of
development phases. According to findings of the Market Analysis – Chamonix For -Sale
Employee Housing, dated March 30, 2014, completed by Rees Consulting, Inc.,
phasing of the development from a marketability stand point will likely not be necessary.
However, pre -sales conditions, mortgage availability, pricing and sales structure,
construction financing options, development approach, market risk tolerance, down
valley competition, and absorptions rates, for example, all weigh heavily on the Town's
ability to complete the development in a single phase. A phased development approach
reduces risk, provides flexibility, is more responsive to a changing market, and allows
the development to better target certain segments of the buyer's market in an effort to
meet the affordable housing needs of the community.
IX. Amendment Procedures
Upon adoption, it is recognized that the Approved Development Plan may need to be
amended from time to time. As such, amendment procedures are hereby adopted as an
element of the Approved Development Plan. Amendments to the Approved
Development Plan will be considered in accordance with the provisions of section 12-9A-
10 of t4i— the Zoning Regulations.
X. Exhibits
1. Topographic Survey, dated...
2. Development Area Plan, dated..., 2015
3. Site and Grading Plan, dated..., 2015
4. Landscape Plan, dated..., 2015
5. Architectural Elevations, dated..., 2015
6. Architectural Floor Plans, dated..., 2015
7. Outdoor Lighting Plan, dated..., 2015
8. On Site Vehicle and Pedestrian Circulation Plan, dated..., 2015
9. Phased Development Plan, dated..., 2015
10. Approved Development Standards Matrix, dated..., 2015
11. Land Use Summary Matrix, dated..., 2015
12. Project Design Guidelines, dated..., 2015
13. Open Space and Recreation Plan, dated..., 2015
13
12/1/2015
TOWN OF VAIL
12/1/2015
OCTOBER 26, 2015
PREPARED BY 359 DESIGN
PROJECT GUIDELINES AND GOALS
Optimize the use of the site for Affordable For -Sale Housin
• Design a context sensitive design solution
is Develop a design that has the ability to be phased over time
is Deliver a desirable and marketable type of housing product
s Max*mize the Town's limited supply of financial resources
• Build res
• Develo
o nsl*bl
with the existing site configuration and topography
a diversified cost/sales structure to respond to a wider range of buyers
Town of Vail - Chamonix
PEC Development Plan Application - October 26, 2015
12/1/2015
359 DESIGN
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Town of Vail - Chamonix OPEN SPACE PLAN
PEC Development Plan Application - October 26, 2015
12/1/2015
359 DESIGN
3630 Osage
Denver, Colorado
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PEC Development Plan
Application -October 26, 2015
359 DESIGN 3630 Osage I
Denver, Colorado 1
303.884.9131
12/1/2015
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Town of Vail - Chamonix Site Access
PEC Development Plan Application -October 26, 2015 359 DESIGN 3630 Osage Denver, Colorado 1 303.884.9131
12/1/2015
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Town of Vail - Chamonix Proposed Site Plan October26, 2015
PEC Development Plan Application - October 26, 2015
12/1/2015
359 DESIGN
3630 Osage
Denver, Colorado
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TOWNHOMES A total of 9 townhomes are proposed on the
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unit type mix will provide flexibility as well
potential residents.
units. The proposed
as various options for
Town of Vail - Chamonix Density Study
PEC Development Plan Application - October 26, 2015
12/1/2015
359 DESIGN
3630 Osage
Denver, Colorado
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GUEST PARKING We have allocated 13 parking spaces off of
the internal road to accommodate visitors.
Town of Vail - Chamonix Parking Study
PEC Development Plan Application - October 26, 2015
12/1/2015
359 DESIGN
3630 Osage
Denver, Colorado
K1II111:1i "BI
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Town of Vail - Chamonix Parcel Division
PEC Development Plan Application -October 26, 2015 359 DESIGN 3630 Osage Denver, Colorado 303.884.9131
12/1/2015
DEVELOPMENT STANDARDS
PERMITTED USES
Duplex
SPECIAL REVIEW USES
BUILDING HEIGHT
33'
SITE COVERAGE
60%
MAXIMUM DENSITY
30,000 sq rt
w/o garages
MINIMUM LANDSCAPE AREA
25%
MAXIMUM SIZE OF UNIT
3,000 sq ft (w/o Garage)
SETBACKS
10' front, 5' side/back
PARKING
3 spaces per unit
1 20)
0' 10' 20' 40'
TYPICAL UNIT SECTION 1/8"=1'
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7992'- 6"
DUPLEX LEVEL 3
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DUPLEX LEVEL 2
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DUPLEX LEVEL 1
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Town of Vail - Chamonix DUPLEX
PEC Development Plan Application -October 26, 2015 359 DESIGN 3630 Osage Denver, Colorado 303.884.9131
12/1/2015
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DUPLEX LEVEL 2
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Town of Vail - Chamonix DUPLEX
PEC Development Plan Application -October 26, 2015 359 DESIGN 3630 Osage Denver, Colorado 303.884.9131
12/1/2015
DEVELOPMENT STANDARDS
PERMITTED USES
Townhomes
SPECIAL REVIEW USES
BUILDING HEIGHT
42'
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SITE COVERAGE
50%
MAXIMUM DENSITY
19,800 sq
ft (net)
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w/o garages
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MAXIMUM SIZE OF UNIT
2,400 sq ft
(w/o
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side/back
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TOWN HOME LEVEL 3
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7969'- 0"
TOWN HOME LEVEL 1
7956' 6"
TYPICAL UNIT SECTION 1/8"=1'
Town of Vail - Chamonix TOWNHOME
PEC Development Plan Application - October 26, 2015
12/1/2015
359 DESIGN
3630 Osage
Denver, Colorado
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TYPICAL UNIT SECTION 1/8"=1'
Town of Vail - Chamonix TOWNHOME
PEC Development Plan Application - October 26, 2015
12/1/2015
359 DESIGN
3630 Osage
Denver, Colorado
K1II111:1i •BIF
DEVELOPMENT STANDARDS
PERMITTED USES
Flat Condos
SPECIAL REVIEW USES
BUILDING HEIGHT
48'
SITE COVERAGE
poi
MAXIMUM DENSITY
34,500 sq ft (net)
w/o garages
MINIMUM LANDSCAPE AREA
20%
MAXIMUM SIZE OF UNIT
2,000 sq ft
SETBACKS
15' front, 5' side/back
PARKING
2 spaces per unit
MUL I I -r HIVI IL i LC V CL 0
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I-FAMILYLEVEL 3
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-FAMILYLEVEL
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CONFIGURATION 2 (5 UNITS) 1/8" = 1'
CONFIGURATION 1 (3 UNITS) 1/8"=1'
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MULTI-FAMILYLEVEL 5
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I-FAMILYLEVEL
7965'- 0"
I-FAMILYLEVEL 2
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-FAMILYLEVEL 1
7940' - 0" Iv
Town of Vail - Chamonix MULT-FAMILY
PEC Development Plan Application -October 26, 2015 359 DESIGN 3630 Osage Denver, Colorado 303.884.9131
12/1/2015
PRIDE OF OWNERSHIP
)mized Exterior Space: Outdoor living
patio areas adjacent to open space
ped water!: Hose bib at each building
CONNECTION TO NATURE
�- Usable Open Space: Sod near living areas;
native landscape further out
-r° A Walk in the Park: Integration of Town of
Vail Parks and Open Space
Ease -of -Maintenance: Consolidated sodded
areas for easier maintenance
Connections: Direct passage through the
building via center stair
Views: Smart site planning allow for
incredible views from upper level units!
PARKING AND STORAGF�
egration: Outdoor lockable storage
integrated with Parking Spaces
to Cover!: Covered parking available to
more families
EVERYDAY CONVENIENCE
La Stop Drop: Mail and Trash facilities to
integrate with Parking
-40
.' r• do
n
Town of Vail - Chamonix Site Livability
PEC Development Plan Application - October 26, 2015
12/1/2015
359 DESIGN
3630 Osage
Denver, Colorado
K1II111:1i 11BI
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Town of Vail - Chamonix Character View Looking West
PEC Development Plan Application -October 26, 2015 359 DESIGN 3630 Osage I Denver, Colorado 1 303.884.9131
12/1/2015
Towx of vn' 1[1
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 1, 2015
ITEM/TOPIC: Town Council Interviews for Vail Local Marketing District Advisory
Council (VLMDAC) vacancies
ACTION REQUESTED OF COUNCIL: Conduct interviews with applicants during the work
session and appoint four members to the VLMDAC during the evening meeting.
BACKGROUND: Town Council will have an opportunity to interview six candidates for four
vacancies on the VLMDAC during the work session.
ATTACHMENTS:
Memo VLMDAC Interviews and Appointments
12/1/2015
TOWN OF
To: Mayor and Town Council Memorandum
From: Patty McKenny, Town Clerk
Date: November 23, 2015
Subject: Interview and Appointments to Vail Local Marketing District Advisory Council
(VLMDAC)
Town Council will have an opportunity to interview five candidates for four (4) vacancies on the Vail
Local Marketing District Advisory Council at the December 1 st meeting.
The interviews occur during the work session and the four appointments are made during the evening
VLMD meeting. Please see a table on the following page with names of interviewees and a schedule
of interview times. The attached materials provide the letters of interest, possible interview questions
and member attendance records.
The VLMDAC consists of nine (9) voting members which includes one town council member
appointment. The criteria for this position are set forth in C.R.S. 29-5-111 which states, General
powers of district. (1)(g) All applicants must be 'owners of property within the boundaries of the
district," which includes by definition corporations or entities which own property "within the boundaries
of the district." The district boundaries include the Town of Vail boundaries. The list of six
interviewees indicates that either taxable property ownership by individual or corporation has been
met. There are four two-year term vacancies with four (4) at large appointments. The terms of the
four members shall be for two years and end on December 31, 2017.
The position vacancies were advertised with a public notice in the Vail Daily during October &
November and posted on the Town of Vail website the last few weeks. The mission of the VLMDAC is
to market and promote Vail to attract overnight guests primarily during the May — October time frame,
creating economic vitality by increasing both the visitor base and sales tax revenues. The VLMDAC
general meetings are currently the third Thursday of every month at 8:30 A.M.
List of Current VLMDAC Members & Terms:
Beth Slifer, Slifer Designs (Chair)
2016
John Dawsey, Colorado Mountain Express (Treasurer)
2015
Skip Thurnauer, at -large
2016
Laurie Mullen, West Vail Liquor Mart
2015
Jamie Gunion, Vail Recreation District
2015
Michael Holton, Vail Valley Medical Center
2015
Jim Kellen, Vail Resorts
2016
Mark Herron, Four Seasons
2016
Jenn Bruno, Vail Town Council
2015
Dale Bugby, Vail Town Council (Alternate)
2015
12/1/2015
Interview Schedule:
3:00 PM Laurie Mullen
3:10 PM John Dawsey
3:20 PM Benjamin Hadary
3:30 PM Michael Holton
3:40 PM Jessie Klehfoth
3:50 PM Charley Ford
West Vail Liquor Mart
Owner
Colorado Mountain Express
VP /General Manager
Catahoula Mountain Home, LLC
Owner
Vail Valley Medical Center
Directorof Marketing & Public Relations
Vail Recreation District
Marketing & Communications Director
LIV Sotheby's International Realty
Broker Associate
Attachments:
■ Letters of Interest from Candidates
■ Possible Interview Questions
■ Attendance Records
Town of Vail
Page 2
12/1/2015
Suggested Questions for VLMDAC Candidates
o What experience do you have in marketing?
o What do you see as the primary role of the VLMDAC?
o Have you been on any other TOV boards/committees?
o How do you qualify for appointment to VLMDAC
(homeowner/business owner?)
o What is your occupation?
o How do you believe your appointment would benefit the
VLMDAC?
o What do you believe is Vail's strongest selling point in the non -
ski season?
o What is the biggest hurdle Vail must overcome in marketing the
non -ski season?
o How long have you lived/worked in Vail?
o What do you believe is the most effective form of marketing Vail
to potential guests during the non -ski season?
o What role should events play in the marketing message?
o Why do you want a seat on the VLMDAC?
o Are you prepared to make the time commitment necessary to
fulfill a position on the VLMDAC — monthly meetings for 3
hours; additional meetings as needed?
12/1/2015
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Laurie Mullen
PO Box 1652
Vail CO 81658
376-5639 or lmullen@westvail.cofn
November 16, 2015
Patty McKenny
Town of Vail
75 S. Frontage Road
Vail CO 81657
Dear Patty and Vail Town Council,
This letter serves as my interest in serving the Vail community for another term on the Vail
Local Marketing District Advisory Council (VLMDAC).
I am interested and qualified to serve the VLMD for the following reasons:
• I am a Vail business owner therefore I know first hand the importance of Vail's
economic vitality.
• 1 am a Vail property owner. We own two condominiums that can house 50% of
our staff therefore I am interested in maintaining and growing property values.
• 1 represent the small and entrepreneurial businesses of Vail which is crucial to
keeping Vail unique and diverse.
• 1 represent the retail segment of Vail's business sector.
• 1 offer 27 years of sales and marketing expertise in the Vail Valley.
• 1 am involved and active with Vail's assets (Mountain, Dobson Ice Arena,
Vail Golf Course, Donovan Pavilion).
• 1 am connected within the community due to my involvement personally and
professionally.
• 1 live here full-time and can commit to the time required, meetings and
associated VLMD events. I rarely miss a VLMDAC meeting or event.
• 1 have future goals (see page 2) for VLMD. I take them seriously and work hard to
improve our efforts and results.
• 1 am passionate about Vail!
I have also attached a summary of my experience, professional association, personal
interests and goals. I appreciate your consideration of my qualifications to serve Vail
and the VLMD.
Respectfully and grateful to serve our Vail Community,
Laurie 9Kulren
12/1/2015
Laurie Mullen
Personal goals for VLMD in 2016 and future
• Strengthen Vail's position as a year round destination
• Focus on group sales strategies and results
• Further implement CRM (Customer Relationship Management) efforts
• Enhance and increase our international efforts and results
• Continue to serve as a liaison to the businesses of Vail and represent them
• Deliver quantifiable results to the TOV business community
Professional Experience
• West Vail Liquor Mart, owner with Tom Mullen (since 1993), and personally
involved from 2008 -present
• The Resort Company, Vail Valley and Steamboat Divisions, Director of Marketing,
2006-2008
• The Resort Company (Lion Square Lodge, Montaneros, The Charter), Director of
Marketing 1998-2006
• The Charter at Beaver Creek, Director of Marketing, 1994-1998
• The Charter at Beaver Creek, Director of Sales, 1992-1994
• Lion Square Lodge, Sales Manager, 1989-1992
Professional Organizations
• Vail Local Marketing District Advisory Council, December 2005 -present
• Vail Economic Advisory Council member, May 2008 -present
• Bravo! Vail Advisory Council member; Finance, Marketing/Devlp Committee
• Eagle Air Alliance, past Board member
• Vail Valley Partnership, Vice President & Board member
• Colorado Licensed Beverage Association, member
• Hospitality Sales & Marketing Association International (HSMAI), Vail Valley
Chapter, Past President
o National winner of 10 Adrian Advertising Awards (through HSMAI)
o Winner of Salesperson of the Year (through Vail Valley Chapter)
Personal Organizations
• Vail Valley Cares (Thrifty Shops), Past President, Exec Comm & Board member
• Women's Foundation of Colorado, past Committee member
• Ducks Unlimited, Vail/Eagle County Chapter, past Committee member
• Eagle River Presbyterian Church
Personal Interests
• Vail Twin Peaks Ice Hockey player, Treasurer and past Captain
• Vail Recreation District, Mini Mites and Mites assistant coach, 2006-2009
• Outdoor recreation: alpine and Nordic skiing, snowshoeing, hiking, biking,
backpacking, soccer, golf
12/1/2015
November 17, 2015
Ms. Patty McKenny
Town Clerk
Town of Vail
75 South Frontage Road
Vail, CO 81657
RE: Vail Local Marketing District Advisory Council Position
Dear Ms. McKenny,
Please consider my application for selection to the Vail Local Marketing District Advisory
Council. I have served on the Council for five terms and have held a leadership position
serving as Treasurer for the council during my tenure. I have been a resident of the Vail
Valley for twenty-four years serving twenty-two of those years in the Hospitality industry.
I am currently the Vice President/General Manager for Colorado Mountain Express. CME
services resort transportation for all the Vail lodging properties, locals and second
homeowners from both Denver International and Eagle County Regional airports. Prior to
my current position I spent six years as Director of Sales & Marketing for Colorado Mountain
Express and two years as the Area Director of Sales & Marketing for the RockResorts Vail
Collection with oversight of four hotels. I've held prior positions as Director of Sales &
Marketing at the Vail Marriott, two years as Director of International Sales & Marketing for
Vail Resorts, Inc. and eight years in a sales & marketing capacity at The Lodge at Vail.
I am passionate about hospitality sales and marketing and I strongly support tourism in Vail.
In my current role I have a broad purview for how to market and facilitate destination and
overnight visitation to Vail. I believe my varied hospitality experience, as well as my role
leading the largest transportation company within the mountain resort industry provides for
unique and valuable insights beneficial to the Vail Local Marketing Advisory Council.
Over the past ten years with the VLMDAC I have demonstrated professionalism, dedication,
and commitment to the success of marketing Vail during the non -winter months. I am proud
of the results the council has been able to collectively deliver throughout that time frame.
I welcome the opportunity to interview with the Vail Local Marketing District for this
appointment and appreciate your consideration.
Sincerely,
John Dawsey
12/1/2015
CATAHOULA MOUNTAIN iiOME, LLC
993 Lions Ridge Loop H3421 Vail, CO 81657 1 (276) 698-1409 1 benjamin.hadary@gmail.com
November 19, 2015
VIA email to: pmckenny@vailgov.com
Vail Town Council
Attn. Patty McKenny, Town Clerk
75 S. Frontage Rd.
Vail, CO 81657
Re: Vail Local Marketing District Advisory Council
My name is Benjamin I Iadary, and i would like apply for a position on the Vail Local Marketing
District Advisory Council. My wife and I purchased a unit in the Breakaway West condos in the
Sandstone area of Vail in April 2015. Atter spending a couple months furnishing the unit, we listed it
on VRBO in June, and have had tremendous success renting the unit during the summer and fall, as well
as taking reservations for the upcoming ski season. I would be interested in serving on the CnUnCil to
participate in ensuring the continued growth of Vail as a year-round preferred vacation destination, and
believe that my experience and professional capabilities will enable me to be a valued member of the
Council.
My experience with Vail goes back to the mid -2000's, when I was living in Denver and rented
different condos in Vail with a group of friends over the course of several years to come up for the
weekends and holidays. Although 1 was initially focused on coming to Vail during the ski season, the
terms of the leases provided the opportunity to come up year-round, and I soon realized that I enjoyed
staying in Vail over the summer as much, if not more, than during the ski season. I came to love the
town and the many recreational and social opportunities it offered, and it became a long-term dream of
mine to own property in Vail and spend as much time as possible up here. When 1 relocated back to
Denver with my wife earlier this year, \,\e promptly realized that dream by purchasing the condo in
Breakaway West. As noted above, we worked hard to get the property ready for listing on VRBO as
quickly as possible, and have had great success renting the property. You can sec ow• listing on the
VRBO.com website by searching for property number 722769. We take great pride in the appearance of
our unit and the many five-star reviews we have already obtained from our guests. We have also taken
care to collect the appropriate taxes from our guests and file our quarterly taxes.
Looking forward, both my wife and I are interested in organizing our lives so as to be able to
acquire additional properties in Vail and expand our short-term rental business. nllr ability to rent the
condo during the summer months this year greatly exceeded my expectations, which I am sure is due in
no small part to demand created by past efforts of the Council in successfully marketing Vail as a year-
round vacation destination. I would appreciate an opportunity to be part of that continuing effort by
serving on the Council.
My professional career has consisted primarily of acting as a corporate lawyer. first in the law
firm environment at firms in San Francisco and Denver (where I made partner), and then as in-house
counsel at a large, publicly -traded mining company headquartered in Virginia. i also had the
opportunity to serve in a senior strategy role for the mining company, after the company sponsored me
to obtain a graduate degree from a highly -respected business school. in between my law firm career and
my career with the mining company, I spent two years living in Costa Rica as a partner in a real estate
12/1/2015
CATAHOULA MOUNTAIN HOME, LLC
993 Lions Ridge Loop #342 1 Vail, CO 81657 1 (276) 698-1409 1 benjamin.hadary a gmail.com
development company attempting to develop a shopping center. Although I have never worked as an
advertising or marketing professional, I supervised marketing efforts as part of the Costa Mica real-estate
venture, and have driven business development efforts in the law firm environment and also while
serving in the strategy role for the mining company. As a former senior executive at a publicly-tradcd
company, I am also comfortable working with budgets and selecting and managing outside vendors to
accomplish key institutional goals.
In support of my application, I have included a copy of my resume, the corporate formation
document and a designation letter from the limited liability company through which my wife and I hold
our Vail condo, and two letters of recommendation from Jason Glass, Superintendent of Schools for
Eagle County, and Andy Forstl, an active member of the Vail community who serves on the Design and
Review Board. Please let me know if there is anything else that I can provide in support of my
application.
Best regards,
Benjamin I-Iadary
12/1/2015
BENJAMIN G. IIADARY
993 Lions Ridge Loop #342 1 Vail, CO 81657 1 (276) 698-1409 1 Benjainin.Hadary@gmail.com
SENIOR ATTORNEY / STRATEGY EXECUTIVE
Executive attorney with over twelve years' experience representing energy and technology companies in M&A,
finance, capital markets and governance matters. Experience as strategy executive and real estate entrepreneur
enables candidate to add value as key member of management team using practical, business -oriented approach.
Career and Education Highlights include:
• SVP Legal Affairs for Fortune 1000 public company
• Graduate of Stanford Law School and Business School
PROFESSIONAL EXPERIENCE
Iladary Services Company, LLC, Denver, CO
• Strategy executive with Board experience
• Partner/Associate at Recognized Law Firms
Member March 2015 - Present
• Sole practitioner specializing in corporate, finance and merger and acquisition matters.
Alpha Natural Resources, Inc., Bristol, VA (NYSE: ANR)
Senior Vice President - Legal Affairs
July 2014 - February 2015
• In-house counsel responsible for M&A, finance and certain corporate governance matters.
Vice President -Strategy and Business Development July 2013 - July 2014
• Prepared and presented multi -day strategy session for Board of Directors.
• Managed portfolio of equity and debt investments, including serving as Director at CeraTech, Inc.
• Partnered with Treasury group on capital structure matters including $500mm secured bond offering.
Vice President and Deputy General Counsel -- Strategic Transactions and Finance April 2009 -- July 2013
• In-house counsel responsible for M&A, finance and certain corporate governance matters.
• M&A transactions include $7.1 billion acquisition of Massey Energy Company (NYSE: MEE) and $2.0
billion acquisition of Foundation Coal Holdings, Inc. (NYSE: FCL).
• Financings include $1.5 billion public bond offering and $3.3 billion committed acquisition financing.
Galeria Conchal, Guanacaste, Costa Rica
Commercial Real Estate Developer November 2006 - August 2008
• Partner in shopping center development with responsibility for entitlements, financing, and legal matters.
Bartlit Beck Herman Palenchar & Scott LLP, Denver, CO
Partner January 2006 -- June 2006
Associate June 2003 December 2005
• Represented energy and technology clients in corporate, securities, and merger and acquisition matters.
Fenwick & West LLP, Palo Alto and San Francisco, CA
Associate September 1999 - May 2003
• Represented technology clients in corporate, securities and merger and acquisition matters.
United States Peace Corps, The Gambia
Volunteer September 1994 - June 1996
• Taught English to more than 200 high school students; renovated library with funding from USAID.
EDUCATION
Stanford Graduate School of Business, Stanford, CA
Sloan Fellow, M.Sc. in Management, 2013
Stanford Law School, Stanford, CA
Juris Doctor, 1999, with distinction (top third)
• Stanford Law Review, Book Review Editor, Board of Editors Award
Pennsylvania State University, State College, PA
B.S. Economics, 1994
Bar Memberships: California (#205793); Colorado (#35107); Nevada (#11388); Virginia (#79293); Tennessee (#34082)
12/1/2015
November 18, 2015
Dear Vail Town Council,
I am writing this letter of recommendation for Benjamin Hadary regarding his application for a position
on the Vail Local Marketing District Advisory Council. As an active community member and current
member of the Vail Design and Review Board, I feel that The Town of Vail would be lucky to have Ben
donate his time and energy as an advisor on the Marketing Board.
I met Ben and his wife Erin this past March while facilitating the purchase of their home in Sandstone and
working with them to set up their short term rental business. During that time, I found Ben to be an
extremely professional, well-spoken and patient client while dealing with the real estate closing process.
In addition, based on what I have seen, Ben and his wife Erin are both committed to expanding their
business in Vail and getting involved in the community I know that Ben's wife Erin was recently appointed
to the Breakaway West HOA board and I was pleased to hear that Ben is also interested in getting
involved in community affairs by applying for a position with the Council. I believe Ben will be an active
and positive contributor to the Council as well as to our community.
Sincerely
/s/ Andrew Forstl
12/1/2015
@COJasonGlass
Jason E. Glass, Ed.D.
Superintendent and Chief Learner
jason.glass@eagieschools.net
November 17, 2015
Vail Town Council
Attn: Patty McKenny, Town Clerk
75 S. Frontage Rd.
Vail, CO 81657
%ee��
EAGLE COUNTY SCHOOLS
Re: Recommendation for Benjamin Hadary – Vail Local Marketing District Advisory Council
Dear Ms. McKenny,
It is with great enthusiasm that I recommend Mr. Benjamin Hadary for a position on the Vail Local Marketing
District Advisory Council. Mr. Hadary would bring a wonderful set of professional and personal qualities to
this work and I urge you to carefully consider his candidacy for a role on the Council. I first met Mr. Hadary in
2004 and have come to know him well over the ensuring years as a housemate in Vail ski rental condos and a
personal friend.
Mr. Hadary has a variety of professional attributes which would be of great value to Vail. Holding degrees in
Law and Business Management from Stanford, as well as a B.S. in Economics from Penn State, Ben brings a
high level of professional acumen to all he does. In addition to this formal professional training, Mr. Hadary
has extensive experience working as a business sector attorney handling complex and diverse client needs. Mr.
Hadary also has experience working as Vice President for Alpha Natural Resources – one of the largest energy
companies in the world - in the areas of Legal Affairs, Strategy, and Finance.
In addition to these high level corporate experiences, Mr. Hadary also has experience starting and growing
local businesses. He worked on a commercial center development in Costa Rica and most recently has begun
the development of a lodging business at Breakaway West condos in Vail.
While this diverse background is impressive, perhaps what really sets Mr. Hadary apart and would make him a
tremendous asset is his genuine enthusiasm and love for the Town of Vail. Mr. Hadary is passionate about
keeping Vail a thriving community for business and recreation and is personally invested in the town's success.
Vail is a special place to Mr. Hadary and I know he would always go the extra step in keeping the local economy
healthy and vibrant.
I strongly encourage you to carefully consider this exceptional person for a position on the Vail Local
Marketing District Advisory Council. As a former Peace Corps volunteer, he understands and respects public
service and would give back so much to our wonderful community. Thank you for your careful attention to this
important application.
With respect and admiration,
9-6-v— �. A�
Jason E. Glass
Superintendent & Chief Learner
Eagle County Schools
pho: 970 328-6321 fax: 970 328-1024
web: eagleschools.net • twitter: @eagleCOsehools • facebook: eagleschools • 948 Chambers Ave • PO Box 740 • Eagle, CO 81631
12/1/2015
CATAHOULA MOUNTAIN HOME, LLC
993 Lions Ridge Loop #342 1 Vail, CO 816571(276) 698-1409 1 benjamin.hadaiy@gmail.com
November 19. 2015
VIA email to: pmckenny@vailgov.com
vailgov.com
Vail Town Council
Attn. Patty McKenny, Town Clerk
75 S. Frontage Rd.
Vail, CO 81657
Re: Vail Local Marketing District Advisory Council
Catahoula Mountain Home, LLC, a Colorado limited liability company (the "Company"), is the
owner of unit 342 in the Breakaway West condos located at 993 Lions Ridge Loop in Vail. The
Company hereby designates Benjamin I ladary, the Vice President and Secretary of the Company. to
represent the Company on the Vail Local Marketing District Advisory Council.
Catahoula Mountain I Iome, LLC
I'•Z
Benjamin Hadary, Vice President and Secretary
- -- —
12/1/2015
Vail Valley
Medical Center
PO Box 1529 1 Vail, CO 81658
Nov. 18, 2015
Vail Local Marketing District Advisory Council (VLMDAC)
Vail Town Council
75 S. Frontage Rd.
Vail, CO 81657
This letter is to express my interest to maintain my position on the Vail Local Marketing District Advisory Council.
Since April, 2011, I have been the Director of Marketing & PR for Vail Valley Medical Center - an independent,
nonprofit health system founded in 1965. With a 4+ year investment of $200 million into the Vail community through the
renovation and expansion of VVMC's medical campus, the hospital is a vested partner in the responsible growth of Vail. I
believe I bring value to the VLMDAC representing healthcare, but additionally through my experience in branding,
digital, events and resort marketing.
After producing for PBS television, I was the online marketing manager for Vail Resorts from 2004-06. This included
oversight of all Vail Resorts websites, analytics, and online lodging packages. I was the marketing manager for Beaver
Creek from 2006-2011, managing collateral, regional marketing (summer & winter), events, photography, and marketing
for the ski school, restaurants, group/wedding sales and golf club. I helped grow the Talons Challenge from 700 people to
2,000 people in one year and I also created new weekly family programming that moved Beaver Creek's "Family
Programs" ranking in SKI Magazine from #15 to #1 within four years.
At Vail Valley Medical Center, I currently oversee all marketing and public relations for the hospital, Shaw Regional
Cancer Center and Howard Head Sports Medicine. I also work closely with our orthopaedic partners, The Steadman
Clinic, Steadman Philippon Research Institute and Vail -Summit Orthopaedics. My team has recently achieved the
following:
• Winner of seven 2015 Gold Leaf Awards by Colorado Healthcare Communicators:
o Colorado Nonprofit Project of the Year Award for Pink Vail (Judges' Choice)
o Gold Leaf Award in the large event category for Pink Vail
o Silver Leaf Award in the writing category for Families of Vail
o Silver Leaf Award in the printed newsletter category for the VVMC Community Update
o Silver Leaf Award in the annual report category for Vail Health Magazine
o Silver Leaf Award in the video under $5,000 category for Pink Vail 2015 video campaign
o Silver Leaf Award in Public Affairs for the VVMC Master Facility Plan & Helipad campaign
• Vail Valley Young Professional of the Year in 2014 by the Vail Valley Partnership
• Created Pink Vail — The World's Biggest Ski Day to Conquer Cancer
o Raised over $1.7 million for Shaw Regional Cancer Center in 4 years
• Launched Vail Health Magazine — Awarded Colorado Nonprofit Project of the Year by Colorado Healthcare
Communicators in 2013 (Judges' Choice)
After serving for two years as the Vice President of the Vail Valley Young Professionals Association (VVYPA), I have
turned my attention to a Vail Valley Partnership Board of Governors role, with a focus on economic development.
Thank you for taking the time to consider retaining me for this valued position with the VLMDAC.
Sincerely,
Michael Holton
Director of Marketing & PR
Vail Valley Medical Center. Shaw Regional Cancer Center I Howard Head Sports Medicine
(970)569-7753
michael.holton@vvmc.com
12/1/2015
NO
VAIL RECREATION
D I S T R I C T
Jessie Klehfoth
Director of Marketing and Communications
Vail Recreation District
700 S Frontage Rd E
Vail, CO 81657
November 17, 2015
Esteemed Vail Town Council,
My name is Jessie Klehfoth, and I am the new director of marketing and communications for the
Vail Recreation District. Please accept this letter as my application of interest in serving on the
Vail Local Marketing District Advisory Council, as I believe a strong partnership between the
VLMDAC and the VRD will be essential in driving destination visitors to Vail in the summer and
shoulder seasons.
Having lived in the Vail Valley now for eight years, I'm one of the rare people who moved here
for the summers and stayed for the winters. I've been privileged to enjoy the variety of events
and activities the Town of Vail has to offer, and I would be honored to share my passion for this
area through the marketing efforts of the VLMDAC.
Prior to joining the VRD, I was the marketing manager for Beaver Creek Resort hospitality,
where I oversaw the marketing for two Vail Resorts hotels and the Beaver Creek Resort
Properties portfolio of hundreds of vacation rental units. Targeting both transient guests and
corporate and social groups, my experience at Beaver Creek gave me a deep understanding of
resort and high -net -worth guests and the key drivers and channels that influence their decision
making when choosing a vacation or event destination. I also developed a robust
comprehension of booking cycles and hospitality revenue management that I believe is
important when analyzing marketing success and creating compelling marketing packages, to
ensure the right messaging is in market at the right time and reaching the right audiences.
Previously, I ran a small marketing firm for a number of years where I assisted local and
regional businesses and non -profits with their marketing needs - everything from graphic
design, copy writing and website development, to search engine marketing and optimization. I
have a strong digital marketing background that I feel would be a great addition to the VLMDAC,
considering how much of the VLMD budget is spent online. I also have worked extensively as a
graphic designer and have a keen eye for detail, while understanding the importance of brand
standards and consistency of message in building and maintaining a strong brand. Through this
venture I had the opportunity to form great relationships with many local business owners and
non-profit directors, which I believe will be key to a successful term on the VLMDAC.
Before finding my passion for marketing, I started my career as a journalist, first as web editor of
the Greeley Tribune in Northern Colorado, and then as the internet specialist at Colorado
Mountain News Media. Each of these experiences gave me a great appreciation for the
workings of a newsroom and how to determine what type of PR is newsworthy enough to be
12/1/2015
NO
VAIL RECREATION
D I S T R I C T
picked up, as well as how to tell a story in many different media — through online, print, audio
and video.
I earned my degree from the University of Wisconsin -Madison in journalism, communication arts
and Spanish cultures, and I have a working proficiency of the Spanish language that has been
helpful in my career when marketing to the vital Spanish-speaking guests who visit our beautiful
valley.
Outside of the office, I am an avid skier and hiker and currently serve as the treasurer and co-
founder of the Flying Eagle Disc Society, Eagle County's local disc golf club. I am very
passionate about sports and recreation and would relish the opportunity to serve on the
VLMDAC to promote Vail as the perfect active family and group destination in the summer and
shoulder season.
Please don't hesitate to reach out with any questions at 970-479-2446 or jklehfoth@vailrec.com.
Thank you so much for your consideration.
Sincerely,
Jessie Klehfoth
12/1/2015
LETTER OF CONSIDERATION
Charley Ford
970.376.3336 — charlespford@gmail.com
535 Stone Creek Drive — EagleVail 81620
Objective:
Consideration from the Town of Vail Council Members to join the group of 9 on the VLMDAC and
work together as a Member with monthly meetings for a term of two years. Together we will
provide suggestions on how to increase and enhance the marketing to generate overnight tourism
from May to October in the town of Vail with a 1.4% Vail lodging tax.
Experience:
Since 1998 1 have been involved with startup company marketing first hand and sold my first of two
exited companies in 2001. Since then I have been on Sales teams with BellSouth, Starwood,
Timbers Resorts & others. Each of those organizations has sophisticated marketing teams of
which I have participated. I handled all the marketing & sales from 2009 until 2012 with the second
sold company. I have generated successful marketing for my own vacation rentals in Mexico since
2003 emphasizing shoulder season. I offer extensive knowledge of the Latino culture, speak and
write Spanish near fluently with have a Bachelors Degree in International Business.
Corporation:
The Denver based corporation with multiple offices in the Vail Valley is LIV I Sothebys. My office is
located at 292 E Meadow Dr #101, Vail, CO 81657 and Dan Fitchett will designate me as a
representative for consideration.
Originally from Atlanta, my time in Colorado began in 1995 from Durango
Colorado to Vail in 2004. I have witnessed the Vail village summer Farmers Market
span from the beginning of Bridge Street to Austria Haus Hotel years ago. Now the
restaurants are full beginning in June before the GoPro games until Labor day
weekend. This year the GoPro games frontage road parking went from Cascade to
Ford Ampitheater and the farmers market now ends at the Fire Station.
The question becomes how we can gain similar momentum in May, September,
October & November. We all know the big event weekends. How do we create a
value for the weekends in the 3-4 months of shoulder season. More of the
restaurant week 2015 & Outlier Festival type events is how we fill our lodging,
dining and retail tractions.
I look forward to working with other talented individuals on VLMDAC to make
the shoulder season mutually beneficial for our guests, businesses and patrons of
Vail Village. I appreciate your consideration. Feel free to reach out to me with any
questions.
Onward and upward,
z4t� �i)
VAIL LOCAL MARKETING DISTRICT ADVISORY COUNCIL (VLMDAC)
12/1/2015
►owx of vn' 1[1
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 1, 2015
ITEM/TOPIC: Information Update:
1) CSE Draft Minutes from November 4 and 11, 2015 meetings
2) December 2015 Revenue Highlights
ATTACHMENTS:
CSE draft minutes
December 2015 Revenue Highlights
12/1/2015
rowx ofva�
Commission on
Special Events
DRAFT
MINUTES:
COMMISSION ON SPECIAL EVENTS MEETING
Antlers at Vail, Lionshead
Wednesday, November 4, 2015 @ 8:30am
CSE Members Present: Barry Davis
Jeff Andrews
Mark Gordon
Rayla Kundolf
Marco Valenti
Alison Wadey (arrived @ 8:45am)
Shenna Richardson
Town of Vail Staff Present: Sybill Navas, CSE Coordinator
Kelli McDonald, Economic Development Manager
Laura Waniuk, Event Liaison
Others Present: Missy Johnson, Highline
Ross Cohen, Samana Lounge
Laurie Asmussen, Eagle Valley Events
James Deighan, Highline
Sondra Perrig, Vail Valley Partnership
Laura Lodge, Big Beers
Chris Chantler, Taste of Vail
Angela Mueller: Ren Productions, Vail Farmers'
Ernest Saeger, Vail Valley Foundation
Mike McCormack, Outlier Offroad
Leon Fell, King of the Mountain Volleyball
Duncan Horner, Vail Valley Foundation
Dan Cramer, North American Sports Group
Bryce Thornburg, North American Sports Group
Brooke Skjonsby, Vail Resorts
Kerri Thelen, Vail Valley Soccer Club
Lisa Reeder, Vail Valley Soccer Club
Jenn Bruno, Vail Valley Soccer Club
Euginnia Manseau, Ski & Snowboard Club Vail
Helene Mattison, Kids Adventure Games
Jason Rose, JJ Rose Holdings Group LLC
Justin Rose, JJ Rose Holdings Group LLC
Beth Pappas, Vail Recreation District
Jessie Klehfoth, Vail Recreation District
Joel Rabinowitz, Vail Valley Soccer Club/VRD
Scott Cross, Vail Film Festival
CSE Minutes Special Funding Meeting: November 4, 2015
Market and Taste of Vail
Page 1 of 16
12/1/2015
Kaye Ferry, Vail Film Festival
Kristi Kavanaugh, Vail Film Festival
Ariel Rosemberg, Vail Bluegrass Festival
John Knight, The America Cup
Brian Hall, Vail Family Fun Fest
Michael Holton, Vail Valley Medical Center
Alan Himelfarb, Starting Hearts
Sarah Franke, LHMA/Group 970
Molly Middleton, Group 970
Eddie O'Brien, Colorado Grand
Sven Bean, Alliance Media
Taylor Slaugh, Vail Automotive Classic
Ed Abramson, Vail Automotive Classic
Bob Bandoni, Shoulder to Shoulder
Morgan Landers, CanDoMS
Liz Campbell, Betty Ford Alpine Gardens
Nicola Ripley, Betty Ford Alpine Gardens
Tracey Flower, Vail Symposium
Rohn Robbins, Vail Symposium
Lauren Arnold, Peak Wellness Retreat
Jennifer Lucas, Vail Veterans Program
Todd Wallis, Vail Centre
Corinne Hara, Vail Centre
Ross Iverson, Vail Centre
AGENDA:
Meeting materials can be accessed after October 30th at the following link:
http://65.38.144.10/WebLink8/0/fol/321732/Row1.asp
x
CSE Chair, Barry Davis, called the meeting to order at 8:39am
1. @ 8:30am: Administrative Items (10 minutes)
a. Approval of the Minutes of the CSE's Meeting on October 7, 2015
Motion to approve the minutes of the CSE Meeting, October 7, 2015, as presented.
M/S/P: Andrews/Kundolf/Unanimous The motion passed 6-0 (Wadey not yet arrived)
b. CSE Deadlines and Meeting Reminders:
• Wednesday, November 11: CSE Allocations for 2016 events. Antlers @ Vail 8:30am-
3:30pm
• Thursday, November 19: Presentation of 2016 Event funding determinations to
VLMDAC. 8:30 a.m. at Antlers at Vail.
• Tuesday, December 1: Presentation of the 2016 Event funding determinations for
approval by the Vail Town Council
• Application Deadlines and Interview Dates for CSE applicants: Letters of Interest due to
the Town Clerk, Patty McKenny, by Friday, December 4th. Interviews on Tuesday,
December 15 during the Vail Town Council Work Session.
c. 2015 CSE Financial/Contract Overview to Date
d. Final 2016 CSE Budget
CSE Minutes Special Funding Meeting: November 4, 2015 Page 2 of 16
12/11/2015
2. Scoring and procedural explanation. All completed scoresheets must be returned to Laura
Waniuk at Iwaniuk(c)_vailgov.com no later than 12pm on Thursday, November 51n
3. Review of 2016 RFP responses per the schedule marked as Attachment A to this agenda and
including the following Event Recaps:
• Vail Valley Cup Soccer
• Gourmet on Gore
• Oktoberfest
• Vail Automotive Classic
• Colorado Grand
• Top Shelf Harvest
• Outlier MTB Festival
• Vail Restaurant Week
• Vail Farmers' Market and Art Show
• Vail Valor Races: May 24-25- by email/ no survey/no application for 2016
➢ Motion to approve the release of the final disbursements of the 2015 funding
allocations for the following events:
■ Top Shelf Harvest
■ Vail Farmers' Market and Art Show
■ Gourmet on Gore
■ VailOktoberfestTM
■ Outlier Offroad Festival
■ Vail -Beaver Creek Restaurant Month
M/S/P: Kundolf/Wadey/Unanimous The motion passed 7-0
CULINARY EVENTS AND FOOD FESTIVALS
cf: Laura Lodge
Big Beers, Belgians and Barleywines Festival
Jan 7-9, 2016
Laura Lodge
$30,000
2016 is 16th anniversary, 3rd and last year with the contract at the Vail Cascade. Starting in 2017, there
will most likely be a change in location. Big Beers has grown to national and international acclaim in
the industry. Appeal to Millennials, craft beer is local to everyone. Sustainable, charity minded. Would
use the funding to supplement marketing and approach multiple demographics. Looking to grow
number of events, push back into weekdays to extend hotel room nights.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 3 of 16
12/1/2015
cf: Laurie Asmussen
Top Shelf Harvest + RECAP*
Sat, Oct 1,m 2016
Eagle Valley Events
$20,000
Asmussen recapped the event; information was provided from the survey results that she paid for. PR
program was successful, 91 % of those surveyed were first time guests. Partnered with radio stations
and other front range media to drive traffic. There are challenges with getting restaurants to participate;
it could be timing due to other events around the same time. About 30% of the overall budget goes to
paying Arrabelle to host the event. Navas stated that it is challenging for some restaurants to get the
Special Event Food Vendor License required by Eagle County. Asmussen is waiting to hear back on
confirmation from Arrabelle for next year's dates.
cf: Angela Mueller
Taste of Vail
Mar 30- Apr 2
Taste of Vail
$55,000
The Debut of Rose is held Weds.in Lionshead and they are working to stay there although they have
outgrown their space in Arrabelle. Mountain Top event will be held on Friday, Lamb event on Thursday.
There are 32 restaurants and 58 wineries that participate in Lamb event. Event will have 7-8 seminars.
This event falls between ski season and Summer, they spend a lot of their funds on marketing. They
work with media and are trying to get a national print sponsor. Their marketing campaign will be held
year round, they send out postcards to wineries to promote the event. Approximately 90% of the
people who attended the event stayed in Vail. There is a lot of thought and planning for the event with
regard to weather, location and diverse offerings to guests. The Debut of Rose is a hot event and they
would like to grow it. The funding would help supplement marketing and the overall tenting operations
and planning. It was over -crowded last year; a problem that needs to be fixed for 2016. The Lamb and
Rose events end at 6pm, driving lots of traffic into local restaurants and bars.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 4 of 16
12/1/2015
cf: Angela Mueller
Vail Farmers' Market and Art Show + RECAP*
Sundays: Jun 19 -Oct 2
+ Jun 26, Jul 22, Aug 12 Farm to Table Dinners
Vail Farmers' Market and Art Show/
Meadow Drive Partnership
$68,000
Farm to Table dinner dates TBC. They have used their own survey data provided by Intercept in their
recap, the sample size is larger. The NPS is 82. The attendees liked having choices for their families.
They heard more from people who came to Vail specifically for this event. The Farm to Table Series is
a perfect fit with the Farmers' Market because attendees can purchase the same ingredients to eat at
home. They added a PR staff member to their team to enhance their marketing reach. They had 132
vendors last year. The market has about 20% new vendors each year; the turnover is due to either
drop outs or those that are not invited back. 1200 people applied to participate in the market for 2016.
Kundolf asked about the location of the Jazz tent, Mueller said that the tent worked well. Navas raised
the issue about costs in terms of re-routing buses and flaggers. Davis asked about raising the cost of a
tent for a vendor, $900 for first tent and $750 for second tent. Wadey asked if a conversation had
started about dealing with capacity on Labor Day Weekend. Discussions are in process with event
producers to identify ways to alleviate crowding and improve guest experience during Labor Day
weekend. Navas explained that the flaggers cost $65/hr per person. It cost the Farmers' Market $7250
for flaaaers for the entire summer.
cf: Angela Mueller
Vail Holidaze
Dec 16-18 & 31
REN Productions- Does not include Fireworks- rqst $26K
$24,000
For 2015 ice sculptor will not happen this year with the same person. Instead there will be a sponsored
program for ice sculptures in front of stores. For this year the skating club will participate. Mueller
invited the CSE to the lantern walk and explained that the lantern walk program has been publicized to
all schools in the Valley. They plan to have the Chair of the Town Council at the Christmas Tree
Lighting. For 2016, the increase in budget is due to the skating program if a professional skater can be
brought to perform. The plan is to market the lantern walk even more next year. The request for
fundina is $24k (not includina fireworks).
cf: Missy Johnson/
CarniVail
Feb 7-9 or Feb 6-9
$45,000
James Deighan
This event is a result of collaboration between Vail Resorts, Highline and Town of Vail to drive traffic
into town and keep them here. There are two requests, one for a 2 day event and one for a 4 day
event. This event fulfills an off peak need in occupancy in town. It's a visitation driver. This event has a
potential high rate of return on investment due to word of mouth and social media. The last CarniVail
event was held in 2012. The event will be festive, but more family -friendly. They have good data from 6
years of doing this event in the past.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 5 of 16
12/1/2015
Spring Back to Vail
10 -Apr
$30,000
Shorter event, putting focus on pond skimming event in Golden Peak. They will have an expo village.
Concert location is TBD. The current plan is to hold it at Golden Peak, but that may change. Another
option is Checkpoint Charlie. The act would be a regional band. It is still a destination driver for guests.
Discussion ensued about the 2015 Spring Back event and lessons learned. There is room for evolution
of this event and to keep it changing and growing.
Vail America Days TM
4 -Jul
Does not include Fireworks- rqst $35K
$70,000
Kundolf asked about the insurance premium costs and if they had decreased due to no incidents at
prior events. Deighan said he would check into that, he then went on to explain insurance with
experiential marketing and risk management. They asked for increased funding because they operated
at a loss or break even on this event every year.
Gourmet on Gore + 2015 RECAP*
Sep 2-5
$75,000
The event went very well in 2015 — despite the weather. Looking at more ways to expand and grow the
event. Permitting issues involving activations and locations. There is no room for further activations.
There are already discussions happening with the Farmers' Market to see what potential evolution
could occur with the multiDle events.
Vail OktoberfestTM + RECAP*
Sep 9-11(LH), 16-18(VV)
$85,000
There is a distinct dynamic between both weekends. The authenticity of the event draws people to both
weekends of events. They would like to continue to enhance the event and evolve, especially in
Lionshead. Starting at 12pm on Friday brought in a lot of new people. They want to expand the
footprint to make the event more comfortable. Davis said that this can be used as a model for other
events and producers. The Vail OKT was used in an ad campaign for the beer sponsor chosen among
168 other sponsored events. Both events are incredibly popular, it doesn't make sense to take an
event away. There are higher costs to hold events in town, due to town regulations, laws, traffic control,
etc. It's a legitimate cost and concern by event producers. There are 3 different distinct turns in the
makeup of the attendee demographics over the course of the event; early in the day it's families,
followed by those looking for the "cultural experience" through the afternoon, then in the evening it
attracts the concert goers looking for more contemporary bands. Davis invited Deighan to come to the
December 2 CSE meeting to discuss allocations, funding, sales tax, benefit to town.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 6 of 16
12/11/2015
Snow Daze
Dec 9-11, 2016
$45,000
2015 Bands: Bonfire Dub, Big Head Todd and the Monsters, Nikki Bloom, JJ Grey and Mofro. 2016 is
identical event format to this year.
2016 concert will be held in Solaris. The VIP tickets don't work in the Solaris venue. Andrews asked
about band experience and sellina tickets to that tvoe of aroaram.
PARTICIPATORY ATHLETIC EVENTS
cf: Justin Rose and Jason Rose
Colorado Cup 2016- Bundesliga
Jul 15-25
JJ Rose Holdings Group
$75,000
Davis asked what the primary driver is and about how many kids will participate. There will be about
200 kids in Vail; there will be 10 nights in Vail for the pro teams and 5 nights in Vail for the youth
training camps. There are already teams traveling and they have choices of where to play. The pro
teams are coming for sure and they bring their own fans along with them to participate and watch them
train. Bundesliga are owned by the fans. They have at least 10-12 nationalities on each team. The fans
and media will follow these teams to the USA.
Wadey asked about field rentals, the cost is $525 per field per day. There will be multiple sessions a
day. The funding will go to bringing the team over, rentals, equipment, operational events for Vail only.
They want to use marketing and PR to draw Front Range guests. They want to create ticket packages.
Rabinowitz from the VRD spoke about availability of the fields during the time the event is held. The
question is about the status of the fields and for the training site, the Eagle Vail field is the best
location. Meet and greet and other events can be in the Town of Vail. The fields in town will be used for
kids training camps, but the pro soccer players have to practice on grass. The cost to prep the Eagle
Vail field is $4k to tear out the goal turf and put it back in. There is excitement from the Bundesliga
team to come to Vail and not go to Florida.
Ernest Saeger, Duncan Horner, Maggie Jackson
GoPro Mountain Games
Jun 9-12
Vail Valley Foundation
$100,000
They had an increase in econ impact and attendance. They would like to evolve the brand and event,
to expand, not just the physical footprint. Davis asked about a portion of games moving down valley.
The Enduro event cannot be held in Vail during that time of the year because of snow melt. That's why
it's being proposed to be held in Eagle. The event award ceremony will be held in Eagle for the
Enduro. It's a one off race, just like the kayak race in Red Cliff. They plan on expanding the event into
Lionshead. They are going to add a liquor footprint and other activations. They are asked for more
funding to activate the corridor between VV and LH and activate. The Enduro event will be either one
or two day events. They would open both LH and VV activation on Thursday afternoon, like last year.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 7 of 16
12/1/2015
cf: Mike McCormack
Outlier Off road Festival + RECAP*
Sep 29 -Oct 2
Uncommon Communications/
Greenspeed Project
$25,000
McCormack provided event recap, focus on building the Lionshead component from the ground up.
Teaching consumers to navigate the community and how to enjoy the town. The event was priced
competitively. 2015 was a measured success; there were a lot of learning experiences about
operations and the town. There were a couple logistical issues with regard to the Enduro course.
Projection is that the demo portion will double in size. They would like to expand into high school and
collegiate ranks too. There are already sponsorships in the works and they plan to continue to increase
the purse.
cf: Euginnia Manseau
U16 Rocky Central Junior Championships
Mar 11-17
Ski and Snowboard Club Vail
$2,500
They are capped at 180 athletes for this event. They work with lodging partners, Manor Vail specifically
due to proximity to Golden Peak. Their banquet will be held at 4 Eagle Ranch. Vail Resorts is one of
the largest supporters in general.
cf: Beth Pappas
Vail Whitewater Series
Tuesdays: May 10,17,24,31; Jun 7
Vail Recreation District
$6,000
This is a very special event, there aren't any other towns that really have this and it's a good option for
competitors to practice prior to big races.
cf: Leon Fell
King of the Mountain Volleyball
Jun 17-19
$15,000
The Misty May camp will be back in 2016, and there is a lot of interest at the high school and college
levels, driven by Beach Volleyball now being an official collegiate sport. They are combining the grass
roots events into a "The Great American Volleyball Festival Tour".
CSE Minutes Special Funding Meeting: November 4, 2015 Page 8 of 16
12/1/2015
cf: Bryce Thornburg & Dan Cramer
Kick -It 3v3 National Soccer Championship
Jul 29-31
North American Sports Group
$55,000
Dates were moved back in order to accommodate the Denver teams and keep the majority of the out
of state teams and to allow for travel time and fit with vacation plans. They would like to do a better job
connecting with the international community here. There are challenges with parking and transportation
and they continually face with events.
cf: Helene Mattison
Vail Kids Adventure Games
Aug 10-14
Kids Adventure Games, LLC
$44,500
They would like to completely change the course as previously discussed. They would like to move out
of the Village and expand into Lionshead. They would like to rejuvenate and reinvent the race and
accommodate more kids. They want to keep it pristine and maintain the family feel. The new event
being proposed is the addition of a Parent/Kid team race to bring additional people into town. There
will be increased costs and staffing with that event.
cf: Kerri Thelen
Vail Valley Cup, 3rd Annual Cindy Eskwith Memorial Tournament + RECAP*
Oct 1-2
Vail Valley Soccer Club
$15,000
They grew from 108 teams to 132 in 2015; they would like to increase the size of tournament to 144
teams in 2016. They would like to increase the field usage and include Big Horn to keep more teams
and families in Vail. They need to purchase equipment and the larger the event, the more man power
is needed to support the event. They have more refs needed at each game due to regulations. They
would like to pull from the Midwest region to increase the draw for the competition. They ran their own
"play and stay", selected their own hotels and they had more than 50% in Vail alone and the rest were
spread out. In 2015 Eagle sponsored them at $5k for the field rentals. They are also encouraging "stay
and eat" programs.
will not be present
Vail Lacrosse Shootout: by phone, if necessary -
Jim Soran (0) 303-779-2708 or (C) 303-877-7977.
Jun 25 -Jul 3
International Lacrosse Promotions
$20,000
No questions
MUSIC/ART/CULTURAL EVENTS
CSE Minutes Special Funding Meeting: November 4, 2015 Page 9 of 16
12/1/2015
cf: Scott Cross
Vail Film Festival
April 7-10
Colorado Film Festival
$90,000
They are launching "The Mexican Film Program". They are looking into expanding on their international
focus. They will also continue the winter screening series as well. They also launched a Film Club, first
meeting was held in June and that adds a community, grassroots element to the event. They are also
going to hold an Oscar Party in February. They are partnering with Comcast and Colorado PBS; they
also signed a partnership with Virgin Airlines. The increased costs are for flying out celebrities and film
makers to attend the film festival which creates excitement and provides star power. They would do
more of a big marketing push in Mexico City. Cabo Film Festival is Nov. 11-16. They are working on
sponsorships: Audi, Samsung, Sundance Channel, and Stella Artois among others.
cf: Angela Mueller/ Eve Harris
Vail Summer Art Workshop
Jun 6-10, 13-17,20-24; Aug 15-19,22-26
REN Event Productions/Vail Art Guild
$45,000
The Vail Summer Art Workshop is an event from years ago. They want to bring the event back to Town
in June to drive destination guests. The workshops could happen indoors or outdoors, depending on
the time of year and weather. There would be several different workshops held each week and social
meetings and meals around the workshop. They meet the Artisans on Sunday; the workshops begin on
Monday and run the entire week. The final day there will be showing with the Artisans.
cf: Laurie Asmussen
Vail Arts Festival
June 24-26
Eagle Valley Events
$10,000
They are looking to bring 80-85 artists for 2016. They get about 450 applications for those slots. They
would use the CSE funds to improve marketing and communications for the front range. They are
looking to fine tune and improve it.
cf: Ariel Rosemberg
Vail Summer Bluegrass Series
Jun 29, July 13, 27, Aug 10
Lakeside Stride
$50,000
The funding goes to booking the talent and marketing efforts. They are currently shopping a
vendor/apparel sponsor to sell merchandise. Besides that, there aren't a lot of changes, except the VIP
package. They are going to continue their Bluegrass in the Gardens program too. Navas asked about
holding the concerts weekly instead of having gaps between.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 10 of 16
12/1/2015
cf: Ariel Rosemberg
Lionshead Mountainside Event
27 -Aug
Lakeside Stride
$40,000
Stage up on the road, steep side of the mountain. Another option is to hold it on top of the LH Parking
Structure. Target is 7500 to 9000 people. Regional or national acts. The event would be fully ticketed.
Navas mentioned moving the event to September. Idea is for a 12pm to 7pm event. It would be a
weekend, Saturday or Sunday event.
AMBIENT EVENT PROPOSALS + OTHER
cf: John Knight
36th FIPS MOUCHE World Fly Fishing Championship
Sep 11-18
The America Cup, Inc.
$50,000
Lots of interest already about traveling here from international teams. There are many people inquiring
about volunteering at the event as well. This is the BIG event for Vail. They have a conservation event
in the planning. They are looking for larger sponsors, they have personally funded it. They are looking
for an underwriter for the event.
cf: Michael Holton
Pink Vail
2 -Apr
Vail Valley Medical Center
$25,000
They would like to use these dollars to drive destination marketing.
cf: Alan Himelfarb
Starting Hearts: Inaugural Fitness Challenge
Jun 1- Jul 1
Starting Hearts
$40,000
They had their inaugural golf tournament and it was very successful. They finished in 12th place out of
110 charities in the Revlon contest. Signed a partnership agreement with American Red Cross and
also Physio Control, they have a direct working relationship with that company. This will allow them to
put more AED's into the community. This initiative is valley wide, some will be fitness related and
others will be focused on restaurants and other engaging activities. Davis asked if there were lower
level of funding that would allow for similar programming. They are also searching for funds from other
communities.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 11 of 16
12/1/2015
cf: Brian Hall
Vail Family Fun Fest
Sats: Jun 25; Jul 2, 9, 26, 23, 30; Aug 8
Blue Creek Productions, Inc.
$23,800
Work closely with lodges and concierges to drive traffic to LH. Old school event, they want to be able to
handle more guests and need to hire more staff to prevent waiting in line.
cf: Taylor Slaugh
Present: Ed Abramson
Vail Automotive Classic: VV Car Show
& Evening Social + RECAP
Sep 10-11
Vail Valley Concours
$9,000
2015 hosted lots of participants from all over the US. They made it a full weekend by adding events on
Friday. Filmed a program that will be airing in the next few weeks. They are adding an event to
increase more charity fundraising. They get some of the cars from the Colorado Grand as well. They
sold 3 times as many cars as the previous year. They are drawing traffic to the car auction, and they
are making the event a full weekend event. They currently work with Shaw Center and the Eagle Valley
Senior Life charities.
cf: Sarah Franke/Eddie Obrien
Colorado Grand + RECAP
Sep 16-17
CO Grand w/LH Merchants Assn.
$10,000
Notable items, the drivers and participants are a group of about 300 people and they are staying in the
Cascade for at least two nights. This is a strong ROI from lodging and F&B. There are 10-15%
international participants and about 50% from out of state. This year there was an ad included in the
program book.
They have gifted over $5 million and 5 scholarships thus far. They only have one paid staff person and
everything else goes directly into charity. The partnership with Lionshead is amazing and continues to
grow and evolve. The new team member, Peter, is an asset and is thinking of other ways to fill the
days in between. There is a lot of potential to build from the current level of activation.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 12 of 16
12/1/2015
cf: Sarah Franke/
Vail -Beaver Creek Restaurant Week + RECAP*
Fri, Sep 30- Sun, Oct 9
Group 970 Restaurant
$11,500
There were 29 Vail restaurants involved this year. Everyone participated gave positive feedback. They
would like to work more closely with the lodging community to book more room nights in advance. The
web traffic showed a good reflection of marketing: 21 % Vail, 20% Denver, 8% Texas. They are trying
to request less funding each year. Their sponsorship with Ferrari didn't come to fruition in 2015, but
there are opportunities for 2016. There are other sponsors interested as well. Beaver Creek matches
the event funding amount that Vail provides.
cf: Sven Bean
Resurrection Fighting Alliance
TBD
Alliance Media Group, LLC
$27,000
They have extended their partnership with Mark Cuban and their TV exposure. They will be available in
60 million homes in North America. They have also expanded their sponsorship deals with Adidas,
Dave & Busters. They continue to support charitable organizations like breast cancer and military
groups. They are still very flexible on the dates, it does depend on what other programming already
exists in other areas, but they can trade dates in order to broadcast live. They have hosted events in
casinos, not necessarily in resort towns. They do have a proposal for an event in Mexico at a resort.
Ticket price is $25-$125 for a VIP table. The event could be held in Dobson or held outside as well.
The Access TV crew is about 60 people total with cameraman, producers, etc. They are here through
Wed through Saturday. There are probably at least 100 people that come to put the event on and
impact ROI in addition to event attendees.
EDUCATION/ENRICHMENT (EE): Fundina Available: $150.000 1
cf: Liz Campbell/ Nicola Ripley
Nurture/Discover/Explore @ the Gardens
Jan 1- Dec 31, 2016
Betty Ford Alpine Gardens
$20,000
They would like to make use of the facilities and educational opportunities that the Garden affords to
locals and guests alike. They would like to bring people in to see exhibits and also expand into other
areas, like events, culinary, etc. They are very interested in creating synergy with other events, like the
Vail Bluegrass Series. Gordon asked about the amount that they are receiving from the Town Council.
That amount is used for the upkeep for the gardens. The request to the CSE is to elevate the
programming at the garden. They want to use the new facility to encourage repeat visitation. The
educational exhibits are already booked; they are looking for support for the new exhibits. The
educational center has become multi -use. They are exposing the winter guest to the mountain flora,
flowers are still blooming there.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 13 of 16
12/1/2015
cf: Tracey Flower
Vail Symposium Winter 2016
Jan -April 2016
Vail Symposium
$45,000
Strong staff, board of directors and programming. In 2014 — 22 programs, in 2015 they have hosted 33.
They are seeing attendance growth in in the summer programs as well. They have hired a
development director and have just signed an underwriter with Colorado Public Radio. KZYR will do
audio of events and EcoTV will film the events. They will be expanding into Youtube and podcasts to
reach more people across the country and enhance sponsorship opportunities. They tried hard this
season to have an offering for everyone. Unlimited Adventure Series will have an all female line up for
2016 and they will go speak at schools. They are currently planning for 23 programs in winter, they
have about 20-23 for summer. They came in more aggressively with their programming this summer
and people were very positive.
cf: Jennifer Lucas
Mountains of Hope
Jan 24-28 & Mar 6-11
Vail Veterans' Program
$20,000
The emotional impact of this event is an opportunity for the community to bond and give back. There is
a strong connection between the locals and their interaction. The program is still evolving; previous
attendees have an impact on current attendees. There were two new programs this year, one focused
on caregivers and the Veterans path to success. They partnered with Johnson & Johnson through the
human performance institute. All activities happen in Vail and dollars raised go directly back into the
community. They have retained Kristin Yantis of MYPR to provide local and national outreach through
PR and marketing.
cf: Michelle Stecher
Valley Tastings: Food for Youth & Healthy Kids Colorado Survey
Summer 2016 &
Early Oct. 2016
Eagle River Youth Coalition
$1,000
Based in Edwards, serving needs across the entire Vail Valley. Donovan Pavilion has been used for 2
years in a row and has been very successful for their event. They will have 100% participation from all
14 schools in the community. The data set represents the entire valley. They do help link people and
schools with projects.
CSE Minutes Special Funding Meeting: November 4, 2015 Page 14 of 16
12/1/2015
cf: Alan Himelfarb
Starting Hearts: All You Need is Heart
8 -Feb
Starting Hearts
$20,000
This is the signature event which has doubled in size from the previous year. They are asking for more
doctors to join from Denver. They funding will help promote and market the event. They are working on
getting a national speaker with brand name experience. They would like to use Donovan to save cost
instead of holding it at a hotel. In 2015, they had 200 attendees and expect to bring in more guests due
to the national speaker.
cf: Morgan Landers
Vertical Express
27 -Feb
Can Do MS
$5,000
Vertical Express in Vail is one of 7 events held in mountain towns. They see this event as the main
focal point and get traction in the ski space. It's the only event that combines skiing and fundraising for
MS. They are adding 2 mountains in the east as well to encourage this as a nationwide imitative. The
top fundraising prize across this series is a ski trip to Vail. They are asking for additional funding to
market to the front range and Denver community. They are trying to activate that area to increase
attendance and fundraising. Expenses are much higher here in Vail, CanDoMS doesn't qualify for the
Vail Resorts charitable giving criteria, which is focused on youth and environment. This event is the
largest adaptive program.
cf: Lauren Arnold
Mountain Fit Women's Wellness Weekend
Aug 19-20
Peak Wellness Retreat
$15,000
They have shifted their model to focus on growing one event to be a Vail signature event. 2016 is the
3rd year holding the women's wellness weekend. They are increasing their sponsorship year over year.
Kundolf asked if they had secured a speaker yet, and they have not.
Process discussion followed. CSE members were requested to turn in their scorecards by noon on
Thursday, November 5th in order to ensure adequate time to process and combine the results.
➢ Motion to Adjourn at 4:17 pm
M/S/P: Andrews/Kundolf/Unanimous The motion passed 7-0
Next CSE Meeting:
Funding Allocations Determined:
Wednesday, November 11, 2015 @ 8:30am-3:30pm
Antlers at Vail
CSE Minutes Special Funding Meeting: November 4, 2015 Page 15 of 16
12/1/2015
Present CSE Funding Decisions @ Joint Meeting w/ VLMDAC
Thursday, November 19 @ 8:30-9:00am
Antlers at Vail
CSE Minutes Special Funding Meeting: November 4, 2015 Page 16 of 16
12/1/2015
TOWN OF VAIL
Commission on
Special Events
DRAFT
MINUTES:
COMMISSION ON SPECIAL EVENTS MEETING
Antlers at Vail, Lionshead
Wednesday, November 11, 2015 @ 8:30am
CSE Members Present
Barry Davis
Jeff Andrews
Mark Gordon
Rayla Kundolf
Alison Wadey
Shenna Richardson
CSE Members Absent: Marco Valenti
Town of Vail Staff Present: Sybill Navas, CSE Coordinator
Kelli McDonald, Economic Development Manager
Laura Waniuk, Event Liaison
Patty McKenny, Town Clerk
Others Present: Mark Christie, Welcome Center
Kim Newbury, Simba Run
Missy Johnson, Highline
Joel Rabinowitz, Vail Recreation District
Sondra Perrig, Vail Valley Partnership
Beth Pappas, Vail Recreation District
Liz Campbell, Betty Ford Alpine Gardens
AGENDA:
Meeting materials can be accessed after November 9th at the following link:
httD://65.38.144.10/WebLink8/0/fol/321733/Row1.asax
CSE Chair, Barry Davis, called the meeting to order at 9:03am
1. Administrative Items (5 minutes)
a. Approval of the Minutes of the CSE's Meeting on November 4, 2015
➢ Motion to defer review and approval of the minutes of both the CSE Meeting on
November 4, 2015 and the minutes of the CSE Special Meeting on November 11, 2015 at
the December 2, 2015 CSE meeting.
M/S/P: Andrews/Kundolf/Unanimous The motion passed 6-0 (Valenti absent)
CSE Minutes Special Funding Meeting: November 11, 2015 Page 1 of 2
12/1/2015
b. CSE Deadlines and Meeting Reminders:
• Thursday, November 19: Presentation of 2016 Event Funding determinations to
VLMDAC. 8:30 a.m. at Antlers at Vail.
• Tuesday, December 1: Presentation of the 2016 Event Funding determinations for
approval by the Vail Town Council
• Application Deadlines and Interview Dates for CSE applicants: Letters of Interest due to
the Town Clerk, Patty McKenny, by Friday, December 4t". Interviews on Tuesday,
December 15 during the Vail Town Council Work Session.
c. Final 2016 CSE Budget — Navas noted that the budget for implementation of the 3rd party
survey program may need to be adjusted somewhat, as the contract with RRC has not yet
been finalized.
2. Discussion: CSE members reviewed the scoring summary sheet and finalized funding
allocations for 2016 Cultural, Recreational and Community (CRC) events and
Education/Enrichment (EE) applications.
See the attached overall chart for funding allocations, including notes and/or conditions of
funding as directed by the CSE.
McKenny reviewed her role with regard to the In -Kind Services, including staffing and facilities
request. The overall idea is to understand the overall needs of the event, funding and the In -
Kind requests at the same time. Kundolf suggested that there could be a quarterly report from
the ERC.
➢ Motion to approve the Cultural, Recreational and Community Events funding allocations
as listed and subject to conditions as noted on the attached spreadsheet titled:"2016
Allocations -All Events Final."
M/S/P: Andrews/Richardson/Unanimous The motion passed 6-0 (Valenti absent)
➢ Motion to approve the Educational and Enrichment Events funding allocations as listed
and subject to conditions as noted on the attached spreadsheet titled:"2016
Allocations -All Events Final."
M/S/P: Andrews/Kundolf/Unanimous The motion passed 6-0 (Valenti absent)
Motion to change the criteria for the CSE's third party survey contract to include all
events receiving $10,000 or more.
M/S/P: Andrews/Kundolf/Unanimous The motion passed 6-0 (Valenti absent)
➢ Motion to Adjourn at 2:36pm
M/S/P: Kundolf/Wadey/Unanimous The motion passed 6-0
Next CSE Meeting:
Present CSE Funding Decisions @ Joint Meeting w/ VLMDAC
Thursday, November 19 @ 8:30-9:00am
Antlers at Vail
Wednesday, December 2, 2015 @ 8:30am
Vail Town Council Chambers
CSE Minutes Special Funding Meeting: November 11, 2015 Page 2 of 2
12/11/2015
CSE 2016 FUNDING ALLOCATIONS
$ 52,800.00
Meeting & Miscellaneous Expenses
$ 3,000.00
Total
$ 55,800.00
EverM
Producing Entity:
Proposed Location:
2016 Dates:
2016 Funds
2015 Funds
2016 Funding
Grid
Notes/Conditions from CSE
2016 Funds
2015 Funds
Requested
Recei�
Allocated
Event Name:
Producing Entity:
Proposed Location:
2016 Dates:
Requested:
Allocated:
Grid
Score
Notes
Evergreen Lodge, Vail Marriott, Dillon
Score
36th FPS Mouche World Fly Fishing
Reservoir, Sylvan Lake,Colorado River, Eagle
Vail Centre (Vail Leadership
Championship
The America Cup, Inc.
River
September 11-18, 2016
$ 50,000.00
$
608
$ 50,000.00
638
$ 56,000.00
Golden Peak, Vail Vallage, Mountain Plaza,
January 24-28, 2016 and
GoPro Mountain Games
Vail Valley Foundation
and Homestake Creek in Red Cliff
June 9 - 12, 2016
$ 100,000.00
$ 85,000.00
591
$ 85,000.00
LH activation is a requirement.
Vail America Days
Highline
Vail Village, Lionshead
7/4/2016
$ 70,000.00
$ 65,000.00
578
$ 65,000.00
Gourmet on Gore
Highline
Gore Drive
September 2 -5, 2016
$ 75,000.00
$ 45,000.00
572
$ 55,000.00
558
Pink Vail
Vail Valley Medical Center
Vail Mountain
4/2/2016
$ 25,000.00
$ 5,000.00
567
$ 10,000.00
Vail Village, Lionshead, Gore Creek, Willow
The International School of Global
Taste of Vail
Taste of Vail
Bridge Rd., Four Seasons
March 30- April 2
$ 55,000.00
$ 35,000.00
557
$ 30,000.00
538
$ 15,000.00
the event to "Vail Global Solutions Forum".
Fri. Sept. 9 - Sun. Sept. 11
The Donovan Pavilion, The Grand View, The
Vail Oktoberfest
Highline
Vail Village, Lionshead
& Fri. Sept. 16 -18, 2016
$ 85,000.00
$ 45,000.00
554
$ 55,000.00
The Town of Vail Public Library, The Sonnenalp
Producer commits to early season
Vail Symposium Winter 2016
Vail Symposium
and Vail Mountain School
December 2015 -April 2016
$ 45,000.00
$ 35,000.00
screenings and marketing and Mexico
$ 35,000.00
Valley Tastings: Food for Youth, and Healthy
summer 2016, early
engagement. Producer to provide a 5year
Vail Film Festival
Colorado Film Institute
Cascade, Marriott, VMS
April 7-10
$ 90,000.00
$ 50,000.00
536
$ 45,000.00
strategic plan with development vision.
$ 1,000.00
Starting Hearts: All You Need Is Heart Event
Friday, September 30th -
Donovan Pavilion
2/8/2016
$ 20,000.00
$ 6,000.00
441
Vail Beaver Creek Restaurant Week
GROUP970 Restaurant
Vail/Beaver Creek
Sunday, October 9th, 2016
$ 11,500.00
$ 14,000.00
533
$ 11,500.00
419
$ 4,000.00
Mountain Fit Women's Wellness Weekend
February 7 - 9, 2016* OR
Town of Vail hotels, restaurants, Vail Resorts
August 19-20,.2016
$ 15,000.00
$ 15,000.00
393
CarniVail
Highline
Vail Village, Eagle's Nest
February 6 - 9, 2016
$ 45,000.00
$
532
$ 20,000.00
Vail Kids Adventure Games
Kids Adventure Games, LLC
Vail Village
Aug 10-14, 2016
$ 44,500.00
$ 44,500.00
532
$ 40,000.00
June 19th- Oct 2 Sundays
Vail Farmers' Market & Art Show/Vail
Vail Farmers' Market & Art
and June 26, July 22 and
Farmers' Market Farm to table Series
Show/Meadow Drive Partnership
Meadow Drive
August 12
$ 68,000.00
$ 35,000.00
531
$ 35,000.00
King of the Mountain Volleyball
King of the Mountain Volleyball
Vail Valley Fields
June 17-19,2016
$ 15,000.00
$ 15,000.00
525
$ 15,000.00
Vail Snow Daze
Highline
Mountain Plaza, Solaris Plaza/Meadown Drive
December 9 -11, 2016
$ 45,000.00
$ 40,000.00
521
$ 40,000.00
June 29, July 13, 27,
Vail Summer Bluegrass Series
Lakeside Stride
Arrabelle at Vail Square
August 10
$ 50,000.00
$ 50,000.00
515
$ 50,000.00
Spring Back to Vail
Highline
Golden Peak, Vail Village
4/10/2016
$ 30,000.00
$ 40,000.00
509
$ 25,000.00
Outlier Offroad Festival
Uncommon Communications/
September 29 -October 2,
New dates request Sept 9-11, original date
Greenspeed Project
Gondola One, Lionshead Base
2016
$ 25,000.00
$ 25,000.00
509
$ 25,000.00
not viable
Kick It 3v3 National Soccer Championship
North American Sports Group
Ford Fields, Vail Valley Fields
July 29-31, 2016
$ 55,000.00
$ 55,000.00
508
$ 40,000.00
Lionshead Mountainside Event
Lakeside Stride
Mountainside location in Lionshead
8/27/2016
$ 40,000.00
$
508
$
Eagle Vail Pield and Pavilion, Vail Mountain
Conditional on Vail co -branding at stadium
Colorado Cup 2016- Bundesliga.
JJRose Holdings Group LLC
School Field, Vail Athletic Field and. Ford Field
July 15th - July 25th 2016
$ 75,000.00
$
506
$ 10,000.00
events.
International Lacrosse
Ford Park, Vail Athletic Field, VMS, Donovan
Vail Lacrosse Shootout
Promotions, Inc.
Park
June 25 -July 3, 2016
$ 20,000.00
$ 15,000.00
502
$ 15,000.00
Vail Holidaze
Ren Productions
Vail Village
Dec 16-18, 2016
$ 24,000.00
$ 36,000.00
489
$ 24,000.00
Big Beers, Belgians & Barleywines Festival
Laura Lodge
Vail Cascade Resort, Atwater, Terra Bistro,
January 7-9, 2016
$ 30,000.00
$ 9,500.00
1 475
$ 10,000.00
Vail Automotive Classic/Vail Village Car Show
Vail Village, Ford Park/Amphitheatre or
& Evening Social
Vail Valley
Meadow Drive
September 10-11, 2016
$ 9,000.00
$ 2,000.00
456
$ 2,000.00
Vail Valley Cup, 3rd Annual Cindy Eskwith
Producer commits to collecting matching
Memorial Tournament + RECAP
Vail Valley Soccer Club
Vail Valley Fields
October 1-2, 2016
$ 15,000.00
$ 5,000.00
455
$ 7,500.00
funds from other communities.
Colorado Grand
CO Grand and LHMA
Lionshead Mall
Sept. 16-17, 2016
$ 10,000.00
$ 10,000.00
435
$ 10,000.00
May 10, 17, 24,31&June
Vail Whitewater Series
Vail Recreation District
Whitewater Park
7, 2016
$ 6,000.00
$ 5,000.00
420
$ 6,000.00
Producer should focus on spirits and
distillery market and have food take a
supportive role. Additional marketing
Vail's Top Shelf Harvest
Eagle Valley Events, Inc.
Arrabelle at Vail Square
10/1/2016
$ 20,000.00
$ 20,000.00
402
$ 15,500.00
support.
U16 Rocky/Central Junior Championships
Ski and Snowboard Club Vail
Golden Peak
Mar 11-17, 2016
$ 2,500.00
$
400
$ 2,500.00
June 6-10, June 13-17 and
June 20-24 and August 15-
19 and August 22-26 dates
Ren Event Productions/Vail Art
working with Art Guild and
Vail Summer Art Workshop
Guild
TBD
CM
$ 45,000.00
$
394
$
Vail Arts Festival
Eagle Valley Events, Inc.
Lionshead Mall, Arrabelle at Vail Square
June 24-26, 2016
$ 10,000.00
$ 10,000.00
392
$ 10,000.00
Resurrection Fighting Alliance
Alliance Media Group, I.I.C.
Dobson Arena, Lionshead Mall
TBD
$ 27,000.00
$
386
June 25; July 2, 91, 16, 23,
Vail Family Fun Fest
Blue Creek Productions, Inc
Lionshead
& 30; August 8
$ 23,800.00
$ 20,000.00
374
$ 20,000.00
Starting Hearts: Inaugural Fitness Challenge
Starting Hearts, Inc.
Eagle County
June 1 -July 1, 2016
$ 40,000.00
$
287
$
TOTAL:
$ 1,336,300.00
$ 829,000.00
Fireworks - Vail America Days & Holidaze -
Split TBD $ 51,500.00
Fireworks Budget Remaining: $ 51,500.00
RRC Event Surveys for all events funded @
$10,000 or more+ incentives for participation
($2800)
$ 52,800.00
Meeting & Miscellaneous Expenses
$ 3,000.00
Administrative Budget Remainin
$ 55,800.00
TOTAL CSE Bud et
$ 1,086,300.00
Total
2016 Funds
2015 Funds
2016 Funding
Event Name:
Producing Entity:
Proposed Location:
2016 Dates:
Requested:
Allocated:
Grid
Allocated
Notes
Score
Vail Centre (Vail Leadership
Vail Centre
Institute in 2015)
Grandview Room, Donovan Pavilion
2016
$ 125,000.00
$ 21,000.00
638
$ 56,000.00
January 24-28, 2016 and
Producerto consider changing the name of
Mountains of Hope
Vail Veterans Program
Vail Village, Vail Mountain
March 6-11, 2016
$ 20,000.00
$ 13,800.00
579
$ 18,000.00
the event to "Vail Mountains of Hope".
January 1- December 31,
Nurture/Explore/Discover at the Garden
Betty Ford Alpine Gardens
Betty Ford Alpine Gardens
2016
$ 20,000.00
$
558
$ 15,000.00
Students Shoulder -to -Shoulder:
The International School of Global
Producer to consider changing the name of
Global Solutions Forum
Citizenship
Vail Mountain School and The Antlers of Vail
October 20-23, 2016
$ 25,000.00
$
538
$ 15,000.00
the event to "Vail Global Solutions Forum".
The Donovan Pavilion, The Grand View, The
Antlers at Vail, The Arrabelle at Vail Square,
The Town of Vail Public Library, The Sonnenalp
Vail Symposium Winter 2016
Vail Symposium
and Vail Mountain School
December 2015 -April 2016
$ 45,000.00
$ 35,000.00
519
$ 35,000.00
Valley Tastings: Food for Youth, and Healthy
summer 2016, early
Kids Colorado Survey
Eagle River Youth Coalition
Donovan Pavilion
October 2016
$ 1,000.00
$
481
$ 1,000.00
Starting Hearts: All You Need Is Heart Event
Starting Hearts
Donovan Pavilion
2/8/2016
$ 20,000.00
$ 6,000.00
441
$ 6,000.00
Vertical Express
Can Do Multiple Sclerosis
Vail Village, Vail Mountain
2/27/2016
$ 5,000.00
$ 1,000.00
419
$ 4,000.00
Mountain Fit Women's Wellness Weekend
Peak Wellness Retreat
Town of Vail hotels, restaurants, Vail Resorts
August 19-20,.2016
$ 15,000.00
$ 15,000.00
393
$
TOTAL:
I
$ 276,000.00
$ 150,000.00
Fireworks - Vail America Days & Holidaze -
Split TBD $ 51,500.00
Fireworks Budget Remaining: $ 51,500.00
RRC Event Surveys for all events funded @
$10,000 or more+ incentives for participation
($2800)
$ 52,800.00
Meeting & Miscellaneous Expenses
$ 3,000.00
Administrative Budget Remainin
$ 55,800.00
TOTAL CSE Bud et
$ 1,086,300.00
CSE Cultural, Recreation and Community Event Funds: $829,000
CSE Education and Enrichment Event Funds: $150,000
RRC Event Surveys: $52,800
Fireworks Funding: $51,500
CSE Admin Budget: $3,000
12/1/2015
TOWN OF VAIL
UPDATED REVENUE HIGHLIGHTS
December 1, 2015
Sales Tax
Upon receipt of all sales tax returns, October collections are estimated to be
$828,052 up 10.1% from last year and up 3.6% compared to budget. Year to
date collections of $20,226,082 are up 5.89% from the prior year and up 2.72%
from budget. Inflation as measured by the consumer price index was up 0.2% for
October. The annual budget totals $24.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through November 24 total $5,392,880 down 8.9% from this
time last year. 2014 annual collections totaled $6,849,449, a record year since
the peak in 2008. The 2015 amended budget of $6,190,000 is a 9.6% reduction
from prior year actuals.
Construction Use Tax
Use Tax collections through November 19 total $2,199,363 down 2.1%
compared to $2,247,327 from this time last year. The annual budget totals $1.8
million.
Summer Ski Lift Tax
Collections for summer Lift Tax total $106,718 up 12.5% from the prior year at
this time.
Summary
Across all funds, year-to-date total revenue of $50.2 million is up 8.0% from the
amended budget and up 6.6% from prior year, mainly due to increases in sales
tax and construction related fees. Total year-to-date revenue is 88% of annual
budgeted revenues of $62.8 million.
12/1/2015
TOWN OF VAIN
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 1, 2015
ITEM/TOPIC: Council Committee and Task Force Appointments
PRESENTER(S): Dave Chapin, Mayor
BACKGROUND: Each election cycle (every two years), there is a review of a number of
committee and task force appointments. There will be council discussion about these
committees and new appointments will be made.
ATTACHMENTS:
Council Committee and Task Force Appointments
12/1/2015
Town of Vail
Council Committee Appointments / Task Force Appointments and Representatives
2016-2017
Below is a list of all committees and task forces to which Council members have been
appointed or for which they have volunteered from 2013 until 2015.
There will be new appointments made on December 1, 2015 and these committee assignments
will run to the next Regular Municipal Election (November 2017).
11/24/2015
Page 1
12/1/2015
NEWLY APPOINTED
CURRENT
Council Member/s or
Council Member/s or
Representative/s
Committee / Task Force
Representative/s
December 1, 2015
Meetings Times
1
NWCCOG (Northwest Colorado Council
Patty McKenny
Patty McKenny
meets quarterly
of Governments)
Town Clerk
2
NWCCOG
Chuck Ogilby - voting
meets quarterly
Water Quality / Quantity Committee
3
CAST (Colorado Association of Ski
Andy Daly - voting
meets 5 x annually at
Towns)
Ludwig Kurz - alternate
different locations
Stan Zemler
throughout the State
4
VRD (Vail Recreation District) / Council
Andy Daly
meets as needed
Subcommittee
Dale Bugby
Stan Zemler
5
Bravo! Vail Valley Music Festival
Margaret Rogers - voting
meets 5 times per
year
6
Channel 5 Vail Valley Community
Ludwig Kurz - voting
Mike Griffin,
meets every other
Televison Board
IT staff
month - not regularly
7
Vail Valley Exchange / Sister Cities
Ludwig Kurz - voting
meets as needed
Vail Youth Recognition Award
8
Eagle County Regional Transportation
Dave Chapin
meets quartelry
Authority (ECO)
Jenn Bruno - alternate
9
TOV Open Space / Charter Committee
Stan Zemler - voting
Stan Zemler
meets as needed
10
Colorado Ski Museum and Ski and
Ludwig Kurz - advisory
Snowboard Hall of Fame
11
Betty Ford Alpine Garden Foundation
Margaret Rogers - voting
random meeting times
Dale Bugby - alternate
12
Vail Local Marketing District Advisory
Jenn Bruno - voting
meets third Thursday
Council
Dale Bugby - alternate
8:30 am - 11:30 am
(Statutory authority allows for Council
appointment)
13
Vail Child Care Center
Krista Miller - voting
Krista Miller
meets monthly
HR & Safety Director
11/24/2015
Page 1
12/1/2015
Town of Vail
Council Committee Appointments / Task Force Appointments and Representatives
2016-2017
16 1-70 Transportation Corridor Coaltion
17 Visitor Center Subcommittee -
REMOVE
18 Vail Economic Advisory Council
19 Economic Council of Eagle County
20 EGE Air Alliance
Stan Zemler - Exec
Committee
Greg Hall - staff
Greg Moffet
Margaret Rogers
Kelli McDonald
Economic Development
Manager
alternate
Greg Moffet
Jenn Bruno
Kelli McDonald (currently
servinq)
21 Colorado Municipal League - Policy Andy Daly
Committee (standing committee that
develops the League's legislative
program; composed of municipal
member representatives)
Stan Zemler - Exec meets second Tuesday
Committee monthly 8 am - 10 am
Greg Hall - staff
meets second Tuesday
monthly 9 am - 10 am
meets quarterly
meets first Monday
monthly 3 pm - 5 pm
meets periodically
11/24/2015
Page 2
12/1/2015
NEWLY APPOINTED
CURRENT
Council Member/s or
Council Member/s or
Representative/s
Committee / Task Force
Representative/s
December 1, 2015 Meetings Times
14 Donovan Park Pavilion
Diana Donovan
Diana Donovan as needed
Patty McKenny
Patty McKenny
Donovan Management
Donovan Management
Company (Laurie
Company (Laurie
Asmussen)
Asmussen)
15 Timber Ridge Operating Committee -
Staff group
REMOVE
16 1-70 Transportation Corridor Coaltion
17 Visitor Center Subcommittee -
REMOVE
18 Vail Economic Advisory Council
19 Economic Council of Eagle County
20 EGE Air Alliance
Stan Zemler - Exec
Committee
Greg Hall - staff
Greg Moffet
Margaret Rogers
Kelli McDonald
Economic Development
Manager
alternate
Greg Moffet
Jenn Bruno
Kelli McDonald (currently
servinq)
21 Colorado Municipal League - Policy Andy Daly
Committee (standing committee that
develops the League's legislative
program; composed of municipal
member representatives)
Stan Zemler - Exec meets second Tuesday
Committee monthly 8 am - 10 am
Greg Hall - staff
meets second Tuesday
monthly 9 am - 10 am
meets quarterly
meets first Monday
monthly 3 pm - 5 pm
meets periodically
11/24/2015
Page 2
12/1/2015
TOWN OF VAIN
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 1, 2015
ITEM/TOPIC: Matters from Mayor, Council and Committee Reports
12/1/2015
TOWN OF VAIN
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 1, 2015
ITEM/TOPIC: Adjournment (4:20 p.m.)
NOTE: UPCOMING MEETING TOPICS AND ESTIMATED TIMEFRAMES BELOW (ALL ARE
APPROXIMATE DATES AND TIMES AND SUBJECT TO CHANGE)
THE NEXT REGULAR VAIL TOWN COUNCIL MEETING WORK SESSION WILL BEGIN AT
APPROXIMATELY 12:30 P.M. (or TBD), TUESDAY, DECEMBER 15, 2015 IN THE VAIL
TOWN COUNCIL CHAMBERS.
Ongoing agenda items
DRB/PEC updates WS - 15 min.; Information Updates Attachments: WS - 15 min.; Executive
Session items: 30 min.; Consent Agenda: 5 min.; Town Manager Report: 5 min.
Future agenda items:
Town Council Retreat - 12/15
CSE Board interviews and appointments - 12/15
Joint Meeting with VEAC (DestiMetrics Mountain Travel Update) - 12/15
USO Burton Introductions of Event Team and Update - 12/15
Proposed future agenda items
Review Matrix on Multi -Use Facilities - TBD
Vail Municipal Building Remodel Update - TBD
Cleanup Title 12, zoning amendments- TBD
Gore Creek Water Quality Plan Update - TBD
Vail Trails Update - TBD
Environmental Strategic Plan Update - TBD
Eagle County School District Meeting w/ Board - TBD
Ford Park Leases - TBD
Peer City Visit to Aspen - TBD
Open Lands Strategic Plan - TBD
Pedestrian Crossings at Roundabouts & Bus Shelters Discussion - TBD
VRD Agreement for Skate Park - TBD
12/11/2015