HomeMy WebLinkAbout2016-04-19 Agenda and Supporting Documentation Town Council Afternoon Regular MeetingVAIL TOWN COUNCIL REGULAR MEETING
Afternoon Agenda TOWN Of VAIL'
Town Council Chambers
75 South Frontage Road W., Vail, CO 81657
2:00 PM, April 19, 2016
Notes:
Times of items are approximate, subject to change, and cannot be relied upon to determine what time Council will
consider an item.
Public comment on any agenda item may be solicited by the Town Council.
1. DRB / PEC Update
1.1. PEC/DRB Update
Presenter(s): Chris Neubecker, Planning Manager
2. Presentations / Discussion
2.1. 2015 Year-end Investment Report
Presenter(s): Kathleen Halloran, Finance Director
Action Requested of Council: No formal action requested - informational
only
Background: Section 2-2-8 of the Town Code requires an annual
presentation of the town's investment report, which is also provided as a
written report each quarter. This agenda item is a presentation of the town's
investment report as of December 31, 2015.
Staff Recommendation: None.
2.2. Overview of Housing Policies and Porgrams
Presenter(s): Alan J. Nazzaro, Housing Manager
Action Requested of Council: None - informational
Background:
The purpose of this memo is to provide an overview of the employee
housing policies and programs adopted by the Vail Town Council. Each of
the policies and programs is aimed at achieving the Town's adopted housing
goals.
Staff Recommendation:
Next Steps:
1. Nexus Study
2. EHSP Update
3. Lottery
4. Deed Restrictions
5. Zoning Incentives
3. Information Update
5 min.
10 min.
30 min.
3.1. CSE April 6, 2016 DRAFT Meeting Minutes 5 min.
April 19, 2016 - Page 1 of 55
3.2. VEAC April 12 Meeting Minutes
3.3. Upcoming Elections Update
4. Matters from Mayor, Council and Committee Reports
4.1. Review VEAC Appointments 5 min.
Presenter(s): Kelli McDonald, Director of Economic Development
Background: The Vail Economic Advisory Council meets the second
Tuesday of every month from 8:00 — 10:OOAM at The Antlers. This group
provides advice to the Vail Town Council and Town Manager on issues
involving the economic vitality of the Town of Vail, while acting as a sounding
board and applying an economic lens to issues as requested by the Town
Council or Town Manager.
5. Executive Session
5.1. Pursuant to: 1) C.R.S. §24-6-402(4)(b)(e) - to receive legal advice on 30 min.
specific legal questions; and to determine positions, develop a strategy and
instruct negotiators, Regarding: Unmanned Aircraft Systems (Drones),
Transportation Network Companies and Out of Town Fire Protection
Services
Presenter(s): Matt Mire, Town Attorney
6. Recess
6.1. Recess estimated at 3:25 p.m.
Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website
www.vailgov.com. All town council meetings will be streamed live by Public Access Television Channel 5 and
available for public viewing as the meeting is happening. The meeting videos are also posted to Channel 5 website
the week following meeting day, www.publicaccess5.org.
Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48
hour notification. Please call 970-479-2356, Telecommunication devise for the deaf (TDD) for information.
April 19, 2016 - Page 2 of 55
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: PEC/DRB Update
PRESENTER(S): Chris Neubecker, Planning Manager
ATTACHMENTS:
Description
April 6, 2016 DRB Meeting Results
April 11, 2016 PEC Meeting Results
TOWN OF VAIP
April 19, 2016 - Page 3 of 55
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MEMBERS PRESENT
Bill Pierce
Peter Cope
Rollie Kjesbo
Andy Forstl
Doug Cahill
DESIGN REVIEW BOARD AGENDA
PUBLIC MEETING
April 6, 2016
Council Chambers
75 South Frontage Road West - Vail, Colorado, 81657
PROJECT ORIENTATION
SITE VISITS
MEMBERS ABSENT
1. Vantage Point — 508 East Lionshead Circle
2. Braunholtz Residence — 2610 Bald Mountain Road, Unit B
3. Lodge at Lionshead I & II Condominium Association — 380 East Lionshead Circle
4. One Vail Place Condominium Association — 244 Wall Street
5. Vail Valley Medical Center — 180 South Frontage Road West
MAIN AGENDA
Burger Residence DRB160045
Final review of an addition
716 Forest Road Unit A/Lot 10/Block 1, Vail Village Filing 6
Applicant: Alexander Burger, represented by Pierce Architects
ACTION: Approve with condition
MOTION: Forstl SECOND: Cahill
CONDITION(S):
1:OOpm
3:OOpm
Jonathan
VOTE: 4-0-1 (Pierce Recused)
1. The applicant shall amend the plans per staff direction prior to submittal for a building permit.
2. The applicant shall provide all required documentation to the Vail Fire Chief concerning the
Cedur roofing product prior to requesting a final planning inspection.
2. 716 Vailco LLC DRB160046
Final review of an addition
716 Forest Road Unit B/Lot 10/Block 1, Vail Village Filing 6
Applicant: 716 Vailco LLC, represented by Pierce Architects
ACTION: Approve with condition
MOTION: Forstl SECOND: Cahill
CONDITION(S):
Jonathan
VOTE: 4-0-1 (Pierce Recused)
1. The applicant shall amend the plans per staff direction prior to submittal for a building permit.
2. The applicant shall provide all required documentation to the Vail Fire Chief concerning the
CeDUR roofing product prior to requesting a final planning inspection.
3. One Vail Place Condominium Association DRB16-0066 Brian
Final review of an exterior alteration (roof)
244 Wall Street/Lot A & C, Block 5C, Vail Village Filing 1
Page 1
April 19, 2016 - Page 4 of 55
Applicant: One Vail Place Condominium Association, represented by Teak Simonton
ACTION: Table to 4-20-2016
MOTION: Kjesbo SECOND: Forstl VOTE: 5-0-0
4. Galvin Residence DRB160010 Jonathan
Final review of New Construction (Single Family Residence)
303 Gore Creek Drive Units 9 & 10/Lot 9 & 10, Block 5, Vail Village Filing 1
Applicant: Christopher Galvin, represented by Ryan Wolffe
ACTION: Approve with condition
MOTION: Kjesbo SECOND: Cahill VOTE: 3-2-0 (Pierce and Forstl
Opposed)
CONDITION(S):
1. The railing on west side shall be amended prior to building permit submittal to include a solid
base to a height of 18"
5. Capstone Townhomes DRB16-0059 Chris
Final review of an addition & exterior alteration
1817 Meadow Ridge Road, Common Element & Unit 6/Lot 21, Buffehr Creek Resubdivision
Applicant: Capstone Townhomes HOA, represented by KH Webb Architects
ACTION: Approve with condition
MOTION: Kjesbo SECOND: Forstl VOTE: 5-0-0
CONDITION(S):
1. The approved design for Unit #6 shall set the design standard for future deck enclosures. All
enclosures of the south-east side decks shall match the enclosure design of Unit #6 approved
by this permit. In addition, garages shall not be expanded further than existing conditions on
Unit #6.
6. Vantage Point Condominiums DRB16-0060 Matt
Final review of an exterior alteration (veneer)
508 East Lionshead Circle/Lot 1, Block 1, Vail Lionshead Filing 1
Applicant: Vantage Point Condominium Association, represented by Dave Moe
ACTION: Approve with condition
MOTION: Kjesbo SECOND: Forstl VOTE: 4-0-1 (Pierce Recused)
CONDITION(S):
1. The applicant shall install a stone column on the west -facing wall at the west end parking
garage drive-through to terminate the stone on the project area.
7. Lodge at Lionshead I & II Condominium Association DRB16-0062 Matt
Final review of an exterior alteration (landscaping)
380 East Lionshead Circle/Lot 7, Block 1, Vail Lionshead Filing 1
Applicant: Lodge at Lionshead I & II Condominium Association, represented by Jeff Bailey
ACTION: Approve with condition
MOTION: Kjesbo SECOND: Forstl VOTE: 5-0-0
CONDITION(S):
1. Prior to removal of the trees, the applicant shall provide a Developer Improvement Agreement
(DIA) with a cash deposit in the amount of $5,000 as surety for the landscape improvements to
replace the trees removed. The $5,000 deposit shall not be returned until the new landscaping
is installed.
2. Applicant shall submit a DRB application with a landscaping replacement plan within six (6)
months of the date of this permit approval, which plan shall be subject to approval by the
Design Resign Board.
Page 2
April 19, 2016 - Page 5 of 55
8. Braunholtz Residence DRB16-0065
Final review of an exterior alteration (window/solar/chimney)
2610 Bald Mountain Road Unit B/Lot 32, Block 2, Vail Village Filing 13
Applicant: Alan Braunholtz
ACTION: Approve
MOTION: Kjesbo SECOND: Forstl VOTE: 5-0-0
9. Vail Valley Medical Center DRB16-0090
Final review of changes to approved plans (exterior materials)
180 South Frontage Road West/Lot E & F, Vail Village Filing 2
Applicant: Vail Valley Medical Center, represented by Heery International
ACTION: Table to 4-20-2016
MOTION: Kjesbo SECOND: Forstl VOTE: 5-0-0
10. Town of Vail DRB16-0091
Final review of an exterior alteration (CDOT Kiosk)
75 South Frontage Road West/Unplatted-TOV Administration Building
Applicant: Town of Vail, represented by Mike Griffin
ACTION: Approve with Conditions
MOTION: Kjesbo SECOND: Forstl VOTE: 5-0-0
CONDITION(S):
Brian
Jonathan
Jonathan
1. This approval shall be valid for 1 year following date of installation. After one year, the project
shall return to the DRB for further review and approval or shall be removed at that time.
STAFF APPROVALS
Solaris Property Owner LLC DRB160031 Chris
Final review of an exterior alteration (hot tub)
141 East Meadow Drive/Lot P, Block 5D, Vail Village Filing 1
Applicant: Solaris Property Owner LLC, represented by Sharon Cohn
Blythe Residence DRB160051 Chris
Final review of an exterior alteration (roof)
1404 Moraine Drive/Lot 2, Dauphinais-Moseley Filing 1
Applicant: Mary Jo Blythe, represented by A.G. Roofing Company Inc.
Heiman Residence DRB16-0057 Brian
Final review of an exterior alteration (windows, siding trim)
5134 Grouse Lane/Lot 9, Block 1, Gore Creek Subdivision
Applicant: Mark J Heiman Trust, represented by Martin Manley Architects
Stratemeier Residence DRB16-0063 Brian
Final review of an exterior alteration (door)
548 South Frontage Road West Unit 204/First Westwind
Applicant: Edward Stratemeier, represented by Davis Design Group
Hill Run Limited DRB16-0068 Jonathan
Final review of a changes to approved plans (lighting)
1755 West Gore Creek Drive/Lot 6, Vail Village West Filing 2
Applicant: Hill Run Limited, represented by Beth Levine
Burch Residence DRB16-0069 Jonathan
Final review of changes to approved plans (support post)
Page 3
April 19, 2016 - Page 6 of 55
3235 Katsos Ranch Road/Lot 5, Block 1, Vail Village Filing 12
Applicant: Katsos Ranch LLC, represented by Robin Burch
Mitchell Residence DRB16-0071
Final review an exterior alteration (landscaping)
327 Rockledge Road Unit W/Lot A, Rockledge Subdivision
Applicant: Dean Mitchell, represented by Krueger Architecture
Cooper Residence DRB16-0072
Final review of an exterior alteration (door/vent)
2038 Sunburst Drive/Lot 17, Vail Valley Filing 3
Applicant: Elizabeta Cooper, represented by Joshua Boe
Vail Custom Ski Home DRB16-0075
Final review of changes to approved plans (window, GRFA)
756 Forest Road/Lot 12, Block 1, Vail Village Filing 6
Applicant: Vail Custom Ski Home, LLC, represented by Scott Turnipseed, AIA
Leaman Residence DRB16-0078
Final review of an exterior alteration (patio/landscaping)
1998 Sunburst Drive Unit B/Lot 19, Vail Valley Filing 3
Applicant: Lee Leaman, represented by Beth Levine Architect, Inc.
Jonathan
Jonathan
Jonathan
Jonathan
Ptasnik Residence DRB16-0080 Matt
Final review of changes to approved plans (approval extension)
4977 Juniper Lane, Unit A/Lot 2, Block 4, Bighorn Subdivision 5th Addition
Applicant: Justin Ptasnik
Streich Residence DRB16-0081 Jonathan
Final review of changes to approved plans (roof)
5097 Main Gore Drive North/Lots 2 & 3, Block 1, Bighorn Subdivision 5th Addition
Applicant: Fred Streich, represented by Ankerholz Inc.
Bates Residence DRB16-0084
Final review of an exterior alteration (HVAC unit)
12 Vail Road/Lot N & O, Block 5D, Vail Village Filing 1
Applicant: James Bates, represented by Ross Graves
Matt
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
April 19, 2016 - Page 7 of 55
PLANNING AND ENVIRONMENTAL COMMISSION April
TOWN Of VAII 111, 2016, 1:00 PM
Vail Town Council Chambers
75 S. Frontage Road - Vail, Colorado, 81657
Call to Order
Members present: Brian Gillette, John Rediker, Henry Pratt, Ludwig Kurz, Kirk Hansen, John Ryan
Lockman, Brian Stockmar
Members Absent: None (Note: Mr. Kurz left the meeting after the swearing in and voting for
Chairman.)
Swearing-in New PEC Members by Town Clerk, Patty McKenny
Henry Pratt nominated John Rediker as Chairman, Seconded by Kirk
Only one candidate, not vote taken
John Rediker nominated Henry Pratt as Chairman Pro -tem
Ludwig seconded the motion
Henry Pratt nominated Ludwig Kurz as Chairman Pro -tem
Seconded by Kirk
Vote for Pratt as Chairman Pro -Tem passed, 4-3.
Site Visits:
1. Vail Fire Station No. 1 - 4116 Columbine Drive
2. Gasthof Gramshammer - 231 East Gore Creek Drive
3. Kajara LLC Residence - 265 Forest Road
Information Update - Energy Usage: Natural Gas
Kristin Bertuglia, Environmental Sustainability Manager, presented information regarding energy
usage within the Town.
Mark Hoblitzell, Environmental Sustainability Coordinator, presented specific information regarding
natural gas usage within the Town. Information included the Town's sources for natural gas,
calculating the carbon equivalency of natural gas and the use of natural gas for snowmelt.
John King, Public Works, also spoke in order to answer facility operation questions from the PEC.
2. A request for review of a Major Exterior Alteration, pursuant to Section 12-713-7, Exterior
Alterations or Modifications, Vail Town Code, to allow for the addition of 1,193 square feet of gross
residential floor area (GRFA), located at 304 Bridge Street Units R2 & R3 (Red Lion Inn
Condos)/Lots E -H, Block 5A, Vail Village Filing 1, and setting forth details in regard thereto.
(PEC160008)
Applicant: Oscar Tang and Blue Mountain Investments represented by J+A Architects
Planner: Brian Garner
April 19, 2016 - Page 8 of 55
Motion to Approve
Motion- Hansen Second- Lockman Vote: 6-0-0
Conditions:
1. This exterior alteration or modification approval is contingent upon the applicant
obtaining Town of Vail approval of an associated design review application.
2. The applicant shall mitigate the employee housing impact created by the new net square
footage in accordance with the provisions of Chapter 12-24, Inclusionary Zoning, Vail
Town Code and the applicant shall make the required fee in lieu payment to the Town of
Vail prior to the issuance of any building permit.
3. The applicant shall specify the design and location of the chimney and shall investigate
the potential for making the restaurant exhaust chimney smaller and as much to the
south as possible.
Brian Garner, Town Planner, introduced the project. Mr. Garner summarized the discussions from
the previous two (2) reviews that occurred on March 14 and March 28, 2016. The applicant's
proposal is the same as it was in the previous meeting. A more extensive sun -shade analysis has
been provided by the applicant. At the April 5, 2016 Town Council meeting, the council waived
their rights to limit the GRFA as granted in the condominium declarations for the project.
Mr. Brian Judge, Architect - Briefly summarized the proposal and then focused his attention on the
sun -shade analysis. There are no established setbacks for this site. Mr. Judge stated that the
entire HOA has approved the proposal. Mr. Judge also stated that individuals from the neighboring
property to the north who previously spoke against the proposal had indicated that they
represented the entire HOA for the neighboring property to the north when they did not actually
represent the HOA, just themselves.
Mr. Judge then referred to sun -shade analysis graphics comparing the existing and proposed
conditions at the times and dates required by the design guidelines. According to Mr. Judge, the
increase in shadow coverage as a result from this proposal ranges from 3-8% depending on the
time of the year. Mr. Judge reminded the PEC that the impact of Vail Mountain was not considered
for the sun -shade analysis.
Mr. Judge concluded by stating that the proposal will refresh the appearance of the property and
remove some of the existing unsightly elements such as the open staircase and awning. The
proposal the applicant has attempted to address the concerns of the neighboring property owners
and the proposal does not require any variances and leaves undeveloped GRFA.
Mr. Merrill Stillwell - Spoke in regards to conversations with the neighboring property owners. Mr.
Stillwell stated that the plans have been adjusted to address neighboring property owner concerns.
Rediker - Asked for Mr. Judge to specify which plans are requested to be approved. Mr. Judge
confirmed that it was the plan set titled, "1-A"
Public Comment
Ms. Margo Mullally - Spoke as the owner of unit R2 in the adjacent Rucksack Building. Ms. Mullally
claims that the applicant's comments regarding other properties' length of awareness of this
application and their excitement level were misrepresented. Ms. Mullally stated that in the 1990s
April 19, 2016 - Page 9 of 55
the neighboring properties were told that the previous expansion was the last time the applicant
would be able to increase the size of the building. Ms. Mullally claimed that while the changes
shown in the sun -shade analysis may sound small, there is a large impact on the neighboring
property. Ms. Mullally claimed that the proposal will place a solid wall in front of the recently built
dormer on her unit and invited the PEC to see how it would impact their property.
Closed Public Comment
Mr. Hansen - Asked how the other individual Ms. Mullally mentioned would be impacted by the
proposal. Ms. Mullally stated that the owner of Rucksack Building Unit #R1 is Mr. Bill Gardiner.
Rediker - Asked if anyone opposing the proposal attended the Town Council meeting where the
waiving of the GRFA limitation was discussed. Ms. Mullally stated that no one to her knowledge
attended. Mr. Garner stated that the discussion was held in the Town Council's executive session.
Mr. Rediker asked if this meant that none of the neighbors were notified of the meeting, to which
Mr. Garner responded in the affirmative.
Mr. Judge - The restriction being referred to was not signed by anyone in the town and that the
Town Attorney advised that the restriction did not give any restrictive power to the Town.
Mr. Gillette - Asked Mr. Garner if the Town Council actually waived their rights or if they determined
that the GRFA restriction was not applicable to the Town. Mr. Garner stated it would be more
correct to say the GRFA restriction in the declarations was not applicable to the Town.
Mr. Hansen - Asked for clarification as to whether the neighboring property owners were correctly
notified.
Mr. George Ruther, Director of Community Development, stated that staff would research the
notification process.
Chris Neubecker, Planning Manager - Referring back to the GRFA restriction discussion among the
Town Council, he stated that the executive session on the GRFA restriction was specifically listed
on the Town Council agenda, and was suggested by the PEC at the previous meeting on this topic.
Mr. Lockman - The applicant has conducted good due diligence in regards to providing the
information requested. In regards to the sun -shade analysis Mr. Lockman feels the applicant has a
done a good job of taking the adjacent property owner to the north into consideration regarding the
design and he therefore can support the application.
Mr. Hansen - He felt the applicant has accommodated the neighboring properties while still
complying with Town Code. The information provided has eased his concerns and Mr. Hansen
supports the application.
Mr. Pratt - Due to the zero foot (0') lot line regulations there is limited expectation of light and air for
surrounding properties. Mr. Pratt did state a concern regarding the size of the chimney and its
proximity to the neighboring property. Mr. Judge clarified that the number of vents is actually being
reduced and that one single larger vent will reduce noise in comparison to the existing conditions.
Mr. Judge stated that he will look into moving the chimney as south as possible, and design it as
small as possible.
Mr. Gillette - He concurred with the Town Attorney's opinion regarding the Town's lack of authority
in the matter of the GRFA restriction. Mr. Gillette feels that the applicant has provided substantial
information and demonstrated that the sun -shade impact will be minimal.
April 19, 2016 - Page 10 of 55
Mr. Stockmar - He feels the proposal, as it is compliant with Town Code, is something that can be
approved, despite the unfortunate disagreement between neighbors.
Mr. Rediker - He understands the concerns of the neighboring property owners, and it is
unfortunate that the maximum impact on the sun -shade occurs during the winter equinox. Mr.
Rediker concurs with Mr. Pratt's statements regarding the size and location of the chimney.
Mr. Ruther confirmed that the adjacent property owners had been correctly notified, mailed March
15, including the Martin J. Mullalley Credit Trust, at an address in Minturn, as listed in the Eagle
County records.
3. A request for review of an amendment to a Conditional Use Permit pursuant to Section 12-9C-3,
Conditional Uses, Vail Town Code, in accordance with the provisions of Section 12-16
Conditional Uses, Vail Town Code to allow for the expansion of the East Vail Fire Station located
at 4116 Columbine Drive/Lot 15 Bighorn Subdivision, and setting forth details in regard thereto.
(PEC16-0010)
Applicant: Vail Fire Protection District, represented by John King
Planner: Brian Garner
Motion to Approve - Lockman
Motion- Lockman Second- Pratt Vote: 4-1-1 (Gillette
Against, Stockman recused)
Conditions:
1. This exterior alteration or modification approval is contingent upon the applicant
obtaining Town of Vail approval of an associated design review application.
2. The Employee Housing Units (EHUs) shall first be offered to emergency personnel, then
to Town of Vail staff before offering to general public.
Mr. Garner introduced the proposal and explained that this project entails the expansion of an
existing fire station facility and a Conditional Use Permit is required for a fire station in this zone
district. The two EHUs are allowed by right in the General Use zone district. Building additions are
proposed to the fire station and EHUs. Improvements proposed to the exterior of the building
include a new heated concrete driveway in front. Brian Garner corrected the staff memo concerning
the number of EHUs proposed on site.
Pratt - Is there a requirement for 50% of the employees to be housed on site? Garner indicated
that he is not aware of any such requirement.
John King - Currently one EHU with a Vail Fire Fighter living there. Gym on second floor will
become the second EHU. Fire Station #1 was built about 1982. New roof was added in 2008.
Space is cramped, can't walk around firetrucks inside garage. Expansion proposed for work areas,
bunker gear, and generator. We will address mechanical and electrical systems to bring up to date
and will also be cleaning up the building facade. Heated driveway proposed to address safety
issues.
Stockmar - I live next door. It may be seen as a conflict of interest. Mr. Stockmar left the room and
did not participate in the discussion or vote.
April 19, 2016 - Page 11 of 55
Pratt - Is there an option for a heat exchange system to save energy on the snowmelt system?
King indicated that there are tying to be efficient and will consider a heat exchange.
Lockman - How is building heated now?
King - Natural gas. It would be almost impossible to not be more efficient after this remodel. I'm not
a fan of adding snowmelt but it's a safety issue since this is a fire facility.
Hansen - Will the HVAC system be available for review by the DRB?
King - Yes
Rediker - Officers are constantly cleaning the trucks. Where do they drain the water?
King - Trench drain that currently flow to sanitary system. Driveway and parking will have a water
quality vault, and then drain to creek. We are making strides to collect and clean water. We are
reducing impervious surface.
Lockman- Environmental Report was not required, due to existing structures. Since its close to
creek, why not still required environmental report?
Garner - Exemption for existing buildings applies here.
Gillette - Please explain the safety issues with the heated driveway.
Mark Novak - Engineers have 4 wheel drive and snow tires. Real issue is backing up safely. He
stated the fire department has people helping to back up the trucks. Having staff standing behind
the truck is a safety issue.
Gillette - What if you heated only the first 20 feet in front of the building rather than the whole
driveway?
Novak - 20 feet would not be enough. Once a truck starts to slide it's a safety issue. We looked at
changing the driveway, but there are issues with the trucks not clearing the garage doors.
Rediker - Question for Bill Pierce, Architect. Which image in the plans is best to see what is
proposed on the new proposed driveway?
Garner - Displays landscape plan on the screen.
Bill Pierce - We added evergreen trees to mitigate headlights from cars. He discussed the
displayed landscape plan.
Rediker - Operationally, how will snow removal and storage be handled? Will there be any salt and
sand getting into the creek?
King - We are working with Gregg Barrie to determine best plan to mitigate sand. We may be
forced to haul snow.
Hansen - Landscaping looks thin along the west property line adjacent to the new proposed
driveway.
April 19, 2016 - Page 12 of 55
King - We need to consider shrubs that can take snow on them. We are still working on the
landscaping plan.
Public Comment - None
Final Comments
Gillette - Likes the application but concerned with the snowmelt. We have only reduced energy use
by 2%. Snowmelt should be limited to 10-20 feet in front of the doors, rest should be plowed.
Heating that area is convenient, but not necessary.
Pratt - Different take on this issue. I once called Fire Department and they showed up in 45
seconds. Snowmelt is warranted. Mr. King should use innovative ways to try to be efficient. Snow
Melt boiler is 10 times bigger than that for the building. Don't think we want to snowmelt the drive to
the west. EHUs are concern to me. EHUs should be offered first to Firefighters, then town staff,
before offering to the public.
Hansen - Ditto on housing units and west side landscaping. Snowmelt, lean towards Henry's
comments. You need to be able to get out quickly. I live in East Vail and count on these guys.
Truck in front of station with flat tire, why is that there?
Lockman- Upgrade to the fire stations is important to public safety. Upgrades are much needed.
Landscaping needs to be increased. Without requirement for an environmental report ... there are
issues with Gore Creek. Advise Town to lead by example on creek and environmental
sustainability, snow storage.
Rediker - Henry raised a good issue on the EHUs. Did staff look at these requirements, and can
we add to the conditional use with those requirements to be occupied by town staff?
Ruther - We can add as a priority to rent to a town employee or fire fighter, but would not
recommend keeping it empty if those staff are not occupying unit.
King - We offer these units to fire fighters and other emergency personnel first.
Rediker - If we get rid of baseboard heat, that will save electricity. If we add more efficient boilers,
that will offset some of the power use in driveway. Trucks need to be able to exit the building
quickly. Agree with comments on additional landscaping on the west side. Neighbor across the
creek is far away, and may not be able to plant in wetlands. Do the best you can with landscaping
on west side.
3. A request for an Addition and Exterior Alteration to the Gasthof Gramshammer / Pepi's Restaurant
Building in Vail Village, pursuant to Section 12-713-7 Exterior Alterations or Modifications, Vail
Town Code, to allow for a revised entrance, new windows and new bar seating area located at
231 East Gore Creek Drive / Lot A, Block 5B, Vail Village Filing 1, and setting forth details in
regard thereto. (PEC16-0011)
Applicant: Gasthof Gramshammer Inc, represented by Gies Architects
Planner: Matt Panfil
Motion to Approve with Conditions
Motion- Pratt Second -Gillette Vote: 6-0-0
April 19, 2016 - Page 13 of 55
Conditions —
1. Approval of this minor exterior alteration request is contingent upon the applicant
obtaining Town of Vail approval of an associated design review application; and
2. The applicant shall mitigate the employee generation impact created by the new net
development in accordance with the provisions of Title 12, Chapter 23, Commercial
Linkage, Vail Town Code, and if a mitigation option including a fee in lieu payment is
chosen, the applicant shall make the required fee in lieu payment to the Town of Vail
prior to the issuance of any building permit. As required by the Town Code, if the
applicant chooses to mitigate any portion of the obligation through off site unit(s), these
unit(s) shall be available for occupancy prior to the issuance of any Certificate of
Occupancy.
3. The PEC recommends that the applicant and the Design Review Board take steps to
increase the alpine character on the Bridge Street side of the building.
Matt Panfil introduced the application. He discussed the added landscaping and site coverage on
the site plan. A net new 81 square feet of floor area and 24 square feet of landscaping are
proposed. The last addition or remodeling to the Bridge Street elevation was in 1988. Applicant
would like a refreshed look. The exterior changes will also be reviewed by the DRB. The proposed
sliding doors serve a function mentioned in the Vail Village Master Plan, which is to open up more
visual transparency to pedestrians. The proposed changes result in a minor increase in the
number of tables inside the restaurant. The site coverage will remain below the 80% required by
code. Commercial linkage will also apply. Staff finds the proposal in compliance with the CC1 zone
district, Vail Village Master Plan, Streetscape Plan, and Urban Design Guidelines. Staff did receive
a concern from a nearby neighbor concerning potential for noise.
Gillette — Did we do a study on the transparency?
Panfil — No there is not a study on the transparency on the existing building vs. proposed.
Gillette — I have concerns with the transparency and with the roof form.
Pratt — In Vail Village our purview is not limited to bulk and mass.
Gillette — I strongly recommend that the DRB look at the transparency, loss of gable roof form, and
the loss of muntins and mullions in windows.
Pratt — Vail Village Urban Design Guide Plan discusses windows, doors, design and trim.
Lockman — What is the intent of the language in the Urban Design Guide Plan?
Panfil showed portions from the Urban Design Guide Plan on windows and transparency.
Ruther discussed the language in the Urban Design Guide Plan. He discussed some other
buildings in Town, such as the Gore Creek Promenade and the Wall Street Building.
Pratt — Pepi's Sports is an example of what could be done.
Gillette — Muntins in Pepi's Sports were examples that were previously mentioned and incorporated
into the Wall Street Building.
April 19, 2016 - Page 14 of 55
Applicant — Russell Gies, Architect — Existing bar has unusable space. This entrance was originally
access to Sheika's bar, now used as ski storage in basement. We wanted to bring more light into
the building. The entry that exists is not part of the original design. Original building did not have
the protrusion, or these muntins (divisions in the windows). Shed roofs are appropriate on smaller
roof forms, per the code. Floor is 39"-41" above Bridge Street. It's not the same as Wall Street
Building. We are trying to make it feel like this is part of the original building. Deep recessed
windows.
Hansen — Have you selected the slider windows? Can you get windows with muntins?
Gies — Nana Doors may have muntins. We are going back and forth between sliders and accordion
style. Each has advantages and disadvantages.
Stockmar — Planter will not go into the right of way?
Gies — Landscaping planter will be on private property.
Public Comment — None
Final Comments —
Lockman — I like the idea of 24 sq. ft. net increase in landscaping and it is great to have more
commercial capacity in Town. This is a great project. On this application, opening the storefront is
great. Agree with Gillette on the loss of the alpine character and to ask the DRB to look into that
issue.
Hansen — Support project as well. If you wanted to change the whole side of the building, it would
not be OK. But for a section of all 18 feet long, it works. This space needs to be fixed. Good design,
I support it.
Pratt — Thus is a badly needed improvement. Muntins are needed, encourage you and the DRB to
look at the muntins. Across the street at new restaurant, seems like everybody is opening up the
storefront. It could get cacophonous from music in this small area, potential for a lot of noise. Code
enforcement will be able to monitor and enforce noise complaints.
Gillette — The applicant should try to get more alpine character on the building. Encourage staff and
the DRB to look at that hard.
Stockmar — That wall has always bothered me. It is dark on the inside of the building. I like the idea
of echoing some of the muntins, so it is not all glass.
Rediker — Agree with my commissioners. On site coverage, bulk and mass it meets code. We need
to keep the alpine character. Shed roof is getting away from that character. In particular, the four
criteria are met, and hope that the DRB notes all of our comments and concerns.
Gillette — Look at opening the top rail on the deck.
Gies — The deck on the second floor has a solid railing because guests complain about the noise
on Bridge Street. Mr. Gies asked if he went to a six or eight panel sliding door system, could he get
back to the vertical nature of the building.
Gillette — You are losing some of the alpine character. We will ask the DRB to look at the design
and see how you can "yodel" it up.
April 19, 2016 - Page 15 of 55
4. A request for the review of a variance from Section 12-6D-6 Setbacks, Vail Town Code, in
accordance with the provisions of Section 12-17-1, Variances, Vail Town Code, to allow for a
variance to the front setback for a trash enclosure, located at 265 Forest Road / Lot 21, Block 7,
Vail Village Filing 1, and setting forth details in regard thereto. (PEC16-0012)
Applicant: Kajara LLC, represented by Bill Nutkins
Planner: Matt Panfil
Motion to Deny
Motion- Lockman Second- Stockmar Vote: 5-1-0
The Planning and Environmental Commission finds:
1. The granting of this variance will constitute a granting of special privilege
inconsistent with the limitations on other properties classified in the Two -Family Primary /
Secondary Residential District;
2. This variance is not warranted for the following reasons:
a. The strict literal interpretation or enforcement of the specified regulation will not
result in practical difficulty or unnecessary physical hardship inconsistent with the
objectives of Title 12, Zoning Regulations, Vail Town Code;
b. There are no exceptions or extraordinary circumstances or conditions applicable
to the same site of the variance that does not apply generally to other properties in the Two -
Family Primary / Secondary Residential District; and
C. The strict interpretation or enforcement of the specified regulation will not
deprive the applicant of privileges enjoyed by the by the owners of other properties in the
Two -Family Primary / Secondary Residential District.
Panfil gave an introduction to the application. The trash enclosure will be about 5 feet from the
property line and creates 34 square feet of new site coverage. The existing retaining wall is about
8'3" in height. Structure would be about 11'3". The home was built in 2003 with a three car garage.
Staff recommends denial, based on no physical hardship. Staff agrees that that the design has a
minimal impact on the neighborhood, but feels that granting the variance will be a special privilege
for the applicant.
Rediker — Did you look at other options for locations?
Panfil — We looked at a variety of locations. Some others would also require a side setback. The
location proposed is what the applicant determined to be the area of least impact.
Rediker — Retaining walls are significantly into side setback.
Panfil — Retaining walls can be within the setback.
Ruther — No variances were granted in 2003 for the retaining walls.
Hansen — Please define why this is a noncompliant addition.
April 19, 2016 - Page 16 of 55
Neubecker — Definition of GRFA includes storage areas.
There was a discussion on wildlife proof trash containers.
Bill Nutkins — Architect — Made some corrections to statements made by the staff. We looked at the
east side of the house, but we would have needed a variance there too. East side of the garage
also would be an eyesore, and a large drop off of about 12 feet in grade.
Panfil - Agreed that the dimensions mentioned by Nutkins are correct. He read sections from the
Town Code requiring screening and trash enclosures.
Ric Fields — Landscape Architect — Discussed some of the goals of the design, and need for a roof.
One goal is to keep snow from piling on top of trash cans.
Public Comment — None
Final Comment
Stockmar — During site visit, it looks like a solution in search of a problem as there is an existing
three car garage with lots of storage. A solution may be a niche in the wall. I tend not to think that it
is a necessity. None of the alternatives seem practical. I will vote against this.
Gillette — Agree with staff. Do not think that the criteria for a variance have been met. Try to find a
design and location that is not GRFA, eliminate the roof and you are there.
Pratt — This is an elegant solution that is not needed. There is GRFA available. The fact that there
is a roof that sticks over the wall seems to make it a special privilege.
Hansen — I will go the other way. I do think that this is a different situation. I would support the
application.
Lockman — I did not see any practical difficulties. I think it makes sense to use the space under the
wall. The roof makes it need a setback variance, which I cannot support. Look to other locations
without a variance.
Rediker — I like the plan. I see the issue that the owner has, but I agree with the analysis from staff.
I do think there are some practical difficulties with this site. But it does not rise to the level of
supporting a variance.
5. Approval of Minutes
March 28, 2016 PEC Meeting Results
Motion to Approve
Motion- Gillette Second -Lockman Vote: 5-0-1 (Stockmar abstain)
6. Adjournment Motion — Stockmar; Second — Gillette 6-0-0
April 19, 2016 - Page 17 of 55
TOWN OF VAIP
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: 2015 Year-end Investment Report
PRESENTER(S): Kathleen Halloran, Finance Director
ACTION REQUESTED OF COUNCIL: No formal action requested - informational only
BACKGROUND: Section 2-2-8 of the Town Code requires an annual presentation of the town's
investment report, which is also provided as a written report each quarter. This agenda item is a
presentation of the town's investment report as of December 31, 2015.
STAFF RECOMMENDATION: None.
ATTACHMENTS:
Description
Investmt ppt
Investmt ws
April 19, 2016 - Page 18 of 55
ti
2015 INVESTMENT REPORT
FINANCE April 19, 2016
77,
AV
. x '• �F�' II .. �f � s
• .s � _ � ¢ ..'rte `\ ��
t ?
rB
� ' • � I �f r F � ' E +�^T � �"� C�■ 1 •�:, � sf •_ R't�` ` •_ 7. �:�I, � a
- • � � � °' +�'� € ,- - � ��� ; r � 'iEa. c► ..� a ""; c: ,.
Y.
,tiww �..z� TOWN OF VAI
I
POLICY OBJECTIVES I Stated in the Vail Town Code - Investment Policy
MMI
Tr
Safety Liquidity Yield
2.00%
Year-end Treasury yields
exceeded prior year rates 1.50%
The Federal Reserve raised 1.00%
interest rates by 0.25% in
December for the first time in 0.50%
nearly a decade, which helped to
boost Treasury yields in the 4t" 0.00%
Quarter
Town of Vail I Finance 1 4/19/2016
TREASURY YIELDS
3 mo 6 mo 1 yr
1==F�_
Dec 2015 .16% .49% .65%
Dec 2014 .04% .12% .25%
April 19, 2016 - Page 21 of 55
2 yr 5 yr
1.06% 1.76%
67% 1.65%
TOWN OFVA�
Town's average yield stayed
flat thru Q3 then increased in 0.80%
Q4 0.70%
0.60%
1 year Treasury had a similar 0.50%
trend, with a major uptick in 0.40%
Q4 0.30%
0.20%
By year-end, the spread 0.10%
between the TOV yield and 0.00%
the benchmark tightened to 6
basis points
Town of Vail I Finance 1 4/19/2016
YIELD COMPARISON
Q1 Q2 Q3 Q4
1 Yr Treasury
Town of Vail
April 19, 2016 - Page 22 of 55
TOWN OF VAIL
.26%
.28%
.33%
.65%
.61%
.59%
.60%
.71%
April 19, 2016 - Page 22 of 55
TOWN OF VAIL
Cash, 31
STRATEGY I Investment Mix
Colorado Cash
Pool, 20% 30%
CD's, 16%
Colorado
Pool
19%
CD's
19%
Gov't
Gov't
Securities3
Securities,
3%
34%
Colorado
Pool
19%
CD's
19%
> 5 Yrs
7%
2-5Yrs
28%
STRATEGY I Maturity
<1Yr
57%
>5yi
L 5%
2-5Yrs
35%,.
1-2Yrs
8% 1-2Yrs
8%
<1Yr
52%
Expect the interest rate environment to
slightly improve in 2016
Stick to our investment policy objectives:
safety, liquidity and yield
Continue to manage investment mix
Make strategic decisions for use of cash for
capital projects as appropriate
Update the town's investment policy to allow
participation in the ColoTrust Plus plan which
would increase returns, but continue to be in
a safe environment
April 19, 2016 - Page 25 of 55
TOWN OFVA�
FROM: Carlie Smith
DATE: 4th Qrtr 2015
RE: Investment Report
Enclosed is the investment report with balances as of December 31,2015.
The estimated average yield for the pooled cash fund is 0.71 %. As of
12/31/2015, the Treasury yield curves for 3 months, 6 months, and 1 year are 0.16%, 0.49%,
and 0.65% respectively. TOV investments performed above these yields.
Our investment mix follows the policy objectives of safety, liquidity, and yield in that order.
2015 Investment Mix
$74.5 million
Cash
$22.9M, 31%
7
Colorado
Investment
Pool $14.6M,
20%
Gov't
Securities
____-_ $25.3M, 34%
CD's $11.7M,
16%
During the fourth quarter, $5.0 million of cash holdings were invested in government
securities, a longer-term investment with stronger returns.
There were no other changes to investment products or banking institutions.
Please call me if you have any questions.
April 19, 2016 - Page 26 of 55
Town of Vail, Colorado
Investment Report
Summary of Accounts and Investments
As of 12/31/2015
2015
Balances Percentage
Cash of Total
Commercial Banks $22,678,291 30.44%
Money Market Funds $193,153 0.26%
Total Cash $22,871,444 30.70%
U.S. Government Securities (see page 4)
Government Agency Seurities -Piper Jaffray $15,943,337 21.40%
FNMA'S, GNMA'S, FHLMC'S & SBA'S - Dana $9,331,753 12.53%
Total Government Securities $25,275,090 33.93%
Certificates of Deposit $11,758,641 15.78%
Colorado Investment Pools $14,589,671 19.58%
Total Portfolio $74,494,846 100.0%
Maturing Within 12 Months 42,440,495 56.97%
Maturing Within 24 Months 5,714,027 7.67%
Maturing After 24 Months 26,340,324 35.36%
74,494,846 100.0%
April 19, 2016 - Page 27 of 55
Performance Summary
as of 12/31/2015
Institution
Type of Accounts
"CASH" ACCOUNTS
Commercial Bank Accounts:
First Bank of Vail - Operating
Interest
Alpine Bank
Money Market Accounts:
Schwab Institutional Money Market Fund - Dana Investments
Interest and Balance
Vail Super Now Public Funds Account - Piper Jaffray
Interest and Balance
Total Money Market Funds
Total "Cash" Accounts
GOVERNMENT SECURITIES (see pg 5)
Government Agency Seurities -Piper Jaffray
FNMA'S, GNMA'S, FHLMC'S & SBA'S - Dana
Total Government Securities
1st Bank, Vail Colorado (#5734) Matures September 14, 2017
1st Bank, Vail Colorado (#5114) Matures March 27, 2017
1st Bank, Vail Colorado (#4983) Matures March 6, 2017
1st Bank, Vail Colorado (#1992) Matures Nov 23, 2020
1st Bank, Vail Colorado (#3421) Matures Mar 17, 2016
1st Bank, Vail Colorado (#4290) Matures Sept 29, 2016
1st Bank, Vail Colorado (#4754) Matures Dec 28, 2016
1st Bank, Vail Colorado (#5319) Matures May 19, 2016
1st Bank, Vail Colorado (#9497) Matures Nov 19, 2019
1st Bank, Vail Colorado (#9500) Matures Nov 18, 2019
Piper Jaffray 2546704RO Matures Mar 14, 2017
Piper Jaffray 02005QZZ9 Matures Mar 28, 2016
Piper Jaffray 795450PJ8 Matures Sept 19, 2017
Piper Jaffray 38143AJM8 Matures Feb 8, 2017
Total Certificates of Deposit
LOCAL GOVERNMENT INVESTMENT POOLS
Colotrust General Fund
Interest
Total Local Government Investment Pools Accounts
Total All Accounts
Average Balances
Return 12/31/15
0.100% $21,288,578
$1,389,713
0.010% $132,315
0.000% $60,838
$193,153
$22,871,444
1.44% $15,943,337
1.17% $ 9,331,753
$ 25,275,090
$ 25,275,090
1.200% 1,040,239
1.300% 1,079,684
1.300% 1,050,803
2.000% 1,118,715
2.500% 1,125,969
1.750% 1,076,867
1.750% 1,072,270
0.400% 1,528,004
0.900% 1,199,164
0.900% 1,064,253
1.450% 101,035
1.190% 100,144
1.600% 100,700
1.700% 100,793
11,758,641
$ 11,758,641
0.120% $14,589,671
$14,589,671
$74,494,846
April 19, 2016 - Page 28 of 55
12/31/2015
Government Securities
as of 12/31/2015
Days/Years
Int Rate Purchase Maturity to Maturity Market
Agency Broker Coupon Yield Date Date at Purchase Value
***Federal Agency Discount Notes & Bonds***
FNMA 3135GOPHO
Piper Jaffray
1.010%
1.000%
1/24/2012
9/27/2017
5.7
$497,645
FFCB3133EC5A8
Piper Jaffray
0.890%
0.880%
1/28/2012
11/27/2017
5.8
$496,505
FFCB 3133EC7134
Piper Jaffray
0.860%
0.840%
1/29/2012
12/13/2017
5.9
$596,694
FHLB 313383DQ1
Piper Jaffray
1.020%
1.000%
1/29/2012
12/18/2017
5.9
$400,132
FNMA 3136G16W4
Piper Jaffray
0.660%
0.850%
1/31/2012
12/27/2017
5.9
$249,798
FNMA 3136G1 K57
Piper Jaffray
1.120%
1.110%
2/2/2012
4/30/2018
6.2
$544,093
FHLB 3130A54Z9
Piper Jaffray
1.000%
1.010%
2/2/2012
2/20/2018
6.1
$496,265
FHLB 313382GQO
Piper Jaffray
1.070%
1.060%
2/2/2012
3/20/2018
6.1
$496,860
FHLM 3134G45D6
Piper Jaffray
1.150%
1.130%
2/2/2012
5/25/2018
6.3
$994,670
FHLB 313383HQ7
Piper Jaffray
1.210%
1.200%
2/2/2012
6/27/2018
6.4
$617,501
FHLB 313383JQ5
Piper Jaffray
1.270%
1.250%
2/2/2012
6/27/2018
6.4
$329,482
FHLB 3130A6K89
Piper Jaffray
1.050%
1.060%
10/05/15
10/05/18
3.0
$555,408
FHLB 3130A6MC8
Piper Jaffray
1.470%
1.490%
10/29/15
10/29/19
4.0
$493,715
FHLMC 3134G7P96
Piper Jaffray
1.000%
1.010%
10/29/15
04/29/19
3.5
$497,165
FHLB 3130A4RV6
Piper Jaffray
1.350%
1.350%
2/2/2012
10/15/2018
6.7
$284,812
FNMA 3136G24C8
Piper Jaffray
2.000%
1.980%
2/2/2012
8/26/2019
7.6
$504,095
FNMA 3136G21-47
Piper Jaffray
1.800%
1.800%
2/2/2012
6/30/2020
8.4
$500,530
FHLM 3134G7J44
Piper Jaffray
1.800%
1.800%
09/30/15
09/30/20
5.0
$1,001,250
FHLM 3136G2NU7
Piper Jaffray
1.750%
1.750%
09/30/15
09/30/20
5.0
$985,990
FHLB 3130A5TW9
Piper Jaffray
2.000%
1.980%
07/27/15
07/29/20
5.0
$442,028
FHLMC 3134G7L41
Piper Jaffray
1.000%
1.000%
10/15/15
10/15/20
5.0
$995,960
FHLMC 3134G71-133
Piper Jaffray
1.500%
1.500%
10/29/15
10/29/20
5.0
$500,160
FHLMC 3134G71-182
Piper Jaffray
1.750%
1.790%
10/29/15
10/29/20
5.0
$430,892
FHLMC3134G8AN9
Piper Jaffray
1.900%
1.910%
12/30/15
12/30/20
5.0
$1,295,255
FHLMC3134G8B65
Piper Jaffray
2.000%
2.010%
12/30/15
12/30/20
5.0
$1,294,540
FHLB3130A5V97
Piper Jaffray
2.000%
1.980%
07/27/15
07/29/20
5.0
$441,892
Pooled -
Dana
Average Yield
2.2%
1 -Jun -03
1.44%
130.2
$15,943,337
Days/Years
April
19, 2016 - Page 29 of 55
Interest Rate
Purchase
Maturity
to Maturity
Market
Agency
Broker
Coupon
Yield
Date
Date
at Purchase
Value
***FNMA'S, ARM'S & SBA'S***
SBA 502647
SBA 521683
SBA 508940
SBA 83164LV32
SBA 508946
SBA 509701
SBA 505536
Pooled -
Pooled -
Pooled -
Pooled -
Pooled -
Pooled -
Pooled -
Dana
Dana
Dana
Dana
Dana
Dana
Dana
3.975%
4.248%
2.575%
2.250%
2.250%
1.500%
3.125%
3.9%
4.0%
2.5%
2.1%
2.2%
1.5%
3.0%
1 -Jul -94
6 -May -11
2 -Feb -15
1 -Jan -12
1 -Aug -01
25 -Jun -19
25 -Aug -21
25 -Jun -30
25 -Feb -40
25 -Jul -30
25 -Jul -40
25 -Jun -26
25.0
121.7
19.2
25.1
18.6
140.7
125.0
$3,709
$231,224
$181,359
$259,822
$156,124
$304,582
$15,861
GNMA 8417
Pooled -
Dana
4.000%
3.9%
1 -Oct -88
20 -Oct -18
30.1
$629
GNMA 8703
Pooled -
Dana
1.875%
1.8%
1 -Sep -95
20 -Sep -25
30.1
$500
GNMA 8720
Pooled -
Dana
1.625%
1.6%
30 -Sep -95
20 -Oct -25
30.1
$530
GNMA 8788
Pooled -
Dana
1.750%
1.7%
1 -Jan -96
20 -Jan -26
30.1
$414
GNMA 80426
Pooled -
Dana
1.875%
1.8%
21 -Jul -00
20 -Jul -30
130.1
$4,331
GNMA 80696
Pooled -
Dana
1.750%
1.7%
23 -May -11
20 -May -33
22.0
$185,783
GNMA 80710
Pooled -
Dana
1.875%
1.8%
1 -Jul -03
20 -Jul -33
130.1
$5,295
GNMA 82759
Pooled -
Dana
1.750%
1.7%
20 -Mar -12
20 -Mar -41
29.0
$203,751
GNMA 80593
Pooled -
Dana
1.750%
1.7%
20 -Apr -12
20 -Apr -32
20.0
$2,397
GNMA 82382
Pooled -
Dana
1.875%
1.8%
30 -Sep -13
20 -Sep -39
26.0
$107,502
GNMA 1303
Pooled -
Dana
2.000%
2.0%
30 -Sep -13
20 -Sep -43
30.0
$145,996
FNMA 850125
Pooled -
Dana
2.455%
2.3%
1 -May -09
1 -Sep -35
126.4
$36,348
FNMA 422251
Pooled -
Dana
2.499%
2.4%
1 -Dec -95
1 -Jan -21
25.1
$5,204
FNMA 520790
Pooled -
Dana
2.544%
2.4%
1 -Jun -00
1 -Apr -28
127.9
$4,416
FNMA 546468
Pooled -
Dana
2.490%
2.4%
24 -May -00
1 -Apr -28
127.9
$1,546
FNMA 535326
Pooled -
Dana
2.332%
2.2%
26 -Jun -00
1 -Jun -28
128.0
$1,939
FNMA 323798
Pooled -
Dana
2.354%
2.3%
1 -Dec -99
1 -May -29
29.4
$877
FNMA 567875
Pooled -
Dana
2.679%
2.5%
1 -Dec -00
1 -Sep -30
129.8
$1,466
FNMA 593941
Pooled -
Dana
1.974%
2.0%
1 -Dec -01
1 -Dec -30
129.1
$4,728
FNMA 545057
Pooled -
Dana
2.384%
2.3%
1 -May -01
1 -May -31
130.1
$320
FNMA 650970
Pooled -
Dana
2.385%
2.4%
1 -Aug -01
1 -Jul -32
131.0
$2,175
FNMA 555378
Pooled -
Dana
2.385%
2.3%
14 -May -08
1 -Apr -33
24.9
$41,070
FNMA 709092
Pooled -
Dana
2.316%
2.2%
1 -Jun -03
1 -Jul -33
130.2
$9,487
April
19, 2016 - Page 29 of 55
12/31/2015
Government Securities
as of 12/31/2015
Total $25,275,090
April 19, 2016 - Page 30 of 55
Days/Years
Int Rate
Purchase
Maturity
to Maturity
Market
Agency
Broker
Coupon
Yield
Date
Date
at Purchase
Value
FNMA 723661
Pooled -
Dana
2.375%
2.3%
1 -Jul -03
1 -Jul -33
130.1
$941
FNMA 761737
Pooled -
Dana
2.467%
2.3%
16 -May -05
1 -Dec -33
128.6
$8,234
FNMA 725462
Pooled -
Dana
1.944%
1.8%
1 -Apr -04
1 -Jan -34
129.8
$8,021
FNMA 745160
Pooled -
Dana
2.495%
2.3%
1 -Dec -05
1 -Mar -34
128.3
$15,038
FNMA 791573
Pooled -
Dana
2.420%
2.3%
1 -Jul -04
1 -Aug -34
130.2
$2,066
FNMA 888321
Pooled -
Dana
2.383%
2.3%
1 -Mar -07
1 -Aug -34
27.3
$15,090
FNMA 849207
Pooled -
Dana
1.996%
2.0%
1 -Jan -06
1 -Jan -36
30.0
$4,515
FNMA 888710
Pooled -
Dana
2.496%
2.3%
1 -Sep -07
1 -Jul -36
28.9
$22,237
FNMA 893933
Pooled -
Dana
2.472%
2.4%
1 -Sep -06
1 -Oct -36
30.1
$8,086
FNMA 555624
Pooled -
Dana
2.401%
2.2%
1 -Jun -03
1 -Mar -38
134.8
$3,259
FNMA 735967
Pooled -
Dana
2.494%
2.3%
1 -Sep -05
1 -Mar -38
132.6
$6,153
FNMA 888386
Pooled -
Dana
2.420%
2.3%
1 -Apr -07
1 -Mar -38
131.0
$39,910
FNMA 888618
Pooled -
Dana
2.457%
2.3%
1 -Jul -07
1 -Mar -38
130.8
$14,247
FNMA 995451
Pooled -
Dana
2.442%
2.3%
12 -Feb -09
1 -Mar -38
29.1
$31,399
FNMA 557073
Pooled -
Dana
1.643%
1.6%
1 -Sep -00
1 -Jun -40
139.8
$3,518
FNMA 110540
Pooled -
Dana
2.674%
2.7%
1 -Nov -90
1 -May -20
29.5
$2,565
FNMA 327446
Pooled -
Dana
3.170%
3.1%
1 -Oct -95
1 -Aug -22
26.9
$787
FNMA 555921
Pooled -
Dana
2.750%
2.7%
1 -Sep -12
1 -Sep -35
23.0
$16,741
FNMA 868877
Pooled -
Dana
2.543%
2.4%
1 -Apr -06
1 -Apr -36
30.0
$5,763
FNMA 701045
Pooled -
Dana
2.297%
2.2%
1 -Apr -03
1 -Apr -33
30.0
$50,767
FNMA 848390
Pooled -
Dana
2.086%
2.0%
12 -Feb -09
1 -Dec -35
26.8
$22,866
FNMA 844148
Pooled -
Dana
2.263%
2.2%
1 -Oct -05
1 -Nov -35
30.1
$18,591
FNMA 748087
Pooled -
Dana
2.455%
2.3%
1 -Sep -10
1 -Sep -33
23.0
$41,425
FNMA 851297
Pooled -
Dana
2.555%
2.4%
3 -May -11
1 -Sep -35
24.3
$185,394
FNMA AC0038
Pooled -
Dana
2.033%
1.9%
24 -May -11
1 -Sep -38
27.3
$137,457
FNMA AV9481
Pooled -
Dana
1.919%
1.9%
1 -Jul -14
1 -Jul -43
29.0
$261,117
FHLMC 865469
Pooled -
Dana
2.969%
2.9%
1 -Dec -95
1 -Aug -25
29.7
$327
FHLMC 645235
Pooled -
Dana
2.215%
2.2%
1 -Jul -00
1 -Mar -29
128.8
$1,974
FHLMC 846784
Pooled -
Dana
2.434%
2.3%
1 -Jul -00
1 -May -29
128.9
$1,125
FHLMC 846956
Pooled -
Dana
2.680%
2.5%
1 -Nov -01
1 -Nov -31
130.1
$1,055
FHLMC 847166
Pooled -
Dana
2.497%
2.4%
1 -Jul -03
1 -Aug -33
130.2
$2,800
FHLMC 847359
Pooled -
Dana
2.512%
2.4%
1 -Dec -04
1 -Dec -34
130.1
$2,655
FHLMC 782526
Pooled -
Dana
2.375%
2.3%
1 -Apr -05
1 -Apr -35
30.0
$44,005
FHLMC 848000
Pooled -
Dana
2.490%
2.3%
1 -Sep -08
1 -Feb -36
27.4
$38,251
FHLMC 847629
Pooled -
Dana
2.506%
2.4%
1 -Oct -06
1 -Sep -36
29.9
$8,191
FHLMC 865127
Pooled -
Dana
3.060%
3.1%
1 -Aug -89
1 -Mar -19
29.6
$340
FHLMC 865476
Pooled -
Dana
2.806%
2.8%
1 -Apr -96
1 -Feb -36
39.9
$475
FHLMC 865663
Pooled -
Dana
3.040%
3.0%
1 -Nov -00
1 -Feb -30
129.3
$904
FHLMC 847427
Pooled -
Dana
2.469%
2.3%
1 -Jul -05
1 -Sep -34
29.2
$4,439
FHLMC 1 G1840
Pooled -
Dana
2.625%
2.6%
1 -Feb -06
1 -Nov -35
29.8
$5,384
FHLMC 183063
Pooled -
Dana
2.519%
2.5%
1 -Aug -06
1 -Aug -36
30.0
$18,939
FHLMC 847058
Pooled -
Dana
2.500%
2.4%
1 -Aug -02
1 -Aug -32
30.0
$18,164
FHLMC 1B7033
Pooled -
Dana
2.415%
2.3%
25 -May -11
1 -Sep -35
24.3
$105,157
FHLMC 611384
Pooled -
Dana
2.578%
2.6%
11 -Feb -05
1 -Dec -32
127.9
$7,881
FHLMC 849674
Pooled -
Dana
2.082%
2.0%
1 -Nov -42
142.9
$339,023
FHLMC 2BO155
Pooled -
Dana
2.300%
2.1%
1 -Jan -42
142.1
$422,649
FHLMC 849824
Pooled -
Dana
2.563%
2.5%
1 -Feb -43
143.2
$481,936
FHLMC 849422
Pooled -
Dana
2.066%
2.5%
1 -Feb -43
143.2
$238,232
FHLMC 849810
Pooled -
Dana
2.282%
2.2%
1 -Oct -44
144.9
$436,424
FHLMC 849313
Pooled -
Dana
2.120%
2.1%
1 -Jun -14
1 -Feb -43
28.7
$230,614
FHLMC Step Coupon agency 3134G7P96
1.000%
1.0%
29 -Apr -19
119.4
$497,500
FHLMC Fixed rate agency 3137EADP1
0.875%
0.9%
1 -Jun -14
7 -Mar -18
3.8
$397,474
FHLB Step Coupon Agency 3130A5YP8
0.750%
0.8%
10 -Aug -18
118.7
$299,358
FHLMC Step Coupon Agency 3134G6VX8
0.750%
0.8%
29 -Oct -18
118.9
$319,728
FHLMC Step Coupon Agency 3134G7W23
0.750%
0.8%
29 -Oct -18
118.9
$496,460
FHLMC Step Coupon Agency 3134G82T5
0.875%
0.9%
16 -Nov -18
119.0
$495,500
FHLB Step Coupon Agency 3130A6KH9
1.190%
1.2%
14 -Jan -19
119.1
$500,000
FNMA Step Coupon Agency 3136G2P43
1.000%
1.0%
21 -Oct -19
119.9
$493,408
FNMA Step Coupon Agency 3136G2P43
0.875%
0.9%
21 -Oct -19
119.9
$499,688
Accrued Interest
1.2%
$22,515
Income Receivable
$53,610
Average Yield
1.17%
9,331,753
Total $25,275,090
April 19, 2016 - Page 30 of 55
TOWN OF VAIP
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: Overview of Housing Policies and Porg rams
PRESENTER(S): Alan J. Na=aro, Housing Manager
ACTION REQUESTED OF COUNCIL: None - informational
BACKGROUND:
The purpose of this memo is to provide an overview of the employee housing policies and
programs adopted by the Vail Town Council. Each of the policies and programs is aimed at
achieving the Town's adopted housing goals.
STAFF RECOMMENDATION:
Next Steps:
1. Nexus Study
2. EHSP Update
3. Lottery
4. Deed Restrictions
5. Zoning Incentives
ATTACHMENTS:
Description
Housing Policies and Porgreams Overview
April 19, 2016 - Page 31 of 55
rowN ofvain ")
Memorandum
To: Vail Town Council
From: Community Development Department
Date: April 19, 2016
Subject: Overview of the Town of Vail Employee Housing Policies and Programs
INTRODUCTION
The purpose of this memo is to provide an overview of the employee housing policies
and programs adopted by the Vail Town Council. Each of the policies and programs is
aimed at achieving the Town's adopted housing goals.
In 2006, the Vail 20/20 Focus on the Future process resulted in the following housing
goal statement:
"The Town of Vail recognizes the need for housing as infrastructure that
promotes community, reduces transit needs and keeps more employees living in
the town, and will provide enough deed restricted housing for at least 30 percent
of the workforce through policies, regulations and publicly initiated development."
Another important housing tenant of the Vail 20/20 focus was to declare:
"This type of housing allows employees to live within the town, promoting
community, and improving the quality of our local workforce, thereby supporting
the local economy, and reducing regional transit needs."
In 2008, with the adoption of the Town of Vail Employee Housing Strategic Plan, the
Vail Town Council adopted the following goal for housing:
"To ensure there is deed restricted housing for at least 30% of Vail's workforce
within the Town of Vail."
Two statements in the purpose of the EHSP emphasize the importance of this
document:
"The EHSP is a decision-making guide for the implementation of employee
occupied housing programs."
"The EHSP also recognizes and affirms the importance of Vail constantly serving
as a regional partner in the provision of employee housing."
April 19, 2016 - Page 32 of 55
II. 2008 EMPLOYEE HOUSING STRATEGIC PLAN OBJECTIVES
The 2008 Employee Housing Strategic Plan adopted by the Vail Town Council includes
eight objectives. The objectives are:
A. Provide housing to address needs generated by new development or
redevelopment.
B. Respond to the existing affordable housing shortfall by pursuing a number of
identified programs and development opportunities.
C. Call for any deed restricted housing that is required as a condition of
development to be constructed at the time of new development.
D. Create and maintain housing for emergency and key service workers.
E. Actively address affordable housing for Vail workers to ensure that the
community remains economically competitive.
F. Increase and maintain deed restricted housing within the Town to encourage the
efficient use of resources by providing homes for employees closer to their place
of work.
G. Planning for new employees will take jobs and wages into account.
H. Provide and plan for housing along with local and regional public transportation.
III. KEEP UP AND CATCH UP STRATEGIES
Historically there has been and there continues to be shortfall in the number of deed
restricted housing units needed to achieve the Town Council's adopted goal of providing
housing for at least 30% of Vail's workforce. Two employee housing actions have been
identified to achieve the adopted goal.
1. Keep Up — ensure new development and redevelopment provides a requisite
amount of new deed restricted housing to address any incremental increase in
employee generation created by the new development or redevelopment.
2. Catch Up — pursue public initiatives (i.e. town -sponsored) to create new deed
restricted housing to address existing deficits in the deed restricted housing need
resulting from prior development and redevelopment.
Both of these actions have had their limitations. The Keep Up limit of needing only to
provide 20% of new employees generated from commercial development or
redevelopment and 10% of new or expanded residential square footage along with the
application of these zoning regulations across limited portions of the Town (see Section
V Commercial Linkage & Inclusionary Zoning below) has had very minimal impact on
the provision of employee housing. The Catch Up actions have been limited by the lack
of a dedicated funding source for housing development.
IV. SUMMARY OF ECONOMIC IMPACTS OF EHUS
In March 2012, BBC Research & Consulting completed a study for the Vail Local
Housing Authority. The Economic Value of the Town of Vail's Investment in Employee
Town of Vail Page 2
April 19, 2016 - Page 33 of 55
Housing (the "Study") documented the then current inventory and use of employee
housing in Vail and calculated the cost and benefits of the investment from multiple
community perspectives.
The Study assumed the following:
• Without EHUs Vail businesses would likely still attract workers, but attraction and
retention would be more expensive; employee turnover would be higher; and
employee flexibility to work irregular hours or multiple jobs would be diminished.
• The provision of affordable EHUs requires some form of public investment, which
implies that tax payers — or some subset of taxpayers — are in some degree
supporting this amenity.
• The provision of EHUs can displace other forms of development, which under
many circumstances may be of higher economic value.
• The economic value of EHUs varies depending upon the nature of the individual
business interest or taxpayer considering the issue. Similarly, the economic value
of EHUs is not consistent from year to year — it varies considerably depending
upon background economic conditions.
• EHUs enhance the Vail community's ability to provide high levels of guest
services. Deed restricted, for sale housing is particularly valuable in allowing Vail
residents to stay in Vail and participate in civic life.
The Study concluded:
• Deed restricted housing is not the only component of local employee housing.
Many workers, roughly 43% of persons who live and work in Vail, live in private
rental housing or own their own homes. Nevertheless the disparity between Vail
housing costs and local salary levels makes ownership an unrealistic option for
the vast majority of residents. Many resident homeowners purchased their units
years ago and it is likely that these units will eventually be sold and transfer into
temporary occupancy use — further exacerbating the Town's housing/jobs
imbalance.
The economic value of employee housing will grow as private ownership stock is
diminished and the diversity of employee housing, including additional deed
restricted family and for sale units, expands.
From a Vail community perspective the quantifiable economic value of employee
housing lies in three areas: the costs avoided by businesses of having to induce
workers from considerable distance; the additional town retail spending by
employee -local residents; and the public costs avoided in not having to find a
local parking solution for additional commuting workers. There are additional
non -economic benefits associated with employees being housed within Vail,
ranging from lessoned seasonality to the invigoration of the community's public
life.
Town of Vail Page 3
April 19, 2016 - Page 34 of 55
V. COMMERCIAL LINKAGE AND INCLUSIONARY ZONING
The Vail Town Council adopted two keep up actions in April 2007. Commercial linkage
and inclusionary zoning are two regulatory tools designed to mitigate the impacts that
new development in the Town of Vail has on the need for deed -restricted housing.
When combined, the two tools conjunctively are meant to provide deed restricted
employee housing for 30% of the workforce generated by new development in Vail.
These tools are only used in the Town's high density residential and mixed-use zone
districts, typically found in the more intensely developed commercial core areas of Vail
and have not been required in the lesser developed, lower density, residential districts.
Initial developments, following adoption of commercial linkage and inclusionary zoning,
proposed to provide their requisite employee housing off-site. Recognizing the scarcity
of available land resources to develop new employee housing in Vail, in 2008, the Vail
Town Council amended the regulations. The amended regulations require new
construction and demo/rebuild projects that result in a mitigation requirement of 438
square feet or greater, or 1.25 employees or greater, to provide at least 50% of the
required mitigation of employee housing on site.
Applies to new or an increase in net floor area, accommodation units or limited
service lodge units and GRFA.
Mitigation requirements may be met by providing newly deed restricted units, the
payment of fees in lieu, the conveyance of property off site, or a combination
thereof.
• All mitigation shall be provided within the Town of Vail.
Commercial Linkage (12-23, Vail Town Code)
Each commercial development or redevelopment shall mitigate its impacts on employee
housing by providing EHUs for twenty percent (20%) of the employees generated.
Employee generation rates, by type of commercial use, are established by the Town's
nexus study.
Commercial linkage requirements do not apply to development in the following zone
districts:
• Hillside Residential
• Single Family Residential
• Two -Family Residential
• Two -Family Primary/Secondary Residential
• Residential Cluster
• Low Density Multiple Family
• Medium Density Multiple Family
• Housing
• Vail Village Townhouse
• Agricultural and Open Space
• Outdoor Recreation
Town of Vail Page 4
April 19, 2016 - Page 35 of 55
• Natural Area Preservation District
Inclusionary Zoning (12-24, Vail Town Code)
Residential development and redevelopment shall be required to mitigate its direct and
secondary impacts on the town by providing employee housing at a mitigation rate of
ten percent (10%) of the total new GRFA.
Inclusionary zoning requirements do not apply to development in the following zone
districts:
• Hillside Residential
• Single Family Residential
• Two -Family Residential
• Two -Family Primary/Secondary Residential
• Residential Cluster
• Low Density Multiple Family
• Medium Density Multiple Family
• Housing
• Vail Village Townhouse
• Agricultural and Open Space
• Outdoor Recreation
• Natural Area Preservation District
VI. METHODS OF MITIGATION
The acceptance of a fee in lieu is a component of keep up strategy and a method of
mitigation for commercial linkage, inclusionary zoning, and the Town's EHU exchange
program. The fee in lieu amount is established annually by resolution of the Vail Town
Council and establishes a fee per square foot and a fee per employee to be housed.
According to the adopting legislation, the Town shall only use monies collected from the
fee in lieu to provide new employee housing within the Town of Vail.
Pursuant to Resolution No. 10, Series of 2007, (the original adopting resolution), "the
proposed fee in lieu amounts accurately reflect the affordability gap between a two
person household earning 120% of the Area Median Income and the 2006 (adjusted
annually) median cost per unit. "
o The fee in lieu amount originally proposed, and subsequently rejected by the
Town Council, was calculated to reflect the gap between a two person
household earning 100% of AMI and an administrative fee of 15%, reflecting
the increased burden on the Town to use the funds to create new deed
restricted units in Vail. As stated in the March 20, 2007, staff memorandum:
"At the March 13, 2007, Town Council meeting Resolution No. 6, Series of
2007, reflected a fees -in -lieu payment of $178,695 per employee and
Town of Vail Page 5
April 19, 2016 - Page 36 of 55
$325 per sq. ft. This fee was targeted at a two -person household earning
100% of Area Median Income (AMI) and an administrative fee of 15%.
The revised recommended fees -in -lieu in payment is $131,385 per
employee and $236.65 per sq. ft. The recommendation is based on a
target of two -person households earning 120% of AMI. The administration
fee has been reduced to a flat rate of $3, 000 per employee and $3.65 per
sq. ft. Staff believes that the revised fees should cover the administrative
costs the Town will incur.
The Average Square Feet of Units and the 2006 Median Price per Square
Foot was held constant. Without an abundance of land to build new units
on, staff believes that the money collected as a fees -in -lieu of developers
providing employee housing, the Town will be "buying down" existing non -
deed restricted units in the Town of Vail. The recommended fees -in -lieu
will allow the Town to have adequate funds to buy down, deed restrict and
resell or rent units at a rate affordable to local employees."
• An administrative fee, established by resolution of the Town Council, shall be added
to the amount set forth. The fee has not been changed.
• The current year fee in lieu amount is determined by averaging the affordability gap
with the two prior year's actual fees in lieu amounts.
o Increased predictability and reduced annually volatility.
• Fee in lieu shall be due and payable prior to the issuance of a building permit for the
development.
• The fee in lieu amount for inclusionary zoning is the fee in lieu amount used for any
Employee Housing Unit Exchange that pays a fee in lieu.
VII. ZONING INCENTIVES
The Vail Town Code contains a chapter on Employee Housing. The written purpose of
the chapter is:
The town's economy is largely tourist based and the health of this economy is
premised on exemplary service for Vail's guests. Vail's ability to provide such
service is dependent upon a strong, high quality and consistently available work
force. To achieve such a work force, the community must work to provide quality
living and working conditions. Availability and affordability of housing plays a
critical role in creating quality living and working conditions for the community's
work force. The town recognizes a permanent, year round population plays an
important role in sustaining a healthy, viable community. Further, the town
recognizes its role in conjunction with the private sector to ensure housing is
available.
The following chart shows the zoning incentives for a private property owner to create
an EHU. The adopted incentives vary based on lot size and the zone district.
Town of Vail Page 6
April 19, 2016 - Page 37 of 55
Town of Vail Page 7
April 19, 2016 - Page 38 of 55
Additional
Additional
Site
Garage
Lot Size
Zone District
GRFA
Coverage
Credit
Density
Less than
Primary Secondary
550 sq. ft.
14,000
Residential and Two-
GRFA
Maximum of
EHU allowed
sq. ft.
Family Residential
deduction
5%
600 sq. ft.
as a 2nd unit
Single -Family
Residential, Two -
Family Residential,
Primary Secondary
14,000
Residential, and
550 sq. ft.
sq. ft. or
Agriculture and
GRFA
Maximum of
EHU allowed
greater
Open Space
deduction
None
300 sq. ft.
as a 3rd unit
Residential Cluster,
Low Density Multiple
Family, Medium
Density Multiple
Family, High Density
Multiple Family, Vail
Village Townhouse,
Public
Accommodation,
Commercial Core 1,
Commercial Core 2,
Commercial Core 3,
Commercial Service
Center, Arterial
Business, Heavy
Service, Lionshead
Mixed Use 1,
Lionshead Mixed
Use 2, Public
Accommodation 2,
Ski Base/Recreation,
Ski Base/Recreation
2, Special
Development
EHU is
EHU is
14,000
District, Parking
excluded from
excluded from
sq. ft. or
District, and General
GRFA
density
greater
Use
calculation
None
None
calculation
14,000
sq. ft. or
EHU allowed
greater
Hillside Residential
None
None
None
as a 2nd unit
Town of Vail Page 7
April 19, 2016 - Page 38 of 55
VIII. TOWN SPONSORED DEVELOPMENT'S MASTER DEED RESTRICTION — VAIL
COMMONS, RED SANDSTONE, NORTH TRAIL, AROSA DUPLEX, BUY DOWN
UNITS, CHAMONIX NEIGHBORHOOD
Town sponsored employee housing developments are a catch up strategy. To date, the
Town has sponsored the development of for sale, deed restricted units that are priced to
be permanently affordable to local employees. The Town's master deed restriction
further enhances affordability by being Federal National Mortgage Association (FNMA)
approved, allowing buyers to obtain mortgages on the secondary market.
The master deed restrictio, recorded for Vail Commons, Red Sandstone, North Trail,
Arosa Duplex and Buy Down Units includes:
✓ Maximum annual price appreciation of 3% per year (prorated at the rate of 0.25%
for each whole month of any part of a year).
✓ Permitted Capital Improvements may be recouped and shall not exceed 15% of
the purchase price for every ten-year period.
o Increased from 10% and Permitted Capital Improvements was expanded
to include replacement flooring, appliances, etc. on a five-year
depreciation schedule.
✓ Owner shall use the unit as their permanent residence.
✓ Owner shall not own any interest in another developed residential property in
Eagle County.
o Exception made during new construction — time of construction allows
prospective purchasers to sell their free market unit prior to closing on the
Town of Vail deed restricted unit.
✓ Owner may rent the unit for a limited period of time, with Town approval, but not
as an income producing asset.
✓ Nothing precludes an owner from sharing occupancy of the unit with non -owners
on a rental basis.
✓ Units are resold through the Town.
✓ The deed restriction does not survive foreclosure.
The Town Council is still considering deed restriction options to be imposed on the new
Chamonix Neighborhood development currently moving towards construction of
approximately +/- 50 for sale deed restricted units.
IX. EMPLOYEE HOUSING GUIDELINES
The Town of Vail Employee Housing Guidelines is a companion document to the
recorded master deed restriction. The purpose of the Employee Housing Guidelines is
to set forth the occupancy requirements, re -sale procedures and resale price limits for
the Town sponsored for sale, deed restricted employee housing units. This document
has been amended from time to time by the Vail Town Council. The VLHA and housing
staff are currently working to update the Housing Guidelines this year.
A summary of the Employee Housing Guidelines is described below:
Town of Vail Page 8
April 19, 2016 - Page 39 of 55
Occupancy Requirements
✓ Must be employed an average of 30 hours each week on an annual basis, and
must maintain this level of employment for as long as he or she owns the unit.
✓ May retire in the unit when he or she is sixty years of age or older and has
worked a minimum of five years in Eagle County for an average of 30 hours per
week on an annual basis.
✓ At least 75% of his/her income and earnings are earned by working at a licensed
Eagle County business.
✓ Leave of absence may be granted for up to one year.
Resale Lottery Criteria
✓ In scoring lottery applications, years of employment and/or residency in the Town
of Vail shall be weighted at 3:1 over years of employment and/or residency in
Eagle County.
✓ Neither the applicant nor any member of the applicant's immediate family may
own residential real estate in Eagle County at the time of application, except
where that real estate is deed restricted as a Town of Vail employee housing unit
with a resale appreciation cap.
✓ Must have a household size of 3 or more persons for a three bedroom unit.
✓ For all resales of existing units a reserve lottery list shall be used.
o The reserve lottery list shall be created using the exact same criteria.
o The reserve lottery list shall be updated annually.
o Separate reserve lottery lists shall be created for two bedroom and three
bedroom units.
X. COMPLIANCE WITH DEED RESTRICTIONS
There are 666 (with 33 more are under construction at Lion's Ridge) deed restricted
units within the Town of Vail that have been established using zoning incentives,
regulatory obligations or other means (i.e., Town initiated projects, etc.). Based on the
era in which the units were deed restricted there are different requirements for the
occupancy of the unit.
Pre -1992 deed restrictions (27 units):
• If the EHU shall be rented, it shall be rented only to tenants who are full time
employees who work in Eagle County.
• There is no reporting requirement.
1992 to 1994 deed restrictions (22 units):
• If the EHU shall be rented, it shall be rented only to tenants who are full time
employees who work in Eagle County.
• Annually the owner shall submit a report setting forth evidence establishing that the
employee housing unit has been rented throughout the year, the rental rate, the
Town of Vail Page 9
April 19, 2016 - Page 40 of 55
employer, and that each tenant who resides within the EHU is a full-time employee
in Eagle County.
1995 to 2000 deed restrictions (168 units):
• Annually the owner shall submit a report setting forth evidence establishing that the
employee housing unit has been rented throughout the year, the rental rate, the
employer, and that each tenant who resides within the EHU is a full-time employee
in Eagle County.
• The owner of each EHU shall rent the unit at a monthly rental rate consistent with or
lower than those market rates prevalent for similar properties in the Town of Vail.
• If the unit is not rented and is not available at the market rate it shall be determined
to be in noncompliance. In addition to any other penalties and restrictions provided
herein, a unit found to be in noncompliance shall be subject to publication as
determined by the housing authority.
Post -2000 (165 units*):
• Annually the owner shall submit a sworn affidavit establishing that the employee
housing unit has been rented or owner -occupied throughout the year, the rental rate,
the employer and that the tenant who resides within the employee housing unit is a
full-time employee in Eagle County.
• The EHU shall be operated and maintained in accordance with Chapter 13, Title 12
of the Vail Town Code. Failure to do so may result in enforcement proceedings in a
court of competent jurisdiction and in accordance with Chapter 3, Title 12 of the Vail
Town Code.
*Apartment complexes also fall within this category of deed restriction but affidavit reports are submitted
by managing entities for all units as a whole.
An estimated 1,251 employees are housed in 666 deed restricted employee housing
units in the Town of Vail (33 units are still under construction at Lion's Ridge due to
open later this month). This is an average occupancy of 1.9 employees per EHU, which
are 0.4 employees per unit higher than the 2006 employees per EHU estimate. This
increase can largely be attributed to the high number of employees per EHU at First
Chair, Four Seasons and The Sebastian. Those EHUs were specifically designed for up
to four employees per EHU.
Based on the master lease with Vail Resorts and leasing direction from the TROC
board, approximately 250 employees lived at Timber Ridge in 2015 in 96 units. There
are currently 16 children living with families in Timber Ridge Apartments. The First
Phase of the new Lion's Ridge Apartments reported 80 employees living in the first 46
units to open with 7 children also being housed there. Middle Creek had an estimated
occupancy of 299 employees in 142 units and 27 children.
The table below summarizes the data.
Town of Vail Page 10
April 19, 2016 - Page 41 of 55
Category Type
Number of Units
Number of Employees
Housed
Pre 1992
27
13
1993 to 1994
22
25
1995 to 2000
168
204
Post April 2000
165
380*
Middle Creek
142
299
Timber Ridge
96
250
Lion's Ridge
46 (of 79)
80
Total
666
1251
* Includes First Chair, Four Seasons, The Sebastian
XI. TOWN OF VAIL AS AN EMPLOYER
The Town of Vail is not only the municipal government, it is also an employer. As an
employer, the Town has provided some employee housing to its employees. The
benefits of doing so are:
• Improves employee recruitment and retention
• Keeps critical service employees geographically accessible
• Reduces over -time costs by enabling the Town to be more fully staffed
• Stabilizes employment costs
• Reduces employee commuting times and distances
To meet the goal the Town provides:
• Seasonal and long-term rentals
• Priority for deed restricted purchases at Red Sandstone Creek
• Down payment assistance loans and rental assistance loans
• Reduced monthly rental rates
The Town of Vail currently employs +/- 345 people. Today, 54 Town employees
16%) live in 50 Town -owned rental units.
XII. STAFF RECOMMENDATION
Next Steps:
1. Nexus Study — Staff reviewing data to determine if new study is needed.
2. EHSP Update - Staff working on update.
3. Lottery — Staff working with VLHA on recommendations for changes to the
process.
4. Deed Restrictions — Staff working with VLHA on recommendations to create a
variety of deed restrictions to accommodate varying needs in the community.
5. Zoning Incentives — VLHA working with consultants and staff to develop list of
incentives to engage the private sector in affordable housing development.
Town of Vail Page 11
April 19, 2016 - Page 42 of 55
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: CSE April 6, 2016 DRAFT Meeting Minutes
ATTACHMENTS:
Description
CSE 04062016 DRAFT Meeting Minutes
TOWN OF VAIP
April 19, 2016 - Page 43 of 55
TOWN OF VAIL
Commission on
Special Events
"IRA-
COMMISSION ON SPECIAL EVENTS MEETING
Vail Town Council Chambers
Wednesday, April 6, 2016 @ 8:30am
CSE Members Present:
Barry Davis
Mark Christie
Mark Gordon
Kim Newbury Rediker
Shenna Richardson
Marco Valenti
Alison Wadey @ 8:40am
Town of Vail Staff Present: Sybill Navas, CSE Coordinator
Kelli McDonald, Economic Development Manager
Laura Waniuk, Event Marketing Liaison
Jenn Bruno, Vail Mayor Pro -tem
Others Present:
Brooke Skjonsby, Vail Resorts
Rayla Kundolf, Masters Gallery
Mac Garnsey, VVF
Dave Dressman, VVF
Scott Bluhm, VVF
Robin Litt, Vail Jazz
Amy Phillips
AGENDA:
Meeting materials can be accessed after April 1 st at the following link:
http://65.38.144.10/weblink/0/fol/346298/Row1.aspx
CSE Chair, Barry Davis, called the meeting to order at 8:33 am.
Administrative Items
Approval of the Minutes of the CSE Regular Meeting on March 2, 2016
Motion to approve the minutes of the CSE Meeting, February 3, 2016 as
presented.
M/S/P: Christie/Valenti/Unanimous The motion passed 6-0
Wadey had not yet arrived.
CSE Minutes April 6, 2016 Page 1 of 3
April 19, 2016 - Page 44 of 55
Review Financials
Please see attachment- no questions were asked
Vail Brand Meeting: Thursday, April 21St: Antlers @ 12:00pm
Closing Weekend Events and Activities Update — Vail.com
ERC "Celebrate Green" award to 2015 Taste of Vail: Lamb Cook Off
CSE is a finalist for the Annual VVP Success Awards. - Award Category:
Innovation in Local Government — Awards Luncheon, May 13
Vail Town Council Action Plan 2015-17: Review and discuss how CSE can affect and
support the mission and goals. Jenn Bruno, Mayor Pro -tem, presented the revised
Vail Town Council priorities and goals for the next two years. The council outlined what
they hope to accomplish on a broader scale. The group reviewed the three focus areas:
community, experience and economy. The mission statement was updated to include
"preserve our surrounding natural environment". Bruno stated that it is important to keep
the Town Council and CSE working together toward the same goals. For future
consideration, the CSE funding criteria could have more of a focus on environmental
impact and sustainability, while maintaining the strong focus on economic impact. Bruno
mentioned that it would be helpful to promote the bus system more frequently as it's a
great opportunity to minimize environmental impact and offer convenience for guests.
McDonald stated that it would be a good idea for the CSE to review the peer resort
venue matrix and provide feedback to staff. Navas raised the issue that there is no large
concert site in town that won't displace other community events. Bruno mentioned the
greatest issue the town faces is space for events. Bruno asked the CSE to consider the
council focus areas when they are going through the event funding process. She
closed by advising the CSE to not look for problems, rather seek out opportunities and
when reviewing proposals to look at how each event touches the environment, engages
the community, elevates the experience and provides a strong economic impact.
2017 Memorial Day Proposal Rayla Kundolf
Kundolf stated that she views Memorial Day as a community holiday, like the 4th of July.
She suggested starting small as a community event, with a picnic or a baseball game.
Create awareness with the environment; or educate the community on the true meaning
of Memorial Day. She suggested bringing in a band that the community likes. Hold the
event at Donovan in case of weather. Start working in 2016 for an event in 2017.
Kundolf suggested approaching community leaders to see what level of interest there
may be in putting on some type of event. Wadey suggested a "glamping" weekend in
Vail, lots of activities for kids, but keeping "indoors" an option. Bruno suggested "10th
Mountain Days", which speaks to who Vail is and where the town came from. Christie
mentioned a town picnic and community event. Gordon noted that it is a conversation
around the RFP and what the CSE is looking for in terms of events in 2017.
CSE Minutes April 6, 2016 Page 2 of 3
April 19, 2016 - Page 45 of 55
Event Liaison Marketing update
Please see meeting materials for complete presentation.
Vail Valley Foundation: Large Music Festival: listen to and provide comments on the
proposal for a large music festival at Ford Park, Aug. 18-20, 2017 Mac Garnsey and
Scott Bluhm
KAABOO was first held in 2015 in Del Mar, California. They are looking to mimic the
event here in 2017 in Vail, but tone it down or make it more scale -friendly to what Vail
has to offer. Garnsey stated that this event is "what's missing" from Vail. The Madison
Company is their partner in investment and VVF has had this partnership with them for
the last 7 months. This event is targeted to a more affluent attendee. It aligns well with
the demographic for Vail. There are art, music, comedy and cuisine aspects to the
event. They would like to take on the character of Vail in the execution of the event.
There are lots of opportunities to create experiences for the guests, like fishing, biking,
etc. This event could have massive economic impact; it could be the biggest event Vail
has ever seen. They are currently working with the Vail Recreation District to discuss
options for event move in, and protective covering for the fields. Newbury-Rediker
raised the issue about usage of the fields and tennis courts and the impact on locals.
This is a ticketed, boundary fenced event. There would be a lockdown period from
Thursday to Sunday night. Wadey suggested expanding the activation to Lionshead and
Vail Village for the general public who are not at the event itself. There were few to no
arrests at the Del Mar event.
New Business and Community Input
Wadey mentioned that the Arrabelle is starting construction on April 11 and that will last
until June 23. Wadey then raised the issue about sponsorships and local businesses
and how the businesses can vet the sponsorships. There needs to be more discussion
about this topic. The major issue is about the ever increasing dollar and in-kind asks
from event promoters.
Tentatively scheduled for May 3: work session with the Vail Town Council.
Currently scheduled for June 1 is a combined meeting with the VLMDAC.
➢ Motion to Adjourn at 11:03am
M/S/P: Wadey/Valenti/Unanimous The motion passed 7-0
Next CSE Meeting:
Wednesday, May 4, 2016 @ 8:30am
Vail Town Council Chambers
CSE Minutes April 6, 2016 Page 3 of 3
April 19, 2016 - Page 46 of 55
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: VEAC April 12 Meeting Minutes
ATTACHMENTS:
Description
VEAC April 12, 2016 Meeting Minutes
TOWN OF VAIP
April 19, 2016 - Page 47 of 55
Vail Economic Advisory Council (VEAC)
April 12, 2016
MEETING MINUTES
VEAC Members Present:
Matt Ivy, Rayla Kundolf, Jim Kellen, Rob Levine, Michael Kurz, Alison Wadey, Brian
Nolan, Mike Ortiz, Bob Ford, Nick Brinkman, Robin Litt, Mark Gordon, Matt Morgan,
Greg Moffet, Kim Newbury-Rediker, Laurie Mullen, Chris Romer, Mike Ortiz, Jean
Alexander
Town of Vail Staff Present:
Stan Zemler - Town Manager, Kelli McDonald - Economic Development Manager,
Laura Waniuk — Event Marketing Liaison, Kathleen Halloran - Finance Director,
Suzanne Silverthorn - Director of Communications
Others Present:
Jeremy Reitman — Vail Valley Partnership, Susie Tjossem — Colorado Ski Museum, ,
Matt Garnsey — Vail Valley Foundation, Scott Bluhm — Vail Valley Foundation, Chris
Jarnot — Vail Resorts, Dave Chapin — Mayor, Ryan Kelsey — The Antlers
2015-17 Council Action Plan
Review of plan and how the council approaches community challenges and
opportunities. One of the biggest issues is housing and how to house the workforce.
Moffet discussed the importance of a master plan, especially in West Vail. The Gore
Creek Plan is a focus for the next few years, to get the creek back to an unimpaired
state. The parking situation is also being closely examined; in addition, in process are
discussions of how to best utilize the funds provided by Vail Resorts for parking
solutions.
2017 Music Festival, Vail Valley Foundation
The festival is called KAABOO and is planned for August 18-20, 2017. It currently takes
place in Del Mar, CA and will be held there again in 2016. It's not just a music festival; it
has components of cuisine, art, comedy and other high end indulgences. Brands and
culinary offerings would be aligned with the local flavors. The sponsorship aligns with
sought after demographics. There is a local culture aspect to the event as well, by
integrating local activities and sports into the experience. The sustainability aspect
aligns with the Vail brand. There are large impacts with scheduling, fields and tennis
courts, but they have been working with the Vail Recreation District to work through
those challenges. They anticipate a capacity of 20-25K daily at the Vail event.
2015 Year End Report
Please see presentation for further details.
Total revenue was $69.OM and exceeded prior year by 6.5%. 2015 RETT was up 1.7%
from the prior year.
VEAC Meeting — April 12, 2016 AprillPRe26'Kg 2Page 48 of 55
Financial Report
Upon receipt of all sales tax returns, February collections are estimated to be down .1 %
compared to budget and up 3.6% from the prior year. RETT collections through
February 28 total $1,090,360 up 7.6% from this time last year.
Welcome Centers
The contract for the welcome centers is up this year. Zemler stated that he
recommended putting out an RFP. Zemler has asked Silverthorn to investigate the
usage of the facilities and if they are being used to their full potential. What could be
done better? Jarnot asked about which communities are considered the best with
regard to welcome centers. Silverthorn said that they will look into European welcome
centers as a model. The town has invested over $9.OM in the welcome centers over the
last few years. There have been a couple of events hosted in the Lionshead welcome
center. Kurz suggested putting an activity center in one of the welcome centers. Kellen
suggested a more proactive model, with hosts outside greeting guests. Moffet stated
that one of the focuses of the welcome center should be exceptional customer service.
Newbury-Rediker stated that it doesn't occur to guests that the welcome center is
separate from Vail Resorts and that they cannot purchase lift tickets at the welcome
center. Jarnot suggested instituting a survey that the staff could utilize for tracking type
of guest, what they want, where they are from. Mullen stated that there is an opportunity
to integrate the guest into summer marketing more and have the managing entity
become more involved in the VLMDAC efforts. The Ski Museum and VCBA both get a
lot of guests who come in and ask questions about restaurants and lodging. Tjossem
said that there is a huge need for the one on one interaction. Reitman said the town of
Eagle has 45,000 people through their welcome center annually. Zemler stated that one
of the challenges is the model and it might not lend itself to other possibilities like
integrating a coffee cart, partnering with the Forest Service and Vail Resorts. Ortiz said
that hiking is something we should capitalize on as well.
Citizen Input
None
Other Business
State land board will hold it's meeting in Vail on May 10-11.
Next Meeting
Tuesday, May 10, 8:00 a.m., Antlers Lodge
VEAC Meeting - April 12, 2016 AprilPRE201d 2Page 49 of 55
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: Upcoming Elections Update
ATTACHMENTS:
Description
Memo Election 2016 Updates
TOWN OF VAIP
April 19, 2016 - Page 50 of 55
rowN ofvain ")
Memorandum
To: Town Council
From: Patty McKenny, Town Clerk
Date: April 19, 2016
Subject: Election 2016 Updates
I. PURPOSE
This memo provides information about several upcoming elections that Vail voters are
eligible to participate, as follows:
Vail Parks and Recreation District (VRD) Election held May 3, 2016
Polling location hours from 7 a.m. until 7 p.m.
Electors shall vote for two Directors to serve four-year terms; five candidates
running for two positions available.
Please note this election is a polling place election held at Grand View
at 395 E. Lionshead Circle, top level of the Lionshead Parking Structure.
Eagle County Health Service District Election held May 3, 2016
(aka Eagle County Paramedic Services)
Mail ballot election; ballots mailed April 11, 2016
Electors shall vote for two Directors to serve four-year terms; three candidates
running for two positions available. Electors shall vote on tax measure to
increase taxes.
Ballot Drop off Location 1055 Edwards Village Blvd. Edwards
Election office opens Monday through Friday, 8 am until 5 pm, and Election Day,
7 am until 7 pm.
■ Primary Mail Ballot Election held June 28, 2016
BALLOTS WILL BE MAILED THE WEEK OF JUNE 6TH
Please note the Grand View meeting room at 395 E. Lionshead Circle, top level
of the Lionshead Parking Structure, will serve as Eagle County's polling center
location on the following dates:
June 24th through June 28th:
8 am until 5 pm Friday & Monday
9 am until 1 pm Saturday, June 27th
7 am until 7 pm on June 28th Primary Election Day
■ General Mail Ballot Election held November 8, 2016
BALLOTS WILL BE MAILED THE WEEK OF OCTOBER 17TH
Please note the Grand View meeting room will serve as Eagle County's polling
center location on the following dates:
November 4th through November 8th:
April 19, 2016 - Page 51 of 55
8 am until 5 pm Weekdays
9 am until 1 pm Saturday, October 29th
9 am until 4 pm Saturday, November 5th
7 am until 7 pm on November 8th Election Day
Services provided at the Eagle County Voting Center locations include:
✓ Voter registration and registration updates
✓ Replacement ballots and disabled access voting machines
✓ Ballot drop boxes inside Grand View in Lionshead (top level of structure)
II. BACKGROUND
VRD Election
The Vail Municipal Building has served as a polling location for VRD elections in past
years. This year's election is held on the same day as a Vail Town Council meeting.
There was a discussion with VRD Election Official about moving the election to the
Grand View in an effort to provide more parking and a larger room that would handle the
voting traffic and provide for a secure location for post election activity after the polls
close.
Vail Recreation District Election Information
970-479-2279 1 Fax 970-479-2197
Website link: http://www.vailrec.com
Eagle County Health Service District Election Information
970-926-5270
Eaale Countv Coordinated Election
There was a similar conversation with the Eagle County Election Official about finding
the "right" location in Vail to serve as a Polling Center for the local community, which is
a manned office by county clerk staff that assist with voting and ballot questions. Again,
there was support to use the Grand View at Lionshead as the location because of
ample parking and a facility that can meet the needs of the customers and their staff.
The Vail Municipal Building and Donovan Pavilion have served as polling locations in
the past, however, with the transition to the mail balloting environment, there is a lessor
demand to using either of these facilities. In addition, these elections also fall on Vail
Town Council meeting days which can create some havoc in the hallway when trying to
conduct regular business as well as meeting day business.
Eagle County Voter Registration and Election Information
970-328-8715 or 970-328-8725 / Fax: 970-328-8716
website: http://www.eaglecounty.us/Clerk/Voting and Elections/Upcoming Elections/
General Voter Reaistration Reminder:
Make Changes to Your Voter Registration To change any of the information on your
voter record, the Voter Registration Change Form is used. Select one of the following
links below for the Colorado Voter Registration Change Form, or go to
www.govotecolorado.com.
Town of Vail Page 2
April 19, 2016 - Page 52 of 55
TOWN OF VAIP
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: Review VEAC Appointments
PRESENTER(S): Kelli McDonald, Director of Economic Development
BACKGROUND: The Vail Economic Advisory Council meets the second Tuesday of every month
from 8:00 — 10:OOAM at The Antlers. This group provides advice to the Vail Town Council and
Town Manager on issues involving the economic vitality of the Town of Vail, while acting as a
sounding board and applying an economic lens to issues as requested by the Town Council or
Town Manager.
April 19, 2016 - Page 53 of 55
TOWN OF VAR'
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: Pursuant to: 1) C.R.S. §24-6-402(4)(b)(e) -to receive legal advice on specific legal
questions; and to determine positions, develop a strategy and instruct negotiators, Regarding:
Unmanned Aircraft Systems (Drones), Transportation Network Companies and Out of Town Fire
Protection Services
PRESENTER(S): Matt Mire, Town Attorney
April 19, 2016 - Page 54 of 55
VAIL TOWN COUNCIL AGENDA MEMO
ITEM/TOPIC: Recess estimated at 3:25 p.m.
TOWN OF VAIP
April 19, 2016 - Page 55 of 55