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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 0 rowN of va 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