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HomeMy WebLinkAboutVEAC Minutes 011012Vail Economic Advisory Council (VEAC) January 10, 2012 MEETING NOTES • VEAC Members Present: Rayla Kundolf; Rob LeVine; Pam Stenmark; Brian Nolan; Greg Moffet; Laurie Mullen; Matt Morgan; Mia Vlaar; Joe McHugh; Andy Daly • Others Present: Doug Smith; Adam Sutner; Sonny Kerstiens; Jenn Bruno • TOV Staff Present: Town Manager Stan Zemler; Finance Director Judy Camp; Community Development Director George Ruther; Commission on Special Events Coordinator Sybill Navas; Executive Assistant Tammy Nagel • Financial Reports: The revenue highlights from December 2011 and the November Vail Business Review were provided in the committees’ packets. Judy Camp presented a PowerPoint to the committee outlining 2011 summer sales tax collections. The 2011's year-over-year growth of 11.4% exceeded inflation of 3.7% but, 2011 collections lag 2008's record by $200K or 2.7%. The presentation compared summer vs. winter sales tax collection which showed an increase of 11.4% for the 2011 summer collection which is a slightly higher than Winter 2010/2011 of 11.2%. Summer collections continue to hover around 29% of annual collections with Summer 2011 up just slightly at 29.3% compared with 29.2% the prior year. Camp listed the major redevelopment properties throughout Vail showing the redeveloped properties contributed 62% of the total increase in Vail Village. Base businesses in Vail Village increased 11.4% with increases in retail, lodging and food & beverage categories while redeveloped properties contributed all of the increase in LionsHead. Total summer sales tax increased $574K with $349K or 61% generated at redeveloped properties. Base businesses (excluding redeveloped properties) rose 5.0% overall, base retail rose 5.5%, base lodging rose 4.7% and base food and beverage rose 8.2%. • CSE Update on 2012 Event Funding: Jenn Bruno, CSE member, updated the committee on the events that will be in town in 2012. Bruno stated CSE has been working with the VLMDAC focusing on events that represent the Vail brand and that provide the best return on investment. There are three new events coming to Vail this year; Teva Winter Games (February), Mojo Man (Memorial Day Weekend) and the Grand Fondo (September). The CSE will be reviewing RFP’s to revamp the 4th of July “American Days” event during their February 1st meeting. The RFP requested event producers to add to the current event by more emphasis on parade participation, food vendors and concerts. Bruno went on to say that some events from the past years have not lived up to the Vail brand and those events did not receive any funding from the CSE. There are events the VLMDAC is assisting with additional funding such as Mojo Man and the Sol Music Festival. Town of Vail Council is also assisting with some additional funding for the Grand Fondo and they are also funding the Vail Symposium Health and Wellness event 100%. Sybill Navas, Commission on Special Events Coordinator, stated the construction scheduled in Lionshead beginning in April could cause scheduling issues for that area. Andy Daly asked the committee for their comments concerning the event Vail Restaurant Month. Matt Morgan said the event is a good idea, but it is tough to do for 30 days. Morgan suggested “anchoring” another event to the Vail Restaurant Month event; for example the Vail Symposium Health and Wellness. Brian Nolan felt the Vail Restaurant Month should only be a week long and not 30 days. Greg Moffet would like to see if we can find a set of metrics that values an event for the true return on the investment. Bruno said it was tough to quantify because there could be an event that may not have an impact the day of the event but could be an incentive for people to return to the town at a later date. Daly complemented the incredible strides made by the CSE and the VLMDAC and expressed his appreciation of the efforts that have gone into making the events more effective on return of investment. • Town of Vail Municipal Site Redevelopment: George Ruther, Community Development Director, presented an overview of the proposed Vail Valley Medical Center/Town of Vail Municipal site redevelopment to the committee. Under the proposal, the westernmost 2/3rds of the TOV municipal site would be redeveloped into two separate buildings; the TOV building will be approximately 18,000 square feet and the medical office building will be approximately 55,000 square feet. An underground mixed-use parking facility of approximately 200 spaces would also be developed on the site. The helipad would be temporarily relocated to the east end of the Ford Park parking lot. This proposed redevelopment provides an opportunity for growth at the new site and approximately 35,000 square feet of current space at the Vail Valley Medical Center will also be redeveloped. Under the proposed timeline, construction will begin April 2013 and finish by January 2015. Ruther stated the redevelopment partnership will ensure Vail Valley Medical Center and Steadman Center will remain in Vail which will promote a more diversified year-round economy. • Town Manager Report: None. • Lodging Occupancy Reports: The Lodging Occupancy reports were provided in the committees’ packets. • Citizen Input: None • Other Business: None • Next Meeting: The next meeting is scheduled for Tuesday, February 14, 2012 at The Antlers.