The URL can be used to link to this page

Home My WebLink About2019-06-11 VLHA Meeting Agenda & Materials Vail Local Housing AuthorityMeeting Results May 28, 2019 3:00 PM Town Council Chambers 75 S. Frontage Road -Vail, Colorado, 81657 1.Call to Order 1.1.Call to Order Lindstrom called the meeting to order at3:09p.m.All members are present along with Ruther and Campbell from staff. 1.2.Swearing in VLHA Reappointment -James Wilkins James Wilkins was sworn in by Town Clerk, Tammy Nagel. His term will expire May 31, 2024. 2.Citizen Participation 2.1.Citizen Participation There was none. 3.Approval of Minutes VLHA May 14, 2019 Meeting Results McDougallmotioned to approve the meeting results as presented. MOTION: McDougallSECOND: MoralesVOTE: 5-0 4.Main Agenda 4.1.Economic Value of Resident-Occupied, Deed-Restricted in the Town of Vail Report – Progress Update Presenter: Andrew Knudtsen, EPS Principal and David Schwartz, EPS Presenters are Andrew Knudtsen and Julia Jones from EPS. Julia, David Schwartz and Andrew are the team working on the Economic Value report update. Themes EPS is focusing onare job creation, community, quality of life and parking. To measure the economic impact on housing EPS is reviewing the following as show on slide 3 of the presentation. local business cost structuresfiscal revenuesto the Town local business revenuesenvironment commutingcommunity engagement worker spendinginvestments in local parking solutions Metric Slides: 1.Business Cost Structures5.Sales Tax Revenues 2.Business Revenues6.Environment 3.Commuting7.Community Engagement 4.Worker Spending8.Parking Solutions EPS went through the slides for each item above explaining the data used and results. The Board and EPS discussed modifications for the final report. Employers interviewed were some smaller businesses, large business interviewed were ERWSD, Vail Health andFire District. They were unsuccessful reaching anyone at Vail Resorts. The Board feels itis a lot of data. They suggested adding a summary of numbers and then explain the how and where numbers come from. Wilkinsdeparted meeting at 4:20pm. Next steps: EPSwill add more specificityto the report and include appendices. Final draft edits are welcomed. EPS will attend the June 11 VLHA meeting via video conference. 4.2Deed Restriction Occupant, Leasing Term s Presenter: George Ruther, Housing Director Ruther discussed a current Vail InDEED offer and is asking for the VLHA’s recommendation to allow the Vail InDEED purchase for a deed restriction on 2111 N. Frontage Rd W.Unit A10 which has an existing leaseon the property. The purchase of the property comes with a current lease. American Civil Contractors from Denver is the current tenant.While the contractor is not an Eagle Countybusiness their employees are being housed to do work in Eagle County.The lease is for 6 months. Question is can the purchaser continue with the purchase? Another option would be American Civil Contractors could registeras abusiness in Town of Vail / Eagle County.The tenant, the business,doesn’t does not meet the term of a qualified tenant. VLHA recommends supporting moving forward with the deed restriction offer allowing American Civil contractors until lease term is expired then the buyer will come into full compliance. Morales motioned tomove forward for council decision. MOTION: MoralesSECOND: MezaVOTE: 4-0Approved 4.3. Housing Survey Status Update Presenter: George Ruther, Housing Director Ruther gave update on the survey. Currently there are over 600 online results. It remains open until Friday May 31. Monday the phone survey begins for 3 days. 5.Matters from the Chairman and Authority Members 5.1.Matters from the Chairman and Authority Members Presenter: Steve Lindstrom, Chairman There was no information update. 6.Executive Session 6.1.Executive Session per C.R.S. §24-6-402(4)(a)(e) -to discuss the purchase, acquisition, lease, transfer, or sale of property interests and to determine positions, develop a strategy and instruct negotiators, regarding: one submitted Vail InDEED application and program details. Presenter: Lynne Campbell, Housing Coordinator Morales motioned to enter executive session per C.R.S. §24-6-402(4)(a)(e). MOTION: MoralesSECOND:MezaVOTE: 4-0Approved Morales motioned to exit executive session and reenter the regular meeting. MOTION:MoralesSECOND:McDougallVOTE: 4-0Approved Morales left the meeting at 5:00PM 7.Any Action as a Result of Executive Session Meza recommended staff move forward with Vail InDEED offer as discussed. MOTION: MezaSECOND: McDougallVOTE: 3-0 Approved Ruther reminded VLHA the board updates will be presented to the Council on June 4, 2019. Year to date and program aggregate of Vail InDEED will be presented. 8.Adjournment 8.1.Adjournment at 5:00 PM (estimate) McDougallmade a motion to adjourn the meeting at 5:05PM MOTION: McDougallSECOND:MezaVOTE: 3-0Approved 9.Future Agenda Items 9.1. Housing Data Housing Sites West Vail Master Plan Discussion Civic Area Plan 10.Next Meeting Date 10.1.Next Meeting Date June 11, 2019 Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail websitewww.vailgov.com.All housing authority meetings are open to the public. Times and order of agenda are approximate, subject to change, and cannot be relied upon to determine at what time the Vail Local Housing Authority will discuss an item. Please call (970) 479-2150 for additional information. Please call 711 for sign language interpretation 48 hours prior to meeting time. Housing Department Town of Vail Resident Housing Economic Impact – Preliminary Findings Economic Context The Town of Vail has approximately 8,400 jobs (2018), and has grown by nearly 1,300 jobs (overall) since 2001. Seasonal employment has decreased by approximately 300 jobs and year round employment has increased by approximately 1,200 jobs since 2001. Eagle County added an estimated 5,000 jobs between 2001 and 2018 for a total of approximately 33,000 jobs in 2018. Eagle County employment growth between 2001 and 2018 was concentrated in Avon with nearly1,900 jobs (38 percent capture), Vail with nearly 1,300 jobs (26 percent capture), andEagle with nearly 1,200 jobs (24 percent capture). Resident Housing in Town of Vail In 2019, the Town of Vail resident housing inventory totals 830 units. The following economic impact analysis is based on 100 resident housing units valued in 2019 dollars, based on recent construction in the Town of Vail. Findings Return on Investment Expansion of the Economy (Local Business Revenue Impacts): The availability of additional housing for the workforce translates to fewer unfilled positions. It is estimated that approximately 83 full- and part-time positions would be filled as a result of the TOV’s resident housing investment (100 units), which would expand the TOV’s economy by an estimated $12 million annually (1.2 percent increase). Resident Household Spending: Local resident households spend more of their income on taxable retail goods and services than the daily spending patterns of in-commuters. It is estimated that the TOV’s resident housing investment would yield a net new local resident taxable spending of approximately $1.1 million per year. Town of Vail Fiscal Benefits: The net new local resident taxable spending ($1.1 million) would generate more than $45,000 of sales tax revenues for the TOV per year. ROI: The ROI to the TOV’s economy is estimated as an 8x multiplier on the initial resident housing investment ($12 million over 30 years divided by a $45 million initial investment). The ROI to the TOV in terms of fiscal impacts is an estimated 3 percent (cumulatively) over 30 years. 183136-EPS Memo for VLHA 06-11-19 1 Town of Vail Economic Impacts of Resident Housing Investment – Preliminary Findings Community Benefit Nearly40,000 annual commute hours are eliminated by an investment of 100 resident housing units, which equates to approximately $825,000 in value of time ($20.40 per hour of intercity travel). Over two million vehicle miles traveled per year are eliminated by the resident housing investment, reducing overall carbon emissions by 845 metric tons (2 percent of total estimated Vail in-commuter carbon emissions) and saves drivers approximately 95,000 gallons of gasoline per year. With additional time to spare (as a result living locally), occupants of resident housing contribute more than 44,000 hours of volunteer time per year, which is a value of $1.2 million to the nonprofit community in Vail ($28.02 per hour of volunteer time). Anecdotally, the quality of the guest experience improves with increased filled positions, business capacity, and local residents’ community investments. Opportunity Cost As an alternative to the TOV’s investment in resident housing, the TOV could invest in (structured)parking to meet the demand for an approximately 75 cars per day (accounting for local/non-local jobs, net new jobs to the economy, and carpooling). This would cost the TOV approximately $7.5 million. If the TOV opted to invest in resident housing (not parking), research and analysis indicates that local businesses could reduce their annual costs associated with turnover, job training, and lost productivity by an estimated $400,000 per year. 2 Economic & Planning Systems Reference Tables Economic Context EmploymentCapture,20012018200120102018Total%Capture EagleCounty28,50327,45733,4744,971 Vail7,1297,2568,4161,288 26% Avon7,5717,5899,4571,886 38% Basalt2,4502,4893,065615 12% Eagle3,4243,7324,6021,178 24% Edwards3,2553,1553,510255 5% Gypsum1,5401,4882,477936 19% Source: QCEW; Economic & Planning Systems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-QCEW 2001-2018.xlsx\]TABLE 2 - Job Capture by ARea 3 Town of Vail Economic Impacts of Resident Housing Investment – Preliminary Findings Return on Investment ReturnonInvestment LocalBusinessRevenue(ExpansionofEconomy) ResidentHousingInvestment100 MultipliedbyJobsperHousingUnit2.2 JobsRepresentedbyHousingInvestment220 %ofJobsthatareLocal75% LocalJobs165 %ofJobsthatareNetNewtoEconomy50% NetNewJobstoEconomy83 Agriculture,Mining,Oil&Gas1%1 Construction11%9 Manufacturing1%0 Transportation,Warehousing,Utilities0%0 WholesaleTrade2%2 RetailTrade8%7 EducationalServices2%2 Financing,Banking,Insurance2%2 HealthCareandSocialServices1%1 Professional,Scientific,andTechnical4%3 Arts,Entertainment,Recreation6%5 Accommodations10%8 Bar,Restaurant15%13 RealEstate,PropertyManagement3%2 Personal,Daycare,AutoRepair,Information2%2 Government5%4 OtherServices26%21 NewJobstoEconomy(i.e.FillingUnfilledJobs)83 Source:Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-ROI Calcs.xlsx\]Table 1.1 - Expd Econ - jobs 4 Economic & Planning Systems ReturnonInvestmentRippleEffects(TotalOutputExpansion) LocalBusinessRevenueDirectIndirectInducedTotal 11Ag,Forestry,Fish&Hunting$76,853$557$176$77,585 21Mining$0$4,684$139$4,822 22Utilities$0$3$4$8 23Construction$1,824,611$54,054$9,576$1,888,240 3133Manufacturing$0$3,067$816$3,883 42WholesaleTrade$407,274$13,708$5,178$426,159 4445Retailtrade$634,674$161,214$170,966$966,854 4849Transportation&Warehousing$0$53,685$19,103$72,788 51Information$0$27,930$14,998$42,928 52Finance&insurance$459,252$344,734$135,026$939,011 53Realestate&rental$494,514$351,017$261,756$1,107,287 54Professionalscientific&techsvcs$344,023$195,209$30,426$569,658 55Managementofcompanies$0$108,147$11,324$119,471 56Administrative&wasteservices$160,187$59,378$12,655$232,220 61Educationalsvcs$158,088$4,358$28,007$190,454 62Health&socialservices$182,607$1,848$238,478$422,933 71Artsentertainment&recreation$556,473$41,178$39,719$637,370 72Accommodation&foodservices$1,967,481$46,288$113,986$2,127,755 81Otherservices$1,813,852$59,479$67,426$1,940,757 92Government$357,654$12,121$13,170$382,945 93NonNAICs$0$0$0$0 AnnualExpansionofEconomy$9,437,542$1,542,658$1,172,929$12,153,129 Source:Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-ROI Calcs.xlsx\]Table 1.3 - Expd Econ - Output 5 Town of Vail Economic Impacts of Resident Housing Investment – Preliminary Findings ReturnonInvestment ResidentHouseholdSpending(CalculationPart1) ResidentHousingInvestment100 MultipliedbyJobsperHousingUnit2.2 JobsRepresentedbyHousingInvestment220 %ofJobsthatareLocal75% LocalJobs165 %ofJobsthatareNetNewtoEconomy50% NetNewJobstoEconomy83 TotalDailySpendingbyInCommutingJobHolders(ICSC)$20 AnnualSpendingbyInCommutingJobHolders$412,500 Source:ICSC;Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-ROI Calcs.xlsx\]Table 2.1 - HH Spend Calc 1 ReturnonInvestment ResidentHouseholdSpending(CalculationPart2) ResidentHousingInvestment100 ResidentHouseholds 100 HouseholdMedianIncome(basedonVLHARHInventorydat$43,000 IncomeSpentonRetail(NAICS44/45)35% GrossIncomeSpentonRetail$15,050 AggregateIncome$1,505,000 FoodServices$280,390 Retail$1,224,610 Source:ICSC;Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-ROI Calcs.xlsx\]Table 3.1 - Ttl HH Spend Calc 6 Economic & Planning Systems ReturnonInvestmentTotalTaxableAnn.TaxRev NetNewLocalSpending 11Ag,Forestry,Fish&Hunting$53 21Mining$78 22Utilities$1 23Construction$6,481 3133Manufacturing$328 42WholesaleTrade$1,771 4445Retailtrade$915,233$915,233$36,609 4849Transportation&Warehousing$16,019 51Information$5,407 52Finance&insurance$38,205 53Realestate&rental$96,681 54Professionalscientific&techsvcs$30,157 55Managementofcompanies$20,995 56Administrative&wasteservices$8,047 61Educationalsvcs$4,504 62Health&socialservices$30,641 71Artsentertainment&recreation$6,980 72Accommodation&foodservices$222,195$222,195$8,888 81Otherservices$16,163 92Government$3,394 93NonNAICs$0 AnnualNetNewSpending$1,423,332$1,137,428$45,497 Source:Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-ROI Calcs.xlsx\]Table 4 - Net New Local Spend 7 Town of Vail Economic Impacts of Resident Housing Investment – Preliminary Findings ReturnonInvestment Metrics Investment ResidentHousingInvestment(100units)$45,000,000 ROIMetrics EconomicExpansion AnnualExpansionofEconomy$12,153,129 30YearReturn$364,593,863 InvestmentMultiplier8x TOVFiscalBenefits AnnualSalesTaxRevenues$45,497 30YearCumulativeReturn$1,364,914 ROI3% Source:Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-ROI Calcs.xlsx\]Table 5 - ROI Metrics 8 Economic & Planning Systems Community Benefits TheEnvironment2018 TotalResidentHousingUnits100 JobsperUnit2.2 TotalJobsinResidentHousing220 LocalJobsFactor75% LocalJobsinResidentHousing165 CarpoolRate9% EstimatedLocalJobCars150 AggregateRHVehicleMilesTraveled(VMT)8,882 AggregateRHVMTperYear2,220,594 AggregateRHEmmissions(MTCO2e)845 AllincommuterstotheTownofVail3,276 AggregateTOVEmissions(MTCO2e)39,447 AggregateRHEmissionsasa%2.1% AggregateRHEmmissions(MTCO2e)845 GallonsofGasolineConsumed(equivalent)95,083 NumberofSmartphonesCharged(equivalent)107,747,909 TreeSeedlingsGrownfor10Years(offset)13,972 Source:Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-Community Benefit Calcs.xlsx\]T- Environment 9 Town of Vail Economic Impacts of Resident Housing Investment – Preliminary Findings ValueofTimeSavednotCommuting2018 TotalResidentHousingUnits100 JobsperUnit2.2 TotalJobsinResidentHousing220 LocalJobsFactor75% LocalJobsinResidentHousing165 CarpoolRate9% EstimatedLocalJobCars150 CommuteMinutesperYear2,426,101 CommuteHoursperYear40,435 ValueofTimeforIntercityTravel(2018)$20.40 ValueofTimeSavednotCommuting$824,874 Source:Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-Community Benefit Calcs.xlsx\]T- Value of Time 10 Economic & Planning Systems ValueofVolunteerism2018 TotalW&Sjobs8,413 EstimatedNPJobsinVail461 EstimatedVolunteersinVail1,452 TotalPopulation5,425 %ofPopulationVolunteering27% TotalResidentHousingUnits100 JobsperUnit2.2 TotalJobsinResidentHousing220 EstimatedPeopleinRHVolunteering59 EstimatedVolunteerHoursperYear44,118 ValueofVolunteerTime(inCO)$28.02 EstimatedValueofVolunteerisminVail$1,236,200 NonprofitEmployment/Volunteerism CountyW&SJobs34,495 Eagle EagleCountyNPW&SJobs1,891 %NPtoTotalJobs5% "northwest"sectorstats NPJobs15,285 Volunteers48,113 3.15 AverageHoursVolunteeredperVolunteer perYear("northwest") 749 Source: Economic & Planning Systems Y:\\Projects\\DEN\\183136-VailEconomicImpact ofAffordableHousing\\Data\\\[183136-CommunityBenefitCalcs.xlsx\]T-Volunteerism 11 Town of Vail Economic Impacts of Resident Housing Investment – Preliminary Findings Opportunity Costs OpportunityCost ParkingInvestment ResidentHousingInvestment100 MultipliedbyJobsperHousingUnit2.2 JobsRepresentedbyHousingInvestment220 %ofJobsthatareLocal75% LocalJobs165 %ofJobsthatareNetNewtoEconomy50% NetNewJobstoEconomy83 Factorout%Carpooling9% NewCarsNeedingParking75 TOVParkingCostperSpace$100,000 TOVParkingInvestmentOpportunityCost$7,507,500 Source:Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-Opportunity Cost Calcs.xlsx\]Table 1 - Parking 12 Economic & Planning Systems OpportunityCost LocalBusinessRevenue(CostAssociatedwithJobTurnover, LossofProductivity,andTraining) ResidentHousingInvestment100 MultipliedbyJobsperHousingUnit2.2 JobsRepresentedbyHousingInvestment220 %ofJobsthatareLocal75% LocalJobs165 %ofJobsthatareNetNewtoEconomy50% NetNewJobstoEconomy83 Averageannualtrainingcostperjobsthatwould otherwise"turnover"$5,000 AnnualBusinessCostsofTurnover,Lossof Productivity,andTraining$412,500 Source:Economic&PlanningSystems Y:\\Projects\\DEN\\183136-Vail Economic Impact of Affordable Housing\\Data\\\[183136-Opportunity Cost Calcs.xlsx\]Table 2 - Local Business Rev 13