HomeMy WebLinkAbout2008-27 Adopting the Vail Economic Development Strategic PlanRESOLUTION NO. 27
Series 2008
A RESOLUTION ADOPTING THE
VAIL ECONOMIC DEVELOPMENT STRATEGIC PLAN
AND SETTING FORTH DETAILS IN REGARD THERETO
WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of Colorado
is a home rule municipal corporation duly organized and existing under the laws of the State of
Colorado and the Town Charter (the "Charter"); and
WHEREAS, the Town has adopted Economic Development goals through the Vail 20/20
Community initiative; and
WHEREAS, the Vail Town Council has determined that in order to achieve the
established goals it is critical to create an economic development strategic plan which provides
long-term economic health by enhancing our existing winter season and stimulating a viable
summer economy thereby establishing and clarifying the objectives and action steps essential
to achieve the stated goals; and
WHEREAS, the Vail Town Council approved , at the July 15, 2008 meeting, the vision,
mission and goals of the Vail Economic Development Strategic Plan; and
WHEREAS, the Vail Economic Advisory Council moved to adopt, at the October 14,
2008 meeting the Vail Economic Development Strategic Plan over a period of six months that
outlines the goal, objectives and action steps; and
WHEREAS, the Commission on Special Events provided input and direction on the Vail
Economic Development Strategic Plan at their November 18, 2008 meeting; and
WHEREAS, the Vail Local Marketing District Advisory Council provided input and
direction on the Vail Economic Development Strategic Plan at their November 20, 2008
meeting; and
WHEREAS, the Planning and Environmental Commission provided input and direction
on the Vail Economic Development Strategic Plan at their November 24, 2008, Public Hearing;
and
WHEREAS, the Town of Vail Directors Staff provided input and direction on the Vail
Economic Development Strategic Plan at their December 4, 2008 meeting; and
WHEREAS, the Council supports the implementation of the Vail Economic Development
Strategic Plan; and
WHEREAS, the Vail Economic Development Strategic Plan will direct policy and budget
decisions in order to achieve the community's stated goals; and
WHEREAS, it is the intention of the Vail Town Council and the Vail Economic Advisory
Council to implement the Vail Economic Development Strategic Plan.
Resolution No. 20, Series 2008
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO:
The Council hereby adopts the Vail Economic Development Strategic Plan, dated
December 16, 2008, attached hereto as Exhibit A.
2. The Council hereby finds:
A. The Vail Town Council has determined that in order to achieve the
established goals it is critical to create an economic development strategic
plan which provides long-term economic health by enhancing our existing
winter season and stimulating a viable summer economy thereby establishing
and clarifying the objectives and action steps essential to achieve the stated
goals; and
B. That the Vail Economic Development Strategic Plan is consistent with the
applicable elements of the adopted goals, objectives and policies of the
Town; and,
C. That the Vail Economic Development Strategic Plan promotes the health,
safety, morals, and general welfare of the Town and promotes the
coordinated and harmonious development of the Town in a manner that
conserves and enhances its natural environment and its established
character as a resort and residential community of the highest quality.
This Resolution shall be effective immediately upon adoption.
INTRODUCED, READ, APPROVED AND ADOPTED this 16th day of December, 2008.
Richard D. Clevelan own Mayor
ATT $rT'.
IOWA,,
Lorelei bonaldson, Town Clerk •••'• G
1
Resolution No. 20, Series 2008
TOWN OF VE
The Town of Vail
Development Strategic Plan
Adopted by Vid Tows (ounul on: __ j____
MAJOR CONTRIBUTORS
Vail Economic Advisory Council
Mark Gordon, Dick Cleveland, Brian Nolan, Michael Kurz, Michael Norton, Rob Levine,
Pam Stenmark, Rayla Kundolf, Tori Franks, Laurie Mullen, Chris Jarnot, Greg Moffet,
Mark Cervantes, M Joseph McHugh, Alan Kosloff, Rick Scalpello, Robin Litt,
Mia Vlaar, John Garnsey, Sally Hanlon, Matt Morgan, Steve Kaufman,
Bob McNichols, Bob Boselli,
Commission on Special Events
Dave Chapin, Chairman, Bobby Bank, Kerry Donovan, Meggan Kirkham, Rayla Kundolf,
Robert McKown, Heather Trub
Vail Local Marketing District Advisory Council
Beth Slifer, (Chair), Pam Stenmark, (Vice -Chair), John Dawsey, (Treasurer),
Bob Llewellyn, Laurie Mullen, Jamie Gunion, Pete Hayda, Adam Sutner, Mark Gordon,
Farrow Hitt, (Alternate)
Town Council
Dick Cleveland, (Mayor)
Andy Daly, (Mayor Pro -Tem), Kevin Foley, Mark Gordon, Farrow Hitt, Kim Newbury,
Margaret Rogers
Town Manager
Stan Zemler
Assistant Town Manager
Pamela Brandmeyer
Economic Development Department
Kelli McDonald, Economic Development Manager
Community Development Department
George Ruther, Community Development Director
Warren Campbell, Chief of Planning
Nicole Peterson, Planner II
Bill Gibson, Planner II
Rachel Friede, Planner II
Finance Department
Judy Camp, Finance Director
Communications Department
Suzanne Silverthorn, Communications Director
Economic Development Strategic Plan, Page 2 of 30, Last modified: 12/22/2008
TABLE OF CONTENTS
I. PURPOSE..........................................Page 4
II. EXISTING CONDITIONS .............................. Page 4
III. BACKGROUND ...................................... Page 4
IV. STRATEGIC PLAN PROCESS ........................... Page 7
V. VISION, MISSION AND GOALS ......................... Page 8
VI. GOALS, OBJECTIVES AND ACTION STEPS ................ Page 9
A. Work Plan......................................Page 15
VII. EVALUATION AND ANALYSIS ......................... Page 19
A. Strengths, Weaknesses, Opportunities, Threats
(SWOT) Analysis ................................ Page 19
B. Economic Indicators ............................. Page 25
VIII. GLOSSARY OF TERMS AND ACRONYMS ................. Page 27
Economic Development Strategic Plan, Page 3 of 30, Last modified: 12/22/2008
I. PURPOSE
The purpose of the Economic Development Strategic Plan is to ensure long-term
economic health by enhancing our existing winter season and stimulating a viable
summer economy. By gaining a better understanding of our existing blend of
commercial mixes, activities, and growth opportunities available, the Town of Vail can
decide on a course of action that can be used to generate and ensure a vibrant
economic future for the entire community.
This document is meant to be revisited and revised as action steps are completed and
new economic development issues arise in the community.
II. EXISTING CONDITIONS
The following bullet points summarize the current economic and financial situation in the
Town of Vail:
• The Town's four percent general sales tax is the largest single revenue source,
contributing to approximately 39 percent of town's revenue.
• Vail's economy is seasonal, with approximately 70 percent of its sales tax generated
during the winter (November through April) and 30 percent generated through the
summer (May through October).
• Recent sales tax statistics compiled by the City of Steamboat Spring indicate Vail has
outpaced the resorts of Winter Park, Aspen, Breckenridge, Steamboat Springs,
Glenwood Springs and Snowmass in sales tax growth.
• The Town's second largest revenue source, Real Estate Transfer Tax (REIT), has
grown from $2.1 million in 1996 to $7.5 million in 2008 as a result of Vail's Billion
Dollar Renewal. The Town expects this revenue source to decline somewhat once
major new construction projects are complete and sold out.
• Record levels of construction permit fees and plan review fees have been generated
over the last two years. Current estimates show plans for nearly $2 billion in private
sector redevelopment and approximately $15 million in public improvements over
the next two years. Reductions in sales tax revenue in certain construction areas
have been more than offset by increases in sales tax in other areas.
• Other revenue sources include property tax, parking revenue, pass-through taxes
from other governmental entities, lift tax, franchise fees, charges for services, rental
income, fines and investment income.
• The Town's largest expenditure is municipal services at 66 percent of total budget.
The Town is supported by approximately 288 employees, of who 217 are full-time
regular employees and the remaining are part-time, seasonal and fix -term or
externally funded positions.
• Capital improvements are the second largest expenditure of the Town and are
important in maintaining the town's vision to be the "premier mountain resort
community". Capital improvements are currently funded by sales tax, construction
use tax, housing fee -in -lieu for affordable housing projects, government grants, real
estate transfer tax (REIT) and various other sources.
• Regionally, Vail continues to struggle with providing affordable housing for residents
living and working in the Town. This follows an increased amount of development
Economic Development Strategic Plan, Page 4 of 30, Last modified: 12/22/2008
between Eagle -Vail and Gypsum, and Vail residents moving down -valley where new
residential opportunities, shopping, dining and entertainment activities continue to
grow. Economically, this affects Vail as new jobs come on line and fewer employees
are available to fill these jobs.
The Town values its relationships with the business community and supports local
and externally -owned businesses that serve Vail's residents and visitors. The town
works closely with its economic partners including Vail Resorts, Inc.; the Vail Valley
Medical Center; Vail Valley Foundation; Vail Valley Partnership; Vail Chamber &
Business Association; Eagle County School District and Eagle County to name a few.
The following are current policies and programs used by the Vail Town Council, Town
Manager and Town Staff to further the economic health of the Town of Vail:
• To address seasonality of sales tax revenue, the Vail Local Marketing District (VLMD)
was established in November 1999, to fund summer marketing programs via a 1.4
percent lodging tax, which provides approximately $2.0 million for programs to drive
group business and increase overnight visitors during May through October
primarily.
• The Town contributes over $2.0 million to economic vitality programs year-round
including funding for special events and operation of Vail's Visitor Information
Centers.
• In 2005, a tax increment financing district (TIF) was created within the Vail
Reinvestment Authority to provide financing for public improvements in Lionshead.
• In November 2008, residents passed a 4% construction use tax to diversify the
Town's tax base and provide a new source of revenue for capital projects. The
construction use tax is complementary to the 4% sales tax that applies to purchases
of tangible personal property other than construction materials.
• Creation of an economic development department in 2007 to focus on building a
year-round economy; provide direction for upgrading and maintaining Vail's capital
assets; review and make recommendations regarding workforce housing and all
economic related issues.
• Continued support of retail including streetscape upgrades, master planning, sign
code modifications and more.
• Annual analysis of the 15 -year capital plan.
• Completion of Vail Parks and Recreation Master Plan to address capital needs of
Vail's recreation facilities.
• To address the workforce housing issue, the Town created a goal of housing 30
percent of employees within the Town of Vail. The Town Council passed commercial
linkage and inclusionary zoning regulations to require mitigation of employee
housing for new developments and redevelopment in order to meet this goal. The
Town is also working on the redevelopment of Timber Ridge to generate new
employee housing opportunities.
• In 2006, the Vail Town Manager formed the Vail Economic Advisory Council (VEAC),
a citizen's advisory group that reviews current and on-going research related to Vail's
economic vitality, while acting as a sounding board on economic issues as requested
by the Town Manager.
Economic Development Strategic Plan, Page 5 of 30, Last modified: 12/22/2008
The following report summarizes the analysis and input from multiple stakeholders in
the community for maintenance of sustainable economic health for Vail. This document
reviews the process being followed; the work plan including goals with corresponding
objectives, action steps, responsible parties, resources needed and timeline for
accomplishment; and concludes with an economic indicator table to continue measuring
economic progress against these indicators to accomplish the goals of the Vail
community.
The plan is based on the following six goals, adopted by the Vail Town Council that shall
guide economic development activity and programs in the Town of Vail:
1. Build a strong relationship between the Town of Vail and the Vail business
community.
2. Increase the Town of Vail's economic activity as measured by sales tax revenue to
exceed annual inflation, as measured by the Consumer Price Index.
3. Focus on building a year-round economy; reduce economic seasonality by growing
the summer economy (May — October) at a rate greater than the winter economy
(November — April).
4. Provide support for a quality workforce delivering world-class service to positively
impact Vail's economy.
5. Provide support for sustaining, upgrading and maintaining Vail's capital assets as it
related to sustainable economic health.
6. Support the stimulation of diversity of services and businesses locating in the Town
of Vail.
The Economic Development Department and the Vail Economic Advisory Council, when
looking for guidance and direction for existing or new endeavors and program goals, will
refer to this Strategic Plan.
Economic Development Strategic Plan, Page 6 of 30, Last modified: 12/22/2008
III. BACKGROUND
In 2007, an Economic Development Department was established in the Town of Vail
municipality to lead marketing activities and research, with the goal of attracting
overnight visitors and patrons during the non -ski season, to stimulate a year-round
economy in Vail. The Economic Development Department has partnered with the
following three groups to accomplish the general goals of the Department:
Vail Local Marketing District (VLMD)
The Vail Local Marketing District was established in 1999 for the purpose of marketing
and promoting Vail, to attract destination overnight visitors from May — October. The
VLMD works to create economic vitality by increasing both the visitor base and lodging
sales tax revenues. Vail Local Marketing District Advisory Council (VLMDAC) members
are appointed by the Town Council to make recommendations for allocations of the
dedicated funds from the 1.4% annual lodging tax. The group holds public meetings
the 3rd Thursday of each month. The major functions of the VLMDAC are as follows:
o Facilitate the development, implementation and measurement of all efforts to
increase heads in beds
o Annual strategic and operating plan and budget
o Statutory and budgetary compliance
o Facilitate approval process of the marketing campaign
o Vendor evaluations/ RFP process
Commission on Special Events (CSE)
The Commission on Special Events was established in 2002 for the purpose of
supporting street entertainment and special events for economic vitality, year round fun,
sense of community and increased quality of experience for guests and residents.
Members are appointed by the Town Council and the Commission holds public meetings
the 4"' Tuesday of each month. The major functions of the CSE are as follows:
o Attract events to enhance Vail's world class reputation and economic vitality
o Develop critical success measurements for events
o Allocate funds budgeted by the Town of Vail for special events
o Coordination between CSE and VLMD
o Populate robust calendar of events
Vail Economic Advisory Council (VEAC)
The Vail Economic Advisory Council was established in 2006 for the purpose of advising
the Town Council, Town Manager and the community on economic issues that will
sustain, enhance and diversify the town's economy. Members are appointed by the
Town Manager and the Council holds public meetings the 2nd Tuesday of each month.
The major functions of the VEAC are as follows:
o Adopt and implement an annual work plan
o Initiatives to increase economic vitality
o Economic lens to Town of Vail issues
o Sounding board for Town Manager
Economic Development Strategic Plan, Page 7 of 30, Last modified: 12/22/2008
IV. STRATEGIC PLAN PROCESS
The vision and goals of this Economic Development Strategic Plan were gathered from
the Vail 20/20 Comprehensive Plan document and adopted by Town Council November
6, 2007. The economic development vision and goals from Vail 20/20 were adopted by
the Vail community through a comprehensive citizen participation process, further
described in the Vail 20/20 Executive Summary.
In order to facilitate the implementation of the vision and goals of Vail 20/20, the Town
Council requested an Economic Development Strategic Plan. The creation of the plan
has been spearheaded by the Economic Development Department and the Vail
Economic Advisory Council, with the assistance of the major contributors listed on page
two of this document. The process to complete the Economic Development Strategic
Plan involved the following:
- An inventory of Vail economic, financial, marketing, and closely related studies,
reports and plans.
- SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis conducted by
the Vail Economic Advisory Council.
- Research and gathering of similar community economic development studies,
plans and tools. (Special thank you to the communities of Breckenridge, Park
City and Steamboat Springs)
- A thorough analysis of the inventory to determine the long-term implications of
such data.
- Vision, mission and goals approved by Vail Town Council July 15, 2008
- Adopted by Vail Economic Advisory Council November 11, 2008
- Presented to Commission on Special Events November 18, 2008
- Presented to Vail Local Marketing District Advisory Council November 20, 2008
- Presented to Planning and Environmental Commission November 24, 2008
- Presented to Town of Vail Directors Staff December 4, 2008
- Adopted by Vail Town Council December 16, 2008
- A creative interpolation of the vision and goals adopted by the community and
Council, combined with the inventory, research and analysis, to create a realistic
and achievable Economic Development Strategic Plan for the Town of Vail.
Economic Development Strategic Plan, Page 8 of 30, Last modified: 12/22/2008
V. VISION, MISSION AND GOALS
Approved by the Vail Town Council on July 15, 2008
VISION
The following economic development vision for Vail was taken from the Vail 20/20
document, adopted November 6, 2007. Vail 20/20 was created through a community
visioning process that is explained in detail in the Vail 20/20 Executive Summary. The
following vision describes how the community envisions Vail's perfect economy:
"Vail's economy is supported through a year-round viable business environment that
meets the market demands of both residents and visitors. The major redevelopment of
much of the town has expanded and enhanced Vail s pedestrian and commercial areas,
which provides a strengthened tax base. A diversity of retail, lodging, dining, special
events and service businesses and both indoor and outdoor recreation opportunities
funds a growing employment and revenue base. The town's strong infrastructure,
environmental stewardship and its cooperation with economic and community partners
benefits Vail S economy. Through prudent cost -management and balancing of diversified
revenue sources, the municipality has sustainable funding for its capital and operational
needs. "
MISSION
"To sustain a vibrant, multi -seasonal economy for those that live, work and play in the
Vail community. "
GOALS
#1 Build a strong relationship between the Town of Vail and the Vail business
community.
#2 Increase the Town of Vail's economic activity as measured by sales tax revenue to
exceed annual inflation, as measured by the Consumer Price Index.
#3 Focus on building a year-round economy; reduce economic seasonality by growing
the summer economy (May — October) at a rate greater than the winter economy
(November — April).
#4 Provide support for a quality workforce delivering world-class service to positively
impact Vail's economy
#5 Provide support for sustaining, upgrading and maintaining Vail's capital assets as it
relates to sustainable economic health.
#6 Support the stimulation of diversity of services and businesses locating in the Town
of Vail.
Economic Development Strategic Plan, Page 9 of 30, Last modified: 12/22/2008
VI. GOALS, OBJECTIVES AND ACTION STEPS
The goals for Vail's economic development are summarized in six major goal
statements. The goal statements are designed to establish a framework for future
economic development efforts in Vail. The objectives and action steps further describe
the goal statements and provide a context within which to evaluate and establish future
economic development efforts. The goals, objectives and action steps were drawn from
discussions and meetings of the Town Council and VEAC and issues identified in the
Strengths, Weaknesses, Opportunities, Threats (SWOT) Analysis.
GOAL #1 Build a strong relationship between the Town of Vail and the Vail
business community.
This goal is meant to stress the importance of partnerships between the Town of Vail
municipality, the businesses within the Town of Vail including Vail Resorts and the
business associations.
1.1 Objective: Continue the efforts of the Vail Economic Advisory Council (VEAC)
Mission: The VEAC is a citizens' advisory group providing advice to the Vail Town
Council and Town Manager on issues involving the economic vitality of the Town
of Vail. In this role, the VEAC will review current and on-going research related
to Vail's economic vitality, while acting as a sounding board and applying an
"economic lens" to issues as requested by the Town Manger or Town Council.
The VEAC may also convene forums to gather and/or disseminate information on
the Town's economy and economic impact of activities or proposals before the
Town Council.
Areas of Focus: Year-round Economy, Capital Needs, Workforce Housing,
Transportation and Parking
1.1.1 Action Sten: The VEAC will continue to meet once a month and will
continue to build on the following goals and strategies, described in more
detail in the VEAC 2008 Work Plan, which can be found in the Economic
Development Department, Town of Vail:
Goal 1: Work with Va/l Town Council and Town Manager on initiatives to
develop a year-round economy.
Strategy. Advise Vail Town Council and Town Manager regarding
the Town's marketing and special events contributions
Strategy., Advise Vail Town Council and Town Manager on the
Town's initiatives to support economic vitality in Vail.
Goal 2: Advise Vail Town Council and Town Manager regarding direction
for upgrading and maintaining Vail'; Capital Assets.
Strategy. The VEAC w111 address priorities of the business
community in relation to maintaining and upgrading Vail'; capital
assets.
Economic Development Strategic Plan, Page 10 of 30, Last modified: 12/22/2008
Goal 3. Work with Vail Town Council and Vail Town Manager to review
and make recommendations regarding workforce housing in Vail.
Strategy. Advise Vail Town Council and Vail Town Manager
regarding future impacts of workforce housing as it relates to
business in Vail.
Goal 4: Work with Vail Town Council and Vail Town Manager to review
and make recommendations regarding transportation and parking in Vail.
Strategy. Advise Vail Town Council and Vail Town Manager
regarding future impacts of transportation and parking as it
relates to business in Vail.
1.2 Objective: Strengthen partnerships with Vail businesses
1.2.1 Action Step: The VEAC and the Economic Development Department will
facilitate open communication between the Town of Vail, Vail Resorts and
businesses in the sectors of retail, lodging, food and beverage,
development, real estate, medicine, etc. by holding regular meetings,
roundtables and forums.
1.3 Objective: Create alignment with business organizations
1.3.1 Action Step: The Economic Development Department and VEAC will
facilitate forums that align and combine efforts between the following
business organizations:
Vail Chamber and Business Association
Lionshead Merchant Association
Vail Valley Partnership
Meadow Drive Partnership
Eagle County Economic Council
GOAL #2 Increase the Town of Vail's economic activity as measured by sales
tax revenue to exceed annual inflation, as measured by the Consumer Price
Index.
2.1 Objective: Benchmark and monitor local economic performance in order to
track and respond to changing economic conditions
2.1.1 Action Step: Economic Development and Finance Departments shall
continue to provide reports to VEAC and Town Council such as:
Vail Business Review
Same Store Sales Reports
Vail Lodging Occupancy Forecast
Competitive Resort Reports
Consumer Confidence Reports
Travel Trends Reports
Economic Forecast Reports
Economic Development Strategic Plan, Page 11 of 30, Last modified: 12/22/2008
2.2 Objective: Continue to facilitate "Vail's Renewal. Celebrate" to maintain a
sustainable economy during redevelopment
2.2.1 Action Stee: Economic Development Department, with the assistance
of the Construction Mitigation Committee, shall identify and prioritize
messaging and marketing opportunities such as Open for Business signs,
radio testimonials, print advertising and Vail Street Sale events and
others.
GOAL #3 Focus on building a year-round economy; reduce economic
seasonality by growing the summer economy (May — October) at a rate
greater than the winter economy (November — April).
3.1 Objective: Continue and improve upon the Vail Local Marketing District efforts
3.1.1 Action Step: Develop an annual work plan for the Vail Local Marketing
District
3.1.2 Action Step: Develop an inventory of capital assets including but not
limited to facilities of the Town of Vail, Vail Recreation District and Vail
Resorts for the purpose of marketing these facilities to attract destination
guests.
3.2 Objective: Continue and improve upon the Commission on Special Events
efforts
3.2.1 Action Step: Develop an annual work plan for the Commission on
Special Events to continue the mission to support street entertainment
and special events for economic vitality, year-round fun, sense of
community and increased quality of experience for guests and residents.
3.2.2 Action Step: Commission on Special Events will sustain existing events
and expand or change events to respond to market changes
3.2.3 Action Steffi The CSE and the Economic Development Department will
recruit successful, sponsored events that attract guests in the 'off-
seasons'
3.3 Objective: Schedule peer resort visits to other seasonal communities to learn
best practices and trends for economic sustainability.
3.3.1 Action Step: The Economic Development Department will continue to fund
peer resort visits for Town Council and Town of Vail staff to experience best
practices and trends in competitive resort towns. The Town of Vail has visited
the communities of Park City and Steamboat.
3.4 Objective: Develop recommendation for use of Conference Center funds
Economic Development Strategic Plan, Page 12 of 30, Last modified: 12/22/2008
3.4.1 Action Step: The VEAC and the Economic Development shall conduct
focus groups with stakeholders and present results to Town Council.
GOAL #4 Provide support for a quality workforce delivering world-class
service to positively impact Vail's economy.
The goal to support a quality workforce is 3 -fold, focusing on employee housing,
customer service and transportation. A large factor of customer service in Vail
businesses is the quality of life for service -business employees. The following objectives
and action steps are meant to increase the quality of life for employees that service Vail
businesses by addressing the high price of housing in the Vail Valley and employee
commute, to and from service jobs in Vail.
4.1 Obiective: Work with the business community, Eagle County and other
municipalities to address future workforce housing needs
4.1.1 Action Sten: The Economic Development Department and VEAC shall
provide input into updates of the Vail Employee Housing Strategic Plan.
4.2 Objective: Work with the business community to support programs to enhance
delivery of world-class service
4.2.1 Action Steu: The Economic Development Department and
Communications Department will 'spread the word' to support existing
customer service incentive programs such as Platinum Service Program,
Premier Impressions, Elevate Excellence and Disney Service Programs.
4.2.2 Action Steffi The Economic Development Department and
Communications Department will monitor competitive resorts' programs
that may be developed for Vail to encourage world-class customer service
in Vail hotels, restaurants, retail and service businesses, Town
departments, and recreation services with VEAC and Town Council
approval and potential funding.
4.3 Objective: Work with the business community and Eagle County to address
parking and transportation issues for workers and guests
4.3.1 Action Step: The Town of Vail Transportation Department will work in
conjunction with Economic Development Department and VEAC to
encourage business owners to implement programs that support
employees who ride the bus or car-pool to work.
4.3.2 Action Step: The Transportation Division will work in conjunction with
the Economic Development Department and VEAC to research existing
bus or car-pool programs in Eagle County and share information with the
Vail business community.
Economic Development Strategic Plan, Page 13 of 30, Last modified: 12/22/2008
4.3.3 Action Step: The Economic Development Department will work with the
Vail Valley Partnership to develop and implement a transportation survey
to employers to uncover the transportation needs of employees and
businesses.
GOAL #5 Provide support for sustaining, upgrading and maintaining Vail's
capital assets as it relates to sustainable economic health.
5.1 Objective: Play a role in providing input to master plans, 15 -year capital plan
and proposed development and redevelopment plans.
5.1.1 Action Step: The VEAC will review Town master, strategic, 15 -year
capital, and redevelopment plans and provide feedback that considers the
economic vitality of the plans.
5.1.2 Action Step: The VEAC will send a representative to public hearing of
the Planning and Environmental Commission and the Town Council to
express the issues and opinions of the Vail business community on
development and redevelopment proposals. ,
5.1.3 Action Step: Identify and monitor the economic drivers in Vail and
support those drivers.
GOAL #6 Support the stimulation of diversity of services and businesses
locating in the Town of Vail.
6.1 Obiective: Develop a strategy to support retention and development of existing
businesses
6.1.1 Action Step: The Economic Development Department will work with
local business organizations to identify and prioritize needs to retain and
develop established businesses.
6.1.2 Action Step: The Economic Development Department will develop a
program of retention visits to include representatives from Town Council,
VEAC and Town Manager's office
6.2: Objective: Support a market analysis
6.2.1 Action Step: The Economic Development Department and the VEAC will
work to assess existing product, identify market, and identify
competitions' strengths and weaknesses to better understand Vail's needs
and propose a course of action to fill those gaps.
6.3 Objective: Seek opportunities to broaden and diversify Vail's economic base
Economic Development Strategic Plan, Page 14 of 30, Last modified: 12/22/2008
6.3.1 Action Step: The Economic Development Department and VEAC will
create an inventory of businesses to assist in the development of a
business recruitment strategy
6.3.2 Action Step: The Economic Development Department will work with the
Communications Department to develop a business recruitment packet
Economic Development Strategic Plan, Page 15 of 30, Last modified: 12/22/2008
A. Work Plan
The following work plan is meant to provide a road map of the previously stated goals,
objectives and action steps aligned with the responsible parties, resources needed and a
general timeline for the work.
Economic Development Strategic Plan, Page 16 of 30, Last modified: 12/22/2008
L:
Q 'U
ari
C
n
d
cd
0
N
cd
ti 0
0
Oco CO u
to
f. O n
ct
�+
O
a�
w
E O°
O
C
' c�
�.
N
O
ate'+
y
s�
'C
N
s^�" y Or"
�+
it V
LS . Com+
YUP+„ F
i���y
:moi
CQ Li Q"•"
_� 31
0
i
..ter
i�.
C�
V.
6�to
r! p
— �'.
L: O O Y
a) w
Y
bn
Oej
OCd
a) c�
4, • c� C U cd
°wAAw
wAA
+�
r. o
a4r�
°�
v��°-o
as
°wAA
v� ° °wAA
b
cl
as
Y
a0i
U a0i
z
Y
aoi
ani 0
U 0 o ami
y
U
Or.
CL
U
d
U O
¢ 0>
p,
O
O
o
9Ga>
W
W U
>wAA
a)
0> a 0>
U U
wAA
U
wA�.A
a
0> ato
wAQU U
Ucz
S
W
Nco ya>
N b
O
Y
Q>
w
bq� >
O
cnCdN
a) O
O
L.'
aYi 'o
vi
yo
0 v
v
Qn
0 0
on ;
cd
to o
Ln
o
�
w 0
0
W
°Y' i
a
>
> �"oa
o
�0
0 cd
u
>0
U
Cd
O
Y O
a)
cd
NOS
Uy U+
C Cd t
Q.M
o 0
t1.
U
p Q
0M U
UU
r
O
¢'
'b
Q
a)
G
U C Lc.
b
c�
U 14
o >
h
o
s.. it
a. sa,o •v a� A o
Y
o
�.
•
,�
CA
�
U
U
� �
U
�`�'
CA
a'
O
>
c
a0i � �
� > -°o aUi
� � _
Cd
�
aj
a
�
.° ° o
ca o°
a,
Y ...
>
O o
M
o
o �,
cl O
b
J> W
UF->v>>UUE•�W
GU ce O
a>
Yh
O.
ti
fy
o
o
Cd
fir"
O
Y
U
�.
d
O°
O o
W
¢
O
a�
r
SoO
>
0 O
w
u o
�
y
o ami a>j
0
a3,
0
-a7
ono
O
U
O x
O "cd O
i� bn
v
ti U cd
c� Q
°v
L," c�
O
U>U
v� 3
U�c o
GQ °
a
U�Uqj
rA
I...I O
C� cu
�
L
rl rte+
y
rte.+ :i ,
�+ C� y L•i
mo i"
6
..Vi y
C Y
o a'
V
V is i.i
V
00
0
0
N
N
N
N
cu
O
C y
to C
O
0 C,3
C -0
v
UYU-�
y
>' b4
w y 'C
r. y
o °o.
o-
o o� ❑
o F. o
°' z ul C
o
a�HUz�
¢sU
w>.�r �¢
3 0072 o
y
w b�
w Y
w Y
N
�•��
U�
��
Uww
v�� .v��
¢,ate
0a)>
��
v' N
° �
° 4.
°
.— o
ai ti'
w ai
mc:� �
c.
�c��,..,
a b
U) o
b U
Y
°}y
cd a
U
U .a °
n
ai
cd E a C U
cl E a C U
j
m V w>
Cl
/yob
-d
c
rA
C
0 U
cl �..CdV
U
U
O C
Y
Y
�
co i'•i ��•+
U U
U U
O
¢
U
Y U U
Q¢
U
O a0i
O
C O
A
0 cC
O .—�
Cd
co o
p Cd
O t
U U
C
�-1 0 a>i a0i
j O U> 0
w
0 >sn
wV)
Op >�
¢ 'wC > CL
>wAA
>
UwUwAAU
C4e) a>
UwAA
wAA
>UalQA
U O
U 'C on
U C C
U U
C U
U
+
a� U
`� p
b
C
o
.--. chi
'A +. O a>
.�+ aCi
•Y c� C
+-'
p
c�
U
>
co O
>,
Ln
,U
ice.
V] � cq U
4, OU Cc ,, cn
fy�
• • o
ti
fti .Y h E
,Y•y
O U • RS •r.ti-1 $'"
Y Y /
°
VJ
>
`F•I U .= '>
p
�
U
•:Ci
r.
04C
•> M
c�
as O O
4-. o �
Y 'U �+ 'n
0. �
U i"i
4- i••� (Amac.,
�I
Y
O. Y 0. on
_
O c� /O�
> U 0 C U
U U
O r
En
y _ z
C
U O
ia�w Uw
r.$�
3
U
Cd
�'
rA cl
o b
3
�, :r a C
t v Jy s�
04•
moi.
O
sUy V: > Y�
U
�
ono
° a) �
a°i a�
o
U4� C``"U
> � > o
� � 0 aoi
-14
7 3
o
'Y
o
•.-. r" ".'
p N
s"'' p ��• 0 4r
�'
cz C� Ri it
CO n
O y
U
O
U .0
O
Ln
cl Cd.�
'�
O C m y
N
U
O C
bo 4, rA
O
p
4.
, ,
^cUlC
UC
Up
C
— +w
cd
U
C
y �
O UC
C
>o
0
Fp-
U
G3
UUP
U W0
`n
O
0
C
O
y U
O
'
Oy
O
A
i; y
0'�
y
0
.a.�U
0th
Qn
Ln
O b
y
cd y W
c,..,
U
C
'Y •
U
� �
C vii
� C v �
O
o
i
%
a''i
U �..
o cy
U 0
O N
U Cn
°U
o
L
aNA4°U
y
YO
L
ci
0
O a�
w
co
0
p ^00 C -9o C5° o 0%o a.
y0
O L Y.Uh 04 Vii G CC 6Ui G Q
00
0
0
N
N
N
N
cu
O
00
0
0
N
N
N
N
v
v
0
.0
t
t 0
i
y
w° a� a�
b
w° Cdcz
b
Cd
d bA Cd Cd
Y Qi W
°
cn
O
�f.//y!I
Ln
°
�'
V]
'� ° y
•y •� O
L
O O G L'
aOb od
° 3 a
dS 3
u cd
r
cF.
o
cd
a,
v
o
>v
>
51
ai '0
C
vin ai
c, ° U
U
U
E�
uE�„cn
Cd
W
cd
0 p
a
W
m
>
Cd
v�mu1:)
ami
0i
Q
ti
U
V
b U
U C
U Q
U Q
U Q
U
Q
C
O O p+
O
0
Q a�m
q a�
a�
d W a m
U W a�
o
o
b V
(zp
W E=
Cd
W o O U
>wAA
o 0 a°i
wAUA
wAUA
W p V
>F-� SAA>H
a�
CAAwAA
°
.
on cn y t
N � � 'A 'o
+-' C)°
U
o o
>
U' y
o N.�En
-o
�
0
Va
w
oCd
o0
o o> o
'�
3
Q..oUD
o
a o QL.
°
o
~°o
tu
Ecd
0
Cd
o li
°
+' ,
w
A
°
Cd
y�
f
`� C ccd
tj
N
0
° s.
G N
E°
i 3
too
> a p.
W a
2��
C,3
' U
n
O
Ln
.y
`o ti W Cd
v
U �'
3 t�Lei
o
ao q
o O �, '�
"co
O
0"
o 'M
O °w
xw>
0to
co
i o 'er o
v oEn
h
Com. (> � ..`4'"�
.f.;'°n. v U
. � bq ¢• .`�.
W`
Y° 0 3
r.
ca b Cl
abi
y O
3°Cdm
O
3°",aw
O O b "
3°Ug4°
d �
o
R
�0 0 u 44
y � V
as
y
d•� ^ y
..moi
00
0
0
N
N
N
N
v
v
0
\
r4
\
k
k
V)
�
q
\
to
CLE
ƒ
�
§
V)
/
0
$
c
7
7
�7:1
\
\
c7N
o
k
k
C,4
/
g
§
ƒ
2
§
/
/
/2
N
§
/®
/
/ 2
kco
/
\ —
\
/§°t
U
Q
*
*
4 §
# \
/
/
% \ ±
/ 2 / 0
t
;
& r
° u °
°
�2
p m
///§$/
%
ow�E
S$
k 2/
=
2 k®
2
� a
0 0
@ a o'
§
®
� k
m
k/�/(
k
E 0
J� /
P4 C,:
2 0®
.2
°
§
2 2
o 0
2 a
2//)
0
§'
3 b 8
u
$ $ / »
o
A ®2
>
to
J ƒ \ 04
/
o cc 0.0
QQ04
§ > o
0-15
co
/ m�>
o
cl
_ ®g 0 u
tk�0
E.§&b2
/ $ _
2 2 22�
■ 7
e
/ k 2 3 ■ 2
0 5 0
2 §
E 2 § S
§ o
0 _ § > ■ _
\
r4
\
k
k
V)
�
q
\
to
CLE
ƒ
�
§
V)
/
0
$
c
CD
0
0
N
N
N
N
rl
Y
',q
3 '
a' a,
cl
a,
cl
��N
rs
C>N
M C)N
U
Q
b S i
pL
p
N Y ,SC
U cd
c� N
C� �O N
OA Y
OA c� U
._ Cd
Cd
Y
3¢
o wcd
¢� �¢�
wC �w�
o o
O ��cl.
o•o°
�.
v�
Y
H>
�a U>
Y
En a4 Uv�w-v
� o
Y
Y
Y
Q O.
Q
�
p> 0.
p> a
o>
o > Q
o>
wAL
wQA
>wL1L1
>wQL
wAUQ
o
o p
o rA
co
w F" co
acq
�
lu
ae
Cd
p
Cd
p O
p
Y
c
y «i N
y
U
4'
L��. '..- N
O O
U
v�
_>
O Y=
V
N N O F
04
O
o}Cl
��3�o�>
rA
}��N
UO
0
a. [j]
0
v O O
Ste+
>11 'Y
O
W
Y
i]y
�1
rU/J C�
Cd
(d
U
3 e,
o
Y
4��•%•1�
'
/Cd
O
p
-d
o >
3b-0
y OE
Q. uo3
o bb
°U��
�, o
Q
bA
C
O :4
O y
Cd
N
Y
co
r
ti y
�
c� O
Cd
O p
o ocA
.N
O
o
�n
Q � N
v� b
V1 m
V�
y O
C7 V1 "C r -A
CD
0
0
N
N
N
N
rl
VII. EVALUATION AND ANALYSIS
A. Strengths, Weaknesses, Opportunities, Threats (SWOT) Analysis
The SWOT analysis was drafted by, the Vail Economic Advisory Council and edited by
Town of Vail Staff. The subject of this SWOT analysis is Vail's Economy as a whole.
Economy is defined as 'The wealth and resources of a community.' The SWOT
analysis is an inventory of Vail's economy today and is meant to provide a framework
for reviewing strategy, position and direction for Vail's future. Specifically, the SWOT
analysis provides a baseline to measure success into the future.
STRENGTHS
Environment
o Mountain / valley scenery
o Pristine wilderness adjacent to Vail
o Wildlife
o Gore Creek and waterway tributaries
o Low humidity
0 300 days of sun a year
Vail Brand
o Worldwide name recognition and reputation
o Destination for vacation tourism and part of nationwide trend
wealthy, talented youth and retirees as residents
Accessibility and Mass -Transportation
o Accessibility to Eagle County Regional Airport
o Accessibility of I-70
o Proximity to Denver
o Vail has the largest free bus transportation in the nation
o Vail's bus system links to Eagle County Regional Transportation
(ECO) bus system with service down valley
Maior Events
o Street Beat
o Spring Back to Vail
o Taste of Vail
o Vail Film Festival
o Vail America Days
o Vail International Dance Festival
o Bravo! Vail Valley Music Festival
o Teva Mountain Games
o Vail Jazz Festival
o Hot Summer Nights
o Vail Farmers Market and Art Show
o Vail Arts Festival
o Kick It 3v3 Soccer
o Gourmet on Gore
o Oktoberfest
o Snow Daze
o Holidays in Vail
to attract
Authority's
Character of Vail
o Quaint mountain village creates a destination
o Architecture displays human traditions in mountain environments
o Similar architecture elsewhere in the world, which many outside visitors can
identify with
Amenities
o Vail Mountain recreational offerings
■ Winter: Skiing, snowboarding, cross-country skiing, snow -shoeing
■ Summer: Hiking, mountain biking, rafting, kayaking, camping, fishing
o Established businesses with returning patronage
o Vail hotels (bed base) and variety of cost options
o World class restaurants
o Vail Valley Medical Center
o Steadman Hawkins Clinic and Foundation
o Vail Mountain School
o Charming streetscape and stores in Village and Lionshead
• Intimate parks and village spaces in Village and Lionshead
o Nordic Center
o Vail Public Golf Course
o White Water Park (Gore Creek/ International Bridge)
o Dobson Ice Arena
o Ford Amphitheatre
o Bike paths connecting East Vail to Down Junction
o Cycling access to Vail Pass and eastward
o Proximity to Beaver Creek
Community
o High profile non-profit organizations with fundraising
o Active, committed, full-time residents sustaining businesses and community life
year-round
o Institutional wisdom in long-time residents
o Talented, large group of part-time homeowners
o Surrounding community growth (population and services)
o Private development and re -development
o Private donations and contributions
WEAKNESSES
Partnerships/ Unity
o Relationship between Vail Resorts and the Town of Vail
o Lack of community on a broader scale — weak unity to make decisions (i.e.
Merchants, Hotels, Town of Vail, Vail Resorts, Non -profits, Organizations)
o Absence of unified economic strategy
o Lack of alignment in event planning
o Several different organizations with similar, redundant efforts
o No unified long-term vision
o Lack of central location for community event information
o Voice of second homeowners sometimes in conflict with full time residents
Economic Development Strategic Plan, Page 23 of 30, Last modified: 12/22/2008
Seasonal economy
o Lack of consistent year-round business activity
o Businesses rely on winter tourism
o Business hours are unpredictable in the spring, summer, fall
o Short-term construction
o Events are not unique to Vail (Lack roots, heritage and historical relevance)
o Year-round community weakening as more residents move down valley
Housing
o Gap between employees working in Vail and where they live
o High price of housing drives away service employees, which results in
decreased business hours, lack of quality, full-time, year-round employees and
ultimately poor customer service
o High percentage of second -homeowner housing results in unpredictable
population in Vail for shopping and community events
Transportation / Spatial Barriers
o I-70 noise and congestion
0 1-70 as spatial barrier between neighborhoods
o Distance between West Vail, Vail Village and East Vail
o Inconsistent road and trail conditions
o Inconsistent pedestrian and bike connections
o Lack of way finding
Shopper Experience in Vail
o Lack of parking
o Lack of retail diversity
o Not highest level of customer service in businesses, restaurants and hotels to
match guest expectations
o Construction
o Loss of retail space
o Inadequate retail space
o Difficult and confusing way -finding and event information signage
Inefficient Facilities
o Underperforming retail stores
o Golf Course buildings
o Older lodging accommodations
o Dobson Arena
o Town of Vail municipal buildings
o Fire Stations
o Lack of recreation facilities
o Lack of conference/meeting space
o Lack of teen facilities/ activities
o Town of Vail budget - Unbalanced funding for necessary infrastructure
improvements (i.e. roads, sidewalks, etc.)
o Public education opportunities
Economic Development Strategic Plan, Page 24 of 30, Last modified: 12/22/2008
OPPORTUNITIES
Marketing and Customer Service
o Increased marketing to attract more international guests
o Exceed customer service expectations
o Focus on multi -generational audiences
o Continue building on Vail's renewal
o Build spring and fall business offerings
o Create a cultural center
o Capture down valley business
o Maintaining events that bring large crowds to Vail
o Grow existing events
o Grow group sales category
o Reward excellent customer service
Partnerships
o Encourage unity and cooperation in the business community
o Form unified communication and marketing strategy
o Determine Vail's economic direction
o Channel smaller groups
Transportation
o Increased air service at Eagle County Regional Airport
o Alternative solutions to I-70 traffic being explored
o Transportation serving down -valley guests and residents
Employee Housing
o Newly adopted zoning regulations that require employee housing, for new
construction and re -development
o Enforcement of existing Employee Housing Units in Vail
o Support and build -on the Vail Local Housing Authority efforts
Survey and Inventorx
o Stay relevant to customers, guests and the economy
o Encourage businesses to survey guests and welcome change
o Continue to ask the question "Is what we are doing relevant?"
o Seek ways to create unique experiences
o Inventory businesses and benchmark progress (good and bad)
o Ask and share what works and what doesn't
o Benchmark other successes including Beaver Creek
Economic Development Strategic Plan, Page 25 of 30, Last modified: 12/22/2008
Expand on Vail's Resources and Strengths
o Maintain and Protect Environment
o Embrace environmental initiatives
o Make Vail the number one destination for the next 40 years
■ Utilize the current redevelopment to fortify this position
o Committed vacationers
o Affluent guests and part-time residents
o Embrace the non -profits in Eagle County
o Build on Vail's history and emotional connections
o Independent efforts
o Retail and restaurants
o Lodging
o New skier services
o Program around Vail's strengths
o Embrace the next generation and begin to look forward
THREATS
*'We' means Town of Vail Municipality, Vail Resorts Corporation, Businesses within
Vail's municipal boundaries and Organizations committed to the success of Vail.
Controlled — Things we* can influence and/or change
o Maintaining a viable workforce to provide the level of service required to meet
expectations
o Parking challenges
o Challenges with transportation frequency/ service/ routes and linkage with
Eagle County Regional Transportation Authority (ECO)
o Decreasing commercial space for professional services and businesses
o A growing chasm between the TOV and VR
o The inability to bring unity for the greater good amongst the Town, VR, the
various chambers and associations.
o Over development
o Threat of wildfire
Uncontrolled — Things we* cannot influence and/ or change
o Lack of snowfall/ Weather dependency/ Global warming
o Declining economic indicators (real estate market)
o Weak US dollar
o Rising fuel costs
o Rising travel costs
o Airline instability
o Potential terrorist acts involving the travel industry
o Declining enrollment in schools
o Restrictions on international labor
o An unknown/unstable economy (Local, US, Global)
o Challenged Airlines reducing flights into Eagle Vail
o Talent Pool
o Developers Financial Stability (Development currently under construction where
the developer runs out of funding)
We* can somewhat influence, but other partners are needed
o Rising Average Daily Room Rates (ADRs)
Economic Development Strategic Plan, Page 26 of 30, Last modified: 12/22/2008
o Influx of new bed base inventory
o Rising competitive pressure, from other resorts and attractions
o Competition from other ski resorts
o Competition from all other resort destinations (i.e. Disney)
o Declining real estate market and REIT funds
o Continued migration down valley
o Continued decline in retail sales tax collections
o Merchant turnover and closings
o Lack of affordable housing
o Pine beetle infestation and impact on quality of environment
o Water shortage
o I-70
■ Noise
■ Pass closings
■ Congestion
■ Lack of mass transit alternative
o Reduced number of youth moving to Vail
o Available Work Force
o Prolonged Construction
o Reluctance of educated youth to do manual labor
Economic Development Strategic Plan, Page 27 of 30, Last modified: 12/22/2008
B. Economic Indicators
The purpose of the Vail economic indicators is to state and monitor the important
measures of Vail's economy. The indicators were gathered from existing economic
reports and studies and were further edited and revised by the major contributors
listed on page two of this plan. The result of the following list was the creation of a
table to monitor and track the following indicators from 2004 into the future.
The economic indicator table provides a benchmark of existing economic conditions
and a template to measure progress and track changes in Vail's economic activity
into the future. The Economic Development Department is the keeper of the
economic indicator table and will update and change the table to reflect the most
up-to-date and relevant data available. The economic indicator table was adopted,
in draft form, as part of this plan, however, because it is a living document that will
undergo monthly changes, it is not included in the final copy of this plan. It is
anticipated that the Economic Development Department will report the results of the
economic indicator table twice annually to the Council in relationship to the
economic goals, objectives and action steps stated in this plan.
The following economic indicators are organized in six categories, to reflect Vail's
most important economic forces which include: Tourism, Real Estate, Town
Revenue, Business Growth, Environment and Macroeconomic.
1. Tourism
o Lodging Report: Occupancy (Mountain Travel Research Program - MTRiP)
o Lodging Report: Average Nightly Room Rate (MTRiP)
o Event Attendance (Commission on Special Events — CSE)
o Golf Course & Dobson Arena Attendance (Vail Recreations District - VRD)
o Parking Counts (TOV Transportation Department)
o Airport Stats (Denver International and Eagle County Airports)
o Information Center Visits (TOV Communications Department)
o Tunnel Traffic (Colorado Department of Transportation - CDOT)
o Sewer Usage (Eagle River Water and Sanitation District)
o Holiday Timing (Easter, e of July, Christmas)
o Web usage on www.vail.com (Vail Resorts)
o Fuel prices (TOV Transportation Department)
o Pass Closures (TOV Police Department)
o Vail Mountain open and close dates (Vail Resorts)
2. Real Estate
o Total Real Estate Sales (Vail Board of Realtors - VBR)
o Average Sales Price (VBR)
o Price per sq.ft. (VBR)
o Gross Sales Amount (VBR)
o List to sale price ratio (VBR)
o Residential properties sold (VBR)
o Commercial properties sold (VBR)
o Dwelling units constructed (TOV Community Development)
Economic Development Strategic Plan, Page 28 of 30, Last modified: 12/22/2008
r
o Hotel units constructed (TOV Community Development)
o Fractional Fee units constructed (TOV Community Development)
o Net new commercial square footage constructed (TOV Community
Development)
3. Town Revenue
o Sales Tax by Sector by neighborhood (TOV Finance Department)
o Building permit Valuation (TOV Community Development)
o Property Tax (TOV Finance Department)
o Real Estate Transfer Tax (TOV Finance Department)
o Fund Balance (TOV Finance Department)
o Property Tax (TOV Finance Department)
o Construction Use Tax (TOV Finance Department)
o Parking Revenue (TOV Finance Department)
o Lift Tax (TOV Finance Department)
4. Business Growth
o Banking Deposits in Eagle County (FDIC)
o Same Store Sales reports (MTRiP)
o Skier Visits (Vail Resorts)
S. Environment
Partner with Environmental Sustainability team to monitor environmental
impacts that relate to sustainable economic health for the Town of Vail, such
as:
o Snow Pack — local, state, national
o Wildfire Mitigation — Number of trees removed
o Wildlife
o Air pollution
o Creek water levels
6. Macroeconomic
o Consumer Confidence Index (MTRiP)
o Employment by Category (Economic Council of Eagle County)
o Population Estimates (Demographers Office State of Colorado)
o U. S dollar vs. Euro
Economic Development Strategic Plan, Page 29 of 30, Last modified: 12/22/2008
VIII. GLOSSARY OF TERMS AND ACRONYMS
CSE — Commission on Special Events
CFA — Citizens For Action
DRB — Design and Review Board
ECONOMIC DEVELOPMENT — (As defined by the American Planning Association)
Economic development is the process of improving a community's well-being through
job creation, business growth, and income growth (factors that are the typical and
reasonable focus of economic development policy), as well as through improvements to
the wider social and natural environment that strengthen the economy.
Economic — Profitable; cost effective. Considered or studied with regard to human
needs.
Economic Indicator — A measurement that has a link to the economic activity of Vail.
Economics — Science of the production and distribution of wealth.
Economy — The wealth and resources of a community.
ECEC — Economic Council of Eagle County
PEC — Planning and Environmental Commission
ROI — Return on investment
VEAC — Vail Economic Advisory Council
VLMD — Vail Local Marketing District
VLMDAC — Vail Local Marketing District Advisory Council