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HomeMy WebLinkAbout1998-09 Adopting a Plan for Housing, Parks, Open Space, Sites for Community Facilities and a Funding Plan to Provide for the Improvementst •, a R , c A` RESOL'E~TION N0.9 SERIES OF 1998 ADUI''I'ING A PLAN FOR HOUSING, PARIS, OPEN SPACE, SITES FOR COMMUNITY FACILITIES ANll A FUNDING PLAN TO PROVIDE FOR THE IMPROVEIVIENTS. WHEREAS, the Vail Town Council, Town staff and aver two hundred interested citizens and homeowners have participated in a public process known as Common Ground; and WI-IEREAS, the Common Ground process has provided a well reasoned basis for the Vail Town Council to established a phased development plan to provide for-sale housing developments, seasonal housing developments, parks, open space and sites far community facilities; and WHEREAS, the analysis provided in the Common Ground process has identified densities which will be adjusted during the development review process to maintain the integrity of existing neighborhoods; and WHEREAS, the Town of Vail will use, but not be limited to, the following criteria to determine density of fixture housing projects identified in Exhibit A during the development review process: compatibility to the density of adjacent development, traffic and parking constraints, impacts to neighborhood services, and the ability to cost effectively achieve the Town's housing goals; and that: WI-IEREAS, the Common Grouizd process has also provided a basis to adopt a funding plan. NDW, 'fI IEREF012E, be it resolved by the Town Council of the `l'awn of Vail, Colorado 1. The Vail `town Council adopts Exhibit A which is attached hereto as the siting matrix and fielding plan to be implemented over the next eight years. 2. The Town MaYnager is hereby directed to take whatever steps are necessary to affect the actions and goals identified in the attached Exhibit. 3. This resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND AT~OI'TE is 30th day of Ji Robert L, Iaord, Mayor 998. Resolution No. 9, Series of 1998 a~ Y f COMMON GROUND PREFERRED FUNDING PACKAGE PHASE I I998-1999 Funding Sources: Proceeds from sale of two land exchange properties** 52.5 million requires Council vote to use RETT funds for this purpose) Proceeds from sale of ttivo Town-owned sites 52.2 million Willow Way aad Beaver Dann Rd.} TOV Housing Fund (funded out of capital budget) $300,000/year PHASE II 2000-2002 Funding Sources: Refinancing of Town debt (first three of six annual payments] X500,000/year Retired RETT-fended golf course mortgage payments** $340,000/year requires Council vote to use RETT funds for this purpose) TOV Housing Fund (funded out of capital budget] 5300,000/year PHASE IIZ 2003-200G Funding Sources: Retired RETT-funded golf course mortgage payments** 5340,OOQ/year requires Council vote to use RETT funds for this purpose) Refinancing of Town debt (last three of six atanual payments) 5500,000/year TOV Housing Fund (funded out of capital budget) $300,000/year Nate: Allocations of retired golf course mortgage payments (RETT-funded} to be sunsetted in year 2006 Flrat Phase 1998-1999 Parks Open Space xi ~ t r. CQMlNON GR~ SR"tf+lG MATRlX ~ 6f3Ur98 ' r Location "'"""r"'Hausina casts' Swoe oaru Portion of Lower Bench 3. 4 acres Portion of West Vail 3.5 acres L. Ladner 7.5 acres Boom Creek Scream Tract 2 acres Lienshaad Stream Tract 3.5 acres Potato Patch ripen Space 15 acres Past Vail Water Tank 6.8 acres Lipper Bench 30 acres Housing Tract C sale east blast Vail sale wasi Linnshead seasonal central Lowerflench seasonal west buy downs Acquisitions acquire Timber Ridge acquire Hud Wirth Cammunlfy Facilities Define needs and determine funding options fpr selected sites Gnarter taus Lot GcIF Gcursa Club Hose Second Phase 2000 -2002 Parks Tract A • West 4 acres Por,~pn of MiCdla Bench 1 acres Open Space Tract A • Middle 5 acres Kara 6uteil 4o pores Housing Tract A • East sale east M;ddle plus flop Leg of upper sale west Fled Wirth sale west limber Ri~ge seasonal west puy Downs sale dispersed Gcmmunity Facilities Ganstruct ccmmunity facilities accordin ; to Phase I conclusions l'ttlyd Phase 2'''3 -2006 Parks r•one Op9n Space Snowberry 13.9 acres Nousi~g Water7reatment save east hSoun[ain 8611 save central In!armauntain sale wesl O':1 Town Strops seasonal central Buq Downs save dispersed Corr..runiry Facilities WiR have been completed 3300,000 75,000 S 40,000•' SO SO SO 0 SO i 50,Oa0 S IOO,OaO a S3,aa0,000'• 340.0,000 75,000' " 31,200,o0a 30 420.000 30 53, 000,000 5440,000 330,000 5600,D00 575,aoo 5250, 000 saao,ooa 3250, C00 51 10, 0(30 9 Sa00.000•- SO I5135.C0~" Casts shown renect the gap between anticipated axpe^c.;ures and protected revo.^.ues, Revenues havo been based affordable" sat©s and rental rates of approximately 512a'sq.ft. and Sa25Jbedrenm'montn respectively. Financing asumptions play a key role in 1,`e seasonal a~rtay'ss ^~ site construction casts play a key rcla in the for-sale analysis. Open spaco pareis to be purcr:ased ~t°r;;• cpcor•,ur -y fcr pelow-market acquisa:,rs became available. This Figure rellects the rw: cf ccnsx_°~. ~ .; oar, " , srr•.._: rp for bath tna hauc • :, a°., ,.~,~. cses. Ghaaoer alternatives are available, bct rec•.:ce . " _ _.. A^•_ .. - _ssonal density typ~ca ~: ~~-~:, yes cnsts, as ecorc^:es of scale arts reduced. Thls figure refia ~ the costs cF assem,-; ,ry a cave ~.rre. ;team. Consultants w~:, ba required Ee prev de cbjectwa opinions as to deveioprrent potentia'.