HomeMy WebLinkAboutLIONS RIDGE FILING 1 BLOCK C LOT 1 TO 5 TIMBER RIDGE GENERAL LEGALMEMORANDUM
TO:
FROM:
DATE:
File
NinaTimm
June 6, 2007
SUBJECT: Summary of Town Council's discussion regarding redevelopment of
Timber Ridee
On Tuesday, June 5, 2007, staffmade a brief presentation to Town Council regarding
specific issues related to the redevelopment of Timber Ridge. Some of the items
discussed were requests for further clarification that Open Hospitality Group/Hillwood
Capital Partners (OIIP) has requested and other items were brought up by the Vail Local
Housing Authority.
The main topics ofponversation were:
r' The mix of for-sale units and rental units { The configuration oft}re for-sale and rental units r' Deed restrictions on some or all of the units. both for-sale and rental r' Ownership of the land
Town Council stated the currently proposed mix of 312 rental units and 167 for-sale units
seems to be appropriate from their perspective. There was some concern noted about the
market for 167 for-sale units in the highly dense development that is currently proposed.
At least one Town Council member suggested that the developer do a site specific market
study to ensure the depth of demand at this location and what sort of unit types and
amenities would be expected by fufure owners. Town Council appeared to be
comfortable that there was enough demand in the mmket for rental units at this location.
Town Council would encoumge the developer to reconsider the unit sizes on the for-sale
units and create more one- and two-bedroom for-sale units. Town Council did not
believe that this location and proposed density would appeal to families in Eagle County.
Properly targeting the for-sale product will be critical. Again, further market research
should be completed by the developer to ensure the market demand exists.
Town Council recommends providing a variety of rental unit types. Recognizing that
Town Council has not closely studied the rental market they suggested a range of rental
units from studios, one-, two-, three-, and four-bedroom units. Again, Town Council
recommended a site specific market study to ensure the markets needs are being met with
the rental units developed.
There was unanimous agreement from the Town Council members present that all units,
for-sale and rental, should be deed restricted. There was not significant discussion
regmding the type(s) of deed restrictions that should be put in place. Some discussion
was had about a variety of types of deed restrictions, some of which may carq/ a price
appreciation cap.
The Vail Local Housing Authority has suggested that the Town and the developer
evaluate the viability ofproviding a land lease to the developer rather than Fee Title to
the property. The Town historically has had a policy of not selling land. The Housing
Authority believes that over the long term this will benefit the Town in multiple ways.
When the term of the land lease expires the Town will be involved in future uses of the
housing. The Town will have the ability to adapt to changing market forces.
Additionally, if the courts take a more conservative view on long-term deed restrictions
the Town would not be at risk of losing the desired use of the property.
CORUTM
REAL ESTATE GROUP
Marc.h 30,2006
Mr. Jack Hunn
Vail Resorts
P.O. Box 7
Vail, CO 81658
RE: Timber Ridge Redevelopment
Dear Jack:
Following up on our recent discussion on the Timber Ridge redevelopment, the best and most
sftaightforward way for us to communicate our thinking to you is to provide you a copy of our
curent correspondence with the Town as to how we propose to put this deal together. You will
find attached my most recent letter outlining our proposed arrangement with the Town and
describing VRI's proposed involvement. The attachments detail the unit count and square
footages that you requested at our last meeting, and the manner by which we propose VRI
recover its investrnent in Timber Ridge.
These figures require explanation, and we look forward to discussing them in detail with you at
our meeting tomorrow in Vail.
Sincerely,
V. Michael Komppa
President
ONE DTC o 5251 DTC PARKWAY r SUITE200 o GREENWOOD VILLAGE. CO 8011I
FAX 303-796-2065 . 303-796-2000
/
CORUtvl
REAL ESTA'I'E CROUP
March 30, 2006
Mr. StanZemler
Townof Vail
75 S. Frontage Road
Vail, CO 81657
Dear Stan:
After our initial round of discussions with the Town and Vail Resorts on our initial proposal for
the Timber Ridge redevelopment, we have run into two major issues affecting the proposal.
First and most significantly, the cost figures we received from Weitz Construction after their
initial review of the project were nearly 40% higher than our March 6 budgeted costs. A
sigrificant increase in constuction cost is currently a widespread phenomenon as you know, and
one that occurs in every development project to a degree. The only reliable way to get fum
construction figures is to provide as complete a set of drawings as possible, which is what the
initial phase of predevelopment accomplishes. The next step is to specifu a budget that the
contractor must achieve in order to make the project viable; this requires significant time and
effort on behalfofthe contractor, gets him invested in the process, and produces very good
results, in our experience. Nonetheless, the Weitz numbers represent the best information
currently available, and we have incorporated those costs into our model.
Second, our assumption that US Bank would tade its cunent position of $22 million in bonds
with the Town's moral obligation for a $5.5 million paydown from condo sales and a $16.5
million junior note at 4%o for 30 years is simply not realistic. We are also assuming that the Town
would not provide long term subordinate financing for this project. Moving $16.5 million from a
low interest junior note to a near term requirement obviously affects the capital flows.
In order to mitigate the effects of these issues, we have had to rethink several aspects of our
proposal in order to make the overall project viable. The most obvious item to address is the $18
million income tax payable on the condominium profits in our March 6 proposal. This is a
significant drain on capital, and we have come up with a couple of ways to structure the
transaction in a more tax efftcient way to preserve some of these funds.
The revised structure we propose is as follows:
1. TRAHC would sell the land to a Corum LLC for $22 million in order to get the land off
its books and the Town offthe bonds. The $22 million price would consist of $6 million
cash at closing and a participation in condo profits equal to a minimum of $16 million.
2. The Corum LLC would borrowthe $6 million initial land payment under a construction
loan from US Bank or another lender, and advance it to TITAHC as part of the land
ONE DTC o 5251 DTC PARKWAY o SUITE200 o GREENWOOD VILLAGE, CO 80t I I
FA){ 303-796'2065 t 303-796'2000
/
March 30, 2006
Page Two
purchase price. In order to get US Bank to refinance the $22 million in bonds, TRAHC
would advance the $6 million cash to US Bank and assign its $16-million participation.
We believe it is realistic to assume that US Bank or another lender would accept $6
million cash and an assignment of a $ I 6 million minimum participation to refinance the
bonds.
3. At this point we would expect US Bank to release the Town from its moral obligation on
the bonds, and have them rely on the minimum participation in condo proceeds for
repayment of the remaining $16 million. Whether $6 million and $16 million are the
right figures here is obviously negotiable, but our intent is to repay the $22 million in
bonds without requiring the Town's financial participation in a complex real estate
development.
4. The $16 million participation would be deductible to the LLC, and the 45olo income tax
payable would be retained within the capital structure. Moving some of the income from
condo sales out of the LLC where it is taxable over to the TRAHC where it is not, and
allowing TRAHC to use the income to repay the bonds helps preserve capital.
5. The Corum LLC would create a second level of participation payable to the Town in the
amount of $ I 5 million, which would also be deductible to the LLC. We would ask the
Town to make a soft loan or other non-taxable contribution of this $15 million to reduce
project costs. While this obviously constitutes financial involvement by the Town, it is
using project proceeds rather than tax dollars to make this development more affordable.
This reduces the tax burden on the development by 45% of this additional $15 million.
6. To further reduce the project cost and to help convince US Bank to release the Town's
obligation, we would ask that the Town consider funding the $3 million pedestrian
bridge, since it would obviously be a public improvement, and it is an important element
to the viability of the development.
7. We would ask VRI to contribute $17 million to the LLC in a manner to be determined
other than a "payment in lieu" for affordable housing. We would give VRI anote at zero
interest repayable via a 50Yo participation in cash flow from the apartment and seasonal
rentals. VRI's cost for doing this would be essentially only the lost interest on their $17
million, which we believe is cheaper than using their more valuable land to build the
units. This would also motivate VRI to direct their employees to live in the new project in
order to keep the units leased and recover tleir investment as quickly as possible.
8. We would reduce the size of the 18 affiordable condo units from 1900 SF to I 8 units of
1000 SF and shift the square footage to condominiums. This adds nearly $3 million to
the condo profits, which in tum reduces the cost ofthe seasonal and apartment rentals
We could make the project viable on paper with the revised construction costs by reducing the
seasonal and rental unit count and increasing the condo side to 337 units. The resultant building
mass is significant enough that we are not certain it fits within the Town. We do not think a
project that size and scale serves the Town's interests well, nor are we comfortable with a
condominium development of that size.
March 30, 2006
Page Three
The attached Revisd Timber Ridge Analysis dated 3130106 illustrates ow current thinking on
project scale and unit count. The Revised Capital Structure summtrizes our qrrrent thinking on
the tansaction structrne and dernonsfiates a viable result. We look forward to discussing this
with you in detail at ourmeetingtomorrow.
Sincerely,
V. MichaelKomppa
President
cc: Russ Forrest
NinaTimm
I
TIMBERRIDGE ANALYSIS
R.EDUCE 4 BTIILDINGS BY ONE STORY
WeiE Pricing - Wood Frame
Use Cost Quantify (SF) Unit Cost
Condo $53,346,325 306,864 $174 /GSF
Rental $77,815,018 521,568 $149 /GSF
Project Totals per PBA Site PlanDfieil3122106
Buildings Gross SF Net SF Units Beds
Seasonal 2 233,616 't92,733 245 780
Rental 3 301,248 259,445 288 432
Familv 1 41.904 JO,OOO 18 72
Condo 2 2U,960 231,840 185 392
Totals 8 841,728 720,684 736 1,676
Revised Totals - Cl & Dl From Rental to Condo
Buildings Gross SF Net SF Units Beds
Seasonal 2 233,616 192,733 245 780
Rental 1 82,944 68,429 to 114
Family 1 41,904 36,666 18 72
Condo 4 483,264 422.856 337 715
Totals I u1,728 720,684 o/o 1,681
Reduced Totals - One Floor from A1, 81, Cl, & Dl - Adjusted Unit Mix
Buildinqs Gross SF Net SF Units Beds
Seasonal 2 191 ,031 157,600 200 636
Rental 1 125,529 103,562 116 174
Family 1 20,571 18,000 18 54
Condo 4 383,781 335,808 267 567
Totals I 720,912 614,970 601 1.431
tlsc*Y**l
March 30,2006
Ivft. Stan Zernler
TownofVail
75 S. Frontage Road
Vail, CO 81657
Dear Stan:
After our initial round of discussions with the Town and Vail Resorts on our initial proposal for
the Timber Ridge redevelopment, we have run into two major issues affecting the proposal.
First and most significantly, the cost figures we received from Weitz Construction after their
initial review ofthe project were nearly 40%ohtgher than our March 6 budgeted costs. A
significant increase in construction cost is currently a widespread phenomenon as you know, and
one that occurs in every development project to a degree. The only reliable way to get firm
construction figures is to provide as complete a set of drawings as possible, which is what the
initial phase of predevelopment accomplishes. The next step is to specifr a budget that the
contractor must achieve in order to make the project viable; this requires significant time and
effort on bebalfofthe contractor, gets him invested in the process, and produces very good
resultso in our experience. Nonetheless, the Weitz numbers represent the best information
currently available, and we have incorporated those costs into our model.
Second, our assumption that US Bank would trade its current position of $22 million in bonds
with the Town's moral obligation for a $5.5 rnillion paydown from condo sales and a $16.5
million junior note at 4Yo for 30 years is simply not realistic. We are also assuming that the Town
would not provide long term subordinate financing for this project. Moving $16.5 million from a
low interest junior note to a near term requirement obviously affects the capital flows.
In order to mitigate the effects of these issues, we have had to rethink several aspects of our
proposal in order to make the overall project viable. The most obvious item to address is the $18
million income tax payable on the condominium profits in our March 6 proposal. This is a
significant drain on capital, and we have come up with a couple of ways to structure the
transaction in a more tax efficient way to preserve some of these funds.
The revibed structure we propose is as follows:
l. TRAHC would sell the land to a Corum LLC for $22 million in order to get the land off
its books and the Town offthe bonds. The $22 million price would consist of $6 million
cash at closing and a participation in condo profits qqual to a minimum of $16 million.
2. The Corum LLC would borrow the $6 million initial land payment under a construction
loan from US Bank or another lender, and advance it to TRAHC as part ofthe land
ONE DTC r 5251 DTCPARKWAY . SUITE200 o GREENWOOD VILLAGE. CO 80lll
FAX 303-796-2065 r 3 03-?96-2000
March 30, 2006
Page Two
purchase price. In order to get US Bank to refinance the $22 million in bonds, TRAHC
would advance the $6 million cash to US Bank and assign its $16 miltion participation.
We believe it is realistic to assume tlnt US Bank or another lender would accept $6
million cash and an assignment of a $ 16 million minimum participation to refinance the
bonds.
3. At this point we would expect US Bank to release the Town from its moral obligation on
the bonds, and have them rely on the minimum participation in condo proceeds for
repayment of the rernaining $ I 6 million Whether $6 million and $ 16 million are the
right figures here is obviously negotiable, but our intent is to repay the 522 million in
bonds without requiring the Town's financial participation in a complex real estate
development.
" 4- The $J6 million participation would be deductible to the LLC, and the 45olo income tax
. l,*. Lpdable would be retained within the capital structure. Moving some of the income from
lrv e '" 0 j condo sales out of the LLC where it is taxable over to the TRAHC where it is not, and
--, ,l'vl t- " allowing TRAHC to use the income to repay the bonds helps preserve capital.rv+t t
5. The Corum LLC would create a second level of participation payable to the Town in the
amount of $15 million" which would also be deductible to the LLC. We would ask the
Town to make a soft loan or other non-taxable contribution of this $15 million to reduce
project costs. While this obviously constitutes financial involvement by the Town, it is
using project proceeds rather than tax dollms to make this development more affordable.
This reduces the tax burden on the development by 45% of this additional $15 million.
6. To further reduce the project cost and to help convince US Bank to release the Town's
obligation, we would ask that the Town consider funding the $3 million pedestrian
bridge, since it would obviously be a public improvement, and it is an important element
to the viability ofthe development.
\75,f4'
7. , pe would ask VRI to contribute $17 million to the LLC in a manner to be determined
.r/11 lother than a "payment in lieu" for affordable housing. We would give VRI arrote at:z // l4l interest renavahle vla e 5io/n narticination in cash florv from fhe rnqrfrnenl end scqcnn;
'- / t'- ------'
, ,r/11 /other than a "payment in lieu" for affordable housing. We would give VRI a rrote at zsro
U/ l4l interest repayable via a 50o/o participation in cash flow from the apartment and seasonal
rentals. VR['s cost for doing this would be essentially only the lost interest on their $17
million, which we believe is cheaper than using their more valuable land to build the
units. This would also motivate VRI to direct their employees to live in the new project in
order to keep the unitg lease{and/ecovep th-ir investment as quickly as possible.
8. i we would ,"gffi"Xfr,Yt?^4?#r[{uor.condo unirs from le00 SF to 18 units of
_ lt - ^ ,h 1000 SF arfif shift the square footage to condominiums. This adds nearly $3 million to
,/\ { vt' the condo profits, which in tum reduces the cost ofthe seasonal and apartment rentals '11J
We coulC make the project viable on paper with thp revised construction costs by reducing the
seasonal and rental unit count and increasing thp condo side to 337 units. The resultant building
mass is significant enough that we are not certain it flts within the Town. We do not think a
project that size and scale serves the Town's interests well, nor are we comfortable with a
condominium development of that size.
t March 30, 2006
Page Three
The attached Revised Timber Ridge Analysis dated 3/30/06 illustrafes our current thinking on
project scale and unit count. The Revised Capital Structure summmizes our current thinking on
the transaction structure and demonstrates a viable result. We look forward to discussing this
with you in detail at our meeting tomorrow.
Sincerely,
V. Michael Komppa
President
cc: Russ Forrest
Nina Timm
I
]
TIMBER RIDGE ANALYSIS
REDUCE 4 BUILDINGS BY ONE STORY
Weitz Pricing - Wood Frame
Use Cost Quantity (SF) Unit Cost
Condo $53,346,325 306,864 $174 /cSF Rental $77,815,018 521,568 $149 /GSF
Project Totals per PBA Site Plan D*ed 3122106
Buildings Gross SF Net SF Units Beds
Seasonal z 233,616 192,733 245 780
Rental 301,248 259,445 288 432
Familv 1 41,904 36,666 18 72
Condo 2 264,960 231,840 185 392
Totals I 841,728 720.684 736 1,676
Revised Totals - Cl & Dl From Rental to Condo
Buildinqs Gross SF Net SF Units Beds
Seasonal 2 233,616 192,733 245 780
Rental 1 82,944 68,429 76 114
Family 1 41,904 36,666 18 72
Condo 4 483,2U 422,856 337 715
Totals I 841,728 720,684 o/b 1,681
Reduced Totals - One Floor from Al, Bl, Cl, & Dl - Adjusted Unit Mix
Buildings Gross SF Net SF Units Beds
Seasonal 2 191,031 157,600 200 636
Rental I 125,529 103,562 116 174
Familv 1 20,571 18,@0 18 54
Condo 4 383,781 335,808 267 EA-7
Totals 8 720,912 614,970 601 1,431
5'tfu ,"-/ t
qtlb //J
t9
F
q)
a
q)
A
cr)
tr
t u)
z
a F
z
E)
z
E
z
()
a
4
a
a9
O ra){A i-g>
a
ra,6
r,-c{
{J b!
F
:T
E
E.g xq,:tr
;s
H8 .*(t)
EE
ii()-t
as>
FO,cf oo
ql
F
(D
oo
a
-f
s+
e
{
a1
c.l
fr:II
n frl:
z g
8o F'r
97
.6e rr
\o
\o F G
e
an
9)e
* \o \o :. o\ o\
=
..r rn
\o ral
ar a.)
6
F-
e
c-
9+
t:
ga
a.l
\
aa
-t
-l.g
fr t-
.E :d- E
1r^ D--
=! EEE
orr FIr
arOa.lOO
lY(n('\\o.+cFel.ro 6/ er9 E l\ Vl
!? ,rt O' c-r r.,!icl\oi-$ ra) la) (a (-r
F e € i .-."ia- E4 e as
-P ; rar rar 6 -1.Roo\co\o
=-idi..:,'.1 e9 66
I
F
o\o\o\o \o €\ ca rt c.t c.l
s55E$
ral \.o F- 0O O\
e{\oi-\t=ii;ior;
d \o oo c.l c'l d Fr + .., C.\
p
{,
a
E o
F
a
z
ID
(rt6<tG
E FqtqCAO .E^<<QQ
,€ 6 U d U
aB t Fq F{ Fr r*.tr(aF<C{.4+
I
U)
(n F
z
F z
F
F{z
v
U Ftr]z(J rif !l -(aa O. ri AY rJz .t
=14 ->s 2 r-\ \J -\XE Fr
E r-i J F ::-a z ra9
fd :;f X r|t 6l -x> 5
-?lY. ir ,t+. =,)r-'t H 5E
FZ
-r-
i r'--l
4.
A.
r-
=a
c\t-t-
G
+a>
r-
ao
I !J 7
F
eaas+a
c-
a
9-Vl{'9a1
= -..
E4
tD
F
;)@o)ooo .:aqqq r--crc)oo
\o 6 lu?-, .., o o olr-c-, * l.'i
F9t
AE h5 o cr)
x?33 66bO c!dct
a'di',8
dr ar 'o
()o:
:h(D 6';a
e
??
+
?J
g G
cc
q)
o
F
(.)
oolco r-r | ..<
z
a
z
a o
z
Q
=i
a-\9
e+
-+
&&e.l
4
G
6
a
€
(.it
rr
t.-
c.t
f-
a..t E+
c.;
oo g
g4
oo
t-
c.l '
cpa
(u bora
9a
-::===
$
o
oa
oo c't
c{
.;-EE !:.J()
oclra
(J
ro q.
F.s
c\t_(,(o
e
o o o o o o
1r,
@o)!c rf, lot$rf- it- $- lrl-
t: ('rF(O tf F- o) t-(v aot6
d rolood (o OFOI F {A (r}@@
o o o o o q t-
r.C,$-
N s (\l
GI @
c)
E
(u o tl)E
E
o
E (l,
E
&s*
E€E ; EnE
?E* : q;€
F=€E stHEs ;(-* EdE 8E 9- (5 (5 0 0<(,pga 4sscp
(f,
@
oi F q
c\t
ser;s
gfiggfi;gpg
Y}
@ r.)
rql
c.t F.
@-
r{)o
@
o o o-{t--{-
F-F
f'l ! tu.z>f-l F >e O. ;)'^, tY.vt-..I H
r---r A >r
Hf,E rr i rrZ l-l i^ (\l c?>
r-r r \ (t)ilv.ET d<*7
H=FC ii >i hr l-{ !Lt tl.
o)
v
od N a
@
ga E E F .$gE H E9, q
E egi I
<otr99 s
-.c ^.c |J)5 (,):s (,) r.-9888 P
!-@CDO sssa
Fi <', F =$F-O)X Nco\i-^
c{ ro (, :,@O-a i- F €1> \-/4'e,v
ro
a"F.*o{
CD F
o ot-8E E 1-E
,Fq.g g*5E.E
saFE E3 rE€
FgEf, ts*Ee
Fs#g FTEEE!
Agenda
Timber Ridge Development Parameters
March 31, 2006
Community Development Conference Room
12:00-3:00
1) Briefly review project background and project goals-Russ
a. RFP Goals for project
i. "Creates an integrated community which will help blend Vail work
force both full-time and seasonal" "develops the site so it is an
asset to the neighborhood and community"
ii. Maximizes number of units available to local employees either
rental and/or for sale housing and to ensure the housing units are
affordable for future employees
iii. Creates a viable project on the site that improves the Town's
financial investment I the property and /or results in the Town's
exposure in the property ($23 million) being eliminated or
significantly reduced
iv. Pursue Opportunities to connect the Timber Ridge property to Vail
Case Cascade Village and Vail Mountain Ski lifts.
2) Review proposed process-Russ
a. Create and apply zoning to land-Currently no zoning exists on land
b. Transfer land to Corum
c. Corum will proceed as applicant with a development proposal
3) lmmediate goal-Develop parameters for a new zone district or an amended
Housing District
a. Uses
b. Height
c. Density
d. FloorArea
e. Site Coverage , f. Land scape area
4) Review current program and bulk and mass proposed for site- Corum
5) Discussion on development parameters
a. Discuss what parameters work for a Housing District and the site
b. What parameters don't work and why
, c. What are alternative concepts that should be explored?
6) Potential Next Steps?
a. Follow-up meeting with staff
b. Meeting with neighbors (Savoy Villas and Grand Traverse Subdivision)
c. Public Discussion on zoning amendment and development plan for site ' d, PEC meetings
e. Others?
TIMBER RIDGE REDEVELOPMENT
PRELIMINARY CAPITAL STRUCTURE
sl1912006
Total Proiect Cost $162,217 '624
Less: Bridge by TOV ($3'000'000)
Plus: Cash Land Payment s6.000,000
Revised Project Cost $165.217,624
Revised Proiect Cost $165,217 '624
Less: Condo Costs (S 101'361,3 54)
Less: After Tax Condo Proceeds ($13.602'968
Less: VRI Contribution ($ 17'000'000)
Less: TOV Soft Loan 15.000.000
$ 18.253,302
Condo Revenue $168.918'500
Less: Condo Costs (s 10 l.36l '3 54)
Less: Commissions & Closing (Sl1,824.295
Net Condo Revenue $55'732-85 |
Less: TOV/US Bank Payment ($16'000.000)
Less: Additional TOV Pnrticipation $ 15.000,000
Condo Revenue afier Payments $24.732.851
Tax @ 45o/o $11,r29,783
Condo Revenue after Taxes $ r 3.602.968
Apt/Seasonal NOI $2.980,777
Apartment Debt Service*111
Flow $l '702,521
50%o to VRI (Up to $l7MM)
cash to LLC $851'260
* 5 .7 5o/o, 3O year amortization
Revised Proiect Cost $165.217 .624
Less: VRI Contribution ($ 17
US Bank Loan Amount $148'217.624
US Bank Loan Amount Repayment:
Condocosts $101.361'354
o Revenue after Taxes $13,602.968
Apanmentloan $ | 8,253.302
V Soft Contribution $15.000,000
Total s148.217.624
I of I Timber Ridge Analysis 5-19-06.xls 5/1912006 4:0'l PM
TIMBER RIDGE REDEVELOPMENT
Vail, Colorado
PRELIMINARY I.JNIT MIX AND PARKTNG SPACE COUNT
r lry chJ't
APARTMENT UNITS
Total Rent
Seasonal Units
2 Bed/1 Bath
2 Bed/l Bath
4 Bed/2 Bath
B lended Wi nter/S ummer Rates
$ 1.62 $875 $ 189,000 I lYo
2jo/o
69%
l8
lt0
36
r28
440
9,696
20,661
539
646 $2.7r $1.750 $672.000
$2.13 $r.750
1/.rtt lfOr+
120,770 s2.r9 $r.6s2 $3,171.000
90.413
Total/Average 160- ij
Traditional Units
I Bed/l Bath
2 Bed/l Bath
Total/Average
29
53 106
s1.29
s 1.33
852 24,698
1,13 1 59.926
tn??84,624 $r.32
$1,100 s382,800
sl $954.000
qr 15q $l,336,800 82 | 35
APARTMENT PARKING
parking Type Spaces Spaces/Unit Spaces/Bed Rent/Space Total Rent
-st
u"tu."a spaces - Included 242 1.00 0.32 $0 XiO
Struciured SDaces - Rented ?54
496
0.34 b/J $228.600
TotaVAverage 2.05 0.66 s228,600
llt tLtv
CONDOMINIUM UNITS
Condo Units
2 Bedi2 Bath 86% 2t4 214 1,200 2s6,800 $500 $600,000 s128,400.000
3 Bed/z Bath 14% 3s 70 1.640 s7.397 $s00 $819,9s? -$28'6?q'i00 lotafiAverage 10A06 249 284 1,262 314,197 $500 $630,918 $157,098,50,
Condo Units
Familv 3 Bed/2 Bath l8 $300 $300.000 $5.400,000
Total/Average l8 $300 $300,000 s5,400,000
CONDOMINIUM PARKING
parking Type Spaces Spaces/Unit Spaces/Bed Price/Space Total Price
Structured Spaces 320 1.20 lncluded S0
Structured Spaces
Detached Carages
Carports
0 0.00
0 0.00
$30,000 $6,420,000 s0 $0
$0 $0
zl4 0.80
TotaUAverage 2.00 $12.022 $6,420,000
Timber Ridge Analysis 5- | 9-06.xls lof I 5/19/2006 4:01 PM
#4
1
;:,.,'ffi
:,',.:..:, t, ;,. ..' = ". .')-,: .'". ,.:': . ':.:t\'_...: .'.- .. ..'l
.-1.'- ttt-',-' ,'
* .-Jl .- -j-=>>*-
,:.ti: ,
t'i,,',.,t,, "1!
1,
-
--- -,:'tl ' -- * -=- "-::'-.--i"-.\ l\---,--:--
\ \'\1,-- .--,-=, \\\:t.\.- i,'----/,, ,',t' ,. ,.i :--l:"*;1i.. ..1i1:. __.----_:-
l=-=-=-'-..
t
-' .-t--': ,1,' -'': ,' . , , .,, ,'' .
:-,;:-,';-r': 7;r. ---.-' ;,,, .:.: ._ -.... .
t.',-'.-4,'' tt-.11 t'--.'-1 ;-.'V
,,. ,a::= .t'.,: .,.7 "2--
*- .- .-,--_---r,-
_:j
-:
'r/:
'-:,,.
--..-::'-..'.: -- -.,.- "
.:- a::' .",...'l
t--',' . ',.I
a
9 I
N
g
s,-)coRUM
ilt Rr.Al. r.\'r A1[ (]t(()ut,
August 4, 2006
Mr. Stan Zemler
Town Manager
Town of Vail
75 Frontage Road
Vail, Colorado 81657
RE: Timber Ridge Redevelopment
Dear Stan;
In anticipation of our presentations schcduled for this Wednesday and Thursday we have updated our
Timber Ridge redevelopment analysis to represent our most current assumptions. The most significant
changes we have made since the analysis we sent to you on July 27, 2006 include the following;
l. Removal of Vail Rcsotts $17,000,000 contribution and related mester lease assumptions on
seasonal units.
2. Transfer of 45,402 SF from "market" condos to "family'' condos so that the project now
achieves a 50/50 ratio between market and affordable square fbotage. This translates into 317
units or 949 beds of"affordable" housing, far in excess ofthe targeted 600 beds.
3. Transferl8parkingspacesfromapaftmentstocondostokeepthecondoratioat2.0:1.
4. Reduced Land Cost to 59,500,000 to maintain the Year I viability of the rental project.
Obviously, the greatest impact resulting from the loss of Vail Resort's capital in this transaction is on
our ability to pay offall of the Town's current $22,000,000 bond indebtedness to US Bank. Although
it is possiblc that Vail Resorts may reconsider their position over time, it is timc we explore other
options to cover this $12,500,000 diffcrcntial in order to keep the redevelopment effort moving
forward. We have had some discussion regarding the Town providing some of this capital or
allocating some portion of the Town's arurual real estate transfer tax. I would like to suggest that we
set aside some time between our meetings this week to explore both of these options so we can
determine if either are viable altematives for funding the land differential.
We should also plan on allocating some time to discuss the project predevelopment budget and our
discussions to date with LaSalle Bank, the schedule for the next round ofpresentations and, the overall
schedule for the rezoning and master plan approval process. Once we begin this presentation process it
is important for us as well as our perspective predevelopmenVdevelopment lender that we have a clear
undcrstanding as to what the time line is moving forward.
I will plan on giving you a call Tuesday aftemoon to discuss the specifics for our presentations for
Wednesday and Thlrsday and to makc sure we can coordinate some time to discuss these other topics.
ONE DTC r 5251 DTC PARKWAY . SUITE 200 o GREENWOOD VILLAGE. CO 80lll
FAX 303-796-2065 o 303 -796-2000
O Page2
Sincerely,
V. MichaelKomppa Jamie Fitzpatrick
TIMBER RIDGE REDEVELOPMENT
FINANCIAL SUMMARY
8t29t2006
Summary of Costs and Rovenues
Condo Revenue Net of Closing Costs
Less: Condo Costs
Gross Profit
Less: Taxes (45%)
After Tax Profit
Apartment Costs
Less: Condo Profits
Remaining Apartment Basis
Apartment NOI
NOliApartrnent Basis
$ 185,188,947
(s140,7 t7 ,297)
$44,471,650
(s20,012,243)
$24,459,408
$44,393,20'7
($24,4s9,408)
$19,933,800
$ 1,684,977
8.45"h
Sources
Construction Loan
TOV/TIF Bridge Funding
Totals
$185,110,504
$3,000,000
$188,t 10,504
Uses
Apartment Construction
Condo Construction
Bridge Construction
$44,393,207
s140,717,297
$3,000,000
$188,110,504
Timber Ridge 8-29-06 i03 No VR xls l of 1 8129/2006 I l:30 AM
TIMBER *tou:,T ff3fJt" oPMENT
PRELIMINARY UNIT MIX AND PARKING SPACE SUMMARY
APARTMENT UNITS
sersonal Units - MrEter Lcase
Studio
I Bed/l Bath
2 Bed/l Bath
3 Bed/l Bath
Sersonal Units
Studio
I Bed/l Bath
2 Bed/l Bath
I Bed/l Bath
7o/0 5 5 265 1,325
9% 6 12 480 2,880
240/o 16 32 650
l3%o 9 27 750 6,150
4 Bed/2 Bath 46% 31 124 850 26'358
-TotaVAverage
100% 6'1 200 7t2 47'713
26s
480
650
750
850
10,400
1,855
3,840
16,250
r2,000
39.1 l2 4
7%
8%
25%
t6%
4sYo
100%102 305
't
8
25
l6
46
7
l6
50
48
184
Total/Average
TOTAL RENTALS 169
'1t6 13,05'1
?t5 120,110
APARTMENT PARKING
Parking TyDe sDaces spsces/Unit SDafe-s{Bcd ----Tli"trt"d Spu"e" - ln"lud.d '102 0.60 0 20
Strr.rotured Spaoes - Rented - 209 1.22 0.1i
Tota?Average 308 r'82 0'61
CONDOMINIUM UNITS
ni. T\,na Mix units Beds Net SF Total SF
Markct CoDdo UDits 860/. 184 184 1,200 220,E00
3 sedtz sath aY:. ?e- lt r '9-11, -!,7'e2s-TotavAyeraee 100% 213 242 l'262 268'795
2 Bed/2 Bath
Familv Condo Units
Total/Averdge
TOTAI, TOR SALE
CONDOMINIUM PARKING
Structured
Toasll Average
AREA RATIO CALCULATTON
Total Renhl + Rcstricted For Sale Square Feet
Total Market Rate For Salc Squaro Feet
100%148 444
444 t00%148
184 0.51
1t,l 2.00
361 686 I,155 416,82r
ParkingType Sprfes Sptces/Unit Spaces/Bed
-struituted
Spaca5 538 1 49
1.000 148.026
|,000 148,026
50% 268,196
50"/o 268,795
Timber Ridge 8-29-06 103 No VR.xls 1of I 8/2912006 I l:30 AM
Residenlial Income
ljnitTvDe Mh Units Beds NetSF Total SF RenVSF Rent/Unit To!4Rent
TIMBER RIDGE APARTMENTS
Vall, Colorado
PPJLIMINARY PRO F'ORMA
50/o 5 5 265
6% 6 l2 480
t60/o 16 32 610
9% 9 21 750
4 Bed/2 Bath 3@/o . 3t t24 E50 26,358 $l-75 $1,600 $s95'200
Tot"U,l"erage 66% 6? 200 tl2 47,713 $1.68 $1,194 $960,000
Seosonal UDits - Mark.t Rete
Sarlonrl Urits - Mts(€r Lease
Studio
I Bed/l Bath
2 Bed/l Bath
2 Bcd/l Bath
Studio
I Bedll Barh
2 Bed/l Bath
2 Bed/l Bath
1,325 $1.?5 5400 J24,000
2,880 $1.75 5800 $5?,600
10,400 $l.75 s800 $153.600
6;t50 $1.7s 51.200 $129,600
a Bed2 Ba$ 45% .46. 184 850 39,112 $1,50 $1,2?5 $704,015
Total/Avcrage 100,6 tA2 305 116 '13,05'7 $1.50 S1,074 $1,315,02s
Trrditioml Urits
70/. l 7 265
8./o & 16 480
21o/r 25 50 650
t6r/o 16 48 750
u/oo00
1,855 $l.50 5398 $33,390
3,840 $r.50 $720 569,120
16,250 Sl.so $975 $292,500
12,000 $1.50 sr.r25 $216.000
0 $0.00 $0 $0
0 $0.00 $0 $0
I Bed/l Bath
2 Bcd/l Bath 0./6 0 00
3 Bed.rl Bath 07o 0 0 : 0. _0 $0.00 $0 $0
Tohl/Avefage 0/r 0 0 0 0 $0 00 $0 $0
All Units
Parkinglncom€
Traditional Unit Vacancy
Pa.king Vacaocy
r69 715 12n,110 $7,275$25
s30,000
32,s30p8s
$0
(s92,052)
s0
($7,502)
($202,800)
(:$59,150)
($42,250)
($r6,900)
($ r0l,400)
($67,600)
Spaccs - Included 102 0,60 0.20 $0 $0
StructurEd Spaces. Rentcd 206 1,22 0,41 $75 $185,40q
Toisl/Avemse 30E l'82 0.61 $185'400
Storage Incotre
Spaces
Monthly Rent
other lncomc $40'560
Monthly Income Pef Unit $20,00
t00
s15.00
Srorage/Other Incomc . 4.0"/g {$2,855)
Total vscancy Allowlnce 'i {Sd4r ($102'408)
Elleelil,e Cross lrr.omc S2'128,511
Operrting Expens€s Pcr U it Tolsl
-Dlp:nses Adminislrative $l'o5o (sl7?'450)
sr,200
$350
$250
$ r00
Cross Polcntirl lncone
Seasohal Unit Vacancy - Mast€r ltase 0,0%o
Seasonal Unit Vacancy - Market -1.0V.
1.04/D
4.O./d
Payroll
Grounds Maint€nancc
Repairs and Mainl.nance
Janitori&l
Utiliti€s(AfterR.imbursem€nts) $600
Property Taxcs
Net Oper!tiIg Income
$400
Insumnce ,," ,1250 (tt?'?50)
Torrlopereting Expenses "#4,2q0 ($?09'800)
Crpital Reserves $200 ($33'E00)
lofl
s1,684,9?7
8/2912006 ll:3lAM Timber Ridge 8-29-06 103 No VR.xls
TIMBER RIDGE CONDOMINIUMS
Vail, Colorado
PRELIMINARY PRO FORMA
Residential Sales Income
Condo Unlts
2 Bed/2 Bath
3 Bed/2 Bath
86Yo
l4o/c'
184 368
87
$sob
$500
I,200 220,800 $600,000 $l10,400,000
t00%2t3 4))1,262 $630,974
$23
s134,39?,s00
l -o))4'1
Total/Average
Condo Units
268,'795 $s00
3 Bed/2 Bath 100%o 148 I
148 1,000 148,026
$59.210.400
$400,070 $59,2 r 0,400 Total/Average 100%$400
All Units 361 1,155 416,821 $s36il0 s193.607.900
Parking Sales Income
parking Type - spacs spaces/unit spacesBed Price/9plcg Total Price
- Structured Spaces 538 | '49 0-60 Included $0
Structured SDaces 184 0.51 0.20 $30,Q()0 $5,520,000
Detached Garages 0 0.00 0.00
0.00
0.00
$0
$0
s0
$0
$0
$0
Carports 0 0.00
Surface
TotaYAverage
Upgrade Income
$?'64s $5,520,000
$0 Per Unit
Gross Sales Income
Sales Expenses
Commissions
$199,127,900
(s9,9s6,395)
982.5s
($13,938.es3)Total Sales Expenscs
.l
Timber Ridge 8-29-06 103 No VR.xls lofl 812912006 ll:3lAM
TIMBER RIDGE REDEVELOPMENT
AFFORDABILITY RATIO MATRIX
rOtr0t2006
Square
Feet
268,'796
268,795
Proposed
Units
340
2t3
Proposed
Beds
93t
242
Units 96
140 70%
213 N/A
Beds %
33r 55%
242 N/A
Land
Basis
$9,500,000
Yield
6.77%
lncrease over Existing (2)
Scenario A
50% Affordable (l)
50%o Market Rate
File
Timber Ridge 9-12-06
Scenario B
50% Affordable (l)
50% Market Rate
Scenario C
55% Affordable (l)
45% Market Rate
I R ' Propoted \l u",tr t\r
Increase over Existing (2)
Square
Feet
268,',196
268,795
Square
Feet
Proposed
Units
340
213
units 94
140 70%
213 N/A
Bq,b %
33t 55%
242 N/A
Proposed
Beds
931
1A't
t
iwt1l f,
Proposed
Beds
989
221
Increase over Existing (2)Land
Basis
s0
Yield
8.37Vo
Yield
7.27%
File
Timber Ridge 9-12-06 No Land Cost
File
Timber Ridge 9-20-06
ntr
2e3.3ely
Units
t69
193
%
85%
N/A
Ech %
389 65%
221 N/A uilt':'Z 2M,200
Square
Feet
209,733
327,857
Proposed
Units
270
258
Proposed
Beds
'791
297
Units 94
70 3s%
258 N/A
Es& %
l9f 32%
297 N/A
lncrease over Existing (2)Land
Basis
$22,000,000
Scenario D
39% Affordable (1)
6l % Market Rate
Yield
8.01%
File
Timber Ridge l0-10-06
Notes:
1 . Includes seasonal rental, traditional rental, and subsidized family condos.
2. Existing Timber Ridge: 200 units, 600 beds.
\orma h.s^lc / il,r/.r"{r#
(
t4
.rtf ( s{' a,r'\- v q t'
I
l 0- l 0-06 Comparison.xls
po,kz-/o,z.entuz_-
I of I
\\/
10/10/2006 5:20 PM
La$*lle 8ai:ir.
November 13,2006
Jarnes G. Fitzoatrick
Vice President
Corum Real Estate GrouP. lnc.
600 S. Cherry Street, Suite 625
Denver CO 80246
Dear Jamie.
Thank you for providing LaSalle the opportunity to review the Timber Ridge
project located in Vail, CO. We have received your request for both a pre-
developmenUdeveloprnent loan and construction loan. We understand that the
construction figures are preliminary at this time
We are interested in having furtherdiscussions with you on the project and would
like to obtain additional information so that we may provide you with terms under
which we would consider financing Timber Ridge.
As we discussed last week. initially the pre-development loan would be limited to
no more than $2,000,000 to allow for the initial design of the project and re'
zoning approval. During this time period, collateral will be provided by the Town
of Vail to secure the pre-development expenditures. The form of this collateral
needs to be discussed funher and must be acceptable to Lasalle.
At such time as the property is appropriately re'zoned, additional pre-
development dollars wrll be made available. At this time the collateral provided
by the Town of Vail may be released and substituted with alternative collateral
acceptabie to the bank
Ultimately, upon full approval of the development plans and receipt of final cost
figures and prolecttons for the operations of the development, LaSalle wtll
consider making a construction loan that will ultimately be secured by the
underlying land The purpose of this loan will be to refinance the extsting bond
debt upon the land as well as provide hard and soft cost dollars in combination
rvith equity to complete the construction of the project. Any pre-development
loan funds outstanding at the time of the closing of the construction loan will be
repaid rn full by the new loan
Jamie, I hope this letter appropriately re€aps our verbal conversation of last
week. As I mentioned previously we arc interested in furthering our
conversations on the Timber RiOge project as soorl as you are available to do so
In the meantime. if you have any further questions on the potential loan structure'
please do not hesitate to contact me directly.
Yours trulY,
Itr*
Kathy Thurston
Senior Vice President
Division Head
TIMBER RIDGE
AS THOUGH VACANT
1280 NORTH FRONTAGE ROAD
vAtL, coLoRADO
BOWES AND COMPANY
RESTRICTED-USE APPRAISAL REPORT
TIMBER RIDGE
AS THOUGH VACANT
1280 NORTH FRONTAGE ROAD
VAIL, COLORADO
Prepared For
Mr. Matt Mire
Town of Vail
Town Attorney
75 Frontage Road
Vail. CO 81657
Prepared By
Bret R. Poole. MAI
Date of Value
November 7,2006
Date of Report
November 27,2OOG
BOWES AND COMPANY
I
I
I
I
I
I
I
I
T
I
I
t
t
t
I
I
I
I
I
BOWES AND COMPANY
62I SEVENTEENTI{ STREET, SUITE 260I
DENVER, COLORADO 80293-260t
TELEPHONE 303-29?-0400 PAX 303-297 -2314
E-MAIL bowes@bowesandco.com
WEB SITE www.bowesandco.com
EUCENE C. BOll'ES. MAL CRE 1916,2005
PETER D. DOWES, MAI, CRE
BRET R. P(NLE. MAI
November 27,200,6
Mr. Matt Mire
Town of Vail
Town Attorney
75 Frontage Road
Vail, CO 81657
Dear Mr. Mire:
The property appraised is the site of Timber Ridge, a 10.08-acre,
affordable housing apafiment project located at 1280 North Frontage Road in
Vail, Colorado. The legal description is in Exhibit A.
The purpose of this appraisal is to determine how many market-rate units
would be required for Vail to recover its basis in the property. The analysis,
opinions, and conclusions were developed and this restricted-use appraisal report
is prepared in conformity with the Uniform Standards of Professional Appraisal
Practice.
Data and reasoning applied and the value conclusions are summarized in
the report that follows.
Respectfully submitted,
Bret R. Poole, MAI
Certified General Appraiser
CCtOl32O472
BRP/DEB:laf
BEAL ESTATE APPRAI6ERS AND COUNSELOBS
10
12
I
I
I
I
I
I
I
I
I
I
I
I
t
t
t
I
I
I
I
TABLE OF CONTENTS
PAGE
APPRAISALASSIGNMENT .......2 IDENTIFICATIONOFTHESUBJECTPROPERry ........ 2 oLIENT. ...........2 INTENDEDUSEHOFTHEAPPRAISAL ........ 2 INTENDEDUSEOFTHEAPPRAISAL ...........2 WPEOFVALUE..... ......3 PROPEBWRIGHTSAPPRAISED ......3 HYPOTHETICALCONDITION .......,4
DATEOFVALUE ..... ....... 4
APPRAISALMETHODS/SCOPE .... ....... 5
SUBJECT PROPERTY . . ,. .. , ., .. 7
SUBJECTHTSTORY .... ............ 7 SUBJECTSITE ,.... 7 zoNfNG ............7
Proposed Pedestrian Bridge . .....7 HIGHESTANDBESTUSE ..........,8
ANALYSISANDCONCLUSIONS .........9
STANDARDCONDITIONS .......15
oERTTF|CATION . .... 17
APPRAISALANDCOUNSELINGQUALIFICATIONS ..... .... 19
TABLES:
I COMPARABLE LAND SALES II CONDOMINIUM PROJECT SUMMARY
EXHIBITS:
A LEGAL DESCRIPTION
BOWES AND COMPAI.IY
I
I
I
I
I
t
I
I
I
I
I
I
I
I
I
I
I
I
I
APPRAISAL ASSIGNMENT
IDENTIFICATION OF THE SUBJECT PROPERTY
The property appraised is Timber Ridge in Vail, Colorado. The address for
the subject property is 1280 North Frontage Road. The subject property is a
10.08-acre, affordable apartment project site owned by the Town of Vail. The legal
description is in Exhibit A.
CLIENT
The client for this assignment is Mr. Matt Mire, Town of Vail
Town Attomev.
INTENDED USER OF THE APPRAISAL
The intended users of the appraisal is Mr. Matt Mire and others at the
Town of Vail he designates relating to the redevelopment of the existing
apartment project. Use of this report by others is not intended,
INTENDED USE OF THE APPRAISAL
The purpose of the appraisal is to determine how many market-rate units
would be required for Vail to recover its basis in the property. This report is not
intended for any other use.
APPRAISAL ASSIGNMENT
BOWES AND COMPANY
-,, -
I
I
I
I
I
I
I
I
I
I
I
I
t
I
I
I
T
I
I
TYPE OFVALUE
Market value. defined as:
The most probable price which a specified interest in real
property is likely to bring under all the following conditions:
l. Consummation of a sale occurs as of a specified date.
2. An open and competitive market exists for the property
interest appraised.
3. The buyer and seller are each acting prudently and
knowledgeably.
4. The price is not affected by undue stimulus.
5. The buyer and seller are typically motivated.
6. Both parties are acting in what they consider their best
interest.
7. Marketing efforts were adequate and a reasonable time
was allowed for exposure in the open market.
8. Payment was made in cash in U.S. dollars or in terms of
financial arrangemelts comparable thereto.
9. The price represents the normal consideration for the
property sold, unaffected by special or creative financing
or sales concessions granted by anyone associated with
the sale.
Sowce: The Appraisal of Real Estdte, lzt\ Edition,200l
PROPERW RIGHTS APPRAISED
The subject property's fee-simple interest is appraised.
APPRAISAL ASSIGNMENT
BOWES AND COMPANY
2
I
I
I
I
I
I
I
I
t
I
I
I
I
I
I
I
I
t
I
HYPOTHETICAL CONDITION
According to the Uniform Standards of Professional Appraisal Practice
(USPAP) hypothetical condition is defined as;
that which is contrary to what exists but is supposed for the
purpose of analysis
For the pu{poses of this assignment, there arc two hypothetical conditions.
1. The subject property is zoned Special Development District,
specifically for the existing apartment development, but is
appraised as though it is zoned High-Density, Multiple Family
(HDMD.
2. The subject property is appraised as though a pedestrian
bridge is built across I-70 connecting Timber Ridge to
Cascade Village (see page 7).
DATE OF VALUE
The date of value is. November 7 .2006.
I
T
I
I
I
I
I
I
t
I
I
I
I
I
I
I
I
I
I
This is a restricted-use appraisal report that is intended to comply with the
reporting requirements set forth under Standards Rule 2-2(c) of the Uniform
Standards of Professional Appraisal Prcctice for a restricted-use appraisal report.
As such, this report does not present discussions ofthe data, reasoning, and
analyses that were used in the appraisal process to develop our opinion of value.
Restricted-use appraisal reports are only intended for those who are familiar with
the property and/or the appraisal process. Additional documentation conceming
the data, reasoning, and analyses is retained in my file. I am not responsible for
unauthorized use of this report.
The three traditional appraisal methods used to value real property are lhe
cost, sales comparison, and income capitalization approaches. These methods are:
The cost approach is based on the premise that the value of a
property is indicated by the current cost to construct a replacement
for the improvements, minus the amount of depreciation from all
causes evident in the improvements, plus the value ofthe land.
The sales comparison approach is based on elements of
direct comparison. Adjustments are made to the sale price of each
comparable property to reflect the differences between the sale
and the subject property.
The income capitalization approach is based on measuring
the present value of future benefits of an ownership. Income
stueams and reversionary values are capitalized/discounted into a
lump-sum value.
APPRAISAL METHODS/SCOPE
BOWES AND COMPANY
-s-
I
I
I
I
I
I
I
I
t
I
I
I
t
I
t
I
I
I
I
The scope of the assignment includes:
inspect the subject property
gather and analyze information about the subject area
gather and analyze information about the subject property
prepare a highest and best use analysis of the subject site as though
vacant
gather data needed to apply the sales comparison approach (land value
by comparison)
reviewed Corum pro forma
determine number of market-rate units needed to recover Vail's basis
in the property
prepare a restricted-use appraisal report
I relied on the sales comparison approach (land value by comparison) to
appraise the subject property. The cost and income capitalization approaches are
not applicable. Comparable sales were gathered from throughout Vail. Data were
confirmed by examination of deeds, deeds of trust, other public records, and/or by
confirmation with the principals or agents of individual transactions.
In a related assignment, we appraised the land underlying the
Lionshead Parking Structure (Lionshead appraisal). Data and analysis collected
for the Lionshead appraisal were used in this assignment. I also searched for
comparable sales data elsewhere in Vail and expanded our sales search to include
Avon/Beaver Creek. Ultimately, however, none of the data from outside Vail was
considered meaningful.
APPRAISAL METHODS/SCOPE
BOWES AND COMPANY
-6-
I
I
I
I
I
I
I
t
I
t
t
I
I
I
I
I
I
I
I
SUBJECT PROPERTY
SUBJECT HISTORY
Timber Ridge was acquired by the Town of Vail in July 2003 for
$20,000,000. The purchase price was driven by the value ofthe subject property
as an affordable housing apartment project. According to Vail, its basis in the
property is about $22,000,000.
SUBJECT SITE
The subject property is a 10.08-acre site located at 1280 North Frontage Road
in Vail, Colorado. The legal description is in Exhibit A.
ZONING
The subject property is zoned Special Development District, specifically for
the existing Timber Ridge affordable housing apartment development. According to
the Vail Planning Department, Special Development District zoning is typically an
overlay that supplements underlying zoning. The underlying zoning is typically used
to establish permitted uses and zoning requirements. However, the subject has no
underlying zoning and is effectively unzoned. For the purposes of this appraisal, the
subject property is appraised as though zoned High-Density, Multiple-Family
(HDMF), a hypothetical condition.
Proposed Pedestrian Bridge
The subject properry is appraised as though a pedestrian bridge is built across
I-70 connecting Timber Ridge to Cascade Village, a hypothetical condition. The
bridge will cost approximately $4,000,000. The bridge may either be built at the
developer's expense or paid for through public frnancing.
SUBJECT PROPERTY
-7-
BOWES AND COMPANY
HIGHEST AND BEST USE
Highest and best use of the subject property as though vacant is
condominium development. Maximum density in the HDMF district is 25 units per
acre. Applying 25 units per acre to the subject's 10.08 acres indicates the subject site
can support 252 units. I conclude highest and best use as though vacant is
condominium development with 252 units.
SUBJECT PROPERry
BOWBS ero COMPANY
-8-
I
I
I
t
I
I
I
I
t
I
I
I
I
I
T
I
I
I
I
ANALYSIS AND CONCLUSIONS
The scope of the assignment was based on using information gathered in
our appraisal of the land underlying the Lionshead parking structure for this
assignment. For the Lionshead assignment we identified five comparable land
sales (Sales I through 5) from Lionshead and Vail Village that we used in the
appraisal. The comparable sales from the Lionshead apprisal are summarized in
Table I, page 10. For this assignment we expanded the sales search throughout
Vail, adding Sale 6 (also in Table I) to the list of comparable sales.
Sales 1 though 5 are located in Lionshead and Vail Village where
condominium prices are significantly higher than the subject area. Land values
from Sales I through 5 approach finished condominium prices in the subject area
and are too high to make direct comparisons to the subject meaningful.
Sale 6 is the purchase of the Roost l-odge for the development of the
Timberline Lodge. The Timberline I-odge is proposed for 28 condominium units
and a 101-room Marriott Residence Inn. Sale 6 was not considered a meanineful
or helpful sale. I also expanded the search for comparable sales to include
Avon/Beaver Creek but did not identiff any meaningfrrl comparable sales.
ANALYSIS AND CONCLUSIONS
BOWBS AND COMPATIY
at -t-
I
I TABLE I
COMFARABLE LAND SALES
NAI'E
LOCANON GRANTOR/GRANTEE
RECORDING
DATE PFICE ACRES
PRICFJ
SOFT
LANO
AREA
RESIDENNAL
UNITS
PRICE'UNIT
(ROUNDED}ZONING cot lENTS
1
I
2a
One Willow Bddoe Rd/
Soulhvvssl come-r ol
E Meadow Dr & Willow
Bridge Rd
Sonnonlap Propertios,
Vall Dover Assoc, LLC
03/04 $ 13,675,000 0.83 F78.23 $ 622,000 PA Under construction. 22 units
lncludino 10 le6 units and 12
tractionil-tee units. 10 fee units
are ore sold lor Drices ranoino
frod $3.6 million to $7.5 niillidn
{$2.000 to $2,200/sotl).
Fractional-l€e units arb l|/
owneFhiD and are 65%
pre sold, Dric€s start at
$630.000.
Four Seasons
West side oI Vail Fld
b€tw€an l-70 S Frontaoe
Hd &W Moadow Dr -
Doramar Hot€ls, Inc./
Vail Developmont, LLC
0205 $ 1 1 ,700,000 2.94 114.78 40 sDo
#36
Proposgd redovelopment of
former Holidav Inn {Sale 2a)
and seNic€ station lsal6 2ti).
Propos€d d€v€lopm€nt includ€s
18 condominiums, 22 fractional-
lge units. 118 hotal @oms. and
34 smploy€€ housing units.
2b Mosllentine L^and
ComDanv. LLC/
Vail Dev6iopment, LLC
1 1/05 8,500,000 0.41 475.93
Tol,al $ 20,200,000 2.75 168.69 $ 505,000
T
Vailolo Lodoe
Soulhwest 6omer
l-70 S Fontaoo Rd &
LionshMd Circl€
Vailolo Lodoe/
Lionlhead fnn, LLC
1 1/05 14,000,000 0.64 502.18 Not detemin€d LMU-1 Purchase of Vailolo. former
Best Westem holel bv adiacent
own€r. According to bu)r6r they
paro a pr€mrum ror me
asssmblsoe. Buwr is in earlv
Dlannino 61aoes. Plans are to
-
knock down botfi th€ Lionshdad
Inn and Vailolo tor a 1.6-acre
redsveloDmEnt.
,ta I Solairs
Nonhwest comer of
E Msadow Dr& Villsoe
Center Fld
Trovina. LP/
Crossroads Ea$ One,
01/04 3,482,500 69 507,000 csc Propos€d r€de'l€looment of
Crossroads as Solaris.
Rezoninq aDoroved in
Julv 2006. Aooroved tor 69
coidominiuri units and 74.088
soft of commercial
ddvelooment. Commercial
dev€lobmsnt includes a throe-
screen movie theater, and t€n-
lans bor,vlino allev. 58.804 sqfi
ol commercld ddvslooment. '
excludinq the th€ater and
bowling.-
Land acouisltion included
assamdeoe of 24 condominium
units inclu-dino two comm€rcial
[frevina LP dwnsrshiD) and 22
iesidantial unils. Publib recod
shows 20 ol the 22 residantial
unlls have been Durchased.
ownershio has adreemants to
qcquire ramainin-g hwo unib.
total assemDtaoe ts
r$35,000,000. Unit Drices havs
not been linalized - Iikelv
r$2,600/sqft.
4b
4c
Trevina, LP/
Croseroads W6st One,
a1rcd.9,904,230
Valtaus - 20 ot 22
condo units
Various 15,857,O70
otal 4a, 4b and 4c
I
$ 29,249,800 2.U 254.30
r35,000,000 2.64 304.35
I
I
Vail Mountain Visw
Flesidonces
,t42 N Frontago Rd
Karl Finzel et aU
Lunar Vail, LLC
0do6 10,5@,000 r.30 185.42 24 438,000 HDMF 24 condominium units and 100-
space structured parking Sar.aSq
uno6r con$rudron. unrts pncao
at about $1.70c/soft. Strono
pre sal€s. Accoding to bu)rsr,
oemolfion and asoestos
abatement cosis wsre
$500,000.
Existino Bn tlom€nts onlv allow
24unitS.mavtrvtoast '
approv€d foi a&itio-nal units to
take advantrago of parking
garago.
6 I Timb€dins Lodo€
1783 N Frontag! Rd
Lestsr W WaD€cha
Timbedino Boost Lodg6
07/05 4,800,000 too 55.43 28 171,000 PA.2 Propos€d redevelopment of
form€r Roost Lodoe. 28
condominium uni6, 3 emplowe
housino units, and '|ol-rcbrn-
MafiioiI Rosidence lnn. Units
include studios. one- and two-
b€droom unils ranoino fuol].|. 7fi
to 950 sqft. 169 DErkino soac€s
(abov€ ahd belo\ir gradE). '
10/06
I
I
ANALYSIS AND CONCLUSIONS
BOWES AND COMPANY
_10_
13"/o
I
I
I
I
I
I
I
t
I
I
I
t
I
I
I
I
I
I
I
Due to a lack of comparable sales we defaulted to estimating the land
value for the subject property based on land value as a percentage of finished
condominium prices. I estimated finished condominium unit prices based on
analysis of Multiple Listing Service (MLS) submarket averages and sale prices in
specific projects (see Table tr, page l2). The subject property was analyzed as
though the pedestrian bridge from the subject to Cascade Village was built.
Based on our analysis. I concluded as follows:
DESCRIPTION
Average condominium unit siz6 (sqft)1,100 1,300
Av€rage unit price per sqft $ 700 $ 650
$ i'r0,000 $8/r5,m0
I applied the land value per unit at l34o of the finished unit price. The
I3Vo applied was based on analysis of Sales I,2,4, and 5 and information from
our files. Indicated land value per unit is:
DESCRIPTION
Estimated condominium orices $ 770,000 $ 845,000
Land value as a percent of condominium price 't3fh
$ 100,100 $ 109,850
Based on information from our files and our general experience, we
applied the affordable housing land component at $0 per unit. I applied Vail's
basis in the property at $22,000,000. The estimated cost to build the pedestrian
bridge is $4,000,000. Funding for the pedestrian bridge has not been determined.
I applied the cost to complete the pedestrian bridge at $0 to $4,000,000.
Application of the pedestrian bridge at $0 is based on the bridge being funded by
Tax Iacrement Financing (TIF) or some other form of public financing. Applying
the pedestrian bridge cost at $4,000,000 is based on the cost to build the bridge
being a cost of the development without any public subsidy or reimbursement.
ANALYSIS AND CONCLUSIONS
BO1VES exo COMPANY
1l - ll -
I
l
T
TABLE II
COTiIDOMINIUI' PROJECT SUMiIARY
oEscRlPno
NUI'gER
OF UNTTS
UNIT SIZE
IN SOFT
PRICE/
SQF'UNIT PFICES
LAND
PRICE/
UNIT
INDICATED
LAI{O PBICE
AS%
CONDO
PRICE COMI'ENTS
Llonsridge
Bow€s conclusion 1,'100 to 1,300 $ 650 to $ 7oo $ 770,000
to 845,000
Value bas€d on bridge over l-70 to Cascade Village.
Timber Ridge Corum proposal
Market
Total
Simba Run
Sun Vail Condominiums
MLS market awrage
Villag6
Wasthaven
Coldstream
MLS market average
2 bd2 bth 219 1,200
1.668
1,27'l
$667,200
927.479
Avg $706,545
114. b 12./o lnlormation lrom Corum proposal.
January 20OS to date. Prices ar€ increasing. 2006 sal€s (4),
average $fr08 per sqft.
Four Eales in 1993 addition. Prices rang6lrom $651,000 to
$770,000 and lrom $6081o $657 p€r sqtt. Located north side
l-70 adjacen to Lionshsad l-70 bridge. About three limes as
tar to a litt as subiect, but poxlmity lo Uonshead superior to
Cascade Village.
Prior 12 months. Prlces lange from $364 to $657 per sqft.
13 condomlniums in wo buildings. und€r construction,
dalivsry planned in 2007-
Build in 1980. Five sales ifl 2005/2006. Prices range from
$668 to $1,023 per sqft.
Pdor 12 months. Pdcas rangB tmm $668 to $1.355 per sqft.
MLS market average
Villega
One Willow
Four Seasons
Mountain View
MLS mart€t av€rags
Anabslle
12' lo 13'/"
Prior 12 months (Octob€r 2005 to September 2006)
Neadng complotion.
Proposed.
Proposed.
Under @nslruction,
Prior 12 months.
Noaring comploton.
Prcposed.
Prior 12 months.
I
I
ANALYSIS AND CONCLUSIONS
-12-
BOWES AND COMPAI.IY
I
I Variables in the analysis are applied as follows:
I Avsrage Condo unit price
Average unit size 1,100 1 ,200 1,200 1 ,300
Price per sqtt 700 $700 $ 650 $I Applied $ 770,000 $ 840,000 $ 780,000 $ 845,000
Range $ 20,000 $ 845,000
I Land value as oercent of Condo value 130,L 13o/o
Applied (land value per unit)$ 100,100 $ 109.850
I BRIOGE PAID
BY TIF
ERIDGE PAD
BY DEVELOPEB
Vail's basis $ 22,000,000 $ 22,000,000 $ 22,000,000 $ 22,000,000
Adiustment for bridge 4,000,000 4,000,000 I $ 22,000,000 $ 22,000,000 $ 26,000,000 $ 26,000,000
Land value Der unit 100,100 109,850 100,100 109,850
I Market-rate units (rounded)
Atfordable units 15
Total units 252 252 252 I
Market rate units 1O3"/o I Atfodable units 1v/"21"/"66/o
I
I
I
I
I
I
I
I
I
I note the followinE:
Indicated land value as though vacant based on 252 market-
rate housing units is on the order of magnitude of $25,000,000
to $28,000,000 (based on 252 units at $100,100 to $109,850
per unit).
If the pedestrian bridge is funded by TIF or some other form
of public financing it would take 2N to 220 market-rate units
for Vail to recover its $22,000,000 basis.
If the developer is required to absorb the $4,000,000 cost for
the pedestrian bridge it would take 237 to 260 market-rate
housing units for Vail to recover its $22,0000,000 basis.
The land value estimate is based on average unit prices of
$770,000 to $845,000, which is 9?a to 209o above the average
market-rate housing unit price of $706,545 applied by Corum
in its pro forma.
ANALYSIS AND CONCLUSIONS
BOWES AND COMPANr
_13_
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Applying 252 market rate units at an average unit price of
$706,595 (based on Corum's proposal) and land value as l3Vo of
the unit price results in a land value of $23,146,000 (rounded).
Applying the average unit price at $706,545 based on Corum's
proposal would indicate 240 market rate units would be required
to cover Vail's $22,000,000 basis if the pedestrian bridge was
funded by TIF or 283 units if the developer was required to pay
for the pedestrian bridge.
As part of its negotiations Vail should consider structuring the
transfer of the land based on a minimum fixed price plus a
negotiated percentage (say 73Vo less a credit for the fixed price
per unit) of the sale price for each market rate condominium.
Our understanding is that a similar arrangement is used at the
former Lowry Air Force Base, Stapleton redevelopment, and
other market transactions.
My analysis and conclusions are all cash or its equivalent and subject to
the Standard Conditions and Certification at the end of this report.
I
T
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
The subject property is appraised as though it has:
marketable title:
fee-simple title as though free and clear of all leases,
mortgages, liens, or other encumbrances, except as may be
discussed in this report;
responsible ownership and competent rnanagement;
full compliance with all applicable federal, state, and local
environmental regulations and laws unless otherwise stated in
this report;
neither hidden nor unapparent conditions relating to the real
estate, soil, or subsoil, or structures located on the real estate
that would affect the analysis, opinions, and conclusions with
respect to the real estate;
Acceptance and/or use of this appraisal report by the client or
any third party constitutes acceptance of the stated Standard
Conditions. My liability extends only to the stated client and
intended users only.
no structural defects hidden by floor or wall coverings or any
other hidden or unapparent conditions; all mechanical equip-
ment is in good working condition; and that all electrical
components and the roofing are in good condition, except as
may be specifically discussed in this report. If the client has
any questions regarding these items, it is the client's responsi-
bility to order the appropriate inspections. I do not have the
skill or expertise needed to make such inspections.
I take no responsibility for legal matters, questions of survey, or opinions
of title (except as may be discussed in this report). Drawings in this report are
intended as visual aids and should not be construed as engineering reports or
surveys. Loss or removal of any part of this report invalidates the entire appraisal.
Couft attendance or testimony regarding this appraisal is not required
unless prior anangements have been made.
STANDARD CONDITIONS
BOWES AND COMPAT.IY
1<- IJ'
I
I
I
t
I
I
I
I
I
I
I
I
I
I
I
I
I
I
t
The data gathered (except confidential data fumished by the client) arc my
property. I will not violate the confidential nature of the appraiser-client
rclationship by improperly disclosing any confidential data furnished, analysis, or
conclusions. However, I am are authorized by the client to disclose all or anv
portion of the report and the related data to appropriate representatives of
professional organizations with which we are affiliated if such disclosure is
required for us to comply with the bylaws and regulations of such organizations;
and states in which I am licensed or certified if such disclosure is required by the
laws of the states.
The forecasts or projections included in this report are used to assist in the
valuation process and are based upon current market conditions and anticipated
short-term supply-and-demand factors. Therefore, these forecasts are subject to
changes in future conditions which cannot be accurately predicted by me and
could affect the future income and/or value forecasts.
(a)
(b)
(c)
(d)
(e)
(f)
(e)
(h)
(i)
I
I
I
I
I
I
I
t
I
I
I
I
I
I
I
I
I
I
I
CERTIFICATION
I certify that, to the best of our knowledge and belief:
The statements of fact contained in this report are true and
correct.
The reported analyses, opinions, and conclusions are limited
only by the reported assumptions and limiting conditions, and
are our personal, impartial, and unbiased professional
analyses, opinions, and conclusions.
I have no present or prospective interest in the property that
is the subject of this report and we have no personal interest
with respect to the parties involved.
I have no bias with respect to the propefty that is the subject
of this report or to the paxties involved with this assignment.
My engagement in this assignment was not contingent upon
developing or reporting predetermined results.
Compensation for completing this assignment is not
contingent upon the development or reporting of a
predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion, the
attainment of a stipulated result, or the occunence of a
subsequent event directly related to the intended use of this
appraisal.
The reported analyses, opinions, and conclusions were
developed, and this report has been prepared, in conformity
with the requirements of the Code of Professional Ethics &
Standards of Professional Appraisal Practice of the Appraisal
Institute, which include the Uniform Standards of
hofessional Appraisal Practice.
The use of this report is subject to the requirements of the
Appraisal Institute and the State of Colorado relating to
review by its duly authorized representatives.
As of the date of this report, I have completed the continuing
education program of the Appraisal Institute.
CERTIFICATION
-17 -
BOWES AND COMPANY
I
t C) :ff*iffilliil,n".,t"'ofthepropertythatisthe
I n Hffi::1 provided significant real property appraisal
Bret R. Poole, MAJ
Certified General Appraiser
cffi1320472
CERTIFICATION
_18_
BOWES AND COMPANY
I
I
I
t
I
t
t
I
I
I
I
I
I
t
I
I
I
I
BRET R. POOLE
GOVERNMENT REGISTRATIONS:
. Certified Creneral Appraiser - Colomdo - CCfi132O472
EDUCATION:
. Colorado State University, Bachelor of Science in Business Adminisfration, area of concentration in flnance and rcal
estaie
. University of Colorado at Denver, Master of Business Administration, arca of emphasis in finance
MEMBER/PROFESSIONAL AFFILIATIONS:
. Appraisal Institute (MAr)
EXPERIENCE:
. Seven years experience in banking, including commercial real estate analysis and mortgage loan originatior,.
. Appraisal, counseling, research, litigation support, and testimony regarding land and comn€rcial, special purpose,
recreational, environmentally-impacted, and other invesunent real estate in Colorado and a number of other states
beginning in 1990.
. Instructor, University of Denver, Daniels College of Business.
. Qualified as an expert witness in Colorado Dstdct Courts and County Boards of Equalization.
. Ptincipal in the firm of Bowes and Company, Denver, Colorado, specializing in appraisal, counseling. res€arch,
litigation support, and testimony regarding land and commercial, special purpose, recreational, environnentally-
irnpacted, and other investrnent rEal estate.
APPRAISAL AND COUNSELING ASSIGiIMENTEi FROM:
Insurance Companies .Financial Institutions . Public Utilities . Covemment Entities . Universities . Industrial, Service,
andRetailingOrganizations.Develope$.Investors.Charities.Trusts.Foundations.Attomeys.Estates.Hospitals.
Individual Clients
APPRAISAL AND COUNSELING QUALIFICATIONS
2006 -19-BOWES AND COMPATTY I
I
t
I
I
I
I
I
I
T
I
I
I
I
I
I
I
I
I
I
EXHIBIT A
LEGAL DESCRIPTION
T
t
I
I
I
I
I
I
I
I
I
I
I
I
I
I
T
I
I
|tCA! DESCRFTOII
LOTS 1,2,3,4,qnd 5, o Resubdivision of Lion's Ridge Subdivision,
Block c, occording to the plot recorded June g,'ig7J in Book 229,of Poge 458, County of Eogle, Stote of Colorodo: ond oll rights,title ond interrest to on Eosement iri the following described property
Thot propcrty described in on Encr6ochment Eosenient Agreement".filed for record Jonucry 30, 1980 in Book 298 ot poge iZ, more porticulody described os follows: A port of Lot 6, Rlsubdivlsion . .of Block C, Lion's Ridge Subdivtslon., Eogle County,.'Colorodo,..o
subdivision recorded in the office of the Eogle county,. colorodo, ,
clerk ond Recorder: soid port being.mdre portiiulortf described os.follows; Beg.inning of o point on the westerly line of ,soid Lot 6.
whence the southwest corner of soid Lot 6 beors S 37.09'J1 ','E . :
40.54'; thence N 37'09'31 " W on Ssid westerly line 10J.01,:.thence
deporfing_ soid wcsterty tine N 41'23!21" E 7.2S'; thence S"4E'36'39" E 5J.16';' thence S 41'23'Zt' W 4.gO'; thence S..,
18i9:9.9" E f7.80'; thence S 41'ZJ'21' w. ZZ.i3O'; to the:pointrqf .
Beginning; soid troct contoins 10,0E,Acres .or 4Jg;151.JJ souore itet more or less. i
.rt
1280 North Frontage Road
The following document seeks to outline existing conditions, both physical and legal,
surrounding the property of 1280 North Frontage Road in Vail, Colorado, herein referred
to as the "proposed site." The proposed site is 10.08 acres (approximately 350,000
square feet of buildable space) and is located on the North side of the North Frontage
Road between the West Vail and Vail exits of l-70 in Vail, Colorado on Lots Cl through
C5. The property is governed by the laws of the Town of Vail, Eagle County and the
State of Colorado.
Legal documents relating to this project include, but are not limited to, the Official
Zoning Map, Town of Vail Land Use Plan, the Eagle County Housing Needs
Assessment, Town of Vail Zoning Regulations (Title 12 of the Town Code) and the
Development Standards (Title 14 of the Town Code). These documents are available
online or by contacting the Town Clerk or Community Development Department of the
Town of Vail.
Previously, the proposed site was called "Valli Hi" and in 1991, the name was changed
to Timber Ridge. In 1979, the Town of Vail adopted Ordinance 7, Series of 1979 to
create a Special Development District on the proposed site to create affordable
apartments for employee housing. Currently, there are 16 buildings on site with 198
two-bedroom, one-bath units. In July 2003, the Town of Vail purchased the property to
maintain deed restrictions for affordable housing. The property is owned by the Timber
Ridge Affordable Housing Corporation, which is comprised of the Town of Vail staff.
Need for Affordable Housing in Vail:
In recent years, real estate prices in the Vail Valley have become too expensive to
accommodate locals seeking a primary residence. Not only are real estate prices rising,
but locally employed individuals are continuing to earn low wages that restricts their
ability to purchase or rent property in Vail. Other factors affecting the affordable
housing stock in Vail are condominiums being increasingly sold to out-of-area buyers,
reducing the rental stock as well as more out-of-area owners moving into their units for
retirement, also reducing the rental stock.
Over the next few years, Vail will be undergoing major redevelopment of the core areas
of the town including Vail Village and Lionshead. This Billion Dollar Redevelopment of
the town as well as the move towards making the Town of Vail a four-season resort has
had a huge impact on job creation. Over the next few years, a conservative estimate of
new job creation calls for 1 ,150 new employees, who will require between 630 and 770
housing units. These numbers are only for the Town of Vail and do not include job
creation in the neighboring towns of Avon and Edwards, which stand to have up to four
times the job creation of the town of Vail. Eagle County estimates that jobs will increase
in the county from 35,195 in 2005 to 65,708 by 2020.
ln20O4, the Town of Vailcompleted the Middle Creek project, an affordable housing
development that was the first significant rental housing to be built in Vail since Timber
Ridge. By mid-winter of 2005, all by three of the 142 units in Middle Creek were rented.
With estimates for new job creation so high, the Town of Vail needs to create more
affordable housing within the town to accommodate year-round residents who work in
B
recreationalfacilities are also allowable activities within this land use. Properties along
the North Frontage Road from the Postal Service to Lionsridge Loop are also
designated High Density Residential land use. To the Northwest, tract 38 is designated
open space in the land use plan, due to the severe topographic and environmental
conditions. To the east of the open space is Medium Density Residential, which
extends to a large portion of this area. Across Highway 70 is a large land use district of
Resort Accommodations and Services. This area is known as Cascade Village, and is
one of the residential and commercial centers of the town. The close proximity of the
proposed site to Vail Mountain as well as commercial centers of the town makes it an
ideal location for residents to live.
Hazards:
The Town of Vail has three possible hazards that are shown in three official hazard
maps. These are rockfall, avalanche and debris flow. Of these three, only one affects
the proposed site. Due to the steep slope of tract 38, the Official Rockfall Hazard Map,
Adopted by the Town Council on October 17,2000 by Resolution 13, Series of 2000,
shows that there is a high severity rockfall hazard zone that extends 111 feet on
average into the proposed site parallelto Lionsridge Loop and the North Frontage
Road. However, surveying should be done to determine current risk, as the data for
Rockfall Hazard may be outdated.
Proximity to EGO Trail along North Frontage Road:
Due to the close proximity of the recreation trail along North Frontage Road, the
development needs to comply with the Eagle Valley Regional Trails Plan. Parking must
be at least 10 feet from the trail or a barrier at least 42 inches high such as a guardrail
or shrubs may be required. lntersections of the trail and roadway need to be comply
with required guidelines, including proper signage.
Transportation:
According to the VailTransportation Master Plan, a pedestrian overpass in the vicinity
of the Post Ofiice would provide an important pedestrian safety improvement ni an arca
where pedestrian crossings af t7A are cunently prevalent. An overpass connecting the
proposed site to Cascade Village would provide a gateway for residents to the mountain
and commercial centers of Vail. Buses are also a common means of transportation,
with three bus lines stopping in front of the proposed site, including both West Vail
buses and the Lionshead Loop winter shuttle.
Environmental Design:
The Town of Vail has adopted the International Building Code, which includes the
International Energy Conservation Code. ln 1991, the Town of Vail adopted an
Environmental Strategic Plan, which outlines goals for Vail's environmental vision. "The
Town of Vail will be a leader in natural resource stewardship and will strive as a
community to aftain environmental and economic sustainability.' With that in mind, the
Town of Vail seeks a developer who is committed to environmental stewardship and
green innovation in design of the proposed site.
SPECIAL DEVELOPTIIENT DISTRICTS Data Source: Eagb County GlS, TOV Plafltng Dept
trr Oqlrty Raalta.tf
HunOrrfy
hdr o..|ryRrcnc
fi-cr A.armrddo.a
lra Si.ic-
Cd Yrrwdh.
O or..t "r.."
0 lm2(x) 30O Feet Y
LAND USE MAP Data Source: E4b Cotr|ty GlS, TCnr' Phfr$ng h
I
(t)
ID
<)
Fr
rt)
€
ts
l|,
h
F
frr a
z
o F
z
7
z
U
6
a
00
Fr+
O'.)€,9 t-e
g
t 6 F- O)e?a oo
\o:lle ,r ia I i-.
-r -lal
s
q 7
!o
E o
E.
o
E
=o
U)
c)
(J
I
v)
!J
(l
U)
q,
t-
Or
co
6
+.T
e+
g
!t
4
c...1
f
e
n:l{
fr frl:
z
X
tD rr
.1a Z
S
.o&lr
\o F
€
F-
I
t,-
q
\
4
a
F-
F.
e
\c |'l
F- (o
f-
X ss
=
r.t rl.l
.EEii EOO ;a^-)r
E gEE
FF
arOC'lOO E -i oi.d +BF\€)r.)O oa (a r F- ra)
-- saGg+
$s
!t ,o o, c.r ..r a.',1 \o -d q) V-l l.) aa a.l F€a€,+j;^s 64
\*:\arrat€+ioo\€\o *{ --.: c; ,- *'
'1 eG66
F
o\o\o\o
\O O\ cq l.t
t\ (\l
i)
(A
(l)
a
t
tt)
.D z
t|)
aoooo16
|.) \o r-- o6 0\lr-
rsjxHlE
or ro oo cr c.r lQ - -.+ cr alX
€st$$
dtctqt6 E aqOlaO
'= --o{el J€ d U 6 U
6EFrriHbr E (a - c'.1 .a -t
c,(A
(n tr
z
F z
E t-
Fr z
(J
U
Fr a
z
tl
z
X
F
z p
z
Fl
trl
L
U
F z
F1
F]ri
14
Frl tv.
Frl rn
lrl rl.
*
tEl
F
I
0CT_05_01 FRI 02:40 ptl
tg/g1lail L?tfi? GREENBI'fiG
t{rbd'llll llrltl ' Drrlsl C fltl
FAX NO,
TRfl.RTG t 9843576s@1
llrlflllll
P, 02/04 m'349 l'14'
t |rfrEl r-rrl
Fr1{r
"t
f cnn Dr Yrnf ".*!silffi':::33J'
Tof,rlnteh Enploltr nrwul -"- - -J-,-,i flr,E.nd?Effilffi ,u,i$t#Hffiiffil '*'
\ rltls, i*#"il?ffii'sfill$'1sffiffim
Wm.$tffi ,tf-lU.'Sgntmnmmffiiiiim*nnP'q.'q'
,,-##y,rfi llflf*Cgmr"rmoTtourrnr'nri'rw'rhbh
rr.r..F-r - ' fr0$llt
*#m'flSH'ffi;RlB$l$ff
ifi'?Jilii$rivibs#iffi'
WtGRt S' l1ntH nldF InCudt tu utrh rrtr| rru'4du hunu fei ary levJl
rlrrcnqlo1ol;i 'no
ffirffi,ffiilffiJ
.*Jmffigf,i#sgihHl'if.*v
ro fur ilna uppr E{h vd$
ftltEttlA! r lrr Totri hl; I cl{C |5 d h n|ltEvF hru*n$ xtt
*.H.ffir,wffi ,nri*n m$,I''I $igri[$ounr
ttr zorc
,*.rH[Hllriffii'wmr*e
n u uncardt'tmrt
o*'o'"1
m'J n9f,toA,?ttl 'ttll ltll uJ Rqt?,l lH tm?.-q{Fl"s
0cT-05-01 FRI 02:40 Pl1
La/w,^r rt's? GFENB*G rFfl-rRls " t*T*o,n
r'lrvtfilll'llrltt' fretfi il $lr
P. 03/04 w bF.349
?.r$frut ntl
@ffi*Irss:r
#,
"*"t Sfftfi"" ilrd*rhrFrrnnrrudNrrlrr''rr'
NufrrrESWillltsr'rf,F
-
slArrorcotFB*t lr.
*tx#vqeg#-J-- -=,..
,br;DbtilW'
Uff,S'WeHJi'
Llro" mlillidrra'
t$1{r
Ws.Hh''
r|tst'
-^.--|-tr.rt tnft $lJ
UI lqrZl llr InnT'-ctl-l$
FN( NO,ls'34e
I.Ol t lrrrurr tqll
0CT-05-01 591 $2:41
lg/gSfML 1?."41
t'$t ll'$ll'Srlil'
Iti
un
*r^u* TR **rG " ttt*tuTlnn
u
h..ltil S $lt
*$sEffilsil.::;H,@
srx1gwttlJ||oll ) l*.
a*t"*r-*-l-*r**r^u f*,nt ! qsn* a'ttbtJdsrLutrs'
#i$#J'55
- :.. ;F.*r.itrr--:+.*-'+a_._- _:,,-#
?llrtl
UJ Dq:7.1 lt{ lw''qtFlffi
ffi l*'mffii$&idM
csfifi"r*8f? fttft ryaar
Design Review Boad
ACTIOH FORH
Oopartm€nt of Cornmunlty O*velopment
75 Sa:th Frontage &ord, Vail, Colorado 81657
tel;070,479.2139 fax:970.479.245?
webl wary.vallgov.(orn
Projest Name: TIMBER RIDGE RE-PAINT
Project Description:
ProJectAddress: 1280 N FRONTAGE RD W VAIL
16 BUILDINGS AND CLUBHOUSE
DRB Number: DRB080202
Location:
Re-paint of Timber Ridge with the same colors. Grey for the body and forrest green for the trim
and facia.
Pafticipants:
OWNER TIMBER RIDGE AFFORDABLE HOUS O5/09/2OOB
CORPOMTION/ ATTN ; FINANCE DIRECTOR
75 S FRONIAGE RD W
VAIL
co 816s7
APPUCANT APARTMENT EXTERIORS INC 0610912008 Phone: 303-424-4784
3072 W 4OTH AVE
DENVER
co 90211
Legal Description! Lot: C-1, Block: A TO SuMivision: UON'S RIDGE FIL. 1
Parcel Number: 2103-121-0500-8
Comments: See Conditions
Motion By:
Second By:
Vote:
Conditions:
BOARD/STAFF ACTION
Action: STAFFAPP
Date of Approval: 06/11/2008
Cond: 8
(PLAN): No changes to these plans may be made without the written consent of Town of
Vail staff and/or the appropriate review committee(s).
Cond: 0
(PLAN): DRB approval does not constitute a permit for building, Please consult with
Town of Vail Building personnel prior to construction activities.
Cond: 201
(P|-AN): DRB approval shall not become valid for 20 days following the date of
approval, pursuant to the Vail Town Code, Chapter 12-3-3: APPEALS,
Cond: 202
(PLAN): Approval of this project shall lapse and become void one (1) year following
the date of final approval, unless a building permit is issued and construction is
commenced and is diligently pursued toward completion.
Cond: CON0010090
The applicant shall paint all wall penetrations to match the grey body color or
green trim color depending upon which they are located (ie, bathroom exhaust vents),
Planner: Warren Campbell DRB Fee Paid: $O.OO
E6/A4/2AEE LL:68 383825828A
t.rFfrEffirhm*|L
THE STATION PACE El/61
lilinor EliErior Alh]aHons lppHon forDcign Rcriw
IIplDefi of cflrtqry oartsr[rir
tS lqdr RdqG Rd, td. CEfgEdo 8f6t *,Em.qaaB E rltr{tsr{rfl
rYEb: rrflt.riliggv.cftYl
GcrrrCllfrm#ru
AI-Frqpc! rEqtjrln! desE rEiety dr.Et recefirc +plEld Fla B| aliltflEtrg I b(lflfing ptrrtft rpFfc|daa FrhEIE
EiI 9.m Tryl n+nunert frr tlr pitsJar aFpToF| tE ts lt{usd. An riflrdg| frr ttE g| Re{ofl ffi E ali€Fd i.|lfi all rusriGtt hbftEEoat E |gdtrcd Ey tra cll|t'trdry D,rre,tafiElt q.edtrFrt, Tl,e prciEt mW rb nctd tD tn raiueit ry t|e Ttw| ArU rr4a tt p{rffiil ntd Hiviurr,utd Odl|lbfrdr
IIq'_tnHf n|Ufit lt: utr r hlfii grqfr tu hrC *d orndm anrcu rurh
aftrreryrft -Rm,::\ty EUrs * ( [4["*s'
L"uEttrioftt lrofs*loti_*Sor*1,_.. suHifiHri
Flryrtatldr.|r fV Fo.^uc-.l c
hfdh (ConEhgk Co. tsffiqat 97O32$SF|0 hrpartd na)
fardngg
l||ht{r)ofgrr|st|}r
mftt3l Adfrru
Outr$lf,lrilhrll(i),
ilrmrCfffllt*
i|rl|ngfttrfffi .'\I \|9-
Q-+5{r{e
Lt G l*rJ€rt
PIF|E!
litrr Crrrtltddq;J;aQqltc+rA€n| FG '
?F{fi#rr,rs. C6.r1 T;1notR4herdF*r g sqrr tr SncBpurl Umn
O t{ew Cotstrdor tr lddltion
f,, !,lln* Aft:r:rlon ' (|nfiffitt[finrfrdrD
tr tfnon ^Mon ({rffirnily/4rpltft}
tr Ot*rgE to rlF 6rd FtdrF
tr srFemonR(qti3t
$o
l{o Re
f6s
$00
sTsd
IEe tr,fi Pa sqr* tbqtof bi{ can *€.
F6r rEfisfii.ffirt 0f a rEry hd,AfB r dgfloftrhiE
tur En a4ltofi {trcr0 6$rr|r ftE!|EE r #c u Ary ltsldsmd or
ortmeOd hJXlm (mr,!s U50{ffiA,|l& h[rlqrctrnrr$fir]tu |ttltr{rHt s E hndFgr frd sE l|ltrlNslEf$ JItr rsr
''l{ffirBt [rnrfi] $rdExv a(l oB lm@fir$ tncs du ftie.WEildhrD
ftr rfiltr rtl*t* b hlr*6s aE dte ]mprolfilqnE sdl er,tercfifE. o*ruql rrifih'r storq tsrGdrE ftncE9 fltd
|EbrrrE ffils, eE.q tEFffi E IhE drst aFd'ld ry PtdrirD Sf, fi rne OdqnerHbilt.
il?0
*20
ilo Fen
0(-
HIIIOR, EXTERIOR. ATTERATIOTI S
TO BI'ILDITIGS A]ID SITE I}IPROVEIIETTS
9UBTIIITTAI REQUIR,ETII EilNS
Gerrcml Informaton:
Thb applkatlon b r€quir€d fur propcab inyoMrE mlnor srErbr alEratlons and/or sib lmFovements.
Prcposab b add lanGcapirp do not rcqulrc DRB appwal unless tlrr lnvolve the addltbn of patloe,
water Eaturcs, gradng, or the addtion of rctatnlng walb.
1@
o Stamped Topognphk Survery*o Slte and Gradirq Plan*o lanGcape Plan*o ArchitecturalElaradons*o ErEbr color and mahrial samples ard sped0cations.q Arctilbctural Fbor Plarr*tr Lightilg Plan* and Cutshee(s) br pmposed hGurcs o Tlth rcpo|t, lrrcldiru Sche&les A &. B b v€rify owrEchip and easemerts*q PhotG of ttre exlsdrp slte ard aqFcent stntrtut€s, whet€ applicable.g Wrtbn apprwal frqn a ondominium assodatlorL laridord, atd Jdnt owrcr, if ap|icable
o Slte€@fic Geologkal Haard R@G f applkableF tr The Adminbtrabr and/or DRB mry rcryhe tlr subnissbn of addtirnal phG, dravylrEs,
speclficatiorc, samfles and ofier materhb (lncludlng a model) lf deemed necessary to
detennine whedrer a profect wlll comfly witfi Deslgn Guihlines or lf the lnbnt of E|e
popcal is not clearly indhated.
Has shtnt frre (3) @a o/tte mffi ned mia, o otuitt /7.
**For lrterbr @nv€rclrns wlttr EldHhffhaE, the $Smiltal r€rluirernents Injude a oomplete set of
odsurg and propGed ffoor phns, a title t€po4 ard wrltten appnoal fr,om a condominium ctochtlon,
landlord, and itnt owrEr, if applhable.
. r.- \ ,. ,- t -
/r\I
pai *\:9 f .Ee +.- l-. F-e ( 1'^1G.h./)
I have rord rnd undrrrtandthc above lrbd rubmlttrl rcqulrsnanb:
Pr{ect llrmoi QePl:'.\
Gonlracbr S[nrturr
Dab Sigrc{
F:\cdsv\rc$4s\FnriB\Pltnhglqd ft.nt\db-naB-4&2&Zlt&q hgF3dUt
{{:i,&q
i, './ i.
i, : .,,
g. ts ,. '& , ,"ts" {., ; -![-
- -cc
frihlndToVilloTu
o(lsttw DElELmf, r
Decign Review Board
ACTIOI{ FORII
Depaitmeot of Community Development
75 South Frontage Road. Vail, Colorado 81657
tel: 970,479.2139 fax:970.{79.2,152
web: www.vailgov.com
Project Name: TIMBER RIDGE DECK RAILS
Project DescripUon:
DRB Number: DR8070613
FINAL APPROVAL TO ADD TIMBER RIDGE DECK RAILS
Particapanb:
OWNER TIMBER RIDGE AFFORDABLE HOUS1O/24I2007
CORPOMTION/ ATTN: RNANCE DIRECTOR
75 S FROI{TAGE RD W
VAIL
co 81657
APPUCANT BLU Slfl RESTORATION CONTMCI10/24I2007 Phone: (303) 789-4258
3O{O S. TEION STREET
ENGLEWOOD
coLoMDo 80110
Liaense: 910-8
CONTMCTOR BLU SKY RESTOMTION CONTRACTI0/24/2007 Phone: (303) 789-a258
3O4O S. TE]ON STREET
ENGLEWOOD
coLoMDo 80110
Ucense: 910-8
Project Address: 1280 N FRONTAGE RD W VAIL LocaUon:
TIMBER RIDGE AFFORDABLE HOUSING
Legal DescripUon: Lot: C-1, Block A TO Subdivision: LION'S RIDGE RL. 1
Parcel Number: 2103-121-0500-8
Comments: See Conditions
Motlon By:
Second By:
Vote:
Condltlons:
BOARD/STAFF ACTIOI{
Action: STAFFAPP
Date of Approvah LU07|2OO7
Cond: 8
(P|AN): No changes to these plans may be made without the written consent of Town of
Vail staff and/or the appropriate review commiftee(s).
Cond: 0
(PI-AN): DRB approval does not constitute a permit for building, Please consult with
Town of Vail Building personnel prior to construction activiUes.
Cond: 201
DRB approval shall not become valid for 20 days following the date of approval,
pursuant to the Vail Town C.ode, Chapter 12-3-3: APPEAI-S.
Cond:202
Approval of this project shall lapse and become void one (1) year following the date
of final approval, unless a building permlt ls issued and @nstruction is commenced
and is diligently pursued toward completion.
Cond: CON0009545
The applicant shall paint the new deck railings to makh the odsitng color within
15 days of the niling installation.
Planner: Warren Campbell DRB Fee Paldl g25O.OO
Minor Exterior Alterations
Application for Design Review
Department of Community Development
75 South Frontage Road, Vail, Colorado 81657
tel: 97 0.479.2L28 fax: 970.479.2452
web: www.vailgov.com
General Information:
All projects requiring design review must receive approval prior to submitting a building permit application. Please
refer to the submittal requirements for the particular approval that is requested. An application for Design Review
cannot be accepted until all required information is received by the Community Development Department. The
project may also need to be reviewed by the Town Council and/or the Planning and Environmental Commission.
Design review approial lapses unless a building permit is issued and construction commences within
one year of the approval,
Physical Address:
(Contact Eagle Co. Assessor at 970-328-8640 for parcel no.)
t+
Name(s) of Owner(s):
Mailing Address:
Owner(s) Signature(s):
Name of Applicant:
Mailing Address:?0
Phone:
E-mail Address:Fax:
Location ofthe Proposal: Lot:
v F o o
\)
o
0-
E
(ril \al05
Type of Review and Fee:
tr Signs
E Conceptual Review
D New Construction D Addition
b Minor Alteration
(multFfami lylcommercial)
D Minor Alteration
(single-family/du plex)
tr Changes to Approved Plans
tr Separation Request
$50 Plus $1.00 per square foot of total sign area.
No Fee
$650 For construction of a new building or demo/rebuild.
$300 For an addition where square footage is added to any residential or
commercial building (includes 250 additions & interior conversions).
$250 For minor changes to buildings and site improvements, such as,
re-roofing, painting, window additions, landscaping, fences and
retaining walls, etc.
$20 For minor changes to buildings and site improvements, such as,
re-roofing, painting, window additions, landscaping, fences and
retaining walls, etc.
$20 For revisions to plans already approved by Planning Staff or the
Design Review Board.
No Fee
I WE MAKE IT BETTER ]
FA tr s
=
6 4 I
t\rP
tr F
DI s
F
.-..9'
6-
?r F
TNWI.! OF VAIL
Df I-]]GN REVIEW .,--l-.; ,\P;r,!, 1OVAL
lF'r
F J
"-4 ),q,]
rcvuli oF vAtL\
DESIGN REVIEI/Ii\
STAFF APPROVAI- \
DA]I|::
ffidrK,2tq-Tnhlruf .lf/ttyc-
@a'!u{rY tE\€LoprrEr{r
Design Review Board
ACTIOI{ FORII{
Department of Community Development
75 South Frontage Road, Vail, Colorado 81657
tel: 970.479.2139 tatt 970.479.2452
web: www.vailgov,ccm
Project Name: TIMBER RIDGE FENCE REPLACEMENT
Project Description:
FINAL APPROVAL FOR TIMBER RIDGE FENCE REPI-ACEMENT
Participants:
OWNER TIMBER RIDGEAFFORDABLE HOUS
CORPOMTION/ ATTN: FINANCE DIRECTOR
75 S FRONTAGE RD W
VAIL
co 81657
APPLICANT BLUE SKY RESTORATION CONTMC09/25/2007 Phone: 303-789-4258
3040 s. TEJON
ENGLEWOOD
co 80110
ProjectAddress: l2S0NFRONTAGERDWVAIL Location: TIMBERRIDGE
Legal Description: Lot: C-1, Block: A TO Subdivlsion: LION'S RIDGE FIL. 1
Parcel Number: 2103-121-0500-8
Comments: Keep fence natural, no replace front
DRB Number: DR8070523
Motion By:
Second By:
Vote:
Conditionsr
BOARD/STAFT ACTION
Action: STAFFAPR
Date of Approvah O912612OO7
Cond: CON0009391
(PLAN): No changes to these plans may be made without the written @nsent.
Cond: CON0009392
(P|-AN): DRB approval does not constitute a permit for building.
Cond:201
DRB approval shall not become valid for 20 days following the date of approval.
Cond:202
Approval of this project shall lapse and become void one (1) year following the date
of final approval, unless a building permit is issued and construction is commenced
and is diligently pursued toward completion.
Cond: CON0009394
Keep fence natural, no paint. Do not replace fence in front entrance area,
highlighted on plan.
Planner: Nicole Peterson DRB Fee Paid: $O.OO
b
Minor Exterior Alterations
Application for Design Review
N/.{ Department of communtty Devetopment H nfiNETrLf ^'ili:ii;:lix::,x"'#ffi"1"#oi,f,'u" v
web: www.vailgov.com tO
General Information: a ^-
flf;?ffn:'#iflij:ffi:;g#iilT:1ff3t$;li:iil:.::'g:H*,1i1:iffi:,".iiJ;tl?,1;,i"itri 6)
cannot be accepted until all required information is received by the Community Development Department. The tl project may also need to be reviewed by the Town Council and/or the Planning and Environmental Commission. L Design revaew approval lapses unless a building permit is issued and onstructlon commences within V -one year of the ipprovat,
\,- 1r, -, Y
parcer No.: k1031A05002 (contact Easre co. Assessor at 970-328-8640 for parcer no.) N
zonins: z'ihffiry- 9DT+g | . t
Name(s)orowner(s): { | -f C. n,,r-l Strn Z",nk- U,
o
Location of the proposa,, R.!- (n
Physical Address: tzAd, \t F. N'f^ar- Zr- , \
-
-- V j
1lf
Maifing Address: i2 2,
Owner(s) Signature(s):
Name of Applicant:
3o3 1On-4191
Type of Review and Fee:
n Signs
! Conceptual Review
tr New Construction ! Addition
I Minor Alteration
(multFfamily/commercial)
tr Minor Altemtion
(single-family/duplex)
tr Changes to Approved Plans
! Separation Request
$50 Plus $1.00 per Euare foot of total sign area.
No Fee
$650 For construction of a new building or demo/rebuild.
$300 For an addition where square footage is added to any residential or
commercial building (includes 250 addltions & interior conversions).
$250 For minor changes to buildings and site improvements, such as,
re-roofing, painting, window additions, landscaplng, fences and
retaining wallt etc.
$20 For minor changes to bulldings and site improvements, such as,
reroofing, painting, window additions, landscaplng, fences and
retaining walls, etc,
$20 For revlslons to plans already approved by planning Staff or the
Design Review Board.
No Fee
Uhv.a -lrj C.
i^ .1 .ofk"o &"*J e"z"-
- U0-t I etQ (c
, -r , -t'(
' 'L'q
""'JL"'"'L
E-mail Address:
Fee Paid: - Check No.:_ By:
-t J_fQ, 1<t t tS F,l
2x6 iail
(tieated)
5€t post In concrete
(tvp)
] r.ril Fcrrcr .Jelerl
TIMnT-RRIDGT-
lr,l,(.tl
TOWN OF VAIL
75 S.FRONTAGEROAD
VAIL, Cb 81657
970-479-2138
Lo4s c \, c1,C3,g1Jcf,
DEPARTMENT OF COMMUNtry DEVELOPMENT t^^o^_^r_* t r+
o -S^V---i?^\*.o
NOTE: THIS PERMIT MUST BE POSTED ON JOBSITE AT ALL TIMES G."-+.^.I
MECHANICALPERMIT Permit #: M03-0256
Job Address: 1280 N FRONTAGE RD WEST VAIL Status . . . : ISSUED
Location.....: TIMBERRIDGE Applied. . : 12105/2003
ParcelNo.,.: 210312105008 Issued. .: l2l05n003
ProjectNo: Expires..: 06/02/2004
owNER EXOHO/TIMBER RIDGE ASSOC Lp L2/05/2003 Phone:
C/O MALET RE;LT,,TY I-,TD
900 w .IAcKsoN Br_,vD 4w
CHICAGO II, 50507
I-,icense:
coNrRAcToR sToRM KING MECHANTCAL L2/05/2OO3 Phone3 (970)945-8583
680 Canyon Creek Drive
Glenwood, Colorado
81_6 01
License:. 275-M
APPr-,ICAlrr STORM KING MECHANICATJ L2/05/2OO3 Phone: (970)945-8583
580 Canyon Creek Drive
Glenwood, colorado
I i_5 01
License: 27 6 -Yl
Desciption: ADD BATHROOM EXHAUST FANS IN 60 UNITS
Valuation: $18,000.00
Fireplace lnfqrmation: Restricted: # ofcas Appliances: 0 # ofcas Logs: 0 #of Wood Pellet: 0
a*i*5+ +a,t,t a+ 'l)*,t 1.:l
Mechanical-> 9360 - 00 Restuaranl Plan Review-> $0 . 00 Total Calculated Fees--> $453 . 00
Plan Check--> S90.oo DRB Fee---------> S0.00 Additional Fees-----> ($453.00)
Investigation> $0.00 TOTAL FEES------+ $453.00 Tottrl Permit Fee-----> $0.00
Will Call---> $3. oo
BAI-ANCE DUE----> $o ' oo
Ttem: 05L00 BUIIJDING DEPARTI{Eriflt
L2/05/2003 JRM Action: AP MUST MEET 1997 IIMC CIIAPTER 5
Item: 05600 FIRE DEPARTMENT
CONDITION OF APPROVAL
Cond: 12
(BLDG.): FIELD INSPECTIONS ARE REQUIRED TO CHECK FOR CODE COMPLIANCE.
Cond: 22
(BI.DG.): COMBUSTIONAIR IS REQUIRED PER SEC. ?01 OF THE 1997 UMC, OR SECTION
70r_ oF THE 1997 rMC.
Cond: 23
(BI.,DG. ) : INSTAI,I.,ATION MUST CONFORM TO MANUFACTURES INSTRUCTIONS AI{D TO CIAPTER
10 oF THE 1997 uIr{C, CHAPTER 10 OF THE L997 IMC.
Cond: 25
(Br!DG.)i ees APPrrrANcEs sHAr.r, BE vEMTED AccoRDrNG To cttAprER I Ar{D sllArrrr
TERMINATB AS SPECTFIED IN SEC.8O5 OF TITE 1997 t]MC, OR CIIAPTER 8 OF THE 1997 IMC.
Cond: 29
(BLDG.): ACCESS TO HEATING EQUIPMENT MUST COMPIJY WITH CIIAPTER 3 AI{D SEC.1OL7 OF
TIIE ],997 IJMC AND C}IAPTER 3 OF TTIE 1997 IMC.
Cond: 31
(BLDG.): BOILERS SHALL BE MOITNTED ON FLOORS OF NONCOMBUSTIBI-,E CONST. ITNLESS
I.,ISTED FOR MOT'MTING ON COMBUSTIBI-,E FI.,IOOR]NG.
Cond: 32
(BLDG. ) : PERMIT, PLANS AND CODE A}{ALYSIS MUST BE POSTED IN MECHANICAL ROOM PRIOR
TO AII INSPECTION REQI'EST.
Cond: 3O
(BLDG. ) : DRAIIIAGE OF MECHANICAIJ ROOMS CONTAINING HEATING OR HOT-WATER SUPPLY
BOIIJERS SIALL BE EQUIPPED WITH A FI-,OOR DRAIN PER SEC. L022 OF THE 1997 UMC, OR
SECTIOIT 1004.5 0F THE 1997 IMC.
DECLARATIONS
I hereby acknowledge that I have read this application, filled out in full the information required, completed an accurate plot plan,
and state that all the information as required is correct. I agree to comply with the information and plot plan, to comply with all
Town ordinances and state laws, and to build this structure according to the towns zoning and suMivision codes, design review
approved, Uniform Building Code and other ordinances of the Town applicable thereto.
REQUESTS FOR INSPECTION SHALL BE MADE TWENTY.FOUR HOURS IN AT 479-2149 OR AT OUR OFFICE FROM 8:00 AM - 4 PM.
CTOR FOR HIMSELF AND OWNET
MVNWVAIL
75 S. Frontage Rd.
Vail, Colorado 81657
APPLICATION WILL NOT BE PLETE OR UNSIGNED
Project #:
Building Permit #:
Mechanical Permit #:
97 0-479-2A49 fl nspections)
Permit will not be accepted without the following:
Provide Mechanical Room lryout drawn to scale to include:o Mechanical Room Dimensions a Combustion Air Duct Size and Location
o Flue, Vent and Gas Line Size anc
Heat Loss Calcs.
Equipment Cut/Spec Sheets
CONTRACTOR INFORMI
D
tr -0lr'
iTI
Mechanical Contractor:
*ara /Lrno [-lt.lzt.-tct (-
Town of Vail Reg. No.;'2_7L M
Contact and Phone #'s:
1"-.o 6*.-n ?f?'ooFV
E-Mail Addre6s:
Contractor9Tr"r|4 t'ns4
./
Line Size and Locati
COMPTETE VAIUATION FOR MECHANICAL PERMIT & Materials
a,>C{
Assss,s Omce at fZO_g{-gOnOs visit for Parcel #
JobNamefin fk" 7,a." €xtr Job Address:
t t f0 No"nl Eaai>*e K4-
Legal Description ll Lot: ll Block: ll Filing:Subdivision:
owners Name: TD.JF.r us ljarL ll Address:Phone:
Engineer:Address:Phone:
Detailed description of work:/\'Kerttc,,*a- €x'Aa'vsi-Ferts fre::: kB
WorkCfass: New() Addition( ) Alteration(f gepatr() Other( )
BoilerLocation: Interior( ) Exterior( ) Other( )Does an EHU exist at this location: Yes ( ) No ( )
Type of Btdg: Singte-famity ( ) Duptex ( ) MuttFfamitvj{ Commercial ( ) Restaurant ( ) fther( )
No. of Existing Dwelling UniS in this brilOing' h No. of Accommodation Units in this building:
No/Typeof FireplacesExistinq: GasAppliances( ) GasLogs( ) Wood/Pellet( ) WoodBurning( )
r'fonvpe of Fireplaces Proposed: Gai Appliances ( ) Gas Logs ( ) Wood/Pellet ( ) Wood Burning (NOT ALLOWED)
EPA Phase II device? Yes ( ) No ( )
************************FOR OFFICE USE ONLY*********************x*******
Other Fees:Planner Sisn-off:Accepted By:
DRB Fees:Date Receivedl
\Wail\data\cdev\FORMS\PERMITS\I,IECHPERM. DOC 07 t26t2002
'f
t t'' |l
."!
tr,
1 .t ' " * l. o '13 r
..t -. '9\Y
Permit Number: f\i,.-:,' , .l^::1
Date of lnspection;i r - /- 1- ...1:_
INSPECTION REQUEST
Town of Vail
479-2149
Day of Inspection: Mon Tues Wed Thur Fri A I P
Job Name:
Job Address:
Requested By:
Other Comments:
BUILDING:
o Footing/steel
o Foundation/Steel
c Framing
s Roof & Sheer
o Plywood Nailing
s lnsulation
o SheetrocUNail
-l
PLUMBING:*Underground
'Rough / DWV
*Rough / Water
*Gas Piping *Pool/Hot Tub
o Final
ELECTRICAL:MECHANICAL:
*Final
Temp power
k *Rough_
il * Heatinq o
tr
tr
tr
tr
Rough *Exhaust hoods
Conduit * Supply air
Final * Final
Approved Denied Reinspection required
Corrections / Comments:
lnspector:Date:
I t-\,
02.20-20CI4
7;11 anr
insPeetion Reque*et Reporttng Page 9
- - IfAIL CQ-: I0$ttit OF*-
R€quested Inspelt Crat€: lrrrlay, February 20,?O0/.' Inspe,jti<ro Lrea: .rR[-{
Site Addres6: 1280 t{ FRANTAGH RD y/€sT VAiL
TJIIBERRiDGE
SID tlfonlEgS!
,rc$vtty: lr,lolt 25€ TyF-B: &MECi"i
Const Tvr-B: Occuoancv:
Or#iqr: EXOI-IO/T|MBER R|DGE ASSOC LP
Applkrnt: STORM Kll.tc MECHANICT\I.
AMF Stat|s: ISSUED
hspAr6s: JRM
I,hone; 97O.9890O86
BeSCeSteE&CEeqgg4{sl
Itern; 380 MECH-Final
R€questor: sTORil{ KING MECI"tANK:,qUKsiih
CommEnts: lvlll CALt/97tr989OO€6
Asslgned -l'o: r.lDAt'lli lll)Actlon: / I li llm€ €xD:
1/,/-ztu-aJ.
Ins-lrecdon Hiqtorx
It€rn: 20O MECH-Rouoh
12lOBlO3- lhspactori SCD Acllo*: Pl pAfl'tL{L. N*Ptr:Tllltt
Commer,ts: BU|LD,q UNITS t Tl-'lRU 6 AllB S THRI] 1?.
? 2a-1 Request€d'i]m"' /0t,6-o ant I
Phone: 970"64S8551
Enlerad Hly: LcAItitPBELL
RU;LNGUNITSlATIL]'J"
SUILD I UNIT I GROUND FLOOR OPEI{ Fi}R INSPECTIOI'I. UNI]S ?.3 FAI{S WORKS BDD
oPEhrs.
UNITS 5 TIiRU l? DUCT lN AT-Ilri INSFECTEtr,,qDP SIJPPOjIT T(} DIICT Te:: lO FEET.
II'J$ULATIOI! IJOT REOD.
lnspector: rcD Acfon: pi ilAR l'tf1t. lh{SPEcTlflN
BATII EXI-IAUST'JANS
tsurlf, o uNlTs r T|JRIJ 4.5&6.9 THUR 16.
lns0.,ctDf : GCD Actionr CR (:OREECIIoN REOUIRED
BIJ|LD C UNIT:J NOT TERUIINATED OO T'IOT F'ATCH C[ILihX3.
Insp€ctfr: GCE A.:.tlonr Pl Pi\FTlAi, lNliFfiCTltlN
UM S 3AI.'D 5 THRU I1 APPROVET),
/) r^-,''v r)
{?/1(}03
t;omm€ tst
l?/12rO3
Cornmenls:.t7l12rDZ
C*rnmenls:
i2l15i03
Commer'ls:
12t1VioiJ
Celinr€nK:
'12;1$ro3
gor!'!rE€nts:
ln$n*clor: 6CC!
Bt"lll{:} C UNITS j.{.6.
SUILD G UNri$ 4,5
BUILD P UNiTS 1.3.4,5,6
lnsi)€cior: SCD
BUILD F IJN|TS ?.8.9,'l L l2
h$pector: G*D dclion; Pi PARTIAL lt"lStr€CTION
BUILD L UNITS I THRU 12 AND 13.I4.15.17.18 :.JNIT 16 BDo DOESN'T OPEtt. t, K BUILD P UI.IIT 2.
1?i24t0il irispocloci GCO Action: FtPARllAllN$tlECTiCN
Comm€nt$: BUILD tul Ul{lTS 1.2.3,4.5.6,8.91 O,1 1. 1 2. APFFOVED
UNIT 7 BDD DOESN'T OPENI.,^ , ,MEC.I{-Heallng a/ K PLMtIC€s P:plrra
MECtr-€xtrar6t t{ooos
Ac.t!on: PA PAtiTt4l APtlRt)VAl.
Action: PI P,ART!Ai INSPECTIC,:'I
ttsnt:
ttam:
it6m:
310
315
320
R[:PTX-:J1 Rrllr Id: 164?
o
Design Review Board
ACTION FORM
Department of Community Development
75 South Frontage Road, Vail, &lorado 81657
tel: 970.479.2L39 far<t 970.479.2452
web: wwwci.vail.co.us
Project Name: Timber Ridge
Prcject Description:
Replant 3 aspens (where 3 were removed due to collapsed sewer line)
Participantst
OWNER E(OHO/EMBER RIDGE ASSOC LP 0411L12002 Phone:
C/O MALET REALTY LTD
9OO W JACKSON BLVD 4W
CHICAGO IL 60607
License:
APPUCANT Caroline Bernhardt, Manager 04 I Itl2002 Phone: 476-6759
Timber Ridge Village
1280 N. Frontage Rd.
Vail, CO 81657
License:
Prcject Address: 1280 N FRONTAGE RD WEST VAIL Location: Behird Building E
Legal Description: Lot! C-1, Block: A TO Subdavision: LION'S RIDGE FIL. 1
Parcel Number: 210312105008
Comments:
I
DRB l{umber: DR8020088
Motion By:
Second By:
Vote:
Conditions:
BOARD/STAFF ACTION
Action: STAFFAPR
Date of Approvalz O4l 2612002
Cond: 8
(P|-AN): No changes to these plans may be made without the written consent of Town of
Vail staff and/or the appropriate review committee(s).
@nd:0
(P|-AN): DRB approval does not constitute a permit for building. Please consult with
Town of Vail Building personnel prior to construction activities.
Planner: Bill Gibson DRB Fee Paid: i25O.OO
Application for Design Review
Department of Community Development
75 South Frontage Road, Vail, Colorado 81657
tel: 970.479.2739 fax: 970.479 .2457
web: www.ci.vail.co.us
General Information:
All projects requiring design review must feceive approval prior to submitting a building permit application. Please
refer to the submittal requirements for the particular approval that is requested. An application for Design Review
cannot be accepted until all required information is received by the Community Development Department. The
prolect nray also need to be revrewed by the Town Council and/or the Planning and Environmental Commission.
Design review approval lapses unless a building permit is issued and construction commences within
one year of the approval.
t€#rli t:{;' {:R5*". .t e 7o-:lzs-sogo.r
:- //
Owner(s) Signature(s):'1.+1.ltzL
Name of Apphcant: 77
Mailing Address:
E-mail Address:-'-,-_
/ruj)
Description of the Request:
47F .eE 4-j-
Type of Review and Fee:
n Signs
tr Conceptual Review
tr New Construction tl Addition
' Minor Alteration
(multi-family/commercial)
Minor Alteration
(single-family/duplex)
n Changes to Approved Plans
C Separation Request
$50
No Fee
s650
Plus $1.00 per square foot of total sign area.
For constructron of a new buildinq or demo/rebuild.
$300 For an addition wltere square footage is added to any residential or
commercial building (includes 250 additions & interior conversaons).( $250 \,For minor changes to buildings and site improvements, sucfi as,
'.--. . ... -.--lrerooirng, painting, window additions, landscaping. fences and
retaining walls, etc.
$20 For minor changes to buildings and site improvements, such as.
reroofing, painting, window additions, landscaping, fences and
retaining lvalls. etc.
$20 For revisions to plans already
Desrgn Revrew Board.
No Fee fl,"'-
Planner:
approved by Planning Staff or the
: 31t
tt
-Ll
tl
", u l =
t"tJ o =t"tt t . ? 4 3 4 E .
"
o' #tt *ott"r
tttlo* t l= =
'OIIIT
PROPIRTY O{,XER,
IVRITTTN AFFROVAL LETTER
Enl< fia,"ih; (t'P + Y'Jg W, | #{'^
,,tonn,.r "L.$ P"#ffit€dar(addcss/rcaEr
dei.rrpron) . t.."gg_l4-byJ%.W,
Drovidethislettpreswrlnenapprovatoftheplerudetad 4 *f@ Z A"**-ffinno*
been su fiitterl to thi To"Yn of Vail Comrnunity o.veloprnenl Department tor the FroFode€l imFrovem.dL$
to bq csaplete'd ;t the addrecs nded above, t understanrf trat the proposed improvq nrnts Inctudet Jet 3 44r"* +r'e4
PA6E AT.gI
c.at
I0r{tv
I ffthcr unchrstand that minor mcdlflcations may he made to the plans o/et the course of th€ revtetv
Prue 2 cf LU0A07|02
re?B+"1;a'gi'a'6 P'i F.62
lD ' E?94?ll66S- pacE r,/ I
trtrrr€rrht,Fi F t t r..,"r'J
rr.r-"ji*ir .rJltf lii fgf l+fU!. rrrr*l
ri.tlt,
trl. r.f tfrdtaltlt
urtt';t{aill}rr*lrs iffiffi" ""
rprlr tUtffi|.ll B IHHH' \ W
3"ry. lna-Sb .Mrt|!ttFrrrrtre,rylcnnr-i wrlr..slth.i wlmifrlfiy w€i.tl /i*'iqrJ- W*ryry# a-4:9-Z..
-f Il'gtfilttn ?
| _r rt _ -,, r. tlF l
ffO*{a*ttoSflHiarEr *---.--
--._j!t.ir.r Erl lflHHt 5lg$'U$-" H-q-eE-iHUtry a(sft'd r*rr' -qr"t {4 > *.hcr.g...,#Al55|;;:#Hiiffli r*n*m,.rlrn rH F rdr$q ttrr,
fr#lElTflhT'tr#,ffi
t
t
ft
t'
I
I lrtOil l:,.rr+ .,
FnYCnKXI$giFtrf
QEtNaTd to aL s11d-L
t-tItrt'r WdA tutJd? 0
a r / f,'*t 'ill,t IF. *li
€/,a 5
a''
-**
"t*,F_
,.-; J
g,'
rfi'
.-{
,c*'r-{-.1
;
t""..
ti3
?-**I
tl
I
I i I
HT
I
JI |'-
t
I
I
Lr.{I
f-il
f
;
i
!r
ill
:'-l I'J
s
a
T
ii
!.,.-l t'.
{
I
I
I t
t
I
.,
I
rl
1'.4
i
I
";
JF--r :1 il ;l i 4 v,,i-t-i-
t-- | I /Fj i.v ,-
e\
t2- t tr t i1:,ty
'F
:w
I
r
i,
x.t
a
I *{
q
i
{I I
;.
i
,.
1 I I
i t a
I
l t.
*, .l tt."
.{
vt,
,/E
9,
-1
f't
:o
w^lt
S
f'.t
TOWN OFVAIL
Department of Community Development
75 South Frontage Road
Vail, Colorado 81657
970-479-2138
FAX 970-479-2452
www.ci.vail.co.us
Re:
March25,2002
Manager
Timber Ridge Village
1280 N. Frontage Road West
Vail CO 81657
CERTIFIED MAIL-RETURN RECEIPT REQUESTED
Removal of vegetation (trees) without Design Review Approval
Dear Sir or Madam:
One ofthe many functions ofCode Enforcement is to provide for the enforcement of the Town of Vail
Municipal Codes.
It has come to our attention that the above-described property may be in violation of the Town of Vail
Municipal Codes as follorvs:
Reported Violation(s): You removed three Aspen trees rvithout approvals. These were removed to
accommodate the excavation and repair ofthe sewer line.
You will need to replace these trees with Aspens of similar size or replace a total of l8 inches diameter
(using I or more trees) to comply with our request.
Please take steps to remedy the situation within fifteen calendar days ofreceipt ofthis lener. lfyou believe
thar the violation does not apply to you or if you wish to discuss the matter. please contact the undersigned
at (970) 477-3417 within the same fifteen-day period.
Your prompt attention regarding this matter rvill be greatly appreciated and will help assure that Vail
continues to be the desirable and oleasant resort communitl for r,l'hich we all strive.
Very Truly Yours,
DrrdRl*a^,
David Rhoades. Code Enforcement Officer
Community Development Department
{p *"n"""o '^'o
A.
B.
12-1 l-3: DESIGN APPROVAL:
Scope: No person shall commence removal of vegetation, site preparation, building
construction or demolition, dumping of material upon a site, sign erection, exterior alteration
or enlargement of an existing structure, paving, fencing or other improvements of open space
within the corporate limits of the Town unless design approval has been granted as prescribed
in this Chaptei. The addition of plant materials to existing landscaping, gardening and
landscape maintenance shall be exempt from this provision.
Violation: It shall be a violation of this Chapter and the building permit for any person to
commence, continue or complete work that has not received design approval as prescribed in
this Chapter and/or is not in conformity with the plans approved and authorized by the
Administrator and/or the Design Review Board and the Building Official. (Ord. 39(1983) $
1)
Nonconforming Sites And Structures; Effect Of Design Guidelines:
1. Buildings and sites which are not in conformance with the design guidelines, due to
annexations or changes in code provisions (i.e., legal nonconformities), shall be required to
conform with the design guidelines when allowable gross residential floor area (GRFA) (the
GRFA that is permitted by the density control section of various zone districts), commercial
floor area, or garage area credit is added to any existing structure or site.
2. From the effective date of July 21, 1998, there shall be permitted a one-time exclusion
from this provision for an expansion to single-family, trvo-family, and primary/secondary
residential dwelling units. This one-time exclusion shali be allowed for a single expansion of
five hundred (500) square feet or less of allowable GRFA or garage area credit per dwelling
unit. In rvhich case, structures may be expanded without requinng upgrades to entire
structures and sites to confbrm rvith the design guidelines. The addition itself, however, shall
conform with the design guidelines. An expansion which is greaterthan five hundred (500)
square feet, or any subsequent expansion to a structure, regardless of size, shall require full
compliance of the dwelling unit with the design guidelines.
3. General maintenance and upkeep ofa property shall continue to be required regardless of
the amount of floor area added to a structure. The one-time exclusion noted above shall not
preclude the Design Review Board, pursuant to the design guidelines, from requiring
landscaping and other improvements necessary to buffer or mitigate development impacts
associated with the expansion/remodel.
C.
**+**r* ******** + * * * * * * * * * * * * * * * * * * * * * * * * '* * * * * * * * * * * * * * * * * ** * * * i. * * * * * * * * * * * * * * * * * * ** ** * * * * * * **
TOWNOFVAIL, COLORADO Statement
* *+* * **** * *** *+******** ***{.1.r}:}** *'t**{.1.* ***'l.i..r* ************+* * * * * * * * *,} * * * * * * * * *,} + + {. * * * * * I * * * *
Statsement Number: R000002139 Amount: $250.00 04 / lJ./ 200204.27 Pur
Pavment Method: Cash lnit : JAR
Not,at.ion:
Permit No:
Parcef No:
Site Address :
Location:
This Payment:
DRBo20088
2r-0312105008
1280 N FRONTAGE
Behind Building
Type: DRB-Minor Alt, Comm/Multi
RD WEST VAIIJ
E
Total Fees: $250.00
Total AIJL Pmts: 9250.00
Balance: $0.00
$2s0.00
*** *+*** *********** * * *+* * * * * * {. ,N. + * * * * * ,t + {. {. * * * * * * '} * * * * * *'** * * * +,f * * * * * * * * * * * * * * * * + ** * * * * * ** * * * * +
ACCOTINT ITEM LIST:
Account Code Desc ri pt i on Curnent Pmts
DR 00100003112200 DESIGN REVIEI,I FEES 250.00
00T_05_01 FRI 02139 Pil FAI( lt0.P, 0t/04
o-Edl:
DIr.ct:
mnunurgQ\orcu,clt clm
so3-376-5016
GORSUCH KIRGIS LLP
ArtonNrvs Ar Llw
Torcr l' Eultc llt0{lr 1516 Atiprhoc Etrcctr DcnYatr. OO SoiZUI ' TcLohoac; (3031 376'5000
TclicoPY: 13031875'SoOl
TO:
TELECOI'Y NO.:
FROM:
DATE:
MESSAGE:
Russ Forrest
970'-479-2452
Malcolm M, MurraY
October 5, 20Ol
PHONE NO. e7j.-479-2r48
Attached is a faxed copy of the agreement which has been
signed by Exoho/Timber Ridge
NO. OF PAGES TO FOLI,OW: 3
CLIENT: Vail/Cascade FILE NO. 57399
ootrr|DEnflfl.nFr totteE: Thc in{ormation contaiDcd in this telccopier- mcssogc is ccridential
informnrion intendcd ouly foi gro "* "f
trr" inOi"la.t"t ot *tity ""-.d aborye'- If (he rtader of this meseagc
is not the intcnded r*iphnt, ygg *c-lcreuy notirratai'iiy ois**inuo*, distribution or copy of tlis
communication is strictly prohibittrJ, lf you have rrcci".i'fi-li'".-i-unicaLion in cr:or, ptcasc imrncdiotcly
rrotify us by tcle.phonc ana-iciu"n t}rc
-ciginrl t*"""g. ;-t. at thc abovc addrcss via thc u's' Fostsl
$cnrice.
FOR ASSISTANCE, CALL (3O3) 376-514I
ST:05-01 FRI 02140 Pl,l
LO/\,@I 1215? GREENBTRB TFf,'RTG
tfrfil+t|r trrllr' trrttt gl tlll
rHs^cRs$[l-t{Tl.:Ht#
lilnorvsnr*s[q,ffilff::l
to trlrrbln ErrPlo[r I
-.-,*.'-' r; )sl*#HffiF*
H#ffiffi#
FA)( NO,
) *B3irl65@r
tlrlttllll
P. 02/04 m.349 l/tr5
I rarlr t{tr
P;r-r
irrr.n r'-' F' ' fr0Fll'l
*ffi ',ffimm'lgLt*'1.uibsff'iiL*'
WtlEBt^8 '
ThlH nEF lndu{il r u rr$r urt eruidu hunrr for cru 3o vJl
ilrarrilltlrri rttc
-,''.#ffifuHffiffi#
|'tt}' lt f$ ilm uPPrr ErhvdbY
$lEtrEAl' lrr r*t nar r ullsl ||d l|? ci'EF toqdil tii
",,.Hffii,*ffi#tillffi
*.1**$'#'EXH*urzmc
| | ri0nclfirills{md
*#trffi*ffi
--TIESSSS'ffi'ffi
l'ffi Bl$!ffiS'f S'#J*
h$rrt'
fiffilftHdtttthrrfi U|rnrwterF'r'!r'|-' --'
qu upnlltriltrr rrtlEbL
.,-##**'*UifiSS*'fi'ff
?n .J neato6l2ttt 'lll wI uJ S.qt?.t lH Lmz.-qFIS
'mT-05-01 FRI 02:40 Pl1 FAX No'
. La,6n6r rz.s? GFE|{B," 'RR.'RIE " u*Tir*,o t4!
r'orr'tt'tlil'lt$r' lftlil t $lt'
19.39
t.$nl!t ]<r3
P. 03/04
ffi
I
i
ffi ffi*ffi rs irrsni of i'r PrrB' ..' il,
-. rt Tf,ffir,r rrn'ra rm rrrntNrdrr,r'
UufinEiDYfl[lfW'trD?--
$AficFcols$tlt, . t ,!ar.b;!b.ivf'""ifi o' * t
-
'_l,U,n$rHf,,
aa Jtc"*2ee1' ! raFir
HfiH#"ffil:ll
I* '"t
t*t t' rffrr rst
Fllf
M:*m*d.5t
rrff'
i; "i-.",'j'
\.U";')',,r?
"':-it'i
- ^-rarrr Gt 1111 9tlJ
Ut !Ql?l ll'l lnM'{n-lJ!0
tAx N0.|n'349
? $srr$ t4rl 7*1**t tRI 02"41
GFEENEFG TRnntG ' sossresf,l
iltaililrl $r@ffit r2'gl
Ln*u"'ililrr- tre!ils$tt'
Iti
sfltEflllrioll t- t"
.**rr*.o* -1.*r.*.r.
/cr' !frnp*' illr'|n'rdnLlrrt*
#;s#m
?dr,l
uJ tc:7.1 Ir{ tw'-e|Furl
lr
Design Review Action Form
TOWN OF VAIL
Category Number 7 oa. *71
| 1i0'-
Proiect Name:
Building Name:
Project Description:
Owner. Address and Phone:\/-J'a+T'] \&-ED
nrcnitq@-@Dadress and Phone:
Comments:
E;infstarr Action
Vote:E- o
Seconded by:
;{nnRrovat
D Disapproval
! Staff Approval
Conditions:
Town Planner
DRB Fee Pre-paid
*******!rrt
. t.vit.a Al17l91
DESIGN REVIEW BOARD APPIJICATION ' TOI{N OF VAIL,
DATE RECETVED:
DATE OF DRB MEETING:
**rr*****!r*
I.
A.
n
tt
F.
T
,t.
H.
Condominium Approval if applicable.
DRB FEE: DRB fees, as shown above, are to be paid at the time of submittal of the DRB application. Later, erben applying for a building permit, please identify the accurate valuation of the proposal . The Town of vail will adjust Btre fee according to the Lable below, to ensure the correct fee is paid.
PEE PAID3 S 20.00 CHECK S:2862 DATE: By:
FEE SCHEDULE:
,y
VALUATION $ 0 $ 10,000
i .",vur - $ rU,uUij
$50,001 -$ 150,000
$150,001 - $ 500,000
$500,001 - $1,000,000 $ Over $1, 000, 000
FEE
$ 20.00
$ 50.00
$100.00
$200.00
$400.00
$s00. 00
DESIGN REVIEW BOARD APPROVAIJ E:KPTRES ONE YE,AR AFCER FINAIJ
APPROVAIJ ITIIIJESS A BUIIJDING PERI'TIT IS ISSUED AI{D CONSTRUCTION IS STARIED,
1
|/E]y, D{iPT
PROJECT INFOR}TATION:
DESCRIpTION: Reroofing Project/Shingle Revj-ew
TYPE OF REVIEW:
New Construction ($200.00) x Minor ALteraLion ($20.00)
Addit.ion ($50.00) :Conceptual Review (90)
ADDRESS: Tlmber Ridqe Vil1aqe, 1280 N. Frontase Rd., Vai1, CO
LEGAL DESCRIPTION: Lot C-l--thru C-5 BLock -O-
SubdivisioD r.innis iirlge - lsj- E:LLirg
If property is described by a meets and bounds ]-egal description, please provide on a separate sheet and attach to this application.
ZONING: Residential
NAI{E OF APPLICANI:Malet Realty, Ltd.
Mailing Address:14 East Jackson Blvd-. Chicaqo. IL 60604
Phone ?1?-?60-14on
NAII{E OF APPIJICAI\II tS REPRESEMIATIVE: r-yhprcrrn Engi nFFrng, rn.Mailing Address:_64-&2 s. 1 1 1
Pho:re ao?, -'t 41 -6n)o Malet Realty, Ltd., asent for:NAI{E OF OWNER(S) : Exoho Assoclates -
OTTNER(SI SIGNATTJRE:
Mailing Address:-J4--€ast Jackson B'lvd.-, chir-agn, .rt. 6O6O4
Phone 112-?,60-1 400
APPLICATIONS WILL NOT BE PROCESSED ITITHOW OhINER'S s.rcruaruRE
rI. PRE-APPLICATTON MEETING:
A pre-application meet.inq with a member of the planning
sbaff is encouraged to determine if any addit.ional application information is needed. rt is the applj.cant's responsibiliEy to make an appointment with the sEaff to
determine if Lhere are addit,ional submittal requirements.
Please note that a COMPIJETE applicaeion will streamline the review process for your projecc.
III. TMPORTAIiIIT NOTTCE REGARDING AI,I, SI]BMISSTONS TO TEE DRB:
A. In addition to meeting submittal requirements, the applicant must. st,ake and tape t.he project site t,o indicat.e property lines, building lines and building corners. A11 trees Lo be removed must be t,aped. All site tapings and staking must be completed prior to the
DRB site wisic. The applicant must ensure that, st.aking
done during the winter is not buried by snow.
B. The review process for NEw BUILDINGS normally reguires two separate meetings of the Design Review Board: a conceptual review and a final review,
C. applicants who fail to appear before Ehe Design Review Board on their scheduled. meeting date and who have noE asked in advance that discussion on their item be postponed, will have their items removed from ghe DRB
agenda until such time as the item has been republished.
D. The following it.ens may, at the discretion of the zoning administ.rator, be approved by the Community Development DepartmenE. staff (i.e. a formal hearing efore the DRB may not be required) :
a. Windows, skylights and similar exLerior changes which do not, alter the existing plane of the building; and
b. Building additions not visible from any other 1ot or public space. At Ehe time such a proposal is submiLted, applicanLs musL include 1et.t.ers from adjacent propert.y owners and,/or from Lhe agent for or manager of any adjacent condominium association stat.ing the associaLion approves of the add.it,ion.
E. If a property is locaLed in a mapped hazard area (i.e.
snow avalanche, rockfall, flood plain, debris flow,wetland, et,c. ) , a hazard study must be submiE.E.ed and the owner must. sign an affidaviL recognizing the hazard report prior to the issuance of a building perrnit.Applicants are encourag'ed to check wiLh a Town planner prior to DRB applicat.ion t.o determine t,he relationship of t.he property to all mapped hazards.
F. For all residential. construction:
a. C1early indicate on the floor plans the inside face of the exterior structural wa11s of the building; and
iJ. Iudj.sale wilh a oasheo line on Ene sLte plan a four foot disE.ance from Lhe exterior face of t,he building wal1s or supporLing columns.
c. If DRB approves the application wiLh conditions or modifications, all conditions of approval must be addressed prior !o the application for a building permit.
l-t '7. 1 1. ti5 I-l g
Jr.!#7-13S 13!4ll
. rtrd tlrt/tr
:2t'l AM ',|,ttALET REALTY' LTD. Fll:?
grmcil{ Ed, ' 3Bt 74L 3ilTE F.lz
ilITd IFNAI l('Tl! tllltTCtEIS ' 80fi! 0[ Yls, cotp]tlDo
Dlttl RlClrltEl qilE or Dil uEltIlG;
trlltltltl
itttallatl
El9iEsl-rElllMr.fl:
mECRI?Tlotf I nrroofing PqqJer:!./thlnglr lrvl--!s . --
B. Tr?E 0F llllilllfr
t.
D.
t.
F,
ji[,Ei.'i'iii313tr tf3oo. og) ---l-Xlnor r.lltretLoa lfzq'00)-' *Ieenctllurl ftttrrrp tl0l
lDpaEqg i
Ltet! DttenrtDIQHr r'otq{ltrI}.g-!sroE* -+gUbdlvlr{ou l.r ar tr, utegr - t rlraana+-
I f n?doertv tr dleecribetl lry I nceEr t80 botfscr ralAl
a;";;i;;i#,-ereri"-pmnii-e ss i reprr*le shrrt 'nd rt'toeh
Eo thi I laglication -
ril|uc oF AppLrcju{Tr aI€E Re'ltyr o!"t
==r ' , , , ,.
ir-arlinq iad;a=! 'lboDs l.1l=L6.0-Il0n--
G.l{lr|a oF
uaLl iue
teE&IeN|r.s lCilrcrt:
rpPeteAtrdfit nfi& Nr/t 3E Er(j,r;jilsgw Jtrt/'tr,o,i OErt srmtutl
condoor{ nirrn lggrov+I il apDlieaSt''
DRE t$E: DRB treo, a! sboer$ l50va ' lr! ?o br. Faltl "-t*:l'i'fi.-iI'lumiiiii'oi the D*l rpptlcaLiou' --r'atel' rnen
#i"il*" ;ii i:t"t il lli *tu tr ilH' ;r'$f i'ii' io:.3ff i'Hl valuruloo 0t E$e DtoPo iEi'iIiJiaii,s--t' [[r-;;ie uerou, Eo !!ll'urE thr corrrct !e'
lr DBid.
rnr prur--l--Hl'-g.9-- grFF *rIB5z ornrr ' lili----------
lsr-TCEEDllEi vel,ua'r.fOr lP | 0-- r 16,000 ! ?P'oo I i,:.riil - i .iu'uriti l.il'''ou
5 io,ooi ' i iso'ogo tlgP'oo irio'oot'i iio.ooo ll99'oo i;;[;ooi ' ir'ooo,ooo t!^09'oo I qv€r it;oso:oao lsoo'oo
D!3td8 lsttrEw Eoar.D rPEnovl! Et:tlt-! qF- J!rt1 Atr'llii lrlEr'
ep!!ov[! trnrlra ^ sut;;ift'ElEi- ri issulD Alno o6'"!!tue!rfl
.r8 3ErlltE.
Td?HL P.62
n,r- u f. tJ! 0l !l Fv totl
c.rwNER{g}:
CyberC
July 24, 1995
Mr. George Ruther
Town of Vail
75 South Frontage Road
Vail, Colorado 81657
RE: Design Review Board Application
Reroofing Project: Timber Ridge Village
Dear Mr. Ruther:
Please be advised that the color preference for the GAF Timberline Natural
Shadow Fiberglass Class A shingle has been changed to Weathered Wood
Blend. This particular color is one of the samples on the GAF Color Chart you
received today.
We would sincerely appreciate receiving a written response regarding your
committee's decision tomorrow, if possible, since the roofing materials cannot
be ordered until we get your "OK".
Thank you for your time and consideration.
Sincerely,
.at ',n6tneertnq,lnc.
Perjormance
i.,
L ,. -',. ,. ,i".,, \r - i, ,a,fr1F$X:970-479-2452
0-"^J t-Jt
Candace S. Lovato
Corporate Secretary
cc: Ernie Reinstein
Malet Realty, Ltd.
Ed Rothbauer
Plath Construction
6482 South Qucbec gtrect, tsldq. 3, Englewood, CO 8olll - P.O. 6ox 621832, Littlcton, CO 80162-1032
Euatnces Fhonc: ( 5O31 741'6020' F Nt (3051 741 -5n6
CyberCon En7ineerifr4, lnc.
Quality
July 21, 1995
Performance
SENT VIA AIRBORNE
Mr. George Luther
Town of Vail
75 South Frontage Road
Vail, Colorado 81657
RE: Design Review Board Application
Reroofing Project: Timber Ridge Village
Dear Mr. Luther:
I have enclosed a sample of the GAF Timbertine ttatural Shadow Fiberglass
Class A shingle which has a weight of 300-310lbs./sq. for presentation at your
staff meeting on 7125195. The enclosed sample represents the "Slate Blend"
color preference, (listed within the brochure previously sent).
As we discussed today, we won't be submitting the Atlas Pinnacle 'l shingle for
approval, since it does not meet the minimum 300 lb./sq. weight requirement for
the Town of Vail.
We will look forward to hearing your decision as soon as possible. Thanks,
George.
Candace S. Lovato
Corporate Secretary
cc: Ernie Reinstein
Malet Realty, Ltd.
Ed Rothbauer
Plath Construction
6482 South Qucbec Strcct, Bldq.3, Englcwood, C0 8)lll ' F.0. Aox 621832, Littlcton, CO 00162.1832
Audncss Fhonc: (5O31741'6020 - FNC (3051741-5no
JUL-2S-1995 L@tt4 CYBERCON ENGR.3A3 74t 5?76 P.Az
ffi zE! $ltldm ni f0 gor rSE60/rx /:iffi5mr fiflalfi
r8rlq l99f
l[r. Edldltrrtl lldCqnrshe Ura
P. O Dnrlct 1920
AqCdnrle llfto
Dqtf,tr. Rsiglrrs..
Ttrr vou fr undrrairy rhc ur ef rDrcAr-ttatnc g{4gl* oa rrr*rr *i.r vdr etncbn orTcnioilvfft.rF, lftffi gq^h.i.;dE i"tucc yw rurd tr r*hr dtuil D.'.r*rr Fo&E-ri. *dshr-*d.'; ;-hr nn5 pffi
Eyar nd rdrllbri t&rurgoq, ple* h r br.
fhcrillt,
q J-e,"h"*r-
fr:U $dcltrtnrger
TOTRL F.A2
75 South Frontage Road
Vail. Colorodo 816J7
t 0 t -479-2I t I / 47 9-21 19
September 29, 1992
RE: Timber Ridge Apartments
1280 Frontage Road
Vail, Eagle County, Colorado
FHA Project No. 101-11025 PM
TO WHOM IT MAY CONCERN:
Please be advised that, to my knowledge, there are
regulations or ordinan@s of the Town of Vail which
rental rates.
Very truly yours,
t^^ r' l.^tvL'/t /v/Ftr',:-- ./v- |
Mike Mollica
Assistant Director of Planning
D epartme nt of Com mun ity Deae I o pn c n t
no existing or pending stiatutes,
restrict or would restrict the ability to set
75 Soatb Frontage Road
Vail, Colorado 81657
303 -479-213 I / 47 9 -21 39
Department of Comtnanity D ea eloptnent
September 22,1992
RE: Timber Bidge Apartments
1280 N. Frontage Road
Vail, Eagle County, Colorado
FHA Project No. 10'l-'11205-PM
To Whom it May Concem:
Please be advised that the above-referenced project is in compliance with all applicable
zoning laws.
Very truly yours,
4J l'ta-
Mike Mollica
Assistant Planning Director
ul u
J
o
9
z
{
=F q
E
'==rala=jirEt:
:Iii:i
? 1:;'=-E
i,i i
=i!,i:'ii : ;
! i l.='l =
Vitia,i',
Ee;i?=
Siit:;
iiz+ianz
aa
q)
o
(J 2
F.{
o Fl
z
'
v2 (,z H i.r
FJ F:B o
Fr fr
E fr
h
I
I:1
C9 {
Ff H
trl l{ a\xtr-urH 9tD flr +6o
a=3
3d2
^41.,:op =z:r..r I l=r32 L=Q oB:
r-fz EqE
*F<{-
ca qa ca 5=t:crr z 3FF *kl<Hii
;$E l{z
?bF
srix
^.=l{{tu-*O*
Er83
SFxs l:8F
SEFF
-F-Y:FEsE
'l{IF
-g.
--aa +r L a
H.A.
FI
tfl ts
-,F .A r.a .l-|+
-a H
-t rlJ
E'F
fH f{\sv
F'a+:r *F?
11 le
f+\aa L}
F)*d
*
-ts t"*t-l
.-,v
rF.i1
f.tFf d LI .P fH rF)rFt h A.
€
(n t
q
rn
J
F{vt
FT B
I
F|z
lr
H d o z
o
(\I
()
9
!n .$dl
z
@ c\
o (v)
c trl
E
o z
tn z F'u A o
!E
Ff
A
rl
i
g
!0
€.'tr
cea
k o +,.u
z
September r !992
Re: ?lnber Ridge Apartnents
l28o N. Frontaqe Road
vall, Eagle couJrty, colorad.o
FEA Project No. 101-112o5-Plil
fO WHOI( IT I.IAI' CONCERN:
Pleaee be advised that the above-referenced proJect is in qonpliance yith all applicable aoning laws.
Very truly yours,
TOWN OT VAIIJ
BY:
(Prlnt Nanel -'---'---
TTTI,E:
e'd ES:EZ 26. IZ dfS
fle'f,iiP ,: .; itgg
I
I REGAS. FREZADOS & HARP
AT+OFINEYS A.r !A'''
III WEST WASHTNGTON SAFIEET
cHrcaco, tLLlNols 60602
.AXF3 A, TEGAS
FllT:'R 6. Ttlllzaoos
PETER L, 'tgO^S iI. I(YIIN HAFF
-F^E . CAiDEN
DAIIEL T. CtlO{TE
wlL|-ralt 9. OALlat
FFANX i, DUFI(t'
OT.'AXE J' O,CDNXOR
ROIEnT ia. oLoEisHAV/
rxoliaEl l. acHECl(
oiNlEL J. St)FTCHaC(ro:
COUPA}IY NA}TE:
TELECOPIER NO.:
FROII!:
DASE:
TELEPr.aor{E a3l?) e35.4.OO
iElecoFrEtt ( 3lz) ?35. I t 2e
TAr couxl3ll-
6U9t t. clcLaY.r
wr!LlA! a' loxaaaolF
'couaagEt
PHtLtP Ei. llowanD
.rAxgE lrl|. LAr|.:lSGl
FEFEi tO rlra No.
TEI..ECO}IUT}NICATION TRANSilISTA],
TdIAL NT'I,IBER OF PAGES INCLUDING TII1S COVER SEEETS
IF YOU DO NOT RECEIVE AI'L PAGES' PLEASE CAIJJ
POSSIBI.IE:
TELECOI.TUI'NICATOR:
{312) 235-44oo
Bea
Tt}R RESPONSE: OUT Te1efax.No,
2
DACK AS SOON AS
(312i 236-112e or
(3L21 236-7720
(
(
(
(
(
(
) Pleaee comPlete
) PIeaEe read
For your lnforuation
For your files
Pursuant to Your requesi
Please sigm
) Please return
) Please telePhone me
i Please read and adviee
i Please acknowledge receiPt
) Please handle
) Please coment
RE: Tjirber Rl !arI, Eagle CounLY, Colorado
EIIA Project l'i'. l0l-].1205-fi{l'IEl[o: .ri -^.crort grrn recririres a leLter frqn ttte lugn of
Dear l4ij<e; As r.re i .scu$sedr IIIJD reqFrres a
Vajl rrdrcaU-nq LhaL tire proj ecL rs in ccnpliarre rrril| alt applicable
zoning 1are" I arr} iransnr Lling hera'v:-1Jr' a sanple fgnn lett-ex for
tqr use !n {:-lPrrrg al* ttsu:
leLtertead). vrle rrcr"rld 4p.preciaie yo:r faxilg t'o us tlre retlped lelt€r
ard prttJ:ng tb€ baid. cogy oF sane ln tfre nail t.o us Gn1. attenLaill:
trtnnk ftan tor l'rculc nerp. " rfease call stlcnrld ycrr have any qreslrons '
Bea
ZS:EZ Z6t lZ daS 96
Proiect Name:
Proiect Description:
Contact Person and Phone
Owner, Address and Phone:
Architect, Address and Phone:
Legal Description: Lot
Commenls:
Filing , Zone
-
Design ReYiew Board
Date
Motion by:
Seconded by:
APPROVAL DISAPPBOVAL
Summary:
d\st"rr Approval
' r4.'
Project Application
Proiect Description:
Contact Person and Phone
Owner, Address and Phone:
Architect, Address and Phone:
Legal Description: Lot Block Filing Zone
Com ments:
Design Review Board
Date
Motion by:
Seconded by:
APPROVAL DISAPPROVAL
Summary:
Town Planner
/Date:
fl..statt Approval
/
I
I
rrl
---. rdo/*_
{
\
^-..-\
t x. \'r \F , F- I
)\ N,,.q_ :v +\F .\,.t\,:lt'
I
1\
\ZILI-A,GE
Ne\r Dumpster Enclosure Cosrts for Timber Ridge Vil].age:
Single Enclosure Costr 7 Enclosures will complete the
Plywood tinch, 4X8 - 8 Sheets $86.78
2x6t 16 - 10 ft. $56.00
2x4t 30 - 8 fr. $52.64
2x4t l0 - l0 fr. $22.04
Shake Singles 100 Squares (30O per project total)
1x4r I ft.r #3 Pine
T-llI' 4x8' 4 Sheets
Tar Paperr 2 Rol.lsr 30 lb.
Bid made at Northstar Lumber
project.
$85.00 per IO0
$8. 19
$94.72
92r. OO
1280 NORTH FRONTAGE ROAD o VAIL, COLORADO E7657 . g03-476-6759
il \
Y
I
I
/
.:
.,
T
I
I
I
r{f
!:
li -f
f,u.-
trNr
\l
WV\**s'
75 south tronlage road
Yall, colorado 81657
(303) 47!t-2138
(303) 479-2139
otface ot community ddelopmenl
October L2, 1989
Timber Ridge Condominiums Attention: Rose Parker
1280 North Frontage Road Vail, coforado aL657
Re: Lighting of Signage for Tinber Ridge
Dear Rose:
It has been brought to our attention that the lighting for your
entrance sign is extremely intense to the extent that the lights are blinding drivers on the North Frontage Road. The section of the code that relates to lighting is as follows:
18.L6.080. rrl,ighting should be of no greater wattage than is necessary to make the sign visible at night and should not unnecessarily reflect onto adjacent properties...ll
We are requesting that you reduce the anount of intensity of your
Iights to the degree that your signs will be 1it, but drivers will not be blinded by the actual lights.
If you have any questions about this request, please feel free to call. Thank you for your cooperation.
Sincerely,
866',t,-[Betsy Rosolack
Planning Technician
Proiect Application
Proiect Name:
-:
Project Description:
Contact Person and Phone
Owner. Address and Phone:
Architect, Address and Phone:
Legal Description: Lol
Comments:
Block Filing Zone
-
Design Review Board
Motion by:
Seconded by:
APPBOVAL DISAPPROVAL
Summary:
Town Planner E Statt Approval
. - --:'
Proiect Application
Date
Proiect Name:
Proiect Description:
Conlact Person and
Owner. Address and Phone:
Architect. Address and Phone:
Block Zone
Design Review Board
Motion by:
Seconded by:
APPROVAL DISAPPROVAL
Summary:
Town Planner E Statt Approval
'a
I ..t--,
L
\,Dg
,)w FeePaid^4fuq SIGii APPL ICiTTO;I
Da te 8-
Nane of Project rimner nirrge vi r ra erl ./i Hi Apts.
Nane of Person Subrni tting cyrrthia H - Manhr-E
Loc:t,ion of Proiect- 1280.'N' Frontage Road
Phone 4234t*
oesc:'iPtion of Pro.ject new s19n
The.follo,.ring infornaiicn is required for subnitt;1 by the appliclnt
to ihe Oesigi nerieti-doaic befcre a final apprc','a1 can be givee-
SiEn sub;ii,'..:l fee is 52C.00.
A. Sign i,lateriul sand-blasted wood with raised IetLers'
Same
s ign.
B. Descripiion of Sign -SEaCSr III€dSUflo€DtSr AII
19.8 souare feetr double-sided
rnaEEEi-als as used in previous
c.Si:e of Sign f9.8 square feet
D.
E
Lengih of
1. Si"e Plan x i'. 6iu"ingt sFo"rrr'g e.r:c''- lcca"'ic:t
3. Photogr:phs shc';tit'lg prapcseo locs:lci x
4. Aciual sign
5. Colored scale ora';rtn9
-Y-
e. PhotcgraPh of sign
APproved for DR3 Subniti:l
bisapp.oued for OfiE Subniit:l
-
ACnlnlsirJ!0r Sign
I
Pttmilto
r37 U
J q
5
rl oo
Fto rQo
BO oul t{5
@
-l Ed O'.{f.r g
!{o
]J od o|E
.dc .col O'-l
u)
IJ oc
Fl .Fl
o oo ol .c
Ul rU PE
o EO sJz rI (U.
Q+J 4(l,(,
.Ft sl
o .rl lJ .-l (d
-t5 d('>a
EO o.l.tOl .q{ .-l 0,
o r+{ (t o|o c o -t o3 r{NO
..1 .-l C >ul q{oco ot ol ro.Ft o ..{olI
MO trr)! ..{ .lJ oo .Q O-l Eur '-l qO
HrdC .C td oo .lJa
O r.l oz a uto C.tJ .dco _c o-o oo go ou o,
ld rcl .,{zcd ('!
d --C
Ot >t +J ..1 (t .-l
ul!3
FO (r -€c(' 5 oo tddlr
ut tH OJ4 OrJ O
.d JJ O.Q CrJ
O .-l .o
EC O oB{r oo (,o d 'i q.{a d.o
x
t
b -i"i3&v
J q.
l11
t,
q
,t l*-
a q q
SJ
!$:p
F
a SI u_
;IL t--a{s
R.
I
Project Application
o"," 1J'1 l*1 l'f
Proiect Name:
Proiecl Description:
Contact Person and Phone
Owner, Address and Phone:4? U-2(O
Architect. Address and Phone:
Legal Description: Lot Block Filing Zone
-
Comments:
Design Review Board
Morion by: fio Cl, ''sf ,o
Seconded by:
DISAPPROVAL APPBOVAL
Project Application
Contact Person and Phone
Owner. Add ress and Phone:
Address and Phone:
Legal Description: Lot Block Filing
Comments:
Design Review Board I o"" 1lt1 lr
DISAPPROVAL
f'L Cl,r:f ,o
APPROVAL
Summary:
Valli Hi Apartmente
1280 N. Frontage Road
Vail, Colorado 8165?
176-6759
April 3, I9B9
Kelly Moore
Cottonwood
Belvedere
Exterior Stain, Sherwin Williams
Body
Trim
Cotto (Pastel Base )
Cottonwood - 1245-11
TRIT.I
Esf
L-Lv2414
(uediun gaae)'a-*"EffiF
Belvedere - L24,531t
DOOR & OVERHANG
Doors (OiI Base Serni-Gloss
Pine Needle Doors -
Overhang ( Fash Neutral Bas..r
Pine Needle Overh.:i,i
Exter ior )
B3Yr6 2Cv32
Latex )
- r2 t 5-55)
B-3YI6
D2YI6KX2Y24
-2v32 D2Y16 Kx2Y24
qi*,.lcr "lD
Utut ill€{-E-
r^).roTtf,- U&+'?
.l
{f
I
I
I
I
I
R/'
ts 5 o t
c0 l J
\-,
\--*
S.,s s.
l}-
o
\
j
I
I
;o z
a
J f
cq \t
a-s
\J
I i
S'o.
Qr
eo
i
I
I
I
I I
;
l
;
I
I
J I
i
I
I
{
I
I
,
t
{
I
i
\,
-,f
I
j
;
,'- - i-
i
-/-\r 't\\ :(,r'. \Y ,\r)
l
t
t\il
u 5 O +o
3 U
q
*ix
i
,',^.
' *
/ \i \-r .oi
si ai
00,n l-----/
i
\ll
o (F I
. L!)F r\)Asr o. \-
APPLICATION DATE:April 3, 1989
DATE OF DRB MEETIi'IG:April 19, 1989
DRB APPI.ICATION
*****THIS APPLICATION bIILL NOT BE ACCEPTED UNTIL ALL INFORMATION IS SUBI'IITTED*****
I. PRE-APPLICATION MEETING:
A pre-application meeting with-a planning staff member is strongly suggested to
a.l.irihi if any"aAaitjonal jnformation is needed. No app'l'ication wj1l. be.accepted
unless it is compi"t"-ir"it inctude all items required.by the.zoning adm'inistrator).
it is ttre appticlni;i iesponsibility to make an appointnrent with the staff to find
out about aifditionaf submittat requirements. Please note that a C0MPLETE applica-
tion will streami ine the approval process for.your proigct by decreasing the number
Jf-conaitions of'app"ouit ii'rat the'DRB may stipulate. ALL cond'itions of approval must
be resolved before'a bui1d'ing permit is issued'
A. PR0JECT DESCRIPTION: Valli lti Apartments
B. LOCATION OF PROPOSAL:
Address 1280 North
Legal Description Lot Bl ock Fil ing
Zoning S?""it1 D"t.lopt"tt Di"t.i*
C. NAME OF APPLICANT:
Address 1280 North Frontage Road West. Vai1. Co 81657 telephone 47 6-67 59
D. NAME 0F APPLICANT'S REPRESENTATIVE: steven MacDonald
Address P. 0. Box 2824, YaiL, Co 81558 tel ephone 476-2113
E. NAME OF OWNERS:Exoho Associates
F.
Si gnatureJohn
Address 400 N. Frankrin street. chJcego. rr 6o610 - telephone 3L2-923-9000
DRB FEE: The fee will be paid at the tjme a building permit'is requested.
VALUATION FEE
$ o-$ 1o,ooo
$10,001 -$ 50,000
$50,001 -$ 1.50,000
$150,001 - $ ,500,000
$500,001 - $1,000,000 $ Over $1,000,000
$ 10.00
$ zs.oo
$ 50.00
$1oo.oo
$200.00
$300.00
IMPORTANT NOTICE REGARDiNG ALL SUBMISSIONS TO THE DRB:
1. In addition to meeting submittal requirements, the appi'i cant must stake the site
to indicate property iines and building corners. Trees- that will be removed
ihoutd also be inarlba. This work must be comp'leted before the DRB visits the
si te.
2. The review process for NEW BUILDINGS wjll normally involve two separate meetings
oi tte Des.ign Review Board, so plan on at least two meetings for their approval .
3. people who fail to appear before the Design Review Board at their scheduled
r""ling and who have'hot asked for a postponement will be required to be
republished.
\
4. The following items no longer have to be presented-to.the Design-Revjew Board'
iiiey,-noweu"i, ttiv" to be iresented to the Zonjng Admin'istrator for approval:
a. l||indows, skylights and sjmilar exterinr changes that do not alter the
existing plane of the building; and
b. Building additions that are not viewed frory qny other lot or public spacen
whjch have naj ietteis submitted from adjojn'ing property owners approv'ing
the addition;-anJfor ipproval from the agent for, or manager of a condominium
association.
5. you may be required to conduct Natural Hazard Studies on your property. You should
check with a Town Planner before proceeding.
.a _-/
Project Application
t
t{J
Contact Person and Phone Nl,t* l(*1./..hs' 971-G7s-7
Owner, Address and Phone:
Architect, Address and Phone:
Legal Description: Lot Block Filing Zone
-
Com ments:
Design Review Board
Date
Motion by:
Seconded by:
APPROVAL DISAPPROVAL
Summary: -t t,! u { n'- vr--- f a,./ s,
UrU-,,,T,
r, I L, o c I
-1 r.(l*s -- q
€" .'1'".
'ir,',, l^ ",a
.+k - h" l,l !(c, ,a t:. -, . / o, n' .
(1,(
Town Planner f st"rr Approval
LIST OF
( lIb t"
<-/
MAT o
r^1,.- | | |L\ r /t I
,T elt
)4....1.
?t'
NAME OF PROJECT:
LEGAL DESCRIPTION:
STREET ADDRESS:
DESCRIPTION OF PR
The fol lowing
Board before a
A. BUILDING
Roof
Si di ng
nformati finai ap
TERIALS:
i
F MA t
'lI tl
on is required for submittal by the applicant to the Des';n Review
provai can be fiven:
COLOR \
W\ R--il,
ther Material s I^jq/
I
r
S
l,I
w
B.LANDSCAPING: Name of Des'igner:
pnone:
PLANT MATERIALS:
PROPOSED TREES
EXISTING TREES TO
BE REMOVED
Botanical Name Common Name Quani ty S'i ze*
Indicate height for conifers.
(over)
*Indicate calioer for deciducious trees.
. PLANT MATERIALS: Botanical J,lame Common Name Quanity Size
(con't)
SHRUBS
EXISTING SHRUBS
TO BE REMOVED
Type Sor,ii:e Footaqe
GROUND COVERS
SOD
SEED
TYPE OF
IRRIGATION
TYPE OR METHOD OF
EROSION CONTROL
C. QTHER LANDSCAPE FEATURES (retaining wa11s, fences, swimming pools, etc.) Please specify.
I
/,
a
ottlce ot communlly dcYelopmenl
September 26, .l983
75 south lrontage road
Yail, colorado 81657
(303) 476-7000
Doyle Hopkins
Box 3667
Ft. Smith, Arkansas 719L3
RE : Val I i -Hi Payment on Permi t
Dear Doy1e,
Thank you for your time on Thursday, September 22, 1983, where on the phone
we discussed the permit fee that is outstand'ing on the Vall'i-Hi Project.
At your request, I will try to explain why the permit was not paid, and
why you owe the various amounts.
The reason the perm'i t was never pajd was an oversjght by both the Town of
Vail and yourself. At the time you picked up your first phase permit
(see attached) there was a change in personnel at our offices. Thus, when
the present staff took over we assumed that the entire project had been permitted. This was not the case. As far as your end of the matter, you
probably assumed the whole project was permitted the same as we had. Since
we both agree that phase II of the project was never paid for (as verified
by enclosed permit, showing 102 units permitted out of a total of 199), I will try to itemjze and explain each of the fees owed.
First I would like to let you know that the request for payment sent to you
by Peter Patton on January 4, 1983, and then again in August of 1983, by Ed
Drager had several mistakes. The mistakes were that the figures shown were all based on today's computation, but after hearing you say that "If I would
have known there was monies owned, I would have paid," we feel it only fair
to charge you what the rates were in 1979.
I will now try to explain the enclosed permit fees that are contained in the
permit work sheet enclosed. Let me also explain that most of the fees are
based on job valuations (I have also enclosed the fee schedules that are
enacted by ordinance and were in effect in 1979). The 97 units in question
were valued at $2,910,000.00, which represents 72,750 square feet, valued at
$40.00 per square foot. Thus, the bu'ilding permit fee of $3,956.00.
/.
Page two
The next fee is that of plan check. Plan check fees are 50% of the
building permit. In this case, the fee should be $1,978.00. However,
on your first phase permit you were assessed at 65%, which represented
$752.00 too much. Therefore, we are subtracting the overpayrent of $752.00
from the $1,978.00, leaving a balance on plan check of $1 ,224.00.
The next fee is that of electrical . As you can tel 1 by the ordinance enclosed,
your electrical fees on phase I were undercharged by about $900.00. However,
in as much as this is the fee charged, approximately $S.00 per uni!, we will
keep the same ratio and thus the electrical fee for phase II is $485.00.
The pl umbing fees are based on $7.50 per thousand valuation. The valuation
of $l ,216.00 per unit is in direct comparison with what was charged for
phase II is $.l.l7,952.00, resulting in a plumbing permit fee of $885.00.
The mechanical fee for phase II is $45.00. This is based on a valuation of
$59.00 per unit or a total of $5,723.00 at $7.50 per thousand.
The last fee to be changed on phase II is the recreation fee. The total
amount of recreation fees to be paid on 199 unit at Valli-H'i is $74,625.00 (.50 x 149,250 sq ft.). 0n phase I you paid $38,250.00. You also have a
credit of $27,400.00 (see attached memo concerning reimbursables). These
two items total $65,650.00, which leaves a balance owed of $8,975.00.
Once the entire permit is totaled, a balance is owed to the Town of Vail
of $15,570.00.
Doyle, I hope this will clarify a1l of the issues on both sides. If
you do have any questions, please contact me, as we do need to clear
this matter up as soon as possible,
Thanks agai n,
s:ncf!,
('/t/,^--
Steve Patterson
ENCLS.
SP/rme
op
75 south lronlage road
Yail, colorado 81657
(303) 476-7000
VALLI HI
FACT SHEET
Lots C-1 - C-5 Lionsridge 1st Fi1ing
3 Bu i 'ldi ng Types
TYPE
TYPE
TYPE
# Buildinss
A (2 stories) 7
B (3 stories) 5
C (2 stories) 4
16
Size 10.08 acres
# Units per Bui]ding
12
18
6
# Total Units
84
90
24
198
All units are identical - 744 souare feet 2 bedroom 1 bath
Recreatjon Building:
2 bedroom, 1100 square foot managers unit
two 'l aundry rooms, total 17 washers 17 dryers
437 square foot recreation room wjth pool , pjng-pong
1150 square feet of storage/office space
Parki ng:
Totai parking 308 spaces
1.55 spaces per unit
Previ ous Zon i ng:
and foosball tables
Resi dent'i al C'l uster
Resi denti al Cl uster al l ows 6 dwel I i ng uni ts per acre
Al Iowable development through zoning; 60 dwel ling un'its
GRFA al I owabl e is 25% of bu i I dabl e si te area
,,. t1
xl
Timberridge/PO
4/LL/eo
James and Rose of Timber Ridge asked the Town if we thought the Po
should have used erosion control on the area that they had
reseeded. <. Todd oppenheinrer, landscape architect for the Tottn,
.'..-''ooked at the reseeded area today, and he reported the following:. d,r,
.vjnun'llr *t He did not feel that erosion control was necessary. Todd stated that the new grass devetopment rnay be spotty, but that this would
be the result of variation in the tlpe of soil , and that after the present seed germinated, additional seeding could be applied to
those areas in need of more grass.