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HomeMy WebLinkAbout1973-06-25 Town Council MinutesMINUTES WORK SESSION TOWN COUNCIL OF THE TOWN OF' VAI L JUNE 25, 1973 ✓i A work session of the Town Council of the Town of Vai[was convened at 10:20 a. m. , June 25, 197a, in the Conference Room of the Vail Municipal Building. Mayor John Dobson and the following Councilmen were present: Richard Bailey Tom Steinberg Also present were: Terry Minger, Town Manager Stan Bernstein, Finance Director Dan Herrington, Boettcher & Co. Mr. Herrington was present to discuss municipal bonding. capacities. He explained that it would be possible for the Town to issue either General Obligation Bonds or Sales Tax Revenue Bonds. The interest on the general obligation bonds would be 1/2% lower. However, such a bond based on the property tax mill levy would be politically difficult. If the sales tax were used, an additional 1 cent tax would be necessary. Mr. Herrington men- tioned that, if the growth of the Town continued, the current issue could be structured in such a way that other bonds could be issued in the future on the same basis. Mr. Minger suggested that a combination of sales tax and general obligation would be the best. Mr. Herrington concurred that the provision that the revenues would come from sales tax would add the flexi- bility of using parking structure revenues. Mr. Herrington suggested that the ballot would contain at least two questions, one for each project; the need for a separate question for the sales tax increase has not yet been decided. Without the additional cent sales tax, the necessary funds would only be barely available if everything was at its best, and these bonds would be difficult to sell. With the additional cent sates tax, the general obligation capacity would still be available in the future. If there were any monies remaining from the additional cent, it could either be put in the general fund, tied to certain projects, or used to accelerate debt service. • In regard to whether the Recreation District has the financial capacity to build an ice rink, Mr. Herrington was of the opinion that they could. Mr. Minger noted that if the Town decided to build this facility, the plans would not be detailed enough by the time of the bond election to include it at that time. After some further discussion, the Council agreed that the bond election was moving in the right direction. In regard to the Sunburst project, Mr. Minger noted that they have submitted a proposed P.U.D. permit. Councilman Steinberg inquired if they were wilting to re -negotiate credits and projects in the future. Mr. Minger noted that they are willing to do this. There was general agreement that a meeting should be held at 10:00 a.m. on June 26. In regard to attempts to overthrow the decision of the Council on this matter, Mr. Robinson noted that a referendum is not pos- sible as the permit does not take the form of an ordinance, it is possible, how- . ever, that an initiative ordinance might be proposed. Mr. Robinson noted that the owners of the Rich condominium complex are of the opinion that they should be exempt from the recreation fee. He suggested that the Council consider whether the guarantee of the zoning ordinance and building code for this group also included an exemption from this type of fee. As there was no further business, the meeting adjourned at 12:15 p.m. lownk::