HomeMy WebLinkAbout1992-05-19 Town Council MinutesMINUTES
VAIL TOWN COUNCIL MEETING
MAY 19, 1992
7:30 P.M.
A regular meeting of the Vail Town Council was held on Tuesday, May 19, 1992, at 7:30 P.M.,
in the Council Chambers of the Vail Municipal Building.
MEMBERS PRESENT: Peggy Osterfoss, Mayor
Mery Lapin, Mayor Pro-Tem
Jim Shearer
Tom Steinberg
Rob LeVine
Bob Buckley
MEMBERS ABSENT: Jim Gibson
TOWN OFFICIALS PRESENT: Larry Eskwith, Town Attorney
Pam Brandmeyer, Assistant to the Town Manager
Martha Raecker, Town Clerk
Ken Hughey, Chief of Police
The first item on the agenda was Citizen Participation of which there was none.
Item No. 2 was Ordinance No. 14, Series of 1992, first reading, an ordinance repealing and
reenacting Chapter 5.08 - Business and Occupation Tax - Ski Lifts, of the Municipal Code of
the Town of Vail. Mayor Osterfoss read the title in full. First reading had been tabled to
this date at the May 5, 1992, evening meeting. Bob Buckley stepped down due to conflict of
interest. Larry Eskwith provided brief background information, noting this ordinance would
impose a mandatory 4% tax which would replace the 2% tax on gross profits from the sale
of ski lift tickets and the voluntary 2% payment which is presently made to the Town by Vail
Associates to help pay for the Town bus system. After brief discussion, Mery Lapin moved
to approve Ordinance No. 14, Series of 1992 on first reading, with a second from Tom
Steinberg. A vote was taken and the motion passed 5-0-1, with Bob Buckley abstaining.
• Item No. 3 was Ordinance No. 16, Series of 1992, first reading, an ordinance rezoning a
parcel of property (commonly referred to as the "Ski Museum Pocket Park) from Public
Accommodation District to Public Use District, generally located at the northwest intersection
of Vail Road and West Meadow Drive, and legally described in the attached Exhibit A; and
amending the official zoning map in relation to the rezoning of said property. Mayor
Osterfoss read the title in full. Mike Mollica summarized the background and description of
the request. After brief discussion, Rob Levine moved to approve Ordinance No. 16 on first
reading, finding the change in zoning would be a furtherance of the Town's Master Plan,
specifically the Streetscape Master Plan. Tom Steinberg seconded the motion. A vote was
taken and the motion passed unanimously, 6-0.
Item No. 4 was a discussion of Pitkin Creek Townhome bond restructuring. Steve Jeffers,
representing the investment brokerage firm of George K. Baum, extensively addressed all
areas and options related to this issue, and distributed a proposed time schedule for
completion of refunding and a document detailing cash flow and the economics of refunding.
Council instructed staff to investigate the ramifications of having the Town guarantee the
mortgage loans. After discussion, Mery Lapin moved to direct staff to proceed with the
proposal from George K. Baum that will save the Town of Vail approximately $725,000 on
the refunding of the 1979 Pitkin Creek bonds. Tom Steinberg seconded the motion. A vote
was taken and the motion passed unanimously, 6-0.
• There being no further business, a motion to adjourn the meeting was made and passed
unanimously. The meeting was adjourned at 8:50 p.m.
•
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After adjournment, Peggy Osterfoss introduced Jamison Smith, who was running for a seat
in the Colorado House of Representatives. Council wished Mr. Smith luck.
ATTEST:
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Martha! S. Raecker, Town Clerk
Minutes taken by Dorianne S. Deto
CAMINMAY19.92
Respectfully submitted,
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Marg et A. Osterfoss, Ma or