HomeMy WebLinkAbout2013-01-08 Town Council MinutesVail Town Council Meeting Minutes
Tuesday, January 8, 2013
6:00 P.M.
Vail Town Council Chambers
The regular meeting of the Vail Town Council was called to order at approximately 6:00 P.M. by
Mayor Andy Daly.
Members present: Andy Daly, Mayor
Kerry Donovan
Kevin Foley
Ludwig Kurz, Mayor Pro-tem
Greg Moffet
Margaret Rogers
Susie Tjossem
Staff members: Stan Zemler, Town Manager
Matt Mire, Town Attorney
Pam Brandmeyer, Assistant Town Manager
Lorelei Donaldson, Town Clerk
The first item on the agenda was Citizen Participation. There was no public comment. Kevin
Foley and the Council congratulated Heidi Kloser of Vail, on her second place finish and her first
World Cup podium win in Freestyle. Council also congratulated Mikaela Shiffrin of Eagle -Vail
for her two top wins in Slalom. The two women are representing Vail and Eagle County very
well on the international skiing stage.
The second item on the agenda was the Town Manager Report. There was no report.
The third item on the agenda was Resolution No. 2, Series of 2013, a resolution approving the
redemption of all outstanding Timber Ridge Affordable Housing Corporation adjustable rate
housing facility revenue bonds and authorizing the Town of Vail's funding of Timber Ridge
Affordable Housing Development via capital contribution and a loan to the Timber Ridge
Affordable Housing Corporation.
Judy Camp, Finance Director, stated this financing alternative followed the attempt to redevelop
that failed about a year ago and subsequent consideration of other financing alternatives. The
funding of this project is part of the 2013 budget. The town will be buying down $8 million of
deed restrictions and lending $8 million to the TRAHC over the next 20 years at 1.5%, with no
prepayment penalty. The only difference from the budget is timing moved forward which will
save the town $80,000 in interest costs.
Rogers stated Camp and Zemler have done a terrific job on the funding for Timber Ridge. This
option makes it easier, simpler and saves the town money. Moffet asked which accounts the
$16 million will come out of. Camp said the capital contributions will come from the general fund
and the loan will come from the capital projects fund. An additional $1.3 million will be funded
from TRAHC reserves. There will be no outside debt on this project, saving approximately
Town Council meeting minutes of January 8, 2013 Page 1
$550,000 in external financing costs in the first year. This financing also allows the town to
have more flexibility on potential redevelopment and financing options in the future.
Moffet made a motion to approve Resolution No. 2, Series of 2013 and the motion was
seconded by Foley. A vote was taken and the motion passed, unanimously, 7-0.
The fourth item on the agenda was first reading of Ordinance No. 1, Series of 2013, an
ordinance adding a new Section 2-1-4 to the Vail Town Code, to ensure adequate funding for
the Town's Long -Range Capital Program.
Matt Mire said this ordinance was a result of the ballot question from last November.
Rogers stated Council needs more detailed information of what the actual percentages are to
make a better decision. Camp said for the budget that was approved for 2013, the split is 38
percent to the capital projects fund and 62 percent to the general fund. On average, over the
past ten years, the split had been 56% to the general fund and 44% to the capital projects fund.
Tjossem stated that approving this ordinance now allows the budget planning cycle to move
forward in May. Daly said the town has a shortfall of approximately $1 million in the general
fund if all 2013 expenditures were paid for with 2013 revenues. The town is using its reserves
to cover the shortfall. He said if the town is not successful in having excess revenue the split
ratio would be closer to 67 percent to the general fund. The split is related to sales tax
collections only. Further discussion ensued about the various revenue sources in which the
town receives funding.
Daly said they need to recognize incremental expenditures and change the ratio as necessary
to cover expenses out of current revenues instead of taking them out of reserves. If the Council
changes the split to 33% into capital and 67% into operations, they could pay out of current
revenue instead of reducing the reserves. Daly asked the staff to put in a split of 67/33 which
would be a more accurate reflection of how Council recommends allocating dollars. Daly said
they need to be up front how the town's money will be spent.
Rogers said the amount of sales tax the town receives above budget goes into the capital
projects fund. Camp said that has been the direction, but it can be changed at any time.
Council requested staff bring back more information at a future meeting so they are more
informed to make a decision to move forward with approving Ordinance No. 1. Zemler said they
can give the Council a couple of different scenarios at a future meeting.
The fifth item on the agenda was Resolution No. 1, Series of 2013, Posting of Public Notices for
2013 for Town of Vail.
Moffet made a motion to approve Resolution No. 1, Series of 2013, and the motion was
seconded by Kurz. Foley said he would like to have staff consider posting notices at the Vail
Library. Brandmeyer will speak with the Vail Librarian to consider. A vote was taken and the
motion passed, 7-0.
The sixth item on the agenda was Adjournment.
As there was no further business, Moffet made a motion to adjourn and the motion was
seconded by Foley. A vote was taken and the motion passed unanimously, 7-0. The meeting
adjourned at 6:26 p.m.
Town Council meeting minutes of January 8, 2013 Page 2
Attest:
Lorelei
tYbnaldson, Town Clerk
Respectf S mitted,
A ew P. Daly, Mayor
•
SEAL
Town Council meeting minutes of January 8, 2013 Page 3