TC Packet 11-15-2016 TOWN OF AVON MEETINGS FOR TUESDAY, NOVEMBER 15, 2016
AVON LIQUOR AUTHORITY MEETING BEGINS AT 5:00 PM
REGULAR MEETING BEGINS AT 5:05 PM
AVON URBAN RENEWAL AUTHORITY MEETING BEGINS AT 7:30 PM
AVON TOWN HALL, ONE LAKE STREET
REGULAR MEETING BEGINS AT 5:05 PM
AVON LIQUOR LICENSING AUTHORITY MEETING BEGINS AT 5:00 PM (SEE SEPARATE AGENDA PAGE 2)
AVON URBAN RENEWAL AUTHORITY MEETING BEGINS AT 6:30 PM (SEE SEPARATE AGENDA PAGE 3)
1. CALL TO ORDER & ROLL CALL
2. APPROVAL OF AGENDA
3. PUBLIC COMMENT – COMMENTS ARE WELCOME ON ITEMS NOT LISTED ON THE FOLLOWING AGENDA
4. ACTION ITEMS
4.1. ACTION ON FUNDING REQUEST FOR THE 2017 COVER ROCK FESTIVAL IN THE AMOUNT OF $75,000 CASH AND
$7,500 OF IN-KIND SERVICES (TRUE LOCAL EVENTS & EVENT PRODUCER TOM DOBREZ & DIRECTOR OF
FESTIVALS & SPECIAL EVENTS DANITA DEMPSEY)
4.2. APPROVAL OF THE OCTOBER 25, 2016 MINUTES (ASSISTANT TO THE TOWN MANAGER PRESTON NEILL)
4.3. MOTION TO SET FUTURE MEETING DATES
4.3.1. MOTION TO SET THE NEXT REGULAR COUNCIL MEETING TO SWEAR IN NEW COUNCILORS
4.3.2. CONSIDERATION OF A MOTION TO SET A PUBLIC HEARING ON DECEMBER 5TH FOR PRESENTATION OF
THE AVON HOTEL
4.3.3. CONSIDERATION OF A MOTION TO SET A TOWN COUNCIL RETREAT IN DECEMBER
5. WORK SESSION
5.1. PRESENTATION OF THE TOWN OF AVON CONSERVATION EASEMENT PROPOSAL AND EAGLE COUNTY
PARTNERSHIP TO SUPPORT WALKING MOUNTAINS SCIENCE CENTER IN ACQUIRING APPROXIMATELY SIX
ACRES ALONG BUCK CREEK, SOUTH OF THE EXISTING CAMPUS TO EXPAND OPEN SPACE, PUBLIC
EDUCATIONAL PROGRAMMING AND PUBLIC RECREATION ACCESS (TOWN ATTORNEY ERIC HEIL)
5.2. PRESENTATION OF OPTIONS FOR ADDING DEED RESTRICTED EMPLOYEE HOUSING UNITS AND/OR A
RESIDENTIAL MIX WITH EMPLOYEE AND FREE MARKET UNITS TO THE NEW TOWN HALL
(TOWN ENGINEER JUSTIN HILDRETH)
6. WRITTEN REPORTS
6.1. MONTHLY FINANCIALS REPORT (BUDGET ANALYST KELLY HUITT)
7. MOTION TO CONTINUE REGULAR MEETING FOR A MEETING OF THE URBAN RENEWAL AUTHORITY
8. CALL TO ORDER OF THE CONTINUED REGULAR MEETING
9. COMMITTEE MEETING UPDATES: COUNCILORS AND MAYOR
10. MAYOR & COUNCIL COMMENTS
11. TOWN MANAGER UPDATE
12. EXECUTIVE SESSION PURSUANT TO COLORADO REVISED STATUE 24-6-402(4)(F) FOR THE PURPOSE OF
DISCUSSING PERSONNEL MATTERS
13. ADJOURNMENT
_______________________________________________________________________________
MEETING AGENDAS & PACKETS ARE FOUND AT: HTTP://WWW.AVON.ORG
AGENDAS ARE POSTED AT AVON TOWN HALL, RECREATION CENTER, & AVON PUBLIC LIBRARY
IF YOU HAVE ANY SPECIAL ACCOMMODATION NEEDS, PLEASE, IN ADVANCE OF THE MEETING,
CALL TOWN CLERK DEBBIE HOPPE AT 970-748-4001 OR EMAIL DHOPPE@AVON.ORG WITH ANY SPECIAL REQUESTS.
1
TOWN OF AVON MEETINGS FOR TUESDAY, NOVEMBER 15, 2016
AVON LIQUOR AUTHORITY MEETING BEGINS AT 5:00 PM
AVON TOWN HALL, ONE LAKE STREET
1. CALL TO ORDER AND ROLL CALL
2. APPROVAL OF AGENDA
3. PUBLIC COMMENT – COMMENTS ARE WELCOME ON ITEMS NOT LISTED ON THE FOLLOWING AGENDA
4. RENEWAL OF LIQUOR LICENSES
4.1. APPLICANT: SEERUT INC. & 7-ELEVEN, INC. D/B/A 7-ELEVEN STORE 34209A
LOCATION: 008 NOTTINGHAM ROAD
TYPE: 3.2% BEER OFF PREMISES
MANAGER: GARY “SIDHU” GUPRETT
5. MINUTES FROM OCTOBER 25, 2016
6. ADJOURNMENT
_______________________________________________________________________________
MEETING AGENDAS & PACKETS ARE FOUND AT: HTTP://WWW.AVON.ORG
AGENDAS ARE POSTED AT AVON TOWN HALL, RECREATION CENTER, & AVON PUBLIC LIBRARY
IF YOU HAVE ANY SPECIAL ACCOMMODATION NEEDS, PLEASE, IN ADVANCE OF THE MEETING,
CALL TOWN CLERK DEBBIE HOPPE AT 970-748-4001 OR EMAIL DHOPPE@AVON.ORG WITH ANY SPECIAL REQUESTS.
2
TOWN OF AVON MEETINGS FOR TUESDAY, NOVEMBER 15, 2016
AVON URBAN RENEWAL AUTHORITY MEETING BEGINS AT 7:30 PM
AVON TOWN HALL, ONE LAKE STREET
1. CALL TO ORDER & ROLL CALL
2. APPROVAL OF AGENDA
3. PUBLIC COMMENT – COMMENTS ARE WELCOME ON ITEMS NOT LISTED ON THE FOLLOWING AGENDA
4. ACTION ITEM
4.1. CONSENT AGENDA
4.1.1. APPROVAL OF BUTLER SNOW ENGAGEMENT LETTER (ASSISTANT TOWN MANAGER SCOTT WRIGHT)
4.1.2. APPROVAL OF OCTOBER 25, 2016 URA MEETING MINUTES
(ASSISTANT TO THE TOWN MANAGER PRESTON NEILL)
5. WRITTEN REPORT
5.1. BOND ISSUANCE SCHEDULE AND TERM SHEET FOR SERIES 2016 TAX INCREMENT FINANCING REVENUE BONDS FOR
THE URA TENANT FINISHES AT THE NEW TOWN HALL ( ASSISTANT TOWN MANAGER SCOTT WRIGHT)
6. ADJOURNMENT
_______________________________________________________________________________
MEETING AGENDAS & PACKETS ARE FOUND AT: HTTP://WWW.AVON.ORG
AGENDAS ARE POSTED AT AVON TOWN HALL, RECREATION CENTER, & AVON PUBLIC LIBRARY
IF YOU HAVE ANY SPECIAL ACCOMMODATION NEEDS, PLEASE, IN ADVANCE OF THE MEETING,
CALL TOWN CLERK DEBBIE HOPPE AT 970-748-4001 OR EMAIL DHOPPE@AVON.ORG WITH ANY SPECIAL REQUESTS.
3
TOWN OF AVON, COLORADO
AVON LIQUOR LICENSING AUTHORITY MEETING MINUTES FOR TUESDAY, OCTOBER 25, 2016
AVON TOWN HALL, ONE LAKE STREET
1. CALL TO ORDER AND ROLL CALL
Chairman Fancher called the meeting to order at 5:00 p.m. A roll call was taken and Board members
present were Megan Burch, Jake Wolf and Sarah Smith Hymes and Scott Prince. Buz Reynolds and Matt
Gennett were absent. Also present were Town Manager Virginia Egger, Town Attorney Eric Heil, Police
Chief Greg Daly, Assistant Town Manager Scott Wright, Public Works Director Gary Padilla, Recreation
Director John Curutchet, Transit Director Jane Burden, Town Engineer Justin Hildreth, Fleet Director
Rego Omerigic, Planning Director Matt Pielsticker and Executive Assistant to the Town Manager Preston
Neill.
2. APPROVAL OF AGENDA
There were no changes to the agenda.
3. PUBLIC COMMENT – COMMENTS ARE WELCOME ON TOPICS NOT ON THE AGENDA
No public comments were made.
4. RENEWAL OF LIQUOR LICENSES
4.1. APPLICANT: BLACKSTAR, LLC D/B/A FOOD! BY MARC
LOCATION: 137 BENCHMARK ROAD 4W
TYPE: HOTEL AND RESTAURANT
MANAGER: MARC ROUSE
Board member Burch moved to approve the renewal application for Blackstar, LLC d/b/a FOOD! by
Marc. Board member Smith Hymes seconded the motion and it passed unanimously by those
present.
4.2. APPLICANT: AVON PROPERTIES LEASING, LLC D/B/A VILLAGE WAREHOUSE WINES
LOCATION: 101 FAWCETT ROAD
TYPE: RETAIL LIQUOR STORE
MANAGER: PETER CUCCIA
Board member Smith Hymes moved to approve the renewal application for Avon Properties Leasing,
LLC d/b/a Village Warehouse Wines. Board member Burch seconded the motion and it passed
unanimously by those present.
5. MINUTES FROM OCTOBER 11, 2016
Board member Burch moved to approve the minutes from October 11, 2016. Vice Chairman Wolf
seconded the motion and it passed unanimously by those present.
6. ADJOURNMENT
There being no further business to come before the Board, the meeting adjourned at 5:06 p.m.
2. FINAL - LA 2016 10 25 Minutes Page 1
TOWN OF AVON, COLORADO
AVON LIQUOR LICENSING AUTHORITY MEETING MINUTES FOR TUESDAY, OCTOBER 25, 2016
AVON TOWN HALL, ONE LAKE STREET
RESPECTFULLY SUBMITTED:
____________________________________
Preston Neill, Executive Assistant to the Town Manger
APPROVED:
Jennie Fancher ______________________________________
Jake Wolf ______________________________________
Matt Gennett ______________________________________
Megan Burch ______________________________________
Albert “Buz” Reynolds ______________________________________
Scott Prince ______________________________________
Sarah Smith Hymes ______________________________________
2. FINAL - LA 2016 10 25 Minutes Page 2
1 2017 Funding Request Cover Rock Music Festival
TOWN COUNCIL REPORT
To: Honorable Mayor Jennie Fancher and Avon Town Council
From: Director of Festivals & Special Events Danita Dempsey
Town Manager Virginia Egger
Date: November 15, 2016
Agenda Topic: ACTION ON FUNDING REQUEST FOR THE 2017 COVER ROCK FESTIVAL IN THE AMOUNT OF $75,000
CASH AND $7,500 OF IN-KIND SERVICES
ACTION BEFORE COUNCIL:
Council is asked to take action in regards to determining funding and in-kind support for the 2017 Cover
Rock Music Festival, Producer Mr. Tom Dobrez.
2017 SPECIAL EVENT RESERVES:
The 2017 adopted budget Special Event Reserve assigned $390,000 for the sole purpose of supporting the
Town’s 2017 – 2018 Strategic Plan and special event programs, such as Cover Rock. To date, the Haute Route
Rockies bicycle race has been funded in the amount of $45,000, leaving a balance of $345,000.
PRODUCER PRESENTATION:
Mr. Dobrez will present his request on November 15th at the start of the agenda item. Please refer to
Exhibit A, which includes all application materials.
2016 COVER ROCK SUMMARY:
The inaugural Cover Rock Music Festival produced by Mr. Dobrez and his company True Local Events, LLC
was held in Harry A. Nottingham Park & Performance Pavilion on June 25 – 26, 2016. A summary of the
event is as follows:
Saturday, June 25th and Sunday, June 26th 2016
11:00 a.m. to 10:00 p.m. on Saturday; Sunday, 11:00 a.m. to 8:00 p.m.
Exclusive use of the Avon Performance Pavilion, main athletic field and Town Hall parking lots for
the production of the 2-day, ticketed festival
The Tribute Band theme was “Summer of Love”
First year paid attendance was 1,357 persons; estimated 2016 projections were 2,500 persons at the
time of the funding request to Council
Event sold liquor through a local non-profit
Food and merchandise sales were available
Town provided support of $35,000 in cash funding and $7,500 of in-kind
The Cover Rock Music Festival was a high quality production, marketing was multifaceted providing both
in-state and out-of-state reach, and the guest experience is evident in the Net Promoter Score of 64; and,
72% of the respondents would recommend the festival to someone else.
2 2017 Funding Request Cover Rock Music Festival
Cover Rock Music Festival provided $23,321 in incremental sales tax revenue, under the assumption that
100% of the variance compared to a non-event weekend was attributable to the festival. See Exhibit B –
MuniRev Comparison: Lodging, Restaurant, and Retail Tax Revenue.
2017 COVER ROCK PROPOSAL:
A summary of the event is as follows:
Event Dates: Friday, June 23rd and Saturday, June 24, 2017 with the ability to reserve Sunday, June 25th;
this is the same weekend as in 2016
2:00 p.m. to 10:00 p.m. both Friday and Saturday
Exclusive use of the Avon Performance Pavilion, main athletic field and Town Hall parking lots for the
production of the 2-day, ticketed festival
The Tribute Band theme will be “British Invasion”
Ticket prices will range between $89 and $189 with no significant increase over 2016 prices
Second year paid attendance projections is 2,200 persons or an increase of 843 paid attendees
(62%)
Liquor sales will be available through a local non-profit
Food and merchandise sales will be available
Requesting support of $75,000 in cash funding and $7,500 of in-kind
The in-kind support may include but is not limited to the following: police services, bus
transportation, traffic direction, and banner installation/removal and staff assistance. The proposed
increase for in-kind service needs in 2019 is directly related to increased attendance numbers.
These expenses are covered through ticket fee revenue or in the internal budgets of the
department.
RETURN ON INVESTMENT:
To conduct a return on investment analysis on 2016 and the next three years, a full ROI 2016 Actual & 2017-2019
Estimated ROI is provided in the attached Exhibit C. A summary of the 2017 – 2019 ROI Assumptions is provided
in Table 1 below:
MULTI-YEAR SEED FUNDING:
Town funding to seed special events is considered important to helping a special event gain notoriety, grow in
attendance and become profitable. Nonetheless, funding may be requested for additional years to achieve these
goals. In Mr. Dobrez’s application, he has estimated funding for 2018 and 2019. A summary of the 2016 - 2019
paid attendance and anticipated Town support is detailed in Table 2 below.
2017 2018 2019
TOTAL TAXES $25,049 $34,224 $42,570
2 DAY SPECIAL EVENT TICKET ADMISSION FEE $3 $9,240 $13,650 $16,800
1 DAY SPECIAL EVENT TICKET ADMISSION FEE $3 $1,980 $2,925 $3,600
TOTAL REVENUE $36,269 $50,799 $62,970
ANNUAL TOWN OF AVON FINANCIAL INVESTMENT $75,000 $55,000 $12,500
ANNUAL TOWN OF AVON IN KIND INVESTMENT 7,500 7,500 9,000
NET UNRECOVERED / RECOVERED INVESTMENT ($46,231)($11,701)$41,470
Ratio on increased sales tax revenue to amount of funding 30.36%55%198%
Table 1 - 2017 - 2019 ROI Assumptions: Summary
3 2017 Funding Request Cover Rock Music Festival
STAFF REVIEW:
Town staff, including Festival Director Danita Dempsey, Assistant Town Manager Scott Wright, Recreation
Director John Curutchet and Town Manager Virginia reviewed all application materials. Staff believes the
Cover Rock Music Festival contributes to the sense of community and enhances our cultural fabric, with
40% of the attendees being locally based. Additionally, the Cover Rock “Tribute” theme is unique, delivers
vitality and diversity to the Town’s music based events; and, targets an older and more affluent
demographic with expendable income. Questions regarding the application, which Council may wish to
consider, include:
The 2017 funding request is 114% higher than in 2016; the projected increase in attendees is 61%
Based upon the funding request and attendance assumptions, each 2017 attendee will require a
$21.00 subsidy
How secure is the producer that the marketing plan will meet the attendee numbers with
significantly higher ticket and pass charges?
STAFF RECOMMENDED OPTIONS:
Council may wish to go into Executive Session to discuss the confidential Cover Rock 2016 P&L and
2017 Event Budget
Council may wish to consider requiring all special events receiving Town funding to offer a Locals
Pass for a period of time at a discounted price
o Local’s Pass would need to be defined, for example, those with an Avon home address or
work in Eagle County
o The Town could underwrite the discount margin
o For example, if a two-day pass is $189, but sold as Local’s pass at $139, the Town could pay
the $50.00 difference for up to 300 passes for a contribution of $15,000
Take into consideration an option to leverage local business sponsorships through a dollar-for-
dollar cash match by the Town
Request additional information from the producer and continue the agenda item to a date certain
Decide on level of cash and/or in-kind support services in full or as partial funding based upon
materials provided in this packet
ATTACHMENTS:
Exhibit A – 2017 Special Event Funding Application Cover Rock, 2017 Cover Rock Proposal & 2017
Cover Rock Sponsorship Deck
Exhibit B – MuniRev Comparison: Cover Rock Lodging, Restaurant, Retail Revenue
Exhibit C – 2016 ACTUAL ROI & 2017-2019 ESTIMATED ROI: Cover Rock Music Festival - 2 Days
Year
Actual/Projected
Attendees
Cash
Funding
In-Kind
Support
Total
Support
Sale Tax/
Admission Fee
Revenue
Net
Support
Subsidy/Revenue
Benefit Per Attendee
2016 - Year One 1,357 $35,000 $7,500 $42,500 $27,302 ($15,198)($11.20)
2017 - Year Two 2,200 $75,000 $7,500 $82,500 $36,269 ($46,231)($21.01)
2018 - Year Three 3,250 $55,000 $7,500 $62,500 $50,799 ($11,701)($3.60)
2019 - Year Four 4,000 $12,500 $9,000 $21,500 $62,970 $41,470 $10.37
TOTAL $177,500 $31,500 $209,000 $177,340
Table 2 - Cover Rock Festival Funding Per Attendee
Town Provided/
Requested Support
4 2017 Funding Request Cover Rock Music Festival
2017 SPECIAL EVENT FUNDING APPLICATION & SUBMITTAL
REQUIREMENTS
1. SELECT ONE EVENT CATEGORY:
Recreational Event
2. SELECT ONE BUSINESS CATEGORY:
For Profit
3. NAME OF SPECIAL EVENT
4. PRODUCING ORGANIZATION INFORMATION
a. True Local Events, LLC
b. Tom Dobrez/ President
c. 2425 Braeburn Ave Flossmoor, Il 60422
d. 275 Main Street Garnet U201 Edwards, CO 81632
e. (708) 267-4540 (c) 970-926-7625 (o)
f. tdobrez@coolradiollc.com
g. coverrockfestival.com
h. True Local Events LLC and it’s parent Cool Radio have been doing business in the Vail Valley
for 15 years.
5. DOES THE EVENT BENEFIT A CHARITY?
Yes - Please name the beneficiary: ___________TBD_______________
6. CASH FUNDING & IN-KIND REQUESTS, IF ANY OR IF APPLICABLE
a. Cash granted by the Town of Avon for 2015 $0
b. Cash granted by the Town of Avon for 2016 $35,000
c. Cash funding requested for 2017 $75,000
d. Cash funding projected request for 2018 $55,000
e. Cash funding projected requested for 2019 $12,500
f. Total value of in-kind granted by the Town of Avon for 2015 $0
g. Total value of in-kind granted by the Town of Avon for 2016 $7500
h. Total value of in-kind funding requested for 2017 $7500
i. Total value of in-kind funding projected request for 2018 $7500
j. Total value of in-kind funding projected requested for 2019 $9,000
k. Description of in-kind services requested for 2017, if applicable: Banners, Road signage,
web page promotion, police, and parking, plus general event support
7. SPECIAL EVENT DESCRIPTION: Cover Rock is a 2-day music festival featuring the
world’s best tribute bands playing homage to the best rock and roll bands of all time. The
first year festival theme was Woodstock and featured bands that performed at that original
event. Year two, the theme will be British Invasion and will feature replication of bands like
The Beatles, Rolling Stones, The Kinks and half a dozen others
a. Set up Thursday June 23rd- Breakdown Sunday June 25th (could change to Monday)
b. Show dates Friday June 24th 2p-10p Saturday June 24th noon- 11p (maybe Sat/Sun)
c. The event will take place at Avon Performance Pavilion. We will be requesting additional
space primarily the Town Council Chambers throughout the set up and breakdown of event.
d. We wish to remain open to pursing after hours events at Montana’s, Loaded Joes in
addition to a Sunday event at Westin Hotel.
e. Our goal in year two will be to make the event profitable. First year offered a tremendous
learning experience and a very successful fan appreciation scores on post surveys (64 Net
Promoter score). We hope to increase our audience by 50% over last year.
We felt we delivered an above average experience for our festivalgoers and just need to
emphasize marketing going forward. We provide world-class musicians on a world-class
stage.
f. This is an existing event.
8. ATTENDANCE PER DAY ESTIMATES:
a. There should be close to 3000 in facility including artists, comps and paid
b. Our goal for paid patrons is 2200
c. Artists, exhibitors and vendors should number 250
d. Event staff (with volunteers) 200
e. Daily attendance goal 1500
f. 25% Vail Valley, 40% Front Range, 15% Other Colorado, 20% out of state
9. BUDGET & RETURN ON INVESTMENT/OBJECTIVES:
a. See Attached
2016 Profit and Loss Statement, if funding or in-kind was received in 2016.
Separate document
2017 Special Event Application for Funding & Submittal Requirements
c. The bulk of the funds requested from TOA will be used to provide infrastructural typically
found at a concert facilities. This includes but is not limited to: Fencing, Security, Waste
Management
d. Should the Town of Avon decide not to financially support this event, will it still occur?
Not in Avon
e. Describe or calculate the estimated return on investment. Separate document
f. This is a high quality event targetting adults 45 years and older. Those with disposable
incomes who travel to music festivals and spend money freely. They are typically classy and
non destructive and if not still raising family understand what family and community are.
They are potential full and part time rAvon esidents of the future.
10. MARKETING & SPONSORSHIPS:
a. The Town shall provide 300 “free from Admissions Fee” single day tickets for marketing
promotion. The requirements of the Admission Fee Resolution can be found at
www.avon.org/specialevents.com.
b. Please provide a detailed description of the event marketing plan and indicate how the
budget will support the plan, include strategy and execution details. -Attached
c. Please explain the potential for sponsorships and media exposure. Please attach your
sponsorship presentation. -Attached
11. STATEMENT REGARDING SPECIAL EVENT GOALS & REVIEW CRITERIA: This
event will make individuals feel good about themselves and their surroundings allowing
them to create endless memories and possibilities of where their future lies.
12. SIGNATURE STATEMENT:
Please include the following statement and signature with the application.
I affirm that all of the information included in this application, its attachments, and its
supplemental
documents is true and correct to the best of my knowledge.
_____________________________________________________________________________
Authorized Signatory Date
Printed Name: _____________________________________
Please note that additional materials, such as photos, newspaper clippings, letters of support
or
promotional materials will be accepted, but are limited to not more than five (5) pages.
Application Submittal Requirements:
1. Submit one (1) copy of the completed WORD application and one (1) PDF by email to
Danita
Dempsey at ddempsey@avon.org
2. Handwritten applications will not be accepted
3. Dropbox file is acceptable for of submittal for large photos and video content, etc. but not
for the application documents.
4. A $100 non-refundable processing fee is required at the time the application is submitted;
address to the Town of Avon and hand-deliver or mail to the Town of Avon, c/o Danita
Dempsey, POB 975, One Lake Street, Avon, CO 81620.
2017 Special Event Application for Funding & Submittal Requirements
June 23rd-25th, 2017
Avon, CO
Request for Consideration
coverrrockfestival.com
COVER ROCK 1 IN AVON
•Saturday-Sunday
June 25th-26th 2016
• 9 Tribute Bands
Avon Performance
Pavillon
•Art vendors Plus Food
•Peak attendance
1400 PAID over 2 days
COVER ROCK REACH/
DEMOGRAPHIC
•Tribute bands reach a desirable
demographic that is:
•Age 45-70
•Family Orientated-
Approaching empty nest stage
•Travelers and music lovers with
disposable income
•Few music festivals are catering to
this demographic. This would be a
unique high profile event for the
Town of Avon.
GEOGRAPHY
•Strong Front Range
Representation
•National Scope
20%
35%
45%
LocalColorado
Visitors
Attendees By City
Avon 109
Edwards 150
Golden 105
Gypsum 124
Minturn 129
Vail 42
Outside Region
500+
FANS LOVED COVER ROCK 16
72% of respondents are Promoters
(likely to recommend to Friends)
Net Promoter Score 64
HOTELS LOVED COVER ROCK 16
Increased occupancy nearly 50%
Raised Room Rates 49%
Event
Compared to
Baseline
Available
Rooms
Occupied
Rooms % Occupied Roomnight
Average
Non-Event
Weekend June
2016
2,847 1,444 50.71%$77
COVER ROCK
2016 3,167 2,305 72.78%$115
Event vs. Non
Event Variance 320 861
BUSINESSES LOVED COVER ROCK 16
35% Increase in revenues
$1.5M Spent over weekend in Avon alone
Total Lodging
Revenue
Total
Restaurant
Revenue
Total Retail
Revenue Other Revenue Totals
$110,734 $240,838 $731,489 $18,093 $1,127,916
$265,112 $370,059 $873,667 $20,969 $1,529,807
$154,378 $129,221 $142,178 $2,876 $401,891
PRESS LOVED COVER ROCK 16
NEW FOR 2017
•Change of Dates likely
•After Hours + ReCover Rock
•American Poster Institute
•Food Choices
•Inside alcohol sales
•Projected paid attendance-
Year 2- 2,200 Year 3- 3,500
SAMPLE SCHEDULE
•2p-British Invasion Band
•4pm The Kinks Tribute
•6pm- Cream Of Clapton
•8pm- Beatles v. Stones
•2p- Moody Blues tribute
•4pm- Rod Stewart & Faces
•6pm- Queen
•8pm-Pink Floyd
FRIDAY SATURDAY
REQUESTS
Fencing Discount
Security Support
Waste Management
Marketing
Electric Assets
Parking Assistance
$75,000 seed money
FUNDING REQUESTS
56% of funding request
goes towards infrastructure
including
Fencing
Electric
Waste/Portalets
Security
MISC
27%
INFRASTRUCTURE
16%MARKETING
26%
TALENT/TRAVEL
30%
Overall
Event Expenses
TRUE.LOCAL.EVENTS.
•Local business since 2001
•Division of KZYR The Zephyr 97.7FM Radio
•Operated Edwards Farmers Market, PumpkinFest,
Farmers Market @ Avon
•Partnering with Local Experienced Promoter
PRINCIPLES
•Thomas F Dobrez- President- Owner of StateNets
for 30 years. National Radio Rep firm representing
over 1600 Radio stations, CEO- Cool Radio LLC-
TrueLocalEvents
•Anthony Mauro- VP- Cool Radio LLC/
TrueLocalEvents Vail Valley resident for 35 years.
Sponsorships
Customized For Effectiveness
Category Exclusivity
2017- First Rights of Refusal
2-Day Outdoor Music Festival
@Avon’s Performance Pavilion
Capacity 5000
Ticket range $89-$190
Tribute Bands Targeting
Baby Boomers
Festival
Demographics
Front Range residents plus Out of state
Summit & Eagle County residents
Upper Income Traveler
Age 45-65
2500+ expected
Custom Bandanas
Photo Booth
VIP Box Seats
Hippie Commune Campsite
Shade Zone
Product Placement
Sports Bar
Schedule Cards
Co-Branded Cups
Wine Tas=ng Event
Ticket Drop Events
T-Shirt Upgrade On-Site Opportunity
Hydra=on Sta=on
Kids Zone Moon Sta=on Sponsor
Pre-Event Online Contes=ng
Social Media Contest
Activation
Opportunities
$15,000
Full On Stage Banners
Plus 4 Venue Placements
10 VIP 2 Day Tickets
10 GA-2 Day
Category Exclusive
All Collateral
25 Social Media Events
500 Radio Ads in Vail Valley,
Aspen and Summit Counties
Stage Announcements
On Site Presence
Pink Vail, LAX,
GO Pro Games
Front Range Presence
RnR Hall Of Fame
Presented By:
$7,500
Lower Side Stage Banners
Plus 2 Venue Placements
6 VIP 2-Day Tickets
6 GA 2-Day
Category Exclusive
Most Collateral
15 Social Media Events
250 Radio Ads in Vail Valley,
Aspen and Summit Counties
Stage Announcements
On Site Presence
Guest Viewing ID
Grammy Winner
Supported By:
$5,000
2 Venue Banner Placements
4 VIP 2-Day Tickets
4 GA 2-Day
Category Exclusive
Collateral Mentions
10 Social Media Events
125 Radio Ads in Vail Valley,
Aspen and Summit Counties
Limited Stage Announcements
On Site Potential
Rock Star
$1,500
1 Venue Banner Placements
2 VIP 2-Day Tickets
2 GA 2-Day
Limited Collateral
5 Social Media Events
50 Radio Ads in Vail Valley,
Aspen and Summit Counties
Few Stage Announcements
Record Deal
RnR Hall Of Fame
Presenting:
Grammy Winner
Supported:Rock Star Record Deal
Banner
Full Stage
Plus 4 venue Lower Side
Plus 2 Venue 2 Venue 1 Venue*
Opening Night Party 8 4 2 2
VIP/GA Tix 10/10 6/6 4/4 2/2
Exclusive YES YES YES No
Collateral ALL Most Mentions Limited
Social Media 25 15 10 5
Radio Ads 500 250 125 50
Stage
Announcements YES YES LIMITED FEW
Custom ON SITE PRESENCE
EMAIL GUEST VIEWING ID TBD TBD
INVESTMENT $15,000 $7,500 $5,000 $1,500
Event Compared to
Baseline
Collection
Dates
Available
Rooms
Occupied
Rooms % Occupied Roomnight
Average
Total Lodging
Revenue
Total Restaurant
Revenue
Total Retail
Revenue
Other
Revenue Totals
Non-Event Weekend June
2016
6/03/16-
6/06/16 2,847 1,444 50.71%$77 $110,734 $240,838 $731,489 $18,093 $1,101,154
COVER ROCK 2016 6/24/16-
6/26/16 3,167 2,305 72.78%$115 $265,112 $370,059 $873,667 $20,969 $1,529,807
Event vs. Non Event
Variance 320 861 22.07%$154,378 $129,221 $142,178 $2,876 $428,653
TOTAL 4% SALES &
ACCOMMODATIONS
TAX*
$12,350.24 $5,169 $5,687 $115 $23,321
EXHIBIT B - NON-EVENT WEEKEND COMPARED TO EVENT: COVER ROCK FESTIVAL 2-DAY
LODGING, RESTAURANT, RETAIL TAX REVENUE
2016
* Assume 100% attributable to COVER ROCK
SOURCE: MUNIREVS
20
1
6
2016
1,357 PAID
ACTUALS ASSUMPTIONS CALCULATIONS ASSUMPTIONS CALCULATIONS ASSUMPTIONS CALCULATIONS
TOTAL TICKETS PER DAY 2,200 3,250 4,000
TOTAL PERCENT PURCHASING 2-DAY PASSES 876 70%1,540 70%2,275 70%2,800
TOTAL PERCENT PURCHASING 1-DAY PASSES 481 30%660 30%975 30%1,200
TOTAL % STAYING IN LODGING N/A 65%1,001 65%1,479 65%1,820
AVERAGE PERSONS PER UNIT N/A 2 501 2 739 2 910
AVERAGE HOTEL RATE* - 2 nights/per person/2 day pass
holder $115 $115 $115,115 $115 $170,056 $115 $209,300
4% ACCOMMODATIONS TAX 6,175 $4,605 $6,802 $8,372
4% SALES TAX 6,175 $4,605 $6,802 $8,372
TOTAL MEALS AVAILABLE FOR WEEKEND (5/per persons)N/A 11,000 16,250 20,000
TOTAL PERCENT EATING MEALS IN RESTAURANTS N/A 78%8,580 78%13,813 78%17,000
AVERAGE DAILY MEAL COST OUTSIDE VENUE**N/A $20.00 $171,600 $21.00 $290,063 $21.50 $365,500
4% SALES TAX 5,169 6,864 11,603 14,620
TOTAL PERSONS FOR THE WEEKEND N/A 3,740 5,525 6,800
TOTAL % BUYING FOOD, RETAIL, INCREMENTAL N/A 80%2,992 80%4,420 80%5,440
AVERAGE INCREMENTAL PURCHASE AMOUNT (per
person/day/outside venue)N/A $75 $224,400 $51 $225,420 $52 $280,160
4% SALES TAX 5,687 8,976 9,017 11,206
TOTAL TAXES $23,321 25,049 34,224 42,570
2 DAY SPECIAL EVENT TICKET ADMISSION FEE $3 $3,312 9,240 13,650 16,800
1 DAY SPECIAL EVENT TICKET ADMISSION FEE $3 $693 1,980 2,925 3,600
TOTAL REVENUE $27,326 36,269 50,799 62,970
ANNUAL TOWN OF AVON FINANCIAL INVESTMENT $35,000 75,000 55,000 12,500
ANNUAL TOWN OF AVON IN KIND INVESTMENT $7,500 7,500 7,500 9,000
NET UNRECOVERED / RECOVERED INVESTMENT (15,174)(46,231)(11,701)$41,470
Ratio on increased sales tax revenue to amount of funding 54.87%30.36%55%198%
** Based on average breakfast/lunch cost
* Based on MuniRev June 2016
EXHIBIT C- 2016 ACTUAL ROI & 2017-2019 ESTIMATED ROI: Cover Rock Music Festival - 2 Days
COMMODITY
2017 2018 2019
2,200 PAID per day 3,250 PAID per day 4,000 PAID per day
1
TOWN OF AVON, COLORADO
AVON MEETING MINUTES FOR TUESDAY, OCTOBER 25, 2016
AVON TOWN HALL, ONE LAKE STREET
1. A CALL TO ORDER & ROLL CALL
Mayor Fancher called the meeting to order at 5:06 p.m. A roll call was taken and Council members
present were Megan Burch, Jake Wolf and Sarah Smith Hymes and Scott Prince. Buz Reynolds and Matt
Gennett were absent. Also present were Town Manager Virginia Egger, Town Attorney Eric Heil, Police
Chief Greg Daly, Assistant Town Manager Scott Wright, Public Works Director Gary Padilla, Recreation
Director John Curutchet, Transit Director Jane Burden, Town Engineer Justin Hildreth, Fleet Director
Rego Omerigic, Planning Director Matt Pielsticker and Executive Assistant to the Town Manager Preston
Neill.
2. APPROVAL OF AGENDA
Mayor Pro Tem Wolf requested the addition of an Executive Session item to discuss a personnel matter
and an Executive Session item to discuss a confidential matter. Mayor Fancher requested the “Mayor &
Council Comments” item be moved to after the “Public Comment” item. Councilor Prince requested
item 7.1 be pulled off of the Consent Agenda. Mayor Pro Tem Wolf requested the phrase “Motion to
Continue the” be struck from item 5.1. Council agreed to the changes.
3. PUBLIC COMMENT
Tom Beaver, Jill Ryan, Amy Phillips, Kathy Chandler Henry, Kathy Ryan, Michael Cacioppo and Tessa
Kirschner commented.
4. PROCLAMATION – EAGLE COUNTY GIVES DAY (MICHELLE MALONEY)
5. ACTION ITEMS
5.1. MOTION TO CONTINUE THE PUBLIC HEARING ON SECOND READING OF ORDINANCE 16-20, REPEALING THE
2009 RECREATIONAL TRAILS MASTER PLAN, AND APPROVING THE 2016 RECREATIONAL TRAILS MASTER PLAN TO
JANUARY 10, 2017 (PLANNING DIRECTOR MATT PIELSTICKER)
Mayor Fancher opened the Public Hearing and public comments were made by Peter Warren, Bill
Reisinger, Peter Buckley and Paula O’Leary. Councilor Burch moved to approve second reading of
Ordinance 16-20, approving the 2016 Recreational Trails Master Plan, with modifications as
recommended by the Planning and Zoning Commission. Councilor Smith Hymes seconded the
motion and it passed on a vote of 4 to 1, with Mayor Pro Tem Wolf voting no.
5.2. PUBLIC HEARING FOR THE ADOPTION OF THE 2016 FINAL REVISED BUDGETS, 2017 OPERATING BUDGET, 2017
CAPITAL PROJECTS FUND BUDGET & LONG-RANGE CAPITAL PROGRAM
5.2.1. RESOLUTION NO. 16-27, RESOLUTION TO AMEND THE 2016 TOWN OF AVON OPERATING FUNDS
BUDGETS (BUDGET ANALYST KELLY HUITT)
5.2.2. RESOLUTION NO. 16-28, RESOLUTION TO AMEND THE 2016 TOWN OF AVON CAPITAL PROJECTS FUND
BUDGET (BUDGET ANALYST KELLY HUITT)
5.2.3. RESOLUTION NO. 16-29, RESOLUTION TO ADOPT THE 2017 TOWN OF AVON OPERATING FUNDS
BUDGETS (BUDGET ANALYST KELLY HUITT)
FINAL - Avon Council Meeting Minutes 2016 10 25 Page 1
TOWN OF AVON, COLORADO
AVON MEETING MINUTES FOR TUESDAY, OCTOBER 25, 2016
AVON TOWN HALL, ONE LAKE STREET
5.2.4. RESOLUTION NO. 16-30, RESOLUTION TO ADOPT THE TOWN OF AVON LONG-RANGE CAPITAL
PROGRAM AND SIMULTANEOUSLY ADOPT THE 2017 CAPITAL PROJECTS FUND BUDGET
(BUDGET ANALYST KELLY HUITT)
Mayor Fancher opened the Public Hearing and no comments were made. Councilor
Prince moved to approve Resolution 16-27 and 16-29 to adopt the 2017 and amend the
2016 annual operating budgets. Councilor Smith Hymes seconded the motion and it
passed unanimously by those present.
Mayor Fancher opened the Public Hearing and no comments were made. Councilor
Prince moved to approve Resolution 16-28 and 16-30 to adopt the 2017 and amend the
2016 Capital Projects Fund budget and long-range plan, with a modification to lower the
2017 allocated amount for the Nottingham Park Restroom Remodel Project to $250,000.
Councilor Burch seconded the motion and it passed unanimously by those present.
5.3. MOTION TO CONTINUE THE REGULAR MEETING FOR THE URBAN RENEWAL AUTHORITY MEETING’S BUDGET
ADOPTION (MAYOR JENNIE FANCHER)
Mayor Fancher moved to continue the Regular Meeting. Mayor Pro Tem Wolf seconded the
motion and it passed unanimously by those present. The time was 6:25 p.m.
5.4. CALL TO ORDER AND ROLL CALL
Mayor Fancher called the meeting to order at 6:29 p.m. A roll call was taken and Council members
present were Megan Burch, Jake Wolf and Sarah Smith Hymes and Scott Prince. Buz Reynolds and
Matt Gennett were absent.
5.5. RESOLUTION 16-32, APPROVING THE EXECUTION AND DELIVERY BY BUFFALO RIDGE AFFORDABLE HOUSING
CORPORATION OF A MORTGAGE LOAN AND AUTHORIZING CERTAIN AMENDMENTS AND INCIDENTAL ACTION
THERETO (EXECUTIVE DIRECTOR GERRY FLYNN)
Councilor Prince moved to approve Resolution 16-32, approving the execution and delivery by
Buffalo Ridge Affordable Housing Corporation of a mortgage load and authorizing certain
amendments and incidental action thereto. Councilor Burch seconded the motion and it passed
unanimously by those present.
5.6. ACTION ON VOTE TO TERMINATE BENCHMARK PROTECTIVE COVENANT, VOTE FOR FIVE MEMBERS OF
THE LAND OWNERS COMMITTEE, AND AUTHORIZATION OF TOWN’S REPRESENTATIVE TO VOTE IN FAVOR OF
TERMINATING BENCHMARK PROTECTIVE COVENANTS (TOWN ATTORNEY ERIC HEIL)
Ed Wolffe, Kathy Ryan, Angelo Loria, Michael Cacioppo and Brian Graham commented. Council
did not take action on this item. Council provided direction to delay further consideration until
more information can be provided to interested property owners. Council requested Town
Attorney Eric Heil to prepare a table comparing the Benchmark Protective Covenants to Avon’s
current development regulations for the Informational Meeting on November 15, 2016.
FINAL - Avon Council Meeting Minutes 2016 10 25 Page 2
TOWN OF AVON, COLORADO
AVON MEETING MINUTES FOR TUESDAY, OCTOBER 25, 2016
AVON TOWN HALL, ONE LAKE STREET
5.7. FIRST READING OF ORDINANCE 16-19, TO REZONE LOT 4, MOUNTAIN VISTA RESORT SUBDIVISION FROM PUD
TO PUBLIC FACILITIES (PLANNING DIRECTOR MATT PIELSTICKER)
Michael Cacioppo commented. Councilor Prince moved to approve Ordinance 16-19, approving
the rezoning of Lot 4, Mountain Vista Resort Subdivision, from PUD to Public Facilities.
Councilor Burch seconded the motion and the vote resulted in 3 votes for and 2 votes against,
with Councilor Smith Hymes and Mayor Pro Tem Wolf voting no. Town Attorney Eric Heil
explained to Council that 3 votes does not represent a majority of Council and is not enough to
pass a motion. Councilor Prince made a motion to continue Ordinance 16-19 to the November 15,
2016 Council meeting. Mayor Pro Tem Wolf seconded the motion and it passed unanimously by
those present.
6. ACTION ITEMS
6.1. REVIEW OF 2016/17 WINTER PARKING MANAGEMENT PLAN (PLANNING DIRECTOR MATT PIELSTICKER)
Councilor Prince left the meeting at 9:38 p.m.
6.2. REVIEW OF SUMMER 2016 FOOD TRUCK AND VENDOR PROGRAM
(EXECUTIVE ASSISTANT TO THE TOWN MANAGER PRESTON NEILL)
Marc Rouse commented.
7. CONSENT AGENDA
7.1. APPROVAL OF AN INTERGOVERNMENTAL AGREEMENT WITH THE VALLEY HOME STORE FOR EMPLOYEE HOUSING
MANAGEMENT SERVICES (ASSISTANT TOWN MANAGER SCOTT WRIGHT)
7.2. APPROVAL OF AUTHORIZATION FOR THE TOWN MANAGER TO EXECUTE AN INTERGOVERNMENTAL AGREEMENT
WITH THE COLORADO DEPARTMENT OF TRANSPORTATION FOR A FIVE YEAR LEASE TO STORE ONE OR MORE
BUSTANG BUSES IN THE AVON REGIONAL TRANSIT FACILITY (TRANSIT DIRECTOR JANE BURDEN)
7.3. APPROVAL OF THE OCTOBER 11, 2016 MINUTES (TOWN CLERK DEBBIE HOPPE)
Mayor Pro Tem Wolf moved to approve the Consent Agenda, without item 7.1. Councilor Smith
Hymes seconded the motion and it passed unanimously by those present.
Councilor Burch moved to approve the Intergovernmental Agreement between the Town of
Avon and the Eagle County Housing and Development Authority, with a revision to Exhibit B in
the Agreement. Mayor Pro Tem Wolf seconded the motion and it passed unanimously by those
present.
8. WRITTEN REPORTS
9. COMMITTEE MEETING UPDATES: COUNCILORS AND MAYOR
10. MAYOR & COUNCIL COMMENTS
11. TOWN MANAGER UPDATE
12. ADJOURNMENT
There being no further business to come before the Council, the regular meeting adjourned at 10:43 p.m.
FINAL - Avon Council Meeting Minutes 2016 10 25 Page 3
TOWN OF AVON, COLORADO
AVON MEETING MINUTES FOR TUESDAY, OCTOBER 25, 2016
AVON TOWN HALL, ONE LAKE STREET
RESPECTFULLY SUBMITTED:
______________________________________________
Preston Neill, Executive Assistant to the Town Manger
APPROVED:
Jennie Fancher ________________________________
Jake Wolf ________________________________
Matt Gennett ________________________________
Megan Burch ________________________________
Albert “Buz” Reynolds ________________________________
Scott Prince ________________________________
Sarah Smith Hymes ________________________________
FINAL - Avon Council Meeting Minutes 2016 10 25 Page 4
TOWN COUNCIL REPORT
To: Honorable Mayor Jennie Fancher and Avon Town Council
From: Town Manager Virginia Egger
Meeting Date: November 15, 2016
Agenda Topic: Motion to Set Future Meeting Dates
ACTION BEFORE COUNCIL
Council is being asked to consider meeting dates for future meetings by motion and vote on the following
topics:
I. MOTION TO SET THE NEXT REGULAR COUNCIL MEETING TO SWEAR IN NEW COUNCILORS
Town Attorney Eric Heil noticed you and Councilor-Elect Amy Phillips, after Tuesday’s
election that swearing in of the newly elected councilors must occur after certification of
the ballot. County Clerk Simonton has shared with Town Clerk Debbie Hoppe that
certification will not occur prior to November 16th.
II. CONSIDERATION OF A MOTION TO SET A PUBLIC HEARING ON DECEMBER 5TH FOR PRESENTATION
OF THE AVON HOTEL
Final action by the Planning Commission on the Avon Hotel is expected on Monday,
November 14th, with a recommendation for approval or approval with conditions. Should
the Planning Commission take action, the Hotel’s Development Application will be
noticed for a Town Council public hearing.
In discussions with the applicant, staff has recommended the Council meet on December
5th to open the public hearing, and then to continue the public hearing to December 13th.
The advantages of this approach are:
The December 5th dedicated meeting would allow for a full detailed presentation
of the application and sufficient time for Council and public questions, as well as
valuable feedback on potential public funding of landscaping and heat recovery
improvements;
The December 13th meeting has numerous other items on the agenda, in addition
to the hotel review and action. These agendas can lead to meetings which go
later than 10:00 p.m.
A two meeting process will provide for greater public outreach and grant the
Council and the public more time to review and consider the hotel,
III. CONSIDERATION OF A MOTION TO SET A TOWN COUNCIL RETREAT IN DECEMBER
At the request of Mayor Jennie Fancher, I reached out to CIRSA’s General Council/Deputy
Executive Director Tami Tanoue to see what her availability would be to join a Council
Retreat. She is available December 12th from 11:00 a.m. until 5:00 p.m. She is also
available early afternoon on December 13th.
Heil Law & Planning, LLC Office: 970.468.0635
1022 Summit Drive
Dillon, CO 80435 E-Mail: eric@heillaw.com e-mail: ericheillaw@yahoo.com
H EIL L AW
TO: Honorable Mayor Fancher and Town Council members
FROM: Eric J. Heil, Town Attorney
RE: Conservation Easement on Buck Creek Open Space Tracts
DATE: November 9, 2016
SUMMARY: The Town of Avon was approached by Walking Mountains Science School (“Walking
Mountains”) and Eagle County with a proposal for the Town of Avon to grant a Conservation Easement on
approximately 95 acres of Town owned open space to supplement a proposed 5.8 acre open space
acquisition on Buck Creek Road by Walking Mountains Science School. Please see the attached diagram.
Council provided negotiating direction on the terms of a conservation easement. I and town staff have
traded drafts of conservation easements with the County representatives. The work session is for the
purpose of providing Council an update on the terms of the conservation easement and to receive direction
on those terms.
Holder/Grantee: Walking Mountains Indicated that they were not willing to be the holder and grantee of a
conservation easement. Eagle County currently holds conservation easements and indicated that they are
willing to act as the holder and grantee for this conservation easement.
Easement Area: The proposed easement area has been revised to delete three small “tails” of the open
space parcel west of the Buck Creek intersection that reach Nottingham Road. The Town uses these
parcels for drainage improvements. Not including these parcels in the conservation easement will avoid
any potential complications, delays or costs in the Town’s use of these parcels.
Permitted Uses: The conservation easement would allow the Town to continue to use the property for all
open space uses, as defined in current open space zoning, including installation of utilities, drainage
improvements, trails, and other passive recreation improvements.
Conservation Easement Form: The County representatives agreed that language concerning or related
to federal tax deduction eligibility requirements in the commonly used form document could be deleted from
the conservation easement with the Town of Avon.
Duration: The County representatives indicated that the County has only approved conservation
easements that are in perpetuity. Conservation easements must be in as one of the required criteria to
qualify for federal tax deductions. A conservation easement as authorized by the Colorado statutes allows
for conservation easements that are not in perpetuity if stated in the conservation easement. The County’s
perspective is that for the open space investment of funds, a permanent conservation easement is strongly
desired. Council consideration and direction is sought on whether a conservation easement in perpetuity is
acceptable or if the duration of the conservation easement should be tied to the on-going occupancy and
operations of Walking Mountains.
REQUESTED DIRECTION: Direction on whether the conservation easement in perpetuity is acceptable
and whether there are other terms to include.
Thank you, Eric
ATTACHMENTS: Project Summary from Toby Sprunk, County Open Space Director
Diagram of Town open space parcels
M EMORANDUM & PLANNING, LLC
Walking Mountain Science Center/Avon Northside
Conservation/Education/Recreation Partnership
Concept: Eagle County Open Space to contribute $1 million toward Walking Mountains purchase of the
5.8 acre Buck Creek Associates property (total purchase price is $3.8 million). In lieu of cash, Town of
Avon agrees to encumber adjacent Town owned properties (95 acres+/-) with a perpetual conservation
easement, thereby creating a 100 acre conservation area on Avon’s north side.
Details:
WMSC property to have three separate uses: 3.5 acre conservation easement
1.0 acre for staff housing
1.3 acres of floodplain and wetland to be unencumbered.
Town of Avon: 95 acres conservation easement to be held and monitored annually by Eagle County.
Conservation easement will permit trail construction, utility installation, and drainage easements.
Management Plan only necessary if and when trails are built. Eagle County to assist in this relatively
simple process (Management Plan is typically 2-3 pages to outline and provide details regarding public
use).
Timing: Open Space Advisory Committee vote scheduled for November 14. BoCC to review and
approve project on December 6. Land purchase and conservation easement conveyance to occur
simultaneously in late December.
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This map was created by the Eagle County GIS Department.Use of this map should be for general purpose only.Eagle County does not warrant the accuracy of the datacontained herein.[0 400200
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Walking Mountains Science School Town of Avon Parcel
Buck Creek Associates Parcel
TOWN COUNCIL REPORT
To: Honorable Mayor Jennie Fancher and Avon Town Council
From: Town Manager Virginia Egger
Meeting Date: November 15, 2016
Agenda Topic: PRESENTATION OF OPTIONS FOR ADDING DEED RESTRICTED EMPLOYEE HOUSING UNITS
AND/OR A RESIDENTIAL MIX WITH EMPLOYEE AND FREE MARKET UNITS TO THE NEW TOWN
HALL
ACTION BEFORE COUNCIL
Staff seeks Council direction regarding whether additional information should be prepared and/or
whether an action item should be placed on the December 13th for a decision regarding expanding
the New Town Hall for residential housing.
PRESENTATION ORDER
I. Introduction of the Work Session
Town Engineer Justin Hildreth
II. Presentation of Expansion Options 1 – 4
ATTACHMENT 1
Will Bussard, Davis Partnership, consultant to the Town
III. Presentation of Estimated Costs of Options 1 – 4
ATTACHMENT 2
Will Bussard, Davis Partnership, consultant to the Town
IV. Presentation of Parking Requirements
ATTACHMENT 3
Planning Director Matt Pielsticker
V. Presentation of Financing Options
ATTACHMENT 4
Andrea Davis, Sage Peak Solutions, consultant to the Town
VI. Presentation of Zoning and Legal Review
ATTACHMENT 5
Town Attorney Eric Heil
VII. Council Direction
November 15, 2016
ATTACHMENT 1
RESIDENTIAL OPTIONS 1 - 4
AGENDA
4th and 5th Floor Design Options
–Blocking Diagrams
Design Process and Schedule
–Design Schedule
–Development of Guiding Objectives
–Sustainability
–Workplace Design
–Design Beauty Contest
–Naming the Building
–Treasure Hunt
Blocking
Diagrams
Option 1 (Existing)
Option 2
Option 2 – Level 1
Option 2 – Level 2-3
Option 2 – Levels 4-5
Option 3
Option 3 – Level 1
Option 3 – Level 2
Option 3 – Level 3
Option 3 – Level 4
Option 4
Option 4 – Level 1
Option 4 – Level 2-3
Option 4 – Level 4 Residential
ESTIMATED COSTS
Option 1: Interior finish out only. $1.8 M
•Existing 13,584 s.f. on 3 Levels
•$135/sf
Option 2: Addition of two levels above existing structure. $6.2M
•27,168 s.f. on 5 Levels
•$228/s.f.
Option 3: Addition to the west over the parking lot. $11 M
•43,782 s.f. on 4 levels
•$252/s.f.
Option 4: Addition of one level above existing structure. $4.7M
•18,112 s.f. on 4 Levels
•$257/s.f.
Per s.f. cost
Per s.f. cost
Per s.f. cost
Per s.f. cost
SCHEDULE
GUIDING OBJECTIVES
•PURSUE LEED
•CERTIFICATION LEVEL TBD
•SET A GREEN BUILDING PRECIDENT FOR THE COMMUNITY – BE A LEADER!
•SUPPORT AVON LIFESTYLE AND DEMOGRAPHICS
•FOR EMPLOYEES AND PUBLIC
•LATINO, AGE, DEMOGRAPHIC
•HEALTH AND WELLNESS
•SUPPORT ALTERNATIVE MODES OF TRANSPORTATION
•ENGAGE COMMUNITY
•FIRST FLOOR – YEAR ROUND – INVITING TO PUBLIC – FLEXIBLE
•STRONGLY TIED TO THE EXTERIOR CONTEXT
•COMMUNITY OUTREACH
•CONSIDERATION OF MASTERPLAN
•SUPPORT AND STRENGTHEN THE SURROUNDING MALL
•DESIRE TO BE A WORKPLACE OF THE FUTURE
•FORWARD THINKING, FOCUS ON COLLABORATION, INTERACTION, EFFICIENCY, & CRITICALLY
EXPLORING HOW WE WORK AND USE SPACE.
•MOBILITY OF WORK AREAS
•SECURITY OF RECORDS, $, PUBLIC, AND EMPLOYEES
•BRANDING – CORE VALUES, ETC.
•HONOR SPECIFIC WORK POSITIONS & TASKS
•QUIET AND SAFETY
Town of Avon
Avon Town Hall Analysis
Comparative Rough-Order-Of-Magnitude Construction Cost Estimate
Existing Space Costs at 4th Qtr 2016
New Construction
Per S.F.
OPTION 1
Existing Space - Office 13,584 gsf x 135$
OPTION 2
Existing Space - Office 13,584 gsf x 135$
New Construction - Res. 9,056 gsf x 327$
Mech. Penthouse 4,528 gsf x 308$
27,168 228$
OPTION 3
Existing Space - Office 9,056 gsf x 135$
New Construction - Office.3,422 gsf x 281$
Existing Space - Res.4,528 gsf x 135$
New Construction - Res.20,156 gsf x 313$
Mech. Penthouse 4,528 gsf x 308$
252$
OPTION 4
Existing Space - Office 13,584 gsf x 135$
New Construction - Res.4,528 gsf x 327$
Mech. Penthouse 4,528 gsf x 308$
22,640 257$
1,833,840$
Level 2
Existing Space - Office
Interior Build-out 4,528
GSF 4,528 gsf
Level 1
Existing Space - Office
Interior Build-out 4,528
GSF 4,528 gsf
1,833,840$
1,480,656$
1,394,624$
4,709,120$
Level 3
Existing Space - Office
Interior Build-out 4,528
GSF 4,528 gsf
Level 2
Existing Space - Office
Interior Build-out 4,528
GSF 4,528 gsf
Level 1
Existing Space - Office
Interior Build-out 4,528
GSF 4,528 gsf
Level 4
New Construction and
Residential Build-out 4,528
GSF 4,528 gsf
Level 3
Existing Space - Office
Interior Build-out 4,528
GSF 4,528 gsf
Roof
New Construction Fully
Enclosed Mechanical
Penthouse 4,528 GSF 4,528 gsf
Existing Space - Office
Interior Build-out 4,528
GSFLevel 1
Roof
New Construction Fully
Enclosed Mechanical
Penthouse 4,528 GSF
Level 1
Existing Space -
Office/community Interior
Build-out 4,528 GSF
Level 4
Level 2
Existing Space - Office
Interior Build-out 4,528
GSF
New Construction for Office
Interior Build-out 3,422 GSF
Roof
Level 5
Level 4
Level 3
Level 2
New Construction Fully
Enclosed Mechanical
Penthouse 4,528 GSF
New Construction and
Residential Build-out 4,528
GSF
New Construction and
Residential Build-out 4,528
GSF
Existing Space - Office
Interior Build-out 4,528
GSF
Existing Space - Office
Interior Build-out 4,528
GSF
4,528 gsf
4,528 gsf
4,528 gsf
4,528 gsf
4,528 gsf
4,528 gsf
1,831,725$
2,965,630$
1,393,052$
6,190,407$
New Construction for Residential Build-out 9,950 GSF
Level 3
Existing Space - Residential
Build-out 4,528 GSF New Construction for Residential Build-out 6,814 GSF
New Construction for
Office/Community Interior
Buildout 700 GSF
New Construction for
Residential Build-out
3,392 GSF
41,690
961,582$
1,394,624$
10,498,874$
1,222,560$
611,280$
6,308,828$
ATTACHMENT 2
ATTACHMENT 3
New Town Hall Parking Requirements
Options 1 -4
Prepared by Planning Director Matt Pielsticker
Overview
Currently, there are 330 existing parking spaces in the neighboring area (within an estimated 500 feet of
the New Town Hall). For Options 1 -4, some off-site parking would be required and is allowed by code. A
managed parking plan, potentially utilizing some restricted spaces (i.e. Recreation Center lot), can meet
the demands of existing and future intended uses for all Options. Based on observed usage patterns at
the Recreation Center, at least 50 spaces exist in the eastern parking lot that could be utilized for
employees or other Town Hall users, including those benefitting from deed restricted housing. Lastly,
the relocation of police and fire operations in late 2017 will free up at least 30-40 additional parking spaces
in the vicinity.
The Town is set to kick-off the Tract G Planning project, along with a multi-modal transportation and
parking study. This effort will provide additional demand and locational information for not only parking,
but the multi-modal interface between public and private properties in the Town Core. The parking
study will not only include the future uses of Tract G, but will also include potential recreation center and
library expansions that have been contemplated over the past several years.
Code Requirements FOR Options 1 - 4
With 38 parking spaces adjacent to the building, development scenarios #1 through #4 all include off-site
parking, as permitted by the Development Code. Off-site parking is permitted if it is located within 500’
of the property and safe, direct pedestrian routes exist. The parking requirement for governmental
offices is 4 parking spaces per 1,000 square feet. Multi-family housing requirements include 1 space for
studios, 2 spaces for all other units, and varied guest parking rates based on the number of units. A
mixed-use reduction is applied to any option involving the addition of housing units.
Option 1
12,600 sq. ft. office
(1/per 4000 sq. ft.)
Option 2
12,600 sq. ft. office
(1/ per 4000 sq. ft.)
2 studios
(1 per)
8 units
(2 per)
3 Guest
15% mixed use reduction
Option 3
12,400 sq. ft. office
(1/per 4000 sq. ft.)
22 units
(2 per)
6 Guest
15% mixed use reduction
Option 4
12,600 sq. ft. office
(1/ per 4000 sq. ft.)
1 studio
(1 per)
4 units
(2 per)
2 Guest
15% mixed use reduction
51 spaces required 62 spaces required 85 spaces required 53 spaces required
ATTACHMENT 4
Financing Scenarios
Options 1 -4
ATTACHMENT 5
Zoning & Legal Review
This information will be distributed on Monday, November 14th.
FISCAL YEAR 2016
FINANCIAL REPORT
November 15, 2016
______________________________________________________________________________________
1. Fiscal Year 2016 Financial Report Cover Memo
2. Sales and Accommodations Tax Reports – September 2016
3. Real Estate Transfer Tax Report and Monthly Detail – October 2016
4. Recreation Center Admissions – October 2016
5. General Fund Year-To-Date Expenditures - October 2016
6. Fleet Maintenance Fund Year-To Date Expenditures - October 2016
7. Transit Fund Year-To Date Expenditures - October 2016
TOWN COUNCIL REPORT
To: Honorable Mayor Jennie Fancher and Avon Town Council
From: Kelly Huitt, Budget Analyst
Meeting Date: November 15, 2016
Agenda
Topic: Fiscal Year 2016 Financial Report –September / October
SUMMARY
Revenues
SALES TAX
•Sales tax revenue for the month of September is up $72,714 or 12.22% compared to September
2015, and up 13.74% compared to the revised monthly budget. This year-over-year increase
includes $92,149 from new businesses, and after adjusting for new business growth, -3.27% is the
loss in revenue from existing business for the month. Year to date sales tax collections are up
7.70% compared to 2015 and 6.33% compared to the revised budget.
•September sales tax collections show considerable increases for the Home/Garden category at
46.37%, Accommodations at 12.42%, and Service Related businesses which increased 70.20%
compared to September 2015. Miscellaneous Retail declined -16.07% for the month and, as
anticipated, the Sporting Goods Retail/Rental category is down -23.66%. The decrease in existing
business growth from Miscellaneous Retail can be partially attributed to the re-categorization of
two entities. Home/Garden saw a large increase from new business growth related to increased
compliance efforts rather than actual new businesses opening. Sales tax from Accommodations
had a large jump from overall increases at the Town’s major lodges. The increase from Service
Related vendors is due to new businesses in the category combined with large monthly variances
related to inconsistent revenue from interior design firms. The large decrease in the Sporting
Goods category is related to the closing of Sports Authority.
2015/2016 Growth Growth
Variance Existing Business New Business
Home/Garden 25,722.57 15.70%30.67%
Grocery, Specialty, Health 13,010.94 9.55%0.15%
Liquor Stores 2,232.32 10.12%0.00%
Sporting Goods Retail/Rental (6,926.60) -38.27%14.62%
Miscellaneous Retail (4,944.37) -16.81%0.74%
Accommodations 7,642.73 11.43%0.99%
Restaurants/Bars 6,961.30 1.79%5.06%
Other 11,192.10 -35.58%43.87%
Service Related 17,822.84 48.68%21.51%
Total $72,713.83 -3.27%15.48%
Category
Sales Tax Monthly Totals - September 2016
ACCOMMODATIONS TAX
•Accommodations tax revenue for September is up $7,721, or 12.78% compared to September
2015, and up 4.97% compared to the revised monthly budget.
•September 2016 accommodations tax collections increased 8.65% for Hotels, 24.50% for
Timeshares and 20.07% for Vacation Rentals compared to September 2015.
•A portion of the increase to September accommodations tax from Vacation Rentals can be
attributed to increased compliance efforts.
REAL ESTATE TRANSFER TAX
•2016 real estate transfer tax collections for October equal $641,689, which is a $468,833
increase compared to October 2015. The monthly total includes $306,000 in revenue from the
sale of the Avon Mountain Center at 910 Nottingham Rd.
•Year-to-date RETT collections are over the projected estimate at 112.68% of the 2016 annual
revised budget.
•$79,888 of October RETT is from September sales at the Wyndham. A total of $278,398.20 in
RETT has been received from the Wyndham in 2016.
RECREATION CENTER ADMISSIONS
•October admissions fees at the ARC total $51,788, a -15.33% decrease compared to October
2015. Year-to-date admissions are 6.89% above 2015, and -$289 under the revised annual
budget.
Expenditures
•General Fund expenditures through October 2016 total 81.54% of the 2016 revised budget.
These expenditures include the Town’s annual insurance premium, $366,438 toward signature
event seed funding, $197,750 spent for community grants, as well as a large encumbrance for
the Town Attorney.
•Fleet expenditures for October are at 74.47% of the total budget. These costs include blanket
encumbrances for stock parts and ongoing expenditures such as regularly purchased shop
supplies and monthly copier charges.
•Transit funds are 82.34% expended compared to the 2016 budget. These expenditures include a
$135,000 expenditure for the 2015 people mover bus purchase, as well as $176,000 for the
Town’s half of the 2016 gondola operations.
TOWN OF AVON
SALES TAX
2016 Actual vs. Budget
Budget YTD Collections Budget % of change
2011 2012 2013 2014 2015 2016 2016 Variance from 2015
January 511,040.76$ 519,784.89$ 677,943.78$ 638,863.27$ 765,195.68$ 751,351$ 743,689.78$ (7,661.47)$ -2.81%
February 532,903.25 533,546.48 636,702.27 673,722.03 788,999.06 764,155 774,754.00 10,599.22 -1.81%
March 665,532.70 643,910.29 720,267.31 793,301.96 875,499.53 892,719 945,795.71 53,076.58 8.03%
April 305,269.73 304,220.84 307,407.13 381,839.56 403,560.42 410,888 438,198.18 27,310.29 8.58%
May 236,424.93 270,082.79 309,938.72 340,332.28 353,840.11 364,622 404,872.55 40,250.67 14.42%
June 406,828.27 430,588.57 490,329.18 538,517.31 570,424.51 588,149 693,675.00 105,525.50 21.61%
July 452,873.44 472,215.40 537,479.66 570,959.86 601,516.82 636,028 690,342.23 54,314.72 14.77%
August 419,977.29 455,439.86 504,332.25 547,085.80 572,647.57 603,306 593,398.26 (9,908.21) 3.62%
September 391,546.49 424,793.75 475,362.88 546,016.59 595,235.68 587,249 667,949.51 80,700.92 12.22%
October 299,193.35 341,711.43 356,925.96 417,921.46 423,701.53 443,994
November 301,407.41 336,060.63 362,460.94 397,935.36 438,315.55 443,203
December 921,815.61 852,868.64 981,917.79 1,221,263.98 1,159,160.45 1,239,937
Total 5,444,813.23$ 5,585,223.57$ 6,361,067.87$ 7,067,759.46$ 7,548,096.91$ 7,725,601$ 5,952,675.22$ 354,208.24$ 7.70%
Actual Collections
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
2012 2013 2014 2015 2016
Year
Sales Tax Collections for September
TOWN OF AVON
SALES TAX
2016 Actual vs. Budget
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
$5,500,000
$6,000,000
2012 2013 2014 2015 2016
YTD Sales Tax Comparison January - September
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
Sales Tax Monthly Comparison 2014-2016
2014
2015
2016
TOWN OF AVON
ACCOMMODATIONS TAX
2016 Actual vs. Budget
Budget YTD Collections Budget % change
2011 2012 2013 2014 2015 2016 2016 Variance 2015
January 85,233.73$ 90,118.88$ 108,508.43$ 129,851.78$ 164,361.04$ 160,580$ 168,424.63$ 7,844.16$ 2.47%
February 114,035.90 106,016.32 137,503.61 150,317.06 175,056.31 189,708 185,370.53 (4,337.22) 5.89%
March 122,145.16 115,043.42 153,208.80 168,597.39 183,650.29 206,296 217,387.54 11,091.60 18.37%
April 26,214.58 20,786.24 26,494.49 31,626.02 34,825.13 38,875 60,916.55 22,041.47 74.92%
May 15,152.82 16,664.44 24,527.17 21,961.97 28,002.56 29,531 37,357.48 7,826.41 33.41%
June 49,999.66 56,012.17 66,578.91 54,232.23 53,397.46 77,841 73,591.08 (4,250.06) 37.82%
July 62,928.07 66,726.73 73,008.92 81,083.01 86,301.22 102,794 107,595.18 4,801.27 24.67%
August 52,037.55 58,358.93 67,688.07 71,044.33 75,107.71 90,068 87,674.05 (2,394.13) 16.73%
September 35,521.81 42,245.24 44,661.37 50,840.16 60,417.74 64,915 68,139.11 3,224.47 12.78%
October 21,801.56 25,879.51 27,154.53 34,977.59 38,706.72 41,257
November 24,971.33 22,786.42 28,171.04 32,064.02 34,328.47 39,535
December 135,984.00 112,759.02 131,361.43 168,944.85 198,421.26 207,636
Total 746,026.17$ 733,397.32$ 888,866.77$ 995,540.41$ 1,132,575.91$ 1,249,036$ 1,006,456.15$ 45,847.97$ 16.88%
Actual Collections
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
2012 2013 2014 2015 2016
Accommodations Tax Collections for September
Town of Avon
Real Estate Transfer Tax
2016 Actual vs. Budget
Budget YTD Collections $ Change % of Change
2011 2012 2013 2014 2015 2016 2016 2015 2015
January 57,540.00$ 50,204.00$ 22,535.00$ 85,126.74$ 48,640.40$ 55,099$ 64,422.00$ 15,781.60$ 32.45%
February 230,705.50 41,750.07 55,872.69 562,219.70 85,479.08 203,670 200,850.86 115,371.78 134.97%
March 187,099.47 84,760.49 125,927.64 50,375.06 168,744.22 128,732 265,061.65 96,317.43 57.08%
April 249,482.30 219,195.80 144,437.80 197,656.36 125,266.30 195,326 159,046.06 33,779.76 26.97%
May 187,668.62 270,170.12 121,784.12 183,745.60 237,971.08 208,952 184,987.10 (52,983.98)-22.26%
June 49,606.58 169,040.47 90,309.74 220,009.15 294,434.84 171,821 307,127.24 12,692.40 4.31%
July 46,707.37 71,057.40 386,434.78 141,051.52 396,838.68 217,455 259,977.94 (136,860.74) -34.49%
August 106,785.21 232,505.93 97,579.70 154,032.32 152,380.93 155,103 186,483.40 34,102.47 22.38%
September 140,876.56 96,389.34 157,010.67 267,886.92 291,223.61 198,946 321,957.68 30,734.07 10.55%
October 64,005.33 176,889.62 169,839.80 178,044.24 172,855.22 158,932 641,688.59 468,833.37 271.23%
November 98,057.44 150,549.86 112,491.82 122,582.66 169,328.38 136,265
December 198,448.03 145,134.57 83,382.60 1,598,062.92 225,862.90 469,699
Total 1,616,982.41$ 1,707,647.67$ 1,567,606.36$ 3,760,793.19$ 2,369,025.64$ 2,300,000$ 2,591,602.52$ 617,768.16$ 31.30%
Budget 2,300,000.00
Variance, Favorable (Unfavorable)291,602.52$
Actual Collections
$-
$200,000.00
$400,000.00
$600,000.00
$800,000.00
$1,000,000.00
$1,200,000.00
$1,400,000.00
$1,600,000.00
$1,800,000.00
$2,000,000.00
$2,200,000.00
$2,400,000.00
$2,600,000.00
2012 2013 2014 2015 2016
YTD Real Estate Transfer Tax Collections
TOWN OF AVON
RECREATION CENTER ADMISSION FEES
2016 Actual vs. Budget
Budget YTD Collections Budget % of change
2011 2012 2013 2014 2015 2016 2016 Variance from 2015
January 76,386$ 66,113$ 70,040$ 62,607$ 64,723$ 75,118$ 74,674$ (444)$ 15.37%
February 72,997 78,782 68,578 63,838 68,506 77,955 86,342 8,387 26.04%
March 78,985 62,670 72,616 77,902 81,664 82,626 76,023 (6,603) -6.91%
April 59,991 49,982 64,370 61,760 55,452 64,440 67,398 2,958 21.54%
May 47,368 44,880 35,064 43,119 50,067 48,735 54,337 5,602 8.53%
June 49,850 49,442 46,194 55,052 58,431 57,238 58,044 806 -0.66%
July 70,839 73,067 71,491 61,472 66,400 75,870 65,874 (9,996) -0.79%
August 68,324 67,510 57,329 63,233 66,389 71,342 76,558 5,216 15.32%
September 40,822 38,141 43,829 36,846 44,719 45,167 49,018 3,850 9.61%
October 52,476 41,588 48,803 75,818 61,167 61,853 51,788 (10,065) -15.33%
November 93,746 94,044 93,822 29,570 71,384 84,555
December 80,985 72,059 69,258 77,672 112,201 91,100
Total 792,769$ 738,277$ 741,394$ 708,889$ 801,102$ 836,000$ 660,056$ (289)$ 6.89%
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
2012 2013 2014 2015 2016
YTD Recreation Center Admissions
Dept./Div.2016 Encumbrances Year To Date Available
Number Description Budget Outstanding Expenditures Balance YTD/Budget
General Government:
111 Mayor and Town Council 191,202$ 11$ 173,925$ 17,266$ 90.97%
112 Boards and Commissions 15,299 - 9,414 5,885 61.53%
113 Town Attorney 130,000 40,487 88,538 975 99.25%
115 Town Clerk 129,403 8,930 105,968 14,505 88.79%
121 Municipal Court 124,581 2,597 78,858 43,126 65.38%
131 Town Manager 378,906 - 287,863 91,043 75.97%
133 Community Relations 119,841 3,457 84,501 31,883 73.40%
Total General Government 1,089,232 55,482 829,067 204,683 81.21%
Human Resources Department:
132 Human Resources 429,436 3,514 329,593 96,329 77.57%
Finance & IT Department:
141 Finance 816,552 18,782 634,513 163,257 80.01%
143 Information Systems 399,254 13,730 295,092 90,432 77.35%
149 Nondepartmental 423,195 25,256 362,754 35,185 91.69%
Total Finance & IT 1,639,001 57,768 1,292,359 288,874 82.37%
Total General Gov't Departments 3,157,669 116,764 2,451,019 589,886 81.32%
Community Development:
212 Planning 241,933 18,163 152,128 71,642 70.39%
213 Building Inspection 144,236 3,350 109,947 30,939 78.55%
214 Economic Development 65,600 - 42,107 23,493 64.19%
215 Town Produced Events 304,857 9,383 260,480 34,994 88.52%
216 Signature Event Seed Funding 393,700 - 366,438 27,262 93.08%
217 Community Grants 230,150 982 197,750 31,418 86.35%
Total Community Development 1,380,476 31,878 1,128,850 219,748 84.08%
Police Department:
311 Administration 585,521 15,950 432,056 137,515 76.51%
312 Patrol 2,361,127 40,185 1,897,346 423,596 82.06%
313 Investigations 257,707 - 203,151 54,556 78.83%
Total Police 3,204,355 56,135 2,532,553 615,667 80.79%
Public Works:
412 Engineering 274,830 5,043 215,735 54,052 80.33%
413 Roads and Bridges 1,485,528 46,363 1,141,674 297,491 79.97%
415 Parks 1,118,743 95,844 810,593 212,306 81.02%
418 Buildings & Facilities 1,116,586 89,113 849,371 178,102 84.05%
Total Public Works 3,995,687 236,363 3,017,373 741,951 81.43%
Recreation Department:
514 Administration 241,477 6,513 190,407 44,557 81.55%
515 Adult Programs 51,792 - 41,593 10,199 80.31%
516 Aquatics 444,495 2,362 344,858 97,275 78.12%
518 Fitness 132,740 - 122,060 10,680 91.95%
519 Guest Services 291,984 2,761 233,654 55,569 80.97%
521 Youth Programs 132,201 1,605 110,655 19,941 84.92%
Total Recreation 1,294,689 13,241 1,043,227 238,221 81.60%
TOTAL OPERATING EXPENDITURES 13,032,876$ 454,381$ 10,173,022$ 2,405,473 81.54%
Department Expenditure Summaries
General Fund
October 2016 Expenditures to Date
Dept./Div.2016 Encumbrances Year To Date Available
Number Description Budget Outstanding Expenditures Balance YTD/Budget
EXPENDITURES
Public Works:
434 Fleet Maintenance 1,573,779$ 36,898$ 1,135,138$ 401,743$ 74.47%
Total Operating Expenditures 1,573,779 36,898 1,135,138 401,743 74.47%
TOTAL EXPENDITURES 1,573,779$ 36,898$ 1,135,138$ 401,743$ 74.47%
Expenditure Summary
Fleet Maintenance Enterprise Fund
October 2016 Expenditures to Date
Dept./Div.2016 Encumbrances Year To Date Available
Number Description Budget Outstanding Expenditures Balance YTD/Budget
EXPENDITURES
431 Transit Administration 237,957$ 21,446$ 184,564$ 31,947$ 86.57%
432 Transit Operations 1,262,736 1,945 1,042,790 218,001 82.74%
435 Wash Bay 125,273 6,212 81,891 37,170 70.33%
Total Operating Expenditures 1,625,966 29,603 1,309,245 287,118 82.34%
TOTAL EXPENDITURES 1,625,966$ 29,603$ 1,309,245$ 287,118$ 82.34%
Expenditure Summary
Transit Enterprise Fund
October 2016 Expenditures to Date
AVON URBAN RENEWAL AUTHORITY
COMMISSIONERS REPORT
To: Chairperson Jennie Fancher and URA Commissioners
From: Scott Wright, Treasurer
Date: November 15, 2016
Topic: Butler Snow LLP Engagement Letter
Action Before the Board
Action on an engagement letter with Butler Snow LLP for Bond and Counsel services.
Proposed Motion
“I moved to approve the engagement letter dated October 17, 2016, with Butler Snow LLP.”
Summary
Attached is an engagement letter with Butler Snow LLP to provide public financing advice and
serve as bond counsel to the Authority in connection with the issuance of its Tax Increment
Revenue Bonds for the tenant finish of the new Avon Municipal Building. The engagement
letter is in similar form to past engagement letters presented by Dee Wisor. Mr. Wisor has
provided public finance advice and served as bond counsel for many years.
It should be noted that payment is not made unless the bonds close. Closing is set for early
January, 2017.
Attachments:
A – Butler Snow engagement letter dated October 17, 2016
Butler S NOW
October 17, 2016
VIA E-MAIL
Avon Urban Renewal Authority
P. O. Box 975Avon, Colorado 81620
Attn: Mr. Scott Wright
Avon Urban Renewal Authority
Tax Increment Revenue Bonds, Series 2016
Dear Scott:
We are pleased to confirm our engagement as counsel to Avon Urban Renewal
Authority (the “Authority”). We appreciate your confidence in us and will do our best to
continue to merit it.
In establishing our attorney-client relationship, current practice standards
dictate that we set forth in writing (and in some detail) the elements of our mutual
understanding. While some of the matters covered in this engagement letter will never be
relevant or of concern between us, we hope you will understand that as attorneys and counselors it is our natural function to try to make communication clear and complete, and to
anticipate and resolve questions before they arise. We also believe that the performance of
our services may require your effort and cooperation. Consequently, the better we each
understand our respective roles, responsibilities and contributions, the more efficient, effective and economical our work for you can be.
Personnel
This letter sets forth the role we propose to serve and the responsibilities we propose to assume as bond counsel to the Authority in connection with the issuance of its Tax
Increment Revenue Bonds, Series 2016 (collectively, the “Obligations”). Dee Wisor and
Sally Tasker will be principally responsible for the work performed by Butler Snow LLP on
your behalf. Where appropriate, certain tasks may be performed by other attorneys or paralegals. At all times, however, Dee Wisor will coordinate, review, and approve all work
completed for the Authority.
Scope of Employment
Bond Counsel is engaged as a recognized expert whose primary responsibility is to render an objective legal opinion with respect to the authorization of borrowings like the
Obligations. As your bond counsel, we will: examine applicable law; consult with the parties
1801 California Street
Suite 5100
Denver, CO 80202
Dee P. Wisor
720.330.2357dee.wisor@butlersnow.com
T720.330.2300
F 720.330.2301
www. butlersnow. com
Butler Snow LLP
to the transaction prior to the execution and delivery of the Obligations; prepare customary
authorizing and operative documents, and closing certificates; review a certified transcript of proceedings; and undertake such additional duties as we deem necessary to render the opinion. Subject to the completion of proceedings to our satisfaction, we will render our
opinion relating to the validity of the Obligations, the enforceability of the security for the
Obligations, and the exclusion of the interest on the Obligations (subject to certain limitations which may be expressed in the opinion) from gross income for federal income tax purposes
and for Colorado income tax purposes. We understand that the Obligations are to be privately
placed with a bank so no offering document or official statement is being prepared and we are
not undertaking any responsibility for disclosing information about the Authority or its financial affairs to the purchaser of the Obligations.
In delivering our opinion, we will rely upon the certified proceedings and other
certifications of public officials and other persons furnished to us without undertaking to verify the same by independent investigation. Our opinion will be addressed to the Authority
and will be executed and delivered by us in written form on the date the Obligations are
exchanged for their purchase price (the “Closing”). The opinion will be based on facts and
law existing as of their date.
Our services are limited to those contracted for explicitly herein; the Authority’s execution of this letter constitutes an acknowledgment of those limitations.
Specifically, but without implied limitation, our responsibilities do not include any representation by Butler Snow LLP in connection with any IRS audit, SEC enforcement action or any litigation involving the Authority or the Obligations, or any other matter.
Neither do we assume responsibility for the preparation of any collateral documents (e.g.,
environmental impact statements) which are to be filed with any state, federal or other
regulatory agency. Nor do our services include financial advice (including financial advice about the structure of Obligations) or advice on the investment of funds related to the Obligations.
Representation of the Authority
In performing our services, the Authority will be our client and an attorney- client relationship will exist between us. We will represent the interests of the Authority
rather than the Authority’s Board of Commissioners or its individual members. We will work
closely with the Authority Attorney and will rely on the opinion of the Authority Attorney with regard to specific matters, including pending litigation. We assume that other parties to
the transaction will retain such counsel as they deem necessary and appropriate to represent
their interests in this transaction.
Avon Urban Renewal Authority
October 17, 2016
Page 2
Avon Urban Renewal AuthorityOctober 17, 2016
Page 3
Conflicts of Interest
Our firm sometimes represents, in other unrelated transactions, certain of the financial institutions that may be involved in this transaction, such as underwriters, credit
enhancers, and banks. We do not believe that any of these representations will materially
limit or adversely affect our ability to represent the Authority in connection with the
Obligations, even though such representations may be characterized as adverse under the Colorado Rules of Professional Conduct (the “Rules”). In any event, during the term of our
engagement hereunder, we will not accept a representation of any of these parties in any
matter in which the Authority is an adverse party. However, pursuant to the Rules, we do ask
that you consent to our representation of such parties in transactions that do not directly or indirectly involve the Authority. Your execution of this letter will signify the Authority’s
prospective consent to such representations in matters unrelated to the Authority while we are
serving as bond counsel hereunder.
Fee Arrangement
Based upon: (i) our current understanding of the terms, structure, size and
schedule of the financing, (ii) the duties we will undertake pursuant to this letter, (iii) the time we anticipate devoting to the financing, and (iv) the responsibilities we assume, we estimate
that our fee for this engagement will be $25,000. Such fee may vary: (i) if material changes
in the structure of the financing occur, (ii) if unusual or unforeseen circumstances arise which
require a significant increase in our time or our responsibilities or (iii) the Obligations are not delivered by February 1, 2017. If, at any time, we believe that circumstances require an adjustment of our original fee estimate, we will consult with you.
Our fees are usually paid at Closing out of proceeds of the Obligations. We
customarily do not submit any statement until the Closing, unless there is a substantial delay
in completing the financing. We understand and agree that our fees will be paid at Closing out of proceeds. If the financing is not consummated, we understand and agree that we will
not be paid. If, for any reason, the financing is completed without our opinion as bond
counsel, we will expect to be compensated at our normal hourly rates (currently ranging from
$640 to $100 depending on personnel) for time actually spent on your behalf, plus
disbursements.
Termination of Engagement
Our fees for this engagement contemplate compensation for usual and customary services as bond counsel as described above. Upon delivery of the opinion, our
responsibilities as bond counsel will terminate with respect to this financing, and our
representation of the Authority and the attorney-client relationship created by this engagement
letter will be concluded. Specifically, but without implied limitation, we do not undertake to provide continuing advice to the Authority or to any other party to the transaction. Many
Avon Urban Renewal Authority
October 17, 2016
Page 4
post-issuance events may affect the Obligations, the tax-exempt status of interest on the
Obligations, or liabilities of the parties to the transaction. Such subsequent events might include a change in the project to be financed with proceeds, a failure by one of the parties to
comply with its contractual obligations (e.g., rebate requirements), an IRS audit, or a change
in federal or state law. Should the Authority seek the advice of bond counsel on a postclosing matter or seek other, additional legal services, we would be happy to discuss the
nature and extent of our separate engagement at that time.
Document Retention
At or within a reasonable period after Closing, we will review the file to
determine what materials should be retained as a record of our representation and those that
are no longer needed. We will provide you with a copy of the customary transcript of
documents after Closing and will return any original documents obtained from you (if a copy is not included in the transcript). Our document retention policy is attached hereto.
Approval
If the other foregoing terms of this engagement are acceptable to you, please so
indicate by returning a copy of this letter signed by the officer so authorized, keeping a copy for your files.
We appreciate this opportunity to serve as your bond counsel and look forward
to a mutually satisfactory and beneficial relationship.
BUTLER SNOW LLP
ACCEPTED AND APPROVED:
AVON URBAN RENEWAL AUTHORITY
By:
Title:
Date:
DPW/jw
Enclosure
Avon Urban Renewal Authority
October 17, 2016Page 5
Notice to Clients of Butler Snow’s
Record Retention & Destruction Policy for Client Files
Butler Snow maintains its client files electronically. Ordinarily, we do not keep separate paper files. We will scan documents you or others send to us related to your matter to our
electronic file for that matter and will ordinarily retain only the electronic version while your
matter is pending. Unless you instruct us otherwise, once such documents have been scanned to our electronic file, we will destroy all paper documents provided to us. If you
send us original documents that need to be maintained as originals while the matter is pending, we ordinarily will scan those to our client file and return the originals to you for
safekeeping. Alternatively, you may request that we maintain such originals while the matter
is pending. If we agree to do that, we will make appropriate arrangements to maintain those
original documents while the matter is pending.
At all times, records and documents in our possession relating to your representation are
subject to Butler Snow’s Record Retention and Destruction Policy for Client Files.
Compliance with this policy is necessary to fulfill the firm’s legal and ethical duties and
obligations, and to ensure that information and data relating to you and the legal services we provide are maintained in strict confidence at all times during and after the engagement. All
client matter files are subject to these policies and procedures.
At your request, at any time during the representation, you may access or receive copies of any records or documents in our possession relating to the legal services being provided to
you, excluding certain firm business or accounting records. We reserve the right to retain
originals or copies of any such records of documents as needed during the course of the
representation.
Unless you instruct us otherwise, once our work on this matter is completed, we will
designate your file as a closed file on our system and will apply our document retention policy
then in effect to the materials in your closed files. At that time, we ordinarily will return to
you any original documents we have maintained in accordance with the preceding paragraph while the matter was pending. Otherwise, we will retain the closed file materials for our
benefit and subject to our own policies and procedures concerning file retention and
destruction. Accordingly, if you desire copies of any documents (including correspondence,
e-mails, pleadings, contracts, agreements, etc.) related to this matter or generated while it was pending, you should request such copies at the time our work on this matter is completed.
You will be notified and given the opportunity to identify and request copies of such items
you would like to have sent to you or someone else designated by you. You will have 30 days
from the date our notification is sent to you to advise us of any items you would like to receive. You will be billed for the expense of assimilating, copying and transmitting such
records. We reserve the right to retain copies of any such items as we deem appropriate or
necessary for our use. Any non-public information, records or documents retained by Butler
Snow and its employees will be kept confidential in accordance with applicable rules of professional responsibility.
Any file records and documents or other items not requested within 30 days will become
subject to the terms of Butler Snow’s Record Retention and Destruction Policy for Client Files and will be subject to final disposition by Butler Snow at its sole discretion. Pursuant to
the terms of Butler Snow’s Record Retention and Destruction Policy for Client Files, all
unnecessary or extraneous items, records or documents may be removed from the file and
destroyed. The remainder of the file will be prepared for closing and placed in storage or archived. It will be retained for the period of time established by the policy for files related to
this practice area, after which it will be completely destroyed. This includes all records and
documents, regardless of format.
While we will use our best efforts to maintain confidentiality and security over all file records
and documents placed in storage or archived, to the extent allowed by applicable law, Butler
Snow specifically disclaims any responsibility for claimed damages or liability arising from
damage or destruction to such records and documents, whether caused by accident; natural disasters such as flood, fire, or wind damage; terrorist attacks; equipment failures; breaches of
Butler Snow’s network security; or the negligence of third-party providers engaged by our
firm to store and retrieve records.
Avon Urban Renewal AuthorityOctober 17, 2016
Page 6
33251729vl
TOWN OF AVON, COLORADO
MINUTES FOR THE URBAN RENEWAL AUTHORITY MEETING FOR OCTOBER 25, 2016
AVON TOWN HALL, ONE LAKE STREET
draft - URA 2016 10 25 Minutes .docx Page
1
1. CALL TO ORDER & ROLL CALL
Chairman Fancher called the meeting to order at 6:25 p.m. A roll call was taken and Authority members
present were Megan Burch, Jake Wolf and Sarah Smith Hymes and Scott Prince. Buz Reynolds and Matt
Gennett were absent. Also present were Executive Director/Secretary Virginia Egger, Town Attorney Eric
Heil, Treasurer Scott Wright, Police Chief Greg Daly, Public Works Director Gary Padilla, Recreation Director
John Curutchet, Transit Director Jane Burden, Town Engineer Justin Hildreth, Fleet Director Rego Omerigic,
Planning Director Matt Pielsticker and Executive Assistant to the Town Manager Preston Neill.
2. APPROVAL OF AGENDA
There were no changes to the agenda.
3. PUBLIC COMMENT – COMMENTS ARE WELCOME ON ITEMS NOT LISTED ON THE FOLLOWING AGENDA
No comments were made.
4. ACTION ITEM
4.1. PUBLIC HEARING RESOLUTION 16-02, AMENDING THE 2016 AVON URBAN RENEWAL AUTHORITY BUDGET
(BUDGET ANALYST KELLY HUITT)
4.2. PUBLIC HEARING RESOLUTION 16-03, ADOPTING THE 2017 AVON URBAN RENEWAL AUTHORITY
BUDGET (BUDGET ANALYST KELLY HUITT)
Authority member Smith Hymes moved to approved Resolution 16-02 and 16-03 to adopt the
2017 annual budget and amend the 2016 annual budget for the Avon Urban Renewal Authority.
Vice Chairman Wolf seconded the motion and it passed unanimously by those present.
4.3. APPROVAL OF SEPTEMBER 27, 2016 URA MEETING MINUTES (AUTHORITY CLERK DEBBIE HOPPE)
Authority member Burch moved to approve the minutes from the September 27, 2016 meeting. Vice
Chairman Wolf seconded the motion and it passed unanimously by those present.
5. ADJOURNMENT
There being no further business to come before the Authority, the meeting adjourned at 6:29 p.m.
TOWN OF AVON, COLORADO
MINUTES FOR THE URBAN RENEWAL AUTHORITY MEETING FOR OCTOBER 25, 2016
AVON TOWN HALL, ONE LAKE STREET
draft - URA 2016 10 25 Minutes .docx Page
2
RESPECTFULLY SUBMITTED:
__________________________________________
Preston Neill, Executive Assistant to the Town Manager
APPROVED:
Jennie Fancher ________________________________
Jake Wolf ________________________________
Matt Gennett ________________________________
Megan Burch ________________________________
Albert “Buz” Reynolds ________________________________
Scott Prince ________________________________
Sarah Smith Hymes ______________________________
AVON URBAN RENEWAL AUTHORITY
COMMISSIONERS REPORT
To: Chairperson Jennie Fancher and URA Commissioners
From: Scott Wright, Asst. Town Manager
Date: November 15, 2016
Re: Bond Issuance Schedule and Term Sheet for Series 2016 Tax Increment Financing
Revenue Bonds
Action Before the Commission
None. This is an “Information Only” written report for the purposes of providing an update
on the progress of the issuance of the above reference bonds.
Proposed Motion
NA
Summary
In May of this year, after closing on the Town’s purchase of the Mountain Vista office
building, staff began the process of meeting with local financial institutions in order to discuss
the possible financing of the tenant finishes using tax increment revenue financing through the
Avon Urban Renewal Authority.
Based on initial financial models prepared by Amy Greer of Stan Bernstein and Associates, it was determined that approximately $3 million in funding would be available through the
issuance of these tax increment revenue bonds. The Authority last issued bonds in 2013 and
due to the development of the Buck Creek Medical Office Building, realized that additional
tax increment revenues would be available beginning in 2017.
A working group comprised of myself, Eric Heil, Dee Wisor, and Jonathan Heroux met with several banks. The only term provisions that met the Town’s needs in maximizing net
proceeds was from Alpine Bank. After submitting financial information and going through
Alpine Bank’s process of loan approval, on September 26, 2016, a final term sheet (attached)
was received from Alpine Bank, with very favorable terms. The terms include the following provisions:
Page 2
• Borrowing not to exceed $3 million;
• Purpose will be for the completion of improvements and renovations to the new Town Hall facility;
• Term of the loan is 180 months;
• Interest rate 2.9%
• Origination Fee $7,500
The Series 2013 TIF bond documents require an additional bonds test in order to ensure that
pledged revenues equal or exceed 120% of the future maximum annual debt service. The
additional bond test uses a look back period which is the year prior to the issuance of the new
bonds. Therefore, it is necessary to close on the new Series 2016 TIF bonds in early January, 2017. This allows the look back period to be the year in which the Authority began realizing
the additional TIF revenues from the Buck Creek Medical Office Building.
The adoption of the Bond Resolution by the Authority Board is scheduled for December 13,
2016 with bond closing scheduled for January 5, 2017.
Exhibits and Attachments:
ATTACHMENT A - Timetable of Events ATTACHMENT B - Alpine Bank Term Sheet ATTACHMENT C - Sources and Uses of Funds
*Subject to Change
$3,000,000* Town of Avon, Colorado
Tax Increment Financing Revenue Bonds, Series 2016 Timetable of Events
As of October 17, 2016
OCTOBER 2016 NOVEMBER 2016
S M T W T F S
S M T W T F S
1
1 2 3 4 5
2 3 4 5 6 7 8 6 7 8 9 10 11 12
9 10 11 12 13 14 15 13 14 15 16 17 18 19
16 17 18 19 20 21 22 20 21 22 23 24 25 26
23 24 25 26 27 28 29 27 28 29 30
30 31
DECEMBER 2016 JANUARY 2017
S M T W T F S S M T W T F S
1 2 3 1 2 3 4 5 6 7
4 5 6 7 8 9 10 8 9 10 11 12 13 14
11 12 13 14 15 16 17 15 16 17 18 19 20 21
18 19 20 21 22 23 24 22 23 24 25 26 27 28
25 26 27 28 29 30 31 29 30 31
DATE EVENT RESPONSIBLE PARTY
11/21/16 First Draft of Documents Distributed to Working Group and Lender A, BC
11/30/16 Conference Call to Review Comments on Legal Documents All
12/7/16 Revised Legal Documents Re-Distributed to Working Group and
Investor
BC
12/13/16 Adoption of Bond Resolution by AURA and Moral Obligation
Resolution by the Town
A
12/20/16 All Documents Signed and Finalized BC
1/4/17 Pre-Closing All
1/5/17 Closing All
A = Town of Avon BC = Bond Counsel (Butler Snow)
PA = Placement Agent (Piper Jaffray)
ATTACHMENT A
1 | Page
September 23, 2016
Avon Urban Renewal Authority
Board of Commissioners
1 Lake Street Avon, CO 81620
Dear Board of Commissioners,
Alpine Bank (the “Bank”) is pleased to provide the following terms and conditions under which Alpine Bank shall
consider providing the below described loan (the “Loan”) pursuant to your application for loan financing.
Borrower: Avon Urban Renewal Authority Loan Amount: The Loan amount shall not exceed $3,000,000.
Purpose: Funds will be used for the purpose of completing the improvements and renovations to the new Town Hall
located at Mountain Vista Resort Subdivision, Lot 4 - 140 Mikaela Way, Avon CO 81620. Term of Loan: The term of the Loan shall be for 180 months, with principal and interest due and payable monthly.
Loan Fee: There will be a 1/4% Loan origination fee ($7,500.00). See additional expenses. Interest Rate: Fixed interest rate for the full 180 months at 2.90%, computed on a 365/360-day simple interest
basis. The above-stated interest rate is contingent upon the Borrower’s compliance with the requirements of the
Internal Revenue Code of 1986 (the “Code”), as amended, including Section 265(b)(3) regarding bank qualification,
and all applicable state laws related to the Borrower’s ability to enter into a tax-exempt financing for the intended purposes.
Collateral: The Loan will be payable from and secured by a pledge of the tax increment revenues received by the
Avon Urban Renewal Authority for the project area described in the Borrower’s Urban Renewal Plan. Such pledge shall be perfected by resolution of the Borrower.
Approval Conditions:
1) At closing, net Loan proceeds are to be deposited into an escrow account with Alpine Bank. Monthly draw requests will be required to release the funds via lien waiver checks to General Contractor and subcontractors. 2) Alpine Bank to require monthly inspections of the construction progress by an outside third party inspector.
3) Funding of Loan is conditioned upon satisfactory review by Alpine Bank’s counsel of all Loan documents
as well as delivery of an unqualified opinion by nationally recognized bond counsel regarding the validity and enforceability of the Loan and the tax-exempt status.
Avon
10 W. Beaver Creek Blvd
Avon, CO 81620
Phone – (970)748-5707
ATTACHMENT B
2 | Page
4) Alpine Bank will require all construction costs that exceed $3,000,000 to be paid by Avon Urban Renewal
Authority or Town of Avon.
5) Alpine Bank will not require a repayment penalty of any kind and would like to entertain all future refinance and new debt opportunities with the Avon Urban Renewal Authority. 6) Alpine Bank would engage Kutak Rock LLP as its counsel for purposes of providing legal review of the
transaction and related documentation. Borrower will pay such counsel fees, which are expected to be
between $10,000 and 15,000, but in no event greater than $15,000.
Additional Expenses: Borrower shall pay all of the bank’s expenses incurred in connection with providing the Loan
and confirming and perfecting the bank’s lien position including, without limitation, title insurance policy premiums,
filing and recording fees, legal fees charged by the bank’s attorney and/or outside attorneys, appraisal fees, flood certification fees and other customary charges. These fees shall be paid at closing. Representation of Borrower: These terms are issued in response to an application for a Loan and cannot be
amended except with the written approval of both parties. When these terms and conditions differ from the terms and
conditions of the Loan requested, the terms of this letter shall control. Borrower represents and warrants to the bank that all of the information, which has been submitted to the bank in connection with this Loan, is true, accurate, and
complete at the time of submission. Borrower will immediately notify the bank in writing of any material changes
prior to Loan funding. Lender’s obligations hereunder are expressly conditioned upon the truth, accuracy, and
completeness of all information submitted with respect to this Loan. General Conditions: The bank’s obligations under these terms are subject to the review and approval of the Bank
and its counsel of all reports, examinations and inspections required by the bank in connection with this Loan. The
bank reserves the right to revoke these terms in the event of a material adverse change in the Collateral, the Property, or the financial condition of the Borrower or any Guarantor. The terms outlined in this letter are for discussion purposes only and the final terms will be outlined in the Loan documents executed by Borrower and Alpine Bank.
Expiration: This term sheet shall automatically expire on February 23, 2017 if not withdrawn prior thereto.
Sincerely,
Brian Nestor Senior Vice President/Branch Manager Alpine Bank Avon/Edwards
(970) 748-5707
ATTACHMENT B
TABLE OF CONTENTS
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Report Page
Sources and Uses of Funds .............................1
Bond Pricing ..................................2
Bond Debt Service ................................6
Bond Summary Statistics ..............................8
ATTACHMENT C
Page 1
SOURCES AND USES OF FUNDS
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Dated Date 01/03/2017
Delivery Date 01/03/2017
Sources:
Bond Proceeds:
Par Amount 3,000,000.00
3,000,000.00
Uses:
Project Fund Deposits:
Project Fund 2,910,000.00
Delivery Date Expenses:
Cost of Issuance 90,000.00
3,000,000.00
ATTACHMENT C
Page 2
BOND PRICING
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Maturity
Bond Component Date Amount Rate Yield Price
Term Bond:
02/01/2017 15,000 2.900% 2.900% 100.000
03/01/2017 10,000 2.900% 2.900% 100.000
04/01/2017 10,000 2.900% 2.900% 100.000
05/01/2017 10,000 2.900% 2.900% 100.000
06/01/2017 10,000 2.900% 2.900% 100.000
07/01/2017 10,000 2.900% 2.900% 100.000
08/01/2017 10,000 2.900% 2.900% 100.000
09/01/2017 10,000 2.900% 2.900% 100.000
10/01/2017 10,000 2.900% 2.900% 100.000
11/01/2017 10,000 2.900% 2.900% 100.000
12/01/2017 45,000 2.900% 2.900% 100.000
01/01/2018 10,000 2.900% 2.900% 100.000
02/01/2018 10,000 2.900% 2.900% 100.000
03/01/2018 10,000 2.900% 2.900% 100.000
04/01/2018 10,000 2.900% 2.900% 100.000
05/01/2018 10,000 2.900% 2.900% 100.000
06/01/2018 10,000 2.900% 2.900% 100.000
07/01/2018 10,000 2.900% 2.900% 100.000
08/01/2018 10,000 2.900% 2.900% 100.000
09/01/2018 10,000 2.900% 2.900% 100.000
10/01/2018 10,000 2.900% 2.900% 100.000
11/01/2018 10,000 2.900% 2.900% 100.000
12/01/2018 55,000 2.900% 2.900% 100.000
01/01/2019 10,000 2.900% 2.900% 100.000
02/01/2019 10,000 2.900% 2.900% 100.000
03/01/2019 10,000 2.900% 2.900% 100.000
04/01/2019 10,000 2.900% 2.900% 100.000
05/01/2019 10,000 2.900% 2.900% 100.000
06/01/2019 10,000 2.900% 2.900% 100.000
07/01/2019 10,000 2.900% 2.900% 100.000
08/01/2019 10,000 2.900% 2.900% 100.000
09/01/2019 10,000 2.900% 2.900% 100.000
10/01/2019 10,000 2.900% 2.900% 100.000
11/01/2019 10,000 2.900% 2.900% 100.000
12/01/2019 60,000 2.900% 2.900% 100.000
01/01/2020 10,000 2.900% 2.900% 100.000
02/01/2020 10,000 2.900% 2.900% 100.000
03/01/2020 10,000 2.900% 2.900% 100.000
04/01/2020 10,000 2.900% 2.900% 100.000
05/01/2020 10,000 2.900% 2.900% 100.000
06/01/2020 10,000 2.900% 2.900% 100.000
07/01/2020 10,000 2.900% 2.900% 100.000
08/01/2020 10,000 2.900% 2.900% 100.000
09/01/2020 10,000 2.900% 2.900% 100.000
10/01/2020 10,000 2.900% 2.900% 100.000
11/01/2020 10,000 2.900% 2.900% 100.000
12/01/2020 70,000 2.900% 2.900% 100.000
01/01/2021 20,000 2.900% 2.900% 100.000
02/01/2021 15,000 2.900% 2.900% 100.000
03/01/2021 15,000 2.900% 2.900% 100.000
04/01/2021 15,000 2.900% 2.900% 100.000
05/01/2021 15,000 2.900% 2.900% 100.000
06/01/2021 15,000 2.900% 2.900% 100.000
07/01/2021 15,000 2.900% 2.900% 100.000
08/01/2021 15,000 2.900% 2.900% 100.000
09/01/2021 15,000 2.900% 2.900% 100.000
10/01/2021 15,000 2.900% 2.900% 100.000
11/01/2021 15,000 2.900% 2.900% 100.000
12/01/2021 15,000 2.900% 2.900% 100.000
01/01/2022 20,000 2.900% 2.900% 100.000
02/01/2022 15,000 2.900% 2.900% 100.000
03/01/2022 15,000 2.900% 2.900% 100.000
04/01/2022 15,000 2.900% 2.900% 100.000
05/01/2022 15,000 2.900% 2.900% 100.000
ATTACHMENT C
Page 3
BOND PRICING
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Maturity
Bond Component Date Amount Rate Yield Price
Term Bond:
06/01/2022 15,000 2.900% 2.900% 100.000
07/01/2022 15,000 2.900% 2.900% 100.000
08/01/2022 15,000 2.900% 2.900% 100.000
09/01/2022 15,000 2.900% 2.900% 100.000
10/01/2022 15,000 2.900% 2.900% 100.000
11/01/2022 15,000 2.900% 2.900% 100.000
12/01/2022 20,000 2.900% 2.900% 100.000
01/01/2023 20,000 2.900% 2.900% 100.000
02/01/2023 15,000 2.900% 2.900% 100.000
03/01/2023 15,000 2.900% 2.900% 100.000
04/01/2023 15,000 2.900% 2.900% 100.000
05/01/2023 15,000 2.900% 2.900% 100.000
06/01/2023 15,000 2.900% 2.900% 100.000
07/01/2023 15,000 2.900% 2.900% 100.000
08/01/2023 15,000 2.900% 2.900% 100.000
09/01/2023 15,000 2.900% 2.900% 100.000
10/01/2023 15,000 2.900% 2.900% 100.000
11/01/2023 15,000 2.900% 2.900% 100.000
12/01/2023 25,000 2.900% 2.900% 100.000
01/01/2024 15,000 2.900% 2.900% 100.000
02/01/2024 15,000 2.900% 2.900% 100.000
03/01/2024 15,000 2.900% 2.900% 100.000
04/01/2024 15,000 2.900% 2.900% 100.000
05/01/2024 15,000 2.900% 2.900% 100.000
06/01/2024 15,000 2.900% 2.900% 100.000
07/01/2024 15,000 2.900% 2.900% 100.000
08/01/2024 15,000 2.900% 2.900% 100.000
09/01/2024 15,000 2.900% 2.900% 100.000
10/01/2024 15,000 2.900% 2.900% 100.000
11/01/2024 15,000 2.900% 2.900% 100.000
12/01/2024 35,000 2.900% 2.900% 100.000
01/01/2025 15,000 2.900% 2.900% 100.000
02/01/2025 15,000 2.900% 2.900% 100.000
03/01/2025 15,000 2.900% 2.900% 100.000
04/01/2025 15,000 2.900% 2.900% 100.000
05/01/2025 15,000 2.900% 2.900% 100.000
06/01/2025 15,000 2.900% 2.900% 100.000
07/01/2025 15,000 2.900% 2.900% 100.000
08/01/2025 15,000 2.900% 2.900% 100.000
09/01/2025 15,000 2.900% 2.900% 100.000
10/01/2025 15,000 2.900% 2.900% 100.000
11/01/2025 15,000 2.900% 2.900% 100.000
12/01/2025 40,000 2.900% 2.900% 100.000
01/01/2026 15,000 2.900% 2.900% 100.000
02/01/2026 15,000 2.900% 2.900% 100.000
03/01/2026 15,000 2.900% 2.900% 100.000
04/01/2026 15,000 2.900% 2.900% 100.000
05/01/2026 15,000 2.900% 2.900% 100.000
06/01/2026 15,000 2.900% 2.900% 100.000
07/01/2026 15,000 2.900% 2.900% 100.000
08/01/2026 15,000 2.900% 2.900% 100.000
09/01/2026 15,000 2.900% 2.900% 100.000
10/01/2026 15,000 2.900% 2.900% 100.000
11/01/2026 15,000 2.900% 2.900% 100.000
12/01/2026 45,000 2.900% 2.900% 100.000
01/01/2027 15,000 2.900% 2.900% 100.000
02/01/2027 15,000 2.900% 2.900% 100.000
03/01/2027 15,000 2.900% 2.900% 100.000
04/01/2027 15,000 2.900% 2.900% 100.000
05/01/2027 15,000 2.900% 2.900% 100.000
06/01/2027 15,000 2.900% 2.900% 100.000
07/01/2027 15,000 2.900% 2.900% 100.000
08/01/2027 15,000 2.900% 2.900% 100.000
09/01/2027 15,000 2.900% 2.900% 100.000
ATTACHMENT C
Page 4
BOND PRICING
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Maturity
Bond Component Date Amount Rate Yield Price
Term Bond:
10/01/2027 15,000 2.900% 2.900% 100.000
11/01/2027 15,000 2.900% 2.900% 100.000
12/01/2027 50,000 2.900% 2.900% 100.000
01/01/2028 15,000 2.900% 2.900% 100.000
02/01/2028 15,000 2.900% 2.900% 100.000
03/01/2028 15,000 2.900% 2.900% 100.000
04/01/2028 15,000 2.900% 2.900% 100.000
05/01/2028 15,000 2.900% 2.900% 100.000
06/01/2028 15,000 2.900% 2.900% 100.000
07/01/2028 15,000 2.900% 2.900% 100.000
08/01/2028 15,000 2.900% 2.900% 100.000
09/01/2028 15,000 2.900% 2.900% 100.000
10/01/2028 15,000 2.900% 2.900% 100.000
11/01/2028 15,000 2.900% 2.900% 100.000
12/01/2028 60,000 2.900% 2.900% 100.000
01/01/2029 15,000 2.900% 2.900% 100.000
02/01/2029 15,000 2.900% 2.900% 100.000
03/01/2029 15,000 2.900% 2.900% 100.000
04/01/2029 15,000 2.900% 2.900% 100.000
05/01/2029 15,000 2.900% 2.900% 100.000
06/01/2029 15,000 2.900% 2.900% 100.000
07/01/2029 15,000 2.900% 2.900% 100.000
08/01/2029 15,000 2.900% 2.900% 100.000
09/01/2029 15,000 2.900% 2.900% 100.000
10/01/2029 15,000 2.900% 2.900% 100.000
11/01/2029 15,000 2.900% 2.900% 100.000
12/01/2029 65,000 2.900% 2.900% 100.000
01/01/2030 15,000 2.900% 2.900% 100.000
02/01/2030 15,000 2.900% 2.900% 100.000
03/01/2030 15,000 2.900% 2.900% 100.000
04/01/2030 15,000 2.900% 2.900% 100.000
05/01/2030 15,000 2.900% 2.900% 100.000
06/01/2030 15,000 2.900% 2.900% 100.000
07/01/2030 15,000 2.900% 2.900% 100.000
08/01/2030 15,000 2.900% 2.900% 100.000
09/01/2030 15,000 2.900% 2.900% 100.000
10/01/2030 15,000 2.900% 2.900% 100.000
11/01/2030 15,000 2.900% 2.900% 100.000
12/01/2030 70,000 2.900% 2.900% 100.000
01/01/2031 25,000 2.900% 2.900% 100.000
02/01/2031 20,000 2.900% 2.900% 100.000
03/01/2031 20,000 2.900% 2.900% 100.000
04/01/2031 20,000 2.900% 2.900% 100.000
05/01/2031 20,000 2.900% 2.900% 100.000
06/01/2031 20,000 2.900% 2.900% 100.000
07/01/2031 20,000 2.900% 2.900% 100.000
08/01/2031 20,000 2.900% 2.900% 100.000
09/01/2031 20,000 2.900% 2.900% 100.000
10/01/2031 20,000 2.900% 2.900% 100.000
11/01/2031 20,000 2.900% 2.900% 100.000
12/01/2031 20,000 2.900% 2.900% 100.000
3,000,000
ATTACHMENT C
Page 5
BOND PRICING
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Dated Date 01/03/2017
Delivery Date 01/03/2017
First Coupon 02/01/2017
Par Amount 3,000,000.00
Original Issue Discount
Production 3,000,000.00 100.000000%
Underwriter's Discount
Purchase Price 3,000,000.00 100.000000%
Accrued Interest
Net Proceeds 3,000,000.00
ATTACHMENT C
Page 6
BOND DEBT SERVICE
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Period
Ending Principal Coupon Interest Debt Service
12/01/2017 150,000 2.900% 78,761.18 228,761.18
12/01/2018 165,000 2.900% 82,178.75 247,178.75
12/01/2019 170,000 2.900% 77,327.30 247,327.30
12/01/2020 180,000 2.900% 72,529.81 252,529.81
12/01/2021 185,000 2.900% 66,092.19 251,092.19
12/01/2022 190,000 2.900% 60,652.70 250,652.70
12/01/2023 195,000 2.900% 55,066.15 250,066.15
12/01/2024 200,000 2.900% 49,606.93 249,606.93
12/01/2025 205,000 2.900% 43,586.58 248,586.58
12/01/2026 210,000 2.900% 37,559.04 247,559.04
12/01/2027 215,000 2.900% 31,384.46 246,384.46
12/01/2028 225,000 2.900% 25,135.73 250,135.73
12/01/2029 230,000 2.900% 18,447.21 248,447.21
12/01/2030 235,000 2.900% 11,684.59 246,684.59
12/01/2031 245,000 2.900% 3,830.82 248,830.82
3,000,000 713,843.44 3,713,843.44
ATTACHMENT C
Page 7
BOND DEBT SERVICE
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2017 55,000 2.900% 35,715.11 90,715.11
12/01/2017 95,000 2.900% 43,046.07 138,046.07 228,761.18
06/01/2018 60,000 2.900% 41,417.63 101,417.63
12/01/2018 105,000 2.900% 40,761.12 145,761.12 247,178.75
06/01/2019 60,000 2.900% 38,998.56 98,998.56
12/01/2019 110,000 2.900% 38,328.74 148,328.74 247,327.30
06/01/2020 60,000 2.900% 36,707.15 96,707.15
12/01/2020 120,000 2.900% 35,822.66 155,822.66 252,529.81
06/01/2021 95,000 2.900% 33,623.08 128,623.08
12/01/2021 90,000 2.900% 32,469.11 122,469.11 251,092.19
06/01/2022 95,000 2.900% 30,910.78 125,910.78
12/01/2022 95,000 2.900% 29,741.92 124,741.92 250,652.70
06/01/2023 95,000 2.900% 28,125.16 123,125.16
12/01/2023 100,000 2.900% 26,940.99 126,940.99 250,066.15
06/01/2024 90,000 2.900% 25,466.84 115,466.84
12/01/2024 110,000 2.900% 24,140.09 134,140.09 249,606.93
06/01/2025 90,000 2.900% 22,394.84 112,394.84
12/01/2025 115,000 2.900% 21,191.74 136,191.74 248,586.58
06/01/2026 90,000 2.900% 19,389.32 109,389.32
12/01/2026 120,000 2.900% 18,169.72 138,169.72 247,559.04
06/01/2027 90,000 2.900% 16,310.49 106,310.49
12/01/2027 125,000 2.900% 15,073.97 140,073.97 246,384.46
06/01/2028 90,000 2.900% 13,231.24 103,231.24
12/01/2028 135,000 2.900% 11,904.49 146,904.49 250,135.73
06/01/2029 90,000 2.900% 9,859.60 99,859.60
12/01/2029 140,000 2.900% 8,587.61 148,587.61 248,447.21
06/01/2030 90,000 2.900% 6,487.55 96,487.55
12/01/2030 145,000 2.900% 5,197.04 150,197.04 246,684.59
06/01/2031 125,000 2.900% 2,798.10 127,798.10
12/01/2031 120,000 2.900% 1,032.72 121,032.72 248,830.82
3,000,000 713,843.44 3,713,843.44 3,713,843.44
ATTACHMENT C
Page 8
BOND SUMMARY STATISTICS
Avon Urban Renewal Authority
Tax Increment Revenue (Alpine Bank Loan)
Dated Date 01/03/2017
Delivery Date 01/03/2017
Last Maturity 12/01/2031
Arbitrage Yield 2.959179%
True Interest Cost (TIC)2.959179%
Net Interest Cost (NIC)2.941259%
All-In TIC 3.404021%
Average Coupon 2.941259%
Average Life (years)8.090
Weighted Average Maturity (years)8.090
Duration of Issue (years)6.996
Par Amount 3,000,000.00
Bond Proceeds 3,000,000.00
Total Interest 713,843.44
Net Interest 713,843.44
Total Debt Service 3,713,843.44
Maximum Annual Debt Service 252,529.81
Average Annual Debt Service 249,065.51
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 bp
Bond Component Value Price Coupon Life change
Term Bond 3,000,000.00 100.000 2.941% 8.090 3,600.00
3,000,000.00 8.090 3,600.00
All-In Arbitrage
TIC TIC Yield
Par Value 3,000,000.00 3,000,000.00 3,000,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense -90,000.00
- Other Amounts
Target Value 3,000,000.00 2,910,000.00 3,000,000.00
Target Date 01/03/2017 01/03/2017 01/03/2017
Yield 2.959179%3.404021%2.959179%
ATTACHMENT C