PZC Packet 051225AVON PLANNING & ZONING COMMISSION
MEETING AGENDA
MONDAY, MAY 12, 2025 ` ,O
PUBLIC MEETING BEGINS AT 5:30 PM V
ZOOM LINK: HTTPS://us02WEB.ZOOM.us/i/89711832548
NOTICE:
MEMBERS OF THE PLANNING AND ZONING COMMISSION AND TOWN COUNCIL WILL BE MEETING AS A GROUP FOR A
SITE VISIT AFFILIATED WITH ITEM 6.1 AT 4:30 PM AT THE SLOPESIDE PROPERTY ON SWIFT GULCH ROAD. THIS WILL
BE A BRIEF SITE TOUR FROM 4:30-5:00 PM AND IS OPEN TO THE PUBLIC.
PUBLIC MEETING
1. CALL TO ORDER AND ROLL CALL (CHAIRPERSON) - 5:30 PM
2. SWEARING IN OF NEW COMMISSION MEMBERS
3. APPROVAL OF AGENDA
4. DISCLOSURE OF ANY CONFLICTS OF INTEREST OR EX PARTE COMMUNICATION RELATED TO AGENDA ITEMS
5. PUBLIC COMMENT — COMMENTS ARE WELCOME ON ITEMS NOT LISTED ON THE FOLLOWING AGENDA PUBLIC
COMMENTS ARE LIMITED TO THREE (3) MINUTES. THE SPEAKER MAY BE GIVEN ONE (1) ADDITIONAL MINUTE SUBJECT TO
PLANNING AND ZONING COMMISSION APPROVAL.
6. JOINT WORK SESSION WITH AVON TOWN COUNCIL
SLOPESIDE COMMUNITY HOUSING: DESIGN CONCEPT — PATTI LIERMANN, HOUSING PLANNER
7. CONSENT AGENDA
7.1. APRIL 21, 2025 PLANNING AND ZONING COMMISSION MEETING MINUTES
7.2. RECORD OF DECISION — MJR25002 EXTERIOR REMODEL AT 5743 WILDRIDGE RD
7.3. RECORD OF DECISION — REZ24002 KESTREL DEVELOPMENT SHORT TERM RENTAL OVERLAY
8. FUTURE MEETINGS
8.1. JUNE 9, 2025
8.2. JUNE 23, 2025
9. STAFF UPDATES
10. ADJOURN
MEETING AGENDAS AND PACKETS ARE FOUND ONLINE AT WWW.AVON.ORG
AGENDAS ARE POSTED AT AVON TOWN HALL, AVON RECREATION CENTER, ONLINE AND AVON PUBLIC LIBRARY
IF YOU HAVE ANY SPECIAL ACCOMMODATION NEEDS, PLEASE, IN ADVANCE OF THE MEETING,
CALL MATT PIELSTICKER AT 970-748-4413 OR EMAIL MPIELSTICKER@AVON.ORG WITH ANY SPECIAL REQUESTS.
TO: Planning and Zoning Commission & Town Council
FROM: Patti Liermann, Community Development Housing Planner Avon
RE: Slopeside Community Housing Project
DATE: April 25, 2025 C 0 L 0 R A D 0
SUMMARY: This report presents to Avon Planning and Zoning Commission ("PZC") and Town Council
("COUNCIL") background and information regarding the Slopeside Community Housing Project and draft Project
Goals forthisjoint work session. During the joint work session, Staff seeks feedback on the overall Project Goals
before moving onto the next steps of the Conceptual Design process.
DEVELOPER INTRODUCTION: Staff solicited proposals from professional development firms through our
www.bidnet.com portal in summer 2024. After a competitive submittal and interview process, Ulysses Acquisition,
LLC ("Ulysses") was selected based on their experience as an affordable housing developer. Ulysses has a key
skillset in successful financing of affordable rental projects, including projects in mountain resort communities.
Their project team includes EV Studio Architects, Martin & Martin Civil Engineers, Cumming Groug Construction
Management, and Group 14 Sustainability Consultants. Ulysses is based in Denver, the civil engineering and
construction management teams are local and have extensive experience in Eagle County. Ulysses brings a
strong, thoughtful, and collaborative development approach to the project with a focus on strengthening
community.
GOAL SETTING WORK SESSION: At the May 12th meeting, Staff, Ulysses, PZC, and Council will work
through Step 1 of the Conceptual Design phase. Ulysses will introduce their team, walk through their initial
thoughts on the site, highlighting where they see challenges and opportunities. They will provide a brief
overview of the site's potential. Staff will then review the draft Project Goals as outlined in this report. The
Avon PZC and Council members will be asked to provide questions, comments, priorities, and feedback on
the goals. The overall work session goal is to refine the Project Goals collaboratively and iteratively.
Information will be collected and used by Ulysses and their team to create the initial conceptual designs.
Ulysses and their team will return to Avon PZC for Step 2 of the Conceptual Design process.
COMMUNITY HOUSING DEVELOPMENT STEPS: The development of Community Housing involves
several steps, which are described as follows:
1. Identification of land suitable for a Community Housing Project. COMPLETE
2. Zoning (or Rezoning) COMPLETE
3. Determination of Ownership and Initial Partners (i.e. public or private). PENDING
4. Determining whether to proceed as public development project or post Request for Proposal for private
developers. COMPLETE
5. Apply for Grant Funding for design, infrastructure and/or construction. ON GOING
6. Conceptual Design of housing project to determine density, layout, and feasibility.
7. Determination of specific housing type and goals (rent versus own, unit size, target AMI levels)
8. Establishing development team (architect, owners representative, contract — if a public project, or
selecting developer if private project).
9. Securing financing and finalizing development agreements and deed restrictions.
10. Overseeing or administering construction of project.
11. Construction completion and sale or leasing per Avon Community Housing Policies or per terms with
private developer.
(970) 748-4091 pliermann@avon.org
BACKGROUND: The Property is part of the original Benchmark at Beaver Creek Subdivision, and was zoned for
Open Space, Landscaping, Drainage ("OLD"), since at least 1991, and prior to Avon rezoning Parcel 1
(Benchmark at Beaver Creek Tract Y) in 2024 to Community Housing High Density-1 ("CHHD-1"). The smaller
Parcel 2, to the east was rezoned for "public use" and is part of the 1997 Swift Gulch Addition subdivision creating
the public works/transit/fleet campus. Parcel 2 is described as Lot 2: Swift Gulch Addition. Both parcels are
owned by the Town of Avon. Parcel 1 is approximately 3.41 acres.
Property location
Parcel
;I.— ;'•... Parcel 2
r
The Property also contains a portion of the pedestrian/bike trail that runs between Avon Road and Post Blvd, and
the existing Nottingham Puder Ditch.
The Community Housing project, currently known as "Slopeside", will primarily be located within Parcel 1 and may
have signage or other limited uses on Parcel 2.
The Zoning on this parcel is as follows:
Community Housing High Density —1. The CHHD-1 district is established to accommodate multi-
family development in cost effective configuration, construction type and density that permits a high
number of residential units with a maximum of four (4) stories of residential or three (3) stories of
residential above one (1) level of at grade parking.
"Slopeside" Community Housing Project
May 2, 2025
Page 2 of 5
Table 7.20-7
Community Housing High Density -1
Dwelling
Max.
Max.
Min.
Max. Lot
Min. Front
Min. Side
Min. Rear
Max.
Type
Density
Units Per
Landscape
Coverage
Setback
Setback
Setback
Building
(units/
Building
Area
(%)
(feet)
(feet)
(feet)
Height
acre)
(feet)
Multi-
25 du/
N/a
10%
80
10
7.5
10
48
family / TH
acre
CONCEPTUAL DESIGN PHASE: The Conceptual Design agreement outlines a process with four steps. The
first step will determine the project's goals and priorities, seek feedback from stakeholders, and eventually select
the preferred design. The entire conceptual design process will include the following:
1. Introductory joint work session with Avon PZC and Council to review project goals, discuss site
challenges and opportunities, and discuss optimizing density balanced with appearance of entry
to Town.
2. Initial presentation of at least 2 conceptual designs to Avon PZC and Council. Avon PZC and Council will
provide direction and comment on conceptual designs.
3. Prepare revised and preferred conceptual design for presentation to Avon PZC and Council. Avon PZC
and Council will provide direction and comment to finalize the preferred conceptual design.
4. Present the revised conceptual design to Avon PZC and Council.
PROPOSED CONCEPTUAL DESIGN DIRECTION: Increased density will result in larger buildings which
may not meet the Town's design aesthetic goals for this prominent gateway. The proposed conceptual
design direction is to request one design with 85 total residential units (25 units per acre x 3.41 acres) and
one design with at least 110 residential units (additional density permitted by Development Bonus process),
or, in the alternative, consider by total volume of buildings and total number of bedrooms. The purpose of
these two conceptual designs is to illustrate the bulk and massing of different quantities of development on
this site.
PROJECT GOAL SETTING: The focus of this presentation is on Step 1 of the Conceptual Design phase:
determining the project goals, site challenges and opportunities, and optimizing density and appearance. Staff
requests direction on Project Goals from Avon PZC and Council.
DRAFT PROJECT GOALS: The goals that are in Red Bold Italics are highlighted for discussion.
Project Type
1. Maximize potential density on this site due to Town ownership and proximity to Town Core.
2. Strive to provide rental housing that meets the 80%-120% AMI level.
Site Design
1. Relocate recreation path and irrigation ditch as needed to the extent feasible.
2. Mitigate potential debris flow and flooding hazards.
3. Maximize efficiency of snow removal.
4. Incorporate convenient trash/recycling/composting collection.
5. Utilize landscaping which meets Town's landscaping regulations and water conservation goals.
6. Provide pedestrian and bicycle connectivity to bus stop and recreation trail.
"Slopeside" Community Housing Project
May 2, 2025
Page 3 of 5
7. Maximize efficiency of maintenance and operations (minimize sidewalks that ice, use low maintenance
materials for high impact areas, use materials that are easily maintained, resealed, repainted/no paint,
replaced, considerations for staff accessibility, etc.).
Project Design
1. Utilize high quality mountain contemporary architecture design so that the project provides an
attractive entrance to Avon and establishes a minimum benchmark for architectural design in
Avon for multi -family buildings.
2. Achieve Net Zero construction to meet Climate Action Plan goals and serve as a demonstration project.
3. Incorporate passive solar designs to take advantage of southern exposure.
4. Utilize fire resistant exterior materials to minimize wildfire risk.
5. Include adequate parking for residents and guests, recognizing there is no additional parking in
the area OR allow under parking due to the proximity to the Town Core.
6. Include storage areas for recreation equipment. (ideally 30+ sq.ft. per unit)
7. DO NOT include balconies and patios due to the high noise impacts of 1-70.
8. Include an attractive indoor space that provides seating, tables, and cooking that can serve as a
convenient and welcoming space for informal gathering.
9. Forego elevators due to the expectation that parking will be at the 2nd level of a four floor building.
10. Maintenance storage and workshop for property management.
11. Exterior accessible utilities (heat/water heater) for maintenance purposes.
12. Design to maximum efficiency for long-term ownership.
,Description
Total
Shortage
Owner
Renter
Projected
Tota I
Need
Owner
Renter
Total
TotalExisting
Housing Need
Extremely Low Income (<30% AM)
157
0
157
0
0
0
157
0
157
Very Low Income (31-50%AMI)
216
0
216
0
0
0
216
0
216
Low Income (51%-80%AMI)
496
0
496
1,069
0
1,069
1,565
0
1,565
Moderate Income
81%-100%
256
0
256
1,279
0
1,279
1,536
0
1,536
100% -120%
229
114
114
658
329
329
887
444
444
Middle Income
120% to 140%
227
114
114
209
104
104
436
218
218
140% to 160%
197
138
59
62
43
18
258
181
78
160% to 180%
154
108
46
166
116
50
320
224
96
180% to 200%
154
108
46
56
39
17
209
147
63
Greater than 200%
553
387
166
553
387
166
200% to 220%
221
155
66
221
155
66
220% to 240%
16
11
5
16
11
5
Total
2,638
968
1,671
3,736
798
2,938
6,375
1,766
4,608
Source: RRCAssociates. U.S. Census Bureau. Colorado Dept. of Labor & Ernployment. QCEW. JobsEQ. Economic & Planning Systems
REQUESTED DIRECTION: Your involvement at this first stage of the process will help shape the project moving
forward. Please review the above goals and arrive at the meeting prepared to share your ideas. This initial
meeting will be used to fine tune the project goals and direction with Ulysses and their project team. We expect to
learn from the meeting what other information might be desirable for the Slopeside project from the Developer,
their team, Avon PZC, and the general public.
"Slopeside" Community Housing Project
May 2, 2025
Page 4 of 5
ATTACHMENTS:
Attachment A: Ulysses Acquisition, LLC Response to Request for Proposal
Thank you, Patti
"Slopeside" Community Housing Project
May 2, 2025
Page 5 of 5
Avon SLopeside
Workforce Housing
ULYSSES CUMMING CORUM
DEVELOPMENT EVstudio MARTIN/MARTIN GroupGROUPGROUP992594TIBS ENGINEERING REAL ESTATE GROUP
Cover Letter
1. Project Team & Process
2. Initial Concept Designs
Table of 3. Financing
Contents 4. Exhibits
A. Cover Letter
Dear Selection Committee,
Thank you for including Ulysses Development Group
("UDG") in the group of developers selected as finalists to
partner with the Town of Avon (the "Town") for the delivery of
the Slopeside housing opportunity (the "Project" or
"Slopeside"). In our response to the RFQ, we provided much
of our firm's background and qualifications. In this RFP
response, we will describe how UDG and our intentionally
selected development team is best suited to deliver Avon's
vision. We will demonstrate the skills, experience and
history of successful partnerships that the Town can expect
from UDG.
Our team understands the scarcity of land for future
housing opportunities in the Vail Valley. This is why our team
has spent much of 2024 preserving the affordability of Eagle
Villas, an affordable housing community located in Eagle.
Although Eagle Villas is not a new construction project, and
is not located in Avon, it is a vital regional housing asset that
would have further strained the rental market throughout
the Vail Valley if UDG had not stepped in to acquire the
property and extend its affordability restrictions.
Despite these differences, there are a few similarities to our
work on acquiring Eagle Villas that are worth highlighting.
These include (1) our ability to bring in local, state, and
federal financial resources to creatively finance the
acquisition of the property and the immediate
improvements necessary, (2) UDG's ability to collaborate
with Eagle County partners, (3) our ability to successfully
operate workforce housing in the Vail Valley, and (4) our
mission -based commitment to the 120 families who no
Longer fear being displaced from Eagle County.
There is no'one-size-fits-all' approach to delivering
affordable housing. UDG's has crafted its strategy for the
Slopeside parcel to execute the vision and goals already
established by the Town. This strategy begins with including
Avon — based consultants on our project team. Both
Cumming Group (cost estimating, General Contractor
procurement and construction management) and
Martin/Martin (civil engineering services) are located within
minutes of Slopeside and their local knowledge and
construction experience will be invaluable.
The other three consultants on our team are based in
Denver with vast ski -country experience. EVstudio, our
design consultant, has extensive multifamily and workforce
housing experience and has crafted our proposed site plans
to maximize the Slopeside opportunity and provide an
elevated design aesthetic appropriate for the gateway
entrance to the Town.
Corum Real Estate Group will provide property
management and leasing services. Corum's Eagle County
management portfolio includes the adjacent Buffalo Ridge
property and UDG's Eagle Villas. Group14 Engineering will
provide sustainability, energy modeling, and green building
certification services. Our initial strategy includes all -
electric buildings, rooftop solar PV, and the ambitious goal
of achieving The Department of Energy's Zero Energy Ready
Home ("ZERH") certification.
The RFQ and RFP documents call for a partner that is
collaborative and can work productively with Town staff and
community stakeholders. In our response, we have
acknowledged your desire to evaluate different options for
the Project and have provided various different density
scenarios for the Town to consider. The success of complex
housing developments is highly correlated with the strength
of the partnership sponsoring the project. We are
committed to serving as a long-term partner with the Town
and with Eagle County in a transparent, collaborative, and
mutually beneficial manner. We are happy to provide
references of other municipal partners who have worked
with us on other housing pursuits.
Sincerely,
Blaise Rastello
Vice President
Ulysses Development Group
2. Project Team & Process
2. Project Team & Process
A. The Project Team Leads that will be working directly with Avon
Ulysses Development Group
LEAD DEVELOPER
UDG is a mission -driven developer, preserver, and owner of
affordable housing based in Denver with a team
experienced in delivering complex workforce housing
projects similar to the Slopeside opportunity. As
demonstrated in our RFQ response, UDG provides extensive
experience in workforce housing development and brings a
`best -in -class' development team comprised of both local
Avon consultants, Cumming Group and Martin/Martin, the
Denver -based design firm, EVstudio, and sustainability
consultant, Group14. This team brings an extensive resume
of housing projects delivered in Colorado mountain resort
towns. UDG will lead this team to deliver the Town vision
and high priority goals.
UDG's principals and development staff have more than
75+ years of combined experience and demonstrated
history of developing income -restricted multifamily real
estate ranging from 62 units to over 550 units in size. Having
Led the capital raises for these projects, the team has
extensive experience using federal, state, and local funding
sources and has built successful partnerships with local
government agencies. This history of execution has helped
UDG build successful relationships with lenders and
investors on a national scale. Furthermore, UDG, through its
affiliate entities, maintains a robust organizational balance
sheet with a high level of liquidity to provide the necessary
guarantees for similar workforce housing developments.
The key internal staff who will be dedicating time to
ensuring the successful execution of the Project include the
following individuals.
Blaise RastelLo is a Vice President with UDG and has 20
years of experience in real estate development and finance,
with expertise in affordable housing and community
development. Prior to joining UDG, Blaise led the affordable
housing development platform for Gilbane Development
Company, where he oversaw and directed the planning,
design, construction, and financing for a $3.5 billion
affordable housing development pipeline. Blaise started his
career investing in low-income housing tax credits with the
Richman Group and has experience working with both non-
profit and for -profit affordable housing developers. Blaise is
graduate of the University of Arizona and The New School.
Blaise would serve as the project lead and main point of
contact for Slopeside and for the UDG team.
P
Kirsty Greer is the Chief Development Officer at UDG. In
this role, she leads the company's development initiatives,
overseeing projects across several states. Kirsty has
extensive experience in real estate, previously serving as
Executive Vice President of Development at McWhinney,
where she managed a portfolio of over 2,200 units under
management and thousands more in development. Kirsty
graduated with a Bachelor of Science in Biology from the
University of Michigan and she holds a Master's Degree in
City and Regional Planning from the University of
Pennsylvania.
2. Project Team & Process
A. The Project Team Leads that will be working directly with Avon
Ulysses Development Group
LEAD DEVELOPER
Connor Larr is a founder and partner of UDG. Prior to UDG,
Connor was a vice president of development at the Related
Companies in New York City, where he oversaw large-scale
development projects with significant public -private
partnership components. While at Related, Connor served
as a development executive overseeing all aspects of
development of the Shops at Hudson Yards, a $2.2 billion
development in Manhattan in direct partnership with the
Metropolitan Transportation Authority and the New York City
Industrial Development Authority. Additionally, Connor was
responsible for the 23-acre redevelopment of Willets Point,
Queens, which is an ongoing public -private partnership with
the New York City Economic Development Corporation
("NYCEDC"). Connor was responsible for putting into place
all components of the partnership with NYCEDC, including
negotiating and deploying over $20 million of public funds
from NYCEDC into the redevelopment project. Connor
started his career in municipal finance at Citigroup. Connor
is a graduate of the Johns Hopkins University.
Mark O' Rear serves as Senior Vice President and Head of
Construction for UDG, bringing over 30 years of
construction expertise. In his role, Mark is responsible for
Leading all new construction activities nationally. Prior to
joining UDG, Mark spent five years as Vice President of
Construction at Mill Creek, overseeing construction
throughout the Denver market. Prior to Mill Creek, Mark was
a Vice President and Area Manager for Manhattan
Construction in Oklahoma City, Oklahoma. From 2005 to
2010, he was a Project Executive with The Hanover
Company, responsible for construction and the successful
completion of the 223 home Acoma High -Rise project in the
Golden Triangle district of Denver, Colorado. After
graduating from the University of Oklahoma in 1988, with a
Bachelor of Science in Construction Science, Mark started
his construction career with the Manhattan Construction
Company in the Oklahoma City market.
Rachel Mohrman is an associate with UDG with over four
years of experience in housing development. She serves as
a support in all facets of the process as part of the
development team. Prior to joining UDG, she spent three
years in market -rate development with Confluence
Companies where she was responsible for the
underwriting, capitalization, and overall development
process for over 2,000 units. Rachel graduated from the
University of Denver with a Bachelor of Business
Administration in Real Estate with an emphasis in Property
Development.
2. Project Team & Process
A. The Project Team Leads that will be working directly with Avon
The other members of our project team include the following firms:
ARCHITECT / MEP ENGINEER/ STRUCTURAL ENGINEER
EV Studio is a dynamic and innovative leader in the design
and engineering world. With over 4,000 projects in their
portfolio, their collaborative and multidisciplinary approach
ensures every detail is expertly crafted. With projects based
in the stunning peaks of Breckenridge to the charming
streets of Ouray, their commitment to creating beautiful,
efficient, and attainable housing solutions in mountain
towns drives partnerships with communities and
government agencies to make a lasting impact.
In its early years, EVstudio's primary focus was on
architecture, but as the firm grew it recognized the need for
a more cohesive and efficient design process. In response,
EVstudio began adding engineering disciplines to its team,
starting with structural engineering and gradually expanding
to include civil, mechanical, and electrical engineering. This
expansion was strategic, allowing the firm to offer a fully
coordinated approach to design challenges. The
multidisciplinary nature of the firm not only improved
communication between disciplines but also enhanced the
quality and efficiency of the design process.
The integration of these services means that EVstudio can
approach projects holistically, ensuring that every aspect of
the design is cohesive and optimized. This structure
enables the firm to solve complex design challenges faster
and with greater precision, resulting in higher -quality
projects for clients. Whether designing larger apartment
buildings, or a townhomes community, EVstudio's in-house
coordination allows for smoother project delivery.
Dean Dalvit is a licensed Architect as well as a Professional
Engineer, and founder of EVstudio. Dean has been directly
involved in the design of thousands of residential units and
millions of square feet of residential and commercial
buildings. He takes an integrated multidisciplinary
approach to all of his projects, seamlessly blending
architectural design with practical engineering that results
in visually stunning, cost effective, and efficient,
sustainable designs.
Matt Svoboda is a Senior Architect at EVstudio with 25
years of experience planning and designing projects of
varying scales, from large community recreation centers
and multi -family residential projects to local libraries and
custom housing. Matt has managed the construction
administration of over three million square feet of complex
buildings.
Jon Anderson is the Co -Director of MEP Engineering and an
Associate Principal at EVstudio. With over 17 years
experience in the field, Jon brings a seasoned eye to the
EVstudio team as the MEP Engineering Co -Director. Jon has
extensive design experience across a variety of sectors
including multi -family, K-12, higher education, and more.
Jon gives every project a unique approach for sustainable
design and green building solutions.
Katelyn Wager is a Licensed P.E. and an Associate
Principal, and also leads the Multifamily & Commercial
division of EVstudio's Structural Engineering department.
Katelyn has extensive experience in parks and recreation,
municipal spaces, residential design, commercial design,
and client management. Her specialty is in foundation
design, plus familiarity with soil pressure and support
needed in various conditions, especially in Colorado.
Katelyn has extensive experience in structural engineering
in Colorado mountain towns and will be key in maximizing
the potential of this site from a structural perspective.
Spring Creek Village, Gypsum, CO — 200 units, affordable
development designed by EVstudio
Other Select Experience:
The Gauge (Durango, CO) — 90 units, affordable
development
Midland Apartments (Buena Vista, CO) — 60 units,
affordable development
The Larkspur (Breckenridge, CO) — 52 units, affordable
development
2. Project Team & Process
A. The Project Team Leads that will be working directly with Avon
CUMMING
GROUP
COST ESTIMATOR / GC PROCUREMENT / CONSTRUCTION MGMT
Cumming Group will join the development team to provide
owner's representative services. Initially this work will be
focused on cost estimation using their extensive
construction experience in Eagle County. Cumming Group
will also assist in identifying the optimal general contractor
who is most equipped with local sub -contractor
relationships to deliver the project on time and within
budget. Once the project is underway, they will stay
involved to assist the UDG team with construction
management services from their local office in Avon.
Chris Knight will be the lead from the Cumming Group
offering his expertise in project management. Chris has 26
years of diverse construction management and owner's
representation experience. With a background in design
phase management, Chris remains focused on client and
team relationships as well as a high level of
communication.
MARTIN/MARTIN
Ikyj10:1►Eel 1014:4.1
Martin/Martin, Inc. is a full -service civil and structural
consulting engineering firm based in Denver with a local
office in Avon. Built on experience and industry leadership
cultivated since the 1940s, Martin/Martin has extensive
experience providing engineering support for a broad range
of residential, hotel, and site development projects. Its
engineers are experienced in designing housing sites with
constraints that require innovative solutions for drainage,
detention, and access designs. Having completed 200+ site
development projects across Colorado, Martin/Martin
understands the nuances of developer -driven schedules
and planning.
L. Mark Luna, PE manages the engineering services for
Martin/Martin's Avon office. As a Summit County resident
for 26 years, Mark has extensive knowledge of
mountain/resort towns and has over 33 years of experience
in residential development including roadway and utility
design.
GroupENGINEERING
SUSTAINABILITY CONSULTANT
Group14 Engineering is a consulting firm committed to
improving the energy and resource efficiency of buildings.
By offering a full suite of services for decarbonization across
the entire life cycle of a building, they are the premier
sustainability consultant in Colorado. Groupl4 will be a key
consultant that is involved from the very beginning to
optimize the design process and lead from a place of energy
efficiency.
Sarah Hong will join the project team from Group14 as a
performance engineer with over six years of experience in
the building system field. With specific experience in
affordable housing developments, Sarah has worked with
housing authorities and developers all over Colorado on
over 50 LIHTC projects certified in green building
certifications. Her experience includes MEP systems
commissioning, energy modeling, and climate resistant
design planningfor multifamily buildings.
CORUM
li
REAL ESTATE GROUP
PROPERTY MANAGER
Corum Real Estate Group is a Denver -based group
consisting of real estate professionals with experience in
acquisitions, asset management, and client service. With
an understanding of market dynamics, they have the
knowledge and expertise to aid in delivering a product that
will attract and retain tenants. The majority of their team
works on -site at the properties they manage in order to
create a strong sense of community in a personal
environment. In addition, Corum has extensive experience
with managing affordable properties, particularly in
mountain communities. Corum currently manages
approximately 800+ affordable units in the Rocky Mountain
area of Colorado.
Flor Felix, NPCC is the area manager for the
Eagle/Garfield/Routt Counties from her Avon, CO office.
Flor will be directly contributing to the management and
leasing of Slopeside.
2. Project Team & Process
A. The Project Team Leads that will be working directly with Avon
Jon Anderson
Co -Director of MEP
Engineering
Town of Avon
0
sing Authority
TBD Special
�d Partner
2. Project Team & Process
B. The expectations of Avon Staff
UDG will be a collaborative partner on Slopeside with a
focus on delivering the Town's established vision. As a
gateway to the Town, the Project not only presents a
beneficial housing development opportunity, it also will
serve as the Town's front door, making its success and
aesthetic vital for Avon's primary entrance. UDG fully
recognizes this significant location and plans to lead the
Project with its highly skilled design team, while maintaining
close collaboration with Avon staff on key decisions and
milestones. Taking cues from the design standards outlined
in the Town's Comprehensive Plan, the team has designed
the Project to blend into the surrounding environment.
Specifically, our site plan enhances and preserves the
natural aesthetic of the Project, decreases massing where
appropriate, and improves auto and pedestrian
connections. The team has included precedent imagery in
this proposal to help visualize the completed Project,
however it's anticipated that the final exterior aesthetic of
the Project will be a vital collaborative process between the
Town and the design team.
If chosen as the preferred development partner, UDG will
actively integrate the expertise of its team with input from
Avon's stakeholders, seeking alignment with the Town's
Comprehensive Plan and Housing Goals to meet the
aspirations of the local community. UDG is committed to
fostering open communication, transparency, and flexibility
and would ask that the Town return the same.
C. The preferred and recommended approaches to the
Conceptual Design Review process
After selecting the desired site plan, the team will begin
moving through the conceptual review process with the
Town where Avon is anticipated to be an involved
stakeholder as this phase will determine the overall design
of the Project as key architectural elements are addressed.
Town feedback during the conceptual design review
process will allow the design team to incorporate local
insights on massing, aesthetics, traffic flow, environmental
sustainability, and community outreach. UDG is committed
to developing a project that resonates with the community
vision and positively contributes to the local landscape.
During the conceptual design phase, the team will look to
discuss whether the Project would benefit from an off -site
construction approach. EVstudio has a team of design
experts that partners with multiple modular manufacturers
and can help educate on these methods. Each concept
design provided in this proposal could lend itself to either
stick -frame or off -site / modular construction.
Once the concept plan is finalized, UDG's design team will
proceed with the entitlement and permitting process..
While the design team will drive much of this next phase of
design, UDG will continue communicating with the Town,
checking in regularly to advise on major milestones and
seek feedback on major decisions — such as the GC
selection and financial structure.
D. The preferred and recommended approaches to
finalizing design, bidding, and constructing a housing
project
DESIGN
UDG has evaluated the site with its design team and has
included more than three concepts to review with Avon
staff. UDG's preferred approach to finalizing the design
concept is to collaboratively review the three concepts by
considering the community's housing needs and preferred
aesthetics for the front door to Avon. This process ensures
that the selected site plan meets Town's visions and
achieves the established goals.
0 - ► I:r
Cumming Group will be a key consultant in the bidding and
construction phases of development. As a world class
project manager, the group will be actively involved with
UDG to collaboratively procure the General Contractor
("GC") prior to the bidding process. Having Cumming Group
on the project team from day one ensures that that they can
proactively work with the design team to produce an
efficient high -quality product that is also feasible from a
cost perspective. The team will be able to quickly produce
cost estimations and adapt quickly based on changing
market conditions.
UDG has intentionally delayed the selection of a GC until
the design and housing typology is further along. This
approach allows the team to choose the GC best suited to
construct the housing product that the Town selects. In the
meantime, Cumming Group has provided estimates for
each design scenario.
CONSTRUCTION
In addition to bidding, Cumming Group will also lead the
construction management and GC oversite for the Project.
With an office located just two miles from Slopeside, the
group offers `boots on the ground' construction oversight.
The construction management team will oversee every
aspect of construction, including scheduling, quality
control, and on -site coordination to ensure that the project
stays on time and within budget. They will also work in
collaboration with UDG's in-house construction team who
will offer additional construction oversight from their office
in Denver. UDG's in-house team will also help to ensure a
seamless transition from design to execution. This
collaborative approach to planning and oversight will help
to deliver a high -quality, efficiently managed development.
2. Project Team & Process
E. The preferred steps & hypotheticaltimeframes for contracts, development approvals, and financing from beginning to end of the development process and property management process.
RFP Developer Selection
Negotiate & Execute Development Services Agreement
Project Design & Pre -Development
* Conceptual Design Submitted to the Town of Avon
Conceptual Design Meeting With the Town of Avon
Schematic Design Drawings
Major Development Plan Submission
Major Development Plan Approval
Construction Documents
Permitting Process
Financial Close/ Groundbreaking
Constructior
UDG is prepared to move efficiently through the partner selection process, bringing its internal legal team to quickly address redlines and terms for the Development Services Agreement. UDG seeks to
perform as an amenable and flexible partner, and requests that the Town of Avon engage in a similarly collaborative manner. Based on the Town's timeline in the RFQ, UDG anticipates finalizing the
agreement within two months of being selected as the preferred developer, with the potential to expedite where possible.
Once selected, UDG will follow the Town's lead on the appropriate timing for beginning discussions and charrettes with Avon Planning and Zoning Commission and the Avon Town Council to discuss
the proposed concept plans and ultimately land on the most beneficial result for the Town. The ultimate project design and pre -development phases starts with the Conceptual Design, where UDG
will complete a pre -application meeting with the Town to discuss the selected concept. Feedback from this meeting will allow for drawings to be revised to address any initial concerns before
proceeding to the Conceptual Design Meeting.
Following the conceptual review process, UDG's design team will enter the Schematic Design phase, expected to take around three months. During this time, UDG will continue pre -development
activities, including further site investigation and financial structuring. Upon completion of the schematic drawings, the team will move forward with the Major Development Plan review. This process
is projected to occur during the second half of 2025 and involve multiple reviews as the team works to finalize the design. Once approved, the team will proceed with Construction Documents ("CD")
which will be assembled over approximately six months. Once completed the CD's will be submitted to the Town for Permit Approval while simultaneously working towards a Financial Closing. Once
this step is complete, UDG will be ready for a long-awaited Groundbreaking celebration.
The estimated construction timeline is 18 months during which all site work and vertical construction will take place. Approximately six months prior to completion, the UDG asset management team
will begin working with Corum's leasing team to begin marketing efforts and pre -leasing. Given the lack of housing availability and demand for specifically workforce housing, UDG assumes a rapid
lease -up process with a substantial amount of units pre -leased prior to construction completion. UDG's proven track record over the past three years demonstrates our ability to manage projects
efficiently and coordinate all necessary parties to keep our developments on schedule in route to resident occupancy and a Grand Opening.
2. Project Team & Process
F. The proposed terms for Development Services.
The UDG team will be responsible for managing, financing,
and delivering the Project. In addition, UDG ownership will
incur all the guarantees and risks necessary for securing
debt financing. As such, UDG has underwritten a 5%
development fee that is customary for workforce housing
developments. This fee is subject to standards with capital
partners and approval from the Town.
Undoubtedly, significant gap financing will be needed to
fully fund this Project. While the financing need varies
across the different conceptual plans proposed, UDG has
options with various potential outlets to source the gap
from. UDG hopes to work collaboratively with the Town to
select the gap financing sources that best align with the
conceptual plan and project goals. UDG's development
team is comfortable pursuing any local, state or federal
funding that assists in delivering the project. UDG's goal in
the financial structuring is to curate a group of sources that
(1) can meet the desired timeline, (2) don't negatively
impact the Town's Project goals, and (3) limit additional
investment needed from the Town.
G. Any other aspects of the Project Team and
development process.
UDG notes that we have intentionally submitted this
proposal without identifying a GC. In UDG's experience, a
successful project largely depends on having a capable GC
to manage the Project and every GC has different expertise.
Given the site conditions, each conceptual plan proposed
herein is a different product type with a different building
frame. In addition to the product delivery type ranging from
townhome to walk-up, UDG is also weighing options of
modular construction and stick -build construction. While
modular construction has the capacity to be a very
financially efficient build, it depends on having a GC with
experience in this field. The Project architect, EVstudio, has
designed both types of build and has notated that the
conceptual design options offered in this proposal have the
capability to be built both ways. As such, UDG sees the
choice of conceptual plan and construction build type as
an important decision factor in selecting a GC. If selected
as the preferred development partner, UDG will work with
the Town to weigh all options associated before
collaboratively selecting the GC best suited for Slopeside.
1
3. Financing
For simplicity UDG has moved this section to the end of the proposal as to better relate back to initial concept plans.
4. Initial Concept Designs
4. Initial Concept Designs
A. Site Visit Impressions
Slopeside is an excellent opportunity to provide centrally
Located, high -quality workforce housing that is efficiently
designed and constructed. In evaluating the site and the key
principles outlined in Avon's Comprehensive Plan for
District 6, the team has focused on several different designs
that all ensure a harmonious blend with the surrounding
environment, minimal massing, and strong pedestrian
connections while allowing for density and a desired unit
mix. The overall architecture will embody high -quality,
contemporary mountain design, establishing an attractive
gateway to Avon and setting a new benchmark of preferred
architecture in the area. All concept plans also feature
energy -efficient design, ensuring sustainability while
providing an attractive and functional living environment.
Focused on the community aspect as well, the team wants
the project to appeal to those living in Avon who likely seek
a neighborhood style architecture with the modern
conveniences of apartment living. The team's goal is to
optimize the number of units while achieving an efficient,
high -quality design that offers a low cost per square foot for
construction.
While designing the Project, the team noticed that the site
presents several challenges that require thoughtful
engineering and design. The site is long and narrow, with a
steeply sloping topography, making it difficult to optimize
parking and emergency access. With access only from the
top of the site, significant earthwork will be required,
alongside substantial retaining walls to create functional
levels for parking and safe ingress/egress for emergency
vehicles. The lower side of the property features a regional
trail that the community wishes to retain in its current
alignment, but slight adjustment may be necessary to
accommodate the building footprints and stormwater
facilities.
Despite these challenges, the site offers several strategic
advantages. Its southern exposure is ideal for integrating
both passive and active solar design strategies, enhancing
energy efficiency and sustainability goals. The existing
regional trail, while a challenge to preserve, will offer an
opportunity to create pedestrian access from below via
thoughtfully placed site stairs. There are several mature
trees on the site that could be saved to maintain a natural
aesthetic and reduce the environmental impact of
construction. Additionally, the site's proximity to
businesses, healthcare facilities, and public transportation
is a critical benefit for workforce housing. With bus access
on the Avon's East -Red Line loop available at the Buffalo
Ridge Housing to the east and Northside Kitchen/Urgent
Care to the west, transportation options could potentially
be enhanced with an additional stop along Swift Gulch
Road to further benefit the site. With the CHHD-1 Zoning,
the site has a maximum unit count of 85 units, so for a
stacked unit building typology, there would be ample site
space for landscaping, outdoor amenities, and balancing
the massing proportions of building to site area. The site's
visibility from 1-70 and the Avon off -ramp also presents a
unique opportunity for stunning architectural design that
contributes positivelyto the Town's character and identity.
B. Site plan layout showing building locations, potential
access points, accessibility, amenities, recreation path
and irrigation ditch, parking, etc.
The following two pages lay out the preliminary civil
engineering plan for the site. This details potential building
locations, access points, accessibility, irrigation ditch, and
parking plans. The site is located adjacent to the
Nottingham and Swift Gulch Path, a recreation path joining
the site to the rest of the Town and the adjacent
communities.
UDG plans to design and coordinate direct access to this
path to provide residents with alternative transportation
options and reduce vehicle trips. Additional amenities that
are being considered are grills and outdoor patio spaces to
encourage community engagement. The stair corridors in
the conceptual designs have been drawn wider than code
and so could be amended to allow room for patios off the
corridors and clubroom space.
Development Goals Highlighted
UDG proposes several different product types in the
following pages. Each product type has its own benefits to
the community and was designed to optimize the number of
units on site cost-consciously. While each product type
delivers units in the 80%-120% AMI range, the units are on
par with the quality of market rate units. UDG is committed
with each product type to deliver sustainable buildings that
are harmonious with the surrounding landscape and
architecture. The team's sustainability consultant,
Group14, has included a sustainability initiative that aims to
support the Town's Climate Action goals with an all -electric
and efficient building design that can incorporate rooftop
solar PV for on -site renewable energy production.
All the Town's stated goals are considered for each of the
following conceptual plans including the financial feasibility
of the Project that aims to limit the Town's investment.
While cost consciousness is an important factor in the
construction and initial design of the project, the team is
also focused on long-term maintenance and operations. As
a long-term holder of development, UDG is not only
committed to the affordability of the Project but also its
durability to serve future generations of Avon residents.
Group14 has been brought on as an experienced
sustainability consultant. The following page lays out the
Project's sustainability plan that is the goal across all
design options laid out in this proposal.
4—Land Evaluation
Cost Considerations
In reviewing the site there were several
considerations that arose in connection to all
conceptual designs proposed.
• There is concern with road snow piles
melting on site from Swift Gulch Road. The
team's solution is to either raise the grades
of walls to discharge snowmelt back to
Swift Gulch which would require curb and
gutter to be installed with inlets and storm
drain, or to slope the grade to lower walls
which would require an additional storm
drainage.
• In connecting existing water to the site, the
team anticipates looping 8" water lines
through the site (1,000 LF) and adding four
hydrants. Separate services would be
required for each unit of the new 8" main
Line.
• There is an existing 8" sewer main running
along the bike path where the team would
need to separate services for each unit.
• The estimated irrigation pipe for the ditch is
24" which would need to be piped through
the site. This would require approximately
4-5 manholes with minimum 2" diversion.
• There will need be smaller detention ponds
to accommodate storm drainage. These
smaller ponds between buildings would
require additional walls.
. APk
Civil sheet
4—Sustainability
Development Goals - Sustainability
The Slopeside Project will be pursuing the Zero Energy
Ready Homes ("ZERH") and 45L tax credit programs.
Included in the proposed design are several core
sustainability elements that represent the values of the
Project and the Town of Avon. These elements include:
• All -Electric Design that features electric space and
water heating systems that will greatly reduce the
lifetime carbon emissions of the buildings.
• An optimal electric heating system featuring High -
Efficiency Cold Climate Heat Pumps that can perform at
very cold temperatures will be included. Cold climate
split system heat pumps will be used in the Project to
minimize operational costs and carbon emissions.
Envelope components will meet the stringent
requirements of the 2021 Commercial IECC for Climate
Zone 6. This will include continuous exterior insulation at
all exterior walls to help mitigate thermal bridging and a
well -sealed envelope to minimize energy waste through
air leakage.
• Onesite Renewable Energy Systems will include onsite
solar PV arrays to reduce operating costs for residents
and the owner, as well as further reducing the carbon
footprint of the building.
• Electric Vehicle Charging Infrastructure will be provided
per Avon's code requirements to provide residents with
the ability to quickly and easily charge electric vehicles
onsite.
In addition to the core sustainability elements listed above,
the below options take elements of the core designs and
incorporate additional strategies to improve sustainability
outcomes for the Project.
The Project could pursue ENERGY STAR Multifamily New
Construction certification that represents an above -
code level of performance for mechanical systems,
backed by rigorous construction phase testing and site
observations. This also makes the project eligible for the
45L tax credit, which can provide a source of capital by
bringing in a minimum credit of $500 per unit which can
increase to $2,500 if prevailing wage requirements are
met.
The Project will also pursue Zero Energy Ready Homes
("ZERH") certification. This program drives energy
performance significantly above -code for buildings with
the intent to become Net Zero with the addition of solar
PV. The strict performance requirements in this program
would reduce the operational costs and carbon footprint
of the building even further from where it would be
initially. This certification also gives the Project access to
the highest level of 45L incentive at $1,000/unit at a base
level which jumps to $5,000/unit if prevailing wage
requirements are met.
Other features required by ZERH include high -efficiency
heat pump water heaters that provide the highest
performance water heating option for residents, balanced
ventilation with heat recovery that improves indoor air
quality significantly with the heat recovery providing a
significant boost in efficiency when compared to other
ventilation strategies, and EPA Indoor airPLUS certification
which ensures the Project meets above -code level for
indoor air quality. Rigorous Indoor airPLUS certification
standards means that low emitting materials and IAQ
management techniques will be implemented in the design
and construction of the Project, ensuring that a healthy
building environment is provided to staff and residents.
W
"I
ZERO
ENERGY READY HOME
U.S. DEPARTMENT OF ENERGY
3. Financing
3. Financing
A. Higher AMI levels in Eagle County
Located in the heart of the Vail Valley, Avon is home to one
of the best skiing communities in the West. As many of the
homes in Eagle County are luxury single-family homes or
condos that double as short-term rentals for visitors, the
demand for attainable rental housing in the area has
surged. Slopeside will lessen this burden and we applaud
the foresight of Town leadership to facilitate its
development.
UDG aims to create a development with sustainable rental
rates restricted from 80-120% AMI. UDG is solely focused
on affordable and attainable housing and our development
consultants selected for Slopeside all have considerable
experience working on deed restricted housing in
Colorado's ski country. The Town's vision for housing
residents earning 80-120% AMI is right in our wheelhouse
and our team will deliver a result that increases the number
of income -qualified employees residing in Avon on a more
permanent basis.
Many of the financial sources identified in this response for
the intended middle -income population are newly enacted
by our state legislature. Although the details on some of the
newer programs are still being developed, UDG has tracked
all through the legislative process and have the professional
relationships in -place with state housing leaders at DOLA
and CHFA to assist in our pursuit of the appropriate mix of
capital sources.
Bedrooms Mix
80%
The higher AMI levels in Eagle County have a direct positive
impact to the development's financing plan. These higher
AMI's allow for increased debt proceeds to slightly offset an
increased cost of construction that we're projecting for
Slopeside due to some of the site complexities. In addition,
they allow for greater leveraging and investment from
conventional lending sources despite the Project being
restricted at below market rents.
B. Explanation of rental rates & overall carrying cost of
the buildings.
At the bottom of this page are Eagle County's current 2024
AMI rental rates. While allowed to account for 130% and
140% AMI rents per CHFA's financing guidelines for the
MIHTC, UDG is committed to the affordability of this
development and will be utilizing rental rates between 80-
120% AMI per the Town's vision and guidance. UDG's
financial models will retain an average income restriction of
100% AMI to equitably serve all incomes within the range.
Expenses have been underwritten per Corum's property
management experience and comparable properties
including their adjacent Buffalo Ridge property on Swift
Gulch Road. UDG will be pursuing a property tax exemption
through a Special Limited Partnership with Avon Housing
Authority or Eagle County Housing and Development
Authority (aka Housing Eagle County).
90% 100% 110%
C. Grants & financing structures that are available in
Eagle County.
Eagle County has recognized the pressing need for
workforce housing and offers various grants and financing
options to support the development of attainable units. One
of the primary sources of funding is the Eagle County
Housing Fund, which allocates resources specifically for
the creation and preservation of affordable housing. This
fund supports projects that cater to the needs of residents
earning between 80-120% AMI. Additionally, the county
collaborates with nonprofit organizations and developers to
Leverage state and federal funding programs.
UDG recently acquired Eagle Villas, a 120-unit property in
Eagle, CO. UDG was able to partner with the State of
Colorado and Eagle County, as well as bring Housing Eagle
County into the project ownership as a Special Limited
Partner to provide a property tax exemption for the property.
UDG will pursue a similar SLIP structure and property tax
exemption for Slopeside that could be provided by the Avon
Housing Authority or through Housing Eagle County.
Utilizing the relationships built from our previous Eagle
County work, UDG is incredibly confident in our ability to
pursue local funding opportunities as well as those
available at the State level.
UDG's goal for the financing process is to limit the amount
of Avon's financial contribution.
120%
130%
140%
Studio
$1,821
2,049
2,277
2,504
2,732
2,960
3,187
1-Bedrooms
$1,952
2,196
2,440
2,684
2,928
3,172
3,416
2-Bedrooms
$2,341
2,634
2,927
3,219
3,512
3,805
4,097
3-Bedrooms
$2,705
3,044
3,382
3,720
4,058
4,396
4,734
3. Financing
B. Explanation of rental rates & overall carrying cost of
the buildings. — Option C
Proposed Financing
In order to render this site financially feasible, UDG will be sourcing $13.6MM in soft funding. A combination of the potential soft funding sources highlighted in section 3(c) will be pursued to fund the
financial gap.
CostAnalysis
Per the conceptual drawings, the Cumming Group has estimated construction costs to be $375,000 per unit for Option A. Producing multiple buildings on site increased the proposed site
development costs and would require the relocation of the existing ditch. In addition, tap fees were a main driver of a cost also due to the multiple buildings on site.
IUnitType
AMI%
#of Units
Unit Mix
Rent I
(.Sources
Construction
Permanent
OBR
120%
0
0%
2,733
Tax Credit Equity
639,936
3,196,391
1 BR
120%
8
9%
2,928
2BR
120%
5
6%
3,513
Developer Equity
100
100
Senior Debt - Construction First Mortgage
27,827,964
-
0 BR
110%
0
0%
2,505
Gap Financing
13,600,000
13,600,000
1 BR
110%
14
16%
2,684
2BR
110%
4
5%
3,220
Preferred Equity Installment
-
12,652,208
Senior Debt - Permanent First Mortgage
-
13,387,124
0 BR
100%
6
7%
2,278
1 BR
100%
12
14%
2,440
Total Sources
42,068,000
42,835,822
2 BR
100%
5
6%
2,928
ses
Construction
Permar
0 BR
90%
10
12%
2,050
1 BR
90%
6
7%
2,196
Construction Hard Costs
34,245,471
34,245,471
2 BR
90%
5
6%
2,635
Architecture & Engineering Fees
1,927,500
1,927,500
Financing Costs
2,731,787
2,731,787
0BR
80%
5
6%
1,822
1 BR
80%
3
4%
1,952
Other Soft Costs
3,163,243
3,931,065
2 BR
80%
2
2%
2,342
Total Uses
42,068,000
42,835,822
Totals/Average
100%
85
100%
2,536
High Level Proforma
Revenue
2,586,309
Vacancy
(132,063)
Utility Allowance
(64,535)
Misc. Income
119,486
Total Revenue
2,509,196
Expenses
626,250
Net Operating Income
1,882,946
3. Financing
B. Explanation of rental rates & overall carrying cost of
the buildings. — Option B
Proposed Financing
In order to render this site financially feasible, UDG will be sourcing $14.6MM in soft funding. A combination of the potential soft funding sources highlighted in section 3(c) will be pursued to fund the
financial gap.
CostAnalysis
Per the conceptual drawings, the Cumming Group
has estimated
construction costs
to be $380,000 per unit for Option B. The upper drive option is a unique driver of cost with regards to risk and the
structural building component to
support this product.
unitr a
AMI%
#of Units
Unit Mix
Rent
ources
Construction Permanent
OBR
120%
0
0%
2,733
Tax Credit Equity
639,936 3,197,242
1 BR
120%
8
9%
2,928
2BR
120%
3
4%
3,513
Developer Equity
100 100
Senior Debt - Construction First Mortgage
27,209,522 -
0 BR
110%
0
0%
2,505
Gap Financing
14,590,000 14,590,000
1 BR
110%
20
24%
2,684
21313
110%
2
2%
3,220
Preferred Equity Installment
- 12,346,181
Senior Debt - Permanent First Mortgage
- 13,063,322
0 BR
100%
2
2%
2,278
Total Sources
42,439,558 43,196,845
1 BR
100%
17
20%
2,440
2 BR
100%
2
2%
2,928
Uses
Construction Permanent
0 BR
90%
6
7%
2,050
Construction Hard Costs
34,699,529 34,699,529
1 BR
90%
10
12%
2,196
Architecture & Engineering Fees
1,927,500 1,927,500
2 BR
90%
3
4%
2,196
635
Financing Costs
2,632,404 2,632,404
0 BR
80%
5
6%
1,822
Other Soft Costs
3,180,125 3,937,412
1 BR
80%
5
6%
1,952
Total Uses
42,439,558 43,196,845
2 BR
80%
2
2%
2,342
Totals/Average
100%
85
100%
2,490
High Level Proforma
Revenue
2,540,283
--
Vacancy
(129,666).
r
Utility Allowance
Misc. Income
(64,282)
117,317
�� em u _ T� — - _
Pp
Total Revenue
2,463,652
Expenses
626,250
Net Operating Income
1,837,402
3. Financing
B. Explanation of rental rates & overall carrying cost of
the buildings. — Option C
Proposed Financing
In order to render this site financially feasible, UDG will be sourcing $24.9MM in soft funding. A combination of the potential soft funding sources highlighted in section 3(c) will be pursued to fund the
financial gap.
CostAnalysis
Per the conceptual drawings, the Cumming Group has estimated construction costs to be $922,000 per unit for Option B. Townhomes generate a larger amount of square footage due to the increased
unit size and also incorporates increased exterior square footage and enclosures. As such, the construction hard costs for this product are substantially higher than Option A and Option B.
Unit Type AMI % #of Units Unit Mix Rent
2 BR 120% 5 14% 3,513
3 BR 120% 2 6% 4,059
2 BR
110%
5
14%
3,220
3 BR
110%
2
6%
3,721
2 BR
100%
5
14%
2,928
3 BR
100%
3
8%
3,383
2 BR
90%
5
14%
2,635
3 BR
90.0%
3
8%
3,044
2 BR
80%
4
11%
2,342
3 BR
80%
2
6%
2,706
Totals / Average
100%
36
100%
3,086
High Level Proforma
Revenue 1,333,167
Vacancy (68,134)
Utility Allowance (32,124)
Misc. Income 61,645
Total Revenue 1,294,554
Expenses 310,200
ources Construction Permanent
Tax Credit Equity 639,936 3,200,329
Developer Equity 100 100
Senior Debt - Construction First Mortgage 15,776,630 -
Gap Financing 24,985,000 24,985,000
Preferred Equity Installment - 6,614,240
Senior Debt - Permanent First Mortgage - 6,998,435
Total Sources 41,401,666 41,798,103
Uses Construction Permanent
Construction Hard Costs 35,579,016 35,579,016
Architecture & Engineering Fees 1,486,500 1,486,500
Financing Costs 1,251,788 1,251,788
Other Soft Costs 3,084,362 3,480,799
Total Uses 41,401,666 41,798,103
Net Operating Income 984,354
3. Financing
C. Financing Structures
UDG has explored multiple financial structures for the
development of the Slopeside property. Once the product
type and density is known, our team will work to select a
mix of the capital sources summarized below based on
their ability to maximize project feasibility and deliver the
intended affordability. UDG is a flexible and nimble
developer that has experience with nearly all established
affordable housing financial sources and closely tracks
newly established resources such as the Colorado MIHTC.
PNC Bank Workforce Housing Product
PNC Bank offers a specialized workforce housing product
designed to generate more proceeds at the time of
permanent loan conversion than a traditional first mortgage
would provide given the reduced revenue in workforce
housing. This product allows UDG to maintain below -
market rents by providing lower debt service without relying
on LIHTC. At the time of permanent loan conversion, PNC
can refinance their construction loan using a combination
of PNC-provided preferred equity and permanent debt. This
allows the Project to leverage the use of private capital from
PNC at the time of refinance to reduce its debt service
obligations and maintain financial feasibility. Importantly,
PNC's permanent loan is not tied to a forward commitment,
meaning UDG retains the flexibility to explore other lenders
or financing structures at the time of conversion should
market conditions shift..
Middle Income Housing Tax Credit ("MITHC")
Colorado's MIHTC, introduced earlier this year, provides
another potential equity source for the Project. Unlike
LIHTC, which targets lower -income tenants, MIHTC is
specifically designed to support middle -income housing
and its associated AMIs.
UDG's preliminary models incorporate the MIHTC Equity as
well as the PNC Bank workforce housing equity as sources
for the Project. The construction and permanent loan
products are contemplated to be conventional financing
products. The following are additional financing sources
that UDG has experience with and will consider if there is a
fit for them within the capital stack.
CHFA Risk -Share Permanent Loan
Also known as SMART, this product provides permanent
insured financing, featuring up to 40-year amortization with
fixed rates. Also known as the HFA/HUD 542(c) Risk Sharing
program, this product is an FHA mortgage insurance tool
offered by CHFA to provide favorable rates for attainable
housing. This is a backup option for permanent debt that
UDG is currently utilizing on a separate LIHTC development.
CHFA Proposition 123 — Concessionary Equity
Colorado recently launched Proposition 123 ("Prop 123"),
that includes a concessionary equity investment vehicle
designed to support workforce housing development.
Under Prop 123, up to $15 million in equity can be deployed
into a property that requires lower than market return
metrics. This equity source would aid in bridging critical
funding gaps during the construction phase thereby
reducing reliance on higher -cost financing options.
CHFA Middle Income Access Program ("MIAP")
In addition, to Prop 123 and MIHTC, CHFA offers another
financing tool known as MIAP. MIAP can be structured as
construction debt, non -recourse permanent debt, or
subordinate mezzanine debt, thereby providing a range of
potential financing solutions for middle -income housing
developments.
DOLA —Affordable Housing Gap Funds
The State's Division of Housing has a variety of gap funding
tools available for workforce housing development. These
include the Housing Development Grant Funds (HDG) and
the Colorado Housing Investment Fund ("CHIF").
Sponsor Financial Guarantees
UDG's strong financial position and access to diverse
funding sources ensure a high degree of confidence in the
Project's success. The combination of PNC's workforce
housing product as well as CHFA's equity and debt offerings
presents the ability to create a well-rounded capital stack
that can be adapted based on changing market conditions.
Additionally, UDG's balance sheet strength enables any
remaining gaps to be filled through either private capital
markets or internal equity investment.
Given the importance placed on workforce housing by the
State of Colorado, UDG is confident in its ability to secure
both equity and debt from these sources. The development
of affordable housing for the workforce in rural mountain
communities has become a top priority for the state and the
Slopeside project aligns well with these goals, ensuring
ample support from both public and private sectors.
Summary
The financing options listed here are in no way exhaustive.
What UDG can confidently state is that our development
team will leave no stone unturned in working to fill the
financing gap. As showcased in the Eagle Villas acquisition,
UDG was able to creatively and urgently work with our State
and local partners for funding support. We will bring this
same determination to Slopeside and will work in
partnership with the Town to assemble the most beneficial
capital stack.
Thank You
Thank you for the opportunity. UDG would enthusiastically welcome the opportunity to partner with Avon and to deliver an impactful project to serve the Avon community.
AVON PLANNING & ZONING COMMISSION A
MEETING MINUTES ,ovo n
MONDAY APRIL 21, 2025
PUBLIC MEETING BEGINS AT 5:30 PM C O L O R A D O
PUBLIC MEETING: 5:30 PM
1. CALL TO ORDER AND ROLL CALL (CHAIRPERSON)
MEETING COMMENCED AT 5:30PM. A ROLLCALL WAS TAKEN, AND PLANNING COMMISSIONERS CARLY HANSEN,
BRAD CHRISTIANSON, OLIVIA COOK, NANCY TASHMAN AND BRIAN SIPES WERE PRESENT. COMMISSIONER NICOLE
MURAD AND TOWN ATTORNEY NINA WILLIAMS ATTENDED VIA ZOOM. COMMISSIONER ANTHONY SEKINGER WAS
ABSENT. ALSO PRESENT WERE PLANNING MANAGER JENA SKINNER, AICP, PLANNER II MAX MORGAN, AICP, AND
DEVELOPMENT COORDINATOR, EMILY BLOCK.
2. APPROVAL OF AGENDA
ACTION: COMMISSIONER CHRISTIANSON MADE A MOTION TO APPROVE THE AGENDA. COMMISSIONER TASHMAN
SECONDED THE MOTION, AND THE MOTION PASSED UNANIMOUSLY, 6-0.
3. DISCLOSURE OF ANY CONFLICTS OF INTEREST OR EX PARTE COMMUNICATION RELATED TO AGENDA ITEMS
THERE WERE NO CONFLICTS OF INTEREST OR EX PARTE COMMUNICATION.
4. PUBLIC COMMENT -COMMENTS ARE WELCOME ON ITEMS NOT LISTED ON THE FOLLOWING AGENDA PUBLIC COMMENTS
ARE LIMITED TO THREE (3) MINUTES. THE SPEAKER MAY BE GIVEN ONE (1) ADDITIONAL MINUTE SUBJECT TO PLANNING AND ZONING
COMMISSION APPROVAL.
THERE WERE NO PUBLIC COMMENTS.
5. PUBLIC BEARING
5.1. MJR25002 EXTERIOR REMODEL AT 5743 WILDRIDGE RD - PLANNER II, MAX MORGAN
COMMISSIONER CHRISTIANSON MADE A MOTION TO APPROVE THE APPLICATION MJR25002 WITH THE PROPOSED
CONDITIONS AS PRESENTED BY STAFF. COMMISSIONER TASHMAN SECONDED THE MOTION, AND THE MOTION PASSED
UNANIMOUSLY, 6-0
5.2. REZ24002 KESTREL DEVELOPMENT SHORT TERM RENTAL OVERLAY- PLANNING MANAGER, JENA SKINNER
COMMISSIONER CHRISTIANSON MADE A MOTION TO RECOMMEND APPROVAL OF THE APPLICATION REZ24002 AS
PRESENTED BY STAFF. COMMISSIONER HANSEN SECONDED THE MOTION, AND THE MOTION PASSED UNANIMOUSLY,
6-0
5.3. CTA24002 AVON MUNICIPAL CODE UPDATES - PLANNING MANAGER, JENA SKINNER
COMMISSIONER SIPES MADE A MOTION TO CONTINUE THE HEARING FOR CTA24002 TO THE JUNE 9TH PLANNING
AND ZONING COMMISSION MEETING. COMMISSIONER MURAD SECONDED THE MOTION, AND THE MOTION PASSED
UNANIMOUSLY, 6-0
6. CONSENT AGENDA
6.1. MARCH 24, 2025 PLANNING AND ZONING COMMISSION MEETING MINUTES
MEETING AGENDAS AND PACKETS ARE FOUND AT: WWW.AVON.ORG
AGENDAS ARE POSTED AT AVON TOWN HALL, AVON RECREATION CENTER, ONLINE AND AVON PUBLIC LIBRARY
IF YOU HAVE ANY SPECIAL ACCOMMODATION NEEDS, PLEASE, IN ADVANCE OF THE MEETING,
CALL MATT PIELSTICKER AT 970-748-4413 OR EMAIL MATT@AVON.ORG WITH ANY SPECIAL REQUESTS.
6.2. RECORD OF DECISION - MJR24004 NEW RESIDENCE AT 2967 DUNE CREEK TRAIL
ACTION: COMMISSIONER CHRISTIANSON MADE A MOTION TO APPROVE THE CONSENT AGENDA. COMMISSIONER
TASHMAN SECONDED THE MOTION, AND THE MOTION PASSED UNANIMOUSLY, 6-0.
7. FUTURE MEETINGS
7.1. MAY 1 2, 2025 - NO BRAD CHRISTIANSON
7.2. JUNE 9, 2025
8. STAFF UPDATES
9. ADJOURN
THE MEETING WAS ADJOURNED AT 7:34 PM
APPROVED:
x
CHAIRPERSON
MEETING AGENDAS AND PACKETS ARE FOUND AT: WWW.AVON.ORG
AGENDAS ARE POSTED AT AVON TOWN HALL, AVON RECREATION CENTER, ONLINE AND AVON PUBLIC LIBRARY
IF YOU HAVE ANY SPECIAL ACCOMMODATION NEEDS, PLEASE, IN ADVANCE OF THE MEETING,
CALL MATT PIELSTICKER AT 970-748-4413 OR EMAIL MATT@AVON.ORG WITH ANY SPECIAL REQUESTS.
PLANNING AND ZONING COMMISSION FINDINGS OF FACT Avon
AND RECORD OF DECISION C O L O fl A 0 0
DATE OF PUBLIC HEARING: April 21, 2025
TYPE OF APPLICATIONS: Major Development Plan Review (MJR)
PROPERTY LOCATION: Block 4 — Lot 85 — Wildridge (Parcel # 194335102012)
FILE NUMBER: MJR25002
APPLICANT: Richard Wheelock
This Record of Decision is made in accordance with the Avon Development Code §7.16.010(F)(1)
PZC DECISION ON #MJR25002:
FINDINGS:
Approve with Conditions
RECOMMENDED FINDINGS:
1. The proposed application was reviewed pursuant to §7.16.080(f), Development Plan, §7.16.090(f),
Design Review. The design meets the development and design standards established in the Avon
Development Code with the exception of the driveway slope and the two trees proposed in close
proximity to the planned addition.
2. The application is complete;
3. The application provides sufficient information to allow the PZC to determine that the application
complies with the relevant review criteria, with the exception of a snow storage plan;
4. The application complies with the goals and policies of the Avon Comprehensive Plan;
5. The demand for public services or infrastructure exceeding current capacity is mitigated by the
application; and
6. The design relates the development to the character of the surrounding community.
CONDITIONS:
Except as otherwise modified by this approval, all material representations made by the applicant
or applicant representative(s) in this application and in public hearing(s) shall be adhered to and
considered binding conditions of approval
Snow storage plan to be provided to Planning Staff as part of building permit application (Staff
Note- THIS CONDITION WAS SATSIFIED PRIOR TO HEARING)
First twenty (20) feet of driveway from Wildridge Road East meets slope standards (4% or less in
steepness)
Landscaping is revised to remove proposed trees from within five feet of the proposed structure.
Building permit required
ILC to confirm building height and driveway slope required upon project completion
THESE FINDINGS OF FACT AND RECORD OF DECISION ARE HEREBY APPROVED:
BY: DATE:
PZC Chairperson
PZC Record of Decision: MJR25002
PLANNING AND ZONING COMMISSION FINDINGS OF FACT AND Av O n
RECORD OF DECISION C O L O fl A 0 0
DATE OF PUBLIC HEARING:
April 21, 2025
TYPE OF APPLICATIONS:
Rezoning
PROPERTY LOCATION:
Kestrel Subdivision
NUMBER:
REZ24002
APPLICANT:
Town of Avon
This Record of Decision is made in accordance with the Avon Development Code §7.16.010(F)(1)
PZC DECISION ON #REZ24002: Recommendation for Town Council to Approve
FINDINGS-
REZ24002:
(1) Evidence of substantial compliance with the purpose of the Development Code has been
established within the application as the Kestrel meets the requirements for a development
permitting STRs as an allowable use;
(2) This application is consistent with the Avon Comprehensive Plan as this parcel is not reflective of
a workforce -targeted development making it suitable for STIR use;
(3) The physical suitability of the land for the proposed development or subdivision is sufficient for
the purposes of this rezoning;
(4) Compatibility with surrounding land uses is reasonable, as the application of STIR uses will not
modify the residential nature of this development;
(5) The proposed rezoning is justified by changed or changing conditions in the character of the area
proposed to be rezoned, especially as the STRO does not effect the underlying Neighborhood
Commercial zone district that was applied with Annexation;
(6) There are adequate facilities available to serve development for the type and scope suggested
by the existing zoning and the inclusion of STRs will not affect the existing level of service;
(7) The rezoning action in expanding the STRO is consistent with the stated purpose of the
underlying zoning district and will not effect this zoning in expanding the STRO to this area of
Avon;
(8) The rezoning action in expanding the STRO will not result in adverse impacts upon the natural
environment, including air, water, noise, stormwater management, wildlife and vegetation;
(9) The rezoning action in expanding the STRO will not result in significant adverse impacts upon
other property in the vicinity of the subject tract;
(10) As this property is not within an existing PUD, consistency with a relevant PUD Master Plan is
not applicable; and
(11) Mitigation will not be required as the rezoning action in expanding the STRO will not result in
greater intensity of land use or increased demands on public facilities and infrastructure.
GENERAL CRITERIA FINDINGS:
(1) The development application is deemed complete;
(2) The development application provides sufficient information to allow the reviewing
PZC Record of Decision: REZ24002
authority to determine that the development application complies with the relevant review
criteria including a complete narrative with additional application materials;
(3) The development application complies with the goals and policies of the Avon
Comprehensive Plan, as been established through the annexation of the underlying
development, as well as through the more recent (2022) subdivision creating the
underlying Kestrel development; and
(4) The demand for public services or infrastructure has been mitigated through the
ongoing development permits.
THESE FINDINGS OF FACT AND RECORD OF DECISION ARE HEREBY APPROVED:
BY:
PZC Chairperson
PZC Record of Decision: REZ24002
DATE: