TC Council Packet 08-22-2006TOWN OF "ON, COLORADO
REGULAR COUNCIL MEETING FOR TUESD",AUGUST 22r2006
AvoN@0UNuCmPAL BUILDING, 400BENCHMARK ROAD
REGULAR COUNCIL MEETING AGENDA
MEETING BEGINS AT5:30F»R8
1. CALL TO ORDER AND ROLL CALL
2' APPROVAL DFAGENDA
3' DISCLOSURE OF POTENTIAL CONFLICT OFINTEREST
4' CITIZEN AND COMMUNITY INPUT
5. ORDINANCES
m. Public Hearing on Ordinance No. 08-15. Series Of 2006. Second Reading, Ordinance
Amending Chapter 8.32.TiUe U` Avon N1UDiCipa| COde, Relating T0 The Protection Of Wildlife
And Providing Penalties For The Violation Hereof (John Dunn, Town Attorney) Revision to ordinance
to eliminate avvanning citation in connection with the first violation
6' RESOLUTIONS
7' NEW BUSINESS
a. |nte[OVVerO[D8nt8| Agreement with Eagle County for the November 7, 2006 Coordinated
Election (Patty McKenny, Town Clerk) Agreement that outlines election responsibilities
8. OTHER BUSINESS
9. UNFINISHED BUSINESS
ƒ0' TOWN MANAGER REPORT
11. TOWN ATTORNEY REPORT
12. MAYOR REPORT
13. FUTURE AGENDA ITEMS: BUDGET RETREAT T0Be HELD |N/V/ON TOWN COUNCIL CnxMoERS/DATETBD
14. CONSENT AGENDA
3. Minutes from August 8'2OO8Meeting
b. E@Q|O Valley T8nnpS CODtn](t (Patty N1oKenny. Town Clerk) Contract for temporary employee services
C. Town Center East District Plan- Contract Amendment for Additional Services with Design
Workshop (Eric Heidemann. Acting Community Development Director)
15' ADJOURNMENT
Avon Council meetm/�08.22
Page ama
TO: TOWN COUNCIL
FROM: TOWN ATTORNEY
RE: AMENDMENT TO WILDLIFE ORDINANCE
DATE: August 22, 2006
It is the recommendation of staff that the ordinance on your agenda,
amending the wildlife ordinance, be adopted on final reading. The amendment would
eliminate the warning procedure in the present ordinance and eliminate a warning citation
in connection with the first violation. At time of first reading Council reduced the
minimum fine for first violation to $1.00.
It is also the recommendation of staff that the new Paragraph 3 be included
in the ordinance on second reading. The amendment contained in that paragraph changes
"person" to "resident." "Resident' is a defined term ( "any person, firm, corporation or
organization within the Town or on Town- controlled land ") whereas "person" is not
defined. The change will clarify and broaden the effect of the ordinance.
Before the Avon Bear Summit on August 15, there had been some
discussion of making other changes to the amendment which would address problems
arising from multiplex and commercial dumpsters. However, it is now the view of staff
that dumpsters should first be addressed on the county level. The county does have
licensing power over trash haulers although it is unclear whether it is exercising that power
at the present time. The county is considering the adoption of a wildlife ordinance modeled
on Avon's ordinance. Staff will also press the county to address some issues as part of their
regulatory power.
Jwd.ipse
ORDINANCE NO. 06-15
SERIES 2006
AN ORDINANCE AMENDING CHAPTER 8.32,TITLE 8, AVON
MUNICIPAL CODE, RELATING TO THE PROTECTION OF
WILDLIFE AND PROVIDING PENALTIES FOR THE
VIOLATION HEROF
BE IT ORDAINED by the Town Council of the Town of Avon, Colorado, as
follows:
Section 1. Repeal. Section 8.3 )2.070, Chapter 8.3 )2, Title 8, Avon Municipal
Code, is repealed
Section 2. Amendment. The graduated fine schedule contained in Paragraph (a)
of Section 8. )2.080, Chapter 8.3 )2, Title 8, Avon Municipal Code, is amended to provide
as follows:
Penal�y
$1 to $250 fine
$250 to $1,000 fine
Violation
First violation.
Each successive violation within
twelve (12) months of the previous
violation.
Section 3. Amendment. Paragraphs (a) and (b), Section 8.32.060, Chapter 8.3 )2,
Title 81 Avon Municipal Code, are amended to provide as follows:
(a) No resident shall intentionally or unintentionally feed or provide food in
any manner for wildlife on public or private property within the Town. Residents will be
considered to be in violation of this Chapter if they leave or store any garbage, refuse or
food product in a manner that would create an attraction for wildlife.
(b) No resident shall leave or store any refuse, food product, pet food, grain or
salt in a manner which would constitute a lure, attraction or enticement for wildlife.
Section 4. Penalties. It is unlawful for any person to violate any of the provisions
of this Ordinance. Every person convicted of a violation of any of the provisions of this
Ordinance shall be punished by a fine not exceeding one thousand dollars or by
imprisonment not exceeding one year or by both such fine and imprisonment.
INTRODUCED, READ AND ORDERED POSTED this 8th day of August, 2006
and a public hearing shall be held on this Ordinance on the 22nd day of August, 2006 at
5:30 p.m. in the Council Chambers of the Avon Municipal Building, Avon, Colorado.
Ronald C. Wolfe, Mayor
ATTEST:
Patty McKenny, Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED
POSTED the day of 2006
Ronald C. Wolfe, Mayor
ATTEST:
Patty McKenny, Town Clerk
APPROVED AS TO FORM:
John W. Dunn, Town Attorney
TO:
Mayor and Council Members
Thru:
Larry Brooks, Town Manager
JaCqUiBHa|burDi Asst. Town Manager
FnJ[D:
Patty KACKeOny. Town Clerk
Date:
August 15.2OO8 v
Re:
Intergovernmental Agreement between Town of Avon & Eagle County for
November 7.2000 Coordinated Election
Summary:
The November 7, 2006 general election will be administered as 8 coordinated by the Eagle
County Clerk (Teak Simonton). The attached |DteFQOV8rn[OeO[8| AoneBDleOt is presented by
Eagle County in regards tothe administration and conduct of the November 7.2000coordinated
election. This agreement must be submitted to the County at least 8O days before the e|8ction,
as required byG 1-7-110/2\.
Background:
The Town of Avon has participated in this type Of coordinated election for its rnVOiCip@| election
in the past.
Discussion:
The Ao[98Ol8Ot addresses the [O� Of the Election Officials, how costs are incurred, the
Preparation & Verification Of Petitions, Ballot Certification, Preparation of Voter Lists, and
various other election topics. John Dunn has reviewed the agreement @s well.
Financial Implications:
There are financial iDlp|iCgtiODS in administrating the election that have been budgeted in the
2O05 budget ($5'OOO).
Town Manager Comments: .~
Eagle County
Intergovernmental Agreement
November 7, 2006 Coordinated Election
This Agreement is made and entered into this day of , 2006, between Eagle County
and Town of Avon (hereinafter referred to as 'Political Subdivision'), concerning the administration and the
conduct of the November 7, 2006 General Election.
Coordinated and Designated Election Officials
Except as otherwise provided in this Section, the County Clerk shall act as the Coordinated Election Official for
the conduct of the Election for the Political Subdivision for all matters in the Uniform Election Code which require
action by the Coordinated Election Official. The Political Subdivision shall name a `Designated Election Official'
who shall act as the primary liaison between the Political Subdivision and the County Clerk and who will have
responsibility for the conduct of the election procedures to be handled by the Political Subdivision. Nothing herein
shall be deemed or construed to relieve the County Clerk or the Governing Body of the Political Subdivision from
their official responsibilities for the conduct of the Election.
Jurisdictional Limitation
This Agreement shall apply only to the portion of the Political Subdivision within the boundaries of Eagle County.
County Clerk Responsibilities
The County Clerk shall perform the following services and activities for the Political Subdivision's Election:
1. Determine the 'least cost' method for mailing the Ballot Issue Notice (TABOR Notice) packet, and
determine the portion of such cost to be applied to the Political Subdivision.
2. Combine the text of the TABOR Notices produced by the Political Subdivision with those of other political
subdivisions to produce the TABOR Notice packet.
3. Include in the TABOR Notices mailed to each household where one or more eligible electors reside, voter
notification information which will include household address, precinct number, the specific election being
noticed and other applicable information.
4. Address the packet to 'All Registered Voters' at each address of one or more active registered electors
within the Political Subdivision. Nothing herein shall preclude the County Clerk from sending the TABOR
Notice to persons other than active electors of the Political Subdivision if such sending arises from the
County Clerk's efforts to mail the TABOR Notice packet at 'least cost'.
Page 1 of 7
5. Be responsible for placing the TABOR Notices received from the various political subdivisions
participating in the election in the proper order in the TABOR Notice packet. As nearly as practicable, the
notice shall be in the order the ballot issues will appear on the ballot.
6. Mail the TABOR Notice packet, addressed as required by law, at least 30 days before the Election.
7. Provide the Political Subdivision an itemized statement of the costs for performing the tasks by the
County Clerk hereunder no later than 45 working days following the Election. Exercise all reasonable
diligence, care and control in providing these services to the Political Subdivision.
8. Give assistance and information to the Designated Election Official of the Political Subdivision on any
matter to ensure the smooth and efficient operation of the Election (such information not to include legal
advice).
9. Adhere to all applicable provisions of the Colorado Revised Statutes which are necessary or appropriate
to the performance of the above duties.
Political Subdivision Responsibilities
The Political Subdivision shall perform the following services and activities for the Political Subdivision's Election:
1. Identify a 'Designated Election Official' to act as liaison between the Political Subdivision and the County
Clerk.
2. Determine the ballot issues to be voted upon at the Election.
3. Include, within its Ballot Issue Notice (TABOR Notice), ballot titles in this order of preference:
• Citizen Petitions:
i. Notice of Election to Increase Taxes
ii. Notice of Election to Increase Debt
• Referred Measures:
i. Notice of Election to Increase Taxes
ii. Notice of Election to Increase Debt
4. Determine the ballot title and text.
5. Summarize written comments concerning ballot issues following receipt of such comments from the
eligible electors of the Political Subdivision and the public. Such TABOR Notice shall include:
• The ballot title, text, and local election office address and telephone number.
• Fiscal information to be included in the TABOR Notice.
• Written comments concerning ballot issues in accordance with C.R.S. 1 -7- 901(2)
6. Provide the Political Subdivision's completed TABOR Notice to Teak J. Simonton, County Clerk in the
format described in Appendix A.
7. The Political Subdivision shall provide mailing labels for eligible property owners to the County Clerk on or
before September 26, 2006 for the mailing of TABOR Notices. (Appendix B)
8. This submission may not be changed by the Political Subdivision following submission to the County
Clerk without written approval from the County Clerk (such approval may be withheld for any or no
Page 2 of 7
reason), and shall be provided to the County Clerk no later than the 42nd day preceding the Election.
(Appendix B)
9. Exercise all reasonable diligence, care and control in providing these services to the County Clerk.
10. Give assistance and information to the County Clerk on any matter to ensure the smooth and efficient
operation of the Election (such information not to include legal advice).
11. Adhere to all applicable provision of the Colorado Revised Statutes which are necessary or appropriate to
the performance of the above duties.
Costs
The County Clerk shall keep a careful and accurate accounting of all chargeable items to the Political Subdivision
and shall submit to the Political Subdivision, a statement of charges (for costs incurred by the County and not
billed directly to the Political Subdivision by an outside vendor) within forty five (45) work days following the date
of the Election (Appendix B). Costs shall include but are not limited to: election judges and other associated
personnel, ballots and related election forms, printing, election supplies, legal notices paid for the County,
postage, rental charges, technical support, and TABOR Notice printing and mailing.
The County Clerk shall charge each Political Subdivision taking part in the Coordinated Election on a prorated
basis based primarily on the number of ballot issues, active voters, and /or items to be included on the ballot for
each Political Subdivision. In the event that additional costs are incurred, the Political Subdivision promulgating
such costs will be charged accordingly.
The Political Subdivision shall remit all payments due to the County upon receipt of an itemized statement.
Call and Notice
The County Clerk will publish one notice required by 1.5.205 of the Uniform Election Code in the Eagle Valley
Enterprise and the Valley Journal no later than 10 (10) days prior to the Election (Appendix B).
Petitions: Preparation and Verification
The Political Subdivision shall be responsible for the petition process in compliance with applicable Colorado
statutes, ordinances, or charter provisions. This process includes, but is not limited to, providing petitions,
approving the candidate or initiative petitions to be circulated within the Political Subdivision, and receiving the
petitions.
The County Clerk shall be responsible for approving the form of petitions and verifying the eligibility of petition
signatures.
Page 3 of 7
Ballot Certification
The Political Subdivision is responsible for furnishing the text of the ballot to the County Clerk at least 60 days
before the Election in final written form using the format requirements specified in Appendix A. The Political
Subdivision assumes all responsibility and cost for any judicial proceedings regarding whether or not issues
legally belong on the ballot. The list of candidates /questions must be typed exactly as it is to appear on the ballot,
including correct order. For candidates, specify titles of offices, the order of the names to appear for each office
and the order of offices. For issues, specify the ballot title, and the order of the issues. Wording shall be in upper
and lower case except as is dictated by law (e.g., TABOR Amendment). The Political Subdivision has
responsibility to proofread and edit the text of the official ballots before the County Clerk will authorize printing of
the ballots. From the time of receipt of the ballot proof, the Political Subdivision has 24 hours to proofread, correct
if necessary, sign and return the proof to the County Clerk and its failure to disapprove and correct errors within
that time shall constitute an approval of the ballot proof. After final approval of the ballot text the Political
Subdivision assumes all responsibility and cost for any judicial proceedings related to any errors within the text of
their issue or race on the printed ballots.
Preparation of Voter Lists
All lists shall be provided to the Political Subdivision when specifically requested by the Political Subdivision in
writing and in accordance with 1.5.304 of the Uniform Election Code.
TABOR Notice
Each Political Subdivision shall provide an opportunity for all comments concerning ballot issues to be
summarized as required by Article X, Section 20 of the Colorado Constitution. The Designated Election Official
shall transmit the summaries and any other required material to the Coordinated Election Official no later than 42
days before the Election in final written form in accordance with the specifications required in Appendix A.
Submissions not meeting these requirements will be rejected by the County Clerk.
The County Clerk shall be responsible for mailing the notice required by Article X, Section 20(3) (b) in the most
cost effective manner feasible to all Eagle County residents with targeted mailing to active registered voters in zip
codes 81657 and 81658.
The Political Subdivision is responsible for supplying mailing labels to the County Clerk for all eligible electors
residing outside of Eagle County by September 26, 2006 (Appendix B).
Page 4 of 7
The County Clerk shall charge each Political Subdivision for costs relating to the TABOR Notice on a prorated
basis based on the number of ballot issues and /or items to be included in said notice for each Political
Subdivision. In the event that additional costs are incurred, the Political Subdivision promulgating such costs will
be charged accordingly.
Property Owner Lists
(Applies Only to Political Subdivisions Whose Eligible Electors include Property Owners)
The Political Subdivision shall acquire the property ownership list referred to in 1.5.304 C.R.S from the Assessor.
The cost of the list is provided by statute and shall be paid directly to the Assessor by the Political Subdivision.
The Political Subdivision's staff shall be solely responsible for any work required on the Assessor's list and may
contact the County Clerk if access to voter registration records is required.
Street Locator List
Appendix C to this Agreement is a copy of the Street Locator List for the Political Subdivision. It is the
responsibility of the Political Subdivision to review the list and correct any errors. A Statement of Certification,
Appendix D, must be signed by the Designated Election Official for the Political Subdivision and returned to the
County Clerk along with any changes to the Street Locator List, accompanied by the signed Intergovernmental
Agreement 70 days prior to the Election, August 29, 2006 at 4:00 p.m. (Appendix B)
Appointment and Training of Election Judges
All Election Judges shall be appointed and trained by the County Clerk. In the event that additional Judges are
needed, the Political Subdivision may be required to provide one individual to serve in that capacity.
Testing and Tabulation
Processes relating to the tabulation of ballots shall be the responsibility of the County Clerk. An unofficial abstract
of votes will be provided to the Political Subdivision upon completion of the counting of all ballots.
Canvass of Votes
The Canvass of votes will be conducted by the Board of Canvassers appointed by the County Clerk. Such
canvass will be completed no later than seventeen (17) days after the Election (November 24, 2006) and official
results of the canvass will be provided to all Political Subdivisions participating in the Election. Any additional
Certificates of Election which are required by law to be forwarded to another division of government shall be the
responsibility of the Political Subdivision.
Page 5 of 7
Indemnification
The Political Subdivision agrees to indemnify, defend and hold harmless the County, its officers and employees,
from any and all losses, costs, demands or actions, arising out of or related to any actions, errors or omissions of
the Political Subdivision in completing its responsibilities relating to the Election and related tasks.
Cancellation
In the event that the Political Subdivision, after the signing of this Agreement and on or before the day of the
Election, resolves not to hold the Election, notice of such resolution shall be provided to the County Clerk
immediately. The Political Subdivision shall provide notice by publication (as defined in the Code) of the
cancellation of the Election and a copy of the notice shall be posted in the Office of the County Clerk, in the office
of the Designated Election Official (as defined in the Code), in the primary building of the Political Subdivision,
and, if the Political Subdivision is a special district, in the office of the division of local government. The Political
Subdivision shall not cancel the election after the 25th day prior to the Election (Appendix B).
The Political Subdivision shall be responsible for all expenses incurred on their behalf to the date that notice was
received by the County Clerk together with all expenses incurred thereafter which could not be avoided by
reasonable effort. All costs incurred or contracted for by the County Clerk to support the Political Subdivision's
portion of the TABOR Notice shall be reimbursed by the Political Subdivision.
Upon receipt of the invoice the Political Subdivision shall promptly pay the County Clerk the full actual costs of the
activities of the County Clerk relating to the Election incurred both before and after the County Clerk's receipt of
such notice.
Reasonable Care
The County and its employees, agents, representatives, or other persons acting under the direction or control of
the County shall use reasonable care in carrying out their obligations under this Agreement.
Notices
Any and all notices required to be given by this Agreement are deemed to have been received and to be effective:
• three days after they have been mailed by certified mail, return receipt requested to the address as
set forth below;
• immediately upon hand delivery to Teak J. Simonton, County Clerk,; or
Page 6 of 7
° immediately upon receipt of confirmation that e fax was received;
To County Clerk:
To Jurisdiction
Time ismfthe Essence
Teak J. Simonton
Eagle County Clerk and Recorder
500 Broadway
P.O. Box 537
Eagle, CO81831
Town of Avon
PO Box S75
Avmn, CO 81620'0975
PerC.F[S. 1-7-116(2) this Agreement must be signed and returned to Teak J. Simonton, Clerk and Recorder
seventy (70) days prior to the Election, August 29, 2006.
The statutory time requirements of the Uniform Election Coda and the time requirements set by the Secretary of
8bah* in the Rules and Regulations Governing Election Procedures shall apply to the completion of the tasks
required by this Agreement.
In witness whereof, the Parties hereto have executed this Agreement to be effective the day of��
Designated Election Official
Town of Avon
Chairman
Eagle County Board of Commissioners
Teak J.Simonton
Clerk and Recorder
Date
MINUTES OFTHE REGULAR MEETING OF THE AVON TOWN COUNCIL
HELD AUGUST 8, 2006
A regular DlBebOg of the Town of Avon, Colorado was held at the Wi|dhdge Fire Ot@UOn' 2120
Saddle Ridge Loop, Avon, Colorado iD the Council Chambers.
K8@yOr Ron Wolfe called the meeting to order gt5:3O PM. A Rd| call was taken and Council
DleDlbe[S present were Debbie Buckley, Khsti Fe[GanJ, KAaC K8CDevU±' /\nly Phillips, Bh@O Sipes,
and T@0[@ y4O[LiOghgnl Underwood. Also present were TOVvO Attorney John [}unD. Town
K88D8geF Larry BRJOk8. Asst. lFOVvO K8@O@Qer J8Cquie HG|bUrDt, TOvvO Clerk Patty MC|{eOny'
T-Vm/O Engineer Norm VVVOd' Public VVo[kG/T[@Os/t Director Bob Reed and Community
Development C}i[8CtOF7-a0bi KGdeb, HO8nc9 Director Scott Wright, Brian KOZ8h, PO|iC8 Chief'
and Acting Community Development Director Eric H8id80@DO'as well 8S members Of the press
and public.
APPROVAL OF AGENDA & DISCLOSURE OF POTENTIAL OF CONFLICT OF INTEREST
There were no agenda items that would require a disclosure of conflict of interest orenpurte
communication. |t was asked that consent agenda items be discussed separately before action
is taken.
CITIZEN INPUT
The hJUovvOg people spoke in support of the VVhitewater Park in 8VOD: B|8O CaGey, Sh8VvO
G|8CkOD, Fl@Od8U Stone, Jon 8terrett, Mark SChxvartz, Kevin Sloan. Some m]00enta were
made regarding the design of the project by Jason Carey, River ReStUratiOn.OrQ. who has been
vv0rhiOg alongside Norm VVOVd' 7-OVvO Engineer. Mayor Wolfe credited Councilor Sipes with
bringing this vision to the table. Comments were 08d8 regarding the need for an Eagle River
yW@Ste[ P|@D that VVOu/d identify all [eC[e8dOna| opportunities DO the river for all residents and
visitors, in conjunction with identifying how tV preserve the beauty and habitat of the river.
Becky P{@iSer. VVi|d[idge resident, Spoke about the desire or need to have 8 more @tt[@CtiVB
entrance tOVVi|d[idge' with some landscaping and O[8igO8ge. Comments included suggestions
about gathering an interested neighborhood group to support the idea and then the possibility of
partnering with the town to implement the project. Some comments were made about the n3|e
of homeowners @sSOCiati0OS in projects of this kind.
ORDINANCES
Brian Kozak, Police Chief, presented (][diO@DCe NO. 06-14' Second Reading, [)rdiO8OCe
80eOdiOQ Title 9 Of Avon yWUOidpa| Code Relating To POSS8SsiOn Of Liquors By Underage
Person. He noted that the proposed revisions to legislation addresses enforcement issues and
provides Avon with a better-aligned |am/ with State Statutes. K8gyO[ VV0|fe Opened the public
h88riD|. DO comments were made, the hearing was closed. Councilor Buckley moved to
approve [)P1iO8OCe NO. 00'14, Amending Title 9 Of Avon K8UniCip8| Code Relating TO
Possession Of Liquors By Underage P8[SVO. COUDCi|OF Sipes seconded the motion and it
passed unanimously.
John [}unD. Town Attorney' presented DPdiO8OCe No. 08-15, 88[ieS Of 2006, First Re8diDg,
Ordinance Amending Ch@pter8.32.Tit|8 8, AVOO Municipal Code, Relating To The Protection Of
Wildlife And Providing Penalties For The Violation Hereof. He noted that the revision to the
o[diD8DCB VvOU|d eliminate the Vv8[Oing pFOCedU[8 and related Cit@UOD for @ first ViO|8bOn.
[)iSCUGSiOD 8DSUed about the need to bring this topic to G countywide discussion, the need 1O
get the trash vendors involved so that appropriate COOt8iDe[S could be offered to homeowners,
and identify appropriate educational efforts for new Q'existing residents and businesses. Some
discussion ensued On the 8nOOu[t of the fine. Mayor Wolfe offered to contact the County
COnDnniBaioDerS to ask for their participation. Mayor Underwood moved to approve Ordinance
NV. 06-15' Series Of 2006, First Reading, Ordinance Amending Chapter 8.32,-[k|8 8, AVOD
K8UOiCip@| C0de, Relating T0 The Protection Of Wildlife And Providing Penalties For The
Violation Hereof with @ first viO|EdiOO fine to be set between $1 and $250. Councilor Buckley
seconded the motion and it passed unanimously.
RESOLUTIONS
hjOrD VVO0d, TOVVO Engineer, presented Resolution NO. 08-34. Series of 2006, ReSO|ikiOn to
Amend the 2000 Town of Avon Capital Projects FundBudget,[heDeeds0fEmsenlentsGndthe
construction contract to Ted Seipe( Construction. He noted that the r88V|udOD provides for
revisions to the C|P budget for the Eagle River Recreation Enhancement Project and related
Fl|CDVV@ter Rights 8CqUiSi[iOO; he reviewed the budget PeViSiOOS in detail noting the inCr8888S
to expenditures. He also reviewed the bid pFOCegG that was conducted for the CUnStrUCtiOD of
the Eagle River Recreation Enhancement Project, noting that only one bid was received. He
explained what had transpired since then with both parties meeting to try to reconcile some of
the work and costs. It was noted the bid was non-conforming to the contract bid documents and
far exceeded the engineer's estimate. At this time, Ted 8eipB|, OxvD8r of the company, spoke
about his Conlp@Oy and Doted that he was ready to proceed with the project and that the
timeline was very tight. JGSOO Carey' RiverreStO[8bon.0rg, CO[Dnn8Oted on the project and noted
that construction costs are only slated tO increase next year. Several questions were asked
about the following topics: 1) comments about the project from the Division Vf Wildlife, 2>access
to the project, 3) terms Of easements, 4\ the red house e8S80BOt. and 5\ contents Of an
operating agreement with VR|. Discussion ensued 8t length OD these topics. Councilor Ferraro
DlOVed to approve ReSO|UUOD N0. 06-34' Resolution to Amend the 2006 T0vvD of Avon Capita/
Projects Fund Budget. Councilor Sipes seconded the DlOtiOD and it p@SS8d UO8ninnVUSly.
credited Norm Wood with high accolades and responsible for the success of the project thuSf@[
Gerry Flynn, Polar Star Properties, Jack Gardner, Hogan & H8rtaon, and Bryon Farnsworth,
Sherman & Hovv8nd' presented Resolution NO. 08'35, Series Of 2006. R8so|UUOD approving the
Issuance by Eaglebend Affordable Housing Corporation of Multifamily Housing Project Revenue
Refunding Bonds, Series 2008. in an Aggregate Principal Amount not tVexceed $18'655.000;
Authorizing an Amended and Restated Project Agreement; 8DdAuthOrizing Incidental Action.
KA[ Flynn noted that the E80|8bend/\fhJndgb|e Housing Corporation is pursuing GD advance
refunding Of its Series 1987 Bonds that are callable iD July 2OO7. |t was noted that the Town of
Avon was asked to formally approve the financing by adopting the nseo|UtiOD approving the
iSSuGOCe of the 2OOO bonds and reconfirming the terms Ofthe existing Project AgnBerDent.VVhiCh
was amended to incorporate the series 2000 bonds. The Town is not exposed to any debt
obligations with this refunding. l]iSCUSSiOO eOSU8d OO the dOCU[DeOts, which included the
neSO|UbOO' the indenture document, and the Second and Amended Restated Project
/\gr8eDleOt' specifically the cODdidOO of the project related to when title is U@OSf8rned to the
Town and arrangement with property management company upon transfer of title. Councilor
Fe[[8[O moved to approve ReSV|Uti0O NO. 06-35. Series of 2006, R8So|UUOn approving the
Issuance by Eaglebend Affordable Housing Corporation of Multifamily Housing Project ReVHOU8
Refunding Bonds, Series 2006. in an Aggregate Principal Amount not to exceed $18.655.000�
Authorizing an Amended and Restated Project Agreement; 8nd Authorizing Incidental Action.
Councilor McDevitt seconded the motion and it passed unanimously. Discussion ensued about
Avon's wildlife ordinance and what the property has done to implement the bear ordinance
FeqUiFeD1eOtS, bear resistant tr2Shc8OS. etc. All agreed the management company Sh0U|d
become part Vf the countywide discussion.
Regular Council Meeting Page 2ufn
August a.20n
Town Manager Report
Larry BrOOhs, TOvvO Manager, referenced COmmUDhv Development [)ireCtOrT80bi K8[ieb'S
letter Ofresignation. The Council thanked him for his cO0Dli[0eOt tO the Town and expressed
appreciation for his work.
CONSENT AGENDA
Mayor Wolfe asked for @ motion OD the Consent Agenda be|OVV some c000enh5 were made
regarding the transit center design [O include options for the SO0xxDle|tsystem. Mayor Pro Tern
Underwood moved t0 adopt the consent agenda; Councilor Sipes seconded the motion and
each item it passed unanimously.
a. Minutes from July 11.2OOOMeeting
b. Eagle River Recreation Enhancement Project -AVV8rd Construction Contract to Ted
Geipe| COOSt[U[tioO' Inc.
o. Deed of Easement and Easement Agreements to Eagle River Recreation
Enhancements Project
d. Site Resource K8mnegenlont. Inc. Change Order No. 2
e. 2006 Street Improvements Elam Construction, Inc. Change Order No. 2
f. Design Workshop — Additional Design Services for Avon Transportation Center
There being DO further business 10 CO0e before the Council, the regular meeting adjourned at
RESPECTFULLY SUBMITTED:
Patty McKenny, Town Clerk
APPROVED:
Debbie Buckley
KhStiFerrarO
K08C McDevitt
Amy Phillips
Brian Sipes
T8Dl[8 Underwood
Ron Wolfe
Regular Council Meeting
August 8, 2006
Page aofa
I J�
To:
Honorable Mayor and Town Council
Thru:
Larry Brooks, Town Manager
From:
Patty McKenny, Town Clerk
Date:
August 17, 2006
Re:
Eagle Valley Temps Sales Agreement
Summary: Attached is an agreement from Eagle Valley Temp Agency for temporary employee
services for the front desk receptionist position for the month of September.
Hug, I d , i U U O p : D D hlyl Ch`jL'_ V h L L : T I L I V I F 0 I V V , V U I L
Eagle Valley Temps Sales Contract
This agreement is made this day, Friday, August 18, 2006 by and between FYS Services Inc. DBA Eagle
Valley Temps, (hereinafter "Eagle Valley Temps") and Town of Avon (hereinafter "Customer") whose
address is, PO Box 975, Avon, CO 81620, This contract replaces all previous contracts. Eagle Valley
Temps and Customer acknowledge and agree as follows:
1. Ackrigwledamenjg: Eagle Valley Temps herein agrees to provide personnel and/or laborers who are
employed by Eagle Valley Temps (hereinafter "worker(s)") to Customer pursuant to the terms and
conditions of this agreement. This sales contract is made in reliance upon Customer agreeing to
provide all equipment necessary for full and adequate performance of the duties required to be
performed by the workers of Eagle Valley Temps in completion of job described herein (hereinafter the
"job"). Further, Customer agrees and c ' ovenants to provide a safe and secure work place and work
conditions and agrees to provide to worker(s) any and all necessary safety equipment Including but
not limited to hard-hats or other working apparel that may be necessary for the safety of said
worker(s) and the safe performance of the job, Further, Customer promises to comply with all
workplace safety laws and regulations (OSHA, etc.), and Eagle Valley Temps relies upon Customer's
promise,
2. Rates /Services:
I. Clerical: Eagle Valley Temps agrees to provide workers for the purpose of performing the job
identified as follows:
Clerical/office work including driving a town vehicle to and from the Avon Post Office. Rates
will he quoted on a "job to job" basis.
H. Labor: Eagle Valley Temps agrees to provide workers for the purpose of performing the jobs
identified as follows:
General unskilled construction labor, landscape labor, maintenance, snow shoveling, furniture
moving or housekeeping. Skilled labor to be quoted on a "job to job" basis.
Eagle Valley Temps does not agree to provide workers to do roof work, to use ladders, to
operate dangerous machinery (i.e., any electric or gasoline powered tools and machinery), or to
operate Customer's vehicles or their own vehicles while on the job. Customer agrees to indemnify
and hold harmless Eagle Valley Temps for any damages suffered by Eagle Valley Temps as a result
of Customer directing workers to do roof work, to operate dangerous machinery (i.e., any electric
or gasoline powered tools and machinery), or to operate Customer's vehicles or their own vehicles
while on the job. Such damages could include, without implying any limitation, increased
insurance premiums, medical bills, wage losses and other indemnification payments made to
workers or to third patties.
Hourly Rate*; Regular/Overtime S_1Z00 /$25.50
III. *Rates are charged per employee, and are subject to change based upon availability, fluctuations
in Worker's Compensation premiums, income tax rates, market conditions, demand, and etc.
IV. Overtime hours shall accrue in excess of 40 (forty) hours in a weekly, Monday through Sunday pay
cycle. Minimum Assignment for all workers: Six (6) hours per worker/per day.
V. Customer agrees to pay the described rate above within thirty (30) days of receipt of an invoice
from Eagle Valley Temps for services provided pursuant hereto. These rates are stated in U,S,
dollars.
Initial —
Page 1 of 3
nu8. |v. zvvv r.1)onm LnvLL ,rILLI-/ /Lm/o nv. vv/L
VL Customer acknowledges that Worker's Compensation rates fluctuate with the job requested to be
performed by Customer and In the event the job description changes the rates charged by Eagle
Valley Temps may change correspondingly. Customer acknowledges that they are —`der m
continuing obligation to report any such changes promptly and accurately to Eagle Valley Temps.
I Customer agrees and acknowledges thmtthis contract is binding upon both parties may be inclusive of one or more dates nf service, #r one or more ] ohs. Customer agrees t�
be
bound by the terms and conditions herein stated as a continuing obligation of Customer without the
necessity of executing an individual contract for each and every job mrproject,
4. Taxes and Assessmen ; All fees and prices paid by Customer shall include all required taxes if
applicable. Eagle Valley Temps shall be responsible for payment of any and all taxes that may arise
out of this contract and hereby releases Customer from payment ofsame,
S. Comparable Services; In the event any worker(s) are unable to perform adequately or are unable to
perform for the entire period of time required by Customer, Eagle Valley Temps agrees to provide
substitute worker(s) of comparable skill and knowledge which worker(s) shall be subject to the terms
and conditions of this contract. The parties recognize and acknowledge That Eagle Valley Temps will
use all reasonable efforts to perform the terms of this agreement subject to the availability of workers
and weather conditions. The parties recognize and acknowledge that labor shortages and/or poor
weather, and/or other conditions may at any time prevent Eagle Valley Temps from supplying
Customer with workers,
6. Customer agrees to provide all equipment necessary for performance of the job and
acknowledges that Eagle Valley Temps shall not be required to ' equipment ^
of this contract.
7. : Eagle Valley Temps shall provide workers' compensation and liability insurance. Copies of
proof of insurance will be provided to Customer upon Customer's request.
Customer shall be subject to interest on all past due accounts at an annual rate of 2411/o/2%
g. Balances left unpaid in excess of60 (sixty) days from date of invoice shall baforwarded tom
collection service for processing and assessed an additional $50.00 fee.
10. In the event ofa default under this agreement Customer shall bm liable for ' costs and
attorneys collection of any amounts due hereunder. These amounts are h\ addition to
the $50.00 late fee discussed above.
11. Written Aareement; This contract is intended to be executed in writing by the parties and is
acknowledged as containing all the terms and conditions of the service agreement and is to be
governed by Colorado Law in the event of a breach or dispute of said agreement, This contract shall
be modified only by express agreement of the parties. This contract supersedes any prior contracts
between the parties.
12. Customer agrees to execute or sign time sheets detailing the
work performed by Eagle Valley Temps at the end of the job or upon cessation of work k�. [
noon on Monday), which ever occurs first, Further, ' Customer acknowledges that the C---" `-'
tonnnnan or any other designated agent may execute said time sheets on behalf of Customer and said
signature shall be binding upon Customer. �n�r. Customer shall have an authorized agent or foreman present wnthe job for such signature.
In|t|a|___.
Page 2of3
tiUg, 1 0 , z v v o J: � 0 h1vi L M Q L L V M L L Li I LIVII J - VV I L
13, Invoice corrections: Customer agrees to review Eagle Valley Temps' invoices promptly and
to report discrepancies within three (3) days of the invoice date. Charges left undisputed
after this period will stand. If Customer fails to dispute an Invoice within three (3) days, Customer
irrevocably waives Customer's right to dispute the invoice,
14, Finder's Fee: The parties acknowledge that Eagle Valley Temps is also an employment placement
service and Customer agrees that in the event Customer hires the employee of Eagle Valley Temps,
which employee was placed with Customer for temporary services by Eagle Valley Temps, Customer
will remit a finder's fee to Eagle Valley Temps within thirty days of said hiring, in the amount of
$1000.00, and with a hiring date that falls prior to nine (9) months from start date of assignment,
15. Perso 13 n e 11
74aLGu,arqQJ?,.e: An Agent, Officer, Director, Owner, Shareholder of Customer
,3 ra n security rit for payment y
ra a n 0 rovi�e a L as
�� u
(hereinafter H uaran a rovide a n ee as security for payment due under
�i
this agreement and said person s erso and liable for payment of this contract to
person
E V I T u
Eagle Valley Tern event of default by Customer. Defau s such time as the
es t irty 0 past tor acknowledges L s
le t t t 5
accoun es thirty (30) days past due. Guarantor ackowledges that this is a continuing
guarantee.
16. Business Disclosure: FYS Services Inc,, DBA Eagle Valley Temps is a duly organized Colorado
corporation authorized to do business in Colorado and operates under Federal Taxpayer identification
number 84 1455765, Customer represents that Customer is not knowingly subject to existing Ilens
and/or legal proceedings and agrees to advise Eagle Valley Temps in the event Customer obtains
knowledge of threatened or actual liens or legal proceedings which liens or legal proceedings may
effect the rights and obligations of the parties hereunder
17. Facsimile Signature: This contract may be transmitted by facsimile transmission. All parties agree that
their original signature on the transmitted document shall be binding as if they were original
signatures.
Customer further represents that it is organized as follows:
and its Federal Tax 1,D. No. or Social Security No. Is
IN WITNESS HEREOF Eagle Valley Temps and Town of Avon, acknowledge that the person executing
this 3 page agreement is authorized to enter into this agreement and make same binding upon the
parties and have caused this agreement to be executed and their respective names to be subscribed
hereunto this day, Friday, August 18, 2006.
FYS Services Inc. DBA Eagle Valley Temps
r Customer Name (Typed/Printed neatly)
by 1
by
Caroline Leonardo, President Title
Guarantor: X
Print Name:
Address:
Page 3 of 3
1' I L:4
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
From: Eric Heidemann, Acting Community Development Director
Date: August 17, 2006
Re: Design Workshop Add Service Contract for East Town Center
Summary: Attached to this memo is an add service contact proposal by Design
Workshops, Inc. for Phases III, IV, and V. These additional phases include the continued
creation of a concept master plan, including a market investigation report, and culminating
into a final district plan. The proposed fee for these services is $120,000.00 plus reimbursable
expenses such as telephone calls, meals, lodging and travel at actual cost plus 15% (capped at
10% of total project cost).
Staff recommends approval of the Design Workshop, Inc. Add Service Proposal dated August
16, 2006, for the East Town Center in an amount not to exceed $120,000.00 plus reimbursable
expenses. The expectation of staff and the Town Manager is that the costs spent on the
Charette are reimbursed by the key property stakeholders as a commitment to their investment
in this public /private planning effort.
Town Manager Comments: ,
Attachments:
Exhibit A: Design Workshop, Inc. Add Service Proposal for the East Town Center project.
August 16, 2006
Tambi Katieb
Community Development
Town of Avon
400 Benchmark Road
Box 975
Avon, CO 81620
Additional Services for: Avon Town Center East
Add Service Number: 1
Dear Tambi:
This letter is a request for approval to complete Additional Services associated with the
East Town Center Charrette. Based on our conversations on August 15, we understand
that the following services will be required.
PHASE III: CONTINUED CREATION OF CONCEPT MASTER PLAN
Building on the information discovered in the current contract, the Design Workshop
team will continue the process of creating a vision and conceptual master plan for East
Town Center. This phase will include a market investigation and conceptual physical
plan for the East Town Center.
Task 3.1 Project Check In
The Design Workshop team will conduct a Project Check In with Town Council,
Planning Commission, Staff, and the community development committee to discuss the
methodology of the market investigation and the process for the upcoming charrette.
Task 3.2 Market Investigation
Design Workshop will draw upon their work on the West Town Center to interpret the
analysis in terms of the East Town Center. The Town Center West Market
Investigation will form the point of departure for understanding the conditions
affecting East Town Center. The Market Investigation for East Town Center will
include updating and supplementing the data previously collected for the Town Center
West project. Analysis and recommendations specific to the East Town Center will be
generated. Specific recommendations to be made will include the optimal critical
mass, the amount of supportable retail, types of tenants and overall desired mix of uses
(retail, commercial, residential and civic). Integration with the existing uses in East
C:ADocuments and SettingsUatieb\Local Settings \Temporary Internet idles \OLK2 \060816 - add service
agreement.doc
Town Center and with the planned Town Center West project will be a primary
consideration in formulating recommendations.
Specific tasks to be conducted for the Market Investigation include:
1. Demographic Analysis — supplementation of demographic analysis prepared
for Town Center West as necessary.
2. Existing Retail Conditions — analysis of the existing retail mix in East Town
Center, as well as understanding of planned projects. Elements to be
analyzed include tenant types, store sizes, circulation and parking, user
characteristics, lease rates and vacancy rates.
3. Competitive Analysis — the competitive analysis prepared for the Town
Center West Market Investigation will prove directly applicable to the East
Town Center project, and their significance relative to this project will be
analyzed. Town Center West will be added as a competitive area, and the
interrelationships between these two districts will be analyzed in order to
better understand competitive advantages and disadvantages and to identify
synergistic opportunities between the two.
4. Comparable Analysis — three comparable retail areas will be research based
on the findings of the demographic analysis, existing retail conditions and
competitive analysis. Identification of these areas will be determined with
input from Town staff based on Design Workshop recommendations.
5. Supportable Retail Demand Analysis — an analysis of the amount of
supportable retail will be conducted. This analysis will utilize the same
methodology used for the Town Center West Market Investigation but will
be tailored to the specific conditions of East Town Center.
6. Retail Focus — research will be conducted into retail focus alternatives for
East Town Center that will help to best establish a competitive advantage
relative to the other retail districts in Town and in the region. The
recommended retail focus will be expanded to include recommendations
with regard to tenant types, store sizes, amenities, programming and optimal
critical mass.
7. Use Mix — recommendations will be made with respect to other uses for
East Town Center based on the retail analysis. Residential, commercial
(non- retail specific), civic and open space uses will be quantified based on
physical and market conditions.
Task 3.3 Project Check In
The Design Workshop team will conduct a Project Check In with Town Council,
Planning Commission, Staff and the community development committee to discuss the
information gathered, lessons learned and outcomes of the market investigation during
2
this phase. In addition, the Town Council, Planning Commission and the community
development committee will be required to select a preferred alternative based on the
concept plans prepared during the charrette. Community and key stakeholder
comments from the charrette, open house, and web site will be provided at this
meeting. Findings from the Market Investigation will be incorporated into the
selection process for the preferred alternative.
Task 3.4 Refining the Preferred Alternative
The Design Workshop team will further refine the preferred alternative selected in the
previous task. We will develop a refined, but schematic, integrated plan for all
components of the East Town Center Plan, including:
• A strong market focus;
• Integrated and balanced multi -model system (pedestrian, vehicular,
bicycle, and transit riders);
• Improved circulation and access for all user types including north,
south, east and west circulation patterns (clear turning lanes; controlled
access; enhanced pedestrian, transit, and bicycle facilities; appropriate
sight distance triangle; and overall safety);
• Streetscape enhancement that is authentic to Avon and complimentary
to the West Town Center plans;
• Gateway and identity characteristics that serve as a transition from I -70
to the East Town Center; -
• Wayfinding and signage
• Infrastructure improvements as necessary;
• Conceptualized redevelopment opportunities and land uses; and
• 3 -D Model of East Town Center and West Town Center showing
conceptual massing and building orientation, estimated shade /shadow
studies, and key view corridors:
Task 3.5 Project Check In
The Design Workshop team will conduct a Project Check In with Town Council,
Planning Commission, Staff and the community development committee to discuss the
next steps and to discuss areas of concern by all parties. Specifically, we propose to
discuss the Refined Preferred Concept.
Task 3.6 Open House
After refining the preferred concept, the Design Workshop team will present the plans
to the public again for the second open house. The purpose of this meeting will be to
show interested citizens and stakeholders the plan for the area, field questions, and take
comments. The format for the meeting will be an open house with high - quality
presentation materials depicting the plan.
Phase III Deliverables:
Project Management
Market Investigation Report Draft
Market Investigation Report Final
Presentation materials for the open house and project check -ins
Project Check Ins (up to 3)
Open House (1 open house)
PHASE IV: DRAFT DISTRICT PLAN
At the conclusion of Phase III, the Design Workshop team will have a clear
understanding of the issues, concerns, and needs of the study area. Our conceptual
plans will help support this notion along with the extensive comment that we will have
received from citizens, key interest groups, community development committee, Town
Staff and Town Council. All of this will become the foundation for the Draft District
Plan, which is the goal of Phase IV.
Task 4.1 Preliminary Cost Estimating
Based on feedback gathered during previous tasks, the Design Workshop team will
work directly with the staff to develop a preliminary cost estimate.
Task 4.2 Financial Analysis
A financial analysis will be performed in order to assess the financial feasibility of the
development with respect to both private sector development potential and public
sector revenue streams.
1. - Development Revenue Analysis a conceptual pro forma will be prepared
for each infill parcel to determine financial feasibility of redevelopment
based on recommended development program. Research will be conducted
into development costs and anticipated revenues (much of this information
has been previously generated for the Town Center West financial analysis).
Cross sections will be developed to understand the spatial implications of
the redevelopment as well as to establish building program takeoffs for use
in the development revenue analysis. Supportable mitigation levels for the
redevelopment projects will be derived based on the financial feasibility in
order to understand the potential for private projects to contribute directly to
the public improvements including housing, open space, street
improvements and parking.
2. Public Revenue Streams — an analysis of,projected public revenues resulting
from redevelopment will be generated and compared to the costs of public
improvements. This analysis will help to gauge the ability to recapture
initial public expenditures through increased tax base, etc., and will help to
quantify the need, if any, for additional funds.
Task 4.3 Project Check In
The Design Workshop team will conduct a Project Check In with Town Council,
Planning Commission, Staff, and the community development committee to discuss the
results of the financial analysis.
Task 4.4 Draft District Plan
The purpose of the Draft District Plan is to bring the physical design, market
investigation, financial analysis all together into a plan that will act as a district plan
and provide direction for both public and private development in the Town Center
East. The reality of a public /private partnership will be expressed.
The format for this will be an 8 1/2 "X11" document that town staff can use when
conducting and reviewing development in the East Town Center.
Task 4.5 Public Hearings
The Design Workshop team will facilitate public hearings with Town Council,
Planning Commission, Staff, and the community development committee to discuss the
Draft District Plan.
Phase IV Deliverables:
Project Management
Schematic Cost Estimate and Phasing Plan
Financial Analysis
Draft District Plan (1 draft)
Project Check Ins (1 check in)
Public Hearings (up to 3)
PHASE V: FINAL DISTRICT PLAN
The purpose of Phase IV is to conduct the final set of edits to the Draft District Plan.
In addition, DW will help take the plan through the adoption process by the Planning
and Zoning Commission and Town Council.
Task 5.1 Final District Plan
The purpose of this task is to make changes to the draft district plan according to
feedback in Phase IV. The format for the final plan will be the same as the draft
district plan.
Task 5.2 Final Adoption Hearings
The Design Workshop team will attend up to three hearings with the Planning and
Zoning Commission and the Town Council for final adoption.
Phase V Deliverables:
Project Management
Final District Plan (20 final copies, 1 CD with all final documents)
Adoption Hearings (up to three)
By signing this letter, you are authorizing Design Workshop, Inc. to commence
services immediately for a fee of $120,000. This fee does not include reimbursable
expenses (printing, photography, and travel) which will be billed at cost plus 15% for
handling.
The contract conditions of existing Agreement dated June 8, 2006 shall be binding on
these additional services unless modified herein. The following is a summary of the
fees associated with this effort.
Original Contract Amount:
$44,500
Additional Services Amount:
$120,000
Total New Contract Amount:
$164,500
Additional days added to schedule:
6 months
Please call me at 970 7948-6281 if you have any- questions regarding this request for
additional services.
Sincerely,
DESIGN WORKSHOP, INC.
Don Ensign
Principal
APPROVED BY CLIENT:
F&IM
un
Title:
Date:
TOWN OF "ON, COLORADO
REGULAR COUNCIL MEETING FOR TUESDAY, AUGUST 22, 2006
AVON MUNICIPAL BUILDING, 400BENCHMARK ROAD
PRESIDING OOFICIALS
MAYOR RON WOLFE
MAYOR PRO TsM TAMR4NoTTmgnAM UwoEnW000
Coumo|uznB DEBBIE BuoxLEY
KnmnFsRn4mo
MAC McDEmn
Amy PHILLIPS
BmAmS|pEg
TOWN STAFF
TOWN ATTORNEY: JOHN Oumm TOWN CLERK: PATTvK8cKEwwv
TOWN MANAGER: LARRY BROOKS ASSISTANT TOWN MANAGER: JACQUIEHALBURNT
THIS MEETING |S OPEN TO THE PUBLIC; COMMENTS FROM THE PUBLIC ARE WELCOME
ESTIMATED TIMES ARE SHOWN FOR INFORMATIONAL PURPOSES ONLY, SUBJECT TO CHANGE WITHOUT NOTICE
PLEASE VIEW AVON'S WEBSITE, HTTP://WWW.AVON.ORG, FOR MEETING AGENDAS AND COUNCIL MEETING MATERIALS
AGENDAS ARE POSTED AT AVON MUNICIPAL BUILDING AND RECREATION CENTER, ALPINE BANK, AND CITY MARKET
THE AVON TOWN COUNCIL MEETS ON THE SECOND AND FOURTH TUESDAYS OF EVERY MONTH
WORK SESSION AGENDA
MEETING BEGINS AT12:45F»A0
12:45 PRH-1:00PK8 1' EXECUTIVE SESSION (John Dunn, Town pursuant to CRS 24-6-402(f)
regarding personnel matters
1:00 P0— 1:30 PM 2. APPROVAL OF WORK SESSION AGENDA && COUNCIL ASSIGNMENT UPDATES
@. CoDlrnUDit« Organizations — Request for Funding Process (Ron Wolfe,
Mayor) Review & discussion of funding award process
b. Di8CuSSiOO OO Budget Retreat Dates (Ron Wolfe, Mayor) Review of new
dates for budget retreat
1:30'PM-3:00 PM 3' AVON TOWN CENTER WEST PROJECT (Dee Wiser with Sherman & Howard, David
Bell with 8Ufe[ Nikolaus & Company. Stan Bernstein and Stephen Spears with
Design Workshop) Discussion regarding the concepts of tax increment financing, the
characteristics of redevelopment districts and the process involved in creating such
districts. Review of Stan Bernstein & Associates financial model of the Town Center
West Mail project. Closing comments on what steps are next
3:00 P0|-4:0OPK0 4^ AVON TOWN CENTER EAST DISTRICT PLAN (Eric Heidemann. Acting Director
Community Development, Design Workshop Representatives) Review of the
preliminary concepts from the Design Charnetto that took place the week of July 17
and discussion relative tn the next steps
4:00 PQ0-5:00 PM 5' CAPITAL IMPROVEMENT PROJECTS FIVE YEAR PLAN (Norm Wood, Town
Engineer) 2007 Capital Projects Fund Five-Year Plan - Preliminary Onaft/ Proposed
Project Schedule with Corresponding Revenues and Expenses"
5:00 P88-5:15 PM 6' EAGLE COUNTY SCHOOL DISTRICT UPDATE (Karen Stnakbain. Business Manager)
Brief update of school district happenings
7. STAFF UPDATE
8. Financial Matters / Memo only
5:15 PM 8. ADJOURNMENT
Avon Council ���.06.08.22
Page of
To: Honorable Mayor and Town Council
Thnm: Larry Brooks, Town Manager
JacqukmHa{bwmmt, AsstTmmmnN|amager
From: Patty [WcKenny,Town Clerk
Date: August 17, 2006
Re Community Organizations
Summary: With the published advertisement in the \/gi| [>gi|y inviting organizations to eubnnk
request for funding applications, the Town has responded to twenty-five interested parties. It was
suggested that the Council might want to discuss implementing a different process than what has
been used in the past, whereby each organization addressed the Town Council ata work session.
Background:
The /\VOO -lOvvn Council has supported v@hOU8 non-profit organizations over the years based On its
financial ability to fund the requests. In 2004, due to /\VOn'S budget constraints, the TOvvO did not
disperse its annual letter that asked OFg@Diz@tiOOS t0 submit funding requests. Last year Council
decided t0 8||0m groups who were interested in requesting funds t0 submit an Gpp|iC@UOn and make
a presentation to Council for their request. There were ten groups last year that addressed Council
ato work session; the bnnefuarne for doing that was over three hours. This year it was agreed torun
an advertisement inviting Oq]@Oiz8tiOOs tV submit @O @pp|iC6diOO.
Discussion:
With twice as many potential applications being submitted, staff thought that Council might want to
review the process for determining awards. We could proceed in the same manner 8a last year with
each group attending the work session; that may take about 5 hours (at10 minutes each) if all 25
groups submit an application. Or Council COU|d COntBDlp|@tB creating @ subcommittee to review the
@pp|ioEdiODS and then decide Upon a short-list of groups who would present at the vvOrh session. Or
the presentations COU|d be eliminated altogether and Council could just review all the Gpp|iC@UODS.
Council may want to review as well the jUStifiCGbODS for 08hiDg the 2vv8rdS. P|e8S8 note the
application guidelines are attached. In the past COUDCi|'S have been ph[D@h|y interested in
eV@|U8dng the applications based OD the group's ability to prove how the O[g3OizG[ioO benefits the
Avon community directly and what marketing effect the event or project haghadfortheTovvn. Using
other Chteh@ may be considered, such as does the group support the TOVvO'S 0iSSiVO st8te0eOt, or
will the contribution to the group affect Avon's fUtU[8 hB8|[h. etc. In visiting with other jurisdictions,
some implement @ more structured pn3CeSS and have specific Chteha, such GS Vail, while others do
not provide for a structured pn}Cegs' such as Eagle County. | @0 hoping to hear b8Ch from
Breckenridge with some specifics before Tuesday as the C0Ot8Ct pe[GOD is out of the office UOd|
&1OOd8y.
Also provided in the past was some information from the CO|O[8dD Municipal League's "Gift-giving
C>otiOOS" Handbook, a book that provides iDh}n0@tiOD about types Of funding relationships between
OOUOiCipa|iUeS and outside agencies, non-profits, and community organizations. The handbook
notes that this type Of |OC8| gDVeDl0gDt participation V8heS in Co}nr@do, often based on the
philosophy of the standing council members and whether or not there are available diSC[ebOD8ry
funds. Proposed criteria outlined in the book included the following:
• DeSiRe — iS[heFe 8 desire 3[DOOg elected officials to propose such 8 pn}gngnl
• Need —is there need for such a pnJgn3[n in your community
/ Budget— does your municipality have the funds tO give?
/
Staff Time —iS there @ need for staff to participate in the program
✓ Program Type — what type of a program is it, informal program with no oversight, formal
program with dedicated funding sources and board oversight
✓ Recipients — what type of organizations or activities will the program provide funds
In any event, it seemed a good opportunity to just confirm or revise the process for Avon.
Applications are due back to the Town Clerk on August 25th and the September 12th work session
has been earmarked as the date to review the applications.
Financial Implications:
The budget includes a Financial Support, Donations & Contributions line item in the Public Relations
& Marketing section of the document. This budget has varied over the past five years depending
upon the amount of requests made.
Town Manager Comments:
� J
I
Memo Funding Requests 06
Page 2 of 2
HEART of the VALLEY
TOWN OF AVON
APPLICATION GUIDELINES FOR COMMUNITY ORGANIZATIONS
REQUEST FOR 2007 FUNDING
Town of Avon
PO Box 975
Avon, CO 81620
970-748-4000
Fax 970-949-9139
Please include the following information in your request to the Town of Avon for funding of your
organization. The deadline for receipt of this application is Friday, August 25, 2006.
Return the application to: Patty McKenny, Town Clerk / TOWN OF AVON / P.O. Box 975 / Avon, CO
81620
APPLICATION INFORMATION
1. Name of organization.
2. Mailing address.
3. Contact person and telephone number.
4. Purpose of the organization or event.
5. Amount requested from the Town of Avon.
& Amount requested and/or provided from other agencies, organizations, companies (i.e.
other funding committed).
7. Explanation of the need for funds:
a. Description of the event or organization.
b. How the event or organization benefits the Avon community.
Please provide some details with regard to this topic.
c. Anticipated budget for the organization or event.
d. If applicable, what marketing effect the event or project has for the Town of Avon.
e. The Town may request a progress report on the event or organization prior to its
implementation and final report once the event is completed.
8. Include a description of any "in-kind" contributions that the Town of Avon provides to
your organization, including but not limited to: land, buildings, and their facilities and/or
services.
Please use separate /additional sheets of paper if necessary.
Please number each item on those sheets to correspond to the application
guidelines.
i
If you are a tax-exempt organization, please include a copy of the determination letter from the Internal
Revenue Service recognizing your tax-exempt status under IRS 501(c)(3).
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
From: Scott Wright, Finance Director
Date: August 17, 2006
Re: Urban Renewal Authority Presentation
Summary: On Tuesday, several financial advisors of the Town will be in attendance to
present and discuss various aspects of the Town Center West project. Dee Wisor, the Town's
bond counsel from Sherman and Howard will present an overview of tax increment financing
and the concepts of redevelopment districts, specifically urban renewal authorities. David Bell
from Stifel, Nicolaus & Company, the Town's bond underwriters, will present his views on
the Town's ability to finance the Town Center West project through tax increment financing.
Stan Bernstein will review with Council the financial model that incorporates these tax
increment financing concepts. Finally, representatives from Design Workshop will be in
attendance to add any additional comments and to answer any questions regarding the project.
Discussion: Town staff has had several meetings to discuss the potential funding
options for the Town Center West project. The concept of establishing an urban renewal
authority seems to be the most palatable option at this time. In addition, the creation of an
URA would also afford the Town the ability to possibly utilize tax increment financing in
other areas of Town considered for redevelopment.
The estimated cost of creating an urban renewal authority, the first urban renewal plan,
including the blight study and financing plan is from $90,000 to $120,000. The unknowns
that could affect those costs are the number of meetings that may be involved in developing
the plan due to the desire to include the community or to address possible opposition and how
much the staff could help with engineering, financial planning, etc.
Attached is a possible timeline for creating an urban renewal authority and approving an urban
renewal plan for the Town Center West area. If Council agrees with the urban renewal
concept and timeline, staff is prepared to move forward expeditiously to begin this process.
..-
Town Manager Comments:
Attachments:
Tax Increment Financing Information Sheet
Possible Timeline for creation of the Avon Urban Renewal Authority
Stan Bernstein & Associates Cover Memo and Financial Analysis of Town Center West
project
• Page 2
Tax Increment Financing
Information Sheet
1. What is Tax Increment Financing?
Tax increment financing iSa tool utilized bv municipalities 03 finance public improvements iO
identified areas Of need, known 8S redevelopment districts. Tax increment financing can b8
implemented through a down town development authority (DIDA) or an urban renewal authority
(URA). /\ URA O[DDA can provide public amenities that encourage and facilitate
corresponding new development. For example, 8D authority might use funds generated from 8
new development tO build StF8BtSC8pe or iDlp[OV8 ci[CU|8iiOD that helps make the new
development possible. Another possibility iS that if8 property iStObe redeveloped, the
authority might work with the developer to provide some public amenities such as a plaza or
pedestrian mall. AO authority can also provide assistance to existing property owners who
might VV8Di to rehabilitate or expand their property. An 8x@Dlp|9 of this type of assistance might
be a facade improvement loan program. This tool is not new and has been utilized around the
country for decades to fund public improvements and encourage redevelopment.
2' How does |NF Work?
Once anURA orODA has been established, the Town is able to adopt G plan to use T|FOnce
a redevelopment district is established and a plan is adopted, the property tax base for the
redevelopment district iSfrozen. This means that after the date Of plan adoption, the assessed
value to which the mill levy for the Town, the school district, and the County would be the same
each year with adjustment for general reassessments. For example, if the assessed value in8
redevelopment district iS $1 Dli||ioD OD the date of plan @dOpd0D' then the OOi|| levy for each Of
the overlapping taxing jurisdictions is applied to that $1 million assessed value each year of the
plan. As the properties in the redevelopment district begin to iOCr88S9 in V8|U8 due to the
redevelopment efforts, that increase iD assessed value times the combined mill levy Ofthe
overlapping taxing jurisdictions goes tO the URA O[[)DA. For example, if the assessed value Vf
property in the district increases to $10 million in year 5 of the plan, the taxes derived from
multiplying the combined mill levy times the $1 million base gOtO the overlapping taxing
jurisdictions and the mill levy times the $8 million increase goes tO the URA and DD/\ 8O
revenues that would have ended up with the county and other entities through increases in tax
revenues, stay in the Town and, more specifically, in the redevelopment district. The plan can
also affect Town sales tax revenues; but not State or County revenues. The plan can dedicate
sales tax revenues above the base year revenues Lo the URA 0r[)[]A. The following graph
represents how revenues are captured by the redevelopment district.
��
U�
$ Assessed
Values
Incremental Assessed Value in Future Years
0-00
Base Year Assessed Value I
Growth in assessed value
captured in redevelopment
district
Assessed
value used by
taxing
agencies
Once these revenues are captured, this new stream of revenue can be utilized b] pay debt
service on bonds that are issued bv the Town for public improvements. Bonding ienecessary,
8sit would take G period Of time tOacquire enough revenue tV fund public improvements.
Lending institutions find TIF a very stable source of revenue and therefore readily lend money
when secured byT|F Bonds are only put in place once construction of public improvements
begins. T|F can be utilized for upto25 years from the date nfestablishment.
No new taxes are established using llF nor are taxes increased. The revenues produced bv
increased property values and increased retail sales activity are simply redistributed to benefit
the redevelopment district. The following graph represents how revenues are captured bythe
nBd8ve|DpDleDt district.
4- What is the difference between a DDA and a URA
A down town development authority (DDA) and a urban renewal authority (URA) work the same
in terms of how revenue ig generated hJ pay for the debt service for bonds. Both use athe
incremental increase in property and/or sales tax that results from public and private
improvements. The differences between the two types ofT|Fdistricts are summarized below:
[}D/\S:
0 DDAs are initiated by an oridance from the Town Council
• DDA's require a vote of owners, tenants, and business owners to establish the district
and tO issue bonds.
• [)OA'S neqUi[8S stating that blight is being prevented.
• DDA'S require that a separate board be created t0 administer the District. Only 1
Council member can set oO the board. The members Of the Board must b8appointed
by the mayor.
• [)OA'ado not have condemnation powers.
UR/\'s:
• UR/\'s are initiated by 25 registered voters signing a petition
• i]RA'S d0O1 require public vote to create the district orissue bonds.
• URA'S require [8sO|UbVO that blight iS being eliminated.
• URA's can be administered by the Town Council or the Town Council can appoint a
separate board.
• If a URA is a separate Board from the Town Council it can have condemnation powers
10 achieve the goals Of the redevelopment plan.
7. Pros and Cons mf Tax Increment District Financing
Pros:
• TlF can fund needed public improvements without 8D increase iDtaxes.
• TIF takes the additional incremental revenue resulting from public and private
improvements tD help pay for public improvements iD8 redevelopment area. This form
of public revenue is paid for by the development without increasing taxes (User Pays).
• Other taxing jurisdictions still get what they receive today iDrevenue. After the T|F
district expires (25 years for G URA and 3O years for @DDA) the other jurisdictions will
receive the full benefit Ofthe growth iO property and sales tax.
• This iS common financing tool for redevelopment projects GPDUOdihe<jDiiedStatRS.
• Other T|F Districts iO Colorado have generally reported that this financial tool has
achieved its gO8| for funding public inlpFOVerDeDtS.
Cons:
• The Town must either declare that they are preventing blight (]O4)O[elimiDatngbli ht
(URA).
_
• If property values and sales tax don't increase with development the Town 0rauthority
may not bB able tO pay for the debt service for the bonds.
• |[|F requires legal, financial, land planning (T|FStUd«). and communication expertise.
Consulting services can be significant to implement this financing tool.
• |fo URA ia used, citizens can bo concerned about condemnation.
• This iS8confusing financial tool and itiS harder tO communicate how this tool works
compared tO other more traditional revenue sources (sales tax, property tax eCt).
• Other jurisdictions don't receive the incremental growth in property and sales tax as the
result Ofredevelopment. This can lead tO conflict and litigation which can delay the use
of TIF.
��
Characteristics of the Downtown Development Authority and the Urban Renewal Authority.
How are they formed?
Urban Renewal Authority
Any 25 electors of the Town file a petition with
the Town Clerk. After a hearing, the Town
Council passes a resolution establishing the Urban
Renewal Authority and district boundary.
Downtown Development Authority
The Town Council determines that a DDA is
necessary for the public health, safety, prosperity,
security, and welfare of the Town. By ordinance,
the Town Council shall submit a question for the
ballot for the next general or special election.
Who can vote in an election to form a redevelopment area?
Urban Renewal Authority Downtown Development Authority
No election is necessary. Residents, landowners, lessees, corporations,
second homeowners, and condo owners located in
the area set for the DDA may vote.
What findings are required in order to form a redevelopment area?
Urban Renewal Authority
By resolution, the Town Council must find that at
least 4 of 12 factors are present in the area being
considered which qualify it as a blighted area or a
slum. As an example here are some potential
findings or conditions: Predominance of defective
or inadequate street layout; Deterioration of site
or other improvements; Inadequate public
improvements or utilities; Buildings that are
unsafe or unhealthy for persons to live or work in
because of building code violations, dilapidation,
deterioration, defective design, physical
constriction, or faulty or inadequate facilities;
unusual topography; etc.
Downtown Development Authority
The Town Council must find that corrective
actions must be taken to halt or prevent the
deterioration in property values or to halt or
prevent the growth of blighted areas.
Who can be a member of the Authority which directs actions in the designated area?
Urban Renewal Authority
The Town Council can designate itself to act in
the capacity of the Authority. If a separate
authority is established, only one of its members
can be a Town Council person.
Is a redevelopment plan required to be adopted?
Urban Renewal Authority
Prior to the use of tax increment financing, a
redevelopment plan must be adopted directing
activities to occur in the area.
Downtown Development Authority
One member of the Town Council must be a
member of the authority and a majority of the
members must reside, be a business lessee, or own
property in the redevelopment area. The Town
Council may not designate itself as the Authority.
Downtown Development Authority
Prior to approving redevelopment projects, a
redevelopment plan shall be adopted directing
activities to occur in the area.
ME
What other governmental agencies are involved in the development of the plan?
Urban Renewal Authority
If tax increment financing is being used, the
school district shall be allowed an opportunity to
participate in an advisory role. The County must
be provided a copy of the plan and other
information but does not have a veto. The
Planning Commission is required to review the
plan and make recommendations to the Town
Council.
What sort of powers does the Authority have?
Urban Renewal Authority
The URA has the power to:
w Issue bonds
w Undertake redevelopment projects
w Develop plans for redevelopment to submit to
the Town Council
w Acquire property
w Condemn property
The URA does not have the power to:
ow Levy taxes
Downtown Development Authority
If tax increment financing is being used, the
school district shall be allowed an opportunity to
participate in an advisory role. The Planning
Commission is required to review the plan and
make recommendations to the Town Council.
Downtown Development Authority
The DDA has the power to:
rs Levy taxes
Propose redevelopment plans
�. Implement plans for development
�• Acquire property
The DDA does not have the power to:
ow Condemn property
w Issue bonds, on its own behalf
In order for the Town to issue bonds for activities in the redevelopment area, who can vote?
Urban Renewal Authority
No vote required
Downtown Development Authority
Residents, landowners, lessees, corporations,
second homeowners, and condo owners located in
the area set for the DDA.
M
Draft: August 16, 2006
AVON URBAN RENEWAL AUTHORITY
Possible Timeline Using Two Public Hearing Process
to Create Authority and Approve Plan
08/22/06: Discuss possible creation of Urban Renewal Authority with Town Council
08/23/06 - 09/12/06: Develop RFP for Conditions Survey and list of potential consultants
09/15/06: Issue RFP for Conditions Survey
09/29/06: RFP responses due
10/04/06: Select and engage consultant to conduct Conditions Survey
12/05/06: Conditions Survey completed
12/05/06- 01/05/07: Conditions Survey reviewed by staff — determine recommendations for
Urban Renewal Authority and Urban Renewal Area/Plan
01/05/07: Petition by 25 registered electors of Town for creation of Urban Renewal
Authority — Colo. Rev. Stat. § 31 -25- 104(1)
01/08/07: Town Clerk schedules Public Hearing — 10 days published notice required
prior to hearing -- Colo. Rev. Stat. § 31 -25- 104(1)
01/23/07: Public Hearing on creation of Urban Renewal Authority, consideration of
Resolution Creating Urban Renewal Authority and, if approved,
appointment of commissioners by Mayor - Colo. Rev. Stat. §§ 31 -25-
104(1) and (2)
01/24/07 - 02/28/07: Preparation of Urban Renewal Plan, prepare notices of public hearing and
list of property owners
02/20/07: Submit Urban Renewal Plan to Planning Commission for comments.
(Planning Commission must respond within 30 days). Colo. Rev. Stat.
§ 31 -25- 107(2)
03/01/07: Mail and publish Notice of Public Hearing on Plan at least 30 days prior to
public hearing — Colo. Rev. Stat. § 31 -25- 107(3)
04/10/07: Public hearing and consideration by Town Council of Resolution
approving Urban Renewal Plan
bLis_ e \possible timeline (892858_I).doc
M
Stan Bernstein and Associates, Inc.
Financial Planners and Consultants
For Local Governments, Municipal Bond Underwriters, and Real Estate Developers
8400 East Prentice Ave., Penthouse
Greenwood Village, Colorado 80111
Telephone: 303 -409 -7611; Fax: 303 -409 -7612; Email: stanplan @earthlink.net
TO: Mr. Larry Brooks, Town Manager
Mr. Tambi Katieb
Mr. Scott Wright
FROM: Stan Bernstein, Amy Bernstein
DATE: August 1, 2006
SUBJECT: Preliminary Financing Plan for Avon Town Center West Public Improvements
Background
Stan Bernstein and Associates, Inc. ( "SBA ") has assembled an analysis of municipal revenues that
could be generated to the Town of Avon (the "Town ") from the real estate development projects
identified in the Avon Town Center West Analyses prepared by Design Workshop earlier this year.
This SBA analysis attempts (1) to identify the specific years that these municipal revenues will be
received by the Town„ (ii) to identify the specific years that the Town will be required to fund
Avon Town Center West Public Improvements; (iii) and formulate a preliminary public
infrastructure funding plan. As a part of the public infrastructure funding plan, SBA has examined
the potential tax increment revenue bonding potential that could be supported from the formation of
a tax - increment district (i.e., an Urban Renewal Authority) which would capture property tax
revenues from overlapping governmental entities for a 25 -year period within the boundaries of the
Avon Town Center West tax increment district (a separate tax increment financing plan, which
includes the Confluence Development as well as the Avon Town Center West, has also been
developed and is included in this Memo).
This Financing Plan should be viewed as very preliminary; something that will stimulate thinking
from the Town staff, council, and consultants — and that will be refined as the Avon Town Center
West comprehensive planning process evolves.
Mr. Larry Brooks
August 1, 2006
Page ii
Schedules I — 7, pages 4 — 17 — Individual Real Estate Development Project
Definition and Estimated Revenues Generated for Town Operations, Capital
Projects and for the Urban Renewal Authority
A separate schedule has been developed for each real estate development project within the Avon
Town Center West planning area. These development projects include Lot 61, The Seasons, Avon
Center, Sheraton Mountain Vista (future phases), the Parking Structure project, the Town Hall
project, and the Nottingham Inn project (although the development of the Nottingham Inn project is
not essential to the financial viability of the funding of the Avon Town Center West public
infrastructure improvements because it is not expected to be developed until Year 9).
Each schedule clearly identifies the scope (as proposed by Design Workshop) of the real estate
development in terms of land use, uninflated assumed market values, and the estimated year that
each project will be completed (i.e., and begin generating revenues for the Town and the possible
Urban Renewal Authority ["URA"]). Each Schedule also clearly identifies the incremental
operating and capital revenues that could be generated for the Town, and for the URA.
Schedule 4, page 10, Sheraton Mountain Vista (future phases) is not based on the land use initially
recommended by Design Workshop — rather it is based on the land use very recently requested by
the developers of Sheraton Mountain Vista (the main difference is that Design Workshop
recominends 81 condominium units and 38 affordable housing units compared to the requested 99
condominium units and no affordable housing units — and the developers are proposing to complete
56 of these units in Year 2 and the remaining in Year 6, while Design Workshop assumes
completion in Years 7, 8 and 9). For preliminary planning purposes, we decided to go with the
developers plan because of the accelerated project completion schedule (which is favorable to the
Town because municipal revenues are generated sooner - especially real estate transfer tax revenues
generated from the sale of fractional ownership units, etc.). It is our understanding that Design
Workshop has subsequently revised their Sheraton Mountain Vista land use and phasing so that it is
consistent with our planning assumptions.
Mr. Larry Brooks
August 1, 2006
Page iii
Exhibit III, page 3 — Summary of Incremental Town Operating Revenues
Generated (and Related Operating and Maintenance Cost Estimates) from All
Real Estate Development Projects within the Avon Town Center West Planning
Area.
Incremental Town operating revenues have been identified by year by revenue source (General
Fund Property Taxes @ 8.96 mills, Sales Taxes @ 4 %, Recreation Amenities Fee @ $28.02 per
deeded week only applicable to the Sheraton Mountain Vista project, and 8% Accomodation Taxes
which only apply to the rental of Condo - Hotels). Everyone should understand that there are other
incremental Town operating revenues that will also be generated (i.e., utility franchise fees, county
sales tax rebates, building related permits, water user and tap fees, cigarette taxes, and perhaps
parking lot revenues generated from the proposed parking structure, etc.). Incremental Town
operating revenues have also been identified by year by each real estate development project, and
are presented on Row 18 of Exhibit III. In the event that a URA is formed, the General Fund
property tax revenues identified on Exhibit III could be captured by the URA and not the Town's
General Fund for a 25 -year period.
Preliminary estimated operating and maintenance costs related to the Avon Town Center West Mall
have been estimated by Town Officials and appear on rows 21 — 26. These operating and
maintenance costs include snowmelt, mall maintenance and landscape, parking lot operations and
maintenance, and additional police security for the mall as well as the parking structure.
Row 28 indicates operating and maintenance deficits until Year 7. If the Mall were to be phased
over a longer period (rather than being completed by the end of Year 2) it might be possible to
reduce the amount of the annual operating and maintenance deficits during the first 6 years.
Exhibit II, page 2 — Tax Increment District — Urban Renewal Authority —
Incremental Property Tax Revenues and Very Preliminary Evaluation of Property
Tax Increment Revenue Bonding Capacity
A tax increment district, which can take the form of an Urban Renewal Authority ( "URA ") or a
Downtown Development Authority ( "DDA ") is certainly a concept that should be considered to be
used as a significant financing tool for funding public infrastructure projects relating to the Avon
Town Center West planning area. These type of tax increment districts are becoming more
common in Colorado and have been formed in the following resorts: Steamboat Springs, Mt.
Crested Butte, and Vail — Lionshead. They have been seriously considered for large renovation
projects in Breckenridge as well as Snowmass.
A `Blight Study" (with a determination that there is in fact "blight" within the boundaries of the
proposed tax increment district) is required before formation of these type of tax increment districts
can be formed. I believe that such a tax increment district can be formed by the adoption of a
Mr. Larry Brooks
August 1, 2006
Page iv
Town Ordinance which does not require an election or approval of overlapping taxing entities such
as the school district, county, water and sewer districts, library district, fire district, etc. — Dee
Wisor, Esq. will address legal issues at the August 22 Town Council Work Session.
Once formed, the property tax base (i.e., the assessed valuation within the boundaries of the tax
increment district) is "frozen" and becomes the "frozen tax base" or the "frozen assessed
valuation." Any increase in assessed valuation caused by new construction and increases in value
on the new construction above the "frozen base" essentially becomes the assessed valuation for the
tax increment district as indicated on row 9, Exhibit H. Incremental property tax revenues are
generated by the tax increment district by applying all of the overlapping taxing entities mill levies
(currently totaling 52.555 mills as shown on rows 11 — 21 on Exhibit 11) to the incremental assessed
valuations. hncremental property tax revenues for the tax increment district (which would be
controlled by the Town of Avon) is set forth on row 21 on Exhibit H. If a tax increment district is
not formed, all of these incremental property tax revenues would be received by each of the entities
shown on rows 11 —20. If a tax increment district is formed, the overlapping taxing entities would
essentially not receive these tax revenues for a period not exceeding 25 -years from the date the tax
increment district is legally formed — the tax increment district basically receives these revenues
instead of the individual taxing entities. These tax increment property tax revenues can only be
used to service debt on tax - exempt revenue bonds issued by the tax increment district (and I believe
these type of bonds do not require a bond election) — the bond proceeds must be used for public
improvements within the boundaries of the tax increment district. The theory is that by using tax
increment financing, existing property within, and adjacent to, the boundaries of the tax increment
district will increase in value thereby offsetting the temporary loss in property tax revenues to
overlapping taxing entities — and after 25 -years the overlapping entities begin to receive the
property tax revenues. Any property that is currently within the boundaries of the tax increment
district whose assessed value increases, will pay additional taxes to the overlapping taxing entities
and not to the tax increment district. Our analysis does not include several overlapping mill levies
such as the Town's debt service mill levy, Avon Metro District's debt service mill levy, or the
Confluence and Mountain Vista Metro District mil levies — the Town would probably want to
effectively exclude these entities from being part of the tax increment district (which I believe it can
do by having the tax increment district rebate collected taxes directly to the entities that the Town
wants to exclude).
Row 32 on Exhibit II, indicates the incremental property tax revenues that would be available to
pay debt service on tax increment revenue bonds issued by the tax increment district. Since these
bonds are "revenue bonds" and only payable from tax increment revenues generated, the
incremental property tax revenues presented on Row 32 are typically discounted by a factor of
approximately 20% (more in some cases); consequently, the incremental discounted property taxes
presented on Row 38 have been used for determining the amount of tax increment revenue bonds
could initially be supported (this needs to be confirmed with the Town's investment banker in the
near future — I believe David Bell will also attend the August 22 Town Council Work Session).
N
Mr. Larry Brooks
August 1, 2006
Page v
For preliminary planning purposes, we have assumed that on January 1, of Year 2, the tax
increment district issues $14.7 million of tax increment revenue bonds with assumed average
interest rates over 23 -years of 6.5 %. (needs investment banker confirmation). These bonds
would include sufficient restricted funds to pay interest on these bonds for the first three years
(Years 2, 3, 4) since there are very little incremental property taxes projected to be available in
those years. After issuance costs and "capitalized interest ", net bond proceeds of approximately
$11.5 million could be available to fund a large portion of the $14.5 million costs related to the
Main Street Improvements. If the Town could pledge, subject to annual appropriation, other
revenues (i.e., Real Estate Transfer Taxes, etc.) to the payment of these tax increment bonds,
perhaps additional bonds could be supported (need investment bankers and Scott Wright's thoughts
here).
Our thinking is that this assumed $11.5 million of net bond proceeds is essential to the successful
financing of the very important "up front" Main Street Public Improvements" identified by Design
Workshop (if additional bonding capacity is possible, perhaps a portion of the upfront costs
associated with the Realignment of Benchmark Road [$5 million] could also be funded). Without
utilizing tax increment bonds, we are not confident that these two projects can be successfully
funded (unless the Town has $23.4 million of unspent funds sitting somewhere or unless various
developers agree to fund these projects with ultimate reimbursement from the Town through Real
Estate Transfer Tax collections, etc.).
Even if a tax increment district is farmed, bonds will not be underwritten unless the investment
bankers are confident that most of the proposed real estate development projects are going to break
ground in the near future — especially projects such as Sheraton Mountain Vista, Lot 61, the Parking
Structure, and the Town Hall. So unless the Town can arrange for these and other projects to
happen quickly, it is unlikely that it will be possible to issue tax increment bonds — this is because
the whole basis for repayment of these tax increment bonds is from the tax base generated from the
new projects (as well as the real estate transfer tax revenues that might be needed to be pledged
towards tax increment debt service in the early years).
Tambi has suggested evaluating the concept of including the Confluence Property into the
boundaries of the URA in order to capture their incremental assessed valuation. This is a great
idea and Exhibit II, page 2a, indicates that it might be possible to increase the amount of tax
increment bonds to $30 million (i.e., from the $14.7 million assuming the Confluence Property is
not included in the boundaries of the URA). Including the Confluence Property within the
boundaries of the URA would greatly enhance the Town's ability to finance Main Street Public
Improvements and should be strongly considered and discussed with East West Partners.
III
Mr. Larry Brooks
August 1, 2006
Page vi
Exhibit I, page 1— Capital Projects Funding
Rows 21 — 30 of Exhibit I indicate (based on Design Workshop's and the Town's estimates) the
amounts needed for Public Infrastructure Improvements related to the Avon Town Center West
program ($1.3 million has been included in Year 2 for the Railroad Crossing). These public
improvements total $40.47 million and require approximately $23.4 million of Town capital
funding in the first two years (Transit Center in Year 1 @ $2,550,000; Year 2 includes $5,000,000
to Realign Benchmark Road, $14,500,000 for the Main Street Improvements, and $1,300,000 for
the Railroad Crossing. Year 3 would require $6,050,000 to purchase the Town Hall from the
developer /contractor and Year 4 would require $11,070,000 to purchase the Parking Structure from
the developer /contractor. Row 8 projects incremental revenues generated from the various revenue
sources and by individual real estate development projects (including real estate transfer taxes
generated from The Confluence development). Subtracting available revenues (row 8) from
required public capital improvements (row 307) indicates annual deficits (funding deficiencies)
occurring in Years 1 — 4 as shown on row 32. So, the question ( "challenge ") becomes how does
the Town come up with money to pay for these critical public improvements in Years 1 — 4?
Exhibit IA, page ]a — Capital Projects Funding Plan
Our preliminary thinking in terms of how the Town might be able to fund these capital
improvements is presented on Exhibit IA, page 1 a, (which assumes that the Confluence Property is
not included in the boundaries of the URA). Row 8, shows the projected $11,509,000 of net
proceeds from the issuance of $14.7 million of tax increment revenue bonds in early Year 2. Row
7 shows the Town's needing Various Unidentified Revenue Sources in amount of $2,550,000 in
Year 1 to fund the Transit Center. The larger concern is that we are assuming Various
Unidentified Revenue Sources being available in Year 2 in the amount of $7,991,000 to fund the
Realignment of Benchmark Road — this may be a stretch.- so what other funding methods might be
available — perhaps a short-term loan of some sorts payable from future Real Estate Transfer Tax
Revenues or Mall Assessments? We are also showing the need for relatively minor Unidentified
Revenue Sources in Years 3 and 4 (totaling $1,187,135). We obviously need Scott's input
regarding other Town revenues that could be available in the early years — what is a realistic
number here? We need to also bounce these numbers off the Town's investment banker for
creative ideas. It is important to note the cumulative cash buildup shown on row 36 —
approximately $14.5 million of excess cash accumulates by year 14 (after all capital improvements
are funded including $6 million for an expanded recreation center).
Mr. Larry Brooks
August 1, 2006
Page vii
Exhibit IB, page lb, - Capital Projects Funding Plan (assumes Confluence is
included in URA)
This Exhibit assumes The Confluence is included within the boundaries of the URA (and related
real estate transfer tax revenues generated from The Confluence. It assumes net tax increment bond
proceeds of $23.5 million in Year 2 (compared to $11.5 million if The Confluence is not included).
This concept results in the Town not having the need for $7.991 million of Unidentified Revenue
Sources during Year 2, enables the expanded recreation center to be funded in Year 4, and results in
close to $31.5 million of accumulated cash by Year 14. This is the optimum funding solution for the
Town and maximizes the Town's ability to fund the required Avon Town Center West
infrastructure.
Next Steps
We think followup would include:
1. Verifying with real estate developers the concept of developing the Town Hall and Parking
Structure sites, with them paying the Town for development rights ($2.755 million for Town
Hall and $6.7 million for Parking Structure — and them selling the completed Town Hall and
Parking Structures to the Town for $6.05 million and $11.07 million respectively.
2. Discussing the formation of a tax increment district with staff, consultants, council, investment
Bankers, developers and attorneys.
3. Discussing the information contained in this memo with the Town's investment banker and the
Town's finance director.
4. Incorporating this information into Design Workshop's planning document; and making sure they
and Tambi concur with our thinking, etc.
5. Evaluating how quickly the key real estate development projects could realistically break
ground.
0
Mr. Larry Brooks
Aug-List 1, 2006
Page viii
Disclaimer
Stan Bernstein and Associates, Inc. has assembled this preliminary financial analysis to highlight
various financing issues and concepts as they relate to the funding of public infrastructure
improvements as they relate to the Avon Town Center West planning area. We have relied on
others for key assumptions regarding land use, scope of projects, values, completion of projects,
costs of public infrastructure improvements, etc. We have not independently verified or evaluated
these key assumptions, and consequently, disclaim any opinion regarding their achievability. Since
future events are subject to uncertainty and variation, we do not vouch for the achievability of
information contained in the attached Exhibits and Schedules.
e
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8 -1 -2006
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
CAPITAL PROJECTS FUNDING
EXHIBIT I -TOTAL FORECASTED CAPITAL PROJECTS REVENUE FROM ALL PROJECTS
(INCLUDES CONFLUENCE REAL ESTATE TRANSFER TAXES)'
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS
1 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS
0
0
0
8,882,963
725,398
725,398
725,398
725,398
5,118,291
989,031
2 Real Estate Transfer Tax Initial (excluding Aff. Housing)
0
0
1,958,444
2,110,722
1,084,722
985,996
361,996
673,996
1,174,087
533,000
3 Real Estate Transfer Tax Secondary Sales
0
0
0
0
208,700
208,700
393,500
393,500
393,500
618,798
4 Real Estate Transfer Tax - Confluence (Net of EW Payments)
0
0
3,465,963
1,586,288
2,132,417
1,280,766
1,500,619
592,322
791,225
890,128
5 Parking Payment in Lieu Fees
0
0
0
693,000
693,000
693,000
0
808,500
808,500
0
6 Main Street Improvement Assessment
0
0
936,058
789,321
298,713
657,313
0
133,400
378,018
244,618
7 Land Lease or Sale (per Design Workshop)
0
0
2,755,440
6,689,880
0
0
0
0
7,245,990
0
8 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS
0
0
9,115,905
11,869,211
4,417,552
3,825,775
2,256,115
2,701,718
10,791,320
2,286,544
9
0
5,000,000
0
0
0
0
14,500,000
0
0
0
10 TOTAL PUBLIC REVENUES BY PROJECT- CAPITAL PROJECTS
6,050,000
0
0
0
0
11,070,000
0
0
0
0
11 Lot 61
0
0
1,227,340
1,245,340
170,300
170,300
170,300
170,300
170,300
170,300
12 Seasons
0
0
0
0
0
0
0
1,253,900
1,253,900
62,400
13 Avon Center
0
0
0
1,119,810
1,119,810
1,119,810
86,400
86,400
86,400
86,400
14 Sheraton Mt. Vista
0
0
1,361,894
460,722
460,722
720,596
361,996
361,996
329,087
162,898
15 Parking Structure
0
0
0
7,151,783
495,903
495,903
98,400
98,400
98,400
98,400
16 Town Hall
0
0
3,060,708
305,268
38,400
38,400
38,400
38,400
38,400
38,400
17 Nottingham
0
0
0
0
0
0
0
0
8,023,608
777,618
18 Confluence
0:..
0
3,465,963:
1,585,288
.2,132,417
r `. 1,280,766
1,500,619
692,322;
791,225:.
890.128
19 TOTAL PUBLIC REVENUES BY PROJECT - CAPITAL PROJECTS
0
0
9,115,905
11,869,211
4,417,552
3,825,775
2,256,115
2,701,718
10,791,320
2,286,544
20
21 CAPITAL IMPROVEMENTS
22 Transit Center
2,550,000
0
0
0
0
0
0
0
0
0
23 Realign Benchmark Road
0
5,000,000
0
0
0
0
0
0
0
0
24 Main Street Improvements
0
14,500,000
0
0
0
0
0
0
0
0
25 Purchase of Town Hall (from Developer)
0
0
6,050,000
0
0
0
0
0
0
0
26 Purchase of Municipal Parking Structure (from Developer)
0
0
0
11,070,000
0
0
0
0
0
0
27 Rec Center Expansion
0
0
0
0
0
0
0
0
0
0
28 Railroad Crossing (per Norm Wood)
0
1,300,000
0
0
0
0
0
0
0
0
29 Fire Station
0
0
0
0
0
0
0
0
0
0
30 TOTAL CAPITAL IMPROVEMENTS
2,550,000
20,800,000
6,050,000
11,070,000
0
0
0
0
0
0
31
32 EXCESS REVENUES OVER CAPITAL IMPROVEMENTS
(2,550,000)
(20,800,000)
3,065,905
799,211
4,417,552
3,825,775
2,256,115
2,701,718
10,791,320
2,286,544
33
34 BEGINNING FUND BALANCE
0
(2,550,000)
,(-23,350,000)
(20,284,095)
(19,484,884)
(15,067,332)
(11,241,557)
(8,985,442)
(6,283,724)
4,507,596
35
36 ENDING FUND BALANCE
(2,550,000)
(23,350,000)
(20,284,095)
(19,484,884)
(15,067,332)
(11,241,557)
(8,985,442)
(6,283,724)
4,507,596
6,794,139
PAGE
9
0
0
0
0
8,882,963
725,398
725,398
725,398
725,398
5,118,291
989,031
989,031`
989,031
989,031
16,295,852
0
0
0
0
3,696,000
0
0
0
0
3,437,440
0
0
0
0
16,691,310
1,714,429
1,714,429
1,714,429
1,714,429
54,121,856
170,300
170,300
170,300
170,300
4,175,680
62,400
62,400
62,400
62,400
2,819,800
86,400
86,400
86,400
86,400
4,050,630
162,898
162,898
162,898
162,898
4,871,504
98,400
98,400
98,400
98,400
8,930,790
38,400
38,400
38,400
38,400
3,749,975
106,600
106,600
106,600
106,600
9,227,625
989,031
989,031. '.
989 031.
989.031.
16,295,852
1,714,429
1,714,429
1,714,429
1,714,429
54,121,856
0
0
0
0
2,550,000
0
0
0
0
5,000,000
0
0
0
0
14,500,000
0
0
0
0
6,050,000
0
0
0
0
11,070,000
0
0
0
0
0
0
0
0
0
1,300,000
0
0
0
0
0
0
0
0
0
40,470,000
1,714,429
1,714,429
1,714,429
1,714,429
13,651,856
6,794,139
8,508,569
10,222,998
11,937,427
0
8,508,569
10,222,998
11,937,427
13,651,856
13,651,856
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8 -1 -2006
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
CAPITAL PROJECTS FUNDING PLAN
EXHIBIT IA - CAPITAL PROJECTS FUNDING PLAN - CONFLUENCE NOT INCLUDED IN URA
PAGE IA
I
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
1
TOTAL PUBLIC REVENUES BY REVENUE TYPE- CAPITAL PROJECTS
2
Real Estate Transfer Tax Initial (excluding Aff. Housing)
0
0
1,958,444
2,110,722
1,084,722
985,996
361,996
673,996
1,174,087
533,000
0
0
0
0
8,882,963
3
Real Estate Transfer Tax Secondary Sales
0
0
0
0
208,700
208,700
393,500
393,500
393,500
618,798
725,398
725,398
725,398
725,398
5,118,291
4
Parking Payment in Lieu Fees
0
0
0
693,000
693,000
693,000
0
808,500
808,500
0
0
0
0
0
3,696,000
5
Main Street Improvement Assessment
0
0
936,058
789,321
296,713
657,313
0
133,400
378,018
244,618
0
0
0
0
3,437,440
6
Land Lease or Sale (per Design Workshop)
0
0
2,755,440
6,689,880
0
0
0
0
7,245,990
0
0
0
0
0
16,691,310
7
Various Unidentified Revenue Sources `
2,550,000
7,991,000
400,058
787,077
0+
0
0
0
0 <
0
0
0
0
0
11,728,135
8
Net Bond Proceeds - Tax Increment Bonds (Exhibit II)
0`
11,509,000
0'
0
0
0
0
0
0
0
0
0
0
0
11.509,000
7
TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS
2,550,000
19,500,000
6,050,000
11.070,000
2.285,135
2,545,009
755,496
2,009,396
10,000,095
1,396,416
725,398
725,398
725,398
725,398
61,063,139
8
9
TOTAL PUBLIC REVENUES BY PROJECT - CAPITAL PROJECTS
10
Lot 61
0
0
1,227,340
1,245,340
170,300
170,300
170,300
170,300
170,300
170,300
170,300
170,300
170,300
170,300
4,175,680
11
Seasons
0
0
0
0
0
0
0
1,253,900
1,253,900
62,400
62,400
62,400
62,400
62,400
2,819,800
12
Avon Center
0
0
0
1,119,810
1,119,810
1,119,810
86,400
86,400
86,400
86,400
86,400
86,400
86,400
86,400
4,050,630
13
Sheraton Mt. Vista
0
0
1,361,894
460,722
460,722
720,596
361,996
361,996
329,087
162,898
162,898
162,898
162,898
162,898
4,871,504
14
Parking Structure
0
0
0
7,151,783
495,903
495,903
98,400
98,400
98,400
98,400
98,400
98,400
98,400
98,400
8,930,790
15
Town Hall
0
0
3,060,708
305,268
38,400
38,400
38,400
38,400
38,400
38,400
38,400
38,400
38,400
38,400
3,749,975
16
Nottingham
0
0
0
0
0
0
0
0
8,023,608
777,618
106,600
106,600
106,600
106,600
9,227,625
17
Various Unidentified Revenue Sources
2,550,000
7,991,000
400,058
787,077
0
0
0
0
0
0
0
0
0
0
11,728(135
18
Net Bond Proceeds- Tax Increment Bonds (Exhibit 11)
0'
11,509,000
0
0
0 `
0
0
0
0 `
0
0
0
0
0
11,509,000
19
TOTAL PUBLIC REVENUES BY PROJECT. CAPITAL PROJECTS
2,550,000
19,500,000
6,050,000
11,070,000
2,285,135
2,545,009
755,496
2,009,396
10,000,095
1,396,416
725,398
725,398
725,398
725,398
61,063,139
20
21
CAPITAL IMPROVEMENTS AND DEBT SERVICE TAX INCREMENT BONDS
22
Transit Center
2,550,000
0
0
0
0
0
0
0
0
0
0
0
0
0
2,550,000
23
Realign Benchmark Road
0
5,000,000
0
0
0
0
0
0
0
0
0
0
0
0
5,000,000
24
Main Street Improvements
0
14,500,000
0
0
0
0
0
0
0
0
0
0
0
0
14,500,000
25
Purchase of Town Hall (from Developer)
0
0
6,050,000
0
0
0
0
0
0
0
0
0
0
0
6,050,000
26
Purchase of Municipal Parking Structure (from Developer)
0
0
0
11,070,000
0
0
0
0
0
0
0
0
0
0
11,070,000
27
Rec Center Expansion (cash funding is shown in Yr 8, bonding could accelerate)
0
0
0
0
0
0
0 : ;`..'5;000,000
0
0
0
0
0
0
6,000,000
28
Library Expansion (funded by Eagle Valley Library District)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Fire Station (funded by Eagle River Fire Protection District)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Tax Increment Bonds - Debt Service Subsidy (Exhibit II)
0
0
0
0
680.401
462,458
312,761
3,144
0
0
0
0
0
0
1,458,764
30
TOTAL CAPITAL IMPROVEMENTS
2,550,000
19,500,000
6,050,000
11,070,000
680,401
462,458
312,761
6,003,144
0
0
0
0
0
0
46,628,764
31
32
EXCESS REVENUES OVER CAPITAL IMPROVEMENTS
0
0
0
0
1,604,735
2,082,551
442,735
- 3,993,749
10,000,095
1,396,416
725,398
725,398
725,398
725,398
14,434,375
33
34
BEGINNING FUND BALANCE
0
0
0
0
0
1,604,734
3,687,286
4,130,020
136,272
10.136,367
11,532,782
12,258,180
12,983,579
13,708,977
0
35
36
ENDING FUND BALANCE
0
0
0
0
1,604,734
3,687,286
4,130,020
136,272
10,136,367
11,532,782
12,258,180
12,983,579
13,708,977
14,434,375
14,434,375
PAGE IA
I
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
DRAFT 8 -1 -2006
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
CAPITAL PROJECTS FUNDING PLAN
EXHIBIT 113 - CAPITAL PROJECTS FUNDING PLAN - CONFLUENCE INCLUDED IN URA
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
1 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS
2 Real Estate Transfer Tax Initial (excluding Aff. Housing)
0
0
1,958,444
2,110,722
1,084,722
985,996
361,996
673,996
1,174,087
533,000
0
0
0
0
8,882,963
3 Real Estate Transfer Tax Secondary Sales
0
0
0
0
208,700
208,700
393,500
393,500
393,500
618,798
725,398
725,398
725,398
725,398
5,118,291
4 Real Estate Transfer Tax - Confluence (Net of EW Payments)
0
0
3,465,963
1,586,288
2,132,417
1,280,766
1,500,619'
692;322
791,225 '
890,128
989,031
989,031
989;031
989,031:
16,295,852
5 Parking Payment in Lieu Fees
0
0
0
693;000
693,000
693,000
0
808,500
808,500
0
0
0
0
0
3,696,000
6 Main Street Improvement Assessment
0
0
936,058
789,321
298,713
657,313
0
133,400
378,018
244,618
0
0
0
0
3,437,440
7 Land Lease or Sale (per DesignWorkshop)
0
0
2,755,440
6,689,880
0
0
0
0
7,245,990
0
0
0
0
0
16,691,310
8 Various' Unidentified' Revenue Sources
2,550,000
0
0
0
0
0
0
0
0
0
0
0
0
0
2,550;000
9 Net Bond Proceeds- Tax Increment Bonds (Exhibit II)
0
23,500,000
0'
0
0
0
0
0
0
0
0
0
0
0:
23,500,000
8 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS
2,550,000
23,500,000
9,115,905
11,869,211
4,417,552
3,825,775
2,256,115
2,701,718
10,791,320
2,286,544
1,714,429
1,714,429
1,714,429
1,714,429
80,171,856
9
10 TOTAL PUBLIC REVENUES BY PROJECT - CAPITAL PROJECTS
11 Lot 61
0
0
1,227,340
1,245,340
170,300
170,300
170,300
170,300
170,300
170,300
170,300
170,300
170,300
170,300
4,175,680
12 Seasons
0
0
0
0
0
0
0
1,253,900
1,253,900
62,400
62,400
62,400
62,400
62,400
2,819,800
13 Avon Center
0
0
0
1,119,810
1,119,810
1,119,810
86,400
86,400
86,400
86,400
86,400
86,400
86,400
86,400
4,050,630
14 Sheraton Mt. Vista
0
0
1,361,894
460,722
460,722
720,596
361,996
361,996
329,087
162,898
162,898
162,898
162,898
162,898
4,871,504
15 Parking Structure
0
0
0
7,151,783
495,903
495,903
98,400
98,400
98,400
98,400
98,400
98,400
98,400
98,400
8,930,790
16 Town Hall
0
0
3,060,708
305,268
38,400
38,400
38,400
38,400
38,400
38,400
38,400
38,400
38,400
38,400
3,749,975
17 Nottingham
0
0
0
0
0
0
0
0
8,023,608
777,618
106,600
106,600
106,600
106,600
9,227,625
18 Real Estate Transfer Tax - Confluence (Net of EW Payments)
0
0
3,465,963
1,586,288
2,132,417
1,280,766
1,500,619
692,322
791,225
890,128
989,031
989,031
989,031
989,031
16,295,852'
18 Various Unidentified Revenue Sources
2,550,000
0
0 ''
0
0
0
0
0
0
0
0
0
0
0
2,550;000+
19 Net Bond Proceeds'- Tax Increment Bonds (Exhibit ll)
g
23,500,000
0`
0
0
0
0
0
0
0
0
0
0
0
23,500;000'
20 TOTAL PUBLIC REVENUES BY PROJECT- CAPITAL PROJECTS
2,550,000
23,500,000
9,115,905
11,869,211
4,417,552
3.825,775
2,256,115
2,701,718
10,791,320
2,286,544
1,714,429
1,714,429
1,714,429
1,714,429
80,171,856
21
22 CAPITAL IMPROVEMENTS AND DEBT SERVICE TAX INCREMENT BONDS
23 Transit Center
2,550,000
0
0
0
0
0
0
0
0
0
0
0
0
0
2,550,000
24 Realign Benchmark Road
0
5,000,000
0
0
0
0
0
0
0
0
0
0
0
0
5,000,000
25 Main Street Improvements
0
14,500,000
0
0
0
0
0
0
0
0
0
0
0
0
14,500,000
26 Purchase of Town Hall (from Developer)
0
0
6,050,000
0
0
0
0
0
0
0
0
0
0
0
6,050,000
27 Purchase of Municipal Parking Structure (from Developer)
0
0
0
11,070,000
0
0
0
0
0
0
0
0
0
0
11,070,000
28 : Railroad Crossing (per Norm Wood)
0:
1,300,000
0
0
0
0
0
0
0
0
0
0
0
0
1,300,000
28 Rec Center Expansion (cash funding is shown in Yr 4, bonding could accelerate)
0
0
0
6,000,000
0
0
0
0
0
0
0
0
0
0
6,000,000
29 Library Expansion (funded by Eagle Valley Library District)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30 Fire Station (funded by Eagle River Fire Protection District)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31 Tax Increment Bonds - Debt Service Subsidy (Exhibit IIA)
0
0
0
0
1,135,654
787,769
256,724
0
0
0
0
0
0
0
2,180,146
31 TOTAL CAPITAL IMPROVEMENTS
2,550,000
20,800,000
6,050,000
17,070,000
1,135,654
787,769
256,724
0
0
0
0
0
0
0
48,650,146
32
33 EXCESS REVENUES OVER CAPITAL IMPROVEMENTS
0
2,700,000
3,065,905
- 5,200,789
3.281,898
3,038,007
1,999,391
2,701,718
10,791,320
2,286,544
1,714,429
1,714,429
1,714,429
1,714,429
31,521,710
34
35 BEGINNING FUND BALANCE
0
0
2,700,000
5,765,905
565,116
3,847,014
6,885,020
8,884,412
11,586,130
22,377,449
24,663,993
26,378,422
28,092,851
29,807,280
0
36
37 ENDING FUND BALANCE
0
2,700.000
5,765,905
565,116
3,847,014
6,885,020
8,884,412
11.586,130
22,377,449
24,663,993
26,378,422
28,092,851
29,807,280
31,521,710
31,521,710
PAGE 1B
M
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
URA REVENUE & BONDING CAPACITY
EXHIBIT II - TOTAL FORECASTED URA REVENUE FROM ALL PROJECTS
DRAFT 8 -1 -2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER
39
40 Annual Debt Service ($14.7m, January 1, Yr 2, 6.5%, 23 Yr Amort, Net of Cap 1):
41 Principal Payment
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
0
PROJECTED ASSESSED VALUATION BY PROJECT ( *)
0 0
955.500
931,125
904.800
876,850
846.950
815,425
781,625
745.875
707,525
666,900
8,232,575
43 Total Debt Service
0
0
1
Lot 61
0
0
0
0
4,467,010
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
85,338,850
2
Seasons
0
0
0
0
0
0
0
0
0
1,300,920
2,601,840
2,601,840
2,601,840
2,601,840
11,708,280
3
Avon Center
0
0
0
0
0
1,533,234
3,066,468
4,599,702
4,599,702
4,599,702
4,599,702
4,599,702
4,599,702
4,599,702
36,797,616
4
Sheraton Mt. Vista
0
0
0
4,367,670
4,367,670
4,367,670
4,367,670
8,076,330
8,076,330
8,076,330
8,076,330
8,076,330
8,076,330
8,076,330
74,004,990
5
Parking Structure
0
0
0
0
0
1,759,045
3,613,609
5,488,074
5,488,074
5,488,074
5,488,074
5,488,074
5,488,074
5,488,074
43,789,172
6
Town Hall
0
0
0
0
1,641,515
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
31,367,876
7
Nottingham
0
0
0
0
0
0
0
0
0
0
2,810,685
5,621,369
5,621,369
5,621,369
19,674,792
8
Confluence
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
TOTAL ASSESSED VALUATION BY PROJECT
0
0
0
4,367,670
10,476,195
19,948,638
23,336,436
30,452,795
30,452,795
31,753,715
35,865,320
38,676,004
38,676,004
38,676,004
302,681,575
10
54 Net Construction Proceeds Available
11,509,000
11
URBAN RENEWAL AUTHORITY REVENUES
55
12
RE -50J 19.595
0
0
0
85,584
205,281
390,894
457,277
596,723
596,723
622,214
702,781
757,856
757,856
757,856
5,931,045
13
Town of Avon - General Fund 8.960
0
0
0
39,134
93,867
178,740
209,094
272,857
272,857
284,513
321,353
346,537
346,537
346,537
2,712,027
14
Eagle County 8.499
0
0
0
37,121
89,037
169,543
198,336
258,818
258,818
269,875
304,819
328,707
328,707
328,707
2,572,491
15
Colorado Mountain College 3.997
0
0
0
17,458
41,873
79,735
93,276
121,720
121,720
126,920
143,354
154,588
154,588
154,588
1,209,818
16
Eagle River Fire Protection District 5.300
0
0
0
23,149
55,524
105,728
123,683
161,400
161,400
168,295
190,086
204,983
204,983
204,983
1,604,212
17
Eagle River Water and Sanitation District 1.214
0
0
0
5,302
12,718
24,218
28,330
36,970
36,970
38,549
43,540
46,953
46,953
46,953
367,455
18
Eagle County Health Services District 2.010
0
0
0
8,779
21,057
40,097
46,906
61,210
61,210
63,825
72,089
77,739
77,739
77,739
608,390
19
Colorado River Water Conservancy District 0.230
0
0
0
1,005
2,410
4,588
5,367
7,004
7,004
7,303
8,249
8,895
8,895
8,895
69,617
20
Eagle County Library District 2.750
0
0
0
12,011
28.810
54,859
64.175
83.745
83.745
87,323
98,630
106,359
106.359
106,359
832.374
21
TOTAL URA OVERLAPPING MILL LEVIES ( * *) 52.555
0
0
0
229,543
550,576
1,048,401
1,226,446
1,600,447
1,600,447
1,668,816
1,884,902
2,032,617
2,032,617
2,032,617
15,907,430
22
23
TOTAL URA REVENUES BY PROJECT
24
Lot 61
0
0
0
0
234,764
472,247
472,247
472,247
472,247
472,247
472,247
472,247
472,247
472,247
4,484,983
25
Seasons
0
0
0
0
0
0
0
0
0
68,370
136,740
136,740
136,740
136,740
615,329
26
Avon Center
0
0
0
0
0
80,579
161,158
241,737
241,737
241,737
241,737
241,737
241,737
241,737
1,933,899
27
Sheraton Mt. Vista
0
0
0
229,543
229,543
229,543
229,543
424,452
424,452
424,452
424,452
424,452
424,452
424,452
3,889,332
28
Parking Structure
0
0
0
0
0
92,447
189,913
288,426
288,426
288,426
288,426
288,426
288,426
288,426
2,301,340
29
Town Hall
0
0
0
0
86,270
173,585
173,585
173,585
173,585
173,585
173,585
173,585
173,585
173,585
1,648,539
30
Nottingham
0
0
0
0
0
0
0
0
0
0
147,716
295,431
295,431
295,431
1,034,009
31
Confluence
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
TOTAL URA REVENUES BY PROJECT
0
0
0
229,543
550,576
1,048,401
1,226,446
1,600,447
1,600,447
1,668,816
1,884,902
2,032,617
2,032,617
2,032,617
15,907,430
33
34
( *) May have to be adjusted downward for current land assessed values.
35
( * *) Excludes Town of Avon Debt Service Mill Levy and Metro District Mill Levies
36
37
TAX INCREMENT BONDING ANALSYSIS (ASSUMING 1.20X DEBT SERVICE COVERAGE)
38
Property Tax Increment Revenues Avail. for Debt Service @ 1.20x Coverage
0
0
0
191,286
458,814
873,667
1,022,039
1,333,706
1,333,706
1,390,680
1,570,752
1,693,848
1,693,848
1,693,848
13,256,192
39
40 Annual Debt Service ($14.7m, January 1, Yr 2, 6.5%, 23 Yr Amort, Net of Cap 1):
41 Principal Payment
0
0
0 0
375,000
405,000
430,000
460,000
485,000
520,000
550,000
590,000
625,000
670,000
5,110,000
42 Interest @ 6.5% (Yrs. 2 - 4 funded from Cap Interest)
0
0
0 0
955.500
931,125
904.800
876,850
846.950
815,425
781,625
745.875
707,525
666,900
8,232,575
43 Total Debt Service
0
0
0 0
1,330,500
1,336,125
1,334,800
1,336,850
1,331,950
1,335,425
1,331,625
1,335,875
1,332,525
1,336,900
13,342,575
44 Bonds Outstanding @ 12/31
0
14.700,000 14,700,000
14.700.000
14,325,000
13.920,000
13.490,000
13,030,000
12,545,000
12.025,000
11,475,000
10,885,000
10,260,000
9,590,000
9.590,000
45
46 Excess (Deficiency) of Prop. Tax Inc. Revenues Compared to Debt Service
0
0
0 191,286
87{ 1,686)
(462,458)
(312,761)
(3,144)
1 756
55,255
239.127
357,973
361,323
356,948
8( 6,383)
47 Town of Avon Other Revenues Required for Tax Increment Debt Service
0
0
0 0
680,401
462,458
312.761
3,144
0
0
0
0
0
0
1,458,764
48
49
50 Tax Increment Revenue Bond Issue Sizing:
51 Gross Bond Issue Amount
14,700,000
52 Costs of Issuance @ 3%
441,000
53 3 Years Interest Payments (Cap 1) - Net Funded
2.750,000
54 Net Construction Proceeds Available
11,509,000
55
56 ( * * *) An additional $6.0 million of Tax Increment Bonds Could Be Supported in Year 12 assuming 1:1
Debt Service Coverage
PAGE 2
.r°
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
URA REVENUE & BONDING CAPACITY
(INCLUDES CONFLUENCE DEVELOPMENT)
EXHIBIT IIA -TOTAL FORECASTED URA REVENUE FROM ALL PROJECTS
YEAR1 YEAR2
DRAFT 8 -1 -2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER
YEAR 3
0
0
0
0
0
0
0
0
0
39
40 Annual Debt Service ($30.0m, January 1, Yr 2, 6.5%,23 Yr Amort, Net of Cap 1)
YEAR 4
PROJECTED ASSESSED VALUATION BY PROJECT ( *)
YEAR 6
YEAR 7
1
Lot 61
0
0
2
Seasons
0
0
3
Avon Center
0
0
4
Sheraton Mt. Vista
0
0
5
Parking Structure
0
0
6
Town Hall
0
0
7
Nottingham
0
0
8
Confluence
Q
0
9
TOTAL ASSESSED VALUATION BY PROJECT
0
0
10
4,599,702
4,599,702
4,599,702
11
URBAN RENEWAL AUTHORITY REVENUES
4,599,702
36,797,616
12
RE- 50J 19.595
0
0
13
Town of Avon - General Fund 8.960
0
0
14
Eagle County 8.499
0
0
15
Colorado Mountain College 3.997
0
0
16
Eagle River Fire Protection District 5.300
0
0
17
Eagle River Water and Sanitation District 1.214
0
0
18
Eagle County Health Services District 2.010
0
0
19
Colorado River Water Conservancy District 0.230
0
0
20
Eagle County Library District 2.750
0
0
21
TOTAL URA OVERLAPPING MILL LEVIES ( ) 52.555
0
0
22
0
0
2,810,685
23
TOTAL URA REVENUES BY PROJECT
5,621,369
19,674,792
24
Lot 61
0
0
25
Seasons
0
0
26
Avon Center
0
0
27
Sheraton Mt. Vista
0
0
28
Parking Structure
0
0
29
Town Hall
0
0
30
Nottingham
0
0
31
Confluence
0
0
32
TOTAL URA REVENUES BY PROJECT
0
0
33
0 0
0
0
34
() May have to be adjusted downward for current land assessed values.
0
68,370
35
( * *) Excludes Town of Avon Debt Service Mill Levy and Metro District Mill Levies
136,740
136,740
36
0 0
0
80,579
37
TAX INCREMENT BONDING ANALSYSIS (ASSUMING 1.20X DEBT SERVICE COVERAGE)
241,737
241,737
38
Property Tax Increment Revenues Avail. for Debt Service @ 1.20x Coverage
0
0
39
40 Annual Debt Service ($30.0m, January 1, Yr 2, 6.5%,23 Yr Amort, Net of Cap 1)
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
0
4,467,010
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
8,985,760
85,338,850
0
0
0
0
0
0
1,300,920
2,601,840
2,601,840
2,601,840
2,601,840
11,708,280
0
0
1,533,234
3,066,468
4,599,702
4,599,702
4,599,702
4,599,702
4,599,702
4,599,702
4,599,702
36,797,616
4,367,670
4,367,670
4,367,670
4,367,670
8,076,330
8,076,330
8,076,330
8,076,330
8,076,330
8,076,330
8,076,330
74,004,990
0
0
1,759,045
3,613,609
5,488,074
5,488,074
5,488,074
5,488,074
5,488,074
5,488,074
5,488,074
43,789,172
0
1,641,515
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302,929
31,367,876
0
0
0
0
0
0
0
2,810,685
5,621,369
5,621,369
5,621,369
19,674,792
0
21,446,023
24,161,868
32,938,353
32,938,353
32,938,353
32,938,353
32,938,353
32,938,353
32,938,353
32,938,353
309,114,715
4,367,670
31,922,218
44,110,506
56,274,789
63,391,148
63,391,148
64,692,068
68,803,673
71,614,357
71,614,357
71,614,357
611,796,290
0 85,584
625,516
864,345
1,102,704
1,242,150
1,242,150
1,267,641
1,348,208
1,403,283
1,403,283
1,403,283
11,988,148
0 39,134
286,023
395,230
504,222
567,985
567,985
579,641
616,481
641,665
641,665
641,665
5,481,695
0 37,121
271,307
374,895
478,279
538,761
538,761
549,818
584,762
608,650
608,650
608,650
5,199,657
0 17,458
127,593
176,310
224,930
253,374
253,374
258,574
275,008
286,243
286,243
286,243
2,445,350
0 23,149
169,188
233,786
298,256
335,973
335,973
342,868
364,659
379,556
379,556
379,556
3,242,520
0 5,302
38,754
53,550
68,318
76,957
76,957
78,536
83,528
86,940
86,940
86,940
742,721
0 8,779
64,164
88,662
113,112
127,416
127,416
130,031
138,295
143,945
143,945
143,945
1,229,711
0 1,005
7,342
10,145
12,943
14,580
14,580
14,879
15,825
16,471
16,471
16,471
140,713
0 12,011
87,786
121,304
154,756
174,326
174,326
177,903
189,210
196,939
196,939
196,939
1,682,440
0 229,543
1,677,672
2,318,228
2957,522
3,331,522
3,331,522
3,399,892
3,615,977
3,763,693
3,763,693
3,763,693
32,152,954
0 0
234,764
472,247
472,247
472,247
472,247
472,247
472,247
472,247
472,247
472,247
4,484,983
0 0
0
0
0
0
0
68,370
136,740
136,740
136,740
136,740
615,329
0 0
0
80,579
161,158
241,737
241,737
241,737
241,737
241,737
241,737
241,737
1,933,899
0 229,543
229,543
229,543
229,543
424,452
424,452
424,452
424,452
424,452
424,452
424,452
3,889,332
0 0
0
92,447
189,913
288,426
288,426
288,426
288,426
288,426
288,426
288,426
2,301,340
0 0
86,270
173,585
173,585
173,585
173,585
173,585
173,585
173,585
173,585
173,585
1,648,539
0 0
0
0
0
0
0
0
147,716
295,431
295,431
295,431
1,034,009
0 0
1,127,096
1,269827
1,731,075
1,731,075
1,731,075
1,731,075
1,731,075
1,731,075
1,731,075
1,731,075
16,245,524
0 229,543
1,677,672
2,318,228
2,957,522
3,331,522
3,331,522
3,399,892
3,615,977
3,763,693
3,763,693
3,763,693
32,152,954
0 191,286 1,398,060 1,931,856 2,464,601 2,776,268 2,776,268 2,833,243 3,013,314 3,136,410 3,136,410 3,136,410 26,794,128
41 Principal Payment
0
0
0
0
775,000
42 Interest @ 6.5% (Yrs. 2 - 4 funded from Cap Interest)
0
0
0
0
1,950,000
43 Total Debt Service
0
0
0
0
2,725,000
44 Bonds Outstanding @ 12/31
0
30,000,000 30 000.000
30,000,000
29,225,000
45
2,724,000
2,720,100
2,721,975
2,723,975
2,720,775
46 Excess (Deficiency) of Prop. Tax Inc. Revenues Compared to Debt Service
0
0
0
191,286
(1,326,940)
47 Town of Avon Other Revenues Required for Tax Increment Debt Service
0
0
0
0
1,135,654
48
51,818
52,593
109,243
293,214
414,435
49
415,635
(430,772)
787,769
256,724
0
50 Tax Increment Revenue Bond Issue Sizing: ( )
0
0
0
0
0
51 Gross Bond Issue Amount
30,000,000
52 Costs of Issuance @ 3%
900,000
53 3 Years Interest Payments (Cap 1) - Net Funded
5,600,000
54 Net Construction Proceeds Available
23,500,000
55
56 ( * * *) An additional $6.0 million of Tax Increment Bonds Could Be Supported in Year 12 assuming
1:1 Debt
Service Coverage
N
820,000
875,000
935,000
995,000
1,060,000
1,125,000
1,200,000
1,280,000
1,360,000
10,425,000
1,899,625
1,846,325
1,789,450
1,728,675
1,664,000
1,595,100
1,521,975
1,443,975
1,360,775
16,799,900
2,719,625
2,721,325
2,724,450
2,723,675
2,724,000
2,720,100
2,721,975
2,723,975
2,720,775
27,224,900
28,405,000
27.530,000
26,595,000
25,600,000
24,540,000
23,415,000
22,215,000
20,935,000
19,575,000
19,575,000
(787,769)
25( 6,724)
51,818
52,593
109,243
293,214
414,435
412,435
415,635
(430,772)
787,769
256,724
0
0
0
0
0
0
0
2,180,146
PAGE 2A
0
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
DRAFT 8 -1 -2006
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE
SUMMARYAN
DISCLAIMER
OPERATING FUNDING
EXHIBIT III - TOTAL FORECASTED OPERATING REVENUE AND EXPENDITURES FROM ALL PROJECTS
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
1
TOTAL PUBLIC REVENUES BY REVENUE TYPE- OPERATIONS
2
General Fund Property Taxes @ 8.96 mills (1)
0
0
0
39,134
93,867
178,740
209,094
272,857
272,857
284,513
321,353
346,537
346,537
346,537
2,712,027
3
Sales Tax @ 4%
0
0
40,900
171,835
360,863
418,957
549,250
549,250
556,050
642,085
721,320
721,320
721,320
721,320
6,174,470
4
Recreation Amenities Fees @ 28.02 per Deeded Week
0
0
121,412
121,412
121,412
121,412
214,639
214,639
214,639
214,639
214,639
214,639
214,639
214,639
2,202,765
5
Accomodations Tax (Condo - Hotel) @ 8%
0
0
0
128,115
258,201
258,201
258,201
258,201
258,201
339,012
419,823
419,823
419,823
419,823
3,437,424
6
Confluence Operating Revenues assumed for Mali
0
0
65,500
65,500
90,500
90,500
90,500
90,500
90:500
90,500
90,500
90,500
90,500
90.500
1.036,000,
7
TOTAL PUBLIC REVENUES BY REVENUE TYPE - OPERATIONS
0
0
227,812
525,997
924,843
1,067,810
1,321,685
1,385,448
1,392,248
1,570,750
1,767,636
1,792,819
1,792,819
1,792,819
15,562,686
8
9
TOTAL PUBLIC REVENUES BY PROJECT- OPERATIONS
10
Lot 61
0
0
0
192,515
427,025
467,513
467,513
467,513
467,513
467,513
467,513
467,513
467,513
467,513
4,827,161
11
Seasons
0
0
0
0
0
0
0
0
6,800
25,256
36,912
36,912
36,912
36,912
179,706
12
Avon Center
0
0
0
0
37,620
88,978
140,336
154,073
154,073
154,073
154,073
154,073
154,073
154,073
1,345,447
13
Sheraton Mt. Vista
0
0
162,312
201,447
201,447
201,447
366,874
400,103
400,103
400,103
400,103
400,103
400,103
400,103
3,934,249
14
Parking Structure (2)
0
0
0
0
20,473
56,708
93,798
110,593
110,593
110,593
110,593
110,593
110,593
110,593
945,131
15
Town Hall
0
0
0
66,535
147,778
162,664
162,664
162,664
162,664
162,664
162,664
162,664
162,664
162,664
1,678,291
16
Nottingham
0
0
0
0
0
0
0
0
0
160,046
345,276
370,459
370,459
370,459
1,616,700
17
Confluence Operating Revenues assumed for Mail
0
0
65,500
65,500
90,500
90,500
90,500
90.500
90,500
90,500
90,500
90,500
90,500
90,500
1,036,000'
18
TOTAL PUBLIC REVENUES BY PROJECT- OPERATIONS
0
0
227,812
525,997
924,843
1,067,810
1,321,685
1,385,448
1,392,248
1,570,750
1,767,636
1,792,819
1,792,819
1,792,819
15,562,686
19
20
21
ESTIMATED OPERATING /MAINTENANCE COSTS (Per TOA)
22
Snowmelt (Bob Reed and Norm Wood)
0
62,000
343,000
343,000
343,000
343,000
343,000
343,000
343,000
343,000
343,000
343,000
343,000
343,000
4,178,000
23
Mall Operations, Maintenance, Minor Capital (Bob Reed, Norm Wood)
0
45,900
467,000
467,000
467,000
467,000
467,000
467,000
467,000
467,000
467,000
467,000
467,000
467,000
5,649,900
24
Parking Lot Operations and Maintenance (Bob Reed, Norm Wood) (3)
0
0
0
50,000
105,000
105,000
105,000
105,000
105,000
105,000
105,000
105,000
105,000
105,000
1,100,000
25
Police (2 officers for mall, 1 for parking structure)
0
50,000
200,000
200,000
300,000
300,000
300,000
300,000
300.000
300,000
300.000
300,000
300,000
300,000
3.450,000
26
TOTAL PUBLIC OPERATING EXPENDITURES
0
157,900
1,010,000
1,060,000
1,215,000
1,215,000
1,215,000
1,215,000
1,215,000
1,215,000
1,215,000
1,215,000
1,215,000
1,215,000
14,377,900
27
28
EXCESS OPERATING REVENUES OVER (UNDER) EXPENDITURES (4)
0
157 900
(782,188)
53f 4,003)
290 157
14( 7,190)
106,685
170,448
177,248
355,750
552,636
577,819
577,819
577,819
1,184,786
29
30
(1) May not be available if Tax Increment URA is formed.
31
(2) Assumes 210 Parking Spaces are Free to Parkers (Needs to be discussed because there is potential for at
least day skier parking revenue
generation)
32
(3) Assumes 210 "Public" Parking Spaces @ $500 per space cost - assumes operating & maintenance
costs
re: 159 residential
and commercial
spaces requirements
are paid for from residential and commercial
HOA.
33
(4) Additional Town operating revenues will be generated (i.e., franchise fees, county sales taxes, county road & bridge fees,
state shared revenues), which could reduce early
year deficits
to some degree.
PAGE 3
0
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
LOT 69
SCHEDULE 1 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
Residential:
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Total Residential
Retail
Office
Total Commercial
Total Project
SOURCE: DESIGNWC
Planned
Average
Average
Average
Total
Number
Sq. Ft.
Sales Price
Per Unit
Gross Unit
Unit
ep r Unit
Per So. Ft.
Price
Volume
0
2,000
600
1,200,000
0
0
2,000
600
1,200,000
0
18
1,000
250
250,000
4,500,000
131
1000
650
650,000
85.150,000
149
0
0
601,678
89,650.000
Planned
65
Average
0
0
Number
0
Sales Price
0
0
Sq. Ft.
131
Per Sq. Ft.
0
74
12,880
0
300
0
3,864,000
10.056
0
250
0
2.514,000
22936
0
278
3,542,200
6.378.000
0
0
0
0
96.028.000
Estimated Residential Values (Uninflated):
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Estimated Value Of Residential Buildout - Entire Project (Uninflated)
Estimated Commercial Values (Uninflated):
Retail
Office
Estimated Value of Commercial Buildout - Entire Project (Uninflated)
Proj. Assessed Value - Incremental:
Estimated Value Of Residential @ 7.96
Estimated Value Of Commercial @ 29
Total Incremental Assessed Valuation - All Sources
Proj. Assessed Value By Year - Cumulative (Uninflated):
Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR):
Year Assessed Valuation Certified
Year Taxes Received
N
DRAFT 8 -1 -2006
SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR .5 YEAR ..6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
9
0
0
0
0
0
0
0
0
18
0
0
65
66
0
0
0
0
0
0
0
0
131
0
0
74
75
0
0
0
0
0
0
0
0
149
0
0
6,440
6,440
0
0
0
0
5 028
55,028
0
0
0
0
11_,468
11468
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,250,000
2,250,000
0
0
0
0
42.250,000
42.900.000
0
0
0
0
44.500,000
45,150,000
0
0
0
0
1,932,000
1,932,000
0
0
0
0
1,257.000
1.257,000
0
0
0
0
3.189,000
3,189,000
0
0
0
0
3,542,200
3,593,940
0
0
0
0
924.810
924,810
0
0
0
0
4,467,010
4,518,750
0
0
0
0
4.467.010
8.985.760
8.985.760
8,985,760
0
0
4,467.010
8.985.760
8.985.760
8,985.760
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0 0 0 0 0 0 12,880
0 0 0 0 0 0 10_,056
0 0 0 0 0 0 22,936
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 4,500,000
0 0 0 0 0 0 85.150,000
0 0 0 0 0 0 89.650,000
0 0 0 0 0 0 3,864,000
0 0 0 0 0 0 2,514,000
0 0 0 0 0 0 6,378,000
0 0 0 0 0 0 7,136,140
0 0 0 0 0 0 1,849,620
0 0 0 0 0 0 8,985,760
8.985,760 8.985.760 8.985,760 8.985.760 8.985.760 8.985.760 8.985.760
8,985,760 8,985.760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760
YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13
YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14
PAGE 4
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
LOT 61
YEAR 4
SCHEDULE 1 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
PUBLIC REVENUES - OPERATIONS
YEAR 7
General Fund Property Taxes @
8.96 Mills
Sales Tax @ 4%
250 per Sq. Ft.
Recreation Amenities Fee @
28.02 per Interval Deeded Week
Accomodations Tax (Condo - Hotel) @ 8%
45% Ann. Occ. $ 150 ADR
TOTAL PUBLIC REVENUES OPERATIONS
128,800
PUBLIC REVENUES - CAPITAL PROJECTS
128,800
Real Estate Transfer Tax Initial (excluding Aff. Housing) @
2%
Real Estate Transfer Tax Secondary Sales @
2% 10% turnover beg. In year 5
Parking Payment in Lieu Fees .
0
Main Street Improvement Assessment
$ 5.00 per Sq. Ft @ permit
Land Lease or Sale
258.201
TOTAL PUBLIC REVENUES CAPITAL PROJECTS
258,201
URBAN RENEWAL AUTHORITY REVENUES
0
RE- 50J
19.595
Town of Avon
8.960
Eagle County
8.499
Colorado Mountain College
3.997
Eagle River Fire Protection District
5.300
Eagle River Water and Sanitation District
1.214
Eagle County Health Services District
2.010
Colorado River Water Conservancy District
0.230
Eagle County Library District
2.750
TOTAL URA OVERLAPPING MILL LEVIES
52.555
E
DRAFT 8- 1.2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0
0
40,024
80,512
80,512
80,512
0
64,400
128,800
128,800
128,800
128,800
0
0
0
0
0
0
0
128,115
258.201
258,201
258,201
258101
0
192,515
427.025
467,513
467,513
467,513
845,000
858,000
0
0
0
0
0
0
170,300
170,300
170,300
170,300
0
0
0
0
0
0
382,340
387,340
0
0
0
0
0
0
0
0
0
0
1,227,340
1,245,340
170,300
170,300
170,300
17 0, 300
0
0
87,531
176,076
176,076
176,076
0
0
40,024
80,512
80,512
80,512
0
0
37,965
76,370
76,370
76,370
0
0
17,855
35,916
35,916
35,916
0
0
23,675
47,625
47,625
47,625
0
0
5,423
10,909
10,909
10,909
0
0
8,979
18,061
18,061
18,061
0
0
1,027
2,067
2,067
2,067
0
0
12_,284
24 711
24 711
24_,711
0
0
234,764
472,247
472,247
472,247
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
80,512
80,512
80,512
80,512
80,512
80,512
764,636
128,800
128,800
128,800
128,800
128,800
128,800
1,352,400
0
0
0
0
0
0
0
258,201
258,201
258,201
258,201
258,201
258,201
2,710,125
467,513
467,513
467,513
467.513
467,513
467,513
4,827,161
0
0
0
0
0
0
1,703,000
170,300
170,300
170,300
170,300
170,300
170,300
1,703,000
0
0
0
0
0
0
0
0
0
0
0
0
0
769,680
0
0
0
0
0
0
0
170,300
170,300
170,300
170,300
170,300
170,300
4,175,680
176,076
176,076
176,076
176,076
176,076
176,076
1,672,215
80,512
80,512
80,512
80,512
80,512
80,512
764,636
76,370
76,370
76,370
76,370
76,370
76,370
725,295
35,916
35,916
35,916
35,916
35,916
35,916
341,099
47,625
47,625
47,625
47,625
47,625
47,625
452,296
10,909
10,909
10,909
10,909
10,909
10,909
103,601
18,061
18,061
18,061
18,061
18,061
18,061
171,531
2,067
2,067
2,067
2,067
2,067
2,067
19,628
24 711
24 711
24,_711
24 711
24,_711
24 711711
234.682
472,247
472,247
472,247
472,247
472,247
472,247
4,484,983
PAGE 5
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
SEASONS
SCHEDULE 2 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Total Residential
Commercial:
Retail
Office
Total Commercial
Total Project
SOURCE: DESIGNWC
Planned
Average
Average
Average
Total
Number
Sq. Ft.
Sales Price
Per Unit
Gross Unit
Unit
ep r Unit
Per So. Ft.
Price
Volume
26
2,000
600
1,200,000
31,200,000
0
2,000
600
1,200,000
0
0
1,000
250
250,000
0
0
1000
650
650,000
0
26
0
0
1.200,000
31.200,000
Planned
0
Average
0
0
Number
0
Sales Price
0
0
So. Ft.
0
Per Sq. Ft.
0
0
1,360
0
300
0
408,000
0
0
250
0
0
1360
0
300
0
408.000
0
0
0
0
31.608.000
Estimated Residential Values (Uninflated):
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Estimated Value Of Residential Buildout - Entire Project (Uninflated)
Estimated Commercial Values (Uninflated):
Retail
Office
Estimated Value of Commercial Buildout - Entire Project (Uninflated)
Proj. Assessed Value - Incremental:
Estimated Value Of Residential @ 7.96
Estimated Value Of Commercial @ 29
Total Incremental Assessed Valuation - All Sources
Proj. Assessed Value By Year - Cumulative (Uninflated):
Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR):
Year Assessed Valuation Certified
Year Taxes Received
N
DRAFT 8 -1 -2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS
0 0 0 0 0 0 0 13 13 0 0 0 26
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 13 13 0 0 0 26
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0 680
0 0
0 680
0 15,600,000
0 0
0 0
0 0
0 15.600,000
0 204,000
0 0
0 204 000
0 1,241,760
0 59_,160
0 1,300,920
0 1.300.920
0 1.300.920
YEAR 8 YEAR 9
YEAR 9 YEAR 10
PAGE 6
680 0 0 0 1,360
0 0 0 0 0
680 0 0 0 1360
15,600,000 0 0 0 31,200,000
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
15,600,000 0 0 0 31.200.000
204,000 0 0 0 408,000
0 0 0 0 0
201000 0 0 0 408.000
1,241,760 0 0 0 2,483,520
59,160 0 0 0 118.320
1.300,920 0 0 0 2,601.840
2,601,84 2.601,840 2,601,8 2.601.840 2.601.840
2,601.840 2.601,840 2.601.840 2.601.840 2.601.840
YEAR 10 YEAR 11 YEAR 12 YEAR 13
YEAR 11 YEAR 12 YEAR 13 YEAR 14
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
SEASONS
SCHEDULE 2 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
PUBLIC REVENUES - OPERATIONS
General Fund Property Taxes @
8.96 Mills
Sales Tax @ 4%
250 per Sq. Ft.
Recreation Amenities Fee @
28.02 per Interval Deeded Week
Accomodations Tax (Condo - Hotel) @ 8%
45% Ann. Occ. $ 150 ADR
TOTAL PUBLIC REVENUES OPERATIONS
8.960
PUBLIC REVENUES - CAPITAL PROJECTS
8.499
Real Estate Transfer Tax Initial (excluding Aff. Housing) @
2
Real Estate Transfer Tax Secondary Sales @
2% 10% turnover beg. In year 10
Parking Payment in Lieu Fees
49 $ 33,000 per space
Main Street Improvement Assessment
$ 5.00 per Sq. Ft @ permit
Land Lease or Sale
YEAR 4
TOTAL PUBLIC REVENUES CAPITAL PROJECTS
YEAR 6
URBAN RENEWAL AUTHORITY REVENUES
YEAR 8
RE- 50J
19.595
Town of Avon
8.960
Eagle County
8.499
Colorado Mountain College
3.997
Eagle River Fire Protection District
5.300
Eagle River Water and Sanitation District
1.214
Eagle County Health Services District
2.010
Colorado River Water Conservancy District
0.230
Eagle County Library District
2.750
TOTAL URA OVERLAPPING MILL LEVIES
52.555
DRAFT 8.1.2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
D
0
0
0
0
0
312,000
0
0
0
0
0
0
0
0
0
0
0
808,500
0
0
0
0
0
133,400
0
0
0
0
0
0
0
0
0
0
0
1.253.900
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
0
11,656
23,312
23,312
23,312
23,312
104,906
6,800
13,600
13,600
13,600
13,600
13,600
74,800
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,.,8_00
25,256
36_,912
36_,912
36_,912
36_,912
179,70
312,000
0
0
0
0
0
624,000
0
62,400
62,400
62,400
62,400
62,400
312,000
808,500
0
0
0
0
0
1,617,000
133,400
0
0
0
0
0
266,800
0
0
0
0
0
0
0
1.253,900
62_,400
62,400
62_,400
62,400
62,400
2.819,800
0
25,492
50,983
50,983
50,983
50,983
229,424
0
11,656
23,312
23,312
23,312
23,312
104,906
0
11,057
22,113
22,113
22,113
22,113
99,509
0
5,200
10,400
10,400
10,400
10,400
46,798
0
6,895
13,790
13,790
13,790
13,790
62,054
0
1,579
3,159
3,159
3,159
3,159
14,214
0
2,615
5,230
5,230
5,230
5,230
23,534
0
299
598
598
598
598
2,693
0
3578
7155
7155
77155
7,155
32_,198
0
68_,370
136.740
136.740
136.740
136.740
615.329
PAGE 7
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
AVON CENTER
SCHEDULE 3 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
Residential:
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Total Residential
Retail
Office
Total Commercial
Total Project
SOURCE: DESIGNWC
Planned
Average
Average
Average
Total
Number
Sq. Ft.
Sales Price
Per Unit
Gross Unit
Unit
ep r Unit
Per So. Ft.
Price
Volume
36
2,000
600
1,200,000
43,200,000
0
2,000
600
1,200,000
0
9
1,000
250
250,000
2,250,000
0
11000
650
650.000
0
45
0
0
1,010,000
45,450,000
Planned
0
Average
0
0
Number
15,150,000
Sales Price
0
0
Sq. Ft.
1,128,600
Per Sq. Ft.
1,128,600
0
11,286
0
300
0
3,385,800
0
0
250
1.128,600
0
11,286
0
300
0
3.385,800
1,205,940
1,205,940
0
0
48.835.800
Estimated Residential Values (Uninflated):
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Estimated Value Of Residential Buildout - Entire Project (Uninflated)
Estimated Commercial Values (Uninflated):
Retail
Office
Estimated Value of Commercial Buildout - Entire Project (Uninflated)
Proj. Assessed Value - Incremental:
Estimated Value Of Residential @ 7.96%
Estimated Value Of Commercial @ 29%
Total Incremental Assessed Valuation - All Sources
Proj. Assessed Value By Year - Cumulative (Uninflated):
Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR):
Year Assessed Valuation Certified
Year Taxes Received
DRAFT 8.1.2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS
0 0 0 12 12 12 0 0 0 0 0 0 36
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 3 3 3 0 0 0 0 0 0 9
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 15 15 15 0 0 0 0 0 0 45
0
0
0
3,762
3,762
3,762
0
0
0
0
0
0
0
0
0
3762
3 762
33,762
0
0
0
14,400,000
14,400,000
14,400,000
0
0
0
0
0
0
0
0
0
750,000
750,000
750,000
0
0
0
0
0
0
0
0
0
15.150,000
15,150,000
15,150.000
0
0
0
1,128,600
1,128,600
1,128,600
0
0
0
0
0
0
0
0
0
1.128,600
1,128,600
1.128.600
0
0
0
1,205,940
1,205,940
1,205,940
0
0
0
327,294
327.294
327.294
0
0
0
1.533,234
1.533.234
1,533,234
0
0
0
1.533.234
3.066.468
4.599702
0
0
0
1,533,234
3,066,468
4,599,702
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0
0
0
0
0
0
11,286
0
0
0
0
0
0
0
0
0
0
0
0
0
11286
0
0
0
0
0
0
43,200,000
0
0
0
0
0
0
0
0
0
0
0
0
0
2,250,000
0
0
0
0
0
0
0
0
0
0
0
0
0
45.450.000
0
0
0
0
0
0
3,385,800
0
0
0
0
0
0
0
0
0
0
0
0
0
3.385.800
0
0
0
0
0
0
3,617,820
0
0
0
0
0
0
981.882
0
0
0
0
0
0
4,599.702
4.599,702
4.599,702
4.599,702
4.5997 02
4.5997 02
4,599.702
4.599.702
4.599.702
4.599702
4.599702
4.599,702
4.599,702
4,599.702
4.599.702
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
PAGE
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8.1 -2006
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
AVON CENTER
SCHEDULE 3 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
PUBLIC REVENUES - OPERATIONS
General Fund Property Taxes @
8.96 Mills
0
0
0
13,738
27,476
41,213
41,213
41,213
41,213
41,213
41,213
41,213
329,707
Sales Tax @ 4%
250 per Sq. Ft.
0
0
37,620
75,240
112,860
112,860
112,860
112,860
112,860
112,860
112,860
112,860
1,015,740
Recreation Amenities Fee @
28.02 per Interval Deeded Week
0
0
0
0
0
0
0
0
0
0
0
0
0
Accomodations Tax (Condo - Hotel) @ 8%
45% Ann. Occ. $ 150 ADR
0
0
0
0
0
0
0
0
0
0
0
0
0
TOTAL PUBLIC REVENUES OPERATIONS
0
0
37_,620
88_x978
140,336
154,073
154,073
154.073
154.073
154.073
154.073
154.073
1.345,447
PUBLIC REVENUES - CAPITAL PROJECTS
Real Estate Transfer Tax Initial (excluding Aff. Housing) @
2%
0
288,000
288,000
288,000
0
0
0
0
0
0
0
0
864,000
Real Estate Transfer Tax Secondary Sales @
2% 10% turnover beg. In year 7
0
0
0
0
86,400
86,400
86,400
86,400
86,400
86,400
86,400
86,400
691,200
Parking Payment in Lieu Fees
63 $ 33,000 per space
0
693,000
693,000
693,000
0
0
0
0
0
0
0
0
2,079,000
Main Street Improvement Assessment
$ 5.00 per Sq. Ft @ permit
0
138,810
138,810
138,810
0
0
0
0
0
0
0
0
416,430
Land Lease or Sale
0
0
0
0
0
0
0
0
0
0
0
0
0
TOTAL PUBLIC REVENUES CAPITAL PROJECTS
0
1.119,810
1,119,810
1,119.810
86,400
86,400
86_6,400
86,400
86_,400
86,400
86,400
86,400
4.050.630
URBAN RENEWAL AUTHORITY REVENUES
RE -50J
19.595
0
0
0
30,044
60,087
90,131
90,131
90,131
90,131
90,131
90,131
90,131
721,049
Town of Avon
8.960
0
0
0
13,738
27,476
41,213
41,213
41,213
41,213
41,213
41,213
41,213
329.707
Eagle County
8.499
0
0
0
13,031
26,062
39,093
39,093
39,093
39,093
39,093
39,093
39,093
312,743
Colorado Mountain College
3.997
0
0
0
6,128
12,257
18,385
18,385
18,385
18,385
18,385
18,385
18,385
147,080
Eagle River Fire Protection District
5.300
0
0
0
8,126
16,252
24,378
24,378
24,378
24,378
24,378
24,378
24,378
195,027
Eagle River Water and Sanitation District
1.214
0
0
0
1,861
3,723
5,584
5,584
5,584
5,584
5,584
5,584
5,584
44,672
Eagle County Health Services District
2.010
0
0
0
3,082
6,164
9,245
9,245
9,245
9,245
9,245
9,245
9,245
73,963
Colorado River Water Conservancy District
0130
0
0
0
353
705
1,058
1,058
1,058
1,058
1,058
1,058
1,058
8,463
Eagle County Library District
2.750
0
0
0
44,216
8_,433
12649
12.649
12649
12_,649
12.649
12649
12_,649
101,19
TOTAL URA OVERLAPPING MILL LEVIES
52.555
0
0
0
80_,579
161.158
241.737
241.737
241.737
241.737
241.737
241.737
241.737
1.933,899
PAGE 9
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8.1.2006
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
AVON CENTER
SCHEDULE 3 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
PUBLIC REVENUES - OPERATIONS
General Fund Property Taxes @
8.96 Mills
0
0
0
13,738
27,476
41,213
41,213
41,213
41,213
41,213
41,213
41,213
329,707
Sales Tax @ 4%
250 per Sq. Ft.
0
0
37,620
75,240
112,860
112,860
112,860
112,860
112,860
112,860
112,860
112,860
1,015,740
Recreation Amenities Fee @
28.02 per Interval Deeded Week
0
0
0
0
0
0
0
0
0
0
0
0
0
Accomodations Tax (Condo - Hotel) @ 8%
45% Ann. Occ. $ 150 ADR
0
0
0
0
0
0
0
0
0
0
0
0
0
TOTAL PUBLIC REVENUES OPERATIONS
0
D
37_,620
88978
140.336
154.073
154,073
154.073
154.073
154.073
154,073
154.073
1,345,447
PUBLIC REVENUES - CAPITAL PROJECTS
Real Estate Transfer Tax Initial (excluding Aff. Housing) @
2%
0
288,000
288,000
288,000
0
0
0
0
0
0
0
0
864,000
Real Estate Transfer Tax Secondary Sales @
2% 10% turnover beg. In year 7
0
0
0
0
86,400
86,400
86,400
86,400
86,400
86,400
86,400
86,400
691,200
Parking Payment in Lieu Fees
63 $ 33,000 per space
0
693,000
693,000
693,000
0
0
0
0
0
0
0
0
2,079,000
Main Street Improvement Assessment
$ 5.00 per Sq. Ft @ permit
0
138,810
138,810
138,810
0
0
0
0
0
0
0
0
416,430
Land Lease or Sale
0
0
0
0
0
0
0
0
0
0
0
0
0
TOTAL PUBLIC REVENUES CAPITAL PROJECTS
0
1,119,810
1,119,810
1,119,810
86_,400
86_,400
86,40
86_,400
86,400
86_,400
86_,400
86_,400
4,050,630
URBAN RENEWAL AUTHORITY REVENUES
RE -50J
19.595
0
0
0
30,044
60,087
90,131
90,131
90,131
90,131
90,131
90,131
90,131
721,049
Town of Avon
8.960
0
0
0
13,738
27,476
41,213
41,213
41,213
41,213
41,213
41,213
41,213
329,707
Eagle County
8.499
0
0
0
13,031
26,062
39,093
39,093
39,093
39,093
39,093
39,093
39,093
312,743
Colorado Mountain College
3.997
0
0
0
6,128
12,257
18,385
18,385
18,385
18,385
18,385
18,385
18,385
147,080
Eagle River Fire Protection District
5.300
0
0
0
8,126
16,252
24,378
24,378
24,378
24,378
24,378
24,378
24,378
195,027
Eagle River Water and Sanitation District
1.214
0
0
0
1,861
3,723
5,584
5,584
5,584
5,584
5,584
5,584
5,584
44,672
Eagle County Health Services District
2.010
0
0
0
3,082
6,164
9,245
9,245
9,245
9,245
9,245
9,245
9,245
73,963
Colorado River Water Conservancy District
0.230
0
0
0
353
705
1,058
1,058
1,058
1,058
1,058
1,058
1,058
8,463
Eagle County Library District
2.750
0
0
0
44,216
8 433
12649
12649
12649
12649
12_,649
12649
12_,649
101.193
TOTAL URA OVERLAPPING MILL LEVIES
52.555
0
0
0
80_,579
161.158
241,73
241,737
241,737
241.737
241,737
241,737
241,737
1,933,899
PAGE
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
SHERATON MT VISTA
SCHEDULE 4 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Total Residential
Retail
Office
Total Commercial
Total Project
SOURCE:STARWOOI
Planned
Average
Average
Average
Total
Number
Sq, Ft.
Sales Price
Per Unit
Gross Unit
Unit
ep r Unit
Per So. Ft.
Price
Volume
0
2,000
600
1,200,000
0
99
1,500
600
900,000
89,100,000
0
1,000
250
250,000
0
0
1,000
650
650.000
0
99
0
0
900.000
89.100,000
Planned
0
Average
50,400,000
0
Number
0
Sales Price
0
1,227,000
Sa, Ft.
0
Per Sq. Ft.
2,166,000
0
11,310
0
300
0
3,393,000
0
1,227,000
250
0
0
11310
0
300
0
3.393,000
0
3,080,520
0
355,830
92.493.000
Estimated Residential Values (Uninflated):
Market Housing - Whole Ownership -
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Estimated Value Of Residential Buildout - Entire Project (Uninflated)
Estimated Commercial Values (Uninflated):
Retail
Office
Estimated Value of Commercial Buildout • Entire Project (Uninflated)
Proj. Assessed Value - Incremental:
Estimated Value Of Residential @ 7.96
Estimated Value Of Commercial @ 29
Total Incremental Assessed Valuation - All Sources
Proj. Assessed Value By Year - Cumulative (Uninflated):
Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR):
Year Assessed Valuation Certified
Year Taxes Received
DRAFT 8.1.2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS
0 0 0 0 0 0 0 0 0 0 0 0 0
0 56 0 0 0 43 0 0 0 0 0 0 99
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 56 0 0 0 43 0 0 0 0 0 0 99
0
4,090
0
0
0
7,220
0
0
0
0
0
0
0
44,090
0
0
0
7_,220
0
0
0
0
0
0
0
50,400,000
0
0
0
38,700,000
0
0
0
0
0
0
0
0
0
0
0
0
0
50,400,000
0
0
0
38,700,000
0
1,227,000
0
0
0
2,166,000
0
0
0
0
0
0
0
1,227,000
0
0
0
2,166,000
0
4,011,840
0
0
0
3,080,520
0
355,830
0
0
0
628140
0
4.367.670
0
0
0
3.708,660
0
4.367.670
4.367.670
4.367.670
4.367.670
8.076.330
0
4.367.670
4.367,670
4,367,670
4,367.670
8.076.330
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0
0
0
0
0
0
11,310
0
0
0
0
0
0
0
0
0
0
0
0
0
11310
0
0
0
0
0
0
0
0
0
0
0
0
0
89,100,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
89,100,000
0
0
0
0
0
0
3,393,000
0
0
0
0
0
0
0
0
0
0
0
0
0
3,393,000
0
0
0
0
0
0
7,092,360
0
0
0
0
0
0
983,970
0
0
0
0
0
0
8,076,330
8.076.330
8.076.330
8,076,3
8.076.330
8.076.330
8.076.330
8.076.330
8,076,330
8,076,330
8.076,330
8,076,330
8,076,330
8,076,330
8,076,330
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
PAGE 10
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8 -1 -2006
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
SHERATON MT VISTA
SCHEDULE 4 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
YEAR 5
YEAR 6
YEAR 7
YEAR 3
PUBLIC REVENUES - OPERATIONS
YEAR 10
YEAR 11
General Fund Property Taxes @
8.96 Mills
0
Sales Tax @ 4%
250 per Sq. Ft.
40,900
Recreation Amenities Fee @
28.02 per Interval Deeded Week
121,412
Accomodations Tax (Condo - Hotel) @ 8%
45% Ann. Occ. $ 150 ADR
0
TOTAL PUBLIC REVENUES OPERATIONS
72,364
162.312
PUBLIC REVENUES - CAPITAL PROJECTS
40,900
40,900
Real Estate Transfer Tax Initial (excluding Aff. Housing) @
2% $ 31,643 per weekly interval
921,444
Real Estate Transfer Tax Secondary Sales @
2% 5% turnover beg. In year 10
0
Parking Payment in Lieu Fees
0 $ 33,000 per space
0
Main Street Improvement Assessment
$ 5.00 per Sq. Ft @ permit
440,450
Land Lease or Sale
214,639
0
TOTAL PUBLIC REVENUES CAPITAL PROJECTS
214,639
1.361,894
URBAN RENEWAL AUTHORITY REVENUES
214,639
214,639
RE- 50J
19.595
0
Town of Avon
8.960
0
Eagle County
8.499
0
Colorado Mountain College
3.997
0
Eagle River Fire Protection District
5.300
0
Eagle River Water and Sanitation District
1214
0
Eagle County Health Services District
2.010
0
Colorado River Water Conservancy District
0.230
0
Eagle County Library District
2.750
0
TOTAL URA OVERLAPPING MILL LEVIES
52.555
0
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
39,134
39,134
39,134
39,134
72,364
72,364
72,364
72,364
72,364
72,364
72,364
663,085
40,900
40,900
40,900
113,100
113,100
113,100
113,100
113,100
113,100
113,100
113,100
1,068,400
121,412
121,412
121,412
214,639
214,639
214,639
214,639
214,639
214,639
214,639
214,639
2,202,765
0
0
0
0
0
0
0
0
0
0
0
0
201,447
201,447
201,447
366,874
400,103
400,103
400,103
400,103
400,103
400,103
400,103
3,934,249
460,722
460,722
361,996
361,996
361,996
329,087
0
0
0
0
0
3,257,963
0
0
0
0
0
0
162,898
162,898
162,898
162,898
162,898
814,491
0
0
0
0
0
0
0
0
0
0
0
0
0
0
358,600
0
0
0
0
0
0
0
0
799,050
0
0
0
0
0
0
0
0
0
0
0
0
460,722
460,722
720,596
361,996
361,996
329,087
162,898
162,898
162,89
162,898
162.898
4,871,504
85,584
85,584
85,584
85,584
158,256
158,256
158,256
158,256
158,256
158,256
158,256
1,450,128
39,134
39,134
39,134
39,134
72,364
72,364
72,364
72,364
72,364
72,364
72,364
663,085
37,121
37,121
37,121
37,121
68,641
68,641
68,641
68,641
68,641
68,641
68,641
628,968
17,458
17,458
17,458
17,458
32,281
32,281
32,281
32,281
32,281
32,281
32,281
295,798
23,149
23,149
23,149
23,149
42,805
42,805
42,805
42,805
42,805
42,805
42,805
392,226
5,302
5,302
5,302
5,302
9,805
9,805
9,805
9,805
9,805
9,805
9,805
89,842
8,779
8,779
8,779
8,779
16,233
16,233
16,233
16,233
16,233
16,233
16,233
148,750
1,005
1,005
1,005
1,005
1,858
1,858
1,858
1,858
1,858
1,858
1,858
17,021
12 011
12_,011
12_,011
12_,011
22210
22_,210
22.210
22210
22210
22210
22,210
203,514
229,543
229,543
229,543
229,543
424.452
424,452
424.452
424.452
424,452
424,452
424,452
3,889,332
PAGE 11
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
PARKING STRUCTURE
SCHEDULE 5 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
Market Housing - Whole Ownership
'... Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Total Residential
Commercial:
Retail
Office
Total Commercial
Total Project
SOURCE: DESIGNWC
Planned
Average
Average
Average
Total
Number
Sq. Ft.
Sales Price
Per Unit
Gross Unit
Unit
ep r Unit
Per Sq. Ft.
Price
Volume
41
2,000
600
1,200,000
49,200,000
0
2,000
600
1,200,000
0
31
1,000
250
250,000
7,750,000
0
11000
650
650,000
0
72
0
0
790,972
56,950,000
Planned
0
Average
0
0
Number
19.300.000
Sales Price
0
0
So. Ft.
614,200
Per Sq. Ft.
614,200
0
6,142
0
300
483.333
1,842,600
5,800
0
250
1.097.533
1,450,000
11942
0
276
0
3,292,600
1,536,280
1,556,180
0
0
60.242.600
Estimated Residential Values (Uninflated):
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Estimated Value Of Residential Buildout - Entire Project (Uninflated)
Estimated Commercial Values (Uninflated):
Retail
Office
Estimated Value of Commercial Buildout - Entire Project (Uninflated)
Proj. Assessed Value - Incremental:
Estimated Value Of Residential @ 7.96
Estimated Value Of Commercial @ 29
Total Incremental Assessed Valuation - All Sources
Proj. Assessed Value By Year - Cumulative (Uninflated):
Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR):
Year Assessed Valuation Certified
Year Taxes Received
DRAFT 8.1 -2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS
0 0 0 13 14 14 0 0 0 0 0 0 41
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 10 10 11 0 0 0 0 0 0 31
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 23 24 25 0 0 0 0 0 0 72
0
0
0
2,047
2,047
2,047
0
0
0
1 833
1933
1 833
0
0
0
33,981
33,981
33,981
0
0
0
15,600,000
16,800,000
16,800,000
0
0
0
0
0
0
0
0
0
2,500,000
2,500,000
2,750,000
0
0
0
0
0
0
0
0
0
18,100,000
19.300.000
19.550.000
0
0
0
614,200
614,200
614,200
0
0
0
483,333
483.333
483.333
0
0
0
1.097.533
1.097.533
1.097.533
0
0
0
1,440,760
1,536,280
1,556,180
0
0
0
318,285
318.285
318.285
0
0
0
1.759,045
1.854,565
1.874,465
0
0
0
1,759.04
3.613.609
5.488.074
0
0
0
1,759,045
3.613.609
5.488,074
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0
0
0
0
0
0
6,142
0
0
0
0
0
0
5 800
0
0
0
0
0
0
19,942
0
0
0
0
0
0
49,200,000
0
0
0
0
0
0
0
0
0
0
0
0
0
7,750,000
0
0
0
0
0
0
0
0
0
0
0
0
0
56.950.000
0
0
0
0
0
0
1,842,600
0
0
0
0
0
0
1.450,000
0
0
0
0
0
0
1292,60
0
0
0
0
0
0
4,533,220
0
0
0
0
0
0
954.854
0
0
0
0
0
0
5.488,074
5.488.074
5.488.074
5.488.074
5.488.074
5.488.074
5.488.074
5.488.074
5.488.074
5.488,074
5.488,074
5.488,074
5.488.074
5.488.074
5.488,074
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
PAGE 12
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL
REVENUES
DRAFT 8.1.2006
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN
DISCLAIMER
PARKING STRUCTURE
SCHEDULE 5 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
PUBLIC REVENUES - OPERATIONS
General Fund Property Taxes @
8.96 Mills
0
0
0
15,761
32,378
49,173
49,173
49,173
49,173
49,173
49,173
49,173
392,351
Sales Tax @ 41
250 per Sq. Ft.
0
0
20,473
40,947
61,420
61,420
61,420
61,420
61,420
61,420
61,420
61,420
552,780
Recreation Amenities Fee @
28.02 per Interval Deeded Week
0
0
0
0
0
0
0
0
0
0
0
0
0
Accomodations Tax (Condo - Hotel) @ 8%
45% Ann. Occ. $ 150 ADR
0
0
0
0
0
0
0
0
0
0
0
0
0
TOTAL PUBLIC REVENUES OPERATIONS
0
0
20473
56708
93798
110,593
110,593
110.593
110,593
110.593
110,593
110,593
945,131
PUBLIC REVENUES - CAPITAL PROJECTS
Real Estate Transfer Tax Initial (excluding Aff. Housing) @
2%
0
312,000
336,000
336,000
0
0
0
0
0
0
0
0
984,000
Real Estate Transfer Tax Secondary Sales @
2% 10% turnover beg. In year 7
0
0
0
0
98,400
98,400
98,400
98,400
98,400
98,400
98,400
98,400
787,200
Parking Payment in Lieu Fees
0$ 33,000 per space
0
0
0
0
0
0
0
0
0
0
0
0
0
Main Street Improvement Assessment
$ 5.00 per Sq. Ft @ permit
0
149,903
159,903
159,903
0
0
0
0
0
0
0
0
469,710
Land Lease or Sale (per DesignWorkshop)
$90 /sq. ft 74,332 sq. ft.
0
6.689.880
0
0
0
0
0
0
0
0
0
0
6.689,880
TOTAL PUBLIC REVENUES CAPITAL PROJECTS
0
7,151,783
495,903
495,903
98_,400
98_,400
98_,400
98_,400
98_,,400
98,400
98_,400
98,_,400
8,930,790
URBAN RENEWAL AUTHORITY REVENUES
RE- 50J
19.595
0
0
0
34,468
70,809
107,539
107,539
107,539
107,539
107,539
107,539
107,539
858,049
Town of Avon
8.960
0
0
0
15,761
32,378
49,173
49,173
49,173
49,173
49,173
49,173
49,173
392,351
Eagle County
8.499
0
0
0
14,950
30,712
46,643
46,643
46,643
46,643
46,643
46,643
46,643
372,164
Colorado Mountain College
3.997
0
0
0
7,031
14,444
21,936
21,936
21,936
21,936
21,936
21,936
21,936
175,025
Eagle River Fire Protection District
5.300
0
0
0
9,323
19,152
29,087
29,087
29,087
29,087
29,087
29,087
29,087
232,083
Eagle River Water and Sanitation District
1.214
0
0
0
2,135
4,387
6,663
6,663
6,663
6,663
6,663
6,663
6,663
53,160
Eagle County Health Services District
2.010
0
0
0
3,536
7,263
11,031
11,031
11,031
11,031
11,031
11,031
11,031
88,016
Colorado River Water Conservancy District
0.230
0
0
0
405
831
1,262
1,262
1,262
1,262
1,262
1,262
1,262
10,072
Eagle County Library District
2.750
0
0
0
4 837
99,937
15 092
15 092
15_,092
15 092
15 092
15_,092
15_,092
120.420
TOTAL URA OVERLAPPING MILL LEVIES
52.555
0
0
0
92_,447
189,913
288,426
288,426
288,426
288,426
288,426
288,426
288,426
2,301,340
PAGE 13
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
TOWN HALL
SCHEDULE 6 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
'.. Total Residential
Retail
Office
Total Commercial
Total Project
SOURCE: DESIGNWC
Planned
Average
Average
Average
Total
Number
Sq. Ft.
Sales Price
Per Unit
Gross Unit
Unit
ep r Unit
Per So. Ft.
Price
Volume
16
2,000
600
1,200,000
19,200,000
0
2,000
600
1,200,000
0
31
1,000
250
250,000
7,750,000
0
1000
650
650.000
0
47
0
0
573,40
26.950,000
Planned
0
Average
0
13.350,000
Number
0
Sales Price
0
0
Sq. Ft.
1,996,050
Per Sq. Ft.
0
0
13,307
0
300
0
3,992,100
0
0
250
1.996,050
0
13_,307
0
300
1,062,660
3.992,100
0
0
0
0
30.942.100
Estimated Residential Values (Uninflated):
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Estimated Value Of Residential Buildout - Entire Project (Uninflated)
Estimated Commercial Values (Uninflated):
Retail
Office
Estimated Value of Commercial Buildout - Entire Project (Uninflated)
Proj. Assessed Value - Incremental:
Estimated Value Of Residential @ 7.96
Estimated Value Of Commercial @ 29
Total Incremental Assessed Valuation - All Sources
Proj. Assessed Value By Year - Cumulative (Uninflated):
Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR):
Year Assessed Valuation Certified
Year Taxes Received
DRAFT 8.1.2006
SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS
0 0 8 8 0 0 0 0 0 0 0 0 16
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 15 16 0 0 0 0 0 0 0 0 31
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 23 24 0 0 0 0 0 0 0 0 47
0
0
6,654
6,654
0
0
0
0
0
0
0
0
0
0
6654
6 654
0
0
0
0
9,600,000
9,600,000
0
0
0
0
0
0
0
0
0
0
3,750,000
4,000,000
0
0
0
0
0
0
0
0
0
0
13.350,000
13.600.000
0
0
0
0
1,996,050
1,996,050
0
0
0
0
0
0
0
0
0
0
1,996.050
1.996,050
0
0
0
0
1,062,660
1,082,560
0
0
0
0
578.855
578.855
0
0
0
0
1.641.515
1.661,415
0
0
0
0
1.641.515
3.302.929
3.302.929
3.302.929
0
0
1.641,515
3.302.929
3.302.929
3,302.929
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0
0
0
0
0
0
13,307
0
0
0
0
0
0
0
0
0
0
0
0
0
13_,307
0
0
0
0
0
0
19,200,000
0
0
0
0
0
0
0
0
0
0
0
0
0
7,750,000
0
0
0
0
0
0
0
0
0
0
0
0
0
26.950,000
0
0
0
0
0
0
3,992,100
0
0
0
0
0
0
0
0
0
0
0
0
0
3.992,100
0
0
0
0
0
0
2,145,220
0
0
0
0
0
0
1,157,709
0
0
0
0
0
0
3,302,929
3.302,929
3.302,929
3.302,929
3.302.929
3.302.929
3.302,929
3302,929
3302,929
3.302,929
3,302,929
3,302,929
3,302,929
3,302,929
3,302.929
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
PAGE 14
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
TOWN HALL
0
SCHEDULE 6 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL
REVENUES
PUBLIC REVENUES - OPERATIONS
133,070
General Fund Property Taxes @
8.96 Mills
Sales Tax @ 4%
250 per Sq. Ft.
Recreation Amenities Fee @
28.02 per Interval Deeded Week
Accomodations Tax (Condo - Hotel) @ 8%
45% Ann. Occ. $ 150 ADR
TOTAL PUBLIC REVENUES OPERATIONS
192,000
PUBLIC REVENUES - CAPITAL PROJECTS
0
Real Estate Transfer Tax Initial (excluding Aff. Housing) @
2%
Real Estate Transfer Tax Secondary Sales @
2% 10% turnover beg. In year 5
Parking Payment in Lieu Fees
0 $ 33,000 per space
Main Street Improvement Assessment (excludes civic revenues o $
5.00 per Sq. Ft @ permit
Land Lease or Sale (per Design Workshop) $90 /sq. ft. 30,616 sq. ft.
TOTAL PUBLIC REVENUES CAPITAL PROJECTS
0
URBAN RENEWAL AUTHORITY REVENUES
3,060,708
RE- 50J
19.595
Town of Avon
8.960
Eagle County -
8.499
Colorado Mountain College
3.997
Eagle River Fire Protection District
5.300
Eagle River Water and Sanitation District
1.214
Eagle County Health Services District
2.010
Colorado River Water Conservancy District
0.230
Eagle County Library District
2.750
TOTAL URA OVERLAPPING MILL LEVIES
52.555
0
DRAFT 8.1.2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER
YEAR 3 YEAR 4 YEAR 5
0
0
14,708
0
66,535
133,070
0
0
0
0
0
0
0
66_,535
147,778
192,000
192,000
0
0
0
38,400
0
0
0
113,268
113,268
0
2.755.440
0
0
3,060,708
305,268
38_,400
0
0
32,165
0
0
14,708
0
0
13,951
0
0
6,561
0
0
8,700
0
0
1,993
0
0
3,299
0
0
378
0
0
49,514
0
0
86,270
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
29,594
29,594
29,594
29,594
29,594
29,594
29,594
29,594
29,594
281,056
133,070
133,070
133,070
133,070
133,070
133,070
133,070
133,070
133,070
1,397,235
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
162.664
162.664
162 664
162.664
162.664
162.664
162.664
162.664
162.664
1,678,291
0
0
0
0
0
0
0
0
0
384,000
38,400
38,400
38,400
38,400
38,400
38,400
38,400
38,400
38,400
384,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
226,535
0
0
0
0
0
0
0
0
0
2,755,440
38_,400
384_00
38_,400
38_,400
38_,400
38_,400
38400
38400
38400
3,749,975
64,721
64,721
64,721
64,721
64,721
64,721
64,721
64,721
64,721
614,654
29,594
29,594
29,594
29,594
29,594
29,594
29,594
29,594
29,594
281,056
28,072
28,072
28,072
28,072
28,072
28,072
28,072
28,072
28,072
266,596
13,202
13,202
13,202
13,202
13,202
13,202
13,202
13,202
13,202
125,377
17,506
17,506
17,506
17,506
17,506
17,506
17,506
17,506
17,506
166,250
4,010
4,010
4,010
4,010
4,010
4,010
4,010
4,010
4,010
38,081
6,639
6,639
6,639
6,639
6,639
6,639
6,639
6,639
6,639
63,049
760
760
760
760
760
760
760
760
760
7,215
99,083
9083
9 083
9 083
9083
9 083
9 083
9.083 -
9083
86_,262
173,585
173,585
173,585
173,585
173.585
173,58
173,585
173,58
173,585
1,648,539
PAGE 15
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
NOTTINGHAM INN
SCHEDULE 7 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Total Residential
Retail
Office
Total Commercial
Total Project
SOURCE: DESIGNWC
Planned
Average
Average
Average
Total
Number
Sq. Ft.
Sales Price
Per Unit
Gross Unit
Unit
en r Unii
Per Sq. Ft.
Price
Volume
0
2,000
600
1,200,000
0
0
2,000
600
1,200,000
0
0
1,000
250
250,000
0
82
10_00
650
650.000
53.300,000
82
0
0
650,000
53,300,000
Planned
0
Average
0
0
Number
0
Sales Price
0
0
Sq. Ft.
0
Per Sq. Ft.
0
0
15,847
0
300
0
4,754,100
0
0
250
0
0
15_,847
0
300
0
4.754,100
0
0
0
0
58.054,100
Estimated Residential Values (Uninflated):
Market Housing - Whole Ownership
Market Housing - Fractional Ownership
Affordable Housing
Condo - Hotel
Estimated Value Of Residential Buildout - Entire Project (Uninflated)
Estimated Commercial Values (Uninflated):
Retail
Office
Estimated Value of Commercial Buildout - Entire Project (Uninflated)
Proj. Assessed Value - Incremental:
Estimated Value Of Residential @ 7.961
Estimated Value Of Commercial @ 29
Total Incremental Assessed Valuation - All Sources
Proj. Assessed Value By Year - Cumulative (Uninflated):
Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR):
Year Assessed Valuation Certified
Year Taxes Received
DRAFT 8 -1 -2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 41 41 0 0 82
0 0 0 0 0 0 0 0 41 41 0 0 82
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
0 0 7,924 7,924 0 0 15,847
0 0 0 0 0 0 0
0 0 77,924 77,924 0 0 15_,847
0 0 0
0 0 0
0 0 0
0 0 26.650,000
0 0 26.650.000
0 0 2,377,050
0 0 0
0 0 2.377.050
0 0 2,121,340
0 0 689,34
0 0 2.810.685
5 0 2810685
0 0 2.810,685
YEAR 8 YEAR 9 YEAR 10
YEAR 9 YEAR 10 YEAR 11
PAGE 16
0 0 0 0
0 0 0 0
0 0 0 0
26.650,000 0 0 53.300.000
26,650,000 0 0 53,300.000
2,377,050 0 0 4,754,100
0 0 0 0
2.377.050 0 0 4.754.100
2,121,340 0 0 4,242,680
689.345 0 0 1.,378,689
2.810.685 0 0 5.621.369
5.621369 5,6213 5.621.369 5.621,369
5.621.369 5.621,369 5.621,369 5.621,369
YEAR 11 YEAR 12 YEAR 13
YEAR 12 YEAR 13 YEAR 14
AVON TOWN CENTER WEST
FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017
NOTTINGHAM INN
SCHEDULE 7 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES
PUBLIC REVENUES - OPERATIONS
General Fund Property Taxes @
8.96 Mills
Sales Tax @ 4%
250 per Sq. Ft.
Recreation Amenities Fee @
28.02 per Interval Deeded Week
Accomodations Tax (Condo - Hotel) @ 8%
45% Ann. Occ. $ 150 ADR
TOTAL PUBLIC REVENUES OPERATIONS
8.499
PUBLIC REVENUES - CAPITAL PROJECTS
3.997
Real Estate Transfer Tax Initial (excluding Aff. Housing) @
2%
Real Estate Transfer Tax Secondary Sales @
2% 10% turnover beg. In year 11
Parking Payment in Lieu Fees
0 $ 33,000 per space
Main Street Improvement Assessment
$ 5.00 per Sq. Ft @ permit
Land Lease or Sale (per Design Workshop)
$90 /sq. ft. 80,511 sq. ft
TOTAL PUBLIC REVENUES CAPITAL PROJECTS
YEAR 4
URBAN RENEWAL AUTHORITY REVENUES
YEAR 6
RE- 50J
19.595
Town of Avon
8.960
Eagle County
8.499
Colorado Mountain College
3.997
Eagle River Fire Protection District
5.300
Eagle River Water and Sanitation District
1.214
Eagle County Health Services District
2.010
Colorado River Water Conservancy District
0.230
Eagle County Library District
2.750
TOTAL URA OVERLAPPING MILL LEVIES
52.555
N
DRAFT 8 -1 -2006
SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER
YEAR 3
YEAR 4
YEAR 5
YEAR 6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
TOTALS
0
0
0
0
25,184
50,367
50,367
50,367
176,286
0
0
0
79,235
158,470
158,470
158,470
158,470
713,115
0
0
0
0
0
0
0
0
0
0
0
0
80.811
161.622
161,622
161,622
161,622
727,299
0
0
0
160,046
345.276
370,459
370,45
370,459
1,616,700
0
0
533,000
533,000
0
0
0
0
1,066,000
0
0
0
0
106,600
106,600
106,600
106,600
426,400
0
0
0
0
0
0
0
0
0
0
0
244,618
244,618
0
0
0
0
489,235
0
0
7.245.990
0
0
0
0
0
7.245,990
0
0
8,023.608
777,618
106.600
106,600
106,600
106,600
9,227,625
0
0
0
0
55,075
110,151
110,151
110,151
385,528
0
0
0
0
25,184
50,367
50,367
50,367
176,286
0
0
0
0
23,888
47,776
47,776
47,776
167,216
0
0
0
0
11,234
22,469
22,469
22,469
78,640
0
0
0
0
14,897
29,793
29,793
29,793
104,276
0
0
0
0
3,412
6,824
6,824
6,824
23,885
0
0
0
0
5,649
11,299
11,299
11,299
39,546
0
0
0
0
646
1,293
1,293
1,293
4,525
0
0
0
0
7 729
15_,459
15 459
15 459
54 106
0
0
0
0
147.716
295,431
295,431
295,431
1.034.009
PAGE 17
August 16, 2006
Tambi Katieb
Community Development Director
Town of Avon
500 Benchmark Court
Avon, Colorado
Re: Town Center West Schedule
Dear Tambi:
As per discussions over the last few days, we have provided a workable schedule for
the Town Center West Investment Plan. This schedule would permit for Tasks 1 -3
(currently under contract) to be completed by the end of November. The remaining
tasks could be completed by March if we are given permission to proceed between now
and mid - September.
Steven will be in attendance at the August 22 Town Council hearing. We look forward
to speaking with Town Council regarding this matter at that time. Thanks and call if
you have any questions.
Sincerely,
DESIGN WORKSHOP, INC.
J. Rebecca Leonard, AICP
Associate
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Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
PROJECT DESCRIPTION
Investment Plan for private sector and public sector development in the Town Center
West redevelopment project area in Avon, Colorado.
PURPOSE
The Town of Avon is in the process of planning a redevelopment of Town Center West
that is intended to transform the area into a vibrant, pedestrian - oriented, mixed -use civic
center. The pedestrian- oriented Main Street and transit center design has been advanced,
infill parcels identified, a conceptual cost estimate has been prepared, a viable retail focus
and desired use mix has been established, and a financial analsys conducted.
The Avon Town Center West Investment Plan will be the guiding document and
investment strategy for the cooperative efforts necessary to achieve the economic
stability and community improvement desired for the project. The Plan will accelerate
the pace of the redevelopment by making this large, complex, and multi - phased project as
understandable and feasible as possible, versus waiting for other developments to come
on line in the Town Center West area.
This plan will offer two components: the Town's investment Plan for the Town Center
West AND a study to inform the town and stakeholders of options of implementation
entities and funding sources. The plan will provide specific guidance for public
improvements and regulating tools for private improvements. This plan will also make
recommendations about an implementation entity and new funding source. The plan will
NOT make recommendations about steps beyond the point of choosing of an
implementation entity and funding source, as those two things will change the dynamics
of how the entire investment is made. At the point that an implementation entity /new
funding source is put in place, a fresh look at the investment plan will provide the next
level of recommendations and action items.
The Investment Plan will work in concert with the design to maximize the upfront value
of the redevelopment area by providing a clear idea of how Town Center West will look
and feel following redevelopment, by addressing the public and private benefits and costs
associated with the plan, and by outlining a management, financing and phasing plan for
getting there. All of these elements will serve to generate enthusiasm and buy -in for the
project at a much earlier stage than letting the market take its course.
The Investment Plan for Avon Town Center West seeks to provide insight to assist the
Town of Avon with answering the following key questions identified by the Town
Council:
DESIGNWORKSHOP
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
• Do the key stakeholders support the development of the Town Center
West? What are the tradeoffs for each stakeholder? What are the
incentives for following the plan?
• What is the strategic phasing schedule and funding strategy for public
improvements in the Town Center West?
• What are the roles of the public and private sectors in redevelopment?
Where are the opportunities for partnerships?
• What is the vehicle /entity that will coordinate ongoing management and
implementation of the project?
• How will this project be marketed, promoted, and branded?
SCOPE OF SERVICES
The scope of work tasks and associated deliverables to be performed by Design
Workshop in connection with this proposal is as follows:
Task 1: Project Management
Every phase will involve project management from primarily the project manager.
Design Workshop strives to ensure quality assurance and quality control through clear
communication and dialogue with their clients. Direct communication with the client
through memorandums, phone calls, and emails will be provided to the client throughout
the entirety of the project. A progress report will accompany all billing.
Task 2: Kick Off
The Design Workshop team will travel to Avon to meet with Town Council and key
stakeholders as part of a Project Kickoff Meeting. Everyone will be brought up to speed
on the project progress to date. The design will be presented and benefits /impacts to the
stakeholders discussed. Goals and objectives will be set with input from Town staff and
community development committee. Design Workshop will work with the Town staff to
organize the Kickoff Meeting.
Project deliverables:
• Goals and objectives to be included in final report
• Town Council check -in
Stakeholder meeting
Task 3: Phasing and Funding Strategy
A phasing and funding strategy will be prepared by first outlining a baseline phasing plan
which utilizes funds expected to result from existing tax sources only (i.e. RETA,
accommodation tax, retail sales tax, etc...) for the development of the Town Center West
improvements. This phasing plan will spread the Town's expenses (for capital
improvements) and revenues (resulting from redevelopment) out over a 10 -15 year
development period, based on the phasing proposed in the Town Center West Financial
Analysis. This baseline phasing plan will determine the magnitude and timing of any
DESIGNWORKSHOP 2
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
shortfall of public funds. Research on several (3 -4) alternative funding sources will also
be investigated and case studies discussed. Alternative funding sources to be investigated
could include an impact assessment on new space such as the one modeled in the Town
Center West Financial Analysis, voluntary taxes from a business improvement district,
captured property tax funds from a tax increment financing district such as an urban
renewal area, and outside federal or state funds such as affordable housing or Main Street
grants. A series of scenarios will be constructed illustrating how the funding alternatives
affect the baseline phasing plan and may help to make up for any shortfall in the public
funding stream. From these scenarios, a preferred alternative will be proposed. Ideally,
the preferred funding strategy will create a method by which the funds necessary to
construct the streetscape improvements are leveraged from the properties that benefit the
most from the redevelopment effort.
A specialist in the area of districts and bond financing will be utilized on the team to help
develop a preferred alternative for future funding sources. Stan Bernstein may act in this
capacity.
The Design Workshop team will conduct a Project Check In with Town staff and
Community Development Committee to discuss the Phasing and Funding Strategy
alternatives.
Project deliverables:
• Information to be included in final report would include a baseline
phasing plan, research on potential funding sources, three to four
phasing scenarios using the potential funding sources, and a series of
recommendations on the preferred alternative and next steps to achieve
the desired results.
• Staff/Community Development Committee check -in
Task 4: Physical and Design Framework
The physical design of the Town Center needs to be formalized in a series of design
guidelines and parcel plans.
Part of the design guidelines will cover the public signage program in the form of a
standards manual. The manual will assist the Town in selecting the appropriate sign type
and format for a specific future situation. It will consist of the basic components and
design of the sign system as well as specifications for typeface, materials, colors, and
lighting as required. The manual can also include a specific project site plan and sign
fabricator performance requirements. Design Workshop will prepare a 75% complete
document for Town Planning representatives review. Consolidated comments from the
review team will be provided before the final manual is issued. After the 75% complete
document is reviewed and consolidated comments are received, Design Workshop will
revise and submit a final document to the Town Planning representatives for printing and
distribution to other parties as needed.
DESIGNWORKSHOP
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
The Design Workshop team will conduct a Project Check In with Town staff and
Community Development Committee to discuss the Physical and Design Framework
alternatives including parcel plans, potential easements (or other ownership
arrangements), design guidelines, and signage manual.
Project deliverables:
1 (one) copy each per consultant: 8 -1/2" x 11" color criteria 75% draft
document for review and approval.
• 1 (one) copy per Town Planning representative: 8 -1/2" x 11" color
final manual.
• A final document in .PDF electronic formal.
• Information to be included in final report which will include a
conceptual parcel plan for public lands that will be subdivided and
sold; recommended easements for items such as views, public spaces,
and utilities; design guidelines for the public and private development;
a standards manual for the signage, wayfinding, and public
infrastructure; and recommended changes to existing PUD approvals.
• Staff /Community Development Committee check -ins (up to 2)
Task 5: Roles and Responsibilities
Agreement on the development vision by both the Town and stakeholders will foster a
spirit of cooperation and understanding that will allow for the necessary contributions of
leadership and resources from both the public and private sectors. Public - private
relationships will be described and the roles and responsibilities of each as well as the
shared obligations between the two will be outlined.
The Design Workshop team will conduct a Project Check In with Town staff and
Community Development Committee to discuss the alternatives pertaining to
roles /responsibilities and the agenda for the upcoming stakeholder meeting.
Project deliverable:
• Information to be included in final report
• Staff /Community Development Committee check -in
• Stakeholder meeting
Task 6: Development Approvals Process
Incentives such as an alternative development approval process will be explored to
determine if it will provide the needed incentive to attract the private development
planned for Town Center West. The Design Workshop team will conduct a Project
Check In with Town staff and Community Development Committee to discuss the
approvals process alternatives and potential alternatives to incent development in the
Town Center West.
DESIGNWORKSHOP 4
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
Project deliverables:
• Information to be included in final report including research on
alternative development approvals processes, three to four case
studies, and a series of recommendations.
• Staff/Community Development Committee check -in
• Stakeholder meeting
Task 7: Implementation Entity
Options for oversight of the Town Center West area, including the option of enhancing
the existing mall district or creating a new development authority, will be investigated
with respect to the need to devise an effective implementation and operating entity.
Research will be conducted into different models of implementation entities (Pearl Street
Mall Boulder, Snowmass Village, Lake Tahoe, etc.) Design guideline enforcement will
be a major governance responsibility and will help to ensure that the overall quality and
continuity of the streetscape project is maintained even as individual pieces are
constructed by different development entities at different times. Programming,
promotion, and operations (security, maintenance, and cleanup) are all important
elements to frame in the development vision to ensure that the project fulfills its potential
long beyond construction and initial occupancy. Regularly updating, revising and
amending the Implementation Plan will be necessary as conditions change. The
oversight organization will be responsible for these updates in addition to all the
aforementioned tasks. Therefore, a self - sustaining funding mechanism will need to be in
place to ensure the vision is carried forward through completion.
The Design Workshop team will conduct a Project Check In with Town staff and
Community Development Committee to discuss the potential implementation entity and
funding mechanisms. A stakeholder meeting will solicit buy -in from the key
stakeholders of the project. A review by Stan Bernstein will be valuable.
Proiect deliverables:
• Information to be included in final report including research on
potential implementation entity models, three to four case studies of
workable models, and a series of recommendations such as the
preferred alternative and immediate next steps.
• Staff /Community Development Committee check -in
Stakeholder meeting
Task 8: Marketing Strategy
Both stakeholder and broader community buy -in are essential to the success of the
implementation plan. Without community support, funding will be scrutinized. Without
stakeholder buy -in, the private sector will be reluctant to fulfill their responsibilities.
Design Workshop will work with the Town's Public Information Officer to devise a plan
for reaching out to the community, building enthusiasm around the plan, and obtaining
support for its implementation.
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
In addition, Design Workshop has developed a two -part process to develop the new name
and logo. The preferred direction from the schematic exploration of the new name and
logo is fully explored and three concepts are presented for review and discussion. Based
on the feedback from this presentation, one concept is taken through final design. This
may often take at least two more intermediate client presentations that will occur as a Net
Meeting. The final design is presented and finalized based on feedback from the
intermediate Net Meetings. Final Art is created along with a document that explains how
the logo is to be used and other appropriate secondary fonts.
Finally, three additional marketing collateral products will be developed These include:
1. Project Vision Summary Booklet: The Vision Summary Booklet (8 -1/2" x
I I" color, 15- 30 pages) articulates the shared vision for the project and
will serve as the first product for the client to communicate the project
vision and story with the public, stakeholders, and others. This summary
booklet can contain narrative text (by others), existing project illustrations,
renderings and /or perspective views and character images (stock
photography, if required, will be billed as a reimbursable). Included are
the design, development, and delivery of final booklet electronic files on
CD. Note: Digital printing, binding and delivery coordination are not
included in the fee range.
2. Marketing Flyer /Small Brochure: The Marketing Flyer is a distilled
handout version of the project summary booklet. This "quick view"
brochure will serve as a take -away for the public at future events or
project launch. It can include the project vision statement, distilled
narrative text (by others), select existing project illustrations, renderings,
and /or perspective views and character images (stock photography, if
required, will be billed as a reimbursable). Included are the design,
development, and delivery of final booklet electronic files on CD. Note:
Digital printing, binding and delivery coordination are not included in the
fee range.
3. Initial Marketing Website: Based on the look and fell of the summary
booklet and flyer design, Design Workshop will design, construct, and
launch an initial marketing website that can further inform the public,
stakeholders, and others. The initial site can include the project vision
statement, distilled narrative text (by others), select existing project
illustrations, renderings, and /or perspective views and character images
(stock photography, if required, will be billed as a reimbursable).
Included are the design, development, and launch of initial site. As the
project develops and additional requirements are determined, the website
can be developed with additional content and /or pages and billed as an
additional service.
Project deliverables:
DESIGNWORKSHOP 6
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
• Presentation boards with three alternatives of the preferred name and logo
concept.
Digital Presentation packages, at most two (2) for Net Meeting
discussions.
• Finalize the logo artwork, send logo package for final sign -off from the
client group.
• Create final logo package, including CD of electronic artwork in a variety
of formats (color and black & white) for any immediate communication
needs you may have.
Draft Project Vision Summary Booklet for review. One (1) printed hard
copy, plus PDF for client printing purposes.
• Final Project Vision Summary Booklet. One (1) printed hard copy, plus
PDF for client printing purposes.
• Draft Flyer /Brochure for review. One (1) printed hard copy, plus PDF for
client printing purposes.
• Final Flyer /Brochure. One (1) printed hard copy, plus PDF for client
printing purposes.
• Draft typical website pages for review online. If required, one (1) printed
hard copy, plus PDF for client printing purposes can be provided.
• Final website pages for review online. If required, one (1) printed hard
copy, plus PDF for client printing purposes can be provided.
• Information to be included in final report including a series of
recommendations on immediate next steps the Town can achieve while
forming the preferred implementation entity and funding source.
• Staff /Community Development Committee check -in
Task 9: Draft Investment Plan
The purpose of the implementation plan is to bring the physical design, market
investigation, financial analysis all together into a plan that can ultimately be
implemented. The reality of a public /private partnership will be expressed. Elements of
the Implementation Plan include:
Overall Development Vision
• Market Analysis
• Public Improvement Plans
■ Design Guidelines
■ Phasing and Funding Strategy
2. Development Vision for Each Project:
• Physical Plan
• Parcel Plan
• Ownership Arrangements
• Design Guidelines
• Changes from Existing PUD
DESIGNWORKSHOP 7
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
• Program
• Financial Plan
• Mitigation Requirements
• Phasing Forecast
3. Development Approvals Process
4. Marketing Strategy
5. Implementation Entity (Community Development Committee or Otherwise)
• Self- Sustaining
• Design Review
• Management, Operations and Events
• Updates, Revisions, and Amendments to the Master Plan
The market analysis, physical plan, program, financial plan, mitigation requirements, and
phasing forecast are all pre - existing work, but will need formatted to fit within the layout
of the Implementation Report. The format for this will be an 11 "X17" document that
town staff can use when conducting, evaluating, and negotiating development in the
Town Center West.
The Design Workshop team will conduct a Project Check In with the Community
Development Committee prior to submitting the plan to the Planning Commission for
their recommendation to the Town Council. Changes will be made and the Final
Implementation Plan will be republished for the Town Council.
Project deliverables:
• Draft Implementation Plan
• Staff /Community Development Committee check -in
• Planning Commission recommendation
Task 10: Final Investment Plan
The plan with the Planning Commission's recommendations will be forwarded to Town
Council for their review and adoption.
Project deliverables:
• Final Implementation Plan
• Adoption by Town Council
Note: Revisions to the document or any other materials made by the Client and/or Owner
after Design Workshop has submitted the final plan will be considered as additional
services.
CONDITIONS AND EXCLUSIONS
DESIGNWORKSHOP
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
Client shall provide the following information or services as required for performance of
its services. Design Workshop assumes no responsibility for the accuracy of such
information or services provided by Client, and shall not be liable for errors or omissions
therein. Should Design Workshop be required to provide services in obtaining or
coordinating compilation of this information, such services shall be billed as Additional
Services.
In order to begin work, we will require following information:
1. Text narrative for the marketing materials written by the Client or hired
copywriter services (Copywriting sub - consultant Fee Range: $3,000 - $4,500)
2. Purchase of appropriate stock photography if necessary
3. Additional Project Illustrations, Renderings or Modeling
PROJECT TEAM
Design Workshop typically organizes projects in a team format with key responsibilities
divided between the Principal -in- Charge and Project Manager. The key team members
for this project are listed below:
Principal -in- Charge — Don Ensign
Don will serve as Principal -in- Charge for the Town Center West Investment Plan project
and will have primary responsibility for the overall content and quality of the work
prepared by Design Workshop.
Project Manager — Rebecca Leonard
Rebecca will serve as the Project Manager for the Town Center West Investment Plan
project. Rebecca will be the primary Client contact. His responsibilities will include the
coordination of Design Workshop's in -house strategic services team as well as regular
communication and coordination with the client. Rebecca will also coordinate with any
subconsultants that are either part of the Design Workshop Team or those hired by the
town. Rebecca will participate in the staff work sessions and will be in attendance for all
meetings and public hearings.
Design Workshop is prepared to begin work immediately upon receipt of a retainer and a
signed copy of this proposal from an authorized owner's representative. An six- to eight -
month completion schedule is anticipated, but is highly dependent on meeting schedules
and the final adoption process.
DESIGNWORKSHOP
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
FEES AND EXPENSES
The fees for the scope of services described above are as follows:
2
Task One: Project Management $
Task Two: Kick Off $
Task Three: Phasing and Funding Strategy $
Task Four: Physical and Design Framework $
Task Five: Roles and Responsibilities $
Task Six: Development Approvals Process $
Task Seven: Implementation Entity $
Task Eight: Marketing Strategy $
Task Nine: Draft Investment Plan $
Task Ten: Final Investment Plan $
7,500
7,000
8,000
30,000
6,500
3,500
11,500
40,000 (532,000 is marketing collateral)
12,500
7,000
Total Professional Fees $ 133,500
Reimbursable Expenses
Reimbursable Expenses are in addition to compensation for Basic Services.
Reimbursable expenses incurred by Design Workshop and consultants directly
related to the project such as, but not limited to, photography, telephone charges,
video conference charges, and printing expenses shall be billed at Design
Workshop's cost plus 15 (fifteen) percent. Reimbursable expenses for this project
are budgeted at 10 (ten) percent total professional fees, or $13,350, and will not
be exceeded without written permission of the Client.
Additional Services
Services in addition to those described above are to be compensated on a Time
and Materials basis per Design Workshop's current published rate schedule.
Additional services will include (but are not limited to) redesign of previously
approved work, major revisions to program and /or expansion of scope of work.
Whenever practical, changes, additions, or modifications to the scope of work
shall be authorized by written change request; however, the absence of such a
written change order shall not act as a bar to payment of fees due Design
Workshop, provided the change was in fact approved and ordered by the Client.
Additional meetings and presentations related to this scope of work will be
conducted on a time and materials basis upon receiving written authorization from
the Client.
PAYMENT TERMS
DESIGNWORKSHOP 10
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
This is an Additional Service to the existing Avon Town Center West and Main
Street Public Improvements contract (between Design Workshop and the Town of
Avon, Colorado) and will be billed monthly. This agreement is structured as a
time and materials contract not to exceed $133,500 without written authorization
from the Client.
2. Invoices will be mailed from Design Workshop's office by the 101b of each
month. Invoices are payable within 30 days of the date of billing. Invoicing shall
be specific to each major task and will describe the completed portion of the
work.
DESIGNWORKSHOP 11
Proposal for Town Center West Investment Plan
Avon, CO
June 21, 2006
1. This Agreement is entered into between Design Workshop, Inc. and the Town of
Avon, owner or reputed owner of the property to be benefited by Design
Workshop's services.
2. If this contract meets with your approval, please sign below and return one (1)
copy for our file.
3. If this agreement is not accepted within two (2) months from the date of receipt,
the offer to perform the described services may be withdrawn and Design
Workshop may renegotiate this proposal.
DESIGN WORKSHOP, INC.
By:
Title: Principal
Title:
Date: June 21 2006
Date:
DESIGNWORKSHOP 12
� J� L:4 I I me
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
From: Eric Heidemann, Acting Community Development Director
Date: August 17, 2006
Re: Design Workshop Update of East Town Center Charrette
Summary: Design Workshop will be presenting a series of alternative site plan design
concepts that were generated from the East Town Center Design Charrette that took place the
week of July 17''. Design Workshop staff will be available to review in detail the preliminary
concepts and how these concepts could translate into a specific district master plan for the
Town, including the level of participation and commitment required from area property
owners.
The attached design concepts were developed evaluating land use, massing and form, open
space, urban design, and transportation and parking needs. With these principles in mind, the
design team was also creating a very `scalable' plan that could work for individual properties
that have different redevelopment timelines. At the end of the charrette, the findings of all
meetings, the data inventory and analysis, and the various alternative concept plans and
sketches were presented to the community through an open house. The process was well
received by all attended and highly interactive.
Also attached to this memo is an add service contact proposal by Design Workshops, Inc. for
Phases III, IV, and V. These additional phases include the continued creation of a concept
master plan, including a market investigation report, and culminating into a final district plan.
The proposed fee for these services is $120,000.00 plus reimbursable expenses such as
telephone calls, meals, lodging and travel at actual cost plus 15% (capped at 10% of total
project cost).
Staff recommends approval of the Design Workshop, Inc. Add Service Proposal dated August
16, 2006, for the East Town Center in an amount not to exceed $120,000.00 plus reimbursable
expenses. The expectation of staff and the Town Manager is that the costs spent on the
Charette are reimbursed by the key property stakeholders as a commitment to their investment
in this public /private planning effort.
Financial Implications: The proposed fee is within the current project 2006
budget of $208,000.
Recommendation: Approve the Design Workshop, Inc. Add Service Proposal
dated August 16, 2006, for the East Town Center in an amount not to exceed $120,000.00
plus reimbursable expenses. The expectation of staff and the Town Manager is that the costs
spent on the Charette are reimbursed by the key property stakeholders as a commitment to
their investment in this public /private planning effort.
Alternatives: Table action on the Design Workshop, Inc. Add Service Proposal
pending clarification of the proposal.
Proposed Motion: I move to approve the Design Workshop, Inc. Add Service
Proposal dated August 16, 2006, for the East Town Center in an amount not to exceed
$120,000.00 plus reimbursable expenses. The expectation of staff and the Town Manager is
that the costs spent on the Charette are reimbursed by the key property stakeholders as a
commitment to their investment in this public /private planning effort.
Town Manager Comments:
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Attachments:
Exhibit A: Charette Concept Plans
Exhibit B: Design Workshop, Inc. Add Service Proposal for the East Town Center project.
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August 16, 2006
Tambi Katieb
Community Development
Town of Avon
400 Benchmark Road
Box 975
Avon, CO 81620
Additional Services for: Avon Town Center East
Add Service Number: 1
Dear Tambi:
This letter is a request for approval to complete Additional Services associated with the
East Town Center Charrette. Based on our conversations on August 15, we understand
that the following services will be required.
PHASE III: CONTINUED CREATION OF CONCEPT MASTER PLAN
Building on the information discovered in the current contract, the Design Workshop
team will continue the process of creating a vision and conceptual master plan for East
Town Center. This phase will include a market investigation and conceptual physical
plan for the East Town Center.
Task 3.1 Project Check In
The Design Workshop team will conduct a Project Check In with Town Council,
Planning Commission, Staff, and the community development committee to discuss the
methodology of the market investigation and the process for the upcoming charrette.
Task 3.2 Market Investigation
Design Workshop will draw upon their work on the West Town Center to interpret the
analysis in terms of the East Town Center. The Town Center West Market
Investigation will form the point of departure for understanding the conditions
affecting East Town Center. The Market Investigation for East Town Center will
include updating and supplementing the data previously collected for the Town Center
West project. Analysis and recommendations specific to the East Town Center will be
generated. Specific recommendations to be made will include the optimal critical
mass, the amount of supportable retail, types of tenants and overall desired mix of uses
(retail, commercial, residential and civic). Integration with the existing uses in East
C:ADocuments and Settings \tkatieb\Local Settings \Temporary Internet Files \OLK2 \060816 - add service
agreement.doc
Town Center and with the planned Town Center West project will be a primary
consideration in formulating recommendations.
Specific tasks to be conducted for the Market Investigation include:
I. Demographic Analysis — supplementation of demographic analysis prepared
for Town Center West as necessary.
2. Existing Retail Conditions — analysis of the existing retail mix in East Town
Center, as well as understanding of planned projects. Elements to be
analyzed include tenant types, store sizes, circulation and parking, user
characteristics, lease rates and vacancy rates.
3. Competitive Analysis — the competitive analysis prepared for the Town
Center West Market Investigation will prove directly applicable to the East
Town Center project, and their significance relative to this project will be
analyzed. Town Center West will be added as a competitive area, and the
interrelationships between these two districts will be analyzed in order to
better understand competitive advantages and disadvantages and to identify
synergistic opportunities between the two.
4. Comparable Analysis — three comparable retail areas will be research based
on the findings of the demographic analysis, existing retail conditions and
competitive analysis. Identification of these areas will be determined with
input from Town staff based on Design Workshop recommendations.
5. Supportable Retail Demand Analysis — an analysis of the amount of
supportable retail will be conducted. This analysis will utilize the same
methodology used for the Town Center West Market Investigation but will
be tailored to the specific conditions of East Town Center.
6. Retail Focus — research will be conducted into retail focus alternatives for
East Town Center that will help to best establish a competitive advantage
relative to the other retail districts in Town and in the region. The
recommended retail focus will be expanded to include recommendations
with regard to tenant types, store sizes, amenities, programming and optimal
critical mass.
7. Use Mix — recommendations will be made with respect to other uses for
East Town Center based on the retail analysis. Residential, commercial
(non - retail specific), civic and open space uses will be quantified based on
physical and market conditions.
Task 3.3 Project Check In
The Design Workshop team will conduct a Project Check In with Town Council,
Planning Commission, Staff and the community development committee to discuss the
information gathered, lessons learned and outcomes of the market investigation during
this phase. In addition, the Town Council, Planning Commission and the community
development committee will be required to select a preferred alternative based on the
concept plans prepared during the charrette. Community and key stakeholder
comments from the charrette, open house, and web site will be provided at this
meeting. Findings from the Market Investigation will be incorporated into the
selection process for the preferred alternative.
Task 3.4 Refining the Preferred Alternative
The Design Workshop team will further refine the preferred alternative selected in the
previous task. We will develop a refined, but schematic, integrated plan for all
components of the East Town Center Plan, including:
• A strong market focus;
• Integrated and balanced multi -model system (pedestrian, vehicular,
bicycle, and transit riders);
• Improved circulation and access for all user types including north,
south, east and west circulation patterns (clear turning lanes; controlled
access; enhanced pedestrian, transit, and bicycle facilities; appropriate
sight distance triangle; and overall safety);
• Streetscape enhancement that is authentic to Avon and complimentary
to the West Town Center plans;
• Gateway and identity characteristics that serve as a transition from I -70
to the East Town Center; -
• Wayfinding and signage
• Infrastructure improvements as necessary;
• Conceptualized redevelopment opportunities and land uses; and
• 3 -D Model of East Town Center and West Town Center showing
conceptual massing and building orientation, estimated shade /shadow
studies, and key view corridors.
Task 3.5 Project Check In
The Design Workshop team will conduct a Project Check In with Town Council,
Planning Commission, Staff and the community development committee to discuss the
next steps and to discuss areas of concern by all parties. Specifically, we propose to
discuss the Refined Preferred Concept.
Task 3.6 Open House
After refining the preferred concept, the Design Workshop team will present the plans
to the public again for the second open house. The purpose of this meeting will be to
show interested citizens and stakeholders the plan for the area, field questions, and take
comments. The format for the meeting will be an open house with high- quality
presentation materials depicting the plan.
Phase III Deliverables:
Project Management
Market Investigation Report Draft
Market Investigation Report Final
Presentation materials for the open house and project check -ins
Project Check Ins (up to 3)
Open House (1 open house)
PHASE IV: DRAFT DISTRICT PLAN
At the conclusion of Phase III, the Design Workshop team will have a clear
understanding of the issues, concerns, and needs of the study area. Our conceptual
plans will help support this notion along with the extensive comment that we will have
received from citizens, key interest groups, community development committee, Town
Staff and Town Council. All of this will become the foundation for the Draft District
Plan, which is the goal of Phase IV.
Task 4.1 Preliminary Cost Estimating
Based on feedback gathered during previous tasks, the Design Workshop team will
work directly with the staff to develop a preliminary cost estimate.
Task 4.2 Financial Analysis
A financial analysis will be performed in order to assess the financial feasibility of the
development with respect to both private sector development potential and public
sector revenue streams.
1. Development Revenue Analysis - a conceptual pro forma will be prepared
for each infill parcel to determine financial feasibility of redevelopment
based on recommended development program. Research will be conducted
into development costs and anticipated revenues (much of this information
has been previously generated for the Town Center West financial analysis).
Cross sections will be developed to understand the spatial implications of
the redevelopment as well as to establish building program takeoffs for use
in the development revenue analysis. Supportable mitigation levels for the
redevelopment projects will be derived based on the financial feasibility in
order to understand the potential for private projects to contribute directly to
the public improvements including housing, open space, street
improvements and parking.
4
2. Public Revenue Streams — an analysis of projected public revenues resulting
from redevelopment will be generated and compared to the costs of public
improvements. This analysis will help to gauge the ability to recapture
initial public expenditures through increased tax base, etc., and will help to
quantify the need, if any, for additional funds.
Task 4.3 Project Check In
The Design Workshop team will conduct a Project Check In with Town Council,
Planning Commission, Staff, and the community development committee to discuss the
results of the financial analysis.
Task 4.4 Draft District Plan
The purpose of the Draft District Plan is to bring the physical design, market
investigation, financial analysis all together into a plan that will act as a district plan
and provide direction for both public and private development in the Town Center
East. The reality of a public /private partnership will be expressed.
The format for this will be an 8 112 "X11" document that town staff can use when
conducting and reviewing development in the East Town Center.
Task 4.5 Public Hearings
The Design Workshop team will facilitate public hearings with Town Council,
Planning Commission, Staff, and the community development committee to discuss the
Draft District Plan.
Phase IV Deliverables:
Project Management
Schematic Cost Estimate and Phasing Plan
Financial Analysis
Draft District Plan (1 draft)
Project Check Ins (1 check in)
Public Hearings (up to 3)
PHASE V: FINAL DISTRICT PLAN
The purpose of Phase IV is to conduct the final set of edits to the Draft District Plan.
In addition, DW will help take the plan through the adoption process by the Planning
and Zoning Commission and Town Council.
Task 5.1 Final District Plan
The purpose of this task is to make changes to the draft district plan according to
feedback in Phase IV. The format for the final plan will be the same as the draft
district plan.
Task 5.2 Final Adoption Hearings
The Design Workshop team will attend up to three hearings with the Planning and
Zoning Commission and the Town Council for final adoption.
Phase V Deliverables:
Project Management
Final District Plan (20 final copies, 1 CD with all final documents)
Adoption Hearings (up to three)
By signing this letter, you are authorizing Design Workshop, Inc. to commence
services immediately for a fee of $120,000. This fee does not include reimbursable
expenses (printing, photography, and travel) which will be billed at cost plus 15% for
handling.
The contract conditions of existing Agreement dated June 8, 2006 shall be binding on
these additional services unless modified herein. The following is a summary of the
fees associated with this effort.
Original Contract Amount:
$44,500
Additional Services Amount:
$120,000
Total New Contract Amount:
$164,500
Additional days added to schedule:
6 months
Please call me at 970 - 948 -6281 if you have any questions regarding this request for
additional services.
Sincerely,
DESIGN WORKSHOP, INC.
Don Ensign
Principal
APPROVED BY CLIENT:
6
C
Title:
Date:
� J� L:4 I I M
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
From: Norman Wood, Town Engineer
Date: August 17, 2006
Re: 2007 Capital Projects Fund 5 -Year - Plan Preliminary Draft / Proposed Project
Schedule with Corresponding Revenues and Expenses
Summary: The attached Town of Avon Capital Projects Fund 5 -Year Plan (Exhibit A)
represents a Draft Capital Improvements Program for consideration, review and comment by
the Town Council. This Draft has been updated to reflect current development activity
(Confluence) as well as incorporating recommendations and projected costs and revenues
associated with implementation of the Town Center West (Main Street) Plan. The expenses
and revenues associated with this development were taken from the Design Workshop Studies
and Stan Bernstein's Financial Analysis of the Confluence and Town Center Plans. This Draft
is based on formation of an Urban Renewal Authority and the issuance of a $30 M Bond Issue
to provide the cash flow required to implement the Town Center West Plan. This Budget
reflects a very healthy fund balance through out the planning period ranging from a low
$2,383,601 in 2007 to a high of $12,035,101 in 2009 with an ending fund balance of
$11,902,717 in 2012.
This Preliminary Draft should provide a starting point for discussions related to the Capital
Projects Program and provide the basic information to begin development of a Capital
Projects Fund 5 -Year Plan for adoption in the 2007 Budget. We will continue to revise and
refine the various project budgets as the individual projects become better defined and as
additional information is accumulated.
Discussion: The Town Center West Implementation Plan has been divided into
smaller projects that can be developed in an orderly fashion that will also allow early
construction of the critical projects prior to funding being available for construction of the
complete project. This project has been divided as:
2006/2007 Railroad Crossings
2007 Transportation Center
2007 Benchmark Road West - Realign
2008 Benchmark Road South - Reconstruct
I :AEngineering\Administration \CIP Budget\2007\First Draft Memo.Doc 1
2008 Main Street Improvements
2008 Library Drive & Parking
2009 New Town Hall
2010 Municipal Parking Facilities
2010 Recreation Center Phase II Expansion
Proposed new projects added to the previous 5 -Year Capital Improvement Program include:
Roundabout 4 - Conversion to Full Roundabout
2006
$
40,000
2007
$
410,000
Municipal Building Expansion (Modular)
2007
$
350,000
Eagle River Recreation Access Expansion
2008
$
350,000
Bus Storage Facility
2008
$ 3,000,000
On -going Projects include:
Annual Paving/Road Improvements Program
Wildridge - Traffic Calming & Pedestrian Circulation
General Planning & Consulting
Historic Preservation
We believe this Proposed Capital Improvements Program represents a well balanced program
that addresses major improvements to keep the Town moving forward while also addressing
the non - glamorous infrastructure needs required to satisfactorily operate and maintain all
municipal functions and facilities.
We will be prepared to address questions regarding the proposed projects and schedule and
look forward to Council's input and direction with respect to this program.
Town Manager Comments:
Attachments:
Exhibit A - Town of Avon Capital Projects Fund 5 -Year Plan
I :AEngineering\Administration \CIP Budget\2007\First Draft Memo.Doc 2
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FINANCIAL MATTERS
August 22, 2006
1. YTD Building Revenue Report Actual vs Budget - July 2006
2. Detail - Real Estate Transfer Taxes - July 2006
3. Accomodations Tax Worksheet Actual vs Budget - June 2006
4. Sales Tax Worksheet Actual vs Budget - June 2006
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Town of Avon
Real Estate Transfer Tax
Calendar Year 2006
Purchaser Name
Property
Amount Received
June -06
$ 1,503,987.33
Resort Closing
Christie Lodge Timeshare
2.00
Title Comp Rockies
Christie Lodge Timeshare
10.00
Title Comp Rockies
Christie Lodge Timeshare
20.00
1 st American Heritagee
Falcon Pointe Timeshare
30.00
Title Comp Rockies
Falcon Pointe Timeshare
220.00
Timeshare Transfers
Mtn. Vista 1318 -18
40.00
Title Comp Rockies
Mtn. Vista 1403 -40
50.00
Resort Closing
Mtn. Vista 1508 -40
2.00
Title'Comp Rockies
Mtn. Vista 06 -24
3,755.30
Title Comp Rockies
Mtn. Vista 06 -25
5,099.40
Title Comp Rockies
Mtn. Vista 06 -26
1,349.70
Title Comp Rockies
Mtn. Vista 06 -27
2,549.70
Title Comp Rockies
Mtn. Vista 06 -28
6,128.95
Holiday
Lakeside Terrace Timeshare
30.00
Rice, Rice, & Rice
Lakeside Terrace Timeshare
100.00
Title Comp Rockies
Lakeside Terrace Timeshare
600.00
David & Cheryl Murphy
Sunridge @ Avon II A -302
7,100.00
Mark Leach
Sunridge @ Avon II A -101
5,900.00
Andrea Running & William Davis
Sunridge @ Avon 11 0-304
5,860.00
Elizabeth & Daniel Torgerson
Avon Lake Villas X -3
9,600.00
Andrey Zaytsev & Yelizaveta Burkina
Avon Crossing 111 4210
7,980.00
Brett & Tamara Donelson
Avon Center @ B.C. # 606
10,100.00
James Gould
Avon Town Square 222
3,200.00
Timothy Haley
Benchmark Condo B -1
100.00
Armando Morales & Fernandez Escalante
Benchmark Condo C -3
3,280.00
Paul & Amelia Siemonsma
Benchmark Condo D -7
1,540.00
Stephen Laterra
Beacon Hill 1 -12
4,980.00
ASC LLC
Lot 35 Blk 1 Benchmark @ B.C.
18,000.00
Nancy Rehder
Lodge @ Brookside 204
8,400.00
Bradley Poppie
Lodge @ Brookside 210
11,140.00
Lance Kelly & Stephanie Caretto
Canyon Run F -103
13,200.00
Lisa Glass Goldman
Mtn. Star Lot 64
69,020.00
George & Amy Ruther
5209 Longsun Lane
4,000.00
Jerry & Donna Soenksen
Villamonte @ WR # D
8,000.00
Kimberly Risi
Elk Run Townhomes C -80
6,400.00
George & Linda Rohlinger
Lot 33 -B Blk 2 WR
27,000.00
Paul & Marie Zumbo
Lot 42 -A Blk 4 WR
27,900.00
Kristina & Stephen Vardaman
Lot 70 -B Blk 4 WR
16,300.00
Lawrence Wolk
Lot 67 Blk 3 WR
14,780.00
Total July Revenue
303,767.05
Total YTD Revenue
1,807,754.38
Total 2006 Budget
2,500,000.00
Variance, Favorable (Unfavorable)
$ (692,245.62)
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