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TC Council Packet 06-25-2013TOWN OF AVON, COLORADO AVON TOWN COUNCIL MEETING FOR TUESDAY, JUNE 25, 2013 MEETING BEGINS AT 5:00 PM AVON TOWN HALL, ONE LAKE STREET PRESIDING OFFICIALS MAYOR RICH CARROLL MAYOR PRO TEM TODD GOULDING COUNCILORS DAVE DANTAS, CHRIS EVANS, JENNIE FANCHER, ALBERT “BUZ” REYNOLDS, JR., JAKE WOLF TOWN STAFF TOWN ATTORNEY: ERIC HEIL TOWN MANAGER: VIRGINIA EGGER TOWN CLERK: PATTY MCKENNY ALL REGULAR MEETINGS ARE OPEN TO THE PUBLIC EXCEPT EXECUTIVE SESSIONS. GENERAL COMMENTS ARE WELCOME DURING PUBLIC COMMENT, AND COMMENTS ARE ALSO WELCOME ON ANY AGENDA TOPIC. PLEASE VIEW AVON’S WEBSITE, HTTP://WWW.AVON.ORG, FOR MEETING AGENDAS AND MATERIALS. AGENDAS ARE POSTED AT AVON TOWN HALL, AVON RECREATION CENTER, AND AVON LIBRARY. THE AVON TOWN COUNCIL MEETS THE 2ND AND 4THTUESDAYS OF EACH MONTH. ______________________________________________________________________________________________________________ 1. CALL TO ORDER & ROLL CALL 2. APPROVAL OF AGENDA 3. PUBLIC COMMENT 4. ACTION ITEMS 4.1. Notice of Award for Harry A. Nottingham Park Lake Liner Replacement Project Contract (Justin Hildreth, Town Engineer) 4.2. Public Hearing on Resolution No. 13-20, Series of 2013, Resolution Approving the 2013 Supplemental Capital Project Fund Budget Amendment (Justin Hildreth, Town Engineer) 4.3. Ordinance 13-08, An Ordinance Approving the Amended Final Plat, A Replat of Lot 61, Block 2, Benchmark at Beaver Creek, Town of Avon, Eagle County, Colorado (Justin Hildreth, Town Engineer) 4.4. Action on Sherman & Howard Letter of Engagement for Buffalo Ridge I Affordable Housing Refinance Transaction (Gerry Flynn, Buffalo Ride Vice-President) 4.5. Minutes from June 11, 2013 Meeting 5. WORK SESSION 5.1. Village at Avon Settlement Update (Eric Heil, Town Attorney) 5.2. Development Concepts for Capital Facilities on Town-Owned Properties: Locations, Funding Plans, Timeframes, and Public Process, including Community Outreach (Virginia Egger, Town Manager) 5.3. Financial Matters – Report Only (Kelly Huitt, Budget Analyst) 6. COMMITTEE MEETING UPDATES: COUNCILORS AND MAYOR 6.1. CML – Councilor Jake Wolf 7. COUNCIL COMMENTS 8. MAYOR REPORT: FUTURE AGENDA ITEMS 9. EXECUTIVE SESSION 9.1. For the purpose of receiving legal advice pursuant to Colorado Revised Statute §24-6-402(4)(b) related to settlement matters regarding Town of Avon v Traer Creek Metropolitan District, 2008 CV 0385 and Traer Creek, LLC, et.al. v Town of Avon 2010 CV 316 10. ADJOURNMENT PROPOSED AGENDA ITEMS FOR JULY 9, 2013 COUNCIL MEETING: IGA Lease with Eagle County for Use of the I-70 Regional Transportation Facility, Code Amendments from PZC Recommendation, Kayak Refinance, Appointment of Avon Town Manager to serve on Housing Boards, Economic Development Report, 2nd Quarter 2013-14 Strategic Plan Report, Comcast Franchise Agreement, Village at Avon Settlement Documents TOWN COUNCIL REPORT To: Honorable Mayor and Town Council From: Justin Hildreth, P.E., Town Engineer Date: June 19, 2013 Re: Notice of Award, H.A. Nottingham Park Lake Liner Replacement Project SUMMARY: The leaks in Benchmark Lake at H.A. Nottingham Park are well documented and have been an issue for several years. The existing liner’s useful life is approximately 20 years and has been in service for approximately 32 years. The lake was drained last fall because low flows in the Eagle River and Buck Creek were not adequate to compensate for lost water from leakage. The lake was filled in May for the Salute to USA event and XTERRA. The project has been designed and advertised for bid on May 16th, 23rd and 30th. The pre-bid meeting occurred on June 6th and the bid opening was on June 13th, 2013. Sealed bids were received from 6 contractors and Ewing Construction and Trucking was the low bider in the amount of $996,248. Staff is recommending that the project be awarded to Ewing Construction and Trucking in the amount of $996,248. DISCUSSION: In response to the Town of Avon’s Advertisement for Bids, six sealed bids were submitted on June 13th, 2013. All six bids were responsive and contained the required 5% bid bond. Table 1 summarizes the submitted bids: Table 1: Bid Tabulation Bidder Amount Ewing Trucking and Construction $ 966,248 Gould Construction $ 1,500,465 Velocity Constructors $ 1,777,555 American Civil Constructors $ 1,274,780 American West Constructors, LLC $ 1,343,280 Oldcastle SW Group, dba United Co. of Mesa Co $ 1,200,838 The Town of Avon standard contract, approved by the Town Attorney, will be used for the project. The State Engineer Office regulates dams in the State of Colorado. As part of the review of this project, they are requiring additional rip-rap and shore protection rock along the lake edge. Traer Creek-RP, LLC has agreed to allow the Town’s selected contractor to obtain this material from existing stockpiles and buried sources on Lot 1 in the Village (at Avon). This is saving the Town approximately $40,000 of the total project cost. Staff is working with Walking Mountains Science Center on a wetland educational area on the northeast corner of the lake consisting of a sub-irrigated area promoting wetland vegetation and placement of  Page 2 large boulders for student seating. The additional cost to the project is not expected to be significant, likely less than $10,000. SCHEDULE: The lake will start draining on July 22, 2013. The contractor will mobilize soon after that with the expectation that it will take a month to fully drain the lake. Most construction will occur in late August, September and October. The Town is working with the Upper Eagle Regional Authority on options to refill through the winter in the event there is a call placed on the Eagle River by downstream water right holders. FINANCIAL IMPLICATIONS The existing 2013 budget for the lake liner replacement project includes $50,000 for design services and $1,250,000 for construction for a total of $1,300,000. The following is a revised proposed budget based on the bid and Consulting Engineer proposals. The State Engineer’s Office requires that the Design Engineer supervise construction and certify that the project was constructed as approved. As a result the construction services budget is higher than typically seen for other projects. Table 2: Proposed 2013 Budget Design Services $ 110,000 Construction $ 1,000,000 Construction Services $90,000 Contingency $100,000 Total $ 1,300,000 This project is funded by the Water Fund, of which revenues are generated by Town of Avon water tap fees and a $3.25 monthly/SFE surcharge on resident’s water bills. The Water Fund has a fund balance of $2,339,866 at the end of 2012 and therefore has adequate funds for the project. RECOMMENDATION: Direct Staff to Award construction contract for the H.A. Nottingham Park Lake Liner Replacement Project to Ewing Construction in the amount of $966,248 and allow the Town Manager or designee to approve amendments to the Contract, if within the budget shown in Table 2. Town Council Report To: Honorable Mayor Rich Carroll and Avon Town Council From: Scott Wright, Finance Director Justin Hildreth P.E., Town Engineer Date: June 20, 2013 Re: Resolution 13-20, a Resolution to Amend the 2013 Town of Avon Capital Fund Budget SUMMARY: Resolution 13-20 amends the 2013 Capital Projects Fund expenditures by adding new projects that were not contemplated when the budget was drafted last year, modifying the budgets of projects based on more accurate information, the delaying of several projects, and the cancellation of projects. Where appropriate revenue allocation are also amended. DISCUSSION: The following summarizes changes to the projects: • IT Server Room HVAC upgrades added to the budget in the amount of $15,000 because of a recent failure of the existing HVAC system needed to properly cool the room. • Bus storage building mezzanine office furniture added in the amount of $75,000 because furniture is not an eligible grant expense. • Forest Service Land Acquisition budget increased by $1,800 to cover some closing costs. • Nottingham Park Capital Improvements, 2013 program increased by $35,000 to $85,000 to include emergency repairs to the tennis courts. • Stonebridge Deck Repair and Overlay added to the budget in the amount of $50,000. • 2013 Street Improvement budget increased from $250,000 to $471,533 to include slurry sealing of residential roads. The current program includes overlaying Beaver Creek Point and Drawspur Road. The roads that will be slurry sealed include Saddleridge Loop, Drawspur, Nottingham Road and Metcalf Road. • US Hwy 6 Trail and Eagle River Pedestrian/Bike Bridge delayed to 2014 because of complications in acquiring easements. The revenue from the grants was also moved to the 2014 budget. • Beaver Creek Overlook Trail Parking Improvements added to the budget in the amount of $10,000 and consists of 4 pull in parking spaces to serve the West Avon Preserve Trailhead. These spaces will replace existing parallel parking spaces and will be located across from Town of Avon property to mitigate the impacts to the adjacent property owners. • Nottingham Lake Liner Replacement project revised up to $1,300,000 based on a construction bid, design costs and a 10% contingency for the work which will Resolution 13-20, Capital Project Fund 2nd Amendment June 17, 2013 Page 2 of 2 commence in late summer. The transfer from the Water Fund was also increased accordingly. • Digital Ticketing delayed to 2014 because other partner’s must upgrade existing software system to become compatible with the digital ticketing software. • Town Facilities Planning was added to the budget in the amount of $30,000. These funds will be used to help fund consultant expertise, including architectural services, if needed, in developing a master facilities plan and/or specific schematic plan(s), if directed by Town Council. • Parking and Transportation Task Force Study added in anticipation of participation with representatives from the Village at Avon, Beaver Creek Resort, ECO, and east Avon parcels in formulating a parking plan from Traer Creek, through Avon to Beaver Creek and integrated pedestrian, bicycle, transit and vehicular streets, sidewalks and paths. The Task Force will commence meeting in late July 2013. A total of $50,000 has been recommended. There is a net decrease in use of funds of $399,492 to the budget. The fund balance at the end of the year will be $2,552,391, 70% above the minimum fund balance of $1,500,000 for the Capital Projects Fund. Modifications to the Capital Projects Fund are focused on 2013 expected expenditures. The balance of the 5-year program is presented as adopted in late 2012. Consideration, of changes to the 5-year program, is reflected in Council’s capital facilities planning work sessions now underway and will ultimately culminate in as a recommendation in the 2014 budget sessions this fall. Staff is prepared to address questions regarding the proposed projects and schedule and looks forward to Council's input and direction with respect to this program. RECOMMENDATION Staff recommends that Council adopt Resolution 13-20, Series of 2013, a Resolution Amending the Town of Avon 2013 Capital Projects Fund, as presented. Attachments: Exhibit A - Resolution 13-20, Series of 2013, a Resolution Amending the Town of Avon 2013 Capital Projects Fund Exhibit B – Capital Projects Fund Amendment No. 2 Town of Avon Resolution No. 13-20 Page 1 of 2 TOWN OF AVON, COLORADO RESOLUTION NO. 13-20 SERIES OF 2013 A RESOLUTION TO AMEND THE 2013 TOWN OF AVON CAPITAL PROJECTS FUND BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2013 CAPITAL PROJECTS FUND BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2013 AND ENDING ON THE LAST DAY OF DECEMBER, 2013 WHEREAS, the Town Council of the Town of Avon has previously adopted the 2013 Capital Projects Fund budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 2013; and WHEREAS, the Town Council finds it necessary to amend the 2013 Capital Projects Fund budget to more accurately reflect the revenues and expenditures for 2013; and WHEREAS, the Town Council has caused to be published a notice containing the date and time of a public hearing at which the adoption of the proposed budget amendment will be considered and a statement that the proposed budget amendment is available for public inspection at the office of the Town Clerk located in the Avon Town Hall during normal business hours, and that any interested elector of the Town of Avon may file any objection to the proposed budget amendment at any time prior to the final adoption of the proposed budget amendment; and WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance as required by law. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That estimated revenues and expenditures for the Capital Projects Fund are revised as follows for 2013: EXHIBIT A Town of Avon Resolution No. 13-20 Page 2 of 2 Original or Previously Amended 2013 Budget Current Proposed Amended 2013 Budget Capital Projects Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses $ 6,186,560 11,138,973 14,373,650 $ 6,186,560 10,336,973 13,971,142 Ending Fund Balance $ 2,951,883 $ 2,552,391 Section 2. That the Capital Projects Fund budget, as submitted, amended, and hereinabove summarized by fund, hereby is approved and adopted as the capital program budget of the Town of Avon for the year stated above. Section 3. That the Capital Projects Fund budget as hereby approved and adopted shall be signed by the Mayor and made part of the public record of the Town. ADOPTED this 25th day of June, 2013. TOWN OF AVON, COLORADO ______________________________ Richard Carroll, Mayor ATTEST: _____________________________ Patty McKenny Town Clerk Page 1 Fund Summary Original or Proposed Prev. Amended Revised Difference Actual Budget Budget Increase 2012 2013 2013 (Decrease) REVENUES Taxes 1,707,648$ 1,500,000$ 1,500,000$ -$ Intergovernmental 1,707,114 8,372,473 7,520,473 (852,000) Investment Earnings 11,018 15,000 15,000 - Other Revenue 693 1,500 1,500 - Total Operating Revenues 3,426,473 9,888,973 9,036,973 (852,000) Other Sources: Transfer In from Other Funds 648,274 1,250,000 1,300,000 50,000 Total Other Sources 648,274 1,250,000 1,300,000 50,000 TOTAL REVENUES 4,074,747 11,138,973 10,336,973 (802,000) EXPENDITURES Capital Improvements: Facilities 3,110,537 9,013,307 9,103,307 90,000 Land and Land Improvements 575 1,050,000 1,086,800 36,800 Roads and Streets 230,403 1,144,000 531,533 (612,467) Utilities 43,521 55,000 55,000 - Water Fund Projects 648,274 1,250,000 1,300,000 50,000 Communications and Technology - 139,106 92,265 (46,841) Strategic Planning - 780,000 860,000 80,000 Total Capital Improvements 4,033,310 13,431,413 13,028,905 (402,508) Other Uses Operating Transfer-Out - General Fund 217,204 227,571 227,571 - Operating Transfer-Out - Debt Service Fund 710,594 714,666 714,666 - Total Other Uses 927,798 942,237 942,237 - TOTAL EXPENDITURES 4,961,108 14,373,650 13,971,142 (402,508) NET SOURCE (USE) OF FUNDS (886,361) (3,234,677) (3,634,169) (399,492) FUND BALANCE, Beginning of Year 7,072,921 6,186,560 6,186,560 - FUND BALANCE, End of Year 6,186,560$ 2,951,883$ 2,552,391$ (399,492)$ Capital Projects Fund #41 Amendment No. 2 EXHIBIT B Page 2 Revenue Detail Original or Proposed Prev. Amended Revised Difference Account Actual Budget Budget Increase Number Description 2012 2013 2013 (Decrease) Taxes: 51401 Real Estate Transfer Tax 1,707,648$ 1,500,000$ 1,500,000$ -$ Intergovernmental: Federal / State: 53150 FTA 90 SGR Grant 1,118,012 6,360,876 6,360,876 - 53151 FTA 84 BBF Grant 155,342 - - - 53152 FTA / CDOT ARRA Grant - 523,000 523,000 - 53153 FHWA / CDOT Hwy 6 Trail Project - 355,000 - (355,000) 53205 CDOT FASTER Grant 414,403 586,597 586,597 - 53202 GOCO Grant - Eagle River Pedestrian/Bike Bridge - 497,000 - (497,000) 53299 State of Colorado Historical Grant (Water Wheel)19,357 - - - Local Government / Other: 53402 Eagle County Trails Grant - 50,000 50,000 - 53000 Total Intergovernmental 1,707,114 8,372,473 7,520,473 (852,000) Investment Earnings: 57101 Interest Earnings 11,018 15,000 15,000 - Other Revenues: 58104 Fireplace Fees - 1,500 1,500 - 58999 Nonclassifed 693 - - - 58000 Total Other Revenues 693 1,500 1,500 - Other Sources: 59201 Transfer In from Water Fund 648,274 1,250,000 1,300,000 50,000 59000 Total Other Sources 648,274 1,250,000 1,300,000 50,000 50000 TOTAL REVENUES 4,074,747$ 11,138,973$ 10,336,973$ (802,000)$ Capital Projects Fund #41 Amendment No. 2 EXHIBIT B Page 3 (1)(2)(3)(4)(1+2+4) Proposed Revised 2011 and Current Revised Estimated Difference Account Prior Actual Budget Budget Project-to-Date Increase Number Description Actuals 2012 2013 2013 Expenditures Current Proposed (Decrease) CAPITAL IMPROVEMENT PROJECTS Facilities: General Government Facilities: New IT Server Room HVAC Upgrades -$ -$ -$ 15,000$ 15,000$ -$ 15,000$ 15,000$ To Be Completed - 2013 I70 Transit / PW Facilities Improvement Project: 13004 Non-Grant Eligible Design 17,815 - - - 17,815 17,815 17,815 - Completed - 2011 13005 Public Works Facilities (On Site & Lot 5)5,262 400,347 238,865 238,865 644,474 644,474 644,474 - To Be Completed - 2013 13007 Final Design / Engineering Services (Grant #84)385,761 73,393 - - 459,154 459,153 459,153 - Completed - 2012 13008 Final Design / Engineering Services (Grant #90)27,553 650,817 414,742 414,742 1,093,112 1,093,112 1,093,112 - To Be Completed - 2013 13009 Transit Facility Construction (Grant #90)- 1,325,508 6,956,380 6,956,380 8,281,888 8,281,888 8,281,888 - To Be Completed - 2013 13010 Transit Facility Construction (FASTER Grant)- 575,560 795,320 795,320 1,370,880 1,370,880 1,370,880 - To Be Completed - 2013 13011 Transit Facility Construction (ARRA Grant)- - 523,000 523,000 523,000 523,000 523,000 - To Be Completed - 2013 New Mezzanine Office Furniture - - - 75,000 75,000 - 75,000 75,000 To Be Completed - 2013 Transportation Facilities: 14005 Fuel Spill Cleanup - 84,912 5,000 5,000 89,912 89,912 89,912 - Completed - 2013 Cultural and Recreational Facilities: 15008 Rec. Center EPDM Replacement - - 80,000 80,000 80,000 80,000 80,000 - To Be Completed - 2013 Land and Land Improvements: 21009 Forest Service Land Acquisition 28,796 575 1,000,000 1,001,800 1,031,171 1,029,371 1,031,171 1,800 Completed - 2013 21015 Nottingham Park Capital Improvements - 2013 Program - - 50,000 85,000 85,000 50,000 85,000 35,000 To Be Completed - 2013 Roads and Streets: Annual Street Improvements: New Stonebridge Deck Repair and Overlay - - - 50,000 50,000 - 50,000 50,000 To Be Completed - 2013 Annual Street Improvements: 33012 2012 Paving/Road Improvements - 230,369 - - 230,369 230,369 230,369 - Completed - 2012 33013 2013 Paving/Road Improvements - - 250,000 471,533 471,533 250,000 471,533 221,533 To Be Completed - 2013 Project Expenditures Total Project Budget CIP Projects Inventory Capital Projects Fund #41 Amendment No. 2 EXHIBIT B Page 4 (1)(2)(3)(4)(1+2+4) Proposed Revised 2011 and Current Revised Estimated Difference Account Prior Actual Budget Budget Project-to-Date Increase Number Description Actuals 2012 2013 2013 Expenditures Current Proposed (Decrease) CAPITAL IMPROVEMENT PROJECTS Project Expenditures Total Project Budget CIP Projects Inventory Capital Projects Fund #41 Amendment No. 2 Multi-Modal/Alternative Mobility: 34015 US Hwy 6 Trail Project: Avon Rd. - Stonebridge - 34 - - 34 1,652,000 1,652,000 - To Be Completed - 2014 34016 US Hwy 6 Trail Project: Avon Rd. - Stonebridge - - - - - 100,000 100,000 - To Be Completed - 2015 34017 US Hwy 6 Eagle River Ped./Bike Bridge (GOCO)- - 894,000 - - 894,000 894,000 - To Be Completed - 2014 New Beaver Creek Overlook Trail Improvements - - - 10,000 10,000 - 10,000 10,000 To Be Completed - 2013 Utilities: Waste Heat Recovery Project 41003 Heat Recovery Construction 3,784,442 13,521 - - 3,797,963 3,833,746 3,833,746 - Completed - 2012 41004 Heat Recovery Expansion Study - 30,000 - - 30,000 30,000 30,000 - Completed - 2012 41005 Heat Recovery Mall Expansion Design - - 55,000 55,000 55,000 55,000 55,000 - To Be Completed - 2013 41006 Heat Recovery Mall Expansion Construction - - - - - 350,000 350,000 - To Be Completed - 2014 Water Fund Projects: 61006 Metcalf Road Drainage 287,343 638,297 - - 925,640 925,640 925,640 - Completed - 2012 61010 Nottingham Lake Liner Replacement - 9,977 1,250,000 1,300,000 1,309,977 1,300,000 1,300,000 - To Be Completed - 2013 Communications and Technology: 81005 Paperless Packets - - 26,950 26,950 26,950 26,950 26,950 - To Be Completed - 2013 81006 UHF Radio System and Repeater - - 34,800 34,800 34,800 34,800 34,800 - To Be Completed - 2013 81007 Security Camera System Upgrade - - 45,515 30,515 30,515 45,515 30,515 (15,000) To Be Completed - 2013 81008 Digital Ticketing - - 31,841 - - 31,841 60,000 28,159 To Be Completed - 2014 Strategic Planning: Planning and Consulting: 71050 Economic Development - - 750,000 750,000 750,000 750,000 750,000 - Ongoing 79108 Feasibility Study - Town Center West Lots B & C - - 30,000 30,000 30,000 30,000 30,000 - To Be Completed - 2013 New Town Facilities Planning Study - - - 30,000 30,000 - 30,000 30,000 To Be Completed - 2014 New Parking and Transportation Study - - - 50,000 50,000 - 50,000 50,000 To Be Completed - 2013 Total Capital Improvement Projects 4,536,972$ 4,033,310$ 13,431,413$ 13,028,905$ 21,599,187$ 24,179,466$ 24,680,958$ 501,492$ EXHIBIT B Town Council Report To: Honorable Mayor and Town Council From: Justin Hildreth, P.E., Town Engineer Date: June 20, 2013 Re: Ordinance No. 13-08, An Ordinance Approving the Amended Final Plat, A Replat of Lot 61, Block 2, Benchmark at Beaver Creek, Town of Avon, Eagle County, Colorado Discussion: The Applicant, Wyndham Vacation Resorts, Inc. (“Applicant”) has submitted a Final Plat for Lot 61, Block 2, Benchmark at Beaver Creek Subdivision. This Final Plat vacates two 7.5- feet wide drainage and utility easements on the perimeter of the property to accommodate the approved development. Also, the Final Plat will adjust the west property line by 16.38 Feet thus narrowing lettuce Shed Lane from 50 FT to 33.62 FT wide. The adjusted property line is two Feet east of the pedestrian sidewalk for Lettuce Shed Lane as agreed upon in Section 5.3 of the Development Agreement adopted by Ordinance 13-03 on February 26, 2013. Previous Town Council Action: Town Council approved Ordinance 13-03, Series 2013, An Ordinance Approving a Rezoning Application from the Planned Unit Development (PUD) Zone District to the Town Center (TC) Zone District, for Lot 1, A Resubdivision of Lot 61, Block 2, Benchmark at Beaver Creek, Town of Avon, Eagle County; Approving a Major Development Plan Application; and Approving a Alternative Equivalent Compliance Application, Approving a Development Agreement for “Wyndham –Lot 61”, Located on Lot 1, a Resubidivision of Lot 61, Block 2, Benchmark at Beaver Creek. Recommendation: Based on provisions of 7.16.070 and other applicable sections of Title 7, Avon Municipal Code, Staff recommends approval of Ordinance 13-08, Series 2013, An Ordinance Approving the Amended Final Plat, A Replat of Lot 61, Block 2, Benchmark at Beaver Creek, Town of Avon, Eagle County, Colorado subject to completion of technical corrections identified by Staff. Attachments Exhibit A – Ordinance 13-08 Exhibit B – Amended Final Plat, A Replace of Lot 61, Block 2, Benchmark at Beaver Creek, Town of Avon, Eagle County, Colorado TOWN OF AVON, COLORADO ORDINANCE 13-08 SERIES OF 2013 AN ORDINANCE APPROVING AN AMENDED FINAL PLAT, A REPLAT OF LOT 61, BLOCK 2, BENCHMARK AT BEAVER CREEK WHEREAS, pursuant to C.R.S. §42-4-303 and pursuant to the home rule powers of the Town of Avon, the Town Council may by ordinance vacate any roadway or a part thereof; WHEREAS, on February 10, 2004 the Town Council approved Resolution No. 04-05, Series 2004, A Resolution Approving the Final Plat, A Replat of Lot 61, Block 2 Benchmark at Beaver Creek and Resolution No. 04-06, Series 2004, A Resolution Approving the Preliminary Plan and Final Plat for A Resubdivison of Lot 61, Block 2, Benchmark at Beaver Creek; WHEREAS, on October 14, 2008 the Town Council approved Resolution No. 08-35, Series 2008, A Resolution Vacating a Final Plat, a Resubdivision of a Replat of Lot 61, Block 2, Benchmark at Beaver Creek; WHEREAS, the Applicant submitted an application for a Final Plat Major Subdivision (“Application”) to the Town’s Community Development Department on May 21, 2013 for a replat of Lot 61; WHEREAS, the Town Council of the Town of Avon held a public hearing on July 9 , 2013 after posting notice as required by law, considered all comments, testimony, evidence and staff reports provided by the Town staff prior to taking any action on the Application; WHEREAS, the Town Council finds approval of the Application is in compliance with the mandatory review criteria for Final Plat Major Subdivision found in Avon Municipal Code Section 7.16.070(f); and, WHEREAS, approval of this Ordinance on first reading is intended only to confirm that the Town Council desires to comply with state law, the Avon home rule charter and the Avon Development Code by setting a public hearing in order to provide the public an opportunity to present testimony and evidence regarding the application and that approval of this Ordinance on first reading does not constitute a representation that the Town Council, or any member of the Town Council, supports, approves, rejects, or denies the proposed zoning or other matters in this Ordinances. NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein by reference and adopted as findings and determinations of the Town Council. EXHIBIT A Section 2. Approval of Replat. The Amended Final Plat, A Replat of Lot 61, Block 2, Benchmark at Beaver Creek, Town of Avon, Eagle County, Colorado, is hereby approved by the Town of Avon subject to the condition that all utility providers accept the Amended Final Plat provided before the Amended Final Plat is executed by the Town and recorded. Section 3. Vacation of a Portion of Benchmark Court. The vacation of a portion of Benchmark Court as indicated on the Amended Final Plat, A Replat of Lot 61, Block 2, Benchmark at Beaver Creek, Town of Avon, Eagle County, Colorado is hereby approved by Town Council. Section 4. Correction of Errors. Town Staff is authorized to insert proper dates, references to recording information and make similar changes, and to correct any typographical, grammatical, cross-reference, or other errors which may be discovered in any documents associated with this Ordinance and documents approved by this Ordinance provided that such corrections do not change the substantive terms and provisions of such documents. Section 5. Severability. If any provision of this Ordinance, or the application of such provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall not affect other provisions or applications of this Ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. The Town Council hereby declares that it would have passed this Ordinance and each provision thereof, even though any one of the provisions might be declared unconstitutional or invalid. As used in this Section, the term “provision” means and includes any part, division, subdivision, section, subsection, sentence, clause or phrase; the term “application” means and includes an application of an ordinance or any part thereof, whether considered or construed alone or together with another ordinance or ordinances, or part thereof, of the Town. Section 6. Effective Date. This Ordinance shall take effect thirty days after final adoption in accordance with Section 6.4 of the Avon Home Rule Charter. Section 7. Safety Clause. The Town Council hereby finds, determines and declares that this Ordinance is promulgated under the general police power of the Town of Avon, that it is promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare. The Town Council further determines that the Ordinance bears a rational relation to the proper legislative object sought to be obtained. Section 8. Publication by Posting. The Town Clerk is ordered to publish this Ordinance by posting notice of adoption of this Ordinance on final reading by title at the Avon Town Hall, Avon Recreation Center and Avon Public Library, which notice shall contain a statement that a copy of the ordinance in full is available for public inspection in the office of the Town Clerk during normal business hours. The Town Clerk is further ordered to publish a notice stating a vested property right has been created in accordance with Section. 7.16.140(d)(2) of the Avon Municipal Code. EXHIBIT A INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED AND REFERRED TO PUBLIC HEARING and setting such Public Hearing for 5:30 p.m. on July 9, 2013 at the Council Chambers of the Avon Municipal Building, located at One Lake Street, Avon, Colorado. ____________________________ Rich Carroll, Mayor Published by posting in at least three (3) public places in Town and posting by title only at the office of the Town Clerk at least six (6) days prior to final action by the Town Council. ATTEST: APPROVED AS TO FORM: ____________________________ ____________________________ Patty McKenny, Town Clerk Eric Heil, Town Attorney INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND ORDERED PUBLISHED BY POSTING on July 9, 2013. ____________________________ Rich Carroll, Mayor Published by posting by title in at least three (3) public places in Town and posting by title only at the office of the Town Clerk. ATTEST: __________________________ Patty McKenny, Town Clerk EXHIBIT A AM E N D E D F I N A L P L A T A R E P L A T O F L O T 6 1 , B L O C K 2 TO W N O F A V O N , E A G L E C O U N T Y , C O L O R A D O MARCIN ENGINEERING LLC BE N C H M A R K A T B E A V E R C R E E K EX H I B I T B MARCIN ENGINEERING LLC AM E N D E D F I N A L P L A T A R E P L A T O F L O T 6 1 , B L O C K 2 BE N C H M A R K A T B E A V E R C R E E K TO W N O F A V O N , E A G L E C O U N T Y , C O L O R A D O EX H I B I T B TOWN OF AVON, COLORADO AVON REGULAR MEETING MINUTES FOR TUESDAY, JUNE 11, 2013 AVON TOWN HALL, ONE LAKE STREET Avon Council Meeting 13.06.11.Minutes Page 1 1. CALL TO ORDER & ROLL CALL Mayor Carroll called the meeting to order at 5:05 PM. A roll call was taken and Council members present were Dave Dantas, Jennie Fancher, Todd Goulding, Buz Reynolds and Jake Wolf. Also present were Town Manager Virginia Egger, Town Attorney Eric Heil, Deputy Town Clerk Debbie Hoppe, Finance Director Scott Wright, Senior Planner Matt Pielsticker and Planner II Jared Barnes, Town Engineer Justin Hildreth, as well as other staff members and the public. Councilor Chris Evans and Asst. Town Manager/Town Clerk Patty McKenny arrived after roll call. 2. APPROVAL OF AGENDA There were no changes to the agenda. 3. EXECUTIVE SESSION At 5:05 pm Mayor Carroll moved to convene to an Executive Session to discuss the following: a. For the purpose of receiving legal advice pursuant to Colorado Revised Statute §24-6-402(4)(b) related to settlement matters regarding Town of Avon v Traer Creek Metropolitan District, 2008 CV 0385 and Traer Creek, LLC, et.al. v Town of Avon 2010 CV 316 The motion was seconded by Councilor Reynolds and the members met in Executive Session. Mayor Carroll noted that the discussion would be confined only to the purposes of the executive session as stated above and that if at any time during the executive session anyone believes that the discussion does not concern the topic and purpose of the executive session, to please raise your objection immediately. The following people were present during the executive session: Mayor Rich Carroll, Councilor Dave Dantas, Councilor Chris Evans, Councilor Jennie Fancher, Mayor Pro Tem Todd Goulding, Councilor Buz Reynolds, Councilor Jake Wolf, Town Manager Virginia Egger, Town Attorney Eric Heil, Finance Director Scott Wright. Town Engineer Justin Hildreth, Town Clerk/Asst. Town Manager Patty McKenny. Town Attorney Eric Heil noted that this executive session was for the purpose of providing legal advice on specific legal questions, and requested that the Town Clerk cease recording the executive session at this time. Mayor Carroll noted that the executive session adjourned at 6:10 PM and the meeting was now reconvened in regular session. He asked if any Town Council member believed that any discussion in executive session was inappropriate and not related to the topic and purpose of the executive session to please state the objections at this time; there were no objections. 4. AVON URBAN RENEWAL AUTHORITY (SEE URA MINUTES) 5. AVON LIQUOR AUTHORITY MEETING (SEE LIQUOR AUTHORITY MINUTES) 6. AVON TOWN COUNCIL TO RECONVENE AT 6:00 P.M. OR AS SOON THEREAFTER AS POSSIBLE 7. PUBLIC COMMENT Lee Rimel & Tess Christensen from Volunteers for Outdoor Colorado addressed the council with regard to a request for volunteers to help with a new trail construction on the new West Avon Preserve open space parcel. The community was invited to attend this weekend to construct the trail. TOWN OF AVON, COLORADO AVON REGULAR MEETING MINUTES FOR TUESDAY, JUNE 11, 2013 AVON TOWN HALL, ONE LAKE STREET Avon Council Meeting 13.06.11.Minutes Page 2 8. ACTION ITEMS 8.1. Letter of Agreement for a $7,500 Contribution to the Vail Leadership Institute in support of the Entrepreneurs BaseCamp (Patty McKenny, Assistant Town Manager) The Letter of Agreement with Vail Leadership Institute was presented as a manner in which the Town of Avon could support the new educational initiative called the Entrepreneurs Basecamp with seed funding. Currently the group is proposed to move to the Avon Season’s Building. It was noted there were no budget ramifications since the funding was included in the 2013 budget but through an investment type structure. After some discussion, Mayor Pro Tem Goulding moved to approve the Letter of Agreement with the Vail Leadership Institute with funding support of $7,500; Councilor Reynolds seconded the motion and it passed unanimously. 8.2. Public Hearing on Second Reading of Ordinance 13-06, Series of 2013, An Ordinance Approving a Final PUD Amendment for Brookside Park Lot 1, Brookside Park PUD, Eaglewood Subdivision, Town of Avon, Eagle County, Colorado (Jared Barnes, Planner II) There was nothing additional to the Brookside Park PUD application; Rick Pyleman, representing the applicant Riverview Park Associates, was present to answer questions. Mayor Carroll opened the public hearing, no comments were made, the hearing was closed. Councilor Evans moved to approve Ordinance 13-06, Series of 2013, An Ordinance Approving a Final PUD Amendment for Brookside Park Lot 1, Brookside Park PUD, Eaglewood Subdivision, Town of Avon, Eagle County, Colorado. Councilor Dantas seconded the motion and it passed unanimously. 8.3.Public Hearing on Second Reading of Ordinance 13-07, Series of 2013, An Ordinance Approving a Minor PUD Amendment for June Creek Corner on Lot 25, Block 2, Wildridge Subdivision, Town of Avon, Eagle County, Colorado (Matt Pielsticker, Senior Planner) There were a couple of conditions included in the Ordinance for the second reading for the June Creek Corner Minor PUD Amendment submitted by George Plavec, as follows: 1) the building footprints limited to 3,600 gross sq. ft (including garage) 2) building separation will be at least fifteen feet (15’) between structures Mayor Carroll opened the public hearing, no comments were made, the hearing was closed. Councilor Dantas moved to approve Ordinance 13-07, Series of 2013, An Ordinance Approving a Minor PUD Amendment for June Creek Corner on Lot 25, Block 2, Wildridge Subdivision, Town of Avon, Eagle County, Colorado. Councilor Evans seconded the motion and it passed unanimously. 8.4. Public Hearing on Resolution No. 13-19, A Resolution to amend the 2013 Town of Avon Budget (Kelly Huitt, Budget Analyst) There was a review of the supplemental budget amendment with highlights presented on the General Fund, the Transit Enterprise Fund, the Fleet Maintenance Enterprise Fund, and the Equipment Replacement Fund. Mayor Carroll opened the public hearing, no comments were made, the hearing was closed. Councilor Evans moved to approve Resolution No. 13-19, A Resolution to amend the 2013 Town of Avon Budget; Councilor Fancher seconded the motion and it passed unanimously. TOWN OF AVON, COLORADO AVON REGULAR MEETING MINUTES FOR TUESDAY, JUNE 11, 2013 AVON TOWN HALL, ONE LAKE STREET Avon Council Meeting 13.06.11.Minutes Page 3 8.5.Action on Fee Waiver for Garden Fencing in Wildridge (Jared Barnes, Planner II) There was some discussion about how to move forward with this topic and consensus was to create a short term and long term approach as well as solution. After some discussion, Councilor Evans moved to keep the approval process in place per the Avon Municipal Code Chapter 7.28 with regard to Avon’s Design Guidelines, but ask that the town waive the fee which is allowed for in Chapter 7.05.100 as a way to work with the neighbors who just want to erect a fence for gardening purposes. Councilor Fancher seconded the motion and it passed unanimously. Staff was directed to suggest alternate approaches to processing this type of request with a future code amendment. 8.6. Approval of Minutes from May 28, 2013 Councilor Evans moved to approve the May 28, 2013 minutes; Mayor Pro Tem Goulding seconded the motion and it passed unanimously. 9. WORK SESSION 9.1. Discussion about Eaglebend Dowd Affordable Housing Corporation (Kayak Crossing) Proposed Multifamily Revenue Bond Refinancing (Gerry Flynn, Polar Star Properties) Councilor Evans stepped down from the Council at this time due to a conflict of interest as his spouse currently serves as a Board member. Gerry Flynn, Polar Star Property, presented a list of topics to address with the Town Council as follows:  The current financial situation of the project  The nonprofit structure of EDAHC  The parameters of the refinancing proposal  The formal request to refinance the bonds  EBDAHC would pay for legal review of the refinancing documents ((to be completed by Sherman & Howard) There were some questions and discussion around the long term condition of the property, what kinds of capital items would be completed in the future, the terms of the financing as well as some historical performance operations information related to leasing, type of units, market needs, and finally information about the subordinate debt ramifications. It was noted that final documents would be presented either at the June 25th or July 9th meeting. 9.2. Discussion in regards to filling Town of Avon Board of Director vacancy for the Buffalo Ridge Affordable Housing Corporation, EagleBend Affordable Housing Corporation and Eaglebend Dowd Affordable Housing Corporation (Kayak Crossing ) (Patty McKenny, Assistant Town Manager) There was some discussion and at this time there was Council consensus to review this matter in August. 9.3. Council Review and Direction on Recommended 2014 Budget Process and 5 Year Capital Improvement Program, including Scheduling of Council Retreat(s) (Virginia Egger, Town Manager) There was discussion surrounding the proposed 2014 budget schedule and process per the council packet information. Council provided some input to the schedule and process with general agreement TOWN OF AVON, COLORADO AVON REGULAR MEETING MINUTES FOR TUESDAY, JUNE 11, 2013 AVON TOWN HALL, ONE LAKE STREET Avon Council Meeting 13.06.11.Minutes Page 4 on the information that was presented. There was consensus to schedule a budget retreat on August 13th and not include a special meeting on September 18th. There was some discussion about getting community input on town services from both residents & businesses. 10. VILLAGE AT AVON 10.1. Settlement Update (Eric Heil, Town Attorney) The memo outlining the settlement update was reviewed and included updates on the status conferences wth the court, the water tank bids, the snow storage agreement and other documents. 10.2. Resolution No. 13-18, Series of 2013, A Resolution approving several documents related to The Village (at Avon) Litigation settlement, including: the Access Easement Agreement; the Wet Well Easement Agreement; the Raw Water Special Warranty Deed; the Raw Water System Operations and Maintenance Agreement; the Amended and Restated Nottingham Dam Easement and Assignment Agreement; the Special Warranty Deed for Tract G, Filing 3; the Bill of Sale for the Nottingham Gulch Storm Sewer; and the Bill of Sale for the Nottingham Gulch Energy Dissipater There was a review and discussion of the numerous documents included with Resolution No. 13-18. Councilor Evans moved to approve Resolution No. 13-18, Series of 2013, A Resolution approving several documents related to The Village (at Avon) Litigation settlement, including: the a. Access Easement Agreement as Exhibit A; accepting all language except the utilities wording which would be revised to include the right to install communication utilities within the easement area b. the Wet Well Easement Agreement as Exhibit B c. the Raw Water Special Warranty Deed as Exhibit C d. the Raw Water System Operations and Maintenance Agreement as Exhibit D e. the Amended and Restated Nottingham Dam Easement and Assignment Agreement as Exhibit E; this agreement was not to be included with this resolution f. the Special Warranty Deed for Tract G, Filing 3 as Exhibit F g. the Bill of Sale for the Nottingham Gulch Storm Sewer as Exhibit G h. the Bill of Sale for the Nottingham Gulch Energy Dissipater as Exhibit H There was an amendment to the motion that included providing the Mayor authorization to make any minor changes with the Town Attorney regarding this resolution. Mayor Pro Tem Goulding seconded the motion as well as the amendment and it passed unanimously. 11. COMMITTEE MEETING UPDATES: COUNCILORS AND MAYOR Mayor Carroll spoke about the EGE Air Alliance continued effort to raise funding for their program. 12. COUNCIL COMMENTS Councilor Wolfe spoke about summer kid’s music camps he is sponsoring that are held at State Bridge. TOWN OF AVON, COLORADO AVON REGULAR MEETING MINUTES FOR TUESDAY, JUNE 11, 2013 AVON TOWN HALL, ONE LAKE STREET Avon Council Meeting 13.06.11.Minutes Page 5 There being no further business to come before the Council, the regular meeting adjourned at 9:20 PM. RESPECTFULLY SUBMITTED: _________________________________ Patty McKenny, Town Clerk APPROVED: Rich Carroll ________________________________ Dave Dantas ________________________________ Chris Evans ________________________________ Jennie Fancher ________________________________ Todd Goulding ________________________________ Albert “Buz” Reynolds ________________________________ Jake Wolf ________________________________ Heil Law & Planning, LLC Office: 303.975.6120 2696 South Colorado Blvd., Suite 550 Fax: 720.836.3337 Denver, CO 80222 E-Mail: eric@heillaw.com e-mail: ericheillaw@yahoo.com H EIL L AW TO: Honorable Mayor Carroll and Town Council Members FROM: Eric J. Heil, Town Attorney RE: Village (at Avon) Settlement Implementation Update DATE: June 21, 2013 Summary: This memorandum provides an update on the settlement implementation for the Village (at Avon) litigation. Bond Issuance: Kutak Rock, the bond counsel for the 2013 Bond Reissue, was not able to complete its review and provide an opinion in time for a June 27, 2013 Bond Closing; therefore, the closing has been pushed back to July. The parties are continuing to work on revising documents so that The Village Metropolitan District can issue the 2013 Bond Refinancing as tax-exempt bonds. Although the parties have agreed in concept, the mechanics of revising documents to properly assign revenues to The Village Metropolitan District presents complications in order to satisfy BNP, the bond counsel providing an opinion that the issue qualifies for tax exempt bonds, and the goals of the Master Developer and both metropolitan districts regarding the use of future revenues. The proposed revisions to document should not affect in any manner the priority and use of Tax Credits and PIC Fee revenues as set forth in the Development Agreement. Attached is a letter submitted to BNP Paribas stating the Town’s position and preference for a tax-exempt bond issuance. Status Conference with Court: Status Conferences were held on Thursday, June 13 and Thursday, June 20, 2013. The discussion has focused on the parties efforts to revise documents to authorize The Village Metropolitan District to issue tax-exempt bonds in lieu of Traer Creek Metropolitan District. Water Tank Bids: The Upper Eagle River Water Authority received three bids for the water tank construction and is currently reviewing the bids. There are outstanding issues concerning the cost of enhancements to a retaining wall and costs for removal of dirt which is not within the current budget. Remaining Documents for Town Approval: Documents which may come back to Council with additional revisions for approval include: (1) Nottingham Dam Easement Agreement, (2) Revocable License Agreement for Snow Storage, and (3) the Partial Assignment of Roadway Easements. Requested Action: No Council action is requested at this time. Thank you, Eric M EMORANDUM & PLANNING, LLC HEIL LAW & PLANNING, LLC OFFICE: 303.975.6120 2696 SOUTH COLORADO BLVD., SUITE 550 FAX: 720.836.3337 DENVER, CO 80222 E-MAIL: ERIC@HEILLAW.COM E-MAIL: ERICHEILLAW@YAHOO.COM HEIL LAW June 17, 2013 Brandee Caswell VIA E-Mail: Brandee.Caswell@faegrebd.com RE: Village (at Avon) Settlement Dear Brandee, This letter follows-up with our discussion last Friday, June 14, 2013 with regard to implementation of the Village (at Avon) litigation settlement. The Settlement Term Sheet approved by the Avon Town Council in November of 2011 was based in part on Traer Creek Metropolitan District refinancing the current bonds with a tax-exempt refinancing bond. Due to the recent ruling by the IRS of the Village Center development in Florida, Traer Creek Metropolitan District is not able to gain a bond counsel opinion that it can issue tax- exempt bonds. The Town endorses and supports the option of The Village Metropolitan District issuing the refinancing bonds to implement the bond refinancing terms of the Settlement Term Sheet. The Town has significant concerns over the viability of a taxable bond issuance by Traer Creek Metropolitan District. The Town would consider the option of a taxable bond issuance by Traer Creek Metropolitan District as a material change to the terms of the Settlement Term Sheet that would result in additional cost to the Town over the course of the refinancing bond repayment and extended duration of the Town’s tax credit obligation. On behalf of the Town, I urge BNP to support the bond refinancing with a tax-exempt bond issuance by The Village Metropolitan District. I further urge BNP to execute the Notice of Implementation today and exercise all available efforts to move this process to closing on June 27, 2013 as previously scheduled. If the Notice of Implementation is executed and delivered today, the Avon Town Council will proceed to schedule a special meeting on or prior to June 24, 2013 to consider an emergency ordinance approving revisions to the Development Agreement and any other documents requiring Town’s approval related to properly authorizing The Village Metropolitan District to be the issuer of tax-exempt bonds for the bond refinancing. As always, please contact me if you have any questions or wish to discuss this matter. Best regards, Eric J. Heil, Esq., A.I.C.P. Cc: Munsey Ayers Kathy Kanda Dee Wisor Avon Town Council and Virginia Egger, Town Manager ERIC J. HEIL, ESQ., A.I.C.P., OWNER MEREDITH VAN HORN, ESQ., ASSOCIATE   & PLANNING LLC         DEVELOPMENT CONCEPTS FOR CAPITAL FACILITIES ON TOWN‐ OWNED PROPERTIES TOWN COUNCIL WORK SESSION JUNE 25, 2012 Prepared by: Justin Hildreth, Town Engineer Matt Pielsticker, Senior Planner Jared Barnes, Planner II Scott Wright, Finance Director Virginia Egger, Town Manager SOURCES Town of Avon Comprehensive Plan, February 2006 Master Plan for Harry A. Nottingham Park, November 2008 Avon West Town Center District Investment Plan, August 2007 East Town Center Avon District Plan, May 2008 Town of Avon Comprehensive Transportation Plan, October 2009 DEVELOPMENT CONCEPTS FOR CAPITAL FACILITIES   ON TOWN‐OWNED PROPERTIES   ‐TABLE OF CONTENTS‐    Section 1:  Overview & Purpose of Work Session (Virginia Egger, Town Manager)    Section 2:  Master Plan Options: Town Facilities Site Options (Jared Barnes, Planner II)  2.1 Three Options for the Location of Town Facilities on Town Property    2.1.1 Option 1 – Town Hall – Relocate Fire Station Site  2.1.2 Option 2 – Town Hall – Co‐locate with Library on Nottingham Lake  2.1.3 Option 3 – Town Hall – Co‐locate with Recreation Center Phase 2    2.2 Fire Station & Library Leases Summary (Virginia Egger, Town Manager)      Section 3:  Funding Scenario: Option 2 & 2015 World Championships Improvements (Virginia Egger, Town  Manager)     Section 4:  Recreation Expansion – Phase 2  4.1 Bonding Program (Scott Wright, Finance Director)  4.1.1 Summary & Analysis of Bonding Revenues & Source, including timing and capitalized interest    4.1.2 Schedule for November 2013 Ballot    4.2 Summary of 1996 Proposed Programs & Town Surveys (Virginia Egger, Town Manager)   4.3 Estimated Cost of Construction ‐ Based on 1996 cost of Construction Estimate & Gypsum Facility (Jared  Barnes, Planner II &Justin Hildreth, Town Engineer)    4.4 Draft Schedule of Program Development, Design & Construction (Justin Hildreth, Town Engineer)  4.5 Ice Rink Options (Joe Histed, Parks Supervisor)  4.6 Artificial Turf Assessment (Joe Histed, Parks Supervisor)    Section 5: Town Hall Relocation  5.1 Bonding Options (Scott Wright, Finance Director)  5.1.1 Summary & Analysis of Bonding Revenues & Source   5.1.2 Schedule and process for approving Certificates of Participation   5.2 Estimated square footage needs & cost of construction (Justin Hildreth, Town Engineer)    Section 6: Mall Improvements  6.1 Bonding Options (Scott Wright, Finance Director)  6.1.1 Summary & Analysis of Bonding Revenues & Source   6.1.2 Schedule and process for approving an URA Refinancing and additional funds   6.2 Program Description and Estimated Cost for a Pedestrian Mall                                                                                              (Matt Pielsticker, Senior Planner &  Justin Hildreth, Town Engineer)  6.3 Heat Recovery Capacity Options (Justin Hildreth, Town Engineer)    Section 7:   Parking Lot/Garage Space Estimates (Justin Hildreth, Town Engineer)    Section 8:  Public Process & Procedures    8.1  Planning and Zoning Commission and Public Outreach  (Matt Pielsticker, Senior Planner)  8.2 2013 Community Survey  (Virginia Egger, Town Manager)     SECTION 1  Section 1:  Overview & Purpose of Work Session    MAY 28TH TOWN COUNCIL WORK SESSION SUMMARY      On May 28th, Town Council met in a Work Session and did a site walk with the purpose of reviewing:     Planning concepts for the development of Town‐owned properties;   A preliminary update of Capital Projects Fund improvements expenditures to implement the Wyndham  Mall construction ; other projects tied to the 2015 Alpine World Championships; and, implementation of  special event venues as a key element in attracting, retaining and growing a diverse event calendar; and   The preliminary update of the Capital Projects Funds revenue projections, including the Town’s available  debt funding capacity utilizing existing revenue streams.  While no definite decisions were made or needed to be made at the meeting, Town Council provided direction on  three Town‐owned parcels:   Lot 5 and Swift Gulch should not be considered for location of Town Hall services, but be utilized for  transit, fleet, parks and road and bridge operations.  It is important to keep “Town Hall” in the core  of Avon.   The Main Street project should be developed as a pedestrian way and not planned for vehicles, in the  near future.    In addition, Council did not give strong support to a co‐location of Town Hall with other general purpose  governments on sites outside of the core downtown area.    Town Council, during the Work Session, asked for additional information on a number of key planning elements,  including, but not limited to:  1. Parking capacity should be estimated for the current Fire Station/Library and Town sites;  2. Feasibility of locating Town Hall on top of the Recreation Center and as a co‐location with the Library on  Nottingham Lake; and validate leases;  3. Modify improvements of the Mall project, including Lettuce Shed Lane, as a pedestrian only use and  identify nodes and improvements.  4. Expand information on Phase 2 Expansion of the Recreation Center, including program, costs and  opportunities for management with WECMR or Eagle‐Vail Metro Districts;  5. Provide more detail on artificial turf and ice rink options;  6. Develop bonding schedules and timeframes to advance the master planning and implementation of a  facilities on Town‐owned property in the Core; and  7. Feasibility of widening the Railroad Bridge for a pedestrian and/or trolley lane should be assessed.    JUNE 25TH WORK SESSION MATERIALS     Town staff has prepared the following set of documents to begin addressing Council’s requested information.    Several  new details have evolved from the work:  1. If the Phase 2 Recreation Center Expansion proceeds, the heat recovery generation capacity is not  sufficient to meet the needs of the Phase 2 Expansion and snowmelt of the Mall, including Avon Station  and Lettuce Shed Lane.  The use of the surplus heat from the recovery system at the Recreation Center is  Page 1 of 30 SECTION 1  preferable:  1) low infrastructure costs for implementation, and 2) the system is most efficient when in  continual demand versus for a more sporadic use such as snowmelt.  Snowmelt of Mall areas and Avon  Station, if desired, should be studied as taps onto existing natural gas service lines in the area.  2. Refinancing of the URA bonds and gaining additional net funds cannot be done until the County Assessor  issues the preliminary Assessed Valuation for the Town.  This is provided on or about August 23rd.     A  bond issue, with URA increment monies, can be extended to 2032 versus 2028, providing additional  revenue, however, a 1.25 times coverage would be required.  3. The development of the Mall from the Recreation Center to Benchmark Road, as a pedestrian way, with  replacement of the asphalt and more simplified augments, including landscaping and placement of Avon  Road bronzes and benches is estimated to cost $1,982,000.    WORK SESSION OUTCOMES  The June 25th Work Session is a follow‐up discussion on Town‐owned properties and development opportunities.      What is time sensitive is whether Town Council wants to consider a ballot issue in November for either:  1. Extension of the 3.027 mills for use in a Phase 2 Recreation Center expansion and other park  improvements, including design, with the actual bond date to be determined as a function of capitalized  interest costs, and possible small additional mill levy for on‐going utilities and maintenance funding;  2. While not required, a vote on issuing Certificates of Participation (COP) supported by existing revenues  for use for a Town Hall design and construction.  COPs may be issued at any time under the granted  authorities to Colorado municipalities, but if Council wants voter approval, a question may only be posed  in November of each year.   If there is interest in pursuing a question in November, then work on preparing scope, costs, community  outreach and term needs to commence now.  A final determination on how to proceed with mall improvements must be made by October 1st.  Information is provided in this document to help Council consider its next steps in reaching these decisions and  other directives in continuing work on this development program.         Page 2 of 30 Section 2.1: Summary of Town Facilities Options This section discusses the various options for development concepts of Town Facilities. The following table (Table 1 – Town Facilities Site Options) overviews three options within the Town Core and highlights the different uses for each option. Furthermore, each option is detailed with pros and cons and includes a map for reference. TABLE 1 TOWN FACILITIES SITE OPTIONS Current Uses OPTION 1 OPTION 2 OPTION 3 Town Hall Parking Lot/Garage/Police Library/Town Hall Parking Lot/Garage Cabin Parking Lot/Garage/Police Library/Town Hall Cabin Parks Shop Parking Lot/Garage/Police * Relocate Parks Dept. to Rec Center/Parking Garage/Swift Gulch/Lot 5 Library/Town Hall * Relocate Parks Dept. to Rec Center/Parking Garage/Swift Gulch/Lot 5 Parks Shop and Parking Lot/Garage Pumphouse Pumphouse and Stage Area Pumphouse and Stage Area Stage (relocate or renovate pumphouse) Playground Playground Stage Area (alternative location) Playground or Stage (alternative location) Restrooms Restrooms Restrooms/Playground relocated near here Restrooms/Playground relocated near here Recreation Center Phase 2 expansion Phase 2 expansion Recreation - Phase 2 & Town Hall Ice Rink (Ice slab on athletic field also being evaluated) In front of Rec Center/Summer is playing/activity field In front of Rec Center/Summer is playing/activity field In front of Rec Center/Summer is playing/activity field Recreation Field Recreation Field: sports & concerts Recreation Field: sports & concerts Recreation Field: sports & concerts Fire Station Town Hall Parking Lot/Garage Surface parking lot Library Library Parking Lot/Garage Library Lake Street Open except for special events Open except for special events Open except for special events Page 3 of 30 2.1.1: Option 1 – Town Hall Relocate – Town-owned Fire Station Site Option 1 is predicated on the relocation of the existing Fire Station to its new site along Nottingham Road. • The Fire Station relocation allows for Town Hall to be constructed on the site, next to the Library. • The Library will remain in its location, but may be expanded upon. • A multi-level parking structure on the existing Town Hall site with temporary surface parking. • A conference area; multi-use performance space could be constructed on top of the parking garage. • Relocation of the existing Parks maintenance building and cabin for additional parking. • The playground will remain in its current location and can be replaced and improved. • The restrooms on the north side of the upper field will also remain, but can be modernized. • The Recreation Center Phase II expansion can proceed to the north of the existing Recreation Center. • An ice rink can be constructed in front of the Recreation Center. During summer months this area can transition to a hard surface for events and outdoor programming. Pros: • A new Town Hall being constructed next to the existing library centralizes civic facility locations and may provide opportunities for the sharing of reception, restroom, and conference facilities in the design of Town Hall and potential renovation of the Library. • Maximizes staff efficiency with proximity to the Recreation Center and Mall. • The potential for 2-3 indoor special event spaces: Recreation Center gymnasium as multi-use space; Town Hall multi-use meeting/special event space and top of parking garage special event space. • Shared maintenance operations. • The location of a parking structure on the existing Town Hall site will serve as a parking and loading facility for daily park uses, special events, and concerts at the stage. • Ability to construct more parking than Option 2, at less cost per space. • Location immediately adjacent to special events venue. • Proximity to the gondola. • Parking can begin as surface, with a parking garage being constructed later. Cons: • The location of a parking structure on the existing Town Hall site will be located farther away from what is acknowledged as a generally acceptable walking distance from the Westin Gondola for skier parking. • The option will require coordination from both the Eagle River Fire Protection District (ERFPD) and Eagle Valley Library District (EVLD) on coordinating building designs, financing, and relocations. • Site may be too limited to meet the full square footage needs of Town Hall. • Visual impact of parking structure from park users. Page 4 of 30 Page 5 of 30 2.1.2: Option 2 – Town Hall – Co-locate with Library on Nottingham Lake Option 2 is also predicated on the relocation of the Fire Station, but instead of locating a new building on this site, this option: • Places a multi-level parking structure on where the current Fire Station and Library structures sit. • New Library and Town Hall separate or joint facility on the current Town Hall/Parking/Parks Maintenance/Cabin site. • Stage Area located next to Pump House with an alternative location on the existing playground site. • The playground will remain in its current location if the stage is located next to the Pump House or it can be replaced and relocated to the existing restrooms site. • The restrooms on the north side of the upper field will also remain or be relocated depending on the location of the stage, but can be modernized in either location. • The Recreation Center Phase II expansion can proceed to the north of the existing Recreation Center. • An ice rink can be constructed in front of the Recreation Center. During summer months this area can transition to a hard surface for events and outdoor programming. Pros: • The separate Town Hall and Library building has the potential to increase the number of conference rooms or multi-functional spaces for greater event planning. • A joint Town Hall and Library building has the potential to share reception, restroom and conference facilities thus requiring less space for each building. • The relocation of the Library building will not require additional collaboration with the ERFPD and is not contingent on the relocation of the Fire Station. • The existing library building site can become a surface parking lot and is scalable once the ERFPD relocates their station, then scalable into a parking structure as funds permit. • The location of the parking structure on this site is located within a generally acceptable walking distance from the Westin Gondola for skier parking. • Aesthetic appeal of library patrons overlooking Nottingham Lake. • The alternative stage location may reduce noise impact on adjacent properties • Could provide less visual impact on the lake as viewed from the upper field and Lake Street. • Better experience for concert viewers on lawn. Cons: • The separate Town Hall and Library building will not allow for the sharing of reception, restroom, and conference facilities thus requiring more space for each building. • The timing of construction of a parking structure and maximization of temporary surface parking is contingent on ERFPD’s relocation of the fire station. Page 6 of 30 Page 7 of 30 2.1.3: Option 3 – Town Hall – Co-locate with Recreation Center Phase II Option 3 does not require as much coordination with the ERFPD as no Town facility will be located on their existing site, but this option includes: • Town Hall will be relocated to the existing parking lot to the east of the Recreation Center or the second level of the Recreation Center expansion. • A multi-level parking structure on the existing Town Hall site with temporary surface parking. • Stage Area located next to Pump House with an alternative location on the existing playground site. • The playground will remain in its current location if the stage is located next to the Pump House or it can be replaced and relocated to the existing restrooms site. • The restrooms on the north side of the upper field will also remain or be relocated depending on the location of the stage, but can be modernized in either location. • The Recreation Center Phase II expansion can proceed to the north of the existing Recreation Center. • An ice rink can be constructed in front of the Recreation Center. During summer months this area can transition to a hard surface for events and outdoor programming. • The existing Parks maintenance building and cabin remain. • Once the Fire Station relocates, its site can become surface parking and part of a Library expansion. Pros: • The Town Hall located adjacent to or on top of the Rec Center, will allow the Town Hall and Recreation Center to share offices and multi-use spaces for programming and special events. • Maximizes staff efficiency with proximity to the Recreation Center and Mall. • The Library building will be allowed to expand and will have the potential for a greater footprint by utilizing the Fire Station Site. • The location of a parking structure on the existing Town Hall site will serve as a parking and loading facility for daily park uses, special events, and concerts at the stage. • The alternative stage location may reduce noise impact on adjacent properties as well as provide less visual impact on the lake as viewed from the upper field and Lake Street. • Ability to construct more parking than option 2, at less cost per space. • Location immediately adjacent to special events venue. Cons: • The separate Town Hall and Library building will not allow for the sharing of reception, restroom, and conference facilities thus requiring more space for each building. • The location of Town Hall on top of the Recreation Center expansion can be problem-some for ADA and court due to the increase reliance on elevators. • The location of a parking structure on the existing Town Hall site will be located further than a generally acceptable walking distance from the Westin Gondola for skier parking. • The Town Hall location will remove existing parking for the Recreation Center and will require use of the Park Structure for all parking services. • Visual impact of parking structure from park users. Page 8 of 30 Page 9 of 30 Section 2.2: Fire Station & Library Lease Summary Eagle County Library – Avon  The Agreement between Town of Avon and Eagle Valley Library District was finalized December 14, 1993.  The Agreement provides for a ground lease term of 99 years. The Agreement provides for modifications in writing by both parties.  A Lease Between The Town of Avon, State of Colorado and the Eagle Valley Library District was signed on July 13, 2004 and, in addition stating the lease term of January 1, 1994 through January 1, 2093. The Lease provides for modifications in writing by both parties. Eagle River Fire Protection District – Avon Station  The Avon Fire Station Intergovernmental Lease Agreement was signed on August 24, 2004.  The Lease is for up to 99 years; either party may terminate the Lease upon written notice, “which termination shall thereupon become effective at the end of 60 days following the date of proper notice”.  If the District no longer utilizes the Fire Station property for fire protection purpose, the lease terminates and all right revert to the Town. Page 10 of 30 SECTION 3  Section 3:  Funding Scenario: Option 2 & 2015 World Championships Improvements   FUNDING SCENARIO for OPTION 2 FACILITY LOCATIONS  5‐YEAR CAPITAL IMPROVEMENT PROGRAM    WITH LONG TERM FINANCING     1. Maintain a Capital Project Fund Balance of $1,500,000 or more.  2. Implement 5‐year Street Pavement Prevention Program for residential and rural roads to extend the life  of the pavements beginning in 2013.  Accelerate core asphalt repair schedule for deteriorated street  sections.  3. Discontinue Nottingham Lake as a winter ice skating venue; develop a slab/boards surface on the athletic  field or in front of the Recreation Center.  4. 2015 Alpine World Championships:  Plan in the 2014 Budget for the following Capital Project Fund  Improvements:  o Pedestrian Mall         URA & Capital Projects Fund  $    325,000  o Heat Recovery ‐ Mall     Capital Projects Fund   $    350,000  o Recreation Center Shower Remodel  Capital Projects Fund   $    100,000  o Recreation Water Slide Replacement  Facilities Reserve Fund       $    100,000  o Improve RR Bridge Façade    Capital Projects Fund   $     75,000  o Welcome to Avon Monument   Capital Projects Fund   $   100,000  o Avon Road Streetscape Improvements Capital Projects Fund   $   200,000  o Transit Stop Improvements    Capital Projects Fund   $      75,000  o Rubber Tired Trolley/East West     Capital Projects Fund   $   180,000                                                Connection on Benchmark Road  o Parking Structure        Funded through Public‐Private Partnership     Page 11 of 30 SECTION 3    5. Projects – Long‐Term Financing:                                                                                                                                                            NOTE:  Cost Estimates are only best ranges for this preliminary session.  BOND RECEIPTS AND USES  1999 Revenue Bonds     RETT for COPs GO BONDs URA Refunding  AVAILABLE FUNDS $6.3 ‐ 7.7 M $8.4 ‐ 10.8 $1.1 @ 1.25x    PROCEEDS  SPENT IN SCENARIO 7,740,000 10,600,000 1,100,000  USES       Capital Projects  Fund  Town Hall 20,000@200 & 800,000 Site Costs 4,800,000    207,000     ‐ Multi‐Purpose "Theatre" Costs 700,000    675,000     ‐ 34 x 24 tension membrane tent 400,000               Recreation Center  Expansion/Refurbishment/Multi‐use "Theatre"  costs     8,925,000    Playground Equipment   770,000    Restrooms Remodel   275,000    Upper Athletic Field Remodel   350,000    Pump House Remodel   50,000    Ice Rink   230,000    Seasons Pedestrian Mall/Lettuce Shed  Lane/Park Connection:  TOTAL FROM TWO  FUNDING SOURCES      1,982,000  TOTAL 5,900,000 10,600,000 1,982,000    Page 12 of 30 SECTION 4  Section 4.1.1: Summary & Analysis of Bonding Revenues  The Town’s only General Obligation (GO) bond will be paid off in 2016.  Currently, for 2013, the mill  rate is 3.027 mills and generates $546,132 in property taxes based on a net assessed value of  $180,420,250.  The concept for funding   Phase 2 of the Avon Recreation Center relies on the concept  of presenting a ballot question to the voters that would allow the Town to continue to levy this tax.   The bonding capacity of the bond issue would total $10.850 million and would provide a total of  $10.671 million in project funds available, based on current interest rates and a thirty‐year maturity.    Bond authorization could be granted by the voters as early as November, 2013.  In order to avoid  having to provide for capitalized interest, the bonds would be dated December 1, 2016.  Earlier  issuance is possible, but capitalized interest will reduce the funds available for construction by  approximately $260,000 per year.                          SOURCES AND USES OF FUNDS  Town of Avon, Colorado  General Obligation Bonds, Series 2016 (30 Yrs)  Preliminary  AA‐ MMD as of May 7, 2013     Dated Date                     12/01/2016  Delivery Date                 12/01/2016    Sources:  Bond Proceeds:  Par Amount                                                     $ 10,850,000  Net Original Issue Discount                                         ‐784                       10,849,216    Uses:  Project Fund Deposits:  Project Fund                                                      $ 10,670,716    Delivery Date Expenses:  Cost of Issuance                                                         70,000  Underwriter's Discount                                          108,500                                                                                         178,500                     $ 10,849,216     Page 13 of 30 SECTION 4    Section 4.1.2: Schedule for November 2103 Ballot  $10,850,000*  Town of Avon, Colorado   General Obligation Bonds, Series 2013  Draft Election Timetable, as of June 2013    AUGUST 2013   SEPTEMBER 2013  S M T W T F S   S M T W T F S          1 2 3   1 2 3 4 5 6 7  4 5 6 7 8 9 10   8 9 10 11 12 13 14  11 12 13 14 15 16 17   15 16 17 18 19 20 21  18 19 20 21 22 23 24   22 23 24 25 26 27 28  25 26 27 28 29 30 31   29 30                                           OCTOBER 2013   NOVEMBER 2013  S M T W T F S   S M T W T F S      1 2 3 4 5             1 2  6 7 8 9 10 11 12   3 4 5 6 7 8 9  13 14 15 16 17 18 19   10 11 12 13 14 15 16  20 21 22 23 24 25 26   17 18 19 20 21 22 23  27 28 29 30 31       24 25 26 27 28 29 30                  31                Date Event Responsibility  Prior to  8/27/13  Council adopts resolution calling the election and setting forth the  questions  A/BC  8/27/13 IGA with County approved A/BC  9/6/13 Clerk certifies ballot content to County Clerk A  9/20/13 Last day for pro and con comments to be filed for TABOR notice All  9/24/13 Town Clerk provides TABOR notice to County Clerk A/BC  10/4/13 TABOR notice is mailed A  10/16/13 Notice with financial information is posted on Town’s Web site A  11/5/13 Election day A  A ‐ Town of Avon, Staff and Consultants  BC ‐ Bond Counsel and Disclosure Counsel (Sherman & Howard)  UW ‐ Underwriter (Piper Jaffray & Co)  Page 14 of 30 SECTION 4  Section 4.2: Summary of 1996 Proposed Programs & Town Surveys  PHASE 2 ‐ 1996 PROPOSED  PROGRAM  SQ FT  GYMNASIUM 17,874  CLIMBING WALL 2,900  RAQUETBALL/SQUASH 5,574  MEETING ROOMS (3) 4,763  MEETING ROOM  905  BASE BUILDING 8,751  TOTAL PHASE 2  BUILDING 40,767       AVON RECREATION DISTRICT COMMUNITY SURVEY, JUNE 2012   The survey, conducted by Intercept Insight, focused on current program satisfaction offered at the  Recreation Center, in addition to the types of special events the responders would like to see  happening in Avon.  Of note, in terms of Phase 2 Rec Center expansion, the responders, who were all  users of the Rec Center, provided these insights:   Those who use the Vail Recreation District do so mostly for the ice arena, Nordic center and  mountain bike series.   Those who use WECRMD do so mostly for the Field House, the pool and the youth sports  programs.   Overall satisfaction with the Avon Recreation Center is 4.1, with 5.0 being the highest level of  satisfaction.    2008 TOWN OF AVON COMMUNITY SURVEY  The purpose of this survey was to gain input from the community on key issues facing the Town.   Homeowners, local and second, plus local residents identified through the voter registration list  received the survey.      There was one question regarding where a respondent would first spend $100:  Enhancement of the  parks and trails, local affordable housing opportunities and stimulate the local economy were the  top three uses of the money, followed by Rec Center expansion.  Acquire open space and police  protections were the last in priority, respectively.    When asked directly, 50% of local homeowners, 40% of second homeowners and 46.8% from the  voter list favored Rec Center expansion.    Page 15 of 30 SECTION 4  Section 4.3: Recreation Center Phase 2 Expansion –Estimated Cost of Construction  1996 PROGRAM & CONSTRUCTION ESTIMATE   Architectural Resource Consultants from Boulder prepared a Construction Cost Estimate for the  Avon Recreation Center Phase II in July, 1996   The program, totaling 40,767 square feet,  included:  Gymnasium      Climbing wall   Racquetball/squash courts   Four meeting rooms     Costs were calculated as follows:    PHASE 2 – 1996 CONSTRUCTION COST ESTIMATE    SQ. FT. PER SF TOTAL  GYMNASIUM 17,874 $122.59 $2,191,162.00  CLIMBING WALL 2,900 $133.57 $387,319.00  RAQUETBALL/SQUASH 5,574 $91.54 $510,219.00  MEETING ROOMS (3) 4,763 $102.32 $487,199.00  MEETING ROOM  905 $195.90 $177,272.00  BASE BUILDING 8,751 $187.28 $1,638,883.00  TOTAL PHASE 2 BUILDING 40,767 $5,392,054.00  AVERAGE   $138.87    PARKING SCHEME 1 ‐ SURFACE LAKE  STREET NA NA $509,318.00  PARKING SCHEME 2 ‐ GARAGE LAKE  STREET 22,561 $135.51 $3,057,221   PARKING SCHEME 3 ‐ UNDER PHASE 2 29,575 $74.19 $2,194,070     2013 Cost Estimate for the same program:  Utilizing data from Engineering News‐Record, a well‐respected construction journal, shows a  construction cost increase of 70% since 1996, raising costs for the Phase 2 Building to $9,166,492.  RSMeans Online is a web‐based service that provides up‐to‐date cost information yields an estimated  cost for the Phase 2 building at $8,000,000, with site costs rounded to $1,000,000.    The Gypsum Recreation Center’s cost of construction for its building, including gymnasium, was  $12,000,000, in 2006.  The building is 57,000 square feet, and also includes an indoor gymnastics  center, 26 foot climbing pinnacle, climbing grotto, gymnasium, indoor track and indoor pool.   Page 16 of 30 SECTION 4  Section 4.4: Draft Schedule of Program Development, Design, Construction, & Survey      June  25th August 13th  June 28th  July 9th July 16th  August 9th August 27thLast day to pass Resolution (See Section 4.1.2)August  26th  November 5th Election Day:  If Successful November 12thBond Market Situational Analysis   Dec  ‐ April, 2015 March ‐ April May ‐ July July ‐ OctoberPreliminary Design and Cost Estimate Nov ‐ DecFinal Design, Draft  Bid Documents Jan ‐ MarchAdvertise for  Bid and Award Bid April, 2015 Nov‐16 Comple Construction and Ribbon  Cutting Ceremony Development  of Program Elements with Public ‐ Rec, Comm  Dev, Engineering staff Commence  Construction on Phase 2 (Other Improvements will be  done  in Summer, 2014 Council Sub‐Committee Finalization of  Questions Solicit and Retain Design Fi rm Schematic Design, includes public charettes ‐ Utilize 1996 Conceptual Design Schemes as practicable  ‐ Other Uses of Funds:  Playground Equipment,  Restrooms/Athletic  Field/ Pump House  Remodels,  Ice Rink‐Summer Field Complete Telephone  Field Work Draft  Responses and Analysis Decision to prepare for  a November Ballot Issue    ‐ Estimated O&M subsidy for  Phase 2, if needed   ‐ Estimated Phase  2 Square Footage  & Cost based  upon 1996 Adjusted Estimate Review Ballot Question: Resolution calling the  Election & Setting Forth Question to extend mill  levy for  specific  uses: Adopt or set  meeting for   Execute Consultant Agreement for  Telephone Community Survey Work   TELEPHONE COMMUNITY PHONE SURVEY  SCHEDULE Council Review of   Questions/Instrument Design June  25th August 13th  June 28th  July 9th July 16th  August 9th August 27thLast day to pass Resolution (See Section 4.1.2)August  26th  November 5th Election Day:  If Successful November 12thBond Market Situational Analysis   Dec  ‐ April, 2015 March ‐ April May ‐ July July ‐ OctoberPreliminary Design and Cost Estimate Nov ‐ DecFinal Design, Draft  Bid Documents Jan ‐ MarchAdvertise for  Bid and Award Bid April, 2015 Nov‐16 Comple Construction and Ribbon  Cutting Ceremony Development  of Program Elements with Public ‐ Rec, Comm  Dev, Engineering staff Commence  Construction on Phase 2 (Other Improvements will be  done  in Summer, 2014 Council Sub‐Committee Finalization of  Questions Solicit and Retain Design Fi rm Schematic Design, includes public charettes ‐ Utilize 1996 Conceptual Design Schemes as practicable  ‐ Other Uses of Funds:  Playground Equipment,  Restrooms/Athletic  Field/ Pump House  Remodels,  Ice Rink‐Summer Field Complete Telephone  Field Work Draft  Responses and Analysis Decision to prepare for  a November Ballot Issue    ‐ Estimated O&M subsidy for  Phase 2, if needed   ‐ Estimated Phase  2 Square Footage  & Cost based  upon 1996 Adjusted Estimate Review Ballot Question: Resolution calling the  Election & Setting Forth Question to extend mill  levy for  specific  uses: Adopt or set  meeting for   Execute Consultant Agreement for  Telephone Community Survey Work   TELEPHONE COMMUNITY PHONE SURVEY  SCHEDULE Council Review of   Questions/Instrument Design Page 17 of 30 SECTION 4  Section 4.5:  Ice Rink Options  Nottingham Lake is no longer considered a viable option for an ice rink due to variable winter  conditions, on‐going safety concerns, and overall higher maintenance costs.  Staff is in the process of  evaluating the feasibility of using the main athletic field during winter months for an ice rink.  For the  purpose of this Work Session, the reprogramming of the area in the front (west side) of the  Recreation Center was assessed in more detail.                                                           Approximate location and dimensions of Ice Rink & Turf Activity Field  A portable ice rink wall system was priced out for a 140’ x 64’ rink, with 20’ radius corners.  The  panels themselves would be 42” high x 8” wide.  The panels would be constructed with molded UV  stabilized polyethylene, and secured together.  Price for this type of wall system is $22,000.  The cost  for artificial turf in the green highlighted area above is approximately $100,000 (based on $6/per SF).   Included some demolition work and grading, the total project cost for this area is $230,000.                                                                                         Example of ProWall ™ Portable Wall System installation Page 18 of 30 SECTION 5  Section 5.1.1: Summary & Analysis of Bonding Revenues  The Town’s Series 1999 Revenue Refunding Bonds will mature in 2014.    The annual debt service on  these bonds is approximately $450,000 and is currently paid out of the Capital Projects Fund.  Prior  to the recession and Village at Avon lawsuit, the debt service was paid out of the General Fund with  sales tax revenues.      Financing the possible relocation and construction of a new Town Hall comes from the idea of  continuing to utilize this current debt service payment in order to leverage the issuance of  Certificates of Participation (COPs).  COPs may be authorized by the Town Council without   a vote  and the bonds could be issued as early as 2014.  The bonding capacity of the COP’s issue are  estimated to be $8.010 million with a total of $7.740 million in project funds available, based on  current interest rates and a thirty‐year maturity.  The process for approval and issuance of COP’s is  approximately 3 months.  One advantage of the COP issuance is that it can be timed around the need  of the Town and bond markets and not to a November election.           SOURCES AND USES OF FUNDS  Town of Avon, Colorado  Certificates of Participation, Series 2014  *************************************************** Preliminary  Bank Qualified A Rated Rates as of May 17, 2013  ***************************************************  Dated Date                     06/01/2014  Delivery Date                 06/01/2014    Sources:  Bond Proceeds:  Par Amount                                                              $8,010,000  Net Premium                                                                      31,083              8,041,083    Uses:  Project Fund Deposits:  Project Fund                                                                 7,740,745  Other Fund Deposits:  Capitalized Interest Fund                                              150,237   Delivery Date Expenses:            Cost of Issuance     70,000           Underwriter’s Discount    80,100                           $8,041,083   Page 19 of 30 SECTION 5  Section 5.1.2:   Timeline for Issuance of Certificates of Participation  $8,010,000  Town of Avon, Colorado   Certificates of Participation, Series 2014  Draft Timetable, as of June 2013  MARCH 2014 APRIL 2014 S M T W T F S S M T W T F S 1 1 2 3 4 5 2 3 4 5 6 7 8 6 7 8 9 10 11 12 9 10 11 12 13 14 15 13 14 15 16 17 18 19 16 17 18 19 20 21 22 20 21 22 23 24 25 26 23 24 25 26 27 28 29 27 28 29 30 30 31 Date Event Responsibility  3/11/14 Council Update on Refunding and New Money Plan A  3/17/14 Kick‐Off Conference Call All  3/18/14 Begin Legal Document/POS Preparation BC  3/25/14 First Reading of the Ordinance A  4/2/14 First Draft of Legal Documents Distributed BC  4/7/14 First Document Review Session All  4/11/14 Revised Legal and Offering Documents Distributed   BC  4/16/14 Second Document Review Session (if necessary) All  4/18/14 Send Documents to Rating Agencies  BC/UW  4/25/14 Ratings Calls with Ratings Agencies (estimated) A/UW  4/29/14 Second Reading of the Ordinance A  5/2/14 Receive Ratings and Insurance Quote UW  5/6/14 Post POS BC  5/13/14  Market COPs   CPA Signed  UW  A  5/15/14 Final OS Distributed for Comments BC  5/16/14 Final OS Printed and Distributed   MAY 2014 JUNE 2014 S M T W T F S S M T W T F S 1 2 3 1 2 3 4 5 6 7 4 5 6 7 8 9 10 8 9 10 11 12 13 14 11 12 13 14 15 16 17 15 16 17 18 19 20 21 18 19 20 21 22 23 24 22 23 24 25 26 27 28 25 26 27 28 29 30 31 29 30 Page 20 of 30 SECTION 5  Date Event Responsibility  5/21/14  Closing Documents Distributed   Comments Back to Bond Counsel on OS  All  5/27/14 Final Closing Documents Distributed All  6/3/14 Closing All  A ‐ Town of Avon, Staff and Consultants  BC ‐ Bond Counsel and Disclosure Counsel (Sherman & Howard)  UW ‐ Underwriter (Piper Jaffray & Co)  Page 21 of 30 SECTION 5  Section 5.2:    Town Hall Relocation, Estimate Needs and Cost of Construction      The existing Town Hall is 18,000 SF, houses approximately 45 employees including the following  Departments:  Administration, Community Development, Engineering, Finance and Police.  A 20,000  SF Town Hall could comfortably accommodate 55 to 60 employees, the most that Town Hall will  need to house at build‐out for the Town.    Construction costs for a new Town Hall facility are  estimated to be approximately $175/per SF; therefore a 20,000 SF Town Hall (with a 20% contingency)  would cost $4,800,000.  Page 22 of 30 SECTION 6  Section 6.1.1:   Summary & Analysis of URA Refinancing and New Bond Revenues  The following funding summary is based on previous discussions with Jonathan Heroux from  Piper Jaffray after reviewing the annual debt service parameters and legal documents for the  call features on the existing Vectra Bank loan.      The funding scenario on the next page refinances the current 2009 Vectra Bank variable rate  loan to a fixed rate, and adds “new money” in the amount of $1,225 million at the same time.   This would generate approximately $1.1 million for the Mall Improvements project fund.   The  assumption driving the amount of new money available is that a lender will want or expect a  1.25 times debt service coverage in case future assessed values fluctuated, as they have in  recent years.      The present value savings from refunding the existing debt is projected to be approximately  $625,436 or 9.935%.  The typical level for evaluating the effectiveness of a refunding is in the  3%‐5% range.     Page 23 of 30 SECTION 6  Page 24 of 30 SECTION 6  Section 6.1.2:   Schedule for URA Refinancing and Additional Funding   7,665,000  Town of Avon, Colorado, Urban Renewal Authority  Fixed Rate Bank Loan Placement, Series 2013  Draft Timetable of Events ‐ As of June 2013  JULY 2013 AUGUST 2013 S M T W T F S S M T W T F S 1 2 3 4 5 6 1 2 3 7 8 9 10 11 12 13 4 5 6 7 8 9 10 14 15 16 17 18 19 20 11 12 13 14 15 16 17 21 22 23 24 25 26 27 18 19 20 21 22 23 24 28 29 30 25 26 27 28 29 30 31 SEPTEMBER 2013 OCTOBER 2013 S M T W T F S S M T W T F S 1 2 3 4 5 6 7 1 2 3 4 5 8 9 10 11 12 13 14 6 7 8 9 10 11 12 15 16 17 18 19 20 21 13 14 15 16 17 18 19 22 23 24 25 26 27 28 20 21 22 23 24 25 26 29 30 27 28 29 30 31   DATE    EVENT  RESPONSIBLE  PARTY  June/July Create Term Sheet on Transaction A, PA  June/July Complete TIF Model Update FC  8/23/13 Preliminary AV Received   8/26/13 Town Directs PA to Begin Soliciting Interest in Transaction and Approves  Term Sheet  A  8/27/13 Term Sheet Distributed to Potential Investors PA  9/12/13 Receive Feedback and Level of Interest PA  9/17/13 Lender Selected PA  9/24/13 First Draft of Documents Distributed to Working Group and Lender A, BC  9/27/13 Conference Call to Review Comments on Legal Documents All  10/3/13 Revised Legal Documents Re‐Distributed to Working Group and Investor BC  10/8/13 First Reading of URA Resolution A  10/23/13 Pre‐Closing All  10/24/13 Closing and Delivery of Proceeds All  A = Town of Avon  BC = Bond Counsel (Sherman & Howard)  PA = Placement Agent (Piper Jaffray)  FC = Financial Consultant (Stan Bernstein)  Page 25 of 30 SECTION 6  Section 6.2:   Program Description & Estimated Cost for Pedestrian Mall          MALL AREAS ESTIMATED COST WYNDHAM MALL AREA   Design as a passive  gathering area; limit amount  of hardscape to allow time for  uses to develop;  consider kid amenity here  such as large rocks325,000$                    Heat  Recovery Snowmelt, if not allocated to Recreation Center  Expansion.  Funded with  Community Enhancement Funds from  Hol y Cross Energy 350,000$                   TOTAL WYNDHAM MALL AREA 675,000$                      CONNECTING SIDEWALK‐ WYNDHAM MALL TO AVON  ROAD ‐ 12'125,000$                    LETTUCE SHED LANE  PATH  INTERSECTION NODE With added area from  Wyndham building set ‐back, design as place  for  music & gathering, include  fire  pit; work with adjoining business in partnership to expand gathering area ‐ may be  more  desireable  than Wyndham Mall area for  events/music due  to less noise and adjoining business  opportunities; place bronze and benches from  Avon Rd.176,000$                    LETTUCE  SHED LANE Design with slight  curve in walkway to provide  for  at  least two areas for  seating or  vendor.   Decide  if mural is an acce ptable use for  the wall/work with businesses.  Snowmelt system.206,000$                   SEASONS PEDESTRIAN  MALL Improve by:  add landscaping along parking lots to improve defined space  and block view; remove  some  trees/vegetation to improve ability to see  down the corridor; redesign Prater  Lane  Pre‐ School to eliminate interference into Mall by increasing length of play area.  Add bronzes and  benches from  Avon Road to create areas of interest and seating.  Utilize large spaces between  landscape medians for  activities, including possible  vendors.400,000$                   MALL TO NOTTINGHAM PARK  ENTRANCE Reduce concrete at  Benchmark Lane.  Complete Pedestrian walkway with Recreation Center   Expansion and finance with bond proceeds.400,000$                   TOTAL ‐ 2014 IMPROVEMENTS 1,982,000$                 SOURCE OF FUNDS: URA REFINANCE AND NEW NET PROCEEDS @ 1.25 X COVERAGE 1,100,000 CAPITAL PROJECTS  FUND 882,000$                   Page 26 of 30 SECTION 6  Section 6.3:   Heat Recovery System Options  The Heat Recovery system extracts useful heat from the treated effluent leaving the Eagle River  Water and Sanitation District’s (ERWSD) Avon Wastewater Treatment Plant.   The heat is pulled from  the treated effluent and distributed to the recreation center in a closed loop circulation system.  The  heat provided through the Heat Recovery System is considered carbon neutral and supports the  Town’s commitment to low carbon footprint development and sustainable heating solutions.  The  system costs approximately 21% more to operate than a conventional natural gas boiler, resulting in  $17,000 in additional yearly expenses.  The energy costs are small compared to the $4,500,000 cost  of constructing the system.  Operating the system reduces the Town’s carbon foot print by 503  tons/year, and a total carbon savings of 1,509 tons since the system became operational.    The design of the system anticipated the future expansion for snowmelt in the transit center and  Main Street.  The system has a total capacity of 3.5million BTU/hour (MMBH), of which 1.2 MMBH is  being used to heat the recreation center pools, leaving 2.3 MMBH available for other uses.  Potential expansion alternatives include Town Hall HVAC, Recreation Center HVAC, Recreation  Center expansion HVAC, transit center snowmelt and mall sidewalks snowmelt.  The heat demands  of these alternatives are summarized in Table 1. below:  Table 1. Heat Recovery Expansion Heat Demands  Alternative Location M Btu/Hour Heat Usage  1 Town Hall 1.0 Heat  2 Recreation Center HVAC 0.8 Heat, Water  3 Recreation Center Expansion 1.0 to 2.0 Heat  4  Transit Center Snowmelt 2.1 Snowmelt  5  Mall Area 1.6 Snowmelt    Previous discussions with Town Council revolved around expanding the system to the transit center  to snowmelt the pedestrian areas, primarily to protect the high quality materials and finishes.  If the  Town does proceed with an expansion of the recreation center or construction of Town Hall,  consideration should be given using the heat recovery system for these projects rather than  extending to the transit center.  A small building to house a boiler could be constructed near the  transit center to extend snowmelt for that area at a much lower capital construction cost, $50,000 ‐ $100,000; rather than $350,000.  Page 27 of 30 SECTION 7  Section 7:    Parking Lot/Garage Space Estimates  There are two potential locations on Town‐owned land for surface/garage parking lots in the Town  Center West District: 1) Existing Town Hall site; and 2) Existing Fire Station/Library site.    The Town Hall site is 58,000 SF and can accommodate 136‐spaces/level.  A two story parking  structure would cost approximately $6.7M, or $24,600/space.    The Library/Fire Station site is 90,000 SF and can accommodate 250 spaces per level.  A surface lot  would cost approximately $450,000 and a 3‐story above ground garage housing 750 spaces will cost  $15.1M, or $21,000 per parking space.  A one‐level underground garage at the Fire Station/Library site  would cost $6.5M, and cost $26,000 per space.   In summary, the most cost effective parking option is an above‐ground garage located at the Fire  Station/Library site.  The Fire Station and Library sites could provide a 250 space surface lot, and as  mentioned would cost approximately $450,000 to construct.  Page 28 of 30 SECTION 8  Section 8.1:   Planning and Zoning Commission and Public Outreach  The development concepts presented in this document are found in the adopted master plans of the  Town of Avon, with a few noted exceptions:   No plans identified a parking structure on the existing library and fire station lots; and     Co‐location of the library with Town Hall on Nottingham Lake; and    Town Hall located (or co‐located) with Recreation Center Expansion (Option 3); or    Ice rink/summer turf field in front of the Recreation Center.  Even with the strong support of adopted planning documents, the value of working closely with the  Planning and Zoning Commission (PZC) members and the community in all aspects of implementing  a final development program is well recognized.  The approach and process include gaining outside  community input varies by the project(s) scope once determined by Council.  With Option 2 being  used as a scenario in this document, for discussion, the following process is presented as an outline  to fully involve and consider comments from the public, other agencies, and the PZC:  I. Inform PZC, Fire District and Library District of June 25th Council meeting on  Development Concepts  II. Council determines Option 2 should be pursued as a preferred alternative, with a goal  of presenting a ballot question for the funding of the Phase 2 Recreation Center at  the November, 2013 election [See below].  III. Immediately commence all actions to complete telephone survey on Phase 2  Recreation Center Expansion, and other high priority questions   IV. Meeting outreach:  Overall Development Program & Phase 2 Recreation Center   a. Develop schedule to meet with key interest groups:  Nottingham Lake residents,  Recreation Center users, businesses in West Avon and Beaver Creek (parking and  special events)  b. Develop a schedule for general public information sessions  to be held in three  different locations   c. Meetings with Fire District and Library District Boards  V. PZC meeting work session(s)  VI. Completed by August 26th and timed with consideration of ballot issue  If a ballot issue is offered and approved, outreach effort would be focused on:   Development of the Phase 2 Program   Schematic Plans for Program   Preliminary Plan   PZC design review  Page 29 of 30 SECTION 8  Section 8.2:    2013 Community Survey  Linda Venturoni, Venturoni Surveys and Research, was contacted to discuss the timing, scope, and  approach for a 2013 Community Survey.    Linda conducted Avon’s 2008 Community Survey.  Telephone Survey  Linda recommended the Council consider a telephone for survey, if survey information is needed for  a ballot question for specific, single focus issue to a few issues, such as prioritizing expenditures.  She  stated this is a cost‐effective, highly reliable method and costs less money.   Time: 8 – 10 weeks   The greatest time is usually developing the questions; and the “sample frames”, which  are the groups to be surveyed:  locals, businesses, second‐homeowners, etc.  It may be  best to use a smaller, representative group to complete this effort.   Avon has very good voter registration lists, which include cell phones.       $5,000 ‐ $10,000; number of questions is the determining factor   380 responses are needed; 95% confidence  Email – Mail Survey   Time: 17 weeks is a good estimate to for the entire process:  survey instrument design  through analysis report   More questions can be asked, and even though the number of responses for a 95%  confidence remains the same, there is the opportunity to reach more of the population   $15,000+ number of question is the determining factor   380 responses are needed; 95% confidence  Survey Links  2008 Community Survey:   http://www.surveyco.org/avon.html   2012 Avon Recreation District Community Survey:  http://coavon2.civicplus.com/DocumentCenter/View/11062     Page 30 of 30 FINANCIAL MATTERS June 25, 2013 ______________________________________________________________________________________ 1. Financial Matters Cover Memo 2. Sales and Accommodations Tax Reports – April 3. Real Estate Transfer Tax Report and Monthly Detail – May Memo To: Virginia Egger, Town Manager Thru: Scott Wright, Finance Director From: Kelly Huitt, Budget Analyst Date: June 18, 2013 Re: Financial Matters – April 2013 Summary: SALES TAX • Sales tax revenue for the month of April is up $3,186.29 (1.05%) over April 2012, but down -4.20% compared to the monthly budget. This gain includes approximately $13,700 from new businesses, therefore -3.46% is the actual loss of revenue for the month. Year to date sales tax collections are up $340,857.99 over 2012 and $231,157.00 over budget. • April collections report increases from 2012 for all industries except Grocery, Specialty, and Heath, Sporting Goods Rental/Retail, and Miscellaneous Retail. Revenue from Sporting Goods Rental/Retail are down approximately ($6,700) for the month compared to last year, while Grocery, Specialty, and Health businesses are down ($10,000). Sales tax from Accommodations for April is up $5,600. ACCOMMODATIONS TAX • Accommodations tax revenue for April is up $5,708.25 (27.46%) compared to April 2012, and up 17.89% compared to the monthly budget. Year-to-date accommodations tax collections are up $93,750.47 over 2012 and $66,790.03 over budget. MTRiP data indicates a 41.6% increase in occupancy year-over-year for the month of April, but a -9.4% decrease in average daily rate. • April accommodations tax collections are up for Time Shares and Hotels, while Vacation Rentals are down. Monthly revenue has increased in all areas of town except for West Beaver Creek, which is down by a marginal $581.05. REAL ESTATE TRANSFER TAX • 2013 year-to-date real estate transfer tax collections equal $470,557.25, which is 31.37% of the current budgeted revenues. Collections are down ($195,523.23) compared to 2012. Town of Avon TOWN OF AVON SALES TAX WORKSHEET 2013 Actual vs. Budget BudgetYTD CollectionsBudget% of change 2008 2009 2010 2011 2012 2013 2013 Variancefrom 2012 January 552,981.33$ 552,648.47$ 515,009.18$ 511,040.76$ 519,784.89$ 548,275$ 677,943.78$ 129,669.26$ 30.43% February 574,301.20 516,349.68 504,752.59 532,903.25 533,546.48 562,790 636,702.27 73,911.89 19.33% March 653,095.43 536,913.42 620,937.20 665,532.70 643,910.29 679,203 720,267.31 41,064.03 11.86% April 349,061.05 319,833.51 309,937.09 305,269.73 304,220.84 320,895 307,407.13 (13,488.18) 1.05% May 321,213.74 267,960.76 242,830.16 236,424.93 270,082.79 284,886 June 427,371.70 396,066.29 377,920.42 406,828.27 430,588.57 454,189 July 458,484.39 409,956.20 421,975.98 452,873.44 472,215.40 498,098 August 428,296.71 374,965.99 361,702.25 419,977.29 455,439.86 480,403 September 466,731.86 350,585.25 359,139.22 391,546.49 424,793.75 448,077 October 365,209.05 286,412.11 288,859.84 299,193.35 341,711.43 360,441 November 338,385.19 281,696.02 284,528.70 301,407.41 336,060.63 354,480 December 794,328.16 786,701.84 818,360.74 921,815.61 852,868.64 899,615 Total 5,729,459.81$ 5,080,089.54$ 5,105,953.37$ 5,444,813.23$ 5,585,223.57$ 5,891,352$ 2,342,320.49$ 231,157.00$ 17.03% Actual Collections $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2009 2010 2011 2012 2013 Year Sales Tax Collections for April TOWN OF AVON SALES TAX WORKSHEET 2013 Actual vs. Budget $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 $2,200,000 $2,400,000 2009 2010 2011 2012 2013 YTD Sales Tax Collections $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 Sales Tax Monthly Comparison 2010-2013 2010 2011 2012 2013 TOWN OF AVON ACCOMMODATIONS TAX WORKSHEET 2013 Actual vs. Budget Budget YTD CollectionsBudget% of change 2008 2009 2010 2011 2012 2013 2013 Variance2012 January 77,721.98$ 84,919.00$ 87,938.84$ 85,233.73$ 90,118.88$ 97,438$ 108,508.43$ 11,070.57$ 20.41% February 83,157.06 83,502.22 99,336.34 114,035.90 106,016.32 114,626 137,503.61 22,877.20 29.70% March 87,240.86 84,909.85 105,518.15 122,145.16 115,043.42 124,387 153,208.80 28,822.16 33.17% April 22,161.73 26,821.29 26,496.88 26,214.58 20,786.24 22,474 26,494.49 4,020.10 27.46% May 16,208.09 19,090.36 12,425.51 15,152.82 16,664.44 18,018 June 30,012.07 34,439.33 32,857.68 49,999.66 56,012.17 60,561 July 33,302.03 47,864.32 51,170.82 62,928.07 66,726.73 72,146 August 29,326.28 39,155.19 42,188.56 52,037.55 58,358.93 63,099 September 21,214.32 21,134.69 30,090.34 35,521.81 42,245.24 45,676 October 21,856.62 17,043.78 20,614.06 21,801.56 25,879.51 27,981 November 20,737.61 15,268.58 20,582.47 24,971.33 22,786.42 24,637 December 86,199.66 96,847.30 98,561.90 135,984.00 112,759.02 121,917 Total 529,138.31$ 570,995.91$ 627,781.55$ 746,026.17$ 733,397.32$ 792,960$ 425,715.33$ 66,790.03$ 28.24% Actual Collections - 5,000.00 10,000.00 15,000.00 20,000.00 25,000.00 30,000.00 2009 2010 2011 2012 2013 Accommodations Tax Collections for April TOWN OF AVON REAL ESTATE TRANSFER TAX WORKSHEET 2013 Actual vs. Budget YTD Collections $ change % of change 2008 2009 2010 2011 2012 2013 2012 2012 January 75,552.20$ 34,468.00$ 237,133.00$ 57,540.00$ 50,204.00$ 22,535.00$ (27,669.00)$ -55.11% February 56,655.90 95,703.38 362,719.22 230,705.50 41,750.07 55,872.69 14,122.62 33.83% March 77,054.50 6,023.70 284,243.65 187,099.47 84,760.49 125,927.64 41,167.15 48.57% April 69,955.12 92,238.95 210,185.30 249,482.30 219,195.80 144,437.80 (74,758.00) -34.11% May 66,714.29 37,803.12 112,431.30 187,668.62 270,170.12 121,784.12 (148,386.00) -54.92% June 105,872.10 365,324.28 66,271.14 49,606.58 169,040.47 July 60,194.74 208,800.24 63,509.36 46,707.37 71,057.40 August 108,981.45 87,827.30 88,823.40 106,785.21 232,505.93 September 684,005.20 159,877.84 159,861.96 140,876.56 96,389.34 October 711,661.23 205,537.52 222,575.20 64,005.33 176,889.62 November 621,085.67 131,944.57 115,654.16 98,057.44 150,549.86 December 455,288.84 336,431.50 236,117.45 198,448.03 145,134.57 Total 3,093,021.24$ 1,761,980.40$ 2,159,525.14$ 1,616,982.41$ 1,707,647.67$ 470,557.25$ (195,523.23)$ -29.35% Budget 1,500,000$ Variance, Favorable (Unfavorable)(1,029,442.75) Actual Collections $- $100,000.00 $200,000.00 $300,000.00 $400,000.00 $500,000.00 $600,000.00 $700,000.00 $800,000.00 $900,000.00 $1,000,000.00 $1,100,000.00 $1,200,000.00 $1,300,000.00 2009 2010 2011 2012 2013 YTD Real Estate Transfer Tax Collections Town of Avon Real Estate Transfer Tax May Collections Detail Purchaser Name Property Amount Received Balance Forward 348,773.13$ Chicago Title Riverfront #13-21 218.00 Chicago Title Riverfront #13-20 138.00 Chicago Title/ Scott Mtn Vista #1303 wk 7 50.00 Chicago Title/ Hanson Mtn Vista #1604 wk 31 40.00 Stewart Title/1031 Exchange Experts LLC Avon Lake Villas #23 10,500.00 Land Title/ Clark Avon Lake Villas Blvd #P-3 5,450.00 Land Title/ Castro Beaver Bench #B-19 3,140.00 Servicelink/ Almanza Sunridge #E-303 3,400.00 Title Company of the Rockies Mtn Vista #13-21 2,065.70 Chicago Title/Pirkey and McHugh Mtn Vista #13-18 45.60 Chicago Title Riverfront #13-19 298.00 Chicago Title Lakeside Terrace #13-18 23.10 Title Co of the Rockies/Jones & Gates Mtn Vista Unit #1620/1618, wk 52 & #1602, wk 14 1,287.90 Title Co of the Rockies/Hoffman Lakeside Terrace C-301, wk 52 518.00 Stewart Title/ BRW Holdings LLC Lodge at the Avon Center #113 5,200.00 Gish Mtn Vista #1309 and 1311, wk 52 100.00 American Title Insurance/ Dorr Sunridge #F-102 298.00 Land Title/ Graves 2450 Saddle Ridge Lp #A 5,100.00 Chicaco Title/ Weber Mtn Vista Unit #150705, wk 9 70.00 Chicaco Title/ Weber Mtn Vista Unit #1302, wk 1 50.00 Chicaco Title/ Weber Mtn Vista Unit #1205, wk 15 50.00 Chicaco Title/ Weber Mtn Vista Unit #1312, wk 8E 25.00 Chicaco Title/ Weber Mtn Vista Unit #1312, wk 49E 25.00 Chicaco Title/ Weber Mtn Vista Unit #1206, wk 6E 25.00 Heritage Title/ Ward Family Trust Seasons at Avon #613 8,000.00 Title Co of the Rockies/ Jones Lakeside Terrace #B-201, wk 24 218.00 Title Co of the Rockies/ Echavarria & Ossa Mtn Vista #1830/1832, wk 33E & #1418/1420, wk 52 1,687.80 American Title Insurance/ Baumann Ascent #405 18,380.00 Land Title/ Ruiz & Sala Falcon Pointe Unit #513, wk 6 128.00 Land Title/ Thompson 5735 Wildridge Rd E 17,600.00 Assured Title/ bailey Metcalf Lofts #C-9 900.02 Chicago Title Riverfront #13-18 2,708.00 Chicago Title/ Carpenter Lakeside Terrace Unit #B-404, wk 14 70.00 Chicago Title/ Catalano Mtn Vista #1307, wk 34O 20.00 Chicago Title/ Smith Mtn Vista #1203, wk 35O 20.00 Chicago Title/ Howard Mtn Vista #172224, wk 48 70.00 Chicago Title/ Louis Mtn Vista #1302, wk 8O 25.00 Chicago Title/ Griffith Mtn Vista #122527, wk 35E 25.00 Chicago Title/ Gritzmaker Mtn Vista #161210, wk 8E 35.00 Chicago Title/ Pump Mtn Vista #132628, wk 36 50.00 Christie Lodge Owners Assoc./ Osborne Christie Lodge Unit #197 60.00 Title Co of the Rockies/ Alexander Mtn Avon Lake Villas #C-2 5,090.00 Heritage Title/ Dahl 2957 June Creek Trl 6,300.00 Heritage Title/ Ferenczyova Sunridge D-201 280.00 Stewart Title/ Hayasaka & Sutton 2877 Oneal Spur 22,000.00 Total April Revenue 121,784.12 Total YTD Revenue 470,557.25 Total 2013 Budget 1,500,000.00 Variance, Favorable (Unfavorable)(1,029,442.75)$