01-15-1980 Comprehensive financial planning study for the TOAStanley F. Bernstein, Inc.
Certified Public Accountant
.January 15, 1980
Mayor Al Alpi
Members of the Town Council
Town of Avon
Avon, Colorado 81620
Dear Mayor and Council Members:
Member:
American Institute of CPA's
Colorado Society of CPA's
I have completed the comprehensive financial planning study for the Town of
Avon.
The scope of my study included the following: An establishment of an under-
standing of the hypothetical service plan and organizational structure for the
Town of Avon from 1980 -1984; a projection of the anticipated cash reimburse-
ments based upon the anticipated service plan for the period 1980 -1984; a pro-
jection of the revenues that might be available from 1980 -1984 to fund the
cash requirements: an identification of a basic five -year capital improvement
plan and the related debt service requirements; and an analysis of the finan-
cial capability of the Town from 1980 -1984.
The assumptions, rationale, and conclusions detailed in the accompanying study,
which are based upon present circumstances and information currently available,
were reviewed by officials of the Town. Based upon these discussions, nothing
came to my attention that indicated to me the assumptions utilized for the pur-
poses of these projections are not reasonable in the circumstances.
Based upon the assumptions, rationale, and conclusions utilized for the pur-
poses of this study, it appears that the Town of Avon will have the financial
capability to: 1) fund the basic cash requirements that will he necessary to
provide high service 'Levels for its citizens; and 2) fund a basic capital im-
provement program as set forth in the accompanying study.
This document should be used and viewed as a planning guide and tool when mak-
ing decisions that will have financial impacts and should be monitored and up-
dated on an annual basis. This document should not take the place of sound
managerial decisions by members of the Council and staff.
Since the projections contained in this report are based on assumptions, esti-
mates, and conclusions which are inherently subject to uncertainty and vari-
ation, depending upon evolving events, I do not represent them as results that
Crossroads Shopping Center / 2606 Davos Trail Vail, Colorado 81657 Bus.: (303) 476 -1950 / Home (303) 476 -3333
Mayor Al Alpi
Members of the Town Council
January 15, 1980
will actually be achieved. Therefore, the actual_ financial impacts to the
Town of Avon may vary from the information presented in this study, and the
variations may be material.
Very truly yours,
Stanley F. Bernstein
cd
IUW0 OF AVON
C0MPKE8ENSTVD FI0&NCZAL yTJ\0
l980-l984
JANUARY 15, 1980
i
TOWN OF AVON
COMPREHENSIVE FINANCIAL PLAN
TABLE OF CONTENTS
Page
Summary
of Findings, Conclusions
and
Recommendations . ' . . . . . . . .
|
Section
A -
Hypothetical Organizational
Structure and Conceptual
Identification of
the
?ovo of Avon Basic Service yIuo,
1979-1984 . . . .
. .
. . ' ' . . . . . ' . . . . . . . .
6
Section
B -
Projection of the
Town
of Avon General Fund Expenditures,
1979-1984 . ' ' .
. '
. , . ' . . . . . ' . . . . . . . .
22
Section
C -
Projection of the
Town
of Avon CcneraI FooJ Revenues,
1979-I984 . ' . .
. '
. . . . . . . . . . . . . . . . . .
48
Section
D -
Projection of the
Town
of Avon Public Works Fund Revenues,
Expenditures, and
Fund
Balances, 1979-1984 . . . . . . .
Sl
Appendix
Z -
Projections of the
Town
of Avon Real Estate Transfer Tax
Revenues, 1979-I984
.
. . . . . . . . . ' . . ' . . . . .
53
Appendix
II -
Projection of the
Town
of Avon Assessed Valuation,
1979-1984 . . . .
. .
. . . . ' . . . . . . . . . . . . '
72
Appendix
ITT
- Projection of the
lhno
of Avon Sales 1\zr Revenue,
1979-1984 . . . .
. .
. . . ' . ' . . . . . ' . . . . . .
76
Appendix
IV -
Hypothetical 1omu
of Avon
Basic CopicuIImprnvemeot Plan,
1980-1984 . ' . .
. .
. . . . . . . ' . . . . . . . . . .
80
Appendix
V -
Hypothetical Debt
Service
Requirements Re: Basic Capital
Improvement "Ian,
1980-1984
. . . . . . . . . . . . . ' .
82
ii
TOWN OF AVON
COP•1PREHENSIVE FINANCIAL PLAN
SUMMARY OF FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS
I. Town of Avon Real Estate Transfer Tax Yields
A. Based on the assumptions contained in Appendix I of this report, it
appears that for the five year period (1.980 -1984) the Town of Avon
can anticipate receiving approximately $500,000 per year from the
1 percent real estate transfer tax as set forth below:
1% Real Estate Transfer Tax Yields
of Total of
Totals $496,550 $21.0,000 $2,137,231 $224,603 $3,068,384
B. Based on Town of Avon Ordinance No. 8, Series of 1978, 50 percent of
the real estate transfer tax proceeds will be allocated to the Town.
of Avon General Fund, and the remaining 50 percent will be allocated
to the Town of Avon Public Works Fund to be used for capital improve-
ments as set forth below:
Gross - - -- Allocation to Fund - - - --
Year Estimated Yield General Public Works
1980 $576,610 $288,305 $288,305
1981 598,31.1 299,155 299,156
1982 584,780 292,390 292,390
1983 518,360 259,180 259,180
1984 418,670 209,335 209,335
C. Real estate transfer tax _yields during 1983 and 1984 could be con -
siderably more than indicated above assuming aggressive development
scenarios in the Wildrl_dge and Wildwood subdivisions during 1983 and
1984.
Closings Prior
All Municipal
Year
Wildridge
Wildwood
Lower Lands to 10/5/79
Total
Revenues
1979
$ 80,000
$
$ 67,050 $224,603
371,653
72%
1980
108,300
468,310
576,610
75
1981
79,600
518,711
598,311
57
1982
67,600
70,000
447,180
584,780
51
1983
76,890
70,000
371,470
518,360
41.
1984
84,160
70,000
264,510
418,670
29
Totals $496,550 $21.0,000 $2,137,231 $224,603 $3,068,384
B. Based on Town of Avon Ordinance No. 8, Series of 1978, 50 percent of
the real estate transfer tax proceeds will be allocated to the Town.
of Avon General Fund, and the remaining 50 percent will be allocated
to the Town of Avon Public Works Fund to be used for capital improve-
ments as set forth below:
Gross - - -- Allocation to Fund - - - --
Year Estimated Yield General Public Works
1980 $576,610 $288,305 $288,305
1981 598,31.1 299,155 299,156
1982 584,780 292,390 292,390
1983 518,360 259,180 259,180
1984 418,670 209,335 209,335
C. Real estate transfer tax _yields during 1983 and 1984 could be con -
siderably more than indicated above assuming aggressive development
scenarios in the Wildrl_dge and Wildwood subdivisions during 1983 and
1984.
Summary of Findings, Conclusions and Recommendations
1). The Town of Avon real estate transfer tax is, and will continue to he,
a vital source of revenue and will represent between 72 -29 percentof all
municipal revenues during the years 197Q through 1984. Because of the
Town's dependence on this source of revenue and due to the inherent
uncertainties associated with the nature of this revenue source, it
is important for the Town to anticipate "poor real estate sales years"
and to create cash surpluses or contingency funds to insulate itself
against such years. It is also important that: i) the Town develop
a good internal control system relative to the collection of the real
estate transfer tax; ii) the Town develop a budgetary monitoring sys-
tem that will enable the Town Council to adjust its annual budget at
the earliest possible time in the event that it appears that actual
transfer tax revenue yields will not generate the anticipated budget-
ary amount; and iii) that transfer tax cash balances be prudently
and effectively invested to maximize municipal revenues.
II. Town of Avon Assessed Valuation Projections
A. Based on the assumptions contained in Appendix IT of this report, it
appears that assessed valuations resulting from both growth and re-
appraisals will increase as set forth below:
Year Certified
To Town
1979
1980
1981
1982
1983
Projected
Year `faxes is i l l
Assessed
Be Received
Valuation
1980
$ 4,000,000
1,981
7,556,000
1982
10,455,000
1983
13,735,000
1984
24,795,000
B. Based upon the projected assessed valuations and the projected cash
requirements of the Town of Avon, it appears that the Council will be
able to reduce the mill -levy from 15 mills in 1980 to 6.5 mills by1984.
III. Town of Avon Sales Tax Revenue Projections
A. Based on the assumptions contained in Appendix III of this report, it
appears that the Town of Avon taxable sales and the related sales tax
revenue yield will increase as set forth below:
of 'Total of
All Municipal
Revenue
3%
5%
22
30`
38%
481
Taxable
Sales Tax
Sales Tax
Year
Sales
hate
Yield
1979
$ 875,000
2%
$ 17,500
1980
1,155,000
3%
34,650
1981
6,024,600
4%
240,984
1982
8,702,472
47
348,093
1983
12,213,263
4%
492,491.
1984
17,152,188
4%
686,088
of 'Total of
All Municipal
Revenue
3%
5%
22
30`
38%
481
Summary of Findings, Conclusions and Recommendations
B. The Town of Avon's fiscal health during the 1981 through 1984 period
is highly sensitive to the development and related sales tax revenues
that will be generated by the proposed new grocery store. This report
assumes that: i) the proposed new City Market grocery store will be op-
erating for the entire 1981 calendar year_; and ii) the Town of Avon
will not repeal the municipal sales tax on take -out groceries.
IV. Town of Avon General Fund Revenue Projections
A. Based upon the assumptions contained in Section C of this report, the
Town of Avon General Fund revenue can be anticipated to increase as
set forth below:
(000 Omitted)
1979 1980 1981 . 1982 1983 1984
Taxes 295 384 619 738 887 1,060
Licenses /Permits 52 24 46 47 48 49
Charges for Services 39 14 25 26 27 29
Intergov't Revenue 9 17 32 34 36 44
Fines /Forfeits 0 3 3 3 4 4
Miscellaneous 4 10 11 11 11 11
Total Revenue 399 452 736 859 1,01.3 1,197
B. A 25 percent decrease in the estimated real estate transfer tax yields
will reduce the above General Fund revenue forecasts by approximately
$75,000 per year from 1980 through 1984.
C. The failure of a major grocery store to operate within the Town of
Avon would result in a $150,000 to $200,000 per year decrease in the
above General Fund revenue forecasts from 1981 through 1984.
D. If the Town of Avon were to repeal the sales tax on "take -out" gro-
ceries, the above General Fund revenue forecasts would decrease From
an estimated $100,000 to $200,000 per year from 1981 through 1984.
V. Town of Avon General Fund Expenditure Projections
A. Based upon the assumption contained in Section B of this report, Town
of Avon General Fund operating expenditure can be anticipated to in-
crease as set forth below:
(000 Omitted)
1979 1980 1981 1982 1983 1984
Legislative
13
14
15
15
16
17
Judicial
31
45
49
52
57
61
Administrative
98
151
179
201
222
242
Community Development
54
56
97
103
108
112
Police
58
109
166
194
248
294
Public Works
13
97
129
160
209
255
Transportation
10
15
74
83
128
Recreation
10
12
15
20
25
Contingency
32
35
40
45
50
Total
267
524
697
854
1,008
1,185
-3-
Summary of Findings, Conclusions and Recommendations
�- B. The projected Town of Avon General Fund expenditures could he reduced
significantly in 1982-1984 ($64,000-$72,000-S118,000 respectively)
if the Town decided not to provide a bus system serving the uildridge
-�
and Wildyood subdivisions.
' C. The above expenditure forecasts should be used as targets and guides
by the Town Council when considering appropriation requests submitted
by department managers.
^
VI, TownL of Anno General Fond Projected &onoaI aou Cumulative Food Balances,
-�
1979-1984 �-------------'---------
A. Based on projected general fund revenues and expenditures, it appears
,
that the projected aounaI and cumulative fund balances (surpluses) for
the Town of Avon will he an *et forth below:
^
(OOO Omitted)
Annual Cumulative
Estimated Projected Fund Balance Fund Balance
Year Kcvcouca Expenditures
-(Defic-it)—,
1979 163
1980 152 524 (72) 01
1981 736 697 30 l]O
1982 859 8 5zi 5 125
1983 1,013 1,008 5 140
1984 1,I97 1,185 12 152
D. The above-projected annual and cumulative fnu6 balances for the Town
of Avon General Fund are extremely sensitive to increases and decreases
in the projected revenues and expenditures for the Inwo and should be
viewed as indications or targets of what the fund balances should be
if a healthy and responsible fiscal position in to be maintained.
VIZ. TownL of Avon Five-Year Basic Capital Improvement Plan
A. A basic five-year capital improvement plan for the Town of Avon is
set forth below:
Year
Anticipated Constructed/
Improvement Cost Developed Financing Metbod
Municipal Complex $ 750,000 1980 G. 0. Doo6n
Beaver Creek Blvd.
DriJQc 275`000 1980 C. O. Bonds
Railroad Crossing 250,000 1980 C. 0. Bonds (Fed. Poodo)
Public Works Facility 750,000 1982 C. O. Bonds
Nottingham Pa0
Improvements 450,000 1980-1982 Developer Contri'ution
Total Cost 12,475,000
----
______
-- —
-4-
Summary of Findings, Conclusions, and Recommendations
B. Funding for the above improvements should be provided by n series of
general obligation bond issues additionally secured by Town of Avon
sales tax and/or real estate transfer tax revenues. It is critical
that the debt service requirements relating to the bond issues be
structured and tailored in a manner that provides maximum financial
flexibility to the Town of Avon.
VIII. Town of Avon Public Works Fund Expenditures
A. An ordinance formally establishing the Town of Avon Public Works Fund
and setting forth the type of expenditures that can be incurred by
the Public Works Fund should be adopted by the Town Council.
B. Expenditures that should be authorized by the Public Works Fund should
include capital improvements and debt service relating to capital im-
provements, paving, street lights, landscaping, and buses.
C. Temporarily idle Public Works Fund cash balances should be carefully
monitored and invested.
D. Projected revenues, expenditures (as detailed on page 52 of this re-
port), and fund balances For the Town of Avon Public Works Fund are
set forth below assuming the phased implementation of a five-year
basic capital improvement plan, a $50,000 per year road paving allow-
ment, and the funding of buses beginning in 1982:
(000 Omitted)
Annual Cumulative
Estimated Projected Fund Balance Fund Balance
Year Revenues Expenditures (Deficit) (Deficit)
1979 149 0 149 149
1980 259 25 234 383
1981 337 178 159 542
1982 318 233 85 627
1983 284 308 (24) 603
1984 235 349 (114) 489
E. Real estate transfer taxes allocated to the Town of Avon Public Works
Fund will have to total approximately $200,000 per year beginning in
1983 to cover the debt service on the general obligation bonds relat-
ing to the basic Five-Year Capital Improvement Plan. if allocated
Public Works Fund real estate transfer tax revenues do not yield
$200,000 per year, it might be necessary to increase the mill levy to
finance the anticipated annual debt service payments.
F. Beginning in 1984, an additional $150,000 in real estate transfer tax
revenues will be necessary to provide the financing for the lease pay-
ments on buses and to repave roads.
-5-
SECTION A
HYPOTHETICAL ORGANIZATIONAL STRUCTURE AND
CONCEPTUAL IDENTIFICATION OF
THE TOWN OF AVON BASIC SERVICE PLAN
1979 -1984
-h�
SECTION A
HYPOTHETICAL ORGANIZATIONAL STRUCTURE
AND CONCEPTUAL IDENTIFICATION
OF THE TOWN OF AVON BASIC SERVICE PLAN
1979-1984
The following hypothetical organizational charts (1979-1984) represent my
best efforts at this point in the Town's development to identify the basic
organizational structure for the Town of Avon based upon relatively high muni-
cipal service levels.
This section should be used by the Council and staff as a guide for decision
making relating to space requirements of the proposed municipal complex.-
The basic assumptions that this plan is based upon are indicated as Follows:
1. Development within the original Town of Avon (the low lands) will be
rather aggressive from 1979-1984.
2. Development of the Wildridge Subdivision will begin occurring during 1.980
and will require basic municipal services (road maintenance and police pro-
tection) by 1981 and possibly limited public transportation service by 1982
or 1983.
3. Development of the Wildwood Subdivision will he occurring during 1.982 and
will require basic municipal service by 1983 and possibly limited public,
transportation service by 1.984 or 1985.
4. No additional major annexations (i.e., Eagle-Vail, Beaver Creek, etc.)
will take place during the 1979-1984 period.
5. No management contract between other entities (i.e., Avon Metro District)
will be entered into during the 1979-1984 period.
This section was based upon decisions that I had with representatives of the
Town of Avon. It is largely based upon my experience and philosophies con-
cerning new and growing municipalities. I feel strongly that the Town should
start with a few productive people and add additional personnel as growth,
political pressures, and various events dictate the demand for additional ser-
vices and service levels. This philoslphy will result in high levels of ef-
ficiency and productivity, something that should be strived for in any muni-
cipal operation.
It is important that the Council view the hypothetical organizational charts
as guides to be used for planning purposes only. Events will occur that will
require the Council to modify their thinking; consequently, it is important to
remain as flexible as possible regarding future organizational decisions.
-7-
Section A
-
Basic components, functions, and responsibilities of the Town of Avon muni-
cipal service plan from 1979-1984 are outlined below:
_ I. Legislative Oo6lea
A. Town Council
D. Liquor Licensing Authority
'
C. Planning Commission/Design Review Board
,
D. Board of Building Appeals
' II. Judicial
A. Town Attorney
~ D. Municipal Court
-^
l' Municipal Judge
` 2, Assistant Municipal Judge
III. Executive
�
A. Town Administrator - Mhyoc/?owo Manager
I. Chief Operating Officer
`
� a. Direct Functional Responsibilities - 1979-1984
- l) Personnel administration
2) Finance administration
^ 2) Budget administration
4) Operations
S) Comprehensive planning
^ 6) Organizational administration
7) Purchasing
`
_^ b, Delegated Functional Responsibilities - 1979-1984
l) Police protection
2) Records/minutes
� ]) Zoning administration
4) Building code eu[orcemeut
5) Public works
- 6) Public transportation
7) Accounting/treasury management
IV' Administration
A. Town Clerk
-8-
Section A
1. Minutes/records
2. Clerical files
3. Clerical and related support
B. Town Accountant
1. Accounting
2. Cash receipts
3. Cash disbursements
4. Reporting
C. Community Development
1. Zoning administration
2. Building code enforcement
3. Plan checks
4. Interface with Design Review Board/Board of Building Appeals
D. Police Department
1. Patrol
2. Investigation
3. Traffic control
4. Animal control
5. Community relations
6. Administration
E. Public Works
1. Snow plowing/removal
2. Culvert/drainage maintenance
3. Vehicle maintenance
4. Parks and grounds maintenance
5. Municipal complex and facilities maintenance
6. Sign maintenance
7. Public transportation
8. Engineering
9. Administration
In addition to the basic municipal service plan as indicated in this report,
the Town Council should consider the following points when planning for the
municipal complex:
1. Intergovernmental Sharing of Space
A. Eagle County Requirements
1. County Library
2. County administrative space (annex for clerk; building inspection,
and assessor functions)
-9-
Section A
B. Avon Metro District Requirements
1. Management
2. Financial administration
a. Water billing
b. Accounting
C. Federal Space NeClUirements
I. U. S. Post Office
2. Federal Manpower Offices
2. Functional Space Requirements That May be Required in Upper Lands
A. Road maintenancestorage/cinder facility In Wildwood and Wil-dridge
subdivisions.
-10-
TOWN
ATTORNEY
TOWN OF AVON
HYPOTHETICAL ORGANIZATION CHART
1979
MUNICIPAL,
COURT
TOWN
CLERK
I)MINISTRATIVEI POLICE
SECRETARY I CHIEF
O F F I C I E ]:
OFFICIER
TOWN �
COUNCIL,
Pl.ANNTNG
COMM
D.R.H.
t
L rQUOR
AUTHORITY
BOARD OF
RU F LUI NC
APPEALS
TOWN
ADMINISTRATOR
BUILDING/
Zo NTNC
ADMINISTRATOR
—11—
PtII�LIC
U0 1
(CONTRACT)
I_
ACCOUNTING
(CONTRACT)
Section A
NOTHS TO HYPOTHETICAL ORGANT_ZATT_ON CHART
1979
1. Town Administrator, Town Attorney, Police Chief and Building and Zoning
Administrator share Administrative Secretary and Town Clerk for clerical-
support.
2. Two police officers to be added by August 1, 1979. This will strengthen
police protection but still will not provide 24 hour per day coverage,
seven days per week. Council should carefully assess the police protection
level that they feel_ comfrotable with.
3. Snow removal should be contracted out (if possible) for the 1979 -1980
snow season.
4. Accounting should be contracted out. Bookkeeping and related clerical
functions should be performed by Town of Avon clerical staff with computer
service assistance.
-12-
TOWN OF AVON
HYPOTHETICAL ORGANIZATION CHART
1980
TOWN
COUNCIL
- -- ` ^PLANNTNG
NOTES TO HYPOTHETICAL ORGANIZATION CHART
1980
1. Town Administrator, Town Attorney, Police Chief (for most of 1980) share
Administrative Secretary, Town Clerk, and possibly Building and Zoning
Secretary for clerical support.
2. Four police officers and the Police Chief will provide twenty -four hour
per day police protection on a seven day per week basis. Two additional
officers probably will not have to be added until late fall, 1980. Demand
for police protection may not require this level of police coverage until
1981 or 1982. Police dispatch contracted out with Vail Police Department
through 1980. Police officers also function as animal control officers.
3. If construction activity is high, in additional full-time building in-
spector will provide better service and could generate additional revenues
for the Town in the form of plan check inspection fees that would other-
wise be contracted out. It might be possible to use public works per-
sonnel on a part-time basis. The addition of a Building Department clerk
could assist in a sign quality control administration.
4. The addition of a Public Works Administrator/Engineer during 1980 would
be an asset to the Town as the Upper Lands begin to develop. The Town
will probably want to begin maintaining roads with its own personnel by
1981-1982 snow season and possibly by 1980-1981. Parks and grounds
maintenance (Nottingham Park) will be required during the summer of 1980.
If a municipal complex is constructed during 1980, the Town will need a
custodian/maintenance man.
5. By 1980 the Town should consider hiring a Bookkeeper/Accountant. This
will take pressure off the other clerical positions and centralize ac-
counting responsibilities in one person.
-1 0 -
MUNICIPAL
COURT
TOWN OF AVON
HYPOTHETICAL ORGANIZATION CHART
1981
TOWN
COUNCIL
_ -- PLANNING
COMMISSION
D.R.B.
LIQUOR
LICENSING
AUTHORITY
BOARD OF
BUILDING
APPEALS
TOWN
CLERK
TOWN
ADMINISTRATOR
TOWN iADMINISTRATIVE POLICE DIRECTOR OF PUBLIC WORKS ACCOUNTANT
ATTORNEY SECRETARY CHIEF COMMUNITY ADMINISTRATOR
I DEVELOPMENT (ENGINEER)
OFFICER BUILDING MAINTENANCE/ ACCOUNTING
INSPECTOR PARKS AND CLERK
OFFICER. FULL -TIME I GROUNDS
OFFICER --r-
OFFICER
BUILDING
OFFICER INSPECTOR `LIINTENANCE
OFFICER. SEASONAL
SECRETARY/ CUSTODIAN
CLERK
SECRETARY/
DISPATCH
-15-
NOTES TO HYPOTHETICAL ORGANIZATION CHART
1981
1. The addition of two additional officers may be required because of ser-
vice demands caused by Wildridge Subdivision. The Town begins to move
into its own dispatching. Again, police manpower projections may be more
than required at this time.
2. Responsibilities of the Building and Zoning Administrator should be ex-
panded to include planning. Two full -time building inspectors might be
justified based upon construction activity.
3. The addition of one seasonal snow maintenance man may not be adequate de-
pending upon the Wildridge development.
4. An accounting clerk may be justified at this point in time and will take
clerical pressure off other clerical people as well as the accountant.
The accountant should begin to function as a budget expert and financial
planner.
5. No transportation system has been programmed into the 1981 budget -- demand
may result in a limited system during late 1981.
-16-
TOWN OF AVON
HYPOTHETICAL ORGANIZATION CHART
1982
TOWN
COUNCIL
PLANNING
MUNICIPAL COMMISSION
COURT D.R.B.
LIQUOR
LICENSING
AUTHORITY
TOWN BOARD OF
/I CLERK BUILDING
APPEALS
TOWN
ADMINISTRATOR
TOWN ADMINISTRATIVE POLICE DIRECTOR OF PUBLIC WORKS
ATTORNEY SECRETARY CHIEF Con"R LAITY DTRECTOR ACCOC':TANT
DEVELOPMENT
(ENGINEER)
C
RECEPTIONIST/ BUILDING MAINTENANCE ACCOLTNTING/
CLERICAL OFFICER INSPECTOR CLERK
OFFICER
OFFICER
')°FICER SECRETARY MAINTENANCE
OFFICER CLERK SEASONAL
OFFICER
MAINTENANCE
SEASONAL
SECRETARY/
DISPATCH , I
DISPATCH MAINTENANCE.
MECHANIC
CUSTODIAN
BUS DRIVER
BUS DRIVER
BUS DRIVER
I3US DRIVER
-1?-
NOTES TO HYPOTHETICAL ORGANIZATION CHART
1982
I. No additional officers added during 1982, allowing a seven -man police
force to absorb growth. An additional dispatcher is added to allow for
better response to citizens' demands.
24 A seasonal building inspector may be required- -could utilize seasonal snow
plow maintenance man.
3. Two seasonal snow maintenance men added due to Wildr.idge and possibly
Wildwood demands. Heavy equipment mechanic also functions as snow fighter
but maintenance of heavy equipment and buses place time demands on him.
4. four seasonal bus drivers could provide hourly public transportation ser-
vice during winter months of 1982. One loop serving Wildridge; one loop
serving low lands with stops at the municipal complex, commercial center,
and Beaver Creek parking lots.
5. Accounting is still_ stable.
6. Park maintenance is provided by Public Works personnel.
-18-
TOWN OF AVON
HYPOTHETICAL ORGANIZATION CHART
1983
TOWN
COUNCIL r—
MUNICIPAL
COURT
TOWN
CLERK
CENTRAL FILES
TOWN IADSECRETARYIVEI) CHIEFS
ATTORNEY
RECEPTIONIST/
CLERICAL OFFICER
OFFICER
OFFICER
OFFICER
OFFICER
OFFICER
OFFICER
DISPATC
DISPATCH
SECRETARY/
DISPATCH
TOWN
ADMINISTRATOR
1 n
I PLANNING
COMMISSION
D.R.B.
LIQUOR
LICENSING
AUTHORITY
BOARD OF
BUILDING
APPEALS
DIRECTOR 0- r PUBLIC WORKS
CO`[MUNITY i DIRECTOR ACCOUNTANT
DEVELOPMENT I (ENGINEER)
MAINTENANCE
BUILDING ACCOUNTING
MAINTENANCE
INSPECTOR CLERK
�L1I NTENANCE I L
BUILDING
M.AINTENANCE
INSPECTOR
SEASONAL
SEASONAL
SECRETARY/
MAINTENANCE
CLERK
MECHANIC
CUSTODIAN
BUS DRIVER
FRUS DRIVER.
Bus DIlIvEI:
BUS DRIVER
NOTEIS TO HYPOTHEITTCA], ORGANTZATTON CHART
1983
1. The addition of one officer and one dispatcher is caused by demands of
the Wildwood Subdivision.
2. Snow maintenance demands are caused by the development of Wildridge and
Wildwood will result in rather large outlays for snow plowing. As snow-
plowing demands increase, it becomes more important to develop a stable
plowing crew; consequently, a shift from part-time plowers to full-time
would be desirable if summer work rea ' uirements justify additional workers;
i.e., culvert and drainage maintenance, landscaping, grounds and field
maintenance, street sign construction and maintenance.
3. Assume no bus service to Wildwood until 1.934.
-20-
TOWN OF AVON
HYPOTHETICAL ORGANIZATION CHART
1984
TO' N
_ COUNCIL �--
PLANNING
MUNICIPAL CO QiISSION
COURT D.R.B.
LIQUOR
LICENSING
AUTHORITY
TOWN BOARD OF
CLERK BUILDING
CENTRAL FILES APPEALS
TOWN
ADMINISTRATOR
TOWN ADMINISTRATIVE POLICE DIRECTOR OF PUBLIC WORKS
COMMUNITY DIRECTOR ACCOUNTANT
ATTORNEY SECRETARY CHIEF DEVELOPMENT
RECEPTIONIST/ BUILDING MAINTENANCE ACCOUNTING
CLERICAL INSPECTOR MAINTENANCE CLERK
OFFICER
`LaINTENANCE
OFl,ICER MAINTENANCE
OFFICER
OFFICER
OFFICER . )TAINT. /SEASO \AI
OFFICER
BSPECTOR Mj \INTENANCE
OFFICER INSPECTOR SEASONAL
DISPATCH SECRETARY/ MECHANIC
DISPATCH CLERK itECHANIC
SECRETARY/
DISPATCH
CUSTODIAN
BUS DRTVFR
BUS 111;IVF.R
BUS lw l vi:I:
BUS 1)mvi ll
BUS DRIVF:
BUS DRIVER
J
NOTES TO IIYPOTHETTCAL ORCANTZATTON CHART
1984
1. Hold Police Department at 1983 level.
2. Add more snow maintenance men due to development of upper lands.
3. Add an additional mechanic due to additional maintenance requirements
relating to snow plowing and public transportation operations.
4.' Add public transportation loop servicing Wildwood Subdivision on an hourly
and seasonal basis.
5. Accounting could remain stable.
-21A-
SECTION B
PROJECTION OF TOWN OF AVON
GENERAL FUND OPERATING EXPENDITURES
1979-1984
-22-
SECTION li
PROJECTION OF TOWN OF AVON
GENERAL FUND OPERATING EXPENDITURES
1979-1984
Following is a projection of the General Fund Operating Expenditures that might
be incurred by the Town of Avon during the years 1979-1984. The projections
are based upon the "hypothetical organizational structure for the Town of Avon."
The projected expenditures are based upon the following assumptions:
1. Development within the original Town of Avon (the low lands) will be ag-
gressive from 1979-1984.
2. Development of the Wildridge Subdivision will. begin occurring during 1980
and will require basic municipal services by 1-981.
3. Development of the Wildwood Subdivision will begin occurring during 1982
and will require basic municipal services by 1983.
Based upon the above assumptions (and taking into consideration the impacts
of inflation), the attached expenditure projections, in my opinion, represent
a reasonable estimate of what the total operating expenditures for the Town
of Avon may be from 1979-1984. The public transportation system is not abasic
municipal function, but it is included for financial planning purposes.
I want to emphasize that the following projections should only be used for fi-
nancial nancial planning purposes as of this point in time. This document should not
take the place of sound management decisions by Council and Staff regarding
the addition of new people or the creation. of new departments.
-23-
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50
SECTION D
PROJECTION OF TOWN OF AVON
PUBLIC WORKS FUND
REVENUES, EXPENDITURES, AND FUND BALANCES
1980 -1984
-51-
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-52-
APPENDIX I
PROJECTION OF TOWN OF AVON
REAL ESTATE TRANSFER TAX REVENUES
1979-1984
-53-
APPENDIX I
PROJECTION OF TOWN OF AVON
REAL ESTATE TRANSFER TAX REVENUES
1979 -1984
Following is a projection of the real estate transfer tax revenue yields for
the Town of Avon for the years 1979 -1984. The projections are based on as-
sumptions that I believe to be conservative assuming no major local economic
recession.
I have made projections based on assumptions relating to real estate trans-
actions for the upper lands and the lower lands. The basic equation for pro-
jecting real estate transfer tax yields are summarized as follows:
1. Upper Lands - Equation for projecting Town of Avon real estate transfer tax
yields for any given year:
Where X = Town of Avon real estate transfer tax yield
X = 1% ((dollar volume of initial lot sales) + (dollar volume of resale lot
sales) + (dollar volume of initial dwelling unit sales) + (dollar volume
of resale dwelling unit sales)).
Based on 1979 market values and inflated by 10 percent per year beginning
in 1981 and based on various assumptions as set forth in the accompanying
report, the projected real estate transfer tax yields relating to the
Wildridge Subdivision are set forth as follows:
Year
1979
1980
1981
1982
1983
1984
Gross Real Estate Volume
1% Transfer Tax Yield
$ 8,000,000*
$ 80,000
10,838,000
108,380
7,960,000
79,600
6,760,000
67,600
7,689,000
76,890
8,416,000
84,160
Assuming that $7,000,000 of gross 1-and sales occur in 1982, 1983, and 1984
in the Wildwood Subdivision, the projected real estate transfer tax yields
are set forth as follows:
Year 1% Transfer Tax Yield
1982
$70,000
1983
70,000
1984
70,000
* Estimated closings after September 10, 1.979
-54-
t
Appendix D
2. Lower Lands - Equation for projecting Town of Avon real estate transfer tax
'- yields
for any given year:
Where X
= Town of Avon real estate
transfer tax
yield
X = 1%
((dollar volume of initial
sale of dwelling
units) + (dollar volume
of resale of dwelling units) + (resale
of mobile
homes) + (resale of com-
mercial
land) + (resale of industrial
land)).
Based on
1979 market values and inflated
by 10
percent per year beginning
in 1980
and based on various assumptions
as set
forth in the accompanying
report,
the projected real estate
transfer tax
yields relating to the lower
lands are
set forth as follows:
Year
Gross Real Estate
Volume
1% Transfer Tax Yield
1979
$ 6,705,000
$ 67,050
1980
46,831,000
468,310
1981
51,871,000
518,711
1982
44,718,000
447,180
1983
37,147,000
371,470
1984
26,451,000
264,510
Total projected
real estate transfer
tax yields
(lower and upper lands) are
set forth
as follows:
1% Real Estate
Transfer Tax
Yields
Closings Prior
Year
Wildridge Wildwood
Lower Lands
to 10/5/79 Total
1979
$ 80,000 $
$ 67,050
$224,603 $ 321,653
1980
108,300
468,310
576,610
1981
79,600
518,711
598,311
1982
67,600 70,000
447,180
584,780
1983
76,890 70,000
371,470
518,360
1984
84,160 70,000
_ 264,510
_ 418,670
Totals
$496,550 $210,000
$2,137,231
$224,603 $3,068,384
� Estimated closings after October 5, 1979.
-55-
*Includes resale of Benchmark Condominiums and Beaver Bench Condominiums
-56-
TOWN
OF AVON
SUMMARY
PROJECTED REAL
ESTATE
TRANSFER TAX
YIELDS
/
(000
OMITTED)
1979
1980
1981
1982
1983
1984
__-
WiIdridge Subdivision:
Initial Land Sales - BIockal-3
$8,000
$5,362
-O-
-O-
-0-
-8-
Initial Laud Sales - Block 4
-0-
4,216
$1,569
-O-
-O-
-O-
Initial Land Sales - Block 5
-U-
-O-
572
629
-0-
-0-
Land Resales - Block I
-O-
-0-
310
263
299
439
Laud Resales - Block 2
-O-
-0-
198
2I8
248
35I
' Land Resales - Block 3
-0-
-U-
341
375
413
545
Lund Resales - Block 4
-0-
-0-
-0-
458
495
635
' Luo6 Resales - Block 5
-"-
-0-
-0-
_- -O-
67
146
'
` Total Land Sales - Wil6zidge
$8,008
$9,578
$3J010
S2,0�35
$1,614
$2,116
. Total Living Unit 3oIeo -
'^
Wildridge
-
$ -"-
$ 1,260 �
�4�)58
$4,725 �
$6J}75
�6,3O0
__--_-
Total Deal Estate Sales
-
^ Volume - Wildridue
$8,000
$10,838
$7,960
$6,760
$7,68y9
'^sv
$8,416
� Wildwoud Subdivision:
-"-
-"-
-"-
$7,000
$7J000
$7,0X00
' Lower Lands- 1-3
Initial Sale of Living Units*
$6,705
$39,165
$45,173
S35,205
$27,113
$15,483
� Resale of Living Units
-O-
-8-
2,378
4,938
5,432
5,975
\ Resale of Mobile Homes
, Resale of Commercial Land -
Block l
-O-
204
500
-8-
-0-
-O-
^ / Resale Commercial Land -
Block 2
'
-0-
6,742
2,980
2,515
3,522
3,792
' Resale Industrial Land -
. Block l
-"-
720
840
960
1/080
_1,2y00
Total Lower Lando - Dlocko 1-3
$6,705
$46,83[1
$51,871
$44,718
�$37,147
$26/�51
TotaIa
�l4,7O5
$57,669
$59� �D
$58,478
���
$5l ���� 836
�4I �,��� 867
=.
l% Yield
147
577
598
585
5I8
419
General Fund
73
289
299
292
259
209
Public Works Foo6
74
288
290
293
259
2I0
*Includes resale of Benchmark Condominiums and Beaver Bench Condominiums
-56-
ASSUMPTIONS
WILDRIDGE SUBDIVISION
-57-
TOWN OF AVON
REAL ESTATE TRANSFER TAX PROJECTIONS
WILDRIDGE SUBDIVISION
ASSUMPTIONS
1. Lots relating to Blocks 1 -3 will be sold and closed prior to 12/31/80 as
set forth in the following table:
Sales
Number Average Price Total Dollar Allocation
of Lots Per Lot Potential 1979 1980
Blk. 1 112 $50,000 $ 5,600,000
Blk. 2 56 60,000 3,360,000
Blk. 3 71 62,000 4,402,000
239 $55,908 $13,362,000 $8,000,000 $5,362,000
2. Lots relating to Block 4 will be sold and closed prior to 12/31/81 as set
forth in the following table:
Year Number of Lots Average Price Per Lot Total Dollar Potential
1980 68 $62,000 $4,216,000
1981 23 68,200-= 1,568,600
Total 91 $63,567 $5,784,600
3. Lots relating to Block 5 will be sold and closed prior to 12/31/82 as set
forth in the following table:
Year Number of Lots Average Price Per Lot Total Dollar Potential
1981 10 $57,200 $ 572,000
1982 10 62,920 629,200
Total 20 $60,060 $1,201,200
4. Thirty percent of all duplex lots will be resold from 1981 -1984 as set
forth in the following table:
Number of Number of Duplex Lots to be Resold
Duplex Lots X 30% 1981 1982 1983 1984 Post 1984
Block 1 80 24 6 6 6 6 - --
Block 2 44 13 3 3 3 4 - --
Block 3 71 21 5 5 5 6 - --
Block 4 88 26 0 6 6 7 7
Block 5 20 6 0 0 1 2 3
303 90 14 20 21 25 10
*Assume price of lot increases 10% per year after 1980
-58-
Wildridge Subdivision
1981
1982
1983
1984
Assumptions
$330,000
$ 363,000
$ 399,300
$ 439,230
Block 2
5. Assuming
a 10% annual increase in the
price of
a duplex lot
after 1980, es-
timated
prices per lot are
set forth
in the following
table:
-0-
450,1.20
1979/1980
Sales Price
With
10% Annual Increases
-0-
Average Price
1981
1982
1983
1984
Block 1
$50,000
$55,000
$60,500
$66,550
$73,205
Block 2
60,000
66,000
72,600
79,860
87,846
Block 3
62,000
68,200'
75,020
82,522
90,775
Block 4
62,000
68,200
75,020
82,522
90,775
Block 5
50,000
55,000
60,500
66,550
73,205
6. Applying the estimated prices as set forth in Table 5 to the estimated num-
ber of lots sold, results in the following dollar sales volume from 1981-
1984:
8. The average sales price per living unit is estimated below for 1980 -1984:
1981
1982
1983
1984
Block 1
$330,000
$ 363,000
$ 399,300
$ 439,230
Block 2
198,000
217,800
239,580
351,384
Block 3
341,000
375,100
412,61.0
544,650
Block 4
-0-
450,1.20
495,132
635,425
Block 5
-0-
-0-
66,550
146,410
140
869,000
$1,406,020
$1,613,172
$2,117,099
7. Estimated
moderate development
scenarios in
terms of living
units relating
to the entire
Wildridge
development for the
years 1980 -1984
are set forth
- below as
well as the cumulative percentage
of the number of
units at full
build -out
(828):
_
Number of
Living Units
Moderate
Scenario
Year
Number
Cumulative
1980
10
1.2j
1981
35
5.4%
1982
30
9.1%
1983
35
13.30
1984
35
17.5%
8. The average sales price per living unit is estimated below for 1980 -1984:
- -59-
Total Average
Average Square Feet
Average Sales Price
Sales Price
Year
Per Living Unit
Per Square Foot
Per Unit
1980
1,800
$100
$180,000
1981
1,800
110
193,000
1982
1,800
125
225,000
1983
1,800
135
243,000
1984
1,800
140
252,000
- -59-
Wildridge Subdivision
Assumptions
9. Assuming that
70% of all
living units constructed will be
resold at the
prices estimated
in Table
8, total estimated
sales volume
at moderate de-
velopment scenarios
is set
forth below:
Number
of Units
Total
Price Per
Year To be
Resold
Square Feet
Square Foot
Total Sales
1980
7
12,600
$100
$1,260,000
1981
25
45,000
110
4,950,000
1982
21
37,800
125
4,725,000
1983
25
45,000
135
6,075,000
1984
25
45,000
140
6,300,000
10. A summary of the potential dollar sales volume by year and the related real
estate transfer tax revenue yields to the Town of Avon is set forth below:
(000 Omitted)
Total
1979 1980 1981 1982 1983 1984 1979 -84
Initial Land Sales
Blocks 1 -3 $8,000 $5,362
Initial Land Sales -
Block 4 4,216 $1,569
Initial Land Sales -
Block 5 572 $629
Land Resales - Blk. 1 330 363 $399 $439
Land Resales - Blk. 2 198 218 240 351.
Land Resales - Blk. 3 341 375 413 545
Land Resales - Blk. 4 450 495 635
Land Resales - Blk. 5 67 146
Total Land Sales $8,000 $9,578 $3,010 $2,035 $1,614 $2,116
Living Unit Sales -
Moderate Growth -0- 1,260 4,950 4,725 6,075 6,300
Total Sales Volume -
Moderate Growth $8,000 $10,838 $7,960 $6,760 $7,689 $8,416
Rett Yields - Moderate 80 108 80 67 77 84
General Fund 40 54 40 33 39 42
Public Works Fund 40 54 40 34 38 42
-60-
$13,362
5,785
1,201
1,531
1,007
1,674
1,580
213
$26,353
23,310
$49,663
496
248
248
ASSUMPTIONS
LOWER LANDS - BLOCKS 1-3
SALE AND RESALE OF DWELLING UNITS
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Lower Lands
Block 1
Block 2
Block 3
Assumptions
1979
$ -0-
$ 2,277,000
Sale and Resale
of Dwelling Units
1980
9,075,000
2. The average
square footage contained in a living unit is
set forth below:
1981
10,781,000
Average
6,534,000
45,172,830
Block
Square Footage
28,117,790
7,187,500
1
1,650
-0-
18,890,910
2
1,100
1984
-0-
3
1,200
15,483,100
3. The average
1979 sales price of
an average living unit is
set forth below:
$1.68,944,630
Average
1979 Price per
Total Average
Block
Square Footage
Square Foot
Sales Price
1
1,650
$100
$165,000
2
1,100
115
126,500
3
1,200
90
108,000
4. Assuming average
annual sales price
increases of 10% per
year, the average
annual sales
price for a living
unit is estimated as set
forth below:
Year
Block 1
Block 2
Block 3
1979
8165,000
$126,500
$108,000
1980
181,500
139,150
118,800
1981
199,650
153,065
130,680
1982
219,615
168,370
143,750
- 1983
241,575
185,205
158,125
1984
265,730
203,725
173,940
5. Based on the
estimated number of
living units to be sold
and closed by
year (as set
forth in Table 1),
and based on the estimated
average sales
price per living
unit by year (as
set forth in Table 4),the
gross real
estate sales
volume generated from
the sale of living units
from 1979 -
1984 is set
forth below:
(Excluding Resales)
Year
Block 1
Block 2
Block 3
Total
1979
$ -0-
$ 2,277,000
$ 4,428,000
$ 6,705,000
1980
9,075,000
16,698,000
13,392,000
39,165,000
1981
10,781,000
27,857,830
6,534,000
45,172,830
1982
-0-
28,117,790
7,187,500
35,305,290
1983
-0-
18,890,910
8,222,500
27,113,410
1984
-0-
15,483,100
-0-
15,483,100
Total
$19,856,000
$109,324,630
$39,764,000
$1.68,944,630
-63-
Lower Lands
Assumptions
Sale and Resale
of Dwelling Units
6. The estimated
number of living
units to
be resold from 1981
through 1934 is
set forth
below:
1981
1982 1983
1984
Block 1
5 5
5
Block 2
7
10 10
10
Block 3
10
1.5 15
15
7. Based on
the estimated number
of living
units to be resold
and closed by
year (as
set forth in Table 6)
and based
on the estimated
average sales
price per
living unit per year
(as set forth
in Table 4),
the gross real
estate sales
volume generated
from the resale
of living units
from 1981 -
1984 is set forth below:
Year
Block 1
Block 2
Block 3
Total
1981
$1,071,455
$1,306,800
$ 2,378,255
1982
$1,098,075
1,683,700
2,156,250
4,938,025
1983
1,207,875
1,852,050
2,371,875
5,431,800
1984
1,328,650
2,037,250
2,609,100
5,975,000
Total
$3,634,600
$6,644,455
$8,444,025
$18,723,080
-64-
Lower Lands
Assumptions
Sale and Resale of Dwelling Units
TOWN OF AVON
REAL ESTATE TRANSFER TAX PROJECTIONS
AVON LOWER LANDS - BLOCKS 1 -3
ASSUMPTIONS RE: TO ESTIMATED SALES /DEVELOPMENT OF LIVING UNITS
1979 Estimated Sales /Closings:
Lot No. No. of Units
43 0
48 0
49 0
Total - 1979 0
1980 Estimated Sales /Closings:
Lot No.
No. of Units
6
4
8
8
9
10
43
3
44
3
48
6
49
6
50
6
J1
4
Total - 1980
50
1979 Estimated Sales /Closings:
Lot No. No. of Units:
3 6
9 2
13 -16 7
36 2
39 1
43 -44 0
Total - 1979 18
Block 1
Block 2
-65-
1981 Estimated Sales /Closin.gs:
Lot No. No. of Units
9 10
7 4
45 4
46 8
47 8
70 20
Total - 1981 54
1982 /83/84 Estimated Sales/
Closings = 0
After 1984 Estimated Sales/
Closings:
Lot No. No. of Units
52 1
53 1
54 1
55 1
56 1
57 1
Total.- After 1984 6
1980 Estimated Sales/Closings:
Lot. No. No. of Units:
2
5
3
6
7
3
11
6
19
3
41 -42
24
43 -44
68
72
5
Total - 1980 120
Lower Lands
Assumptions
Sale and Resale of Dwelling Units
1981 Estimated Sales/Closings:
Lot 0n. 0o. of Units
2
lO
4
24
7
3
II
6
12
6
l3-l6
28
18
4
33
2
34
ll
37
I
40
2
4l-42
32
45
15
46
16
61
lU
64
12
Total - 1981 182
1982 Estimated Sales/Closings:
Lot 0o, Nu' of Units
2
lO
4
12
7
5
12
6
l3-l6
l}
17
6
34
ll
38
2
45
15
46
15
47-54
50
61
10
64
12
Total - 1982 167
Block 2
-66-
1983 Estimated Sales/Closings:
Lot No. No. of Units
2
10
7
5
34
ll
47-54
50
61
14
64
12
Total - 1-983
102
1984 Estimated Sales/Closings:
Lot Nu. 0o. of Units
2 lO
/ 5
24 ll
47-54 50
Total - 1984 76
After 1984 Estimated Sales/
Closings:
Lot No, 0o' of Units
2
47
7
23
27
l
39
l
47-54
59
58
20
62
34
63
34
65
g
66
9
67
9
68
5
69
5
71
5
Total - After
---
1984
261
Lower Lands
(
Assumptions
Sale and Resale of Dwelling Units
1979 Estimated Sales/Closings:
� Lot 0o. No, of Units
8-l4 41
-^
Total - 1979 41
..
1980 Estimated Sales/Closings:
�-
Lot 0o. 0n. of Units
8-l4 124
Total - 1980 124
Block ]
-67-
lOOl Estimated Sales/Closings:
Iuc 0o' 0n' of Units
` l-7 58
Total - 1981 50
1982 Estimated Sales/Closings:
Lot 0o' 0u' of Units
l-7 50
Total - 1982 50
1983 Estimated Sales/Closings:
Lot No. 11\1o. of Units
-------
l-7 52
52
ASSUMPTIONS
LOWER LANDS - BLOCKS 1-3
RESALE OF LOWER LAND
—69—
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a
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t
crl
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r.
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C7
N
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H
M
PQ
-70-
Lower Lands
Assumptions
Resale of Lower Land
2. The estimated average annual sales price per square foot for land is set
forth below:
-71-
Commercial Commercial
Industrial
Year
Block 1
Block 2
Block 1
1979
8 7
$ 9
$ 5
1980
8
10
6
1981
9
11
7
1982
10
12
8
1983
11
13
9
1984
12
14
10
3. Based
on the
estimated land
resales to be sold and
closed by
year (as set
forth
in Table 1) and based
on the estimated average sales price
per square
foot
by year
(as set forth in
Table 2). The gross real estate
sales volume
generated
from the resale of
land from 1980 -1984
is set forth below:
Commercial
Commercial
Industrial
Year
Block I
Block 2
Block 1
Total
1980
$204,000
$ 7,542,000
$ 720,000
$ 8,466,000
1981
499,500
2,980,450
840,000
4,319,950
1982
-0-
3,515,400
960,000
4,475,400
1983
-0-
3,522,350
1,080,000
4,602,350
1984
-0-
3,793,300
1,200,000
4,993,300
Total
$703,500
$21,353,500
$4,800,000
$26,857,000
-71-
APPENDIX II
PROJECTION OF TOWN OF AVON
ASSESSED VALUATION
1980 -1984
-72-
C!�
O
H
H
U
W
O
H O W 7
x < O1
H O •-+
O H O
W < co
.-a
G �
H r
W
Gn
W
(n
G
O
I •�
I a-'
1 ro
I ro ro
I N ✓J
O c
I U cn
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'C7
O
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C
O
O
C
c
C
c
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C
c
O
0
c
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O
3 u 0
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r-
7
4J O
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t
_
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ro
C
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G
I U
I
-73-
I
I
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O
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c
C
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OD
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C
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to
I � �
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1 � �
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tr)
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r-
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v
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C
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C
-73-
I G U
O C
O
C
C
I ro O I
00
OD
O
C
G
O
C
H OJ
C
O
4-J U)
m ro
C
C
•r-I t�
C C
C
C
C
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C
O
to
'Z7
(A
- N M -,I-
.H M CU M M M 1 N O ri) U
P2 N
01 O'� OZ ON a\
>4 H •r 4
fo
v
34 w
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ro •r-+
0 3
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o,
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01\
rn ON
U
-73-
TOWN OF AVON
ASSESSED VALUATION PROJECTIONS
ASSUMPTIONS
Wildridge Land
Blocks 1 - 3 -
Assumptions (Land Only)
- 239 lots
- Utilities in
by end of 1980
- Assessed at
1973 values 1/1/81 - $4,000 per lot
- Certified to
Town 9/20/81
- Receive taxes
1982
- Reassessment
at 1977 values 9/20/83 at 150% of 1973
values
Assessed Valuation Projections - Land - Blocks 1 - 3
Year
Year for Increase in
Cumulative
Certified
Taxes Assessed Valuation
Assessed Valuation
1981
1982 $956,000
$ 956,000
1982
1984 0
956,000
1983
1984 478,000
1,434,000
Blocks 4 - 5 -
Assumptions (Land Only)
- 91 lots
- Utilities in
by end of 1981
- Assessed at
1973 values 1/1/82 - $4,000 per lot
- Certified to
'Town 9/20/82
- Receive taxes
1983
- Reassessment
at 1977 values 9/20/83 at 150% of 1973
values
Assessed Valuation Projections - Land - Blocks 4 -5
Year
Year for Increase in
Cumulative
Certified
Taxes Assessed Valuation
Assessed Valuation
1982
1983 364,000
364,000
1983
1984 182,000
546,000
-74-
TOWN OF AVON
ASSESSED VALUATION PROJECTIONS
ASSUMPTIONS
(Continued)
Wildridne Improvements
- Blocks 1-5 - Assumptions (improvements only)
Assessed at 1973 values prior to I/1/82 - 15,000/onit
Assessed at 1977 values after 1/1/83 - 22,500/onit
Assessed Valuation
Projections - I m t Only
y
Year Cumulative
. Year of #
# of Units Y
Year F
For I
Increase in &
&usouxed
Improvements C
CooaLructe6 C
Ceztitied T
Taxes A
Assessed Valuation V
Valuation
` l980 1
10 1
1981 1
1982 1
150,000 1
150,000
^
1981 3
35 1
1982 1
1983 5
525,000 6
675,000
1982 3
30 1
1983 1
1984 6
675,000
-
(Reassessment of 1
1980/8I Imp.) 1
1983 1
1984 ]
]]7,500 1
1,687,500
^
Low Lands
,
- Blocks 1-3 -
- Assumptions (
(improvements only)
^
Assessed at 1
1973 values p
prior to l/I/81 - $I0,000/uoit
`
Assessed at 1
1977 values a
after I/l/83 -
- $15,000/uolt
^
Assessed Valuation P
P -
- Improvements Only -
- Living Units
� �
-75-
70RN OF AVON
ASSESSED VALUATION PROJECTIONS
ASSUMPTIONS
(Continued)
Lon Lands (Continued)
- Blocks 1-3
- Assumptions (Commercial
Space
Improvements only)
Assume 75,000
square fee, commercial
space
added per year 1980-1.982
Assessed
at 1973 voIvao prior to
1/1/83 -
$5.00 square foot
Assessed
at 1977 values after I/I/83
- $7.50
square foot
Assessed
Valuation Projections -
Commercial
Improvements
Only
-Space
Year
Cumulat ive
Year of
Sq. Footage Year
for
Increase in
Assessed
Improvements
Constructed Certified-
Taxes
Assessed Valuation
valuation
���������
1988
75,080 1981
1982
375,000
375,000
1981
75,000 1982
1983
375`000
750,000
1982
75,800 1981
1984
562,580
(Reassessment
of 1980/81 Imp. 1983
1984
275,000
1,687,000
-76-
APPENDIX III
PROJECTION OF TOWN OF AVON
SALES TAX REVENUE YIELDS
1979-1984
-77-
APPENDIX III
TOWN OF AVON
SALES TAX REVENUE PROJECTIONS - MODERATE GROWTH SCENARIO
1979 -1.984
1. Assumes municipal sales tax on groceries is not repealed.
-78-
Sales Tax Yield
$ 17,500
34,650
240,984
348,098
492,491
686,088
Taxable
Year
Sales Base
Sales Tax Rate
1979
$ 875,000
2%
1980
1,155,000
3%
1981
6,024,600
4%
1982
8,702,472
41
1983
12,312,263
4%
1984
17,152,188
4%
1. Assumes municipal sales tax on groceries is not repealed.
-78-
Sales Tax Yield
$ 17,500
34,650
240,984
348,098
492,491
686,088
7 ('
TOWN OF AVON
SALES TAX REVENUE PROJECTION
ASSUMPTIONS
- Sensitivity
Analysis-
La g Shopping
10%
Moderate
Center
Volume
1980
Crown
1 Year
Increase
1979
Estimated Taxable Sales Base
$ 875,000
$ 875,000
$ 875,000
Add:
20% Volume Increase - Existing Businesses
175,000
175,000
87,500
10% Inflation Increase
105,000
105,000
96,250
1980
Estimated Taxable Sales Base
$1,155,000
1,155,000
1,058,750
1980
Sales Base X 3% = Estimated Sales Tax
$34,650
$34,650
531,762
1981
1980
Estimated Taxable Sales Base
$1,155,000
$1,155,000
$1,058,750
Add:
20% Volume Increase - Exisiting Businesses
231,000
231,000
105,875
107, Inflation Increase
138,600
138,500
116,462
"r.- O-A.GaCe -Cr e.. �'uSin--S_,�=
500,000
1981
Estimated Taxable Sales Base
$6,024,600
52,124,600
S5,781,087
1981
Sales Base X 4% = Estimated Sales Tax
$240,984
$84,984
$231,243
1982
1981
Estimated Taxable Sales Base
$6,024,600
$2,124,600
$5,781,087
Add:
20% Volume Increases - Existing Businesses
1,204,920
424,920
578,108
10% Inflation Increase
722,952
254,952
635,920
Allowance for New Businesses
750,000
5,000,000
750,000
1982
Estimated Taxable Sales Base
$8,702,472
$7,804,472
$7,745,11.5
1982
Sales Base X 4% = Estimated Sales Tax
$348,098
$312,172
$309,805
1983
1982
Estimated Taxable Sales Base
$ 8,702,472
$ 7,804,472
$ 7,745,115
Add:
20% Volume Increases - Existing Businesses
1,740,494
1,560,894
774,512
10% Inflation Increase
1,044,297
936,537
851,962
Allowance for New Businesses
825,000
825,000
825,000
1983
Estimated Taxable Sales Base
$12,312,263
511,126,903
510,196,589
1983
Sales Base X 4% = Estimated Sales Tax
$492,490
$445,076
$407,864
1984
1983
Estimated Taxable Sales Base
$12,312,263
$11,126,903
$10,196,589
Add:
20% Volume Increases - Existing Businesses
2,462,453
2,253,806
1,019,659
10% Inflation Increase
1,477,472
1,338,071.
1,121,625
Allowance for New Businesses
900,000
900,000
900,000
1984
Estimated Taxable Sales Base
$17,152,188
$15,618,780
$1_3,237,873
1984
Sales Base X 4% = Estimated Sales Tax
$686,088
$624,751
$529,515
7 ('
APPENDIX IV
TOVN OF AVON
FIVE -YEAR CAPITAL IMPROVEMENT PLAN
1980 -1984
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APPENDIX IV
TOWN OF AVON
FIVE-YEAR CAPITAL IMPROVEMENT PLAN
1980-1984
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Financing Method
G. 0. Bonds
G. 0. Bonds
G. 0. Bonds (Fed. Funds)
G. 0. Bonds
Developer Contributions
Year
Anticipated
Constructed/
Improvement
Cost -
-Developed
Municipal Complex
$ 750,000
1980
Beaver Creek Blvd. Bridge
275,000
1980
Railroad Crossing
250,000
1980
Public Works Mtc. Facility
750,000
1982
Nottingham Park Improvements
_450,000
1980-1982
Total Cost
$2,475,000
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Financing Method
G. 0. Bonds
G. 0. Bonds
G. 0. Bonds (Fed. Funds)
G. 0. Bonds
Developer Contributions
APPENDIX V
TOWN OF AVON
HYPOTHETICAL DEBT SERVICE REQUIREMENTS
(NET OF ONE-HALF YEAR ESCROWED INTEREST)
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I
f
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APPENDIX V
TOWN OF AVON
HYPOTHETICAL DEBT SERVICE REQUIREMENTS
(NF.T OF ONE
-HALF YEAR ESCROWED INTEREST)
1982
1980
1980
1980
$750,000
$750,000
$275,000
5250,000
Public Works
Municipal
Beaver Creek
Railroad
Maintenance
Total
Year
Complex
Blvd. Bridge
Crossing
Facility
All Issues
1980
1981
75,000
27,500
25,000
127,500
1982
75,000
27,000
25,000
127,500
1983
75,000
27,500
25,000
75,000
202,500
1984
75,000
27,500
25,000
75,000
202,500
1985
75,000
27,500
25,000
75,000
202,500
1986
75,000
27,500
25,000
75,000
202,500
1987
75,000
27,500
25,000
75,000
202,500
1988
75,000
27,500
25,000
75,000
202,500
1989
75,000
27,500
25,000
75,000
202,500
1990
75,000
27,500
25,000
75,000
202,500
1991
75,000
27,500
25,000
75,000
202,500
1992
75,000
27,500
25,000
75,000
202,500
1993
75,000
27,500
25,000
75,000
202,500
1994
75,000
27,500
25,000
75,000
202,500
1995
75,000
27,500
25,000
75,000
202,500
1996
75,000
27,500
25,000
75,000
202,500
-1997
75,000
27,500
25,000
75,000
202,500
1998
75,000
27,500
25,000
75,000
202,500
1999
75,000
27,500
25,000
75,000
202,500
2000
37,500
13,750
12,500
75,000
138,750
2001
75,000
75,000
2002
_
V
_
37,500
37,500
Total
$1. 462 ,500
$536,250
$487,500
$1,462,500 $3,948,750
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