Loading...
TC Council Packet 08-22-2006TOWN OF "ON, COLORADO REGULAR COUNCIL MEETING FOR TUESD",AUGUST 22r2006 AvoN@0UNuCmPAL BUILDING, 400BENCHMARK ROAD REGULAR COUNCIL MEETING AGENDA MEETING BEGINS AT5:30F»R8 1. CALL TO ORDER AND ROLL CALL 2' APPROVAL DFAGENDA 3' DISCLOSURE OF POTENTIAL CONFLICT OFINTEREST 4' CITIZEN AND COMMUNITY INPUT 5. ORDINANCES m. Public Hearing on Ordinance No. 08-15. Series Of 2006. Second Reading, Ordinance Amending Chapter 8.32.TiUe U` Avon N1UDiCipa| COde, Relating T0 The Protection Of Wildlife And Providing Penalties For The Violation Hereof (John Dunn, Town Attorney) Revision to ordinance to eliminate avvanning citation in connection with the first violation 6' RESOLUTIONS 7' NEW BUSINESS a. |nte[OVVerO[D8nt8| Agreement with Eagle County for the November 7, 2006 Coordinated Election (Patty McKenny, Town Clerk) Agreement that outlines election responsibilities 8. OTHER BUSINESS 9. UNFINISHED BUSINESS ƒ0' TOWN MANAGER REPORT 11. TOWN ATTORNEY REPORT 12. MAYOR REPORT 13. FUTURE AGENDA ITEMS: BUDGET RETREAT T0Be HELD |N/V/ON TOWN COUNCIL CnxMoERS/DATETBD 14. CONSENT AGENDA 3. Minutes from August 8'2OO8Meeting b. E@Q|O Valley T8nnpS CODtn](t (Patty N1oKenny. Town Clerk) Contract for temporary employee services C. Town Center East District Plan- Contract Amendment for Additional Services with Design Workshop (Eric Heidemann. Acting Community Development Director) 15' ADJOURNMENT Avon Council meetm/�08.22 Page ama TO: TOWN COUNCIL FROM: TOWN ATTORNEY RE: AMENDMENT TO WILDLIFE ORDINANCE DATE: August 22, 2006 It is the recommendation of staff that the ordinance on your agenda, amending the wildlife ordinance, be adopted on final reading. The amendment would eliminate the warning procedure in the present ordinance and eliminate a warning citation in connection with the first violation. At time of first reading Council reduced the minimum fine for first violation to $1.00. It is also the recommendation of staff that the new Paragraph 3 be included in the ordinance on second reading. The amendment contained in that paragraph changes "person" to "resident." "Resident' is a defined term ( "any person, firm, corporation or organization within the Town or on Town- controlled land ") whereas "person" is not defined. The change will clarify and broaden the effect of the ordinance. Before the Avon Bear Summit on August 15, there had been some discussion of making other changes to the amendment which would address problems arising from multiplex and commercial dumpsters. However, it is now the view of staff that dumpsters should first be addressed on the county level. The county does have licensing power over trash haulers although it is unclear whether it is exercising that power at the present time. The county is considering the adoption of a wildlife ordinance modeled on Avon's ordinance. Staff will also press the county to address some issues as part of their regulatory power. Jwd.ipse ORDINANCE NO. 06-15 SERIES 2006 AN ORDINANCE AMENDING CHAPTER 8.32,TITLE 8, AVON MUNICIPAL CODE, RELATING TO THE PROTECTION OF WILDLIFE AND PROVIDING PENALTIES FOR THE VIOLATION HEROF BE IT ORDAINED by the Town Council of the Town of Avon, Colorado, as follows: Section 1. Repeal. Section 8.3 )2.070, Chapter 8.3 )2, Title 8, Avon Municipal Code, is repealed Section 2. Amendment. The graduated fine schedule contained in Paragraph (a) of Section 8. )2.080, Chapter 8.3 )2, Title 8, Avon Municipal Code, is amended to provide as follows: Penal�y $1 to $250 fine $250 to $1,000 fine Violation First violation. Each successive violation within twelve (12) months of the previous violation. Section 3. Amendment. Paragraphs (a) and (b), Section 8.32.060, Chapter 8.3 )2, Title 81 Avon Municipal Code, are amended to provide as follows: (a) No resident shall intentionally or unintentionally feed or provide food in any manner for wildlife on public or private property within the Town. Residents will be considered to be in violation of this Chapter if they leave or store any garbage, refuse or food product in a manner that would create an attraction for wildlife. (b) No resident shall leave or store any refuse, food product, pet food, grain or salt in a manner which would constitute a lure, attraction or enticement for wildlife. Section 4. Penalties. It is unlawful for any person to violate any of the provisions of this Ordinance. Every person convicted of a violation of any of the provisions of this Ordinance shall be punished by a fine not exceeding one thousand dollars or by imprisonment not exceeding one year or by both such fine and imprisonment. INTRODUCED, READ AND ORDERED POSTED this 8th day of August, 2006 and a public hearing shall be held on this Ordinance on the 22nd day of August, 2006 at 5:30 p.m. in the Council Chambers of the Avon Municipal Building, Avon, Colorado. Ronald C. Wolfe, Mayor ATTEST: Patty McKenny, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED POSTED the day of 2006 Ronald C. Wolfe, Mayor ATTEST: Patty McKenny, Town Clerk APPROVED AS TO FORM: John W. Dunn, Town Attorney TO: Mayor and Council Members Thru: Larry Brooks, Town Manager JaCqUiBHa|burDi Asst. Town Manager FnJ[D: Patty KACKeOny. Town Clerk Date: August 15.2OO8 v Re: Intergovernmental Agreement between Town of Avon & Eagle County for November 7.2000 Coordinated Election Summary: The November 7, 2006 general election will be administered as 8 coordinated by the Eagle County Clerk (Teak Simonton). The attached |DteFQOV8rn[OeO[8| AoneBDleOt is presented by Eagle County in regards tothe administration and conduct of the November 7.2000coordinated election. This agreement must be submitted to the County at least 8O days before the e|8ction, as required byG 1-7-110/2\. Background: The Town of Avon has participated in this type Of coordinated election for its rnVOiCip@| election in the past. Discussion: The Ao[98Ol8Ot addresses the [O� Of the Election Officials, how costs are incurred, the Preparation & Verification Of Petitions, Ballot Certification, Preparation of Voter Lists, and various other election topics. John Dunn has reviewed the agreement @s well. Financial Implications: There are financial iDlp|iCgtiODS in administrating the election that have been budgeted in the 2O05 budget ($5'OOO). Town Manager Comments: .~ Eagle County Intergovernmental Agreement November 7, 2006 Coordinated Election This Agreement is made and entered into this day of , 2006, between Eagle County and Town of Avon (hereinafter referred to as 'Political Subdivision'), concerning the administration and the conduct of the November 7, 2006 General Election. Coordinated and Designated Election Officials Except as otherwise provided in this Section, the County Clerk shall act as the Coordinated Election Official for the conduct of the Election for the Political Subdivision for all matters in the Uniform Election Code which require action by the Coordinated Election Official. The Political Subdivision shall name a `Designated Election Official' who shall act as the primary liaison between the Political Subdivision and the County Clerk and who will have responsibility for the conduct of the election procedures to be handled by the Political Subdivision. Nothing herein shall be deemed or construed to relieve the County Clerk or the Governing Body of the Political Subdivision from their official responsibilities for the conduct of the Election. Jurisdictional Limitation This Agreement shall apply only to the portion of the Political Subdivision within the boundaries of Eagle County. County Clerk Responsibilities The County Clerk shall perform the following services and activities for the Political Subdivision's Election: 1. Determine the 'least cost' method for mailing the Ballot Issue Notice (TABOR Notice) packet, and determine the portion of such cost to be applied to the Political Subdivision. 2. Combine the text of the TABOR Notices produced by the Political Subdivision with those of other political subdivisions to produce the TABOR Notice packet. 3. Include in the TABOR Notices mailed to each household where one or more eligible electors reside, voter notification information which will include household address, precinct number, the specific election being noticed and other applicable information. 4. Address the packet to 'All Registered Voters' at each address of one or more active registered electors within the Political Subdivision. Nothing herein shall preclude the County Clerk from sending the TABOR Notice to persons other than active electors of the Political Subdivision if such sending arises from the County Clerk's efforts to mail the TABOR Notice packet at 'least cost'. Page 1 of 7 5. Be responsible for placing the TABOR Notices received from the various political subdivisions participating in the election in the proper order in the TABOR Notice packet. As nearly as practicable, the notice shall be in the order the ballot issues will appear on the ballot. 6. Mail the TABOR Notice packet, addressed as required by law, at least 30 days before the Election. 7. Provide the Political Subdivision an itemized statement of the costs for performing the tasks by the County Clerk hereunder no later than 45 working days following the Election. Exercise all reasonable diligence, care and control in providing these services to the Political Subdivision. 8. Give assistance and information to the Designated Election Official of the Political Subdivision on any matter to ensure the smooth and efficient operation of the Election (such information not to include legal advice). 9. Adhere to all applicable provisions of the Colorado Revised Statutes which are necessary or appropriate to the performance of the above duties. Political Subdivision Responsibilities The Political Subdivision shall perform the following services and activities for the Political Subdivision's Election: 1. Identify a 'Designated Election Official' to act as liaison between the Political Subdivision and the County Clerk. 2. Determine the ballot issues to be voted upon at the Election. 3. Include, within its Ballot Issue Notice (TABOR Notice), ballot titles in this order of preference: • Citizen Petitions: i. Notice of Election to Increase Taxes ii. Notice of Election to Increase Debt • Referred Measures: i. Notice of Election to Increase Taxes ii. Notice of Election to Increase Debt 4. Determine the ballot title and text. 5. Summarize written comments concerning ballot issues following receipt of such comments from the eligible electors of the Political Subdivision and the public. Such TABOR Notice shall include: • The ballot title, text, and local election office address and telephone number. • Fiscal information to be included in the TABOR Notice. • Written comments concerning ballot issues in accordance with C.R.S. 1 -7- 901(2) 6. Provide the Political Subdivision's completed TABOR Notice to Teak J. Simonton, County Clerk in the format described in Appendix A. 7. The Political Subdivision shall provide mailing labels for eligible property owners to the County Clerk on or before September 26, 2006 for the mailing of TABOR Notices. (Appendix B) 8. This submission may not be changed by the Political Subdivision following submission to the County Clerk without written approval from the County Clerk (such approval may be withheld for any or no Page 2 of 7 reason), and shall be provided to the County Clerk no later than the 42nd day preceding the Election. (Appendix B) 9. Exercise all reasonable diligence, care and control in providing these services to the County Clerk. 10. Give assistance and information to the County Clerk on any matter to ensure the smooth and efficient operation of the Election (such information not to include legal advice). 11. Adhere to all applicable provision of the Colorado Revised Statutes which are necessary or appropriate to the performance of the above duties. Costs The County Clerk shall keep a careful and accurate accounting of all chargeable items to the Political Subdivision and shall submit to the Political Subdivision, a statement of charges (for costs incurred by the County and not billed directly to the Political Subdivision by an outside vendor) within forty five (45) work days following the date of the Election (Appendix B). Costs shall include but are not limited to: election judges and other associated personnel, ballots and related election forms, printing, election supplies, legal notices paid for the County, postage, rental charges, technical support, and TABOR Notice printing and mailing. The County Clerk shall charge each Political Subdivision taking part in the Coordinated Election on a prorated basis based primarily on the number of ballot issues, active voters, and /or items to be included on the ballot for each Political Subdivision. In the event that additional costs are incurred, the Political Subdivision promulgating such costs will be charged accordingly. The Political Subdivision shall remit all payments due to the County upon receipt of an itemized statement. Call and Notice The County Clerk will publish one notice required by 1.5.205 of the Uniform Election Code in the Eagle Valley Enterprise and the Valley Journal no later than 10 (10) days prior to the Election (Appendix B). Petitions: Preparation and Verification The Political Subdivision shall be responsible for the petition process in compliance with applicable Colorado statutes, ordinances, or charter provisions. This process includes, but is not limited to, providing petitions, approving the candidate or initiative petitions to be circulated within the Political Subdivision, and receiving the petitions. The County Clerk shall be responsible for approving the form of petitions and verifying the eligibility of petition signatures. Page 3 of 7 Ballot Certification The Political Subdivision is responsible for furnishing the text of the ballot to the County Clerk at least 60 days before the Election in final written form using the format requirements specified in Appendix A. The Political Subdivision assumes all responsibility and cost for any judicial proceedings regarding whether or not issues legally belong on the ballot. The list of candidates /questions must be typed exactly as it is to appear on the ballot, including correct order. For candidates, specify titles of offices, the order of the names to appear for each office and the order of offices. For issues, specify the ballot title, and the order of the issues. Wording shall be in upper and lower case except as is dictated by law (e.g., TABOR Amendment). The Political Subdivision has responsibility to proofread and edit the text of the official ballots before the County Clerk will authorize printing of the ballots. From the time of receipt of the ballot proof, the Political Subdivision has 24 hours to proofread, correct if necessary, sign and return the proof to the County Clerk and its failure to disapprove and correct errors within that time shall constitute an approval of the ballot proof. After final approval of the ballot text the Political Subdivision assumes all responsibility and cost for any judicial proceedings related to any errors within the text of their issue or race on the printed ballots. Preparation of Voter Lists All lists shall be provided to the Political Subdivision when specifically requested by the Political Subdivision in writing and in accordance with 1.5.304 of the Uniform Election Code. TABOR Notice Each Political Subdivision shall provide an opportunity for all comments concerning ballot issues to be summarized as required by Article X, Section 20 of the Colorado Constitution. The Designated Election Official shall transmit the summaries and any other required material to the Coordinated Election Official no later than 42 days before the Election in final written form in accordance with the specifications required in Appendix A. Submissions not meeting these requirements will be rejected by the County Clerk. The County Clerk shall be responsible for mailing the notice required by Article X, Section 20(3) (b) in the most cost effective manner feasible to all Eagle County residents with targeted mailing to active registered voters in zip codes 81657 and 81658. The Political Subdivision is responsible for supplying mailing labels to the County Clerk for all eligible electors residing outside of Eagle County by September 26, 2006 (Appendix B). Page 4 of 7 The County Clerk shall charge each Political Subdivision for costs relating to the TABOR Notice on a prorated basis based on the number of ballot issues and /or items to be included in said notice for each Political Subdivision. In the event that additional costs are incurred, the Political Subdivision promulgating such costs will be charged accordingly. Property Owner Lists (Applies Only to Political Subdivisions Whose Eligible Electors include Property Owners) The Political Subdivision shall acquire the property ownership list referred to in 1.5.304 C.R.S from the Assessor. The cost of the list is provided by statute and shall be paid directly to the Assessor by the Political Subdivision. The Political Subdivision's staff shall be solely responsible for any work required on the Assessor's list and may contact the County Clerk if access to voter registration records is required. Street Locator List Appendix C to this Agreement is a copy of the Street Locator List for the Political Subdivision. It is the responsibility of the Political Subdivision to review the list and correct any errors. A Statement of Certification, Appendix D, must be signed by the Designated Election Official for the Political Subdivision and returned to the County Clerk along with any changes to the Street Locator List, accompanied by the signed Intergovernmental Agreement 70 days prior to the Election, August 29, 2006 at 4:00 p.m. (Appendix B) Appointment and Training of Election Judges All Election Judges shall be appointed and trained by the County Clerk. In the event that additional Judges are needed, the Political Subdivision may be required to provide one individual to serve in that capacity. Testing and Tabulation Processes relating to the tabulation of ballots shall be the responsibility of the County Clerk. An unofficial abstract of votes will be provided to the Political Subdivision upon completion of the counting of all ballots. Canvass of Votes The Canvass of votes will be conducted by the Board of Canvassers appointed by the County Clerk. Such canvass will be completed no later than seventeen (17) days after the Election (November 24, 2006) and official results of the canvass will be provided to all Political Subdivisions participating in the Election. Any additional Certificates of Election which are required by law to be forwarded to another division of government shall be the responsibility of the Political Subdivision. Page 5 of 7 Indemnification The Political Subdivision agrees to indemnify, defend and hold harmless the County, its officers and employees, from any and all losses, costs, demands or actions, arising out of or related to any actions, errors or omissions of the Political Subdivision in completing its responsibilities relating to the Election and related tasks. Cancellation In the event that the Political Subdivision, after the signing of this Agreement and on or before the day of the Election, resolves not to hold the Election, notice of such resolution shall be provided to the County Clerk immediately. The Political Subdivision shall provide notice by publication (as defined in the Code) of the cancellation of the Election and a copy of the notice shall be posted in the Office of the County Clerk, in the office of the Designated Election Official (as defined in the Code), in the primary building of the Political Subdivision, and, if the Political Subdivision is a special district, in the office of the division of local government. The Political Subdivision shall not cancel the election after the 25th day prior to the Election (Appendix B). The Political Subdivision shall be responsible for all expenses incurred on their behalf to the date that notice was received by the County Clerk together with all expenses incurred thereafter which could not be avoided by reasonable effort. All costs incurred or contracted for by the County Clerk to support the Political Subdivision's portion of the TABOR Notice shall be reimbursed by the Political Subdivision. Upon receipt of the invoice the Political Subdivision shall promptly pay the County Clerk the full actual costs of the activities of the County Clerk relating to the Election incurred both before and after the County Clerk's receipt of such notice. Reasonable Care The County and its employees, agents, representatives, or other persons acting under the direction or control of the County shall use reasonable care in carrying out their obligations under this Agreement. Notices Any and all notices required to be given by this Agreement are deemed to have been received and to be effective: • three days after they have been mailed by certified mail, return receipt requested to the address as set forth below; • immediately upon hand delivery to Teak J. Simonton, County Clerk,; or Page 6 of 7 ° immediately upon receipt of confirmation that e fax was received; To County Clerk: To Jurisdiction Time ismfthe Essence Teak J. Simonton Eagle County Clerk and Recorder 500 Broadway P.O. Box 537 Eagle, CO81831 Town of Avon PO Box S75 Avmn, CO 81620'0975 PerC.F[S. 1-7-116(2) this Agreement must be signed and returned to Teak J. Simonton, Clerk and Recorder seventy (70) days prior to the Election, August 29, 2006. The statutory time requirements of the Uniform Election Coda and the time requirements set by the Secretary of 8bah* in the Rules and Regulations Governing Election Procedures shall apply to the completion of the tasks required by this Agreement. In witness whereof, the Parties hereto have executed this Agreement to be effective the day of�� Designated Election Official Town of Avon Chairman Eagle County Board of Commissioners Teak J.Simonton Clerk and Recorder Date MINUTES OFTHE REGULAR MEETING OF THE AVON TOWN COUNCIL HELD AUGUST 8, 2006 A regular DlBebOg of the Town of Avon, Colorado was held at the Wi|dhdge Fire Ot@UOn' 2120 Saddle Ridge Loop, Avon, Colorado iD the Council Chambers. K8@yOr Ron Wolfe called the meeting to order gt5:3O PM. A Rd| call was taken and Council DleDlbe[S present were Debbie Buckley, Khsti Fe[GanJ, KAaC K8CDevU±' /\nly Phillips, Bh@O Sipes, and T@0[@ y4O[LiOghgnl Underwood. Also present were TOVvO Attorney John [}unD. Town K88D8geF Larry BRJOk8. Asst. lFOVvO K8@O@Qer J8Cquie HG|bUrDt, TOvvO Clerk Patty MC|{eOny' T-Vm/O Engineer Norm VVVOd' Public VVo[kG/T[@Os/t Director Bob Reed and Community Development C}i[8CtOF7-a0bi KGdeb, HO8nc9 Director Scott Wright, Brian KOZ8h, PO|iC8 Chief' and Acting Community Development Director Eric H8id80@DO'as well 8S members Of the press and public. APPROVAL OF AGENDA & DISCLOSURE OF POTENTIAL OF CONFLICT OF INTEREST There were no agenda items that would require a disclosure of conflict of interest orenpurte communication. |t was asked that consent agenda items be discussed separately before action is taken. CITIZEN INPUT The hJUovvOg people spoke in support of the VVhitewater Park in 8VOD: B|8O CaGey, Sh8VvO G|8CkOD, Fl@Od8U Stone, Jon 8terrett, Mark SChxvartz, Kevin Sloan. Some m]00enta were made regarding the design of the project by Jason Carey, River ReStUratiOn.OrQ. who has been vv0rhiOg alongside Norm VVOVd' 7-OVvO Engineer. Mayor Wolfe credited Councilor Sipes with bringing this vision to the table. Comments were 08d8 regarding the need for an Eagle River yW@Ste[ P|@D that VVOu/d identify all [eC[e8dOna| opportunities DO the river for all residents and visitors, in conjunction with identifying how tV preserve the beauty and habitat of the river. Becky P{@iSer. VVi|d[idge resident, Spoke about the desire or need to have 8 more @tt[@CtiVB entrance tOVVi|d[idge' with some landscaping and O[8igO8ge. Comments included suggestions about gathering an interested neighborhood group to support the idea and then the possibility of partnering with the town to implement the project. Some comments were made about the n3|e of homeowners @sSOCiati0OS in projects of this kind. ORDINANCES Brian Kozak, Police Chief, presented (][diO@DCe NO. 06-14' Second Reading, [)rdiO8OCe 80eOdiOQ Title 9 Of Avon yWUOidpa| Code Relating To POSS8SsiOn Of Liquors By Underage Person. He noted that the proposed revisions to legislation addresses enforcement issues and provides Avon with a better-aligned |am/ with State Statutes. K8gyO[ VV0|fe Opened the public h88riD|. DO comments were made, the hearing was closed. Councilor Buckley moved to approve [)P1iO8OCe NO. 00'14, Amending Title 9 Of Avon K8UniCip8| Code Relating TO Possession Of Liquors By Underage P8[SVO. COUDCi|OF Sipes seconded the motion and it passed unanimously. John [}unD. Town Attorney' presented DPdiO8OCe No. 08-15, 88[ieS Of 2006, First Re8diDg, Ordinance Amending Ch@pter8.32.Tit|8 8, AVOO Municipal Code, Relating To The Protection Of Wildlife And Providing Penalties For The Violation Hereof. He noted that the revision to the o[diD8DCB VvOU|d eliminate the Vv8[Oing pFOCedU[8 and related Cit@UOD for @ first ViO|8bOn. [)iSCUGSiOD 8DSUed about the need to bring this topic to G countywide discussion, the need 1O get the trash vendors involved so that appropriate COOt8iDe[S could be offered to homeowners, and identify appropriate educational efforts for new Q'existing residents and businesses. Some discussion ensued On the 8nOOu[t of the fine. Mayor Wolfe offered to contact the County COnDnniBaioDerS to ask for their participation. Mayor Underwood moved to approve Ordinance NV. 06-15' Series Of 2006, First Reading, Ordinance Amending Chapter 8.32,-[k|8 8, AVOD K8UOiCip@| C0de, Relating T0 The Protection Of Wildlife And Providing Penalties For The Violation Hereof with @ first viO|EdiOO fine to be set between $1 and $250. Councilor Buckley seconded the motion and it passed unanimously. RESOLUTIONS hjOrD VVO0d, TOVVO Engineer, presented Resolution NO. 08-34. Series of 2006, ReSO|ikiOn to Amend the 2000 Town of Avon Capital Projects FundBudget,[heDeeds0fEmsenlentsGndthe construction contract to Ted Seipe( Construction. He noted that the r88V|udOD provides for revisions to the C|P budget for the Eagle River Recreation Enhancement Project and related Fl|CDVV@ter Rights 8CqUiSi[iOO; he reviewed the budget PeViSiOOS in detail noting the inCr8888S to expenditures. He also reviewed the bid pFOCegG that was conducted for the CUnStrUCtiOD of the Eagle River Recreation Enhancement Project, noting that only one bid was received. He explained what had transpired since then with both parties meeting to try to reconcile some of the work and costs. It was noted the bid was non-conforming to the contract bid documents and far exceeded the engineer's estimate. At this time, Ted 8eipB|, OxvD8r of the company, spoke about his Conlp@Oy and Doted that he was ready to proceed with the project and that the timeline was very tight. JGSOO Carey' RiverreStO[8bon.0rg, CO[Dnn8Oted on the project and noted that construction costs are only slated tO increase next year. Several questions were asked about the following topics: 1) comments about the project from the Division Vf Wildlife, 2>access to the project, 3) terms Of easements, 4\ the red house e8S80BOt. and 5\ contents Of an operating agreement with VR|. Discussion ensued 8t length OD these topics. Councilor Ferraro DlOVed to approve ReSO|UUOD N0. 06-34' Resolution to Amend the 2006 T0vvD of Avon Capita/ Projects Fund Budget. Councilor Sipes seconded the DlOtiOD and it p@SS8d UO8ninnVUSly. credited Norm Wood with high accolades and responsible for the success of the project thuSf@[ Gerry Flynn, Polar Star Properties, Jack Gardner, Hogan & H8rtaon, and Bryon Farnsworth, Sherman & Hovv8nd' presented Resolution NO. 08'35, Series Of 2006. R8so|UUOD approving the Issuance by Eaglebend Affordable Housing Corporation of Multifamily Housing Project Revenue Refunding Bonds, Series 2008. in an Aggregate Principal Amount not tVexceed $18'655.000; Authorizing an Amended and Restated Project Agreement; 8DdAuthOrizing Incidental Action. KA[ Flynn noted that the E80|8bend/\fhJndgb|e Housing Corporation is pursuing GD advance refunding Of its Series 1987 Bonds that are callable iD July 2OO7. |t was noted that the Town of Avon was asked to formally approve the financing by adopting the nseo|UtiOD approving the iSSuGOCe of the 2OOO bonds and reconfirming the terms Ofthe existing Project AgnBerDent.VVhiCh was amended to incorporate the series 2000 bonds. The Town is not exposed to any debt obligations with this refunding. l]iSCUSSiOO eOSU8d OO the dOCU[DeOts, which included the neSO|UbOO' the indenture document, and the Second and Amended Restated Project /\gr8eDleOt' specifically the cODdidOO of the project related to when title is U@OSf8rned to the Town and arrangement with property management company upon transfer of title. Councilor Fe[[8[O moved to approve ReSV|Uti0O NO. 06-35. Series of 2006, R8So|UUOn approving the Issuance by Eaglebend Affordable Housing Corporation of Multifamily Housing Project ReVHOU8 Refunding Bonds, Series 2006. in an Aggregate Principal Amount not to exceed $18.655.000� Authorizing an Amended and Restated Project Agreement; 8nd Authorizing Incidental Action. Councilor McDevitt seconded the motion and it passed unanimously. Discussion ensued about Avon's wildlife ordinance and what the property has done to implement the bear ordinance FeqUiFeD1eOtS, bear resistant tr2Shc8OS. etc. All agreed the management company Sh0U|d become part Vf the countywide discussion. Regular Council Meeting Page 2ufn August a.20n Town Manager Report Larry BrOOhs, TOvvO Manager, referenced COmmUDhv Development [)ireCtOrT80bi K8[ieb'S letter Ofresignation. The Council thanked him for his cO0Dli[0eOt tO the Town and expressed appreciation for his work. CONSENT AGENDA Mayor Wolfe asked for @ motion OD the Consent Agenda be|OVV some c000enh5 were made regarding the transit center design [O include options for the SO0xxDle|tsystem. Mayor Pro Tern Underwood moved t0 adopt the consent agenda; Councilor Sipes seconded the motion and each item it passed unanimously. a. Minutes from July 11.2OOOMeeting b. Eagle River Recreation Enhancement Project -AVV8rd Construction Contract to Ted Geipe| COOSt[U[tioO' Inc. o. Deed of Easement and Easement Agreements to Eagle River Recreation Enhancements Project d. Site Resource K8mnegenlont. Inc. Change Order No. 2 e. 2006 Street Improvements Elam Construction, Inc. Change Order No. 2 f. Design Workshop — Additional Design Services for Avon Transportation Center There being DO further business 10 CO0e before the Council, the regular meeting adjourned at RESPECTFULLY SUBMITTED: Patty McKenny, Town Clerk APPROVED: Debbie Buckley KhStiFerrarO K08C McDevitt Amy Phillips Brian Sipes T8Dl[8 Underwood Ron Wolfe Regular Council Meeting August 8, 2006 Page aofa I J� To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Patty McKenny, Town Clerk Date: August 17, 2006 Re: Eagle Valley Temps Sales Agreement Summary: Attached is an agreement from Eagle Valley Temp Agency for temporary employee services for the front desk receptionist position for the month of September. Hug, I d , i U U O p : D D hlyl Ch`jL'_ V h L L : T I L I V I F 0 I V V , V U I L Eagle Valley Temps Sales Contract This agreement is made this day, Friday, August 18, 2006 by and between FYS Services Inc. DBA Eagle Valley Temps, (hereinafter "Eagle Valley Temps") and Town of Avon (hereinafter "Customer") whose address is, PO Box 975, Avon, CO 81620, This contract replaces all previous contracts. Eagle Valley Temps and Customer acknowledge and agree as follows: 1. Ackrigwledamenjg: Eagle Valley Temps herein agrees to provide personnel and/or laborers who are employed by Eagle Valley Temps (hereinafter "worker(s)") to Customer pursuant to the terms and conditions of this agreement. This sales contract is made in reliance upon Customer agreeing to provide all equipment necessary for full and adequate performance of the duties required to be performed by the workers of Eagle Valley Temps in completion of job described herein (hereinafter the "job"). Further, Customer agrees and c ' ovenants to provide a safe and secure work place and work conditions and agrees to provide to worker(s) any and all necessary safety equipment Including but not limited to hard-hats or other working apparel that may be necessary for the safety of said worker(s) and the safe performance of the job, Further, Customer promises to comply with all workplace safety laws and regulations (OSHA, etc.), and Eagle Valley Temps relies upon Customer's promise, 2. Rates /Services: I. Clerical: Eagle Valley Temps agrees to provide workers for the purpose of performing the job identified as follows: Clerical/office work including driving a town vehicle to and from the Avon Post Office. Rates will he quoted on a "job to job" basis. H. Labor: Eagle Valley Temps agrees to provide workers for the purpose of performing the jobs identified as follows: General unskilled construction labor, landscape labor, maintenance, snow shoveling, furniture moving or housekeeping. Skilled labor to be quoted on a "job to job" basis. Eagle Valley Temps does not agree to provide workers to do roof work, to use ladders, to operate dangerous machinery (i.e., any electric or gasoline powered tools and machinery), or to operate Customer's vehicles or their own vehicles while on the job. Customer agrees to indemnify and hold harmless Eagle Valley Temps for any damages suffered by Eagle Valley Temps as a result of Customer directing workers to do roof work, to operate dangerous machinery (i.e., any electric or gasoline powered tools and machinery), or to operate Customer's vehicles or their own vehicles while on the job. Such damages could include, without implying any limitation, increased insurance premiums, medical bills, wage losses and other indemnification payments made to workers or to third patties. Hourly Rate*; Regular/Overtime S_1Z00 /$25.50 III. *Rates are charged per employee, and are subject to change based upon availability, fluctuations in Worker's Compensation premiums, income tax rates, market conditions, demand, and etc. IV. Overtime hours shall accrue in excess of 40 (forty) hours in a weekly, Monday through Sunday pay cycle. Minimum Assignment for all workers: Six (6) hours per worker/per day. V. Customer agrees to pay the described rate above within thirty (30) days of receipt of an invoice from Eagle Valley Temps for services provided pursuant hereto. These rates are stated in U,S, dollars. Initial — Page 1 of 3 nu8. |v. zvvv r.1)onm LnvLL ,rILLI-/ /Lm/o nv. vv/L VL Customer acknowledges that Worker's Compensation rates fluctuate with the job requested to be performed by Customer and In the event the job description changes the rates charged by Eagle Valley Temps may change correspondingly. Customer acknowledges that they are —`der m continuing obligation to report any such changes promptly and accurately to Eagle Valley Temps. I Customer agrees and acknowledges thmtthis contract is binding upon both parties may be inclusive of one or more dates nf service, #r one or more ] ohs. Customer agrees t� be bound by the terms and conditions herein stated as a continuing obligation of Customer without the necessity of executing an individual contract for each and every job mrproject, 4. Taxes and Assessmen ; All fees and prices paid by Customer shall include all required taxes if applicable. Eagle Valley Temps shall be responsible for payment of any and all taxes that may arise out of this contract and hereby releases Customer from payment ofsame, S. Comparable Services; In the event any worker(s) are unable to perform adequately or are unable to perform for the entire period of time required by Customer, Eagle Valley Temps agrees to provide substitute worker(s) of comparable skill and knowledge which worker(s) shall be subject to the terms and conditions of this contract. The parties recognize and acknowledge That Eagle Valley Temps will use all reasonable efforts to perform the terms of this agreement subject to the availability of workers and weather conditions. The parties recognize and acknowledge that labor shortages and/or poor weather, and/or other conditions may at any time prevent Eagle Valley Temps from supplying Customer with workers, 6. Customer agrees to provide all equipment necessary for performance of the job and acknowledges that Eagle Valley Temps shall not be required to ' equipment ^ of this contract. 7. : Eagle Valley Temps shall provide workers' compensation and liability insurance. Copies of proof of insurance will be provided to Customer upon Customer's request. Customer shall be subject to interest on all past due accounts at an annual rate of 2411/o/2% g. Balances left unpaid in excess of60 (sixty) days from date of invoice shall baforwarded tom collection service for processing and assessed an additional $50.00 fee. 10. In the event ofa default under this agreement Customer shall bm liable for ' costs and attorneys collection of any amounts due hereunder. These amounts are h\ addition to the $50.00 late fee discussed above. 11. Written Aareement; This contract is intended to be executed in writing by the parties and is acknowledged as containing all the terms and conditions of the service agreement and is to be governed by Colorado Law in the event of a breach or dispute of said agreement, This contract shall be modified only by express agreement of the parties. This contract supersedes any prior contracts between the parties. 12. Customer agrees to execute or sign time sheets detailing the work performed by Eagle Valley Temps at the end of the job or upon cessation of work k�. [ noon on Monday), which ever occurs first, Further, ' Customer acknowledges that the C---" `-' tonnnnan or any other designated agent may execute said time sheets on behalf of Customer and said signature shall be binding upon Customer. �n�r. Customer shall have an authorized agent or foreman present wnthe job for such signature. In|t|a|___. Page 2of3 tiUg, 1 0 , z v v o J: � 0 h1vi L M Q L L V M L L Li I LIVII J - VV I L 13, Invoice corrections: Customer agrees to review Eagle Valley Temps' invoices promptly and to report discrepancies within three (3) days of the invoice date. Charges left undisputed after this period will stand. If Customer fails to dispute an Invoice within three (3) days, Customer irrevocably waives Customer's right to dispute the invoice, 14, Finder's Fee: The parties acknowledge that Eagle Valley Temps is also an employment placement service and Customer agrees that in the event Customer hires the employee of Eagle Valley Temps, which employee was placed with Customer for temporary services by Eagle Valley Temps, Customer will remit a finder's fee to Eagle Valley Temps within thirty days of said hiring, in the amount of $1000.00, and with a hiring date that falls prior to nine (9) months from start date of assignment, 15. Perso 13 n e 11 74aLGu,arqQJ?,.e: An Agent, Officer, Director, Owner, Shareholder of Customer ,3 ra n security rit for payment y ra a n 0 rovi�e a L as �� u (hereinafter H uaran a rovide a n ee as security for payment due under �i this agreement and said person s erso and liable for payment of this contract to person E V I T u Eagle Valley Tern event of default by Customer. Defau s such time as the es t irty 0 past tor acknowledges L s le t t t 5 accoun es thirty (30) days past due. Guarantor ackowledges that this is a continuing guarantee. 16. Business Disclosure: FYS Services Inc,, DBA Eagle Valley Temps is a duly organized Colorado corporation authorized to do business in Colorado and operates under Federal Taxpayer identification number 84 1455765, Customer represents that Customer is not knowingly subject to existing Ilens and/or legal proceedings and agrees to advise Eagle Valley Temps in the event Customer obtains knowledge of threatened or actual liens or legal proceedings which liens or legal proceedings may effect the rights and obligations of the parties hereunder 17. Facsimile Signature: This contract may be transmitted by facsimile transmission. All parties agree that their original signature on the transmitted document shall be binding as if they were original signatures. Customer further represents that it is organized as follows: and its Federal Tax 1,D. No. or Social Security No. Is IN WITNESS HEREOF Eagle Valley Temps and Town of Avon, acknowledge that the person executing this 3 page agreement is authorized to enter into this agreement and make same binding upon the parties and have caused this agreement to be executed and their respective names to be subscribed hereunto this day, Friday, August 18, 2006. FYS Services Inc. DBA Eagle Valley Temps r Customer Name (Typed/Printed neatly) by 1 by Caroline Leonardo, President Title Guarantor: X Print Name: Address: Page 3 of 3 1' I L:4 To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Eric Heidemann, Acting Community Development Director Date: August 17, 2006 Re: Design Workshop Add Service Contract for East Town Center Summary: Attached to this memo is an add service contact proposal by Design Workshops, Inc. for Phases III, IV, and V. These additional phases include the continued creation of a concept master plan, including a market investigation report, and culminating into a final district plan. The proposed fee for these services is $120,000.00 plus reimbursable expenses such as telephone calls, meals, lodging and travel at actual cost plus 15% (capped at 10% of total project cost). Staff recommends approval of the Design Workshop, Inc. Add Service Proposal dated August 16, 2006, for the East Town Center in an amount not to exceed $120,000.00 plus reimbursable expenses. The expectation of staff and the Town Manager is that the costs spent on the Charette are reimbursed by the key property stakeholders as a commitment to their investment in this public /private planning effort. Town Manager Comments: , Attachments: Exhibit A: Design Workshop, Inc. Add Service Proposal for the East Town Center project. August 16, 2006 Tambi Katieb Community Development Town of Avon 400 Benchmark Road Box 975 Avon, CO 81620 Additional Services for: Avon Town Center East Add Service Number: 1 Dear Tambi: This letter is a request for approval to complete Additional Services associated with the East Town Center Charrette. Based on our conversations on August 15, we understand that the following services will be required. PHASE III: CONTINUED CREATION OF CONCEPT MASTER PLAN Building on the information discovered in the current contract, the Design Workshop team will continue the process of creating a vision and conceptual master plan for East Town Center. This phase will include a market investigation and conceptual physical plan for the East Town Center. Task 3.1 Project Check In The Design Workshop team will conduct a Project Check In with Town Council, Planning Commission, Staff, and the community development committee to discuss the methodology of the market investigation and the process for the upcoming charrette. Task 3.2 Market Investigation Design Workshop will draw upon their work on the West Town Center to interpret the analysis in terms of the East Town Center. The Town Center West Market Investigation will form the point of departure for understanding the conditions affecting East Town Center. The Market Investigation for East Town Center will include updating and supplementing the data previously collected for the Town Center West project. Analysis and recommendations specific to the East Town Center will be generated. Specific recommendations to be made will include the optimal critical mass, the amount of supportable retail, types of tenants and overall desired mix of uses (retail, commercial, residential and civic). Integration with the existing uses in East C:ADocuments and SettingsUatieb\Local Settings \Temporary Internet idles \OLK2 \060816 - add service agreement.doc Town Center and with the planned Town Center West project will be a primary consideration in formulating recommendations. Specific tasks to be conducted for the Market Investigation include: 1. Demographic Analysis — supplementation of demographic analysis prepared for Town Center West as necessary. 2. Existing Retail Conditions — analysis of the existing retail mix in East Town Center, as well as understanding of planned projects. Elements to be analyzed include tenant types, store sizes, circulation and parking, user characteristics, lease rates and vacancy rates. 3. Competitive Analysis — the competitive analysis prepared for the Town Center West Market Investigation will prove directly applicable to the East Town Center project, and their significance relative to this project will be analyzed. Town Center West will be added as a competitive area, and the interrelationships between these two districts will be analyzed in order to better understand competitive advantages and disadvantages and to identify synergistic opportunities between the two. 4. Comparable Analysis — three comparable retail areas will be research based on the findings of the demographic analysis, existing retail conditions and competitive analysis. Identification of these areas will be determined with input from Town staff based on Design Workshop recommendations. 5. Supportable Retail Demand Analysis — an analysis of the amount of supportable retail will be conducted. This analysis will utilize the same methodology used for the Town Center West Market Investigation but will be tailored to the specific conditions of East Town Center. 6. Retail Focus — research will be conducted into retail focus alternatives for East Town Center that will help to best establish a competitive advantage relative to the other retail districts in Town and in the region. The recommended retail focus will be expanded to include recommendations with regard to tenant types, store sizes, amenities, programming and optimal critical mass. 7. Use Mix — recommendations will be made with respect to other uses for East Town Center based on the retail analysis. Residential, commercial (non- retail specific), civic and open space uses will be quantified based on physical and market conditions. Task 3.3 Project Check In The Design Workshop team will conduct a Project Check In with Town Council, Planning Commission, Staff and the community development committee to discuss the information gathered, lessons learned and outcomes of the market investigation during 2 this phase. In addition, the Town Council, Planning Commission and the community development committee will be required to select a preferred alternative based on the concept plans prepared during the charrette. Community and key stakeholder comments from the charrette, open house, and web site will be provided at this meeting. Findings from the Market Investigation will be incorporated into the selection process for the preferred alternative. Task 3.4 Refining the Preferred Alternative The Design Workshop team will further refine the preferred alternative selected in the previous task. We will develop a refined, but schematic, integrated plan for all components of the East Town Center Plan, including: • A strong market focus; • Integrated and balanced multi -model system (pedestrian, vehicular, bicycle, and transit riders); • Improved circulation and access for all user types including north, south, east and west circulation patterns (clear turning lanes; controlled access; enhanced pedestrian, transit, and bicycle facilities; appropriate sight distance triangle; and overall safety); • Streetscape enhancement that is authentic to Avon and complimentary to the West Town Center plans; • Gateway and identity characteristics that serve as a transition from I -70 to the East Town Center; - • Wayfinding and signage • Infrastructure improvements as necessary; • Conceptualized redevelopment opportunities and land uses; and • 3 -D Model of East Town Center and West Town Center showing conceptual massing and building orientation, estimated shade /shadow studies, and key view corridors: Task 3.5 Project Check In The Design Workshop team will conduct a Project Check In with Town Council, Planning Commission, Staff and the community development committee to discuss the next steps and to discuss areas of concern by all parties. Specifically, we propose to discuss the Refined Preferred Concept. Task 3.6 Open House After refining the preferred concept, the Design Workshop team will present the plans to the public again for the second open house. The purpose of this meeting will be to show interested citizens and stakeholders the plan for the area, field questions, and take comments. The format for the meeting will be an open house with high - quality presentation materials depicting the plan. Phase III Deliverables: Project Management Market Investigation Report Draft Market Investigation Report Final Presentation materials for the open house and project check -ins Project Check Ins (up to 3) Open House (1 open house) PHASE IV: DRAFT DISTRICT PLAN At the conclusion of Phase III, the Design Workshop team will have a clear understanding of the issues, concerns, and needs of the study area. Our conceptual plans will help support this notion along with the extensive comment that we will have received from citizens, key interest groups, community development committee, Town Staff and Town Council. All of this will become the foundation for the Draft District Plan, which is the goal of Phase IV. Task 4.1 Preliminary Cost Estimating Based on feedback gathered during previous tasks, the Design Workshop team will work directly with the staff to develop a preliminary cost estimate. Task 4.2 Financial Analysis A financial analysis will be performed in order to assess the financial feasibility of the development with respect to both private sector development potential and public sector revenue streams. 1. - Development Revenue Analysis a conceptual pro forma will be prepared for each infill parcel to determine financial feasibility of redevelopment based on recommended development program. Research will be conducted into development costs and anticipated revenues (much of this information has been previously generated for the Town Center West financial analysis). Cross sections will be developed to understand the spatial implications of the redevelopment as well as to establish building program takeoffs for use in the development revenue analysis. Supportable mitigation levels for the redevelopment projects will be derived based on the financial feasibility in order to understand the potential for private projects to contribute directly to the public improvements including housing, open space, street improvements and parking. 2. Public Revenue Streams — an analysis of,projected public revenues resulting from redevelopment will be generated and compared to the costs of public improvements. This analysis will help to gauge the ability to recapture initial public expenditures through increased tax base, etc., and will help to quantify the need, if any, for additional funds. Task 4.3 Project Check In The Design Workshop team will conduct a Project Check In with Town Council, Planning Commission, Staff, and the community development committee to discuss the results of the financial analysis. Task 4.4 Draft District Plan The purpose of the Draft District Plan is to bring the physical design, market investigation, financial analysis all together into a plan that will act as a district plan and provide direction for both public and private development in the Town Center East. The reality of a public /private partnership will be expressed. The format for this will be an 8 1/2 "X11" document that town staff can use when conducting and reviewing development in the East Town Center. Task 4.5 Public Hearings The Design Workshop team will facilitate public hearings with Town Council, Planning Commission, Staff, and the community development committee to discuss the Draft District Plan. Phase IV Deliverables: Project Management Schematic Cost Estimate and Phasing Plan Financial Analysis Draft District Plan (1 draft) Project Check Ins (1 check in) Public Hearings (up to 3) PHASE V: FINAL DISTRICT PLAN The purpose of Phase IV is to conduct the final set of edits to the Draft District Plan. In addition, DW will help take the plan through the adoption process by the Planning and Zoning Commission and Town Council. Task 5.1 Final District Plan The purpose of this task is to make changes to the draft district plan according to feedback in Phase IV. The format for the final plan will be the same as the draft district plan. Task 5.2 Final Adoption Hearings The Design Workshop team will attend up to three hearings with the Planning and Zoning Commission and the Town Council for final adoption. Phase V Deliverables: Project Management Final District Plan (20 final copies, 1 CD with all final documents) Adoption Hearings (up to three) By signing this letter, you are authorizing Design Workshop, Inc. to commence services immediately for a fee of $120,000. This fee does not include reimbursable expenses (printing, photography, and travel) which will be billed at cost plus 15% for handling. The contract conditions of existing Agreement dated June 8, 2006 shall be binding on these additional services unless modified herein. The following is a summary of the fees associated with this effort. Original Contract Amount: $44,500 Additional Services Amount: $120,000 Total New Contract Amount: $164,500 Additional days added to schedule: 6 months Please call me at 970 7948-6281 if you have any- questions regarding this request for additional services. Sincerely, DESIGN WORKSHOP, INC. Don Ensign Principal APPROVED BY CLIENT: F&IM un Title: Date: TOWN OF "ON, COLORADO REGULAR COUNCIL MEETING FOR TUESDAY, AUGUST 22, 2006 AVON MUNICIPAL BUILDING, 400BENCHMARK ROAD PRESIDING OOFICIALS MAYOR RON WOLFE MAYOR PRO TsM TAMR4NoTTmgnAM UwoEnW000 Coumo|uznB DEBBIE BuoxLEY KnmnFsRn4mo MAC McDEmn Amy PHILLIPS BmAmS|pEg TOWN STAFF TOWN ATTORNEY: JOHN Oumm TOWN CLERK: PATTvK8cKEwwv TOWN MANAGER: LARRY BROOKS ASSISTANT TOWN MANAGER: JACQUIEHALBURNT THIS MEETING |S OPEN TO THE PUBLIC; COMMENTS FROM THE PUBLIC ARE WELCOME ESTIMATED TIMES ARE SHOWN FOR INFORMATIONAL PURPOSES ONLY, SUBJECT TO CHANGE WITHOUT NOTICE PLEASE VIEW AVON'S WEBSITE, HTTP://WWW.AVON.ORG, FOR MEETING AGENDAS AND COUNCIL MEETING MATERIALS AGENDAS ARE POSTED AT AVON MUNICIPAL BUILDING AND RECREATION CENTER, ALPINE BANK, AND CITY MARKET THE AVON TOWN COUNCIL MEETS ON THE SECOND AND FOURTH TUESDAYS OF EVERY MONTH WORK SESSION AGENDA MEETING BEGINS AT12:45F»A0 12:45 PRH-1:00PK8 1' EXECUTIVE SESSION (John Dunn, Town pursuant to CRS 24-6-402(f) regarding personnel matters 1:00 P0— 1:30 PM 2. APPROVAL OF WORK SESSION AGENDA && COUNCIL ASSIGNMENT UPDATES @. CoDlrnUDit« Organizations — Request for Funding Process (Ron Wolfe, Mayor) Review & discussion of funding award process b. Di8CuSSiOO OO Budget Retreat Dates (Ron Wolfe, Mayor) Review of new dates for budget retreat 1:30'PM-3:00 PM 3' AVON TOWN CENTER WEST PROJECT (Dee Wiser with Sherman & Howard, David Bell with 8Ufe[ Nikolaus & Company. Stan Bernstein and Stephen Spears with Design Workshop) Discussion regarding the concepts of tax increment financing, the characteristics of redevelopment districts and the process involved in creating such districts. Review of Stan Bernstein & Associates financial model of the Town Center West Mail project. Closing comments on what steps are next 3:00 P0|-4:0OPK0 4^ AVON TOWN CENTER EAST DISTRICT PLAN (Eric Heidemann. Acting Director Community Development, Design Workshop Representatives) Review of the preliminary concepts from the Design Charnetto that took place the week of July 17 and discussion relative tn the next steps 4:00 PQ0-5:00 PM 5' CAPITAL IMPROVEMENT PROJECTS FIVE YEAR PLAN (Norm Wood, Town Engineer) 2007 Capital Projects Fund Five-Year Plan - Preliminary Onaft/ Proposed Project Schedule with Corresponding Revenues and Expenses" 5:00 P88-5:15 PM 6' EAGLE COUNTY SCHOOL DISTRICT UPDATE (Karen Stnakbain. Business Manager) Brief update of school district happenings 7. STAFF UPDATE 8. Financial Matters / Memo only 5:15 PM 8. ADJOURNMENT Avon Council ���.06.08.22 Page of To: Honorable Mayor and Town Council Thnm: Larry Brooks, Town Manager JacqukmHa{bwmmt, AsstTmmmnN|amager From: Patty [WcKenny,Town Clerk Date: August 17, 2006 Re Community Organizations Summary: With the published advertisement in the \/gi| [>gi|y inviting organizations to eubnnk request for funding applications, the Town has responded to twenty-five interested parties. It was suggested that the Council might want to discuss implementing a different process than what has been used in the past, whereby each organization addressed the Town Council ata work session. Background: The /\VOO -lOvvn Council has supported v@hOU8 non-profit organizations over the years based On its financial ability to fund the requests. In 2004, due to /\VOn'S budget constraints, the TOvvO did not disperse its annual letter that asked OFg@Diz@tiOOS t0 submit funding requests. Last year Council decided t0 8||0m groups who were interested in requesting funds t0 submit an Gpp|iC@UOn and make a presentation to Council for their request. There were ten groups last year that addressed Council ato work session; the bnnefuarne for doing that was over three hours. This year it was agreed torun an advertisement inviting Oq]@Oiz8tiOOs tV submit @O @pp|iC6diOO. Discussion: With twice as many potential applications being submitted, staff thought that Council might want to review the process for determining awards. We could proceed in the same manner 8a last year with each group attending the work session; that may take about 5 hours (at10 minutes each) if all 25 groups submit an application. Or Council COU|d COntBDlp|@tB creating @ subcommittee to review the @pp|ioEdiODS and then decide Upon a short-list of groups who would present at the vvOrh session. Or the presentations COU|d be eliminated altogether and Council could just review all the Gpp|iC@UODS. Council may want to review as well the jUStifiCGbODS for 08hiDg the 2vv8rdS. P|e8S8 note the application guidelines are attached. In the past COUDCi|'S have been ph[D@h|y interested in eV@|U8dng the applications based OD the group's ability to prove how the O[g3OizG[ioO benefits the Avon community directly and what marketing effect the event or project haghadfortheTovvn. Using other Chteh@ may be considered, such as does the group support the TOVvO'S 0iSSiVO st8te0eOt, or will the contribution to the group affect Avon's fUtU[8 hB8|[h. etc. In visiting with other jurisdictions, some implement @ more structured pn3CeSS and have specific Chteha, such GS Vail, while others do not provide for a structured pn}Cegs' such as Eagle County. | @0 hoping to hear b8Ch from Breckenridge with some specifics before Tuesday as the C0Ot8Ct pe[GOD is out of the office UOd| &1OOd8y. Also provided in the past was some information from the CO|O[8dD Municipal League's "Gift-giving C>otiOOS" Handbook, a book that provides iDh}n0@tiOD about types Of funding relationships between OOUOiCipa|iUeS and outside agencies, non-profits, and community organizations. The handbook notes that this type Of |OC8| gDVeDl0gDt participation V8heS in Co}nr@do, often based on the philosophy of the standing council members and whether or not there are available diSC[ebOD8ry funds. Proposed criteria outlined in the book included the following: • DeSiRe — iS[heFe 8 desire 3[DOOg elected officials to propose such 8 pn}gngnl • Need —is there need for such a pnJgn3[n in your community / Budget— does your municipality have the funds tO give? / Staff Time —iS there @ need for staff to participate in the program ✓ Program Type — what type of a program is it, informal program with no oversight, formal program with dedicated funding sources and board oversight ✓ Recipients — what type of organizations or activities will the program provide funds In any event, it seemed a good opportunity to just confirm or revise the process for Avon. Applications are due back to the Town Clerk on August 25th and the September 12th work session has been earmarked as the date to review the applications. Financial Implications: The budget includes a Financial Support, Donations & Contributions line item in the Public Relations & Marketing section of the document. This budget has varied over the past five years depending upon the amount of requests made. Town Manager Comments: � J I Memo Funding Requests 06 Page 2 of 2 HEART of the VALLEY TOWN OF AVON APPLICATION GUIDELINES FOR COMMUNITY ORGANIZATIONS REQUEST FOR 2007 FUNDING Town of Avon PO Box 975 Avon, CO 81620 970-748-4000 Fax 970-949-9139 Please include the following information in your request to the Town of Avon for funding of your organization. The deadline for receipt of this application is Friday, August 25, 2006. Return the application to: Patty McKenny, Town Clerk / TOWN OF AVON / P.O. Box 975 / Avon, CO 81620 APPLICATION INFORMATION 1. Name of organization. 2. Mailing address. 3. Contact person and telephone number. 4. Purpose of the organization or event. 5. Amount requested from the Town of Avon. & Amount requested and/or provided from other agencies, organizations, companies (i.e. other funding committed). 7. Explanation of the need for funds: a. Description of the event or organization. b. How the event or organization benefits the Avon community. Please provide some details with regard to this topic. c. Anticipated budget for the organization or event. d. If applicable, what marketing effect the event or project has for the Town of Avon. e. The Town may request a progress report on the event or organization prior to its implementation and final report once the event is completed. 8. Include a description of any "in-kind" contributions that the Town of Avon provides to your organization, including but not limited to: land, buildings, and their facilities and/or services. Please use separate /additional sheets of paper if necessary. Please number each item on those sheets to correspond to the application guidelines. i If you are a tax-exempt organization, please include a copy of the determination letter from the Internal Revenue Service recognizing your tax-exempt status under IRS 501(c)(3). To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Scott Wright, Finance Director Date: August 17, 2006 Re: Urban Renewal Authority Presentation Summary: On Tuesday, several financial advisors of the Town will be in attendance to present and discuss various aspects of the Town Center West project. Dee Wisor, the Town's bond counsel from Sherman and Howard will present an overview of tax increment financing and the concepts of redevelopment districts, specifically urban renewal authorities. David Bell from Stifel, Nicolaus & Company, the Town's bond underwriters, will present his views on the Town's ability to finance the Town Center West project through tax increment financing. Stan Bernstein will review with Council the financial model that incorporates these tax increment financing concepts. Finally, representatives from Design Workshop will be in attendance to add any additional comments and to answer any questions regarding the project. Discussion: Town staff has had several meetings to discuss the potential funding options for the Town Center West project. The concept of establishing an urban renewal authority seems to be the most palatable option at this time. In addition, the creation of an URA would also afford the Town the ability to possibly utilize tax increment financing in other areas of Town considered for redevelopment. The estimated cost of creating an urban renewal authority, the first urban renewal plan, including the blight study and financing plan is from $90,000 to $120,000. The unknowns that could affect those costs are the number of meetings that may be involved in developing the plan due to the desire to include the community or to address possible opposition and how much the staff could help with engineering, financial planning, etc. Attached is a possible timeline for creating an urban renewal authority and approving an urban renewal plan for the Town Center West area. If Council agrees with the urban renewal concept and timeline, staff is prepared to move forward expeditiously to begin this process. ..- Town Manager Comments: Attachments: Tax Increment Financing Information Sheet Possible Timeline for creation of the Avon Urban Renewal Authority Stan Bernstein & Associates Cover Memo and Financial Analysis of Town Center West project • Page 2 Tax Increment Financing Information Sheet 1. What is Tax Increment Financing? Tax increment financing iSa tool utilized bv municipalities 03 finance public improvements iO identified areas Of need, known 8S redevelopment districts. Tax increment financing can b8 implemented through a down town development authority (DIDA) or an urban renewal authority (URA). /\ URA O[DDA can provide public amenities that encourage and facilitate corresponding new development. For example, 8D authority might use funds generated from 8 new development tO build StF8BtSC8pe or iDlp[OV8 ci[CU|8iiOD that helps make the new development possible. Another possibility iS that if8 property iStObe redeveloped, the authority might work with the developer to provide some public amenities such as a plaza or pedestrian mall. AO authority can also provide assistance to existing property owners who might VV8Di to rehabilitate or expand their property. An 8x@Dlp|9 of this type of assistance might be a facade improvement loan program. This tool is not new and has been utilized around the country for decades to fund public improvements and encourage redevelopment. 2' How does |NF Work? Once anURA orODA has been established, the Town is able to adopt G plan to use T|FOnce a redevelopment district is established and a plan is adopted, the property tax base for the redevelopment district iSfrozen. This means that after the date Of plan adoption, the assessed value to which the mill levy for the Town, the school district, and the County would be the same each year with adjustment for general reassessments. For example, if the assessed value in8 redevelopment district iS $1 Dli||ioD OD the date of plan @dOpd0D' then the OOi|| levy for each Of the overlapping taxing jurisdictions is applied to that $1 million assessed value each year of the plan. As the properties in the redevelopment district begin to iOCr88S9 in V8|U8 due to the redevelopment efforts, that increase iD assessed value times the combined mill levy Ofthe overlapping taxing jurisdictions goes tO the URA O[[)DA. For example, if the assessed value Vf property in the district increases to $10 million in year 5 of the plan, the taxes derived from multiplying the combined mill levy times the $1 million base gOtO the overlapping taxing jurisdictions and the mill levy times the $8 million increase goes tO the URA and DD/\ 8O revenues that would have ended up with the county and other entities through increases in tax revenues, stay in the Town and, more specifically, in the redevelopment district. The plan can also affect Town sales tax revenues; but not State or County revenues. The plan can dedicate sales tax revenues above the base year revenues Lo the URA 0r[)[]A. The following graph represents how revenues are captured by the redevelopment district. �� U� $ Assessed Values Incremental Assessed Value in Future Years 0-00 Base Year Assessed Value I Growth in assessed value captured in redevelopment district Assessed value used by taxing agencies Once these revenues are captured, this new stream of revenue can be utilized b] pay debt service on bonds that are issued bv the Town for public improvements. Bonding ienecessary, 8sit would take G period Of time tOacquire enough revenue tV fund public improvements. Lending institutions find TIF a very stable source of revenue and therefore readily lend money when secured byT|F Bonds are only put in place once construction of public improvements begins. T|F can be utilized for upto25 years from the date nfestablishment. No new taxes are established using llF nor are taxes increased. The revenues produced bv increased property values and increased retail sales activity are simply redistributed to benefit the redevelopment district. The following graph represents how revenues are captured bythe nBd8ve|DpDleDt district. 4- What is the difference between a DDA and a URA A down town development authority (DDA) and a urban renewal authority (URA) work the same in terms of how revenue ig generated hJ pay for the debt service for bonds. Both use athe incremental increase in property and/or sales tax that results from public and private improvements. The differences between the two types ofT|Fdistricts are summarized below: [}D/\S: 0 DDAs are initiated by an oridance from the Town Council • DDA's require a vote of owners, tenants, and business owners to establish the district and tO issue bonds. • [)OA'S neqUi[8S stating that blight is being prevented. • DDA'S require that a separate board be created t0 administer the District. Only 1 Council member can set oO the board. The members Of the Board must b8appointed by the mayor. • [)OA'ado not have condemnation powers. UR/\'s: • UR/\'s are initiated by 25 registered voters signing a petition • i]RA'S d0O1 require public vote to create the district orissue bonds. • URA'S require [8sO|UbVO that blight iS being eliminated. • URA's can be administered by the Town Council or the Town Council can appoint a separate board. • If a URA is a separate Board from the Town Council it can have condemnation powers 10 achieve the goals Of the redevelopment plan. 7. Pros and Cons mf Tax Increment District Financing Pros: • TlF can fund needed public improvements without 8D increase iDtaxes. • TIF takes the additional incremental revenue resulting from public and private improvements tD help pay for public improvements iD8 redevelopment area. This form of public revenue is paid for by the development without increasing taxes (User Pays). • Other taxing jurisdictions still get what they receive today iDrevenue. After the T|F district expires (25 years for G URA and 3O years for @DDA) the other jurisdictions will receive the full benefit Ofthe growth iO property and sales tax. • This iS common financing tool for redevelopment projects GPDUOdihe<jDiiedStatRS. • Other T|F Districts iO Colorado have generally reported that this financial tool has achieved its gO8| for funding public inlpFOVerDeDtS. Cons: • The Town must either declare that they are preventing blight (]O4)O[elimiDatngbli ht (URA). _ • If property values and sales tax don't increase with development the Town 0rauthority may not bB able tO pay for the debt service for the bonds. • |[|F requires legal, financial, land planning (T|FStUd«). and communication expertise. Consulting services can be significant to implement this financing tool. • |fo URA ia used, citizens can bo concerned about condemnation. • This iS8confusing financial tool and itiS harder tO communicate how this tool works compared tO other more traditional revenue sources (sales tax, property tax eCt). • Other jurisdictions don't receive the incremental growth in property and sales tax as the result Ofredevelopment. This can lead tO conflict and litigation which can delay the use of TIF. �� Characteristics of the Downtown Development Authority and the Urban Renewal Authority. How are they formed? Urban Renewal Authority Any 25 electors of the Town file a petition with the Town Clerk. After a hearing, the Town Council passes a resolution establishing the Urban Renewal Authority and district boundary. Downtown Development Authority The Town Council determines that a DDA is necessary for the public health, safety, prosperity, security, and welfare of the Town. By ordinance, the Town Council shall submit a question for the ballot for the next general or special election. Who can vote in an election to form a redevelopment area? Urban Renewal Authority Downtown Development Authority No election is necessary. Residents, landowners, lessees, corporations, second homeowners, and condo owners located in the area set for the DDA may vote. What findings are required in order to form a redevelopment area? Urban Renewal Authority By resolution, the Town Council must find that at least 4 of 12 factors are present in the area being considered which qualify it as a blighted area or a slum. As an example here are some potential findings or conditions: Predominance of defective or inadequate street layout; Deterioration of site or other improvements; Inadequate public improvements or utilities; Buildings that are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical constriction, or faulty or inadequate facilities; unusual topography; etc. Downtown Development Authority The Town Council must find that corrective actions must be taken to halt or prevent the deterioration in property values or to halt or prevent the growth of blighted areas. Who can be a member of the Authority which directs actions in the designated area? Urban Renewal Authority The Town Council can designate itself to act in the capacity of the Authority. If a separate authority is established, only one of its members can be a Town Council person. Is a redevelopment plan required to be adopted? Urban Renewal Authority Prior to the use of tax increment financing, a redevelopment plan must be adopted directing activities to occur in the area. Downtown Development Authority One member of the Town Council must be a member of the authority and a majority of the members must reside, be a business lessee, or own property in the redevelopment area. The Town Council may not designate itself as the Authority. Downtown Development Authority Prior to approving redevelopment projects, a redevelopment plan shall be adopted directing activities to occur in the area. ME What other governmental agencies are involved in the development of the plan? Urban Renewal Authority If tax increment financing is being used, the school district shall be allowed an opportunity to participate in an advisory role. The County must be provided a copy of the plan and other information but does not have a veto. The Planning Commission is required to review the plan and make recommendations to the Town Council. What sort of powers does the Authority have? Urban Renewal Authority The URA has the power to: w Issue bonds w Undertake redevelopment projects w Develop plans for redevelopment to submit to the Town Council w Acquire property w Condemn property The URA does not have the power to: ow Levy taxes Downtown Development Authority If tax increment financing is being used, the school district shall be allowed an opportunity to participate in an advisory role. The Planning Commission is required to review the plan and make recommendations to the Town Council. Downtown Development Authority The DDA has the power to: rs Levy taxes Propose redevelopment plans �. Implement plans for development �• Acquire property The DDA does not have the power to: ow Condemn property w Issue bonds, on its own behalf In order for the Town to issue bonds for activities in the redevelopment area, who can vote? Urban Renewal Authority No vote required Downtown Development Authority Residents, landowners, lessees, corporations, second homeowners, and condo owners located in the area set for the DDA. M Draft: August 16, 2006 AVON URBAN RENEWAL AUTHORITY Possible Timeline Using Two Public Hearing Process to Create Authority and Approve Plan 08/22/06: Discuss possible creation of Urban Renewal Authority with Town Council 08/23/06 - 09/12/06: Develop RFP for Conditions Survey and list of potential consultants 09/15/06: Issue RFP for Conditions Survey 09/29/06: RFP responses due 10/04/06: Select and engage consultant to conduct Conditions Survey 12/05/06: Conditions Survey completed 12/05/06- 01/05/07: Conditions Survey reviewed by staff — determine recommendations for Urban Renewal Authority and Urban Renewal Area/Plan 01/05/07: Petition by 25 registered electors of Town for creation of Urban Renewal Authority — Colo. Rev. Stat. § 31 -25- 104(1) 01/08/07: Town Clerk schedules Public Hearing — 10 days published notice required prior to hearing -- Colo. Rev. Stat. § 31 -25- 104(1) 01/23/07: Public Hearing on creation of Urban Renewal Authority, consideration of Resolution Creating Urban Renewal Authority and, if approved, appointment of commissioners by Mayor - Colo. Rev. Stat. §§ 31 -25- 104(1) and (2) 01/24/07 - 02/28/07: Preparation of Urban Renewal Plan, prepare notices of public hearing and list of property owners 02/20/07: Submit Urban Renewal Plan to Planning Commission for comments. (Planning Commission must respond within 30 days). Colo. Rev. Stat. § 31 -25- 107(2) 03/01/07: Mail and publish Notice of Public Hearing on Plan at least 30 days prior to public hearing — Colo. Rev. Stat. § 31 -25- 107(3) 04/10/07: Public hearing and consideration by Town Council of Resolution approving Urban Renewal Plan bLis_ e \possible timeline (892858_I).doc M Stan Bernstein and Associates, Inc. Financial Planners and Consultants For Local Governments, Municipal Bond Underwriters, and Real Estate Developers 8400 East Prentice Ave., Penthouse Greenwood Village, Colorado 80111 Telephone: 303 -409 -7611; Fax: 303 -409 -7612; Email: stanplan @earthlink.net TO: Mr. Larry Brooks, Town Manager Mr. Tambi Katieb Mr. Scott Wright FROM: Stan Bernstein, Amy Bernstein DATE: August 1, 2006 SUBJECT: Preliminary Financing Plan for Avon Town Center West Public Improvements Background Stan Bernstein and Associates, Inc. ( "SBA ") has assembled an analysis of municipal revenues that could be generated to the Town of Avon (the "Town ") from the real estate development projects identified in the Avon Town Center West Analyses prepared by Design Workshop earlier this year. This SBA analysis attempts (1) to identify the specific years that these municipal revenues will be received by the Town„ (ii) to identify the specific years that the Town will be required to fund Avon Town Center West Public Improvements; (iii) and formulate a preliminary public infrastructure funding plan. As a part of the public infrastructure funding plan, SBA has examined the potential tax increment revenue bonding potential that could be supported from the formation of a tax - increment district (i.e., an Urban Renewal Authority) which would capture property tax revenues from overlapping governmental entities for a 25 -year period within the boundaries of the Avon Town Center West tax increment district (a separate tax increment financing plan, which includes the Confluence Development as well as the Avon Town Center West, has also been developed and is included in this Memo). This Financing Plan should be viewed as very preliminary; something that will stimulate thinking from the Town staff, council, and consultants — and that will be refined as the Avon Town Center West comprehensive planning process evolves. Mr. Larry Brooks August 1, 2006 Page ii Schedules I — 7, pages 4 — 17 — Individual Real Estate Development Project Definition and Estimated Revenues Generated for Town Operations, Capital Projects and for the Urban Renewal Authority A separate schedule has been developed for each real estate development project within the Avon Town Center West planning area. These development projects include Lot 61, The Seasons, Avon Center, Sheraton Mountain Vista (future phases), the Parking Structure project, the Town Hall project, and the Nottingham Inn project (although the development of the Nottingham Inn project is not essential to the financial viability of the funding of the Avon Town Center West public infrastructure improvements because it is not expected to be developed until Year 9). Each schedule clearly identifies the scope (as proposed by Design Workshop) of the real estate development in terms of land use, uninflated assumed market values, and the estimated year that each project will be completed (i.e., and begin generating revenues for the Town and the possible Urban Renewal Authority ["URA"]). Each Schedule also clearly identifies the incremental operating and capital revenues that could be generated for the Town, and for the URA. Schedule 4, page 10, Sheraton Mountain Vista (future phases) is not based on the land use initially recommended by Design Workshop — rather it is based on the land use very recently requested by the developers of Sheraton Mountain Vista (the main difference is that Design Workshop recominends 81 condominium units and 38 affordable housing units compared to the requested 99 condominium units and no affordable housing units — and the developers are proposing to complete 56 of these units in Year 2 and the remaining in Year 6, while Design Workshop assumes completion in Years 7, 8 and 9). For preliminary planning purposes, we decided to go with the developers plan because of the accelerated project completion schedule (which is favorable to the Town because municipal revenues are generated sooner - especially real estate transfer tax revenues generated from the sale of fractional ownership units, etc.). It is our understanding that Design Workshop has subsequently revised their Sheraton Mountain Vista land use and phasing so that it is consistent with our planning assumptions. Mr. Larry Brooks August 1, 2006 Page iii Exhibit III, page 3 — Summary of Incremental Town Operating Revenues Generated (and Related Operating and Maintenance Cost Estimates) from All Real Estate Development Projects within the Avon Town Center West Planning Area. Incremental Town operating revenues have been identified by year by revenue source (General Fund Property Taxes @ 8.96 mills, Sales Taxes @ 4 %, Recreation Amenities Fee @ $28.02 per deeded week only applicable to the Sheraton Mountain Vista project, and 8% Accomodation Taxes which only apply to the rental of Condo - Hotels). Everyone should understand that there are other incremental Town operating revenues that will also be generated (i.e., utility franchise fees, county sales tax rebates, building related permits, water user and tap fees, cigarette taxes, and perhaps parking lot revenues generated from the proposed parking structure, etc.). Incremental Town operating revenues have also been identified by year by each real estate development project, and are presented on Row 18 of Exhibit III. In the event that a URA is formed, the General Fund property tax revenues identified on Exhibit III could be captured by the URA and not the Town's General Fund for a 25 -year period. Preliminary estimated operating and maintenance costs related to the Avon Town Center West Mall have been estimated by Town Officials and appear on rows 21 — 26. These operating and maintenance costs include snowmelt, mall maintenance and landscape, parking lot operations and maintenance, and additional police security for the mall as well as the parking structure. Row 28 indicates operating and maintenance deficits until Year 7. If the Mall were to be phased over a longer period (rather than being completed by the end of Year 2) it might be possible to reduce the amount of the annual operating and maintenance deficits during the first 6 years. Exhibit II, page 2 — Tax Increment District — Urban Renewal Authority — Incremental Property Tax Revenues and Very Preliminary Evaluation of Property Tax Increment Revenue Bonding Capacity A tax increment district, which can take the form of an Urban Renewal Authority ( "URA ") or a Downtown Development Authority ( "DDA ") is certainly a concept that should be considered to be used as a significant financing tool for funding public infrastructure projects relating to the Avon Town Center West planning area. These type of tax increment districts are becoming more common in Colorado and have been formed in the following resorts: Steamboat Springs, Mt. Crested Butte, and Vail — Lionshead. They have been seriously considered for large renovation projects in Breckenridge as well as Snowmass. A `Blight Study" (with a determination that there is in fact "blight" within the boundaries of the proposed tax increment district) is required before formation of these type of tax increment districts can be formed. I believe that such a tax increment district can be formed by the adoption of a Mr. Larry Brooks August 1, 2006 Page iv Town Ordinance which does not require an election or approval of overlapping taxing entities such as the school district, county, water and sewer districts, library district, fire district, etc. — Dee Wisor, Esq. will address legal issues at the August 22 Town Council Work Session. Once formed, the property tax base (i.e., the assessed valuation within the boundaries of the tax increment district) is "frozen" and becomes the "frozen tax base" or the "frozen assessed valuation." Any increase in assessed valuation caused by new construction and increases in value on the new construction above the "frozen base" essentially becomes the assessed valuation for the tax increment district as indicated on row 9, Exhibit H. Incremental property tax revenues are generated by the tax increment district by applying all of the overlapping taxing entities mill levies (currently totaling 52.555 mills as shown on rows 11 — 21 on Exhibit 11) to the incremental assessed valuations. hncremental property tax revenues for the tax increment district (which would be controlled by the Town of Avon) is set forth on row 21 on Exhibit H. If a tax increment district is not formed, all of these incremental property tax revenues would be received by each of the entities shown on rows 11 —20. If a tax increment district is formed, the overlapping taxing entities would essentially not receive these tax revenues for a period not exceeding 25 -years from the date the tax increment district is legally formed — the tax increment district basically receives these revenues instead of the individual taxing entities. These tax increment property tax revenues can only be used to service debt on tax - exempt revenue bonds issued by the tax increment district (and I believe these type of bonds do not require a bond election) — the bond proceeds must be used for public improvements within the boundaries of the tax increment district. The theory is that by using tax increment financing, existing property within, and adjacent to, the boundaries of the tax increment district will increase in value thereby offsetting the temporary loss in property tax revenues to overlapping taxing entities — and after 25 -years the overlapping entities begin to receive the property tax revenues. Any property that is currently within the boundaries of the tax increment district whose assessed value increases, will pay additional taxes to the overlapping taxing entities and not to the tax increment district. Our analysis does not include several overlapping mill levies such as the Town's debt service mill levy, Avon Metro District's debt service mill levy, or the Confluence and Mountain Vista Metro District mil levies — the Town would probably want to effectively exclude these entities from being part of the tax increment district (which I believe it can do by having the tax increment district rebate collected taxes directly to the entities that the Town wants to exclude). Row 32 on Exhibit II, indicates the incremental property tax revenues that would be available to pay debt service on tax increment revenue bonds issued by the tax increment district. Since these bonds are "revenue bonds" and only payable from tax increment revenues generated, the incremental property tax revenues presented on Row 32 are typically discounted by a factor of approximately 20% (more in some cases); consequently, the incremental discounted property taxes presented on Row 38 have been used for determining the amount of tax increment revenue bonds could initially be supported (this needs to be confirmed with the Town's investment banker in the near future — I believe David Bell will also attend the August 22 Town Council Work Session). N Mr. Larry Brooks August 1, 2006 Page v For preliminary planning purposes, we have assumed that on January 1, of Year 2, the tax increment district issues $14.7 million of tax increment revenue bonds with assumed average interest rates over 23 -years of 6.5 %. (needs investment banker confirmation). These bonds would include sufficient restricted funds to pay interest on these bonds for the first three years (Years 2, 3, 4) since there are very little incremental property taxes projected to be available in those years. After issuance costs and "capitalized interest ", net bond proceeds of approximately $11.5 million could be available to fund a large portion of the $14.5 million costs related to the Main Street Improvements. If the Town could pledge, subject to annual appropriation, other revenues (i.e., Real Estate Transfer Taxes, etc.) to the payment of these tax increment bonds, perhaps additional bonds could be supported (need investment bankers and Scott Wright's thoughts here). Our thinking is that this assumed $11.5 million of net bond proceeds is essential to the successful financing of the very important "up front" Main Street Public Improvements" identified by Design Workshop (if additional bonding capacity is possible, perhaps a portion of the upfront costs associated with the Realignment of Benchmark Road [$5 million] could also be funded). Without utilizing tax increment bonds, we are not confident that these two projects can be successfully funded (unless the Town has $23.4 million of unspent funds sitting somewhere or unless various developers agree to fund these projects with ultimate reimbursement from the Town through Real Estate Transfer Tax collections, etc.). Even if a tax increment district is farmed, bonds will not be underwritten unless the investment bankers are confident that most of the proposed real estate development projects are going to break ground in the near future — especially projects such as Sheraton Mountain Vista, Lot 61, the Parking Structure, and the Town Hall. So unless the Town can arrange for these and other projects to happen quickly, it is unlikely that it will be possible to issue tax increment bonds — this is because the whole basis for repayment of these tax increment bonds is from the tax base generated from the new projects (as well as the real estate transfer tax revenues that might be needed to be pledged towards tax increment debt service in the early years). Tambi has suggested evaluating the concept of including the Confluence Property into the boundaries of the URA in order to capture their incremental assessed valuation. This is a great idea and Exhibit II, page 2a, indicates that it might be possible to increase the amount of tax increment bonds to $30 million (i.e., from the $14.7 million assuming the Confluence Property is not included in the boundaries of the URA). Including the Confluence Property within the boundaries of the URA would greatly enhance the Town's ability to finance Main Street Public Improvements and should be strongly considered and discussed with East West Partners. III Mr. Larry Brooks August 1, 2006 Page vi Exhibit I, page 1— Capital Projects Funding Rows 21 — 30 of Exhibit I indicate (based on Design Workshop's and the Town's estimates) the amounts needed for Public Infrastructure Improvements related to the Avon Town Center West program ($1.3 million has been included in Year 2 for the Railroad Crossing). These public improvements total $40.47 million and require approximately $23.4 million of Town capital funding in the first two years (Transit Center in Year 1 @ $2,550,000; Year 2 includes $5,000,000 to Realign Benchmark Road, $14,500,000 for the Main Street Improvements, and $1,300,000 for the Railroad Crossing. Year 3 would require $6,050,000 to purchase the Town Hall from the developer /contractor and Year 4 would require $11,070,000 to purchase the Parking Structure from the developer /contractor. Row 8 projects incremental revenues generated from the various revenue sources and by individual real estate development projects (including real estate transfer taxes generated from The Confluence development). Subtracting available revenues (row 8) from required public capital improvements (row 307) indicates annual deficits (funding deficiencies) occurring in Years 1 — 4 as shown on row 32. So, the question ( "challenge ") becomes how does the Town come up with money to pay for these critical public improvements in Years 1 — 4? Exhibit IA, page ]a — Capital Projects Funding Plan Our preliminary thinking in terms of how the Town might be able to fund these capital improvements is presented on Exhibit IA, page 1 a, (which assumes that the Confluence Property is not included in the boundaries of the URA). Row 8, shows the projected $11,509,000 of net proceeds from the issuance of $14.7 million of tax increment revenue bonds in early Year 2. Row 7 shows the Town's needing Various Unidentified Revenue Sources in amount of $2,550,000 in Year 1 to fund the Transit Center. The larger concern is that we are assuming Various Unidentified Revenue Sources being available in Year 2 in the amount of $7,991,000 to fund the Realignment of Benchmark Road — this may be a stretch.- so what other funding methods might be available — perhaps a short-term loan of some sorts payable from future Real Estate Transfer Tax Revenues or Mall Assessments? We are also showing the need for relatively minor Unidentified Revenue Sources in Years 3 and 4 (totaling $1,187,135). We obviously need Scott's input regarding other Town revenues that could be available in the early years — what is a realistic number here? We need to also bounce these numbers off the Town's investment banker for creative ideas. It is important to note the cumulative cash buildup shown on row 36 — approximately $14.5 million of excess cash accumulates by year 14 (after all capital improvements are funded including $6 million for an expanded recreation center). Mr. Larry Brooks August 1, 2006 Page vii Exhibit IB, page lb, - Capital Projects Funding Plan (assumes Confluence is included in URA) This Exhibit assumes The Confluence is included within the boundaries of the URA (and related real estate transfer tax revenues generated from The Confluence. It assumes net tax increment bond proceeds of $23.5 million in Year 2 (compared to $11.5 million if The Confluence is not included). This concept results in the Town not having the need for $7.991 million of Unidentified Revenue Sources during Year 2, enables the expanded recreation center to be funded in Year 4, and results in close to $31.5 million of accumulated cash by Year 14. This is the optimum funding solution for the Town and maximizes the Town's ability to fund the required Avon Town Center West infrastructure. Next Steps We think followup would include: 1. Verifying with real estate developers the concept of developing the Town Hall and Parking Structure sites, with them paying the Town for development rights ($2.755 million for Town Hall and $6.7 million for Parking Structure — and them selling the completed Town Hall and Parking Structures to the Town for $6.05 million and $11.07 million respectively. 2. Discussing the formation of a tax increment district with staff, consultants, council, investment Bankers, developers and attorneys. 3. Discussing the information contained in this memo with the Town's investment banker and the Town's finance director. 4. Incorporating this information into Design Workshop's planning document; and making sure they and Tambi concur with our thinking, etc. 5. Evaluating how quickly the key real estate development projects could realistically break ground. 0 Mr. Larry Brooks Aug-List 1, 2006 Page viii Disclaimer Stan Bernstein and Associates, Inc. has assembled this preliminary financial analysis to highlight various financing issues and concepts as they relate to the funding of public infrastructure improvements as they relate to the Avon Town Center West planning area. We have relied on others for key assumptions regarding land use, scope of projects, values, completion of projects, costs of public infrastructure improvements, etc. We have not independently verified or evaluated these key assumptions, and consequently, disclaim any opinion regarding their achievability. Since future events are subject to uncertainty and variation, we do not vouch for the achievability of information contained in the attached Exhibits and Schedules. e AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8 -1 -2006 FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER CAPITAL PROJECTS FUNDING EXHIBIT I -TOTAL FORECASTED CAPITAL PROJECTS REVENUE FROM ALL PROJECTS (INCLUDES CONFLUENCE REAL ESTATE TRANSFER TAXES)' YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 1 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS 0 0 0 8,882,963 725,398 725,398 725,398 725,398 5,118,291 989,031 2 Real Estate Transfer Tax Initial (excluding Aff. Housing) 0 0 1,958,444 2,110,722 1,084,722 985,996 361,996 673,996 1,174,087 533,000 3 Real Estate Transfer Tax Secondary Sales 0 0 0 0 208,700 208,700 393,500 393,500 393,500 618,798 4 Real Estate Transfer Tax - Confluence (Net of EW Payments) 0 0 3,465,963 1,586,288 2,132,417 1,280,766 1,500,619 592,322 791,225 890,128 5 Parking Payment in Lieu Fees 0 0 0 693,000 693,000 693,000 0 808,500 808,500 0 6 Main Street Improvement Assessment 0 0 936,058 789,321 298,713 657,313 0 133,400 378,018 244,618 7 Land Lease or Sale (per Design Workshop) 0 0 2,755,440 6,689,880 0 0 0 0 7,245,990 0 8 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS 0 0 9,115,905 11,869,211 4,417,552 3,825,775 2,256,115 2,701,718 10,791,320 2,286,544 9 0 5,000,000 0 0 0 0 14,500,000 0 0 0 10 TOTAL PUBLIC REVENUES BY PROJECT- CAPITAL PROJECTS 6,050,000 0 0 0 0 11,070,000 0 0 0 0 11 Lot 61 0 0 1,227,340 1,245,340 170,300 170,300 170,300 170,300 170,300 170,300 12 Seasons 0 0 0 0 0 0 0 1,253,900 1,253,900 62,400 13 Avon Center 0 0 0 1,119,810 1,119,810 1,119,810 86,400 86,400 86,400 86,400 14 Sheraton Mt. Vista 0 0 1,361,894 460,722 460,722 720,596 361,996 361,996 329,087 162,898 15 Parking Structure 0 0 0 7,151,783 495,903 495,903 98,400 98,400 98,400 98,400 16 Town Hall 0 0 3,060,708 305,268 38,400 38,400 38,400 38,400 38,400 38,400 17 Nottingham 0 0 0 0 0 0 0 0 8,023,608 777,618 18 Confluence 0:.. 0 3,465,963: 1,585,288 .2,132,417 r `. 1,280,766 1,500,619 692,322; 791,225:. 890.128 19 TOTAL PUBLIC REVENUES BY PROJECT - CAPITAL PROJECTS 0 0 9,115,905 11,869,211 4,417,552 3,825,775 2,256,115 2,701,718 10,791,320 2,286,544 20 21 CAPITAL IMPROVEMENTS 22 Transit Center 2,550,000 0 0 0 0 0 0 0 0 0 23 Realign Benchmark Road 0 5,000,000 0 0 0 0 0 0 0 0 24 Main Street Improvements 0 14,500,000 0 0 0 0 0 0 0 0 25 Purchase of Town Hall (from Developer) 0 0 6,050,000 0 0 0 0 0 0 0 26 Purchase of Municipal Parking Structure (from Developer) 0 0 0 11,070,000 0 0 0 0 0 0 27 Rec Center Expansion 0 0 0 0 0 0 0 0 0 0 28 Railroad Crossing (per Norm Wood) 0 1,300,000 0 0 0 0 0 0 0 0 29 Fire Station 0 0 0 0 0 0 0 0 0 0 30 TOTAL CAPITAL IMPROVEMENTS 2,550,000 20,800,000 6,050,000 11,070,000 0 0 0 0 0 0 31 32 EXCESS REVENUES OVER CAPITAL IMPROVEMENTS (2,550,000) (20,800,000) 3,065,905 799,211 4,417,552 3,825,775 2,256,115 2,701,718 10,791,320 2,286,544 33 34 BEGINNING FUND BALANCE 0 (2,550,000) ,(-23,350,000) (20,284,095) (19,484,884) (15,067,332) (11,241,557) (8,985,442) (6,283,724) 4,507,596 35 36 ENDING FUND BALANCE (2,550,000) (23,350,000) (20,284,095) (19,484,884) (15,067,332) (11,241,557) (8,985,442) (6,283,724) 4,507,596 6,794,139 PAGE 9 0 0 0 0 8,882,963 725,398 725,398 725,398 725,398 5,118,291 989,031 989,031` 989,031 989,031 16,295,852 0 0 0 0 3,696,000 0 0 0 0 3,437,440 0 0 0 0 16,691,310 1,714,429 1,714,429 1,714,429 1,714,429 54,121,856 170,300 170,300 170,300 170,300 4,175,680 62,400 62,400 62,400 62,400 2,819,800 86,400 86,400 86,400 86,400 4,050,630 162,898 162,898 162,898 162,898 4,871,504 98,400 98,400 98,400 98,400 8,930,790 38,400 38,400 38,400 38,400 3,749,975 106,600 106,600 106,600 106,600 9,227,625 989,031 989,031. '. 989 031. 989.031. 16,295,852 1,714,429 1,714,429 1,714,429 1,714,429 54,121,856 0 0 0 0 2,550,000 0 0 0 0 5,000,000 0 0 0 0 14,500,000 0 0 0 0 6,050,000 0 0 0 0 11,070,000 0 0 0 0 0 0 0 0 0 1,300,000 0 0 0 0 0 0 0 0 0 40,470,000 1,714,429 1,714,429 1,714,429 1,714,429 13,651,856 6,794,139 8,508,569 10,222,998 11,937,427 0 8,508,569 10,222,998 11,937,427 13,651,856 13,651,856 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8 -1 -2006 FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER CAPITAL PROJECTS FUNDING PLAN EXHIBIT IA - CAPITAL PROJECTS FUNDING PLAN - CONFLUENCE NOT INCLUDED IN URA PAGE IA I YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 1 TOTAL PUBLIC REVENUES BY REVENUE TYPE- CAPITAL PROJECTS 2 Real Estate Transfer Tax Initial (excluding Aff. Housing) 0 0 1,958,444 2,110,722 1,084,722 985,996 361,996 673,996 1,174,087 533,000 0 0 0 0 8,882,963 3 Real Estate Transfer Tax Secondary Sales 0 0 0 0 208,700 208,700 393,500 393,500 393,500 618,798 725,398 725,398 725,398 725,398 5,118,291 4 Parking Payment in Lieu Fees 0 0 0 693,000 693,000 693,000 0 808,500 808,500 0 0 0 0 0 3,696,000 5 Main Street Improvement Assessment 0 0 936,058 789,321 296,713 657,313 0 133,400 378,018 244,618 0 0 0 0 3,437,440 6 Land Lease or Sale (per Design Workshop) 0 0 2,755,440 6,689,880 0 0 0 0 7,245,990 0 0 0 0 0 16,691,310 7 Various Unidentified Revenue Sources ` 2,550,000 7,991,000 400,058 787,077 0+ 0 0 0 0 < 0 0 0 0 0 11,728,135 8 Net Bond Proceeds - Tax Increment Bonds (Exhibit II) 0` 11,509,000 0' 0 0 0 0 0 0 0 0 0 0 0 11.509,000 7 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS 2,550,000 19,500,000 6,050,000 11.070,000 2.285,135 2,545,009 755,496 2,009,396 10,000,095 1,396,416 725,398 725,398 725,398 725,398 61,063,139 8 9 TOTAL PUBLIC REVENUES BY PROJECT - CAPITAL PROJECTS 10 Lot 61 0 0 1,227,340 1,245,340 170,300 170,300 170,300 170,300 170,300 170,300 170,300 170,300 170,300 170,300 4,175,680 11 Seasons 0 0 0 0 0 0 0 1,253,900 1,253,900 62,400 62,400 62,400 62,400 62,400 2,819,800 12 Avon Center 0 0 0 1,119,810 1,119,810 1,119,810 86,400 86,400 86,400 86,400 86,400 86,400 86,400 86,400 4,050,630 13 Sheraton Mt. Vista 0 0 1,361,894 460,722 460,722 720,596 361,996 361,996 329,087 162,898 162,898 162,898 162,898 162,898 4,871,504 14 Parking Structure 0 0 0 7,151,783 495,903 495,903 98,400 98,400 98,400 98,400 98,400 98,400 98,400 98,400 8,930,790 15 Town Hall 0 0 3,060,708 305,268 38,400 38,400 38,400 38,400 38,400 38,400 38,400 38,400 38,400 38,400 3,749,975 16 Nottingham 0 0 0 0 0 0 0 0 8,023,608 777,618 106,600 106,600 106,600 106,600 9,227,625 17 Various Unidentified Revenue Sources 2,550,000 7,991,000 400,058 787,077 0 0 0 0 0 0 0 0 0 0 11,728(135 18 Net Bond Proceeds- Tax Increment Bonds (Exhibit 11) 0' 11,509,000 0 0 0 ` 0 0 0 0 ` 0 0 0 0 0 11,509,000 19 TOTAL PUBLIC REVENUES BY PROJECT. CAPITAL PROJECTS 2,550,000 19,500,000 6,050,000 11,070,000 2,285,135 2,545,009 755,496 2,009,396 10,000,095 1,396,416 725,398 725,398 725,398 725,398 61,063,139 20 21 CAPITAL IMPROVEMENTS AND DEBT SERVICE TAX INCREMENT BONDS 22 Transit Center 2,550,000 0 0 0 0 0 0 0 0 0 0 0 0 0 2,550,000 23 Realign Benchmark Road 0 5,000,000 0 0 0 0 0 0 0 0 0 0 0 0 5,000,000 24 Main Street Improvements 0 14,500,000 0 0 0 0 0 0 0 0 0 0 0 0 14,500,000 25 Purchase of Town Hall (from Developer) 0 0 6,050,000 0 0 0 0 0 0 0 0 0 0 0 6,050,000 26 Purchase of Municipal Parking Structure (from Developer) 0 0 0 11,070,000 0 0 0 0 0 0 0 0 0 0 11,070,000 27 Rec Center Expansion (cash funding is shown in Yr 8, bonding could accelerate) 0 0 0 0 0 0 0 : ;`..'5;000,000 0 0 0 0 0 0 6,000,000 28 Library Expansion (funded by Eagle Valley Library District) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 29 Fire Station (funded by Eagle River Fire Protection District) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 30 Tax Increment Bonds - Debt Service Subsidy (Exhibit II) 0 0 0 0 680.401 462,458 312,761 3,144 0 0 0 0 0 0 1,458,764 30 TOTAL CAPITAL IMPROVEMENTS 2,550,000 19,500,000 6,050,000 11,070,000 680,401 462,458 312,761 6,003,144 0 0 0 0 0 0 46,628,764 31 32 EXCESS REVENUES OVER CAPITAL IMPROVEMENTS 0 0 0 0 1,604,735 2,082,551 442,735 - 3,993,749 10,000,095 1,396,416 725,398 725,398 725,398 725,398 14,434,375 33 34 BEGINNING FUND BALANCE 0 0 0 0 0 1,604,734 3,687,286 4,130,020 136,272 10.136,367 11,532,782 12,258,180 12,983,579 13,708,977 0 35 36 ENDING FUND BALANCE 0 0 0 0 1,604,734 3,687,286 4,130,020 136,272 10,136,367 11,532,782 12,258,180 12,983,579 13,708,977 14,434,375 14,434,375 PAGE IA I AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8 -1 -2006 FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER CAPITAL PROJECTS FUNDING PLAN EXHIBIT 113 - CAPITAL PROJECTS FUNDING PLAN - CONFLUENCE INCLUDED IN URA YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 1 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS 2 Real Estate Transfer Tax Initial (excluding Aff. Housing) 0 0 1,958,444 2,110,722 1,084,722 985,996 361,996 673,996 1,174,087 533,000 0 0 0 0 8,882,963 3 Real Estate Transfer Tax Secondary Sales 0 0 0 0 208,700 208,700 393,500 393,500 393,500 618,798 725,398 725,398 725,398 725,398 5,118,291 4 Real Estate Transfer Tax - Confluence (Net of EW Payments) 0 0 3,465,963 1,586,288 2,132,417 1,280,766 1,500,619' 692;322 791,225 ' 890,128 989,031 989,031 989;031 989,031: 16,295,852 5 Parking Payment in Lieu Fees 0 0 0 693;000 693,000 693,000 0 808,500 808,500 0 0 0 0 0 3,696,000 6 Main Street Improvement Assessment 0 0 936,058 789,321 298,713 657,313 0 133,400 378,018 244,618 0 0 0 0 3,437,440 7 Land Lease or Sale (per DesignWorkshop) 0 0 2,755,440 6,689,880 0 0 0 0 7,245,990 0 0 0 0 0 16,691,310 8 Various' Unidentified' Revenue Sources 2,550,000 0 0 0 0 0 0 0 0 0 0 0 0 0 2,550;000 9 Net Bond Proceeds- Tax Increment Bonds (Exhibit II) 0 23,500,000 0' 0 0 0 0 0 0 0 0 0 0 0: 23,500,000 8 TOTAL PUBLIC REVENUES BY REVENUE TYPE - CAPITAL PROJECTS 2,550,000 23,500,000 9,115,905 11,869,211 4,417,552 3,825,775 2,256,115 2,701,718 10,791,320 2,286,544 1,714,429 1,714,429 1,714,429 1,714,429 80,171,856 9 10 TOTAL PUBLIC REVENUES BY PROJECT - CAPITAL PROJECTS 11 Lot 61 0 0 1,227,340 1,245,340 170,300 170,300 170,300 170,300 170,300 170,300 170,300 170,300 170,300 170,300 4,175,680 12 Seasons 0 0 0 0 0 0 0 1,253,900 1,253,900 62,400 62,400 62,400 62,400 62,400 2,819,800 13 Avon Center 0 0 0 1,119,810 1,119,810 1,119,810 86,400 86,400 86,400 86,400 86,400 86,400 86,400 86,400 4,050,630 14 Sheraton Mt. Vista 0 0 1,361,894 460,722 460,722 720,596 361,996 361,996 329,087 162,898 162,898 162,898 162,898 162,898 4,871,504 15 Parking Structure 0 0 0 7,151,783 495,903 495,903 98,400 98,400 98,400 98,400 98,400 98,400 98,400 98,400 8,930,790 16 Town Hall 0 0 3,060,708 305,268 38,400 38,400 38,400 38,400 38,400 38,400 38,400 38,400 38,400 38,400 3,749,975 17 Nottingham 0 0 0 0 0 0 0 0 8,023,608 777,618 106,600 106,600 106,600 106,600 9,227,625 18 Real Estate Transfer Tax - Confluence (Net of EW Payments) 0 0 3,465,963 1,586,288 2,132,417 1,280,766 1,500,619 692,322 791,225 890,128 989,031 989,031 989,031 989,031 16,295,852' 18 Various Unidentified Revenue Sources 2,550,000 0 0 '' 0 0 0 0 0 0 0 0 0 0 0 2,550;000+ 19 Net Bond Proceeds'- Tax Increment Bonds (Exhibit ll) g 23,500,000 0` 0 0 0 0 0 0 0 0 0 0 0 23,500;000' 20 TOTAL PUBLIC REVENUES BY PROJECT- CAPITAL PROJECTS 2,550,000 23,500,000 9,115,905 11,869,211 4,417,552 3.825,775 2,256,115 2,701,718 10,791,320 2,286,544 1,714,429 1,714,429 1,714,429 1,714,429 80,171,856 21 22 CAPITAL IMPROVEMENTS AND DEBT SERVICE TAX INCREMENT BONDS 23 Transit Center 2,550,000 0 0 0 0 0 0 0 0 0 0 0 0 0 2,550,000 24 Realign Benchmark Road 0 5,000,000 0 0 0 0 0 0 0 0 0 0 0 0 5,000,000 25 Main Street Improvements 0 14,500,000 0 0 0 0 0 0 0 0 0 0 0 0 14,500,000 26 Purchase of Town Hall (from Developer) 0 0 6,050,000 0 0 0 0 0 0 0 0 0 0 0 6,050,000 27 Purchase of Municipal Parking Structure (from Developer) 0 0 0 11,070,000 0 0 0 0 0 0 0 0 0 0 11,070,000 28 : Railroad Crossing (per Norm Wood) 0: 1,300,000 0 0 0 0 0 0 0 0 0 0 0 0 1,300,000 28 Rec Center Expansion (cash funding is shown in Yr 4, bonding could accelerate) 0 0 0 6,000,000 0 0 0 0 0 0 0 0 0 0 6,000,000 29 Library Expansion (funded by Eagle Valley Library District) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 30 Fire Station (funded by Eagle River Fire Protection District) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31 Tax Increment Bonds - Debt Service Subsidy (Exhibit IIA) 0 0 0 0 1,135,654 787,769 256,724 0 0 0 0 0 0 0 2,180,146 31 TOTAL CAPITAL IMPROVEMENTS 2,550,000 20,800,000 6,050,000 17,070,000 1,135,654 787,769 256,724 0 0 0 0 0 0 0 48,650,146 32 33 EXCESS REVENUES OVER CAPITAL IMPROVEMENTS 0 2,700,000 3,065,905 - 5,200,789 3.281,898 3,038,007 1,999,391 2,701,718 10,791,320 2,286,544 1,714,429 1,714,429 1,714,429 1,714,429 31,521,710 34 35 BEGINNING FUND BALANCE 0 0 2,700,000 5,765,905 565,116 3,847,014 6,885,020 8,884,412 11,586,130 22,377,449 24,663,993 26,378,422 28,092,851 29,807,280 0 36 37 ENDING FUND BALANCE 0 2,700.000 5,765,905 565,116 3,847,014 6,885,020 8,884,412 11.586,130 22,377,449 24,663,993 26,378,422 28,092,851 29,807,280 31,521,710 31,521,710 PAGE 1B M AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 URA REVENUE & BONDING CAPACITY EXHIBIT II - TOTAL FORECASTED URA REVENUE FROM ALL PROJECTS DRAFT 8 -1 -2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER 39 40 Annual Debt Service ($14.7m, January 1, Yr 2, 6.5%, 23 Yr Amort, Net of Cap 1): 41 Principal Payment YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 0 PROJECTED ASSESSED VALUATION BY PROJECT ( *) 0 0 955.500 931,125 904.800 876,850 846.950 815,425 781,625 745.875 707,525 666,900 8,232,575 43 Total Debt Service 0 0 1 Lot 61 0 0 0 0 4,467,010 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 85,338,850 2 Seasons 0 0 0 0 0 0 0 0 0 1,300,920 2,601,840 2,601,840 2,601,840 2,601,840 11,708,280 3 Avon Center 0 0 0 0 0 1,533,234 3,066,468 4,599,702 4,599,702 4,599,702 4,599,702 4,599,702 4,599,702 4,599,702 36,797,616 4 Sheraton Mt. Vista 0 0 0 4,367,670 4,367,670 4,367,670 4,367,670 8,076,330 8,076,330 8,076,330 8,076,330 8,076,330 8,076,330 8,076,330 74,004,990 5 Parking Structure 0 0 0 0 0 1,759,045 3,613,609 5,488,074 5,488,074 5,488,074 5,488,074 5,488,074 5,488,074 5,488,074 43,789,172 6 Town Hall 0 0 0 0 1,641,515 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 31,367,876 7 Nottingham 0 0 0 0 0 0 0 0 0 0 2,810,685 5,621,369 5,621,369 5,621,369 19,674,792 8 Confluence 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 TOTAL ASSESSED VALUATION BY PROJECT 0 0 0 4,367,670 10,476,195 19,948,638 23,336,436 30,452,795 30,452,795 31,753,715 35,865,320 38,676,004 38,676,004 38,676,004 302,681,575 10 54 Net Construction Proceeds Available 11,509,000 11 URBAN RENEWAL AUTHORITY REVENUES 55 12 RE -50J 19.595 0 0 0 85,584 205,281 390,894 457,277 596,723 596,723 622,214 702,781 757,856 757,856 757,856 5,931,045 13 Town of Avon - General Fund 8.960 0 0 0 39,134 93,867 178,740 209,094 272,857 272,857 284,513 321,353 346,537 346,537 346,537 2,712,027 14 Eagle County 8.499 0 0 0 37,121 89,037 169,543 198,336 258,818 258,818 269,875 304,819 328,707 328,707 328,707 2,572,491 15 Colorado Mountain College 3.997 0 0 0 17,458 41,873 79,735 93,276 121,720 121,720 126,920 143,354 154,588 154,588 154,588 1,209,818 16 Eagle River Fire Protection District 5.300 0 0 0 23,149 55,524 105,728 123,683 161,400 161,400 168,295 190,086 204,983 204,983 204,983 1,604,212 17 Eagle River Water and Sanitation District 1.214 0 0 0 5,302 12,718 24,218 28,330 36,970 36,970 38,549 43,540 46,953 46,953 46,953 367,455 18 Eagle County Health Services District 2.010 0 0 0 8,779 21,057 40,097 46,906 61,210 61,210 63,825 72,089 77,739 77,739 77,739 608,390 19 Colorado River Water Conservancy District 0.230 0 0 0 1,005 2,410 4,588 5,367 7,004 7,004 7,303 8,249 8,895 8,895 8,895 69,617 20 Eagle County Library District 2.750 0 0 0 12,011 28.810 54,859 64.175 83.745 83.745 87,323 98,630 106,359 106.359 106,359 832.374 21 TOTAL URA OVERLAPPING MILL LEVIES ( * *) 52.555 0 0 0 229,543 550,576 1,048,401 1,226,446 1,600,447 1,600,447 1,668,816 1,884,902 2,032,617 2,032,617 2,032,617 15,907,430 22 23 TOTAL URA REVENUES BY PROJECT 24 Lot 61 0 0 0 0 234,764 472,247 472,247 472,247 472,247 472,247 472,247 472,247 472,247 472,247 4,484,983 25 Seasons 0 0 0 0 0 0 0 0 0 68,370 136,740 136,740 136,740 136,740 615,329 26 Avon Center 0 0 0 0 0 80,579 161,158 241,737 241,737 241,737 241,737 241,737 241,737 241,737 1,933,899 27 Sheraton Mt. Vista 0 0 0 229,543 229,543 229,543 229,543 424,452 424,452 424,452 424,452 424,452 424,452 424,452 3,889,332 28 Parking Structure 0 0 0 0 0 92,447 189,913 288,426 288,426 288,426 288,426 288,426 288,426 288,426 2,301,340 29 Town Hall 0 0 0 0 86,270 173,585 173,585 173,585 173,585 173,585 173,585 173,585 173,585 173,585 1,648,539 30 Nottingham 0 0 0 0 0 0 0 0 0 0 147,716 295,431 295,431 295,431 1,034,009 31 Confluence 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32 TOTAL URA REVENUES BY PROJECT 0 0 0 229,543 550,576 1,048,401 1,226,446 1,600,447 1,600,447 1,668,816 1,884,902 2,032,617 2,032,617 2,032,617 15,907,430 33 34 ( *) May have to be adjusted downward for current land assessed values. 35 ( * *) Excludes Town of Avon Debt Service Mill Levy and Metro District Mill Levies 36 37 TAX INCREMENT BONDING ANALSYSIS (ASSUMING 1.20X DEBT SERVICE COVERAGE) 38 Property Tax Increment Revenues Avail. for Debt Service @ 1.20x Coverage 0 0 0 191,286 458,814 873,667 1,022,039 1,333,706 1,333,706 1,390,680 1,570,752 1,693,848 1,693,848 1,693,848 13,256,192 39 40 Annual Debt Service ($14.7m, January 1, Yr 2, 6.5%, 23 Yr Amort, Net of Cap 1): 41 Principal Payment 0 0 0 0 375,000 405,000 430,000 460,000 485,000 520,000 550,000 590,000 625,000 670,000 5,110,000 42 Interest @ 6.5% (Yrs. 2 - 4 funded from Cap Interest) 0 0 0 0 955.500 931,125 904.800 876,850 846.950 815,425 781,625 745.875 707,525 666,900 8,232,575 43 Total Debt Service 0 0 0 0 1,330,500 1,336,125 1,334,800 1,336,850 1,331,950 1,335,425 1,331,625 1,335,875 1,332,525 1,336,900 13,342,575 44 Bonds Outstanding @ 12/31 0 14.700,000 14,700,000 14.700.000 14,325,000 13.920,000 13.490,000 13,030,000 12,545,000 12.025,000 11,475,000 10,885,000 10,260,000 9,590,000 9.590,000 45 46 Excess (Deficiency) of Prop. Tax Inc. Revenues Compared to Debt Service 0 0 0 191,286 87{ 1,686) (462,458) (312,761) (3,144) 1 756 55,255 239.127 357,973 361,323 356,948 8( 6,383) 47 Town of Avon Other Revenues Required for Tax Increment Debt Service 0 0 0 0 680,401 462,458 312.761 3,144 0 0 0 0 0 0 1,458,764 48 49 50 Tax Increment Revenue Bond Issue Sizing: 51 Gross Bond Issue Amount 14,700,000 52 Costs of Issuance @ 3% 441,000 53 3 Years Interest Payments (Cap 1) - Net Funded 2.750,000 54 Net Construction Proceeds Available 11,509,000 55 56 ( * * *) An additional $6.0 million of Tax Increment Bonds Could Be Supported in Year 12 assuming 1:1 Debt Service Coverage PAGE 2 .r° AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 URA REVENUE & BONDING CAPACITY (INCLUDES CONFLUENCE DEVELOPMENT) EXHIBIT IIA -TOTAL FORECASTED URA REVENUE FROM ALL PROJECTS YEAR1 YEAR2 DRAFT 8 -1 -2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER YEAR 3 0 0 0 0 0 0 0 0 0 39 40 Annual Debt Service ($30.0m, January 1, Yr 2, 6.5%,23 Yr Amort, Net of Cap 1) YEAR 4 PROJECTED ASSESSED VALUATION BY PROJECT ( *) YEAR 6 YEAR 7 1 Lot 61 0 0 2 Seasons 0 0 3 Avon Center 0 0 4 Sheraton Mt. Vista 0 0 5 Parking Structure 0 0 6 Town Hall 0 0 7 Nottingham 0 0 8 Confluence Q 0 9 TOTAL ASSESSED VALUATION BY PROJECT 0 0 10 4,599,702 4,599,702 4,599,702 11 URBAN RENEWAL AUTHORITY REVENUES 4,599,702 36,797,616 12 RE- 50J 19.595 0 0 13 Town of Avon - General Fund 8.960 0 0 14 Eagle County 8.499 0 0 15 Colorado Mountain College 3.997 0 0 16 Eagle River Fire Protection District 5.300 0 0 17 Eagle River Water and Sanitation District 1.214 0 0 18 Eagle County Health Services District 2.010 0 0 19 Colorado River Water Conservancy District 0.230 0 0 20 Eagle County Library District 2.750 0 0 21 TOTAL URA OVERLAPPING MILL LEVIES ( ) 52.555 0 0 22 0 0 2,810,685 23 TOTAL URA REVENUES BY PROJECT 5,621,369 19,674,792 24 Lot 61 0 0 25 Seasons 0 0 26 Avon Center 0 0 27 Sheraton Mt. Vista 0 0 28 Parking Structure 0 0 29 Town Hall 0 0 30 Nottingham 0 0 31 Confluence 0 0 32 TOTAL URA REVENUES BY PROJECT 0 0 33 0 0 0 0 34 () May have to be adjusted downward for current land assessed values. 0 68,370 35 ( * *) Excludes Town of Avon Debt Service Mill Levy and Metro District Mill Levies 136,740 136,740 36 0 0 0 80,579 37 TAX INCREMENT BONDING ANALSYSIS (ASSUMING 1.20X DEBT SERVICE COVERAGE) 241,737 241,737 38 Property Tax Increment Revenues Avail. for Debt Service @ 1.20x Coverage 0 0 39 40 Annual Debt Service ($30.0m, January 1, Yr 2, 6.5%,23 Yr Amort, Net of Cap 1) YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 0 4,467,010 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 85,338,850 0 0 0 0 0 0 1,300,920 2,601,840 2,601,840 2,601,840 2,601,840 11,708,280 0 0 1,533,234 3,066,468 4,599,702 4,599,702 4,599,702 4,599,702 4,599,702 4,599,702 4,599,702 36,797,616 4,367,670 4,367,670 4,367,670 4,367,670 8,076,330 8,076,330 8,076,330 8,076,330 8,076,330 8,076,330 8,076,330 74,004,990 0 0 1,759,045 3,613,609 5,488,074 5,488,074 5,488,074 5,488,074 5,488,074 5,488,074 5,488,074 43,789,172 0 1,641,515 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302,929 31,367,876 0 0 0 0 0 0 0 2,810,685 5,621,369 5,621,369 5,621,369 19,674,792 0 21,446,023 24,161,868 32,938,353 32,938,353 32,938,353 32,938,353 32,938,353 32,938,353 32,938,353 32,938,353 309,114,715 4,367,670 31,922,218 44,110,506 56,274,789 63,391,148 63,391,148 64,692,068 68,803,673 71,614,357 71,614,357 71,614,357 611,796,290 0 85,584 625,516 864,345 1,102,704 1,242,150 1,242,150 1,267,641 1,348,208 1,403,283 1,403,283 1,403,283 11,988,148 0 39,134 286,023 395,230 504,222 567,985 567,985 579,641 616,481 641,665 641,665 641,665 5,481,695 0 37,121 271,307 374,895 478,279 538,761 538,761 549,818 584,762 608,650 608,650 608,650 5,199,657 0 17,458 127,593 176,310 224,930 253,374 253,374 258,574 275,008 286,243 286,243 286,243 2,445,350 0 23,149 169,188 233,786 298,256 335,973 335,973 342,868 364,659 379,556 379,556 379,556 3,242,520 0 5,302 38,754 53,550 68,318 76,957 76,957 78,536 83,528 86,940 86,940 86,940 742,721 0 8,779 64,164 88,662 113,112 127,416 127,416 130,031 138,295 143,945 143,945 143,945 1,229,711 0 1,005 7,342 10,145 12,943 14,580 14,580 14,879 15,825 16,471 16,471 16,471 140,713 0 12,011 87,786 121,304 154,756 174,326 174,326 177,903 189,210 196,939 196,939 196,939 1,682,440 0 229,543 1,677,672 2,318,228 2957,522 3,331,522 3,331,522 3,399,892 3,615,977 3,763,693 3,763,693 3,763,693 32,152,954 0 0 234,764 472,247 472,247 472,247 472,247 472,247 472,247 472,247 472,247 472,247 4,484,983 0 0 0 0 0 0 0 68,370 136,740 136,740 136,740 136,740 615,329 0 0 0 80,579 161,158 241,737 241,737 241,737 241,737 241,737 241,737 241,737 1,933,899 0 229,543 229,543 229,543 229,543 424,452 424,452 424,452 424,452 424,452 424,452 424,452 3,889,332 0 0 0 92,447 189,913 288,426 288,426 288,426 288,426 288,426 288,426 288,426 2,301,340 0 0 86,270 173,585 173,585 173,585 173,585 173,585 173,585 173,585 173,585 173,585 1,648,539 0 0 0 0 0 0 0 0 147,716 295,431 295,431 295,431 1,034,009 0 0 1,127,096 1,269827 1,731,075 1,731,075 1,731,075 1,731,075 1,731,075 1,731,075 1,731,075 1,731,075 16,245,524 0 229,543 1,677,672 2,318,228 2,957,522 3,331,522 3,331,522 3,399,892 3,615,977 3,763,693 3,763,693 3,763,693 32,152,954 0 191,286 1,398,060 1,931,856 2,464,601 2,776,268 2,776,268 2,833,243 3,013,314 3,136,410 3,136,410 3,136,410 26,794,128 41 Principal Payment 0 0 0 0 775,000 42 Interest @ 6.5% (Yrs. 2 - 4 funded from Cap Interest) 0 0 0 0 1,950,000 43 Total Debt Service 0 0 0 0 2,725,000 44 Bonds Outstanding @ 12/31 0 30,000,000 30 000.000 30,000,000 29,225,000 45 2,724,000 2,720,100 2,721,975 2,723,975 2,720,775 46 Excess (Deficiency) of Prop. Tax Inc. Revenues Compared to Debt Service 0 0 0 191,286 (1,326,940) 47 Town of Avon Other Revenues Required for Tax Increment Debt Service 0 0 0 0 1,135,654 48 51,818 52,593 109,243 293,214 414,435 49 415,635 (430,772) 787,769 256,724 0 50 Tax Increment Revenue Bond Issue Sizing: ( ) 0 0 0 0 0 51 Gross Bond Issue Amount 30,000,000 52 Costs of Issuance @ 3% 900,000 53 3 Years Interest Payments (Cap 1) - Net Funded 5,600,000 54 Net Construction Proceeds Available 23,500,000 55 56 ( * * *) An additional $6.0 million of Tax Increment Bonds Could Be Supported in Year 12 assuming 1:1 Debt Service Coverage N 820,000 875,000 935,000 995,000 1,060,000 1,125,000 1,200,000 1,280,000 1,360,000 10,425,000 1,899,625 1,846,325 1,789,450 1,728,675 1,664,000 1,595,100 1,521,975 1,443,975 1,360,775 16,799,900 2,719,625 2,721,325 2,724,450 2,723,675 2,724,000 2,720,100 2,721,975 2,723,975 2,720,775 27,224,900 28,405,000 27.530,000 26,595,000 25,600,000 24,540,000 23,415,000 22,215,000 20,935,000 19,575,000 19,575,000 (787,769) 25( 6,724) 51,818 52,593 109,243 293,214 414,435 412,435 415,635 (430,772) 787,769 256,724 0 0 0 0 0 0 0 2,180,146 PAGE 2A 0 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8 -1 -2006 FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER OPERATING FUNDING EXHIBIT III - TOTAL FORECASTED OPERATING REVENUE AND EXPENDITURES FROM ALL PROJECTS YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 1 TOTAL PUBLIC REVENUES BY REVENUE TYPE- OPERATIONS 2 General Fund Property Taxes @ 8.96 mills (1) 0 0 0 39,134 93,867 178,740 209,094 272,857 272,857 284,513 321,353 346,537 346,537 346,537 2,712,027 3 Sales Tax @ 4% 0 0 40,900 171,835 360,863 418,957 549,250 549,250 556,050 642,085 721,320 721,320 721,320 721,320 6,174,470 4 Recreation Amenities Fees @ 28.02 per Deeded Week 0 0 121,412 121,412 121,412 121,412 214,639 214,639 214,639 214,639 214,639 214,639 214,639 214,639 2,202,765 5 Accomodations Tax (Condo - Hotel) @ 8% 0 0 0 128,115 258,201 258,201 258,201 258,201 258,201 339,012 419,823 419,823 419,823 419,823 3,437,424 6 Confluence Operating Revenues assumed for Mali 0 0 65,500 65,500 90,500 90,500 90,500 90,500 90:500 90,500 90,500 90,500 90,500 90.500 1.036,000, 7 TOTAL PUBLIC REVENUES BY REVENUE TYPE - OPERATIONS 0 0 227,812 525,997 924,843 1,067,810 1,321,685 1,385,448 1,392,248 1,570,750 1,767,636 1,792,819 1,792,819 1,792,819 15,562,686 8 9 TOTAL PUBLIC REVENUES BY PROJECT- OPERATIONS 10 Lot 61 0 0 0 192,515 427,025 467,513 467,513 467,513 467,513 467,513 467,513 467,513 467,513 467,513 4,827,161 11 Seasons 0 0 0 0 0 0 0 0 6,800 25,256 36,912 36,912 36,912 36,912 179,706 12 Avon Center 0 0 0 0 37,620 88,978 140,336 154,073 154,073 154,073 154,073 154,073 154,073 154,073 1,345,447 13 Sheraton Mt. Vista 0 0 162,312 201,447 201,447 201,447 366,874 400,103 400,103 400,103 400,103 400,103 400,103 400,103 3,934,249 14 Parking Structure (2) 0 0 0 0 20,473 56,708 93,798 110,593 110,593 110,593 110,593 110,593 110,593 110,593 945,131 15 Town Hall 0 0 0 66,535 147,778 162,664 162,664 162,664 162,664 162,664 162,664 162,664 162,664 162,664 1,678,291 16 Nottingham 0 0 0 0 0 0 0 0 0 160,046 345,276 370,459 370,459 370,459 1,616,700 17 Confluence Operating Revenues assumed for Mail 0 0 65,500 65,500 90,500 90,500 90,500 90.500 90,500 90,500 90,500 90,500 90,500 90,500 1,036,000' 18 TOTAL PUBLIC REVENUES BY PROJECT- OPERATIONS 0 0 227,812 525,997 924,843 1,067,810 1,321,685 1,385,448 1,392,248 1,570,750 1,767,636 1,792,819 1,792,819 1,792,819 15,562,686 19 20 21 ESTIMATED OPERATING /MAINTENANCE COSTS (Per TOA) 22 Snowmelt (Bob Reed and Norm Wood) 0 62,000 343,000 343,000 343,000 343,000 343,000 343,000 343,000 343,000 343,000 343,000 343,000 343,000 4,178,000 23 Mall Operations, Maintenance, Minor Capital (Bob Reed, Norm Wood) 0 45,900 467,000 467,000 467,000 467,000 467,000 467,000 467,000 467,000 467,000 467,000 467,000 467,000 5,649,900 24 Parking Lot Operations and Maintenance (Bob Reed, Norm Wood) (3) 0 0 0 50,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 1,100,000 25 Police (2 officers for mall, 1 for parking structure) 0 50,000 200,000 200,000 300,000 300,000 300,000 300,000 300.000 300,000 300.000 300,000 300,000 300,000 3.450,000 26 TOTAL PUBLIC OPERATING EXPENDITURES 0 157,900 1,010,000 1,060,000 1,215,000 1,215,000 1,215,000 1,215,000 1,215,000 1,215,000 1,215,000 1,215,000 1,215,000 1,215,000 14,377,900 27 28 EXCESS OPERATING REVENUES OVER (UNDER) EXPENDITURES (4) 0 157 900 (782,188) 53f 4,003) 290 157 14( 7,190) 106,685 170,448 177,248 355,750 552,636 577,819 577,819 577,819 1,184,786 29 30 (1) May not be available if Tax Increment URA is formed. 31 (2) Assumes 210 Parking Spaces are Free to Parkers (Needs to be discussed because there is potential for at least day skier parking revenue generation) 32 (3) Assumes 210 "Public" Parking Spaces @ $500 per space cost - assumes operating & maintenance costs re: 159 residential and commercial spaces requirements are paid for from residential and commercial HOA. 33 (4) Additional Town operating revenues will be generated (i.e., franchise fees, county sales taxes, county road & bridge fees, state shared revenues), which could reduce early year deficits to some degree. PAGE 3 0 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 LOT 69 SCHEDULE 1 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES Residential: Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Total Residential Retail Office Total Commercial Total Project SOURCE: DESIGNWC Planned Average Average Average Total Number Sq. Ft. Sales Price Per Unit Gross Unit Unit ep r Unit Per So. Ft. Price Volume 0 2,000 600 1,200,000 0 0 2,000 600 1,200,000 0 18 1,000 250 250,000 4,500,000 131 1000 650 650,000 85.150,000 149 0 0 601,678 89,650.000 Planned 65 Average 0 0 Number 0 Sales Price 0 0 Sq. Ft. 131 Per Sq. Ft. 0 74 12,880 0 300 0 3,864,000 10.056 0 250 0 2.514,000 22936 0 278 3,542,200 6.378.000 0 0 0 0 96.028.000 Estimated Residential Values (Uninflated): Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Estimated Value Of Residential Buildout - Entire Project (Uninflated) Estimated Commercial Values (Uninflated): Retail Office Estimated Value of Commercial Buildout - Entire Project (Uninflated) Proj. Assessed Value - Incremental: Estimated Value Of Residential @ 7.96 Estimated Value Of Commercial @ 29 Total Incremental Assessed Valuation - All Sources Proj. Assessed Value By Year - Cumulative (Uninflated): Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR): Year Assessed Valuation Certified Year Taxes Received N DRAFT 8 -1 -2006 SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR .5 YEAR ..6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 9 0 0 0 0 0 0 0 0 18 0 0 65 66 0 0 0 0 0 0 0 0 131 0 0 74 75 0 0 0 0 0 0 0 0 149 0 0 6,440 6,440 0 0 0 0 5 028 55,028 0 0 0 0 11_,468 11468 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,250,000 2,250,000 0 0 0 0 42.250,000 42.900.000 0 0 0 0 44.500,000 45,150,000 0 0 0 0 1,932,000 1,932,000 0 0 0 0 1,257.000 1.257,000 0 0 0 0 3.189,000 3,189,000 0 0 0 0 3,542,200 3,593,940 0 0 0 0 924.810 924,810 0 0 0 0 4,467,010 4,518,750 0 0 0 0 4.467.010 8.985.760 8.985.760 8,985,760 0 0 4,467.010 8.985.760 8.985.760 8,985.760 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 0 0 0 0 0 12,880 0 0 0 0 0 0 10_,056 0 0 0 0 0 0 22,936 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4,500,000 0 0 0 0 0 0 85.150,000 0 0 0 0 0 0 89.650,000 0 0 0 0 0 0 3,864,000 0 0 0 0 0 0 2,514,000 0 0 0 0 0 0 6,378,000 0 0 0 0 0 0 7,136,140 0 0 0 0 0 0 1,849,620 0 0 0 0 0 0 8,985,760 8.985,760 8.985.760 8.985,760 8.985.760 8.985.760 8.985.760 8.985.760 8,985,760 8,985.760 8,985,760 8,985,760 8,985,760 8,985,760 8,985,760 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 PAGE 4 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 LOT 61 YEAR 4 SCHEDULE 1 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES PUBLIC REVENUES - OPERATIONS YEAR 7 General Fund Property Taxes @ 8.96 Mills Sales Tax @ 4% 250 per Sq. Ft. Recreation Amenities Fee @ 28.02 per Interval Deeded Week Accomodations Tax (Condo - Hotel) @ 8% 45% Ann. Occ. $ 150 ADR TOTAL PUBLIC REVENUES OPERATIONS 128,800 PUBLIC REVENUES - CAPITAL PROJECTS 128,800 Real Estate Transfer Tax Initial (excluding Aff. Housing) @ 2% Real Estate Transfer Tax Secondary Sales @ 2% 10% turnover beg. In year 5 Parking Payment in Lieu Fees . 0 Main Street Improvement Assessment $ 5.00 per Sq. Ft @ permit Land Lease or Sale 258.201 TOTAL PUBLIC REVENUES CAPITAL PROJECTS 258,201 URBAN RENEWAL AUTHORITY REVENUES 0 RE- 50J 19.595 Town of Avon 8.960 Eagle County 8.499 Colorado Mountain College 3.997 Eagle River Fire Protection District 5.300 Eagle River Water and Sanitation District 1.214 Eagle County Health Services District 2.010 Colorado River Water Conservancy District 0.230 Eagle County Library District 2.750 TOTAL URA OVERLAPPING MILL LEVIES 52.555 E DRAFT 8- 1.2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 0 40,024 80,512 80,512 80,512 0 64,400 128,800 128,800 128,800 128,800 0 0 0 0 0 0 0 128,115 258.201 258,201 258,201 258101 0 192,515 427.025 467,513 467,513 467,513 845,000 858,000 0 0 0 0 0 0 170,300 170,300 170,300 170,300 0 0 0 0 0 0 382,340 387,340 0 0 0 0 0 0 0 0 0 0 1,227,340 1,245,340 170,300 170,300 170,300 17 0, 300 0 0 87,531 176,076 176,076 176,076 0 0 40,024 80,512 80,512 80,512 0 0 37,965 76,370 76,370 76,370 0 0 17,855 35,916 35,916 35,916 0 0 23,675 47,625 47,625 47,625 0 0 5,423 10,909 10,909 10,909 0 0 8,979 18,061 18,061 18,061 0 0 1,027 2,067 2,067 2,067 0 0 12_,284 24 711 24 711 24_,711 0 0 234,764 472,247 472,247 472,247 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 80,512 80,512 80,512 80,512 80,512 80,512 764,636 128,800 128,800 128,800 128,800 128,800 128,800 1,352,400 0 0 0 0 0 0 0 258,201 258,201 258,201 258,201 258,201 258,201 2,710,125 467,513 467,513 467,513 467.513 467,513 467,513 4,827,161 0 0 0 0 0 0 1,703,000 170,300 170,300 170,300 170,300 170,300 170,300 1,703,000 0 0 0 0 0 0 0 0 0 0 0 0 0 769,680 0 0 0 0 0 0 0 170,300 170,300 170,300 170,300 170,300 170,300 4,175,680 176,076 176,076 176,076 176,076 176,076 176,076 1,672,215 80,512 80,512 80,512 80,512 80,512 80,512 764,636 76,370 76,370 76,370 76,370 76,370 76,370 725,295 35,916 35,916 35,916 35,916 35,916 35,916 341,099 47,625 47,625 47,625 47,625 47,625 47,625 452,296 10,909 10,909 10,909 10,909 10,909 10,909 103,601 18,061 18,061 18,061 18,061 18,061 18,061 171,531 2,067 2,067 2,067 2,067 2,067 2,067 19,628 24 711 24 711 24,_711 24 711 24,_711 24 711711 234.682 472,247 472,247 472,247 472,247 472,247 472,247 4,484,983 PAGE 5 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SEASONS SCHEDULE 2 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Total Residential Commercial: Retail Office Total Commercial Total Project SOURCE: DESIGNWC Planned Average Average Average Total Number Sq. Ft. Sales Price Per Unit Gross Unit Unit ep r Unit Per So. Ft. Price Volume 26 2,000 600 1,200,000 31,200,000 0 2,000 600 1,200,000 0 0 1,000 250 250,000 0 0 1000 650 650,000 0 26 0 0 1.200,000 31.200,000 Planned 0 Average 0 0 Number 0 Sales Price 0 0 So. Ft. 0 Per Sq. Ft. 0 0 1,360 0 300 0 408,000 0 0 250 0 0 1360 0 300 0 408.000 0 0 0 0 31.608.000 Estimated Residential Values (Uninflated): Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Estimated Value Of Residential Buildout - Entire Project (Uninflated) Estimated Commercial Values (Uninflated): Retail Office Estimated Value of Commercial Buildout - Entire Project (Uninflated) Proj. Assessed Value - Incremental: Estimated Value Of Residential @ 7.96 Estimated Value Of Commercial @ 29 Total Incremental Assessed Valuation - All Sources Proj. Assessed Value By Year - Cumulative (Uninflated): Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR): Year Assessed Valuation Certified Year Taxes Received N DRAFT 8 -1 -2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS 0 0 0 0 0 0 0 13 13 0 0 0 26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13 13 0 0 0 26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 680 0 0 0 680 0 15,600,000 0 0 0 0 0 0 0 15.600,000 0 204,000 0 0 0 204 000 0 1,241,760 0 59_,160 0 1,300,920 0 1.300.920 0 1.300.920 YEAR 8 YEAR 9 YEAR 9 YEAR 10 PAGE 6 680 0 0 0 1,360 0 0 0 0 0 680 0 0 0 1360 15,600,000 0 0 0 31,200,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15,600,000 0 0 0 31.200.000 204,000 0 0 0 408,000 0 0 0 0 0 201000 0 0 0 408.000 1,241,760 0 0 0 2,483,520 59,160 0 0 0 118.320 1.300,920 0 0 0 2,601.840 2,601,84 2.601,840 2,601,8 2.601.840 2.601.840 2,601.840 2.601,840 2.601.840 2.601.840 2.601.840 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 11 YEAR 12 YEAR 13 YEAR 14 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SEASONS SCHEDULE 2 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES PUBLIC REVENUES - OPERATIONS General Fund Property Taxes @ 8.96 Mills Sales Tax @ 4% 250 per Sq. Ft. Recreation Amenities Fee @ 28.02 per Interval Deeded Week Accomodations Tax (Condo - Hotel) @ 8% 45% Ann. Occ. $ 150 ADR TOTAL PUBLIC REVENUES OPERATIONS 8.960 PUBLIC REVENUES - CAPITAL PROJECTS 8.499 Real Estate Transfer Tax Initial (excluding Aff. Housing) @ 2 Real Estate Transfer Tax Secondary Sales @ 2% 10% turnover beg. In year 10 Parking Payment in Lieu Fees 49 $ 33,000 per space Main Street Improvement Assessment $ 5.00 per Sq. Ft @ permit Land Lease or Sale YEAR 4 TOTAL PUBLIC REVENUES CAPITAL PROJECTS YEAR 6 URBAN RENEWAL AUTHORITY REVENUES YEAR 8 RE- 50J 19.595 Town of Avon 8.960 Eagle County 8.499 Colorado Mountain College 3.997 Eagle River Fire Protection District 5.300 Eagle River Water and Sanitation District 1.214 Eagle County Health Services District 2.010 Colorado River Water Conservancy District 0.230 Eagle County Library District 2.750 TOTAL URA OVERLAPPING MILL LEVIES 52.555 DRAFT 8.1.2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D 0 0 0 0 0 312,000 0 0 0 0 0 0 0 0 0 0 0 808,500 0 0 0 0 0 133,400 0 0 0 0 0 0 0 0 0 0 0 1.253.900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 0 11,656 23,312 23,312 23,312 23,312 104,906 6,800 13,600 13,600 13,600 13,600 13,600 74,800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6,.,8_00 25,256 36_,912 36_,912 36_,912 36_,912 179,70 312,000 0 0 0 0 0 624,000 0 62,400 62,400 62,400 62,400 62,400 312,000 808,500 0 0 0 0 0 1,617,000 133,400 0 0 0 0 0 266,800 0 0 0 0 0 0 0 1.253,900 62_,400 62,400 62_,400 62,400 62,400 2.819,800 0 25,492 50,983 50,983 50,983 50,983 229,424 0 11,656 23,312 23,312 23,312 23,312 104,906 0 11,057 22,113 22,113 22,113 22,113 99,509 0 5,200 10,400 10,400 10,400 10,400 46,798 0 6,895 13,790 13,790 13,790 13,790 62,054 0 1,579 3,159 3,159 3,159 3,159 14,214 0 2,615 5,230 5,230 5,230 5,230 23,534 0 299 598 598 598 598 2,693 0 3578 7155 7155 77155 7,155 32_,198 0 68_,370 136.740 136.740 136.740 136.740 615.329 PAGE 7 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 AVON CENTER SCHEDULE 3 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES Residential: Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Total Residential Retail Office Total Commercial Total Project SOURCE: DESIGNWC Planned Average Average Average Total Number Sq. Ft. Sales Price Per Unit Gross Unit Unit ep r Unit Per So. Ft. Price Volume 36 2,000 600 1,200,000 43,200,000 0 2,000 600 1,200,000 0 9 1,000 250 250,000 2,250,000 0 11000 650 650.000 0 45 0 0 1,010,000 45,450,000 Planned 0 Average 0 0 Number 15,150,000 Sales Price 0 0 Sq. Ft. 1,128,600 Per Sq. Ft. 1,128,600 0 11,286 0 300 0 3,385,800 0 0 250 1.128,600 0 11,286 0 300 0 3.385,800 1,205,940 1,205,940 0 0 48.835.800 Estimated Residential Values (Uninflated): Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Estimated Value Of Residential Buildout - Entire Project (Uninflated) Estimated Commercial Values (Uninflated): Retail Office Estimated Value of Commercial Buildout - Entire Project (Uninflated) Proj. Assessed Value - Incremental: Estimated Value Of Residential @ 7.96% Estimated Value Of Commercial @ 29% Total Incremental Assessed Valuation - All Sources Proj. Assessed Value By Year - Cumulative (Uninflated): Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR): Year Assessed Valuation Certified Year Taxes Received DRAFT 8.1.2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS 0 0 0 12 12 12 0 0 0 0 0 0 36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 3 3 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 15 15 0 0 0 0 0 0 45 0 0 0 3,762 3,762 3,762 0 0 0 0 0 0 0 0 0 3762 3 762 33,762 0 0 0 14,400,000 14,400,000 14,400,000 0 0 0 0 0 0 0 0 0 750,000 750,000 750,000 0 0 0 0 0 0 0 0 0 15.150,000 15,150,000 15,150.000 0 0 0 1,128,600 1,128,600 1,128,600 0 0 0 0 0 0 0 0 0 1.128,600 1,128,600 1.128.600 0 0 0 1,205,940 1,205,940 1,205,940 0 0 0 327,294 327.294 327.294 0 0 0 1.533,234 1.533.234 1,533,234 0 0 0 1.533.234 3.066.468 4.599702 0 0 0 1,533,234 3,066,468 4,599,702 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 0 0 0 0 0 11,286 0 0 0 0 0 0 0 0 0 0 0 0 0 11286 0 0 0 0 0 0 43,200,000 0 0 0 0 0 0 0 0 0 0 0 0 0 2,250,000 0 0 0 0 0 0 0 0 0 0 0 0 0 45.450.000 0 0 0 0 0 0 3,385,800 0 0 0 0 0 0 0 0 0 0 0 0 0 3.385.800 0 0 0 0 0 0 3,617,820 0 0 0 0 0 0 981.882 0 0 0 0 0 0 4,599.702 4.599,702 4.599,702 4.599,702 4.5997 02 4.5997 02 4,599.702 4.599.702 4.599.702 4.599702 4.599702 4.599,702 4.599,702 4,599.702 4.599.702 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 PAGE AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8.1 -2006 FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER AVON CENTER SCHEDULE 3 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS PUBLIC REVENUES - OPERATIONS General Fund Property Taxes @ 8.96 Mills 0 0 0 13,738 27,476 41,213 41,213 41,213 41,213 41,213 41,213 41,213 329,707 Sales Tax @ 4% 250 per Sq. Ft. 0 0 37,620 75,240 112,860 112,860 112,860 112,860 112,860 112,860 112,860 112,860 1,015,740 Recreation Amenities Fee @ 28.02 per Interval Deeded Week 0 0 0 0 0 0 0 0 0 0 0 0 0 Accomodations Tax (Condo - Hotel) @ 8% 45% Ann. Occ. $ 150 ADR 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL PUBLIC REVENUES OPERATIONS 0 0 37_,620 88_x978 140,336 154,073 154,073 154.073 154.073 154.073 154.073 154.073 1.345,447 PUBLIC REVENUES - CAPITAL PROJECTS Real Estate Transfer Tax Initial (excluding Aff. Housing) @ 2% 0 288,000 288,000 288,000 0 0 0 0 0 0 0 0 864,000 Real Estate Transfer Tax Secondary Sales @ 2% 10% turnover beg. In year 7 0 0 0 0 86,400 86,400 86,400 86,400 86,400 86,400 86,400 86,400 691,200 Parking Payment in Lieu Fees 63 $ 33,000 per space 0 693,000 693,000 693,000 0 0 0 0 0 0 0 0 2,079,000 Main Street Improvement Assessment $ 5.00 per Sq. Ft @ permit 0 138,810 138,810 138,810 0 0 0 0 0 0 0 0 416,430 Land Lease or Sale 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL PUBLIC REVENUES CAPITAL PROJECTS 0 1.119,810 1,119,810 1,119.810 86,400 86,400 86_6,400 86,400 86_,400 86,400 86,400 86,400 4.050.630 URBAN RENEWAL AUTHORITY REVENUES RE -50J 19.595 0 0 0 30,044 60,087 90,131 90,131 90,131 90,131 90,131 90,131 90,131 721,049 Town of Avon 8.960 0 0 0 13,738 27,476 41,213 41,213 41,213 41,213 41,213 41,213 41,213 329.707 Eagle County 8.499 0 0 0 13,031 26,062 39,093 39,093 39,093 39,093 39,093 39,093 39,093 312,743 Colorado Mountain College 3.997 0 0 0 6,128 12,257 18,385 18,385 18,385 18,385 18,385 18,385 18,385 147,080 Eagle River Fire Protection District 5.300 0 0 0 8,126 16,252 24,378 24,378 24,378 24,378 24,378 24,378 24,378 195,027 Eagle River Water and Sanitation District 1.214 0 0 0 1,861 3,723 5,584 5,584 5,584 5,584 5,584 5,584 5,584 44,672 Eagle County Health Services District 2.010 0 0 0 3,082 6,164 9,245 9,245 9,245 9,245 9,245 9,245 9,245 73,963 Colorado River Water Conservancy District 0130 0 0 0 353 705 1,058 1,058 1,058 1,058 1,058 1,058 1,058 8,463 Eagle County Library District 2.750 0 0 0 44,216 8_,433 12649 12.649 12649 12_,649 12.649 12649 12_,649 101,19 TOTAL URA OVERLAPPING MILL LEVIES 52.555 0 0 0 80_,579 161.158 241.737 241.737 241.737 241.737 241.737 241.737 241.737 1.933,899 PAGE 9 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8.1.2006 FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER AVON CENTER SCHEDULE 3 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS PUBLIC REVENUES - OPERATIONS General Fund Property Taxes @ 8.96 Mills 0 0 0 13,738 27,476 41,213 41,213 41,213 41,213 41,213 41,213 41,213 329,707 Sales Tax @ 4% 250 per Sq. Ft. 0 0 37,620 75,240 112,860 112,860 112,860 112,860 112,860 112,860 112,860 112,860 1,015,740 Recreation Amenities Fee @ 28.02 per Interval Deeded Week 0 0 0 0 0 0 0 0 0 0 0 0 0 Accomodations Tax (Condo - Hotel) @ 8% 45% Ann. Occ. $ 150 ADR 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL PUBLIC REVENUES OPERATIONS 0 D 37_,620 88978 140.336 154.073 154,073 154.073 154.073 154.073 154,073 154.073 1,345,447 PUBLIC REVENUES - CAPITAL PROJECTS Real Estate Transfer Tax Initial (excluding Aff. Housing) @ 2% 0 288,000 288,000 288,000 0 0 0 0 0 0 0 0 864,000 Real Estate Transfer Tax Secondary Sales @ 2% 10% turnover beg. In year 7 0 0 0 0 86,400 86,400 86,400 86,400 86,400 86,400 86,400 86,400 691,200 Parking Payment in Lieu Fees 63 $ 33,000 per space 0 693,000 693,000 693,000 0 0 0 0 0 0 0 0 2,079,000 Main Street Improvement Assessment $ 5.00 per Sq. Ft @ permit 0 138,810 138,810 138,810 0 0 0 0 0 0 0 0 416,430 Land Lease or Sale 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL PUBLIC REVENUES CAPITAL PROJECTS 0 1,119,810 1,119,810 1,119,810 86_,400 86_,400 86,40 86_,400 86,400 86_,400 86_,400 86_,400 4,050,630 URBAN RENEWAL AUTHORITY REVENUES RE -50J 19.595 0 0 0 30,044 60,087 90,131 90,131 90,131 90,131 90,131 90,131 90,131 721,049 Town of Avon 8.960 0 0 0 13,738 27,476 41,213 41,213 41,213 41,213 41,213 41,213 41,213 329,707 Eagle County 8.499 0 0 0 13,031 26,062 39,093 39,093 39,093 39,093 39,093 39,093 39,093 312,743 Colorado Mountain College 3.997 0 0 0 6,128 12,257 18,385 18,385 18,385 18,385 18,385 18,385 18,385 147,080 Eagle River Fire Protection District 5.300 0 0 0 8,126 16,252 24,378 24,378 24,378 24,378 24,378 24,378 24,378 195,027 Eagle River Water and Sanitation District 1.214 0 0 0 1,861 3,723 5,584 5,584 5,584 5,584 5,584 5,584 5,584 44,672 Eagle County Health Services District 2.010 0 0 0 3,082 6,164 9,245 9,245 9,245 9,245 9,245 9,245 9,245 73,963 Colorado River Water Conservancy District 0.230 0 0 0 353 705 1,058 1,058 1,058 1,058 1,058 1,058 1,058 8,463 Eagle County Library District 2.750 0 0 0 44,216 8 433 12649 12649 12649 12649 12_,649 12649 12_,649 101.193 TOTAL URA OVERLAPPING MILL LEVIES 52.555 0 0 0 80_,579 161.158 241,73 241,737 241,737 241.737 241,737 241,737 241,737 1,933,899 PAGE AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SHERATON MT VISTA SCHEDULE 4 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Total Residential Retail Office Total Commercial Total Project SOURCE:STARWOOI Planned Average Average Average Total Number Sq, Ft. Sales Price Per Unit Gross Unit Unit ep r Unit Per So. Ft. Price Volume 0 2,000 600 1,200,000 0 99 1,500 600 900,000 89,100,000 0 1,000 250 250,000 0 0 1,000 650 650.000 0 99 0 0 900.000 89.100,000 Planned 0 Average 50,400,000 0 Number 0 Sales Price 0 1,227,000 Sa, Ft. 0 Per Sq. Ft. 2,166,000 0 11,310 0 300 0 3,393,000 0 1,227,000 250 0 0 11310 0 300 0 3.393,000 0 3,080,520 0 355,830 92.493.000 Estimated Residential Values (Uninflated): Market Housing - Whole Ownership - Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Estimated Value Of Residential Buildout - Entire Project (Uninflated) Estimated Commercial Values (Uninflated): Retail Office Estimated Value of Commercial Buildout • Entire Project (Uninflated) Proj. Assessed Value - Incremental: Estimated Value Of Residential @ 7.96 Estimated Value Of Commercial @ 29 Total Incremental Assessed Valuation - All Sources Proj. Assessed Value By Year - Cumulative (Uninflated): Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR): Year Assessed Valuation Certified Year Taxes Received DRAFT 8.1.2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 56 0 0 0 43 0 0 0 0 0 0 99 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 56 0 0 0 43 0 0 0 0 0 0 99 0 4,090 0 0 0 7,220 0 0 0 0 0 0 0 44,090 0 0 0 7_,220 0 0 0 0 0 0 0 50,400,000 0 0 0 38,700,000 0 0 0 0 0 0 0 0 0 0 0 0 0 50,400,000 0 0 0 38,700,000 0 1,227,000 0 0 0 2,166,000 0 0 0 0 0 0 0 1,227,000 0 0 0 2,166,000 0 4,011,840 0 0 0 3,080,520 0 355,830 0 0 0 628140 0 4.367.670 0 0 0 3.708,660 0 4.367.670 4.367.670 4.367.670 4.367.670 8.076.330 0 4.367.670 4.367,670 4,367,670 4,367.670 8.076.330 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 0 0 0 0 0 11,310 0 0 0 0 0 0 0 0 0 0 0 0 0 11310 0 0 0 0 0 0 0 0 0 0 0 0 0 89,100,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 89,100,000 0 0 0 0 0 0 3,393,000 0 0 0 0 0 0 0 0 0 0 0 0 0 3,393,000 0 0 0 0 0 0 7,092,360 0 0 0 0 0 0 983,970 0 0 0 0 0 0 8,076,330 8.076.330 8.076.330 8,076,3 8.076.330 8.076.330 8.076.330 8.076.330 8,076,330 8,076,330 8.076,330 8,076,330 8,076,330 8,076,330 8,076,330 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 PAGE 10 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8 -1 -2006 FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER SHERATON MT VISTA SCHEDULE 4 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES YEAR 5 YEAR 6 YEAR 7 YEAR 3 PUBLIC REVENUES - OPERATIONS YEAR 10 YEAR 11 General Fund Property Taxes @ 8.96 Mills 0 Sales Tax @ 4% 250 per Sq. Ft. 40,900 Recreation Amenities Fee @ 28.02 per Interval Deeded Week 121,412 Accomodations Tax (Condo - Hotel) @ 8% 45% Ann. Occ. $ 150 ADR 0 TOTAL PUBLIC REVENUES OPERATIONS 72,364 162.312 PUBLIC REVENUES - CAPITAL PROJECTS 40,900 40,900 Real Estate Transfer Tax Initial (excluding Aff. Housing) @ 2% $ 31,643 per weekly interval 921,444 Real Estate Transfer Tax Secondary Sales @ 2% 5% turnover beg. In year 10 0 Parking Payment in Lieu Fees 0 $ 33,000 per space 0 Main Street Improvement Assessment $ 5.00 per Sq. Ft @ permit 440,450 Land Lease or Sale 214,639 0 TOTAL PUBLIC REVENUES CAPITAL PROJECTS 214,639 1.361,894 URBAN RENEWAL AUTHORITY REVENUES 214,639 214,639 RE- 50J 19.595 0 Town of Avon 8.960 0 Eagle County 8.499 0 Colorado Mountain College 3.997 0 Eagle River Fire Protection District 5.300 0 Eagle River Water and Sanitation District 1214 0 Eagle County Health Services District 2.010 0 Colorado River Water Conservancy District 0.230 0 Eagle County Library District 2.750 0 TOTAL URA OVERLAPPING MILL LEVIES 52.555 0 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 39,134 39,134 39,134 39,134 72,364 72,364 72,364 72,364 72,364 72,364 72,364 663,085 40,900 40,900 40,900 113,100 113,100 113,100 113,100 113,100 113,100 113,100 113,100 1,068,400 121,412 121,412 121,412 214,639 214,639 214,639 214,639 214,639 214,639 214,639 214,639 2,202,765 0 0 0 0 0 0 0 0 0 0 0 0 201,447 201,447 201,447 366,874 400,103 400,103 400,103 400,103 400,103 400,103 400,103 3,934,249 460,722 460,722 361,996 361,996 361,996 329,087 0 0 0 0 0 3,257,963 0 0 0 0 0 0 162,898 162,898 162,898 162,898 162,898 814,491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 358,600 0 0 0 0 0 0 0 0 799,050 0 0 0 0 0 0 0 0 0 0 0 0 460,722 460,722 720,596 361,996 361,996 329,087 162,898 162,898 162,89 162,898 162.898 4,871,504 85,584 85,584 85,584 85,584 158,256 158,256 158,256 158,256 158,256 158,256 158,256 1,450,128 39,134 39,134 39,134 39,134 72,364 72,364 72,364 72,364 72,364 72,364 72,364 663,085 37,121 37,121 37,121 37,121 68,641 68,641 68,641 68,641 68,641 68,641 68,641 628,968 17,458 17,458 17,458 17,458 32,281 32,281 32,281 32,281 32,281 32,281 32,281 295,798 23,149 23,149 23,149 23,149 42,805 42,805 42,805 42,805 42,805 42,805 42,805 392,226 5,302 5,302 5,302 5,302 9,805 9,805 9,805 9,805 9,805 9,805 9,805 89,842 8,779 8,779 8,779 8,779 16,233 16,233 16,233 16,233 16,233 16,233 16,233 148,750 1,005 1,005 1,005 1,005 1,858 1,858 1,858 1,858 1,858 1,858 1,858 17,021 12 011 12_,011 12_,011 12_,011 22210 22_,210 22.210 22210 22210 22210 22,210 203,514 229,543 229,543 229,543 229,543 424.452 424,452 424.452 424.452 424,452 424,452 424,452 3,889,332 PAGE 11 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 PARKING STRUCTURE SCHEDULE 5 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES Market Housing - Whole Ownership '... Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Total Residential Commercial: Retail Office Total Commercial Total Project SOURCE: DESIGNWC Planned Average Average Average Total Number Sq. Ft. Sales Price Per Unit Gross Unit Unit ep r Unit Per Sq. Ft. Price Volume 41 2,000 600 1,200,000 49,200,000 0 2,000 600 1,200,000 0 31 1,000 250 250,000 7,750,000 0 11000 650 650,000 0 72 0 0 790,972 56,950,000 Planned 0 Average 0 0 Number 19.300.000 Sales Price 0 0 So. Ft. 614,200 Per Sq. Ft. 614,200 0 6,142 0 300 483.333 1,842,600 5,800 0 250 1.097.533 1,450,000 11942 0 276 0 3,292,600 1,536,280 1,556,180 0 0 60.242.600 Estimated Residential Values (Uninflated): Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Estimated Value Of Residential Buildout - Entire Project (Uninflated) Estimated Commercial Values (Uninflated): Retail Office Estimated Value of Commercial Buildout - Entire Project (Uninflated) Proj. Assessed Value - Incremental: Estimated Value Of Residential @ 7.96 Estimated Value Of Commercial @ 29 Total Incremental Assessed Valuation - All Sources Proj. Assessed Value By Year - Cumulative (Uninflated): Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR): Year Assessed Valuation Certified Year Taxes Received DRAFT 8.1 -2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS 0 0 0 13 14 14 0 0 0 0 0 0 41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10 10 11 0 0 0 0 0 0 31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 23 24 25 0 0 0 0 0 0 72 0 0 0 2,047 2,047 2,047 0 0 0 1 833 1933 1 833 0 0 0 33,981 33,981 33,981 0 0 0 15,600,000 16,800,000 16,800,000 0 0 0 0 0 0 0 0 0 2,500,000 2,500,000 2,750,000 0 0 0 0 0 0 0 0 0 18,100,000 19.300.000 19.550.000 0 0 0 614,200 614,200 614,200 0 0 0 483,333 483.333 483.333 0 0 0 1.097.533 1.097.533 1.097.533 0 0 0 1,440,760 1,536,280 1,556,180 0 0 0 318,285 318.285 318.285 0 0 0 1.759,045 1.854,565 1.874,465 0 0 0 1,759.04 3.613.609 5.488.074 0 0 0 1,759,045 3.613.609 5.488,074 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 0 0 0 0 0 6,142 0 0 0 0 0 0 5 800 0 0 0 0 0 0 19,942 0 0 0 0 0 0 49,200,000 0 0 0 0 0 0 0 0 0 0 0 0 0 7,750,000 0 0 0 0 0 0 0 0 0 0 0 0 0 56.950.000 0 0 0 0 0 0 1,842,600 0 0 0 0 0 0 1.450,000 0 0 0 0 0 0 1292,60 0 0 0 0 0 0 4,533,220 0 0 0 0 0 0 954.854 0 0 0 0 0 0 5.488,074 5.488.074 5.488.074 5.488.074 5.488.074 5.488.074 5.488.074 5.488.074 5.488.074 5.488,074 5.488,074 5.488,074 5.488.074 5.488.074 5.488,074 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 PAGE 12 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES DRAFT 8.1.2006 FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER PARKING STRUCTURE SCHEDULE 5 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS PUBLIC REVENUES - OPERATIONS General Fund Property Taxes @ 8.96 Mills 0 0 0 15,761 32,378 49,173 49,173 49,173 49,173 49,173 49,173 49,173 392,351 Sales Tax @ 41 250 per Sq. Ft. 0 0 20,473 40,947 61,420 61,420 61,420 61,420 61,420 61,420 61,420 61,420 552,780 Recreation Amenities Fee @ 28.02 per Interval Deeded Week 0 0 0 0 0 0 0 0 0 0 0 0 0 Accomodations Tax (Condo - Hotel) @ 8% 45% Ann. Occ. $ 150 ADR 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL PUBLIC REVENUES OPERATIONS 0 0 20473 56708 93798 110,593 110,593 110.593 110,593 110.593 110,593 110,593 945,131 PUBLIC REVENUES - CAPITAL PROJECTS Real Estate Transfer Tax Initial (excluding Aff. Housing) @ 2% 0 312,000 336,000 336,000 0 0 0 0 0 0 0 0 984,000 Real Estate Transfer Tax Secondary Sales @ 2% 10% turnover beg. In year 7 0 0 0 0 98,400 98,400 98,400 98,400 98,400 98,400 98,400 98,400 787,200 Parking Payment in Lieu Fees 0$ 33,000 per space 0 0 0 0 0 0 0 0 0 0 0 0 0 Main Street Improvement Assessment $ 5.00 per Sq. Ft @ permit 0 149,903 159,903 159,903 0 0 0 0 0 0 0 0 469,710 Land Lease or Sale (per DesignWorkshop) $90 /sq. ft 74,332 sq. ft. 0 6.689.880 0 0 0 0 0 0 0 0 0 0 6.689,880 TOTAL PUBLIC REVENUES CAPITAL PROJECTS 0 7,151,783 495,903 495,903 98_,400 98_,400 98_,400 98_,400 98_,,400 98,400 98_,400 98,_,400 8,930,790 URBAN RENEWAL AUTHORITY REVENUES RE- 50J 19.595 0 0 0 34,468 70,809 107,539 107,539 107,539 107,539 107,539 107,539 107,539 858,049 Town of Avon 8.960 0 0 0 15,761 32,378 49,173 49,173 49,173 49,173 49,173 49,173 49,173 392,351 Eagle County 8.499 0 0 0 14,950 30,712 46,643 46,643 46,643 46,643 46,643 46,643 46,643 372,164 Colorado Mountain College 3.997 0 0 0 7,031 14,444 21,936 21,936 21,936 21,936 21,936 21,936 21,936 175,025 Eagle River Fire Protection District 5.300 0 0 0 9,323 19,152 29,087 29,087 29,087 29,087 29,087 29,087 29,087 232,083 Eagle River Water and Sanitation District 1.214 0 0 0 2,135 4,387 6,663 6,663 6,663 6,663 6,663 6,663 6,663 53,160 Eagle County Health Services District 2.010 0 0 0 3,536 7,263 11,031 11,031 11,031 11,031 11,031 11,031 11,031 88,016 Colorado River Water Conservancy District 0.230 0 0 0 405 831 1,262 1,262 1,262 1,262 1,262 1,262 1,262 10,072 Eagle County Library District 2.750 0 0 0 4 837 99,937 15 092 15 092 15_,092 15 092 15 092 15_,092 15_,092 120.420 TOTAL URA OVERLAPPING MILL LEVIES 52.555 0 0 0 92_,447 189,913 288,426 288,426 288,426 288,426 288,426 288,426 288,426 2,301,340 PAGE 13 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 TOWN HALL SCHEDULE 6 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel '.. Total Residential Retail Office Total Commercial Total Project SOURCE: DESIGNWC Planned Average Average Average Total Number Sq. Ft. Sales Price Per Unit Gross Unit Unit ep r Unit Per So. Ft. Price Volume 16 2,000 600 1,200,000 19,200,000 0 2,000 600 1,200,000 0 31 1,000 250 250,000 7,750,000 0 1000 650 650.000 0 47 0 0 573,40 26.950,000 Planned 0 Average 0 13.350,000 Number 0 Sales Price 0 0 Sq. Ft. 1,996,050 Per Sq. Ft. 0 0 13,307 0 300 0 3,992,100 0 0 250 1.996,050 0 13_,307 0 300 1,062,660 3.992,100 0 0 0 0 30.942.100 Estimated Residential Values (Uninflated): Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Estimated Value Of Residential Buildout - Entire Project (Uninflated) Estimated Commercial Values (Uninflated): Retail Office Estimated Value of Commercial Buildout - Entire Project (Uninflated) Proj. Assessed Value - Incremental: Estimated Value Of Residential @ 7.96 Estimated Value Of Commercial @ 29 Total Incremental Assessed Valuation - All Sources Proj. Assessed Value By Year - Cumulative (Uninflated): Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR): Year Assessed Valuation Certified Year Taxes Received DRAFT 8.1.2006 SUBJECT TO CHANGEAND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS 0 0 8 8 0 0 0 0 0 0 0 0 16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 16 0 0 0 0 0 0 0 0 31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 23 24 0 0 0 0 0 0 0 0 47 0 0 6,654 6,654 0 0 0 0 0 0 0 0 0 0 6654 6 654 0 0 0 0 9,600,000 9,600,000 0 0 0 0 0 0 0 0 0 0 3,750,000 4,000,000 0 0 0 0 0 0 0 0 0 0 13.350,000 13.600.000 0 0 0 0 1,996,050 1,996,050 0 0 0 0 0 0 0 0 0 0 1,996.050 1.996,050 0 0 0 0 1,062,660 1,082,560 0 0 0 0 578.855 578.855 0 0 0 0 1.641.515 1.661,415 0 0 0 0 1.641.515 3.302.929 3.302.929 3.302.929 0 0 1.641,515 3.302.929 3.302.929 3,302.929 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 0 0 0 0 0 13,307 0 0 0 0 0 0 0 0 0 0 0 0 0 13_,307 0 0 0 0 0 0 19,200,000 0 0 0 0 0 0 0 0 0 0 0 0 0 7,750,000 0 0 0 0 0 0 0 0 0 0 0 0 0 26.950,000 0 0 0 0 0 0 3,992,100 0 0 0 0 0 0 0 0 0 0 0 0 0 3.992,100 0 0 0 0 0 0 2,145,220 0 0 0 0 0 0 1,157,709 0 0 0 0 0 0 3,302,929 3.302,929 3.302,929 3.302,929 3.302.929 3.302.929 3.302,929 3302,929 3302,929 3.302,929 3,302,929 3,302,929 3,302,929 3,302,929 3,302.929 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 PAGE 14 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 TOWN HALL 0 SCHEDULE 6 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES PUBLIC REVENUES - OPERATIONS 133,070 General Fund Property Taxes @ 8.96 Mills Sales Tax @ 4% 250 per Sq. Ft. Recreation Amenities Fee @ 28.02 per Interval Deeded Week Accomodations Tax (Condo - Hotel) @ 8% 45% Ann. Occ. $ 150 ADR TOTAL PUBLIC REVENUES OPERATIONS 192,000 PUBLIC REVENUES - CAPITAL PROJECTS 0 Real Estate Transfer Tax Initial (excluding Aff. Housing) @ 2% Real Estate Transfer Tax Secondary Sales @ 2% 10% turnover beg. In year 5 Parking Payment in Lieu Fees 0 $ 33,000 per space Main Street Improvement Assessment (excludes civic revenues o $ 5.00 per Sq. Ft @ permit Land Lease or Sale (per Design Workshop) $90 /sq. ft. 30,616 sq. ft. TOTAL PUBLIC REVENUES CAPITAL PROJECTS 0 URBAN RENEWAL AUTHORITY REVENUES 3,060,708 RE- 50J 19.595 Town of Avon 8.960 Eagle County - 8.499 Colorado Mountain College 3.997 Eagle River Fire Protection District 5.300 Eagle River Water and Sanitation District 1.214 Eagle County Health Services District 2.010 Colorado River Water Conservancy District 0.230 Eagle County Library District 2.750 TOTAL URA OVERLAPPING MILL LEVIES 52.555 0 DRAFT 8.1.2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARY AN DISCLAIMER YEAR 3 YEAR 4 YEAR 5 0 0 14,708 0 66,535 133,070 0 0 0 0 0 0 0 66_,535 147,778 192,000 192,000 0 0 0 38,400 0 0 0 113,268 113,268 0 2.755.440 0 0 3,060,708 305,268 38_,400 0 0 32,165 0 0 14,708 0 0 13,951 0 0 6,561 0 0 8,700 0 0 1,993 0 0 3,299 0 0 378 0 0 49,514 0 0 86,270 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 29,594 29,594 29,594 29,594 29,594 29,594 29,594 29,594 29,594 281,056 133,070 133,070 133,070 133,070 133,070 133,070 133,070 133,070 133,070 1,397,235 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 162.664 162.664 162 664 162.664 162.664 162.664 162.664 162.664 162.664 1,678,291 0 0 0 0 0 0 0 0 0 384,000 38,400 38,400 38,400 38,400 38,400 38,400 38,400 38,400 38,400 384,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 226,535 0 0 0 0 0 0 0 0 0 2,755,440 38_,400 384_00 38_,400 38_,400 38_,400 38_,400 38400 38400 38400 3,749,975 64,721 64,721 64,721 64,721 64,721 64,721 64,721 64,721 64,721 614,654 29,594 29,594 29,594 29,594 29,594 29,594 29,594 29,594 29,594 281,056 28,072 28,072 28,072 28,072 28,072 28,072 28,072 28,072 28,072 266,596 13,202 13,202 13,202 13,202 13,202 13,202 13,202 13,202 13,202 125,377 17,506 17,506 17,506 17,506 17,506 17,506 17,506 17,506 17,506 166,250 4,010 4,010 4,010 4,010 4,010 4,010 4,010 4,010 4,010 38,081 6,639 6,639 6,639 6,639 6,639 6,639 6,639 6,639 6,639 63,049 760 760 760 760 760 760 760 760 760 7,215 99,083 9083 9 083 9 083 9083 9 083 9 083 9.083 - 9083 86_,262 173,585 173,585 173,585 173,585 173.585 173,58 173,585 173,58 173,585 1,648,539 PAGE 15 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 NOTTINGHAM INN SCHEDULE 7 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Total Residential Retail Office Total Commercial Total Project SOURCE: DESIGNWC Planned Average Average Average Total Number Sq. Ft. Sales Price Per Unit Gross Unit Unit en r Unii Per Sq. Ft. Price Volume 0 2,000 600 1,200,000 0 0 2,000 600 1,200,000 0 0 1,000 250 250,000 0 82 10_00 650 650.000 53.300,000 82 0 0 650,000 53,300,000 Planned 0 Average 0 0 Number 0 Sales Price 0 0 Sq. Ft. 0 Per Sq. Ft. 0 0 15,847 0 300 0 4,754,100 0 0 250 0 0 15_,847 0 300 0 4.754,100 0 0 0 0 58.054,100 Estimated Residential Values (Uninflated): Market Housing - Whole Ownership Market Housing - Fractional Ownership Affordable Housing Condo - Hotel Estimated Value Of Residential Buildout - Entire Project (Uninflated) Estimated Commercial Values (Uninflated): Retail Office Estimated Value of Commercial Buildout - Entire Project (Uninflated) Proj. Assessed Value - Incremental: Estimated Value Of Residential @ 7.961 Estimated Value Of Commercial @ 29 Total Incremental Assessed Valuation - All Sources Proj. Assessed Value By Year - Cumulative (Uninflated): Proj. Assessed Value By Year - Cumulative (INFLATED @ 0.0% EVERY OTH YR): Year Assessed Valuation Certified Year Taxes Received DRAFT 8 -1 -2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTALS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 41 41 0 0 82 0 0 0 0 0 0 0 0 41 41 0 0 82 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 0 0 7,924 7,924 0 0 15,847 0 0 0 0 0 0 0 0 0 77,924 77,924 0 0 15_,847 0 0 0 0 0 0 0 0 0 0 0 26.650,000 0 0 26.650.000 0 0 2,377,050 0 0 0 0 0 2.377.050 0 0 2,121,340 0 0 689,34 0 0 2.810.685 5 0 2810685 0 0 2.810,685 YEAR 8 YEAR 9 YEAR 10 YEAR 9 YEAR 10 YEAR 11 PAGE 16 0 0 0 0 0 0 0 0 0 0 0 0 26.650,000 0 0 53.300.000 26,650,000 0 0 53,300.000 2,377,050 0 0 4,754,100 0 0 0 0 2.377.050 0 0 4.754.100 2,121,340 0 0 4,242,680 689.345 0 0 1.,378,689 2.810.685 0 0 5.621.369 5.621369 5,6213 5.621.369 5.621,369 5.621.369 5.621,369 5.621,369 5.621,369 YEAR 11 YEAR 12 YEAR 13 YEAR 12 YEAR 13 YEAR 14 AVON TOWN CENTER WEST FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES FOR THE YEARS ENDING DECEMBER 31, 2006 THROUGH 2017 NOTTINGHAM INN SCHEDULE 7 - FORECASTED DEVELOPMENT PROGRAM AND MUNICIPAL REVENUES PUBLIC REVENUES - OPERATIONS General Fund Property Taxes @ 8.96 Mills Sales Tax @ 4% 250 per Sq. Ft. Recreation Amenities Fee @ 28.02 per Interval Deeded Week Accomodations Tax (Condo - Hotel) @ 8% 45% Ann. Occ. $ 150 ADR TOTAL PUBLIC REVENUES OPERATIONS 8.499 PUBLIC REVENUES - CAPITAL PROJECTS 3.997 Real Estate Transfer Tax Initial (excluding Aff. Housing) @ 2% Real Estate Transfer Tax Secondary Sales @ 2% 10% turnover beg. In year 11 Parking Payment in Lieu Fees 0 $ 33,000 per space Main Street Improvement Assessment $ 5.00 per Sq. Ft @ permit Land Lease or Sale (per Design Workshop) $90 /sq. ft. 80,511 sq. ft TOTAL PUBLIC REVENUES CAPITAL PROJECTS YEAR 4 URBAN RENEWAL AUTHORITY REVENUES YEAR 6 RE- 50J 19.595 Town of Avon 8.960 Eagle County 8.499 Colorado Mountain College 3.997 Eagle River Fire Protection District 5.300 Eagle River Water and Sanitation District 1.214 Eagle County Health Services District 2.010 Colorado River Water Conservancy District 0.230 Eagle County Library District 2.750 TOTAL URA OVERLAPPING MILL LEVIES 52.555 N DRAFT 8 -1 -2006 SUBJECT TO CHANGE AND REVISION, SEE CONSULTANT'S NARRATIVE SUMMARYAN DISCLAIMER YEAR 3 YEAR 4 YEAR 5 YEAR 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 TOTALS 0 0 0 0 25,184 50,367 50,367 50,367 176,286 0 0 0 79,235 158,470 158,470 158,470 158,470 713,115 0 0 0 0 0 0 0 0 0 0 0 0 80.811 161.622 161,622 161,622 161,622 727,299 0 0 0 160,046 345.276 370,459 370,45 370,459 1,616,700 0 0 533,000 533,000 0 0 0 0 1,066,000 0 0 0 0 106,600 106,600 106,600 106,600 426,400 0 0 0 0 0 0 0 0 0 0 0 244,618 244,618 0 0 0 0 489,235 0 0 7.245.990 0 0 0 0 0 7.245,990 0 0 8,023.608 777,618 106.600 106,600 106,600 106,600 9,227,625 0 0 0 0 55,075 110,151 110,151 110,151 385,528 0 0 0 0 25,184 50,367 50,367 50,367 176,286 0 0 0 0 23,888 47,776 47,776 47,776 167,216 0 0 0 0 11,234 22,469 22,469 22,469 78,640 0 0 0 0 14,897 29,793 29,793 29,793 104,276 0 0 0 0 3,412 6,824 6,824 6,824 23,885 0 0 0 0 5,649 11,299 11,299 11,299 39,546 0 0 0 0 646 1,293 1,293 1,293 4,525 0 0 0 0 7 729 15_,459 15 459 15 459 54 106 0 0 0 0 147.716 295,431 295,431 295,431 1.034.009 PAGE 17 August 16, 2006 Tambi Katieb Community Development Director Town of Avon 500 Benchmark Court Avon, Colorado Re: Town Center West Schedule Dear Tambi: As per discussions over the last few days, we have provided a workable schedule for the Town Center West Investment Plan. This schedule would permit for Tasks 1 -3 (currently under contract) to be completed by the end of November. The remaining tasks could be completed by March if we are given permission to proceed between now and mid - September. Steven will be in attendance at the August 22 Town Council hearing. We look forward to speaking with Town Council regarding this matter at that time. Thanks and call if you have any questions. Sincerely, DESIGN WORKSHOP, INC. J. Rebecca Leonard, AICP Associate Enc. CADocuments and SettingsUatieb\Local Settings\Temporaiy Internet Fi1es \0LK2 \LT060816 - Schedule.doc d a v .c v N O d G O U C 3 0 h x. i Y N N N m m> O a C = v m c O m y m IE c c CL c m o a m a 'a_ o 0 � m - > a o c E > C N Q N D d C N Q N O L d O w C t C a N Q G � N (n N ._>- N N fl- Q N N O Y o c v U E m oc o R O rn�o o. o o E O �° E m N mcnm Ecma Ec > m j " a '>° o m o a EmO a o Q�N o Ear f v u c U `m .0 w U s O t9 a L° L 1° o o O O R O O N jn L C L N O _U N O L i0 L O L N 0l N C O O N „_6 a a Ng N M Y Y Y N N N i- V' Y N .0 a N Y N lV Y N <nU N M lV C! Y Y N N w V' fV Y N a U M M Y Y N N m a mU a inU m¢ z� N M cr 49 t0 t� M M M M M M M th Y Y Y Y Y Y Y N N N N N N N W W M Y N as V V Y Y N N cn mU n N M R 'V Y Y N N <5 E V N V V Y Y N N a m D N M N Ki N N Y Y Y Y N N N N F- r N l N C.n ME N \, � � r G g , H O Z. N m O— N N s tU o O N N ° m m O d m t6 C N c o. o c L N O N m m S m > � _ •- a°i ai Q p Q c�� a s �' m in `o a°�i � a� y� c� o � o c � 3 o i m o � � cn � m � c .� o o c c c m c o c t E n. E U o a O= ... o�_ o n v vacs cm ma°c o.'"-' ° E> �c c o°' 0�_ °'E E oE'� tea° m `m > oawoi UE v ma—Ei ESE oE�m co Eaoi mm °i s m UE E o—�°�o s >o_ Unp� oo' a o. m.- c E UW ad UnU s °m xv Un Z� CiaEUE m m� �E�° U�U aK m iL E o°m U 4�Q E> Z m E n. UnU x4 U- Up U d cnU i`J Vi Y . u) M Y Y N N tD f0 eD f0 tD Y Y Y Y Y N N N . N F- F- F F ep fD e0 Y Y Y N N N f- F F h r, r• r• Y Y Y Y N N N h F- F 1- !- M Y N F- W ro W Y Y Y N y N F t- F Oi N N Y Y Y N N N F- t- F 6� Y N F O) Ot Y Y N N F F- 6� � Y Y N N F F- A Y N F- Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 PROJECT DESCRIPTION Investment Plan for private sector and public sector development in the Town Center West redevelopment project area in Avon, Colorado. PURPOSE The Town of Avon is in the process of planning a redevelopment of Town Center West that is intended to transform the area into a vibrant, pedestrian - oriented, mixed -use civic center. The pedestrian- oriented Main Street and transit center design has been advanced, infill parcels identified, a conceptual cost estimate has been prepared, a viable retail focus and desired use mix has been established, and a financial analsys conducted. The Avon Town Center West Investment Plan will be the guiding document and investment strategy for the cooperative efforts necessary to achieve the economic stability and community improvement desired for the project. The Plan will accelerate the pace of the redevelopment by making this large, complex, and multi - phased project as understandable and feasible as possible, versus waiting for other developments to come on line in the Town Center West area. This plan will offer two components: the Town's investment Plan for the Town Center West AND a study to inform the town and stakeholders of options of implementation entities and funding sources. The plan will provide specific guidance for public improvements and regulating tools for private improvements. This plan will also make recommendations about an implementation entity and new funding source. The plan will NOT make recommendations about steps beyond the point of choosing of an implementation entity and funding source, as those two things will change the dynamics of how the entire investment is made. At the point that an implementation entity /new funding source is put in place, a fresh look at the investment plan will provide the next level of recommendations and action items. The Investment Plan will work in concert with the design to maximize the upfront value of the redevelopment area by providing a clear idea of how Town Center West will look and feel following redevelopment, by addressing the public and private benefits and costs associated with the plan, and by outlining a management, financing and phasing plan for getting there. All of these elements will serve to generate enthusiasm and buy -in for the project at a much earlier stage than letting the market take its course. The Investment Plan for Avon Town Center West seeks to provide insight to assist the Town of Avon with answering the following key questions identified by the Town Council: DESIGNWORKSHOP Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 • Do the key stakeholders support the development of the Town Center West? What are the tradeoffs for each stakeholder? What are the incentives for following the plan? • What is the strategic phasing schedule and funding strategy for public improvements in the Town Center West? • What are the roles of the public and private sectors in redevelopment? Where are the opportunities for partnerships? • What is the vehicle /entity that will coordinate ongoing management and implementation of the project? • How will this project be marketed, promoted, and branded? SCOPE OF SERVICES The scope of work tasks and associated deliverables to be performed by Design Workshop in connection with this proposal is as follows: Task 1: Project Management Every phase will involve project management from primarily the project manager. Design Workshop strives to ensure quality assurance and quality control through clear communication and dialogue with their clients. Direct communication with the client through memorandums, phone calls, and emails will be provided to the client throughout the entirety of the project. A progress report will accompany all billing. Task 2: Kick Off The Design Workshop team will travel to Avon to meet with Town Council and key stakeholders as part of a Project Kickoff Meeting. Everyone will be brought up to speed on the project progress to date. The design will be presented and benefits /impacts to the stakeholders discussed. Goals and objectives will be set with input from Town staff and community development committee. Design Workshop will work with the Town staff to organize the Kickoff Meeting. Project deliverables: • Goals and objectives to be included in final report • Town Council check -in Stakeholder meeting Task 3: Phasing and Funding Strategy A phasing and funding strategy will be prepared by first outlining a baseline phasing plan which utilizes funds expected to result from existing tax sources only (i.e. RETA, accommodation tax, retail sales tax, etc...) for the development of the Town Center West improvements. This phasing plan will spread the Town's expenses (for capital improvements) and revenues (resulting from redevelopment) out over a 10 -15 year development period, based on the phasing proposed in the Town Center West Financial Analysis. This baseline phasing plan will determine the magnitude and timing of any DESIGNWORKSHOP 2 Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 shortfall of public funds. Research on several (3 -4) alternative funding sources will also be investigated and case studies discussed. Alternative funding sources to be investigated could include an impact assessment on new space such as the one modeled in the Town Center West Financial Analysis, voluntary taxes from a business improvement district, captured property tax funds from a tax increment financing district such as an urban renewal area, and outside federal or state funds such as affordable housing or Main Street grants. A series of scenarios will be constructed illustrating how the funding alternatives affect the baseline phasing plan and may help to make up for any shortfall in the public funding stream. From these scenarios, a preferred alternative will be proposed. Ideally, the preferred funding strategy will create a method by which the funds necessary to construct the streetscape improvements are leveraged from the properties that benefit the most from the redevelopment effort. A specialist in the area of districts and bond financing will be utilized on the team to help develop a preferred alternative for future funding sources. Stan Bernstein may act in this capacity. The Design Workshop team will conduct a Project Check In with Town staff and Community Development Committee to discuss the Phasing and Funding Strategy alternatives. Project deliverables: • Information to be included in final report would include a baseline phasing plan, research on potential funding sources, three to four phasing scenarios using the potential funding sources, and a series of recommendations on the preferred alternative and next steps to achieve the desired results. • Staff/Community Development Committee check -in Task 4: Physical and Design Framework The physical design of the Town Center needs to be formalized in a series of design guidelines and parcel plans. Part of the design guidelines will cover the public signage program in the form of a standards manual. The manual will assist the Town in selecting the appropriate sign type and format for a specific future situation. It will consist of the basic components and design of the sign system as well as specifications for typeface, materials, colors, and lighting as required. The manual can also include a specific project site plan and sign fabricator performance requirements. Design Workshop will prepare a 75% complete document for Town Planning representatives review. Consolidated comments from the review team will be provided before the final manual is issued. After the 75% complete document is reviewed and consolidated comments are received, Design Workshop will revise and submit a final document to the Town Planning representatives for printing and distribution to other parties as needed. DESIGNWORKSHOP Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 The Design Workshop team will conduct a Project Check In with Town staff and Community Development Committee to discuss the Physical and Design Framework alternatives including parcel plans, potential easements (or other ownership arrangements), design guidelines, and signage manual. Project deliverables: 1 (one) copy each per consultant: 8 -1/2" x 11" color criteria 75% draft document for review and approval. • 1 (one) copy per Town Planning representative: 8 -1/2" x 11" color final manual. • A final document in .PDF electronic formal. • Information to be included in final report which will include a conceptual parcel plan for public lands that will be subdivided and sold; recommended easements for items such as views, public spaces, and utilities; design guidelines for the public and private development; a standards manual for the signage, wayfinding, and public infrastructure; and recommended changes to existing PUD approvals. • Staff /Community Development Committee check -ins (up to 2) Task 5: Roles and Responsibilities Agreement on the development vision by both the Town and stakeholders will foster a spirit of cooperation and understanding that will allow for the necessary contributions of leadership and resources from both the public and private sectors. Public - private relationships will be described and the roles and responsibilities of each as well as the shared obligations between the two will be outlined. The Design Workshop team will conduct a Project Check In with Town staff and Community Development Committee to discuss the alternatives pertaining to roles /responsibilities and the agenda for the upcoming stakeholder meeting. Project deliverable: • Information to be included in final report • Staff /Community Development Committee check -in • Stakeholder meeting Task 6: Development Approvals Process Incentives such as an alternative development approval process will be explored to determine if it will provide the needed incentive to attract the private development planned for Town Center West. The Design Workshop team will conduct a Project Check In with Town staff and Community Development Committee to discuss the approvals process alternatives and potential alternatives to incent development in the Town Center West. DESIGNWORKSHOP 4 Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 Project deliverables: • Information to be included in final report including research on alternative development approvals processes, three to four case studies, and a series of recommendations. • Staff/Community Development Committee check -in • Stakeholder meeting Task 7: Implementation Entity Options for oversight of the Town Center West area, including the option of enhancing the existing mall district or creating a new development authority, will be investigated with respect to the need to devise an effective implementation and operating entity. Research will be conducted into different models of implementation entities (Pearl Street Mall Boulder, Snowmass Village, Lake Tahoe, etc.) Design guideline enforcement will be a major governance responsibility and will help to ensure that the overall quality and continuity of the streetscape project is maintained even as individual pieces are constructed by different development entities at different times. Programming, promotion, and operations (security, maintenance, and cleanup) are all important elements to frame in the development vision to ensure that the project fulfills its potential long beyond construction and initial occupancy. Regularly updating, revising and amending the Implementation Plan will be necessary as conditions change. The oversight organization will be responsible for these updates in addition to all the aforementioned tasks. Therefore, a self - sustaining funding mechanism will need to be in place to ensure the vision is carried forward through completion. The Design Workshop team will conduct a Project Check In with Town staff and Community Development Committee to discuss the potential implementation entity and funding mechanisms. A stakeholder meeting will solicit buy -in from the key stakeholders of the project. A review by Stan Bernstein will be valuable. Proiect deliverables: • Information to be included in final report including research on potential implementation entity models, three to four case studies of workable models, and a series of recommendations such as the preferred alternative and immediate next steps. • Staff /Community Development Committee check -in Stakeholder meeting Task 8: Marketing Strategy Both stakeholder and broader community buy -in are essential to the success of the implementation plan. Without community support, funding will be scrutinized. Without stakeholder buy -in, the private sector will be reluctant to fulfill their responsibilities. Design Workshop will work with the Town's Public Information Officer to devise a plan for reaching out to the community, building enthusiasm around the plan, and obtaining support for its implementation. Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 In addition, Design Workshop has developed a two -part process to develop the new name and logo. The preferred direction from the schematic exploration of the new name and logo is fully explored and three concepts are presented for review and discussion. Based on the feedback from this presentation, one concept is taken through final design. This may often take at least two more intermediate client presentations that will occur as a Net Meeting. The final design is presented and finalized based on feedback from the intermediate Net Meetings. Final Art is created along with a document that explains how the logo is to be used and other appropriate secondary fonts. Finally, three additional marketing collateral products will be developed These include: 1. Project Vision Summary Booklet: The Vision Summary Booklet (8 -1/2" x I I" color, 15- 30 pages) articulates the shared vision for the project and will serve as the first product for the client to communicate the project vision and story with the public, stakeholders, and others. This summary booklet can contain narrative text (by others), existing project illustrations, renderings and /or perspective views and character images (stock photography, if required, will be billed as a reimbursable). Included are the design, development, and delivery of final booklet electronic files on CD. Note: Digital printing, binding and delivery coordination are not included in the fee range. 2. Marketing Flyer /Small Brochure: The Marketing Flyer is a distilled handout version of the project summary booklet. This "quick view" brochure will serve as a take -away for the public at future events or project launch. It can include the project vision statement, distilled narrative text (by others), select existing project illustrations, renderings, and /or perspective views and character images (stock photography, if required, will be billed as a reimbursable). Included are the design, development, and delivery of final booklet electronic files on CD. Note: Digital printing, binding and delivery coordination are not included in the fee range. 3. Initial Marketing Website: Based on the look and fell of the summary booklet and flyer design, Design Workshop will design, construct, and launch an initial marketing website that can further inform the public, stakeholders, and others. The initial site can include the project vision statement, distilled narrative text (by others), select existing project illustrations, renderings, and /or perspective views and character images (stock photography, if required, will be billed as a reimbursable). Included are the design, development, and launch of initial site. As the project develops and additional requirements are determined, the website can be developed with additional content and /or pages and billed as an additional service. Project deliverables: DESIGNWORKSHOP 6 Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 • Presentation boards with three alternatives of the preferred name and logo concept. Digital Presentation packages, at most two (2) for Net Meeting discussions. • Finalize the logo artwork, send logo package for final sign -off from the client group. • Create final logo package, including CD of electronic artwork in a variety of formats (color and black & white) for any immediate communication needs you may have. Draft Project Vision Summary Booklet for review. One (1) printed hard copy, plus PDF for client printing purposes. • Final Project Vision Summary Booklet. One (1) printed hard copy, plus PDF for client printing purposes. • Draft Flyer /Brochure for review. One (1) printed hard copy, plus PDF for client printing purposes. • Final Flyer /Brochure. One (1) printed hard copy, plus PDF for client printing purposes. • Draft typical website pages for review online. If required, one (1) printed hard copy, plus PDF for client printing purposes can be provided. • Final website pages for review online. If required, one (1) printed hard copy, plus PDF for client printing purposes can be provided. • Information to be included in final report including a series of recommendations on immediate next steps the Town can achieve while forming the preferred implementation entity and funding source. • Staff /Community Development Committee check -in Task 9: Draft Investment Plan The purpose of the implementation plan is to bring the physical design, market investigation, financial analysis all together into a plan that can ultimately be implemented. The reality of a public /private partnership will be expressed. Elements of the Implementation Plan include: Overall Development Vision • Market Analysis • Public Improvement Plans ■ Design Guidelines ■ Phasing and Funding Strategy 2. Development Vision for Each Project: • Physical Plan • Parcel Plan • Ownership Arrangements • Design Guidelines • Changes from Existing PUD DESIGNWORKSHOP 7 Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 • Program • Financial Plan • Mitigation Requirements • Phasing Forecast 3. Development Approvals Process 4. Marketing Strategy 5. Implementation Entity (Community Development Committee or Otherwise) • Self- Sustaining • Design Review • Management, Operations and Events • Updates, Revisions, and Amendments to the Master Plan The market analysis, physical plan, program, financial plan, mitigation requirements, and phasing forecast are all pre - existing work, but will need formatted to fit within the layout of the Implementation Report. The format for this will be an 11 "X17" document that town staff can use when conducting, evaluating, and negotiating development in the Town Center West. The Design Workshop team will conduct a Project Check In with the Community Development Committee prior to submitting the plan to the Planning Commission for their recommendation to the Town Council. Changes will be made and the Final Implementation Plan will be republished for the Town Council. Project deliverables: • Draft Implementation Plan • Staff /Community Development Committee check -in • Planning Commission recommendation Task 10: Final Investment Plan The plan with the Planning Commission's recommendations will be forwarded to Town Council for their review and adoption. Project deliverables: • Final Implementation Plan • Adoption by Town Council Note: Revisions to the document or any other materials made by the Client and/or Owner after Design Workshop has submitted the final plan will be considered as additional services. CONDITIONS AND EXCLUSIONS DESIGNWORKSHOP Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 Client shall provide the following information or services as required for performance of its services. Design Workshop assumes no responsibility for the accuracy of such information or services provided by Client, and shall not be liable for errors or omissions therein. Should Design Workshop be required to provide services in obtaining or coordinating compilation of this information, such services shall be billed as Additional Services. In order to begin work, we will require following information: 1. Text narrative for the marketing materials written by the Client or hired copywriter services (Copywriting sub - consultant Fee Range: $3,000 - $4,500) 2. Purchase of appropriate stock photography if necessary 3. Additional Project Illustrations, Renderings or Modeling PROJECT TEAM Design Workshop typically organizes projects in a team format with key responsibilities divided between the Principal -in- Charge and Project Manager. The key team members for this project are listed below: Principal -in- Charge — Don Ensign Don will serve as Principal -in- Charge for the Town Center West Investment Plan project and will have primary responsibility for the overall content and quality of the work prepared by Design Workshop. Project Manager — Rebecca Leonard Rebecca will serve as the Project Manager for the Town Center West Investment Plan project. Rebecca will be the primary Client contact. His responsibilities will include the coordination of Design Workshop's in -house strategic services team as well as regular communication and coordination with the client. Rebecca will also coordinate with any subconsultants that are either part of the Design Workshop Team or those hired by the town. Rebecca will participate in the staff work sessions and will be in attendance for all meetings and public hearings. Design Workshop is prepared to begin work immediately upon receipt of a retainer and a signed copy of this proposal from an authorized owner's representative. An six- to eight - month completion schedule is anticipated, but is highly dependent on meeting schedules and the final adoption process. DESIGNWORKSHOP Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 FEES AND EXPENSES The fees for the scope of services described above are as follows: 2 Task One: Project Management $ Task Two: Kick Off $ Task Three: Phasing and Funding Strategy $ Task Four: Physical and Design Framework $ Task Five: Roles and Responsibilities $ Task Six: Development Approvals Process $ Task Seven: Implementation Entity $ Task Eight: Marketing Strategy $ Task Nine: Draft Investment Plan $ Task Ten: Final Investment Plan $ 7,500 7,000 8,000 30,000 6,500 3,500 11,500 40,000 (532,000 is marketing collateral) 12,500 7,000 Total Professional Fees $ 133,500 Reimbursable Expenses Reimbursable Expenses are in addition to compensation for Basic Services. Reimbursable expenses incurred by Design Workshop and consultants directly related to the project such as, but not limited to, photography, telephone charges, video conference charges, and printing expenses shall be billed at Design Workshop's cost plus 15 (fifteen) percent. Reimbursable expenses for this project are budgeted at 10 (ten) percent total professional fees, or $13,350, and will not be exceeded without written permission of the Client. Additional Services Services in addition to those described above are to be compensated on a Time and Materials basis per Design Workshop's current published rate schedule. Additional services will include (but are not limited to) redesign of previously approved work, major revisions to program and /or expansion of scope of work. Whenever practical, changes, additions, or modifications to the scope of work shall be authorized by written change request; however, the absence of such a written change order shall not act as a bar to payment of fees due Design Workshop, provided the change was in fact approved and ordered by the Client. Additional meetings and presentations related to this scope of work will be conducted on a time and materials basis upon receiving written authorization from the Client. PAYMENT TERMS DESIGNWORKSHOP 10 Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 This is an Additional Service to the existing Avon Town Center West and Main Street Public Improvements contract (between Design Workshop and the Town of Avon, Colorado) and will be billed monthly. This agreement is structured as a time and materials contract not to exceed $133,500 without written authorization from the Client. 2. Invoices will be mailed from Design Workshop's office by the 101b of each month. Invoices are payable within 30 days of the date of billing. Invoicing shall be specific to each major task and will describe the completed portion of the work. DESIGNWORKSHOP 11 Proposal for Town Center West Investment Plan Avon, CO June 21, 2006 1. This Agreement is entered into between Design Workshop, Inc. and the Town of Avon, owner or reputed owner of the property to be benefited by Design Workshop's services. 2. If this contract meets with your approval, please sign below and return one (1) copy for our file. 3. If this agreement is not accepted within two (2) months from the date of receipt, the offer to perform the described services may be withdrawn and Design Workshop may renegotiate this proposal. DESIGN WORKSHOP, INC. By: Title: Principal Title: Date: June 21 2006 Date: DESIGNWORKSHOP 12 � J� L:4 I I me To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Eric Heidemann, Acting Community Development Director Date: August 17, 2006 Re: Design Workshop Update of East Town Center Charrette Summary: Design Workshop will be presenting a series of alternative site plan design concepts that were generated from the East Town Center Design Charrette that took place the week of July 17''. Design Workshop staff will be available to review in detail the preliminary concepts and how these concepts could translate into a specific district master plan for the Town, including the level of participation and commitment required from area property owners. The attached design concepts were developed evaluating land use, massing and form, open space, urban design, and transportation and parking needs. With these principles in mind, the design team was also creating a very `scalable' plan that could work for individual properties that have different redevelopment timelines. At the end of the charrette, the findings of all meetings, the data inventory and analysis, and the various alternative concept plans and sketches were presented to the community through an open house. The process was well received by all attended and highly interactive. Also attached to this memo is an add service contact proposal by Design Workshops, Inc. for Phases III, IV, and V. These additional phases include the continued creation of a concept master plan, including a market investigation report, and culminating into a final district plan. The proposed fee for these services is $120,000.00 plus reimbursable expenses such as telephone calls, meals, lodging and travel at actual cost plus 15% (capped at 10% of total project cost). Staff recommends approval of the Design Workshop, Inc. Add Service Proposal dated August 16, 2006, for the East Town Center in an amount not to exceed $120,000.00 plus reimbursable expenses. The expectation of staff and the Town Manager is that the costs spent on the Charette are reimbursed by the key property stakeholders as a commitment to their investment in this public /private planning effort. Financial Implications: The proposed fee is within the current project 2006 budget of $208,000. Recommendation: Approve the Design Workshop, Inc. Add Service Proposal dated August 16, 2006, for the East Town Center in an amount not to exceed $120,000.00 plus reimbursable expenses. The expectation of staff and the Town Manager is that the costs spent on the Charette are reimbursed by the key property stakeholders as a commitment to their investment in this public /private planning effort. Alternatives: Table action on the Design Workshop, Inc. Add Service Proposal pending clarification of the proposal. Proposed Motion: I move to approve the Design Workshop, Inc. Add Service Proposal dated August 16, 2006, for the East Town Center in an amount not to exceed $120,000.00 plus reimbursable expenses. The expectation of staff and the Town Manager is that the costs spent on the Charette are reimbursed by the key property stakeholders as a commitment to their investment in this public /private planning effort. Town Manager Comments: f � Attachments: Exhibit A: Charette Concept Plans Exhibit B: Design Workshop, Inc. Add Service Proposal for the East Town Center project. r� j fltwl Alternative One - New Development Plan i • • �fu ervxsmr o-rcmr» -nom Alternatix One - I)exTelnpment Cnncept T)iagrnm C C t t F %ft n Alternative One - Circulation and Parking Diagram E • If w5w IWILL, AWb PeMVMOVVr Ali- t-;,[ 7 n A - '\Tc>-,xr Daxn>ln Ma E rvsiilcAlrlr i-Rmsm %er PeMS17,M 3FAM� INIvr%, 4- sys-. rlmuAncrj -- -- N Alternative One A " CX-I UJICIL Concept n4 --- C l t u , }j Alternative One A - Circulation and Parking Diagram 4k- /1 t 1 • E Alternati-ve One A - Illustrative Master Plan • L s Alternative Two - New Development Plan 10 • am �Iff- STAJIO�4 Alternative T,,,vo - Development Concept Diagram " V�, 4 0� E • Alternative Two - Circulation and Parking Diagram sipwrwzt� Ww4wn, B% IMSilr 15TOP sul" rzovarx,& Alternative Two - Circulation and Parking Diagram • • i Alternative Three -Neu T)evelopment flan E Alt-,>rnnt-i-.7,> Tkr,,p - ni>x,,>l rmj>nr Cn"t-i> • C] Alternative Three - Circulation and Parking Diagram E Alternati-\7e Three - Illustrative Master Plan Lm r: n U U c� c� s} U ;—a L 4� 4J G G U tU Cf � tt1 E m • v C7 G U clJ b� t� CIS y w P� i r-7 in 0 14 4-4 VJ CCS C q pdoll t } I i rVr�� Ll U V U tU U �ttS r—i ✓ e GO G Z-i August 16, 2006 Tambi Katieb Community Development Town of Avon 400 Benchmark Road Box 975 Avon, CO 81620 Additional Services for: Avon Town Center East Add Service Number: 1 Dear Tambi: This letter is a request for approval to complete Additional Services associated with the East Town Center Charrette. Based on our conversations on August 15, we understand that the following services will be required. PHASE III: CONTINUED CREATION OF CONCEPT MASTER PLAN Building on the information discovered in the current contract, the Design Workshop team will continue the process of creating a vision and conceptual master plan for East Town Center. This phase will include a market investigation and conceptual physical plan for the East Town Center. Task 3.1 Project Check In The Design Workshop team will conduct a Project Check In with Town Council, Planning Commission, Staff, and the community development committee to discuss the methodology of the market investigation and the process for the upcoming charrette. Task 3.2 Market Investigation Design Workshop will draw upon their work on the West Town Center to interpret the analysis in terms of the East Town Center. The Town Center West Market Investigation will form the point of departure for understanding the conditions affecting East Town Center. The Market Investigation for East Town Center will include updating and supplementing the data previously collected for the Town Center West project. Analysis and recommendations specific to the East Town Center will be generated. Specific recommendations to be made will include the optimal critical mass, the amount of supportable retail, types of tenants and overall desired mix of uses (retail, commercial, residential and civic). Integration with the existing uses in East C:ADocuments and Settings \tkatieb\Local Settings \Temporary Internet Files \OLK2 \060816 - add service agreement.doc Town Center and with the planned Town Center West project will be a primary consideration in formulating recommendations. Specific tasks to be conducted for the Market Investigation include: I. Demographic Analysis — supplementation of demographic analysis prepared for Town Center West as necessary. 2. Existing Retail Conditions — analysis of the existing retail mix in East Town Center, as well as understanding of planned projects. Elements to be analyzed include tenant types, store sizes, circulation and parking, user characteristics, lease rates and vacancy rates. 3. Competitive Analysis — the competitive analysis prepared for the Town Center West Market Investigation will prove directly applicable to the East Town Center project, and their significance relative to this project will be analyzed. Town Center West will be added as a competitive area, and the interrelationships between these two districts will be analyzed in order to better understand competitive advantages and disadvantages and to identify synergistic opportunities between the two. 4. Comparable Analysis — three comparable retail areas will be research based on the findings of the demographic analysis, existing retail conditions and competitive analysis. Identification of these areas will be determined with input from Town staff based on Design Workshop recommendations. 5. Supportable Retail Demand Analysis — an analysis of the amount of supportable retail will be conducted. This analysis will utilize the same methodology used for the Town Center West Market Investigation but will be tailored to the specific conditions of East Town Center. 6. Retail Focus — research will be conducted into retail focus alternatives for East Town Center that will help to best establish a competitive advantage relative to the other retail districts in Town and in the region. The recommended retail focus will be expanded to include recommendations with regard to tenant types, store sizes, amenities, programming and optimal critical mass. 7. Use Mix — recommendations will be made with respect to other uses for East Town Center based on the retail analysis. Residential, commercial (non - retail specific), civic and open space uses will be quantified based on physical and market conditions. Task 3.3 Project Check In The Design Workshop team will conduct a Project Check In with Town Council, Planning Commission, Staff and the community development committee to discuss the information gathered, lessons learned and outcomes of the market investigation during this phase. In addition, the Town Council, Planning Commission and the community development committee will be required to select a preferred alternative based on the concept plans prepared during the charrette. Community and key stakeholder comments from the charrette, open house, and web site will be provided at this meeting. Findings from the Market Investigation will be incorporated into the selection process for the preferred alternative. Task 3.4 Refining the Preferred Alternative The Design Workshop team will further refine the preferred alternative selected in the previous task. We will develop a refined, but schematic, integrated plan for all components of the East Town Center Plan, including: • A strong market focus; • Integrated and balanced multi -model system (pedestrian, vehicular, bicycle, and transit riders); • Improved circulation and access for all user types including north, south, east and west circulation patterns (clear turning lanes; controlled access; enhanced pedestrian, transit, and bicycle facilities; appropriate sight distance triangle; and overall safety); • Streetscape enhancement that is authentic to Avon and complimentary to the West Town Center plans; • Gateway and identity characteristics that serve as a transition from I -70 to the East Town Center; - • Wayfinding and signage • Infrastructure improvements as necessary; • Conceptualized redevelopment opportunities and land uses; and • 3 -D Model of East Town Center and West Town Center showing conceptual massing and building orientation, estimated shade /shadow studies, and key view corridors. Task 3.5 Project Check In The Design Workshop team will conduct a Project Check In with Town Council, Planning Commission, Staff and the community development committee to discuss the next steps and to discuss areas of concern by all parties. Specifically, we propose to discuss the Refined Preferred Concept. Task 3.6 Open House After refining the preferred concept, the Design Workshop team will present the plans to the public again for the second open house. The purpose of this meeting will be to show interested citizens and stakeholders the plan for the area, field questions, and take comments. The format for the meeting will be an open house with high- quality presentation materials depicting the plan. Phase III Deliverables: Project Management Market Investigation Report Draft Market Investigation Report Final Presentation materials for the open house and project check -ins Project Check Ins (up to 3) Open House (1 open house) PHASE IV: DRAFT DISTRICT PLAN At the conclusion of Phase III, the Design Workshop team will have a clear understanding of the issues, concerns, and needs of the study area. Our conceptual plans will help support this notion along with the extensive comment that we will have received from citizens, key interest groups, community development committee, Town Staff and Town Council. All of this will become the foundation for the Draft District Plan, which is the goal of Phase IV. Task 4.1 Preliminary Cost Estimating Based on feedback gathered during previous tasks, the Design Workshop team will work directly with the staff to develop a preliminary cost estimate. Task 4.2 Financial Analysis A financial analysis will be performed in order to assess the financial feasibility of the development with respect to both private sector development potential and public sector revenue streams. 1. Development Revenue Analysis - a conceptual pro forma will be prepared for each infill parcel to determine financial feasibility of redevelopment based on recommended development program. Research will be conducted into development costs and anticipated revenues (much of this information has been previously generated for the Town Center West financial analysis). Cross sections will be developed to understand the spatial implications of the redevelopment as well as to establish building program takeoffs for use in the development revenue analysis. Supportable mitigation levels for the redevelopment projects will be derived based on the financial feasibility in order to understand the potential for private projects to contribute directly to the public improvements including housing, open space, street improvements and parking. 4 2. Public Revenue Streams — an analysis of projected public revenues resulting from redevelopment will be generated and compared to the costs of public improvements. This analysis will help to gauge the ability to recapture initial public expenditures through increased tax base, etc., and will help to quantify the need, if any, for additional funds. Task 4.3 Project Check In The Design Workshop team will conduct a Project Check In with Town Council, Planning Commission, Staff, and the community development committee to discuss the results of the financial analysis. Task 4.4 Draft District Plan The purpose of the Draft District Plan is to bring the physical design, market investigation, financial analysis all together into a plan that will act as a district plan and provide direction for both public and private development in the Town Center East. The reality of a public /private partnership will be expressed. The format for this will be an 8 112 "X11" document that town staff can use when conducting and reviewing development in the East Town Center. Task 4.5 Public Hearings The Design Workshop team will facilitate public hearings with Town Council, Planning Commission, Staff, and the community development committee to discuss the Draft District Plan. Phase IV Deliverables: Project Management Schematic Cost Estimate and Phasing Plan Financial Analysis Draft District Plan (1 draft) Project Check Ins (1 check in) Public Hearings (up to 3) PHASE V: FINAL DISTRICT PLAN The purpose of Phase IV is to conduct the final set of edits to the Draft District Plan. In addition, DW will help take the plan through the adoption process by the Planning and Zoning Commission and Town Council. Task 5.1 Final District Plan The purpose of this task is to make changes to the draft district plan according to feedback in Phase IV. The format for the final plan will be the same as the draft district plan. Task 5.2 Final Adoption Hearings The Design Workshop team will attend up to three hearings with the Planning and Zoning Commission and the Town Council for final adoption. Phase V Deliverables: Project Management Final District Plan (20 final copies, 1 CD with all final documents) Adoption Hearings (up to three) By signing this letter, you are authorizing Design Workshop, Inc. to commence services immediately for a fee of $120,000. This fee does not include reimbursable expenses (printing, photography, and travel) which will be billed at cost plus 15% for handling. The contract conditions of existing Agreement dated June 8, 2006 shall be binding on these additional services unless modified herein. The following is a summary of the fees associated with this effort. Original Contract Amount: $44,500 Additional Services Amount: $120,000 Total New Contract Amount: $164,500 Additional days added to schedule: 6 months Please call me at 970 - 948 -6281 if you have any questions regarding this request for additional services. Sincerely, DESIGN WORKSHOP, INC. Don Ensign Principal APPROVED BY CLIENT: 6 C Title: Date: � J� L:4 I I M To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Norman Wood, Town Engineer Date: August 17, 2006 Re: 2007 Capital Projects Fund 5 -Year - Plan Preliminary Draft / Proposed Project Schedule with Corresponding Revenues and Expenses Summary: The attached Town of Avon Capital Projects Fund 5 -Year Plan (Exhibit A) represents a Draft Capital Improvements Program for consideration, review and comment by the Town Council. This Draft has been updated to reflect current development activity (Confluence) as well as incorporating recommendations and projected costs and revenues associated with implementation of the Town Center West (Main Street) Plan. The expenses and revenues associated with this development were taken from the Design Workshop Studies and Stan Bernstein's Financial Analysis of the Confluence and Town Center Plans. This Draft is based on formation of an Urban Renewal Authority and the issuance of a $30 M Bond Issue to provide the cash flow required to implement the Town Center West Plan. This Budget reflects a very healthy fund balance through out the planning period ranging from a low $2,383,601 in 2007 to a high of $12,035,101 in 2009 with an ending fund balance of $11,902,717 in 2012. This Preliminary Draft should provide a starting point for discussions related to the Capital Projects Program and provide the basic information to begin development of a Capital Projects Fund 5 -Year Plan for adoption in the 2007 Budget. We will continue to revise and refine the various project budgets as the individual projects become better defined and as additional information is accumulated. Discussion: The Town Center West Implementation Plan has been divided into smaller projects that can be developed in an orderly fashion that will also allow early construction of the critical projects prior to funding being available for construction of the complete project. This project has been divided as: 2006/2007 Railroad Crossings 2007 Transportation Center 2007 Benchmark Road West - Realign 2008 Benchmark Road South - Reconstruct I :AEngineering\Administration \CIP Budget\2007\First Draft Memo.Doc 1 2008 Main Street Improvements 2008 Library Drive & Parking 2009 New Town Hall 2010 Municipal Parking Facilities 2010 Recreation Center Phase II Expansion Proposed new projects added to the previous 5 -Year Capital Improvement Program include: Roundabout 4 - Conversion to Full Roundabout 2006 $ 40,000 2007 $ 410,000 Municipal Building Expansion (Modular) 2007 $ 350,000 Eagle River Recreation Access Expansion 2008 $ 350,000 Bus Storage Facility 2008 $ 3,000,000 On -going Projects include: Annual Paving/Road Improvements Program Wildridge - Traffic Calming & Pedestrian Circulation General Planning & Consulting Historic Preservation We believe this Proposed Capital Improvements Program represents a well balanced program that addresses major improvements to keep the Town moving forward while also addressing the non - glamorous infrastructure needs required to satisfactorily operate and maintain all municipal functions and facilities. We will be prepared to address questions regarding the proposed projects and schedule and look forward to Council's input and direction with respect to this program. Town Manager Comments: Attachments: Exhibit A - Town of Avon Capital Projects Fund 5 -Year Plan I :AEngineering\Administration \CIP Budget\2007\First Draft Memo.Doc 2 I a , 0 a a a a 0 Z) M a, a. W M M O O O O O •; O M N (D N (f7 o6 a U5 o N O V O 0) LO O O oci I- (D CO O O O 0 N m V N N M (A 60? co a a a i a a i a a a a a 0 ' O M " " ' N O N r O) O 0 O 0 M 0 Cl 0 00 0 O r M N r D) m O v tr) r O a a a a i a a a a a a a 0 a p Q) a a a a O M O O O N CD O co OJ co tO O O M (O G}.. M (D O. C`j D) D) O u) (O O) r O) co N (O M N N M O N - '0 -r.. a) H3 (A N O N 00 e a s a s a, a a a LO g a a e � a W a. M O o, C) co O O O tt M M 0 LO 0 CD mI- r mLO m It N: (D r N O O ?: 69 Efl z o� , a a a a o a a , a a o 00 a a a a a a (p O to Q N O O O O N O N J a O r c O O O a) O O a i n o O uj �. O 't O cD ' ' O ' ' ' ' O ' ' O ' ' ' ' ' ' ' O O O O O r O) 0) O O O O M O O Z LO 'O O O N N O O O O L'i O tO O 0 0 r O0, O 0 W O N O O CO (O M tD � O M (D N M r O r > Z O m N C\ d' tO U Q n LL LL ua 0) d a 00_ Z~ � a o0_ rn o oo CD o 0 O o rn o c>r V cu m CO O W O O O BOO 0 V co M N W O 7 N N (n O W N M M O n N ea a oa C) CO O' o O O C) CD 0 0 0 J o r O O O m O N O 0 O O 0 O 0 O 0 o O O r N O O r N Q m o (D O (O O O O O (O O O O (O V O (O V d1 ,6 O ON Lo co d' w N CD N t � O m N M <t O 00 ' ' ' O O ' ' ' O O O O O ' ' ' ' O O ' ' (O N M (O O V) N O O O O O N O co co O O IlL O D) O O O M (O N (O (O r M O t0 (O V O M O (O (0 �— r r M O O O 0 0 (O r O N O O co (D L2 V O N N N N N Q N M M d fwo3 T _ ?m C c (9 C N o O O —_ E E N 0 cG U) 6 C7 Q C 0 c 0 - E o 0 C c m _ > 0 m f° U N N i o i C c a U a) m . U) c co �S -0 � LL O c U a) 3 U h= E F o O c N o A O p .Q o v .� 0 � O (� 'n U) v) w Q) (D I— m �' E W (n d 4 M > -0 u Q d y x ,� m L .F) N N N O O 0 m N h O Q N m E E 0 y ti O I- Q o O 0 w o o LL E¢ E> > E m (_mi '.- o o c J= a c> v c d m a c C U Q~ O N O O a) N 0 U N O E c C In E c) c S> c >> c 0= 0 3 w o Q E o .m C U) ai (ca c LL O Q N Q Q C m@ n(n :`n c2 N i O N` F — d N U m C C m N U= N Q O p (6 CL O y Z W F— E— m 0 0) O— > .O U) N U 0> 0 O O) (� J O O N o O w W N O O O O @ m c c- o m m g c o m m Q a v 2) o m o _- o o m >> U> m� > w w= Q w a a c> m m a y m m � m C c .0 m m m W U U W U o U E Z m n 0 w s U) o w c _' � E O H O �= FO- I a_ 0 U) m CD . CD 0 0 0 LO 0 LO CY) �t 0 C:) 0 0 lz� q 0 q N o Ici q (N Q C) C i r- °6 a C) 0 0 V) � 0) to 0) LO 1— - C4 N m co LO N co N r-- eq C) 00 cl� cl� if C) a) 4n co co CQ 00 6q C) CD Cl CD 0 0 Q) 0 C) C11 CN C, CD CD CD CD CD Q) CD 0 00 co O q O ::� Ci Ci Q� O c C) LO CD 'n r- U) Lo C) co LO N Lo C) ix ! (D I,. co LQ C14 co N (D r- 00 C) 0 0 0 CD CD 0 C) CD CD 0 C) C) co O m O Ci Ci Ci q O O o C) 0 Lr) 0 (n 0 V) �2 (n N LO N 't co cq co (14 N oci C14 C) 0 'D C) 0 CD 00 ce) rl C) C) 0 C� 0 CD C) Cl) (0 O C q 0 q C C� Cli r C) P- CD LO N LO rl. rl- t- LO C) LO o) Lo CN cli 0) Cl) co 0 C rll i : oi LO o to Ce) 0) ua ur, CD C) 0 C) C) C) C) C) 04 m CD C) C) C) C) C) 0 C O q C 0 C) 0) O O co C) C) CIA LO CD En v (o V3 co t- C) Lo rl- It LO N 00 CN LO 00 co Ci c-- (q 't oz � C� Cli d. Cl) U4 oa 0' CD 0 C) CD CD 0 O C:) C) -a �? C, 0 C) 0 CD 0) 0) C) 0) m LO , — - Ci ::� ci C� =� CO r-� Ci ll� Iq O U) Cl) Lo C) Lo C14 N co C) 00 LO m rl- CD Cl) cli m 00 C) �o c) �; cq cl� Lq cli cl� > z CL = C,4 2 co m in D 00000000 CD C) 0 LO O 0 w C) 0 Ce) 0 0 (n CY) (D (o 0) z a 0 Cli q (3i q ci C� ci Ci Cli ci t-� cq W .2 c cu N (D C. co 0 �; 0 0 LO NT It CD CD 00 C) co co CIO co Cl) fl- LO co C14 ui 00 (0 cl� co l3i ai 0 E C) Cl) r (0 in a) w >. 61> ua CL O C) Cl U") CD C, C) 0 Lo 0 U') r- N 0) C) 0 0) C� 0 C, CD Iq C� C� C, 0 C� C) I-L of N rl-• oci a) 0) 1- CD 0) 0 CD LO C> m CD 00 C) co LO C) U-) co C) 00 C) 00 to 0) n CD -0 C:) IQ N 't It m 00 0 1• Cli N =3 'IT 1-: P-: C'i u N 6r> 0 C) 0 0) rl- 00 r- C3) co co c LO N CD C) 0 P-� co G� cli ci m "It 'r Iq Nt to C14 m C) m C) co CN 00 CD C) 00 CD r-• =3 CD 0) Lo 00 r- �2 (o L) NCi ci r1i m C14 — — 04 cli co fl- Gq U- U- LL '6 m (n c a (D d N C 0 E (D 4) (D LL > c ':5 5 0 o 2 a 0 0 v N E 4) C cn E l LU LU a) > C: U) cu U) @ C ) 2 -j c E -a �5 5 W U) Q E c o — i cu L) m = ci D CL 0 CL 0 M M 'FM 0 x x m m Z , Fu = , '0 2 2 �5 z m C, LU 0) co co Lu -a > " ' 9 _ (D 0 a) 7i Z X q Of Q� U) U) ) 0 U- r g 0- CDL :3 LU 0 -j 0 00 U- U. a_ 0 U) m co 6 (D 0) co 0 U) I O . . . CD C) C) CD 0 , 0 0 0 0 CD 0 o6 C� C� C� Ci (:::i 0 to C) C,j 0 CD U) C) LO CD -It ti ID 0 — >1 CD (2) M co LO C'i m Gq . . . . . . . . . . . O Ci Q) Q) C) C, C) Q, 0 Ci C� CL 0 P� C� N CD u ID o o 0 0 00 C� C� m 0 C, C) C:� Q� of 04 CO a a a a CD . . . C, 0 CD C) Q) O C:) Q) Ci C� C � ::� Na co C) c) Q) C. O N 0 Q) W C:, C) >- -0 Ci CD C) C� C) C� Q) Q� 17D Z) C, Q) Z 0� ID U) a) r- Q) CD C) 0 CD "a (0 Ici LO co 0 m 00 cli 00 00 Q� 00 to C,� 0 0 CL c4 co > 2 m C\l < z ui LL 0 > CD 0) . . . C) 0 CD C) C) 0 C) Q) Q) Q) cz� (� (� Z Z -0 P Ci Cli C C =� C:� Qi Q) " co 1p o 00 co co 0 0 LO CN Cl) (ZS a CN 0 W LU I 0 . . . . . C) 0 w o (D 0 CD 0 CD C:) C) C) CD C� C) 0 0. a) C� C� C� C� LO (::� C� 0 C� 0 c tp 0) C:) to N r- m C) CD LO C) O 0 -0 C) m ozi O:0 co 04 C.C) a CD 0) 0) C) 00 LQ O 4 , cli C.0 It co cli 'IT LO N m co 0- cn 7FD (/) C. '00 O. c: _0 C: Y O 2 U, 0 E m' zi 2 0 (3) m c C, U) 0) 0 (1) > C > 0 .6 2 U) a u Lu CL x w CL CL 06 0 0 C: co x E o u) - �o g m a) -00 .2 W r- - c: (5 .2 2 C a)— c 10 = (D (D ID _0 > Z Z 0 0 C:) 1--z (L 0 E' -0 E E -Z5 t E E ' Q) w z w C., 0 E 0 '3 0 > 18- 8 E :3 Cc: 0- w IL C) 0 0 0 - E OL IL (L -3 �: co -4 w a. V) LL c) E o E E > C 'n 0) 7C, Q) 'D > 0 - m Q) ID Co 0, Z a W 0 a E r? U) .6 _0 a> cu cu E c c c c E LL (D (1) (1) (1) 'n u) m 0 0 -0 CL cr > cO E -�6 E c c c a o- CL a- a) a) a) E CL c cl, c 2 (U-Z-68C 75 "1 -0 -1- 0 lt� '�6 -j o 5L > z C/) (D CL .2 cL 0 r- 75 a (n 0 (D 0 0 z z C = E C z oc 0 C-) 0 0 0 CD 2: r— o �o 0 m 0 0) > 0 m m 0 o Q) Q) o D E z z 0 > 0 0 0 0 0 z a m M t= w z -71 < w �z Q� M CQ m z ca < n- a- 0� ril 0� ry X M CL 0 U) U) cai U. -j w co 6 (D 0) co 0 U) I Z a J Na Li. a w tt') Z w 00 a z LL w OZ Z '^ VJ OH �v w n O w a J a U O O.... O i i i i i O. O O O O O O O O N O It (D CO Cn > M M N O N N co O O O O LO O r O N cfi LO O O O O LO Lr) O O N 0C) LO p co Cl) N N ay- O O O... i i i i i i i O.... CL C) C) Oo ° o °o m o LO 0 0 0 o r n O! M M >N r 0 0 o O o o ... o C0 : C co O m M O O 0) O Lo 0. V N t- M Cl) N 0 C. a''''' o O o o ' oo °o_ oO_ o oo_ °o_ o y pr- O' O Cl M 'O O O p O) O CO O co LO Lo O O V N N M d m 0 0 O' 0 0 0' O O " O' " ' O 0 0 0 0' O O O O O O CO O O O O O O O 4) 'O O O O O O O O O O (::: O O O O c CD O V) LO O to O co co O O Cn LO O O m 0 C' N co V) N co N O It N N LO to ENN t0 N N O N W} O' O O O' CO O '' O' ',' O O O O O O'' O O O O O m O O O O O O O O o O O o o V o 0 = o O o o O m p CD O O CD V) O O O C) «) to 0 C) C7 C CT O N LO CD N co M t` et CO N N V) O LO m 0 N N N �- U m N t0 i LO O i i i CD LO i i I- co O LO i a M O N LO co co r It W CO CO O Cb d' I` (0 CO M rt m t0 co aJ Cl) LO t` O) LO n O O N N co CO W O U O W Q N c O cu _2 � N b U p c ° c -p ° _ c - cz c m F c c *t v aa)) n E c o O Q. 2 W � a) 'p '� Q m E x m o- 3 m Q aci m Q n tL E c rn c a) m W 0) iti E > o xS x o w> o c-� ° c o o N m G U CL g a° o 9 L w Q a) a) c Q Z p @> o m c W °r= > E m m a a v Q a rn c d p U -o p _N -o >> W > c m o j c h m@ ct N N > W O m M U m Q > 4 2 -6 0) o a) Y � L E (w .2 � c x ` N C c F- a) � c m U N c? a ? p` d "O N a) >O m C > > m a) p` m > D. E 00 a) (° Q. -C @ c O) 'c c> O oCD(7 oQ-) CY f6 @ o m mU 0)a oNQ c p Q m c m� 3 m O) O m � o U c C: a) '� 'In N m w, a a L d a) m .2 Y .0. m a) c a) o) 3 c E c a = a s Q W '� Cn S' Ki' I2 u m m U p O o m a) m a) U IF- � F m U t� Z d S D w W( 75 Z 2 o a a) m d O W Cn co C) W O kr) Ci Lo CL C,4 0 C%j F- z C: W T co o CO R C) (D p W .0 E > �6 0 'iu :;, U) < 2 -0 'r Gq c: 0 , > 0 0 < 0 0 C) CD < c: 0 0 OQ Ci > ID (2) Cf) Ci cap oxx� U') CN r LO co EA C) C) CD C) C� C� LO (0) C) C4 O 2 CD 0 0 ci 0 Cp C) Gi 0) Z (Is I C) o 0) C) 0) 0. C� C� C� 00 C) to 'IT co co N CD ui Ln CD 0 C:) C:) '0 0 CD Ici m 0) pli CD 0 0 0 c) CL CD (D > 2 C5 Z LL ui 0 > Z C) C) o 00 CD C) C) C) m m z — C� ::� LO — C� Ci 0 C) ci cc Cl) cu co Q) CD E C14 N C) m co 0 W LLJ EA 0 CD C) C) C:) 0 0 to 0. D C� LO O C) Ci CD C:) CD N co CD W Lo .r =3 0 r- CIS C)) I- 0i 0) Ci �2 Lo 0 ce) cq � C6 LO CD 04 co W O CL E F- z C: W T co o 4) > U) p W .0 E > �6 0 'iu :;, U) < 2 -0 'r 7i :Ll c: 0 , > CL m < 0 0 < c: 0 0 OQ is 0 > ID (2) Cf) F- cap oxx� CD 17 co FINANCIAL MATTERS August 22, 2006 1. YTD Building Revenue Report Actual vs Budget - July 2006 2. Detail - Real Estate Transfer Taxes - July 2006 3. Accomodations Tax Worksheet Actual vs Budget - June 2006 4. Sales Tax Worksheet Actual vs Budget - June 2006 q m,-imm rnmrO O Ea NmNO --I Ln to m E+ M . 'J N m m 0 �+ r N .-I l9 in Ln .-I r l0 W N r N N NNNN (N c,) -i0� to H r H 0 C � W W W 3 H W DOmLn mr mm (n .-f N rmmm mores rn ,> 00 Nm X90. -i Q r a U I �W r 1 Ln r r L. (N O r gr f.1 co c) .-I m c'7 H r co -i l0 QO O m aaa H acnq� a LfrUN .7 NMI l9 I d" QQ lO N 6l .-i m .-i Ol W 'j, Ln m m Ln 1 , m 0 N N O N Ln 0 N �r O N N H 0x m O o a N W N a Ln > n N � < o D E N co N D n W � W W 4J O U U as N 0 31 4 G O .-i it 'ZS C W 0 O O �4 O r w i ca " w O P H w a x H a a w U z C7 W H O E, H o 1O w Q iU W U W mrt�r rorv^ -1 Ea Olrn rlO m0,-i un N q �O OI OI mot+ NOO N l0 'J N m m 0 q mMm l9 I Ln W N r N N mON Q0 'l'N r0 lO O w r H 0 C 0 0 9 O W W W 3 w zaaa Z DOmLn mr mm (n .-f N �,O N --1 0 m N Q. Q0 ,> H C7 CUUr..G WcnfZO WW U I �W gWFCW H0 co D M 0 0 0 0 0 0 0 0 O w O O O o O O o O O W O� H ,> P'. H WW P4 W W 0 m LO r r H Ln i • cn r o o r .-1 O O -i m m N O O O O Ln o o Ln Ln Ln q �O OI OI mot+ NOO N l0 'J N m m 0 H N 'r v' m O M m m W N r N N � in - m m U cn CD Ln m OD (\j r r W W W 3 w zaaa a' m to to m ,a W W ZHCn .-f N N m i.n Ln E 0 0 0 0 0 0 0 0 O W O O O O O o 0 0 O W q �O OI OI mot+ NOO N l0 'J N m m 0 m 0 0 m m cq �rrrn OOOO rn Nr rr m00m in Hm mm NNmr l9 io r Ln Ln m H O O QQ m rn QQ m E+ a O a W a a F O H m 1 W W I W m m � m 0 E+ EN W W W i E +Ei cn >wrU -i a W W W W 3 w zaaa w ww ,a W W ZHCn aa�z H U0> H C7 CUUr..G WcnfZO HHZm U I >Zw ,z gWFCW H0 co D 1 axm zgHw W HpUZ Daww a�wx a aaa H acnq� a I � W H c� z n .-im v+a HNma a O C) (D 9 o00 U N N N P N N (N H H U NNNO a, v ,0 O FC u-) Ln Ln H Ln Ln Lo H E O O QQ m rn QQ m E+ a O a W a a F O H Town of Avon Real Estate Transfer Tax Calendar Year 2006 Purchaser Name Property Amount Received June -06 $ 1,503,987.33 Resort Closing Christie Lodge Timeshare 2.00 Title Comp Rockies Christie Lodge Timeshare 10.00 Title Comp Rockies Christie Lodge Timeshare 20.00 1 st American Heritagee Falcon Pointe Timeshare 30.00 Title Comp Rockies Falcon Pointe Timeshare 220.00 Timeshare Transfers Mtn. Vista 1318 -18 40.00 Title Comp Rockies Mtn. Vista 1403 -40 50.00 Resort Closing Mtn. Vista 1508 -40 2.00 Title'Comp Rockies Mtn. Vista 06 -24 3,755.30 Title Comp Rockies Mtn. Vista 06 -25 5,099.40 Title Comp Rockies Mtn. Vista 06 -26 1,349.70 Title Comp Rockies Mtn. Vista 06 -27 2,549.70 Title Comp Rockies Mtn. Vista 06 -28 6,128.95 Holiday Lakeside Terrace Timeshare 30.00 Rice, Rice, & Rice Lakeside Terrace Timeshare 100.00 Title Comp Rockies Lakeside Terrace Timeshare 600.00 David & Cheryl Murphy Sunridge @ Avon II A -302 7,100.00 Mark Leach Sunridge @ Avon II A -101 5,900.00 Andrea Running & William Davis Sunridge @ Avon 11 0-304 5,860.00 Elizabeth & Daniel Torgerson Avon Lake Villas X -3 9,600.00 Andrey Zaytsev & Yelizaveta Burkina Avon Crossing 111 4210 7,980.00 Brett & Tamara Donelson Avon Center @ B.C. # 606 10,100.00 James Gould Avon Town Square 222 3,200.00 Timothy Haley Benchmark Condo B -1 100.00 Armando Morales & Fernandez Escalante Benchmark Condo C -3 3,280.00 Paul & Amelia Siemonsma Benchmark Condo D -7 1,540.00 Stephen Laterra Beacon Hill 1 -12 4,980.00 ASC LLC Lot 35 Blk 1 Benchmark @ B.C. 18,000.00 Nancy Rehder Lodge @ Brookside 204 8,400.00 Bradley Poppie Lodge @ Brookside 210 11,140.00 Lance Kelly & Stephanie Caretto Canyon Run F -103 13,200.00 Lisa Glass Goldman Mtn. Star Lot 64 69,020.00 George & Amy Ruther 5209 Longsun Lane 4,000.00 Jerry & Donna Soenksen Villamonte @ WR # D 8,000.00 Kimberly Risi Elk Run Townhomes C -80 6,400.00 George & Linda Rohlinger Lot 33 -B Blk 2 WR 27,000.00 Paul & Marie Zumbo Lot 42 -A Blk 4 WR 27,900.00 Kristina & Stephen Vardaman Lot 70 -B Blk 4 WR 16,300.00 Lawrence Wolk Lot 67 Blk 3 WR 14,780.00 Total July Revenue 303,767.05 Total YTD Revenue 1,807,754.38 Total 2006 Budget 2,500,000.00 Variance, Favorable (Unfavorable) $ (692,245.62) C) V- U) V V 0 0 0 C) 0 0 N N O a) tp 9 9 q q q q li 0) LO C 0 9 r., w ca 0 N E 0 0 9 C? 7 V . . . . . . . N N N "t LO 0 C4 r- w N LO Ln m U) c Lq !�� q C'� - t"L m m 0) M co N w to N LO Cl) M c " O� V N Cl) 0 M E; U*) 'It . r� C14 N w Cl) (0 C\L a) q (q C" 0 ! C\1 0 F.- 0 It 0 m a) 0 C) Lo W I- V - N CIO CN C\j I- C) 0 C� (D 0 LO C) w ce) u 0 m N N Lo CO q cc� Cli 00 cc� Iq O) PI-L Ct O) C) W cD v) �2 0) a) Q co u2 0 v LO m C-4 q (0 04 - - - - W m 0o CO Lq q M O O 1-9 9 cq - 1 (P 1 0 w N — 06 Z ;_10 M 0 — r- o IQ Cli pl-� oc� 00 rll� rl�. Lci ct� CO q Cli M C) 0 .Cr M M 0 M W 0 0 cli > N v Cl) IM LL 0 6s to z Z 0 O 00 9 Lq O O V CO O CO 0 N Lo V N vi M O U) CO 0 M V 0 0 0 C's CO N C'! oc� C'! 0) Ct Lq V! (31 LCI -I cl� 0) C14 0 CO O2 N 0 M 0 N Lo U) C14 U) 04 0 Cl) 2 2 ell 0 ce) LO r- 0 U) r- in 00 r- rn N cR O u) cl 17 M IIR " O) V 00 t- co (Y) tl- co r- co N 0) (D a O ce) to r- O LO co C) 0 0) LO 0) R cn q lq� rl-� q IqL rll�. to (Q 0) r-� Cli COy M co -t u) a) Lo o c)) a) o 0) C14 ii 61) :Q Ef3 LO O 0 0 m 0 m v 0 rl- fl- m It O M V 0) N: u? " 7 " V V LO m r w N w ce) co a) co a) Lf! cc cl! ul IlL Cl) '14� 'It 0 Cr! Iq "It Cl) O O cV M 6i O N Cl) CN C\l (r) Ce) (D 0 00 h c co a) cc) Lo co h (p U? 9 7 9 P,.: 0) CR N I? to OR c,2 '-- (c) " a) 0 ` m 0) u) cq �2 ce) %t c) co ` u) CO 0) '41 (q ul cc� q Ct v! 0� O LO 04 Lo co Lo cj a) m r-- r- a) oo M t Lo (C) C14 jo m 16 E E E , �, =22=W= M 0) d 7 y o m nu-2<�A-,75 <Mwozo i. 4. pia rZ 0 IE; O C� 69 69 69 Ft3 O O O O O O CC O O O O O O 0) a) Cl) (D 1--� Go c C) C0 m CO 0) Co 00 f- cli E 0 2 0 CN MU) U') (D a) M 114, C14 0 tI0 CC) a) 0) a) — 0 co w M (D 00 M C'J M n rl-i Cli C l) CO (D 04 CD rn 66, 0 N OD C) IX) (0 (D M IV 10 N 0 Ufl 0 �r 0) Cl) N — LO (o 0) CO 0) CO M O oc� q O cl� C� Cli C14 0 1- Il- 00 0 C) CD C\l U) C:) LO m Cl) v tl- cNi ai co O v ce) C) u') N 0 C v LO C) CN LO 't C> (D rl- w 0) LO CD oc� oc� cl� Vi ll� q cl� ll� cc� cl� clli YYr OD C\l LO M Cl) 'It r- m r-- O 4) (.0 CC) (D P- a) �r M V) cn C) m (1) Cl) Cl) Iq (n Cl) m rl- 10 C:) :3 N ! LO 61) W Q U) tl- r�- N CO CD r- Iq LO 0) N W 0 CO V M 0 t-- 0) C) 01 V CN (P LO LO 0 co C> V LO r- 00 19t N ce) fl- m 0 N a) N Ln m It 0) O z tip "a- LO Iq Vi Vi VL oc� pl.� C� r-� Co 0) r- U) t- Ln M to M 0 V Cl) Cl) CL (14 0 co LO (D M V ::� M U) Lo 0 V v LO (n V co m m co > 4 y to LL 0m 0 3: Z X a Lo C) 0 N 0 — P- U) V (0 0) 0) t- 'IT CO 04 M M r 00 1p 0 0 0 m 0 0 w U) LO m fl- (0 u) (0 a v .41 0) 1- Lo N — Co - - - - - - - - - - - O 0 0 a 0 00 z to LO CN — V N 00 M 0 N Cl) 00 C9 U) 0 0) 0) 04 Cl) CO f- w C14 V 'IT Cl) It Cl) m m m CO I- 6A 0 Itt m N U*) Iq Cl) LO C%l rl- m CO U) (14 CO (0 V) C) Co V 0 CO OC 'r- to 00 CO N C' 00 Cl) N 00 U) 0 04 00 C) U) �7 m 0 m V to N w -I q 4 (Q C'� 0 Ct C' Ct oc pl-i -6 0 CO CO cn r N Cl) fl- U) 0) r- ;; 0 V C-) 0 (1) a) CY) CO Cl) A N 0 C.4 LO LO Iq C) N ce) M Cl) Cl) (D LO 6 0 00 N r-- a) ;: V C4 00 r- 00 CO 04 Li M OD V CO 00 co Cl) to 0 OD U) to O o") q, (o, f-, v , CO . r- I N N 0 0 0 w N t- w It ) in O to ZO Vi C� Cli CO q q 0o Ct to M LO W to V V C14 C11 C0 V) M m m M to (0 V7 Cg U*) m h 7 CO C? w 0 of to 0 U? 0 �; 00 r- 0) (D . co co N (D cli cl! V- q Cl) (Q ol� 0 cl� IQ q -1 17. O co — m q t.- c) ;, — CO — C6 to a O O 0 0 VV r 0) M 04 LO CO Cl) 0) CN 'r v U') M M m -q It Cl) m m CO 00 6 4) a, ?1 2 2 �a E E E 0 0 4) m >1 0) CL t > ai to CL 75 0) 0 4) 5 LL 2 < ..) < co 0 z a rn O 1!1 0 0 0 CI 0 1:1 W) "T M C-4 'Ir "t — m ", 6A A Ji) fA b9 6A 6oq iA lb9 O O O O C> O 2 C� N O O