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1 Avon URA Report 2007-07-12_v2TOWN OF TOWN CENTER WEST AREA Town Center West Area Urban Renewal Plan Town Center West Area Urban Renewal Plan Town of Avon, Colorado August 2007 August 2007 ■ Leland Consulting Group Town Center West Area Urban Renewal Plan Town Center West Area Urban Renewal Plan Town of Avon, Colorado August 2007 Table of Contents August 2007 Page Section 1.0: Preface and Background 3 Section 2.0: Qualifying Conditions 11 Section 3.0: Relationship to Comprehensive Plan 13 Section 4.0: Land Use Plan and Plan Objectives 16 Section 5.0: Project Implementation 20 Section 6.0: Project Financing 23 Section 7.0: Changes & Minor Variations from Adopted Plan 25 Section 8.0: Interpretation 26 Section 9.0 Severability 26 Attachments Attachment 1: Town Center West Area Conditions Survey Leland 2 Consulting Group Town Center West Area Urban Renewal Plan Town Center West Area Urban Renewal Plan Town of Avon, Colorado August 2007 Avon Urban Renewal Authority and Avon, Colorado Town Council 1.0 Preface and Background 1.1 Preface August 2007 This Town Center West Area Urban Renewal Plan (the "Plan' or the "Urban Renewal Plan") has been approved by the Town Council of the Town of Avon and will be carried out by the Avon Urban Renewal Authority, (the "Authority ") pursuant to the provisions of the Urban Renewal Law of the State of Colorado, Part 1 of Article 25 of Title 31, Colorado Revised Statutes, as amended (the "Act "). The administration and enforcement of this Plan, including the preparation and execution of any documents implementing it, shall be performed by the Authority. Notice of the public hearing to consider the Plan was published in the Eagle Valley Enterprise, on July 12, 2007. The Plan was adopted by the Town Council after a public hearing thereon on August 14, 2007. 1.2 Description of Urban Renewal Area According to the Act, the jurisdictional boundaries of the Authority are the same as the boundaries of the Town. Additionally, within the Town boundaries there may be one or more urban renewal areas. Under the Act, a blighted area that has been designated by the Town Council as appropriate for an urban renewal project may qualify as an urban renewal area. A blighted area is defined in part by the presence of certain factors listed in the Act. The Leland '9JEc*- 3 Consulting Group Town Center West Area Urban Renewal Plan August 2007 Authority may implement urban renewal projects within an urban renewal area in order to eliminate and prevent the development or spread of blight. The Town Center West Area included in the Urban Renewal Plan (referred to herein as the "Urban Renewal Area' or the "Area ") is located in the Town of Avon, Eagle County, Colorado. The boundaries of the Area (reflected in Figure 1 following the legal description) generally include properties located in the commercial area known as Avon West Town Center. The Area is bisected from east to west by Interstate 70 and generally bounded on the south by the Eagle River and Denver and Rio Grande Western Railroad tracks, on the west by West Beaver Creek Boulevard, and on the east by Avon Road and undeveloped parcels along the east side of Buck Creek Road. The northern boundary in the western half of the Area is the southern I -70 right -of -way, and in the eastern half is the northwestern right -of -way of Buck Creek Road. A legal description for the area is included in Section 1.2.1 of this Plan. The legal description controls the boundary description in case of any conflict. The boundaries of the Urban Renewal Area are drawn as narrowly as feasible to accomplish the planning and development objectives of this Urban Renewal Plan. 1.2.1 Legal Description A parcel of land located in Sections 1, 2,11 and 12, Township 5 South, Range 82 West of the Sixth Principal Meridian and being in the Town of Avon, Eagle County, Colorado, more particularly described as follows; The True Point of Beginning being the southeast corner of Tract C, Block 1, Benchmark at Beaver Creek Amendment No. 4, a subdivision Recorded in Book 274 at Page 701 of the Records of the Clerk and Recorders Office of Eagle County, Colorado, said point also being on the east line of the west 1/2 of said Section 12; Thence N 00- 04'56" W a distance of 1024.42 feet along said east line to the southeast corner of the west 1/2 of the SE 1/4 of said Section 1; Thence continuing along the east line of the west 1/2 of said Section 1 N 00- 19'33" W a distance of 2232.71 feet to the intersection of the west right -of -way line of Buck Creek Road and the Northeast Corner of Wildwood Resort, a subdivision as recorded in Reception No. 308239; Thence S 38 -D2709" W along said Buck Creek Road Leland ��. 4 Consulting Group Town Center West Area Urban Renewal Plan August 2007 right -of -way a distance of 1690.76 feet to a point; Thence continuing along said right -of- way S 44- 56'12" W a distance of 196.89 feet to a point of curvature; Thence 227.27 feet along said curve to the right having a radius of 633.82 feet, a central angle of 20- 32'40" having a chord bearing and distance of S 55- 12'32" W, 226.05 feet to a point of reverse curve to the left having a radius of 330.00 feet; Thence 58.73 feet along said curve through a central angle of 10- 11'46 ", having a chord bearing and distance of S 60- 21'19" W, 58.65 feet to a point of tangency; Thence S 59- 08'32" W a distance of 65.55 feet to a point of curvature of a curve to the left having a radius of 175.00 feet; Thence 95.85 feet along said curve through a central angle of 31- 22'49', having a chord bearing and distance of S 43- 27'07" W, 94.65 feet to a point; Thence S 65- 18'24" W a distance of 100.00 feet to a point on the northerly right -of -way of Nottingham Road; Thence S 2753'50" W across said road a distance of 50.00 feet to a point on the north line of Lot 6, Block 1, Benchmark at Beaver Creek Subdivision; Thence S 62- 06'10" E along said north line a distance of 111.29 feet to the northeast corner of said lot; Thence S 27- 53'50" W along the east line of said lot a distance of 195.82 to the southeast corner of said lot and on the northerly right - of -way of Interstate 70; Thence S 28- 32'30" W a distance of 410.78 feet across said Interstate to the northeast corner of Lot 34, Block 2, Benchmark at Beaver Creek and on the southerly right -of -way of said Interstate 70; Thence N 48- 25'45" W along said right - of -way a distance of 287.54 feet to a point of curvature of a non - tangent curve to the left having a radius of 4408.70; Thence 2330.10 feet along said curve and said right -of -way through a central angle of 30- 16'58 ", having a chord bearing and distance of N 77- 29'16" W, 2303.08 feet to a point of compound curve and the Northeast corner of Lot 2, Block 1, Benchmark at Beaver Creek and the northerly right -of -way of Beaver Creek Boulevard, said curve having a radius of 578.40 feet; Thence 760.55 feet along said curve and said right -of -way through a central angle of 75- 20'22 ", having a chord bearing and distance of S 4942'04" W, 706.93 feet to a point of tangency; Thence S 1201'54" W along said right -of -way a distance of 421.90 feet to a point of curvature of a curve to the left having a radius of 310.00 feet; Thence 58.72 feet along said curve and said right -of- way through a central angle of 1051'31 ", having a chord bearing and distance of S 17- 27'33" W, 58.63 feet to a point on the northerly right -of -way of the Denver and Rio Grande Western Railroad and being on a non - tangent curve to the left having a radius of 2914.93 feet; Thence 656.02 feet along said right -of -way line and said curve through a central angle of 12- 53'41 ", having a chord bearing and distance of S 72- 24'58" E, 654.64 Leland 5 Consulting Group Town Center West Area Urban Renewal Plan August 2007 feet to a point of tangency; Thence continuing along said right -of -way S 65- 58'08" E a distance of 1779.33 feet to a point on the south line of Tract G, Block 2, Benchmark at Beaver Creek Subdivision; Thence N 89- 32'24" W a distance of 641.23 feet across said railroad to the Northwest corner of Tract A, Riverfront Subdivision, a subdivision Recorded under Reception No. 2006 - 15950, and the approximate centerline of the Eagle River; Thence along said Subdivision the following 14 courses: 1) S 48- 07'07" E a distance of 132.54 feet; Thence 2) S 57- 20'38" E a distance of 341.10 feet; Thence 3) S 49- 48'45" E a distance of 455.81 feet; Thence 4) S 47- 45'12" E a distance of 293.90 feet; Thence 5) S 43- 38'21" E a distance of 152.46 feet; Thence 6) S 50- 08'25 "E a distance of 155.01 feet; Thence 7) S 53°40'57" E a distance of 187.35 feet; Thence 8) S 81- 24'46" E a distance of 214.94 feet; Thence 9) N 86- 02'47" E a distance of 162.26 feet; Thence 10) N 86- 3753" E a distance of 197.41 feet to the southeast corner of said Riverfront Subdivision; Thence 11) N 12- 04'40" E a distance of 120.18 feet; Thence 12) N 12- 0702" E a distance of 86.00 feet; Thence 13) N 2116'46" E a distance of 52.00 feet; Thence 14) N 04- 29'26" E a distance of 119.79 feet to the northeast corner of said Riverfront Subdivision and the southerly right -of -way of said Railroad; Thence N 29- 01'06" E a distance of 193.31 feet across said railroad to the intersection of the northerly right -of- way of said railroad and the westerly right -of -way of Tract F (Avon Road) Benchmark at Beaver Creek Subdivision; Thence N 10- 26'15" E along said Avon Road right -of -way a distance of 715.74 feet to a point; Thence N 0007'15" E along said right -of -way a distance of 275.20 feet to a point; Thence N 13- 22'15" E along said right -of -way a distance of 114.60 feet to a point; Thence N 00- 05'45" E along said right -of -way a distance of 5.60 feet to a point; Thence N 35s?4315" E along said right -of -way a distance of 105.60 feet to the intersection of the westerly right -of -way of said Avon Road, also being the Southerly right -of -way of said Interstate 70 and the Northeast corner of Lot 4, First Amendment to the Sunroad Subdivision; Thence S 5411'08" E along said Interstate 70 right -of -way a distance of 99.75 feet; Thence S 61- 46'15" E along said right- Leland sConsulting Group Town Center West Area Urban Renewal Plan 1.3 August 2007 of -way a distance of 1066.50 feet to a point; Thence S 61- 46'15" E along said right -of- way a distance of 325.00 feet; Thence S 54- 22'45" E along said right -of -way a distance of 268.99 feet to the southeast corner of Tract D, Benchmark at Beaver Creek (Interstate 70); Thence N 25- 10'03" W a distance of 595.37 feet across said Interstate 70 to the True Point of Beginning containing 219.567 acres more or less. I hereby state that the above described legal description has been prepared by me or under my direct supervision. Prepared by Inter - Mountain Engineering, Duane D. Fehringer, P.E. & P.L.S. 26626, P.O. Box 978, Avon, Co. 81620 The Area contains 100 parcels with a total parcel acreage of approximately 225 acres (including streets and rights of way). 1.2.2 Figure 1, Urban Renewal Area The urban renewal plan concept map is presented as Figure 2 on the following page. Purpose of the Plan The purpose of this Urban Renewal Plan is to reduce, eliminate and prevent the spread of blight within the Urban Renewal Area and to stimulate growth and investment within the Area boundaries. In particular, this Urban Renewal Plan is intended to promote local objectives with respect to appropriate land uses, private investment and public improvements provided that the delineation of such objectives shall not be construed to require that any particular project necessarily promote all such objectives. Specifically, the Plan promotes an environment which allows for a range of uses and product types which can respond to market conditions over time; further the goals and objectives of the Town of Avon Comprehensive Plan adopted in February 2006 and any other relevant policy document; and, leverage the community's investment in public improvement projects in the Area. Leland 7 Consulting Group Town Center West Area Urban Renewal Plan August 2007 Figure No. 1 Town Center West Area Urban Renewal Plan — Boundary Map r .t K s P r• c r A 6; T * �., �—Z :• Jr-i -� !.,`r! F' 4�,4 rte. ItAt IC iA �' • oaf ,, ;� i Town Center Ykstwea [oMitlplK SU+'+'Ci•TOwrt of Avon -4•� "�, a`� ,�•�� , $ P ry arcel Bounda ; " G t " 8,-WV Area Sr Leland 8 Consulting ,Ij 1: Group Town Center West Area Urban Renewal man Ague No. 2 Town Center West Area Urban Renewal man — Concept Map August 2007 $ | © Consulting 1: Group = a \ » \ 2 \ ) (v ) / J 4� «� , .»\ $ T % - a,_ / / - 2 ƒ / \ � 7 7 T � ~ c� o%> f � \ + / August 2007 $ | © Consulting 1: Group Town Center West Area Urban Renewal Plan 1.4 August 2007 While the principal goal of the urban renewal effort, as required by the Act, is to afford maximum opportunity, consistent with the sound needs of the Town of Avon (the "Town") as a whole and to develop and rehabilitate the Area by private enterprise, it is not intended to replace the efforts of area business development or marketing organizations. The rehabilitation and redevelopment of properties within the Urban Renewal Area will be accomplished through the improvement of existing structures and infrastructure, attraction of new investment and reinvestment, and prevention of deterioration of properties in the Area. The effort will involve the Authority and Town Council with participation and cooperation by the private sector. The Authority will arrange with the Town to undertake zoning and planning activities to regulate land use, maximum densities, and building requirements in the Urban Renewal Area as is necessary or appropriate. Such activities shall utilize applicable Town standards and regulations for the purpose of implementing the Plan. Public Participation The Plan has been made available to business and property owners located within and adjacent to the Plan boundaries, as well as other Avon residents. Reasonable efforts were taken to provide notification of the public hearing to property owners, residents, and owners of business concerns at their last known address of record within the Area as required by the Act. Input on the Plans content was solicited of Area residents, property and business owners, and tenants ( "stakeholders ") during stakeholder meetings held during the Spring of 2007. It is the intent of the Authority and Town Council to provide for public comment on proposed developments and planning efforts which advance the purposes of the Plan. Specific development proposals will be submitted for approval by the Authority. Leland 10 Consulting Group Town Center West Area Urban Renewal Plan August 2007 1.5 Definitions In addition to terms previously defined in the text, the following terms are used in this Urban Renewal Plan: Cooperation Agreement - means any agreement between the Authority and the Town or any public body (the term "public body" being used in this Urban Renewal Plan as defined by the Act) respecting action to be taken pursuant to any of the powers set forth in the Act or in any other provision of Colorado law, for the purpose of facilitating public undertakings deemed necessary or appropriate by the Authority under this Urban Renewal Plan. Redevelopment/Development Agreement - means an agreement between the Authority and developer(s) regarding the redevelopment or development of property within the Urban Renewal Area. 2.0 Qualifying Conditions The Town Center West Area (Site) Conditions Survey, dated [July /August] 2007 (the "Survey "), was completed by the Denver, Colorado office of Matrix Design Group. The Survey illustrates the location of qualifying conditions and is incorporated into this Urban Renewal Plan by reference. A "blighted area" may include a wide array of urban problems, which can range from physical deterioration of buildings and the environment, to health, social and economic problems in a particular area. The Act requires that the presence of at least four of the following factors contribute to the finding of a "blighted area." a) Slum, deteriorated, or deteriorating structures; b) Predominance of defective or inadequate street layout; c) Faulty lot layout in relation to size, adequacy, accessibility, or usefulness; d) Unsanitary or unsafe conditions; e) Deterioration of site or other improvements; Leland Consulting ,..._:: Group Town Center West Area Urban Renewal Plan August 2007 f) Unusual topography or inadequate public improvements or utilities; g) Defective or unusual conditions of title rendering the title non - marketable; h) The existence of conditions that endanger life or property by fire or other causes; i) Buildings that are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities; j) Environmental contamination of buildings or property; k.5) The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical and underutilization of vacancy of sites, buildings, or other improvements; and 1) If there is no objection of such property owner or owners and the tenant or tenants of such owner or owners, if any, to the inclusion of such property in an urban renewal area, "blighted area' also means an area that, in its present condition and use and, by reason of the presence of any one of the factors specified in paragraphs (a) to (k.5) above, substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals or welfare. For purposes of this paragraph (1), the fact that an owner of an interest in such property does not object to the inclusion of such property in the urban renewal area does not mean that the owner has waived any rights of such owner in connection with laws governing eminent domain. Based on the Survey completed in connection with the adoption and approval of the Urban Renewal Plan, 8 of the 11 qualifying factors indicative of a blighted area, as defined in the Act, are present within the Urban Renewal Area. Factors not found within the Area included: (a) slum, deteriorated, or deteriorating structures; (g) defective or unusual conditions of title rendering the title non - marketable. and, (j) environmental contamination of buildings or property; (Note: A detailed title search of properties within the Area was not conducted.) Leland 12 consulting Group Town Center West Area Urban Renewal Plan August 2007 3.0 Relationship to Comprehensive Plan A general plan for the Town known as the Town of Avon Comprehensive Plan was adopted in February 2006. That plan specifically states, "In order for Avon to realize its vision and its associated community goals and objectives, the key challenge facing Avon is to enhance its Town Center Districts." Additionally, it says, "The Town Center Districts (East and West) are intended to be Avon's focal point for social, business and cultural activities. Specifically, the Town Center Districts are anticipated to provide mixed -use development of the highest intensity within the community supported by an exceptional pedestrian- oriented environment including comfortable spaces, exceptional views, and intimate gathering places." (Page 31) Specific goals and policies of the Comprehensive Plan that this Plan will further include the following: B. Built Form Policy B.1.9: Encourage redevelopment and revitalization of currently outdated, rundown, or otherwise neglected areas. (Page 40) C. Land Uses Policy C.13: Focus lodging and guest accommodation in the Town Center Districts to take advantage of the proximity to retail, commercial and other community services. (Page 42) E. Economic Development Goal E.2: Ensure the ability to fund and implement the necessary development and redevelopment by encouraging strategic use of town funds to leverage high quality private sector investment. Policy E.2.1: Pursue economic development benefiting the Town of Avon by using local, county, state or federal resources that are available including incentive programs and selection criteria. Community funds should be applied to different projects based upon level of projected public investment versus revenue returns to the Town. (Page 48) Policy E.2.3: Encourage private investment in Avon through such tools and strategies as tax increment financing for specific development proposals, general improvement district bonds, expedited review processes, public /private financing mechanisms, 1 , Leland G. [)Pi,1JEck 1 3 Consulting Group Town Center West Area Urban Renewal Plan August 2007 applying for development redevelopment grants, and participation (cost and revenue) in delivering infrastructure and services as advantageous to the Town and its economic development efforts. (Page 49) G. Transportation Policy G.1.17: Acquire alternative funding sources for operations and capital improvements to the transportation system: federal /state grants, public /private cost sharing opportunities, etc. (Page 56) Specific planning principles (by District) within the Comprehensive Plan that this Plan will further include the following: District 1: West Town Center District (Page 71) The role of the West Town Center District is to serve as the heart of the community. Social, cultural, intellectual, political, and recreational gatherings occur in this district. In addition, the district acts as the common ground between the full -time residents, part -time residents, and destination guests through diverse retail and entertainment opportunities. The West Town Center District will be an intensely developed mixed use, pedestrian- oriented area that serves as the primary focus for residential and lodging development within the overall Town Center. Currently, this district provides a diversity of land uses in vertically mixed -use buildings. Uses include retail, office, residential, government services, civic facilities, and parks loosely grouped around a 50 -foot pedestrian mall right -of -way. Planning Principles: ■ Create a new "main Street" in the existing pedestrian mall right -of -way. ■ Realign West Benchmark Road to improve circulation in the area and enhance the development feasibility of vacant parcels. ■ Link pedestrian, bicycle, and automobile circulation to and through Avori s Towns Center, Nottingham Park, the Confluence site, and the Eagle River. Leland �i]Erc. 14 consulting Group Town Center West Area Urban Renewal Plan ■ Develop a multi -modal transit center. August 2007 ■ Develop a parking structure associated with the expansion of Avon s Recreation Center. ■ Develop a mix of uses that provides a strong residential and lodging bed base supported by community and guest commercial uses. ■ Create inviting storefronts with retail, restaurant, and entertainment uses on ground levels and offices, lodging, and residential uses above. ■ Establish public plazas and other gathering spaces for community interaction and social events. ■ Provide entertainment opportunities for residents and guests to enliven the area and promoted and extended retail hours. ■ Use signage, streetscape design, landscaping, pints of interest, and other wayfinding elements to help orient visitors to important destinations within the district and the larger Town Center. ■ Use architectural detailing on ground level /first floor to enhance the pedestrian environment that includes a human scale, display windows, appropriate lighting, and other pedestrian amenities. ■ Site buildings of various sizes along the street edge to maximize sun exposure, protect views, and break up building bulk. ■ Develop a new transit center and private /public structured parking facilities that provide easy access to and through the district. Additional relevant district references are provided below: District 3: Confluence District (Page 75) District 4: Avon Road Corridor (Page 77) District 5: Nottingham Park District (Page 791 District 12: Railroad Corridor (Page 91) District 13: Nottingham Road Commercial District (Page 93) District 21: Nottingham Park Residential District District 23:1-70 Gateway �.�. Leland 15 Consulting Group Town Center West Area Urban Renewal Plan August 2007 4.0 Land Use Plan and Plan Objectives 4.1 General Description The vision for revitalization of the Area is the creation of high quality commercial and mixed -use developments which integrate a range of non - residential uses with residential uses (vertically integrated) where appropriate, as well as property improvements, supported by strategic public investment in infrastructure (including utilities) and parking within and adjacent to the Area boundaries. Development within the Town Center West Area is positioned to serve as the catalyst for change in this commercial core of the Town. The combination of uses will further promote development and redevelopment of the entire Town Center District as an urban "neighborhood" with retail, business, lodging, residential, civic, cultural and public elements while physically connecting existing uses and improving circulation among multiple forms of transportation. Existing conditions present within the Area will be remedied by the Plan, but will need to first be identified as priority public investments by the Authority in consultation with the Town Council and community. Improvements will be partially funded by tax increment revenues. Creation of special districts or other financing districts to serve as supplemental funding sources will also be considered. 4.2 Urban Renewal Plan Review Process The review process for the Urban Renewal Plan is intended to provide a mechanism to allow those parties responsible for implementing the Plan to periodically evaluate its effectiveness and make adjustments to ensure efficiency in implementing the recommended urban renewal activities. The Urban Renewal Plan may be modified at any time; but, if modified after the lease or sale by the Authority of real property in the Urban Renewal Area, such modification shall be subject to such rights at law or in equity as a lessee or purchaser or his successor in interest may be entitled to assert. Any proposed modification shall be submitted to the Town Council for a resolution as to Leland �i]Erc. 16 consulting Group Town Center West Area Urban Renewal Plan 4.3 August 2007 whether or not such modification will substantially change the Urban Renewal Plan in land area, land use, design, building requirements, timing, or procedure, as previously approved, and, if the Town Council finds that there will be a substantial change, its approval of such modification shall be subject to the requirements of the Act relating to the substantial modification of an urban renewal plan. Proposed modifications to the Plan may be submitted to the Town Council by the Authority, Town residents, owners of property or businesses within the Town, Town staff, or other members of the community. A series of joint workshops may be held by and between the Authority and interested members of the community to direct and review the development of Plan modifications. Development and Design Objectives The development objectives for the Urban Renewal Area include establishment of uses that will allow projects to respond to changing market conditions. Potential land uses within the Urban Renewal Area include a range of retail, business, lodging, civic, cultural, residential and parking uses. Design objectives for the Urban Renewal Area are addressed in the West Town Center Design Guidelines date February 2007. Development objectives generally promote flexibility, adaptability to a range of uses and product types and consistency with prevailing market conditions. Other objectives include: a) Eliminate and prevent blight b) Implement the Town of Avon Comprehensive Plan c) Ensure orderly growth d) Stimulate development of vacant and underutilized land in and adjacent to the Area e) Improve relationship between this Area and surrounding areas f) Increase property values and strengthen the Town's economic base g) Provide uses supportive of and complementary to planned improvements (transportation, transit, utilities, parking, etc.) h) Encourage a mix of uses and project types i) Promote a variety of products to address multiple market segments 1 , Leland G.[]Pi1lE{}c� 1 7 Consulting Group Town Center West Area Urban Renewal Plan 4.4 August 2007 j) Encourage continued presence of businesses consistent with the Plan vision k) Provide a range of financing mechanisms for private property re- investment and investment 1) Encourage public - private partnerships to implement the Plan m) Facilitate cooperation among government agencies n) Advance higher standards through quality design and material selection o) Landscape streetscapes and gateways to unify uses and Plan components p) Ensure sensitivity to existing surrounding uses 4.3.1 Development Opportunities — Catalyst Projects A key concept associated with implementation of the Plan is targeted investment that will serve to catalyze development throughout the Area and fund public improvements. Development Standards All development in the Plan Area shall conform to the Town of Comprehensive Plan, Town of Avon Municipal Code Title 17 (Zoning Code), Town of Avon Municipal Code Title 15 (Building and Construction Code), Town Center West Design Guidelines, and any site - specific zoning for properties in the Urban Renewal Area that are in effect or as may be adopted or as amended from time to time. In conformance with the Act and this Urban Renewal Plan, the Authority may adopt additional standards and other requirements applicable to properties in the Urban Renewal Area. Unless otherwise approved by Town Council resolution, any such standards and requirements adopted by the Authority shall be consistent with all other zoning and development policies and regulations of the Town. Leland 18 consulting Group Town Center West Area Urban Renewal Plan August 2007 4.5 Public Improvements and Facilities The Authority may, or may cause others to, undertake certain actions to make the Urban Renewal Area more attractive for private investment. The Authority may, or may cause others to, install, construct, and reconstruct any public improvements in the Urban Renewal Area, including, without limitation, streets, sidewalks, underground utility and service facilities, streetscapes, pedestrian corridors, and parking facilities. The Authority also may, or may cause others to, install, construct and reconstruct any other authorized improvements in the Urban Renewal Area, including, without limitation, other authorized undertakings or improvements for the purpose of promoting the objectives of this Urban Renewal Plan and the Act. Public projects are intended to stimulate (directly and indirectly) private sector investment in and around the Urban Renewal Area. The combination of public and private investment will assist in the investment and conversion of the Urban Renewal Area into a viable commercial, residential, lodging, employment and mixed -use neighborhood supported by multiple forms of transportation with supporting public spaces contributing to increased property and sales taxes. 4.5.1 Infrastructure New infrastructure, including utilities that is required will be located in public rights -of -way or dedicated easements. These improvements will be added to existing infrastructure to the extent possible. Existing services may be removed or abandoned to accommodate new development in the Area. In undertaking all activities and improvements pursuant to this Urban Renewal Plan, the Authority shall comply with all applicable building and zoning regulations, and other applicable ordinances of the Town. All Town ordinances and other regulations relating to utility relocation will remain in effect. Leland 19 Consulting Group Town Center West Area Urban Renewal Plan August 2007 4.6 Other Improvements and Facilities There could be other non - public improvements in the Urban Renewal Area that may be required to accommodate development. The Authority may assist in the financing or construction of these improvements to the extent authorized by the Act and other applicable law. 5.0 Project Implementation The Act allows for a wide range of activities to be used in the implementation of an urban renewal area. It is the intent of the Authority to provide incentives to stimulate private investment in cooperation with property owners and other affected parties in order to accomplish the objectives of the Plan. Public - private partnerships and other forms of cooperative development will be key to the Authority's strategy for preventing the spread of blight and eliminating the blight conditions. This Plan does not authorize the use of eminent domain by the Authority. In order for the Authority to exercise eminent domain powers in the future, the Town Council must approve a substantial modification to the Urban Renewal Plan and comply with the applicable requirements of the Act. 5.1 Property Acquisition and Land Assemblage The Authority may acquire property by negotiation or any other method authorized by the Act other than eminent domain, as discussed in section 5.0 above. The Authority may temporarily operate, manage and maintain property acquired in the Urban Renewal Area. Such property shall be under the management and control of the Authority and may be rented or leased pending its disposition for redevelopment. 5.2 Relocation Assistance It is not anticipated that acquisition of real property by the Authority will result in the relocation of any individuals, families, or business concerns. However, if such relocation Leland 20 Consulting Group Town Center West Area Urban Renewal Plan 5.3 August 2007 becomes necessary, the Authority shall adopt a relocation plan in conformance with the Act and consistent with specific objectives which will be identified in that Plan. 5.2.1 Mitigate Inconvenience and Expense Development of any relocation program for the Area will be designed to mitigate the inconvenience and expense of individuals, families and business concerns that may be displaced by acquisition of property by the Authority. 5.2.2 Information Program Any relocation program will be accompanied by an information program to keep all affected parties advised of relocation activities on a continuing basis and to encourage all such parties to keep the Authority informed of their needs and requirements. Demolition, Clearance, and Site Preparation In carrying out this Urban Renewal Plan, it is anticipated that the Authority may be required to demolish and clear buildings, structures and other improvements from property in the Urban Renewal Area. Additionally, development activities consistent with this Plan, including but not limited to Development or Cooperation Agreements, may require such demolition and clearance to eliminate unhealthy, unsanitary, and unsafe conditions, eliminate obsolete and other uses detrimental to the public welfare, and otherwise remove and prevent the spread of deterioration. With respect to property acquired by the Authority, it may demolish and clear, or contract to demolish and clear, those buildings, structures and other improvements from property pursuant to this Urban Renewal Plan if in the judgment of the Authority such buildings, structures and other improvements can not be rehabilitated in accordance with this Urban Renewal Plan. The Authority may also undertake such additional site preparation activities, as it deems necessary, to facilitate the disposition and development of such property. Leland rE[]Pi1lE{}c� 21 Consulting Group Town Center West Area Urban Renewal Plan August 2007 5.4 Property Disposition The Authority may sell, lease, or otherwise transfer real property or any interest in real property subject to covenants, conditions and restrictions, including architectural and design controls, time restrictions on development, and building requirements, as it deems necessary to develop such property. Real property or interests in real property may be sold, leased or otherwise transferred for uses in accordance with the Act and this Urban Renewal Plan. All property and interest in real estate acquired by the Authority in the Urban Renewal Area that is not dedicated or transferred to public entities, shall be sold or otherwise disposed of for redevelopment in accordance with the provision of this Plan and the Act. 5.5 Redevelopment and Rehabilitation Actions Redevelopment and rehabilitation actions within the Urban Renewal Area may include such undertakings and activities as are in accordance with this Urban Renewal Plan and the Act, including without limitation: demolition and removal of buildings and improvements as set forth herein; installation, construction and reconstruction of public improvements as set forth herein; acquisition of any other property where necessary to eliminate unhealthful, unsanitary, or unsafe conditions, lessen density, eliminate obsolete or other uses detrimental to the public welfare, or otherwise remove or prevent the spread of blight or deterioration or to provide land for needed public facilities. The Authority may enter into agreements with private parties or public entities to provide assistance or undertake all other actions authorized by the Act or other applicable law to redevelop and rehabilitate the Urban Renewal Area. 5.6 Redevelopment Agreements The Authority is authorized to enter into Redevelopment Agreements or other contracts with developer(s) or property owners or such other individuals or entities as are determined by the Authority to be necessary or desirable to carry out the purposes of this Urban Renewal Plan. Such Redevelopment Agreements, or other contracts, may contain Leland 22 Consulting Group Town Center West Area Urban Renewal Plan . 1 6.1 6.2 August 2007 such terms and provisions as shall be deemed necessary or appropriate by the Authority for the purpose of undertaking the activities contemplated by this Urban Renewal Plan and the Act, and may further provide for such undertakings by the Authority, including financial assistance, as may be necessary for the achievement of the objectives of this Urban Renewal Plan or as may otherwise be authorized by the Act and other applicable law. Project Financing Public Investment Objective It is the intent of the Town Council and the Authority that the public sector play a significant role in revitalization efforts as a strategic partner. However, experience has proven that a critical component to the success of any revitalization strategy is participation by both the public and private sectors. Leveraging of resources will be key as no one entity, either public or private, has sufficient resources alone to sustain a long- term improvement effort. Typical public infrastructure investments may include but are not limited to: unifying streetscape elements; improving access, circulation and connections to future transit improvements; providing for gateway improvements and public parking; completing utilities and other infrastructure improvements; and, facilitating creation of special districts or other financing mechanisms. Authorization The Authority may finance this Urban Renewal Plan by any method authorized under the Act or any other applicable law, including without limitation, the following: issuance of notes and bonds in an amount sufficient to finance all or part of this Plan; borrowing of funds and creation of indebtedness; advancement and reimbursement agreements; federal or state loans or grants; interest income; annual appropriation agreements; agreements with public or private entities; and loans, advances and grants from any other available sources. The principal, interest, costs and fees on any indebtedness are to be paid for with any lawfully available funds of the Authority. Leland 23 Consulting ` Group Town Center West Area Urban Renewal Plan 6.3 August 2007 Debt may include bonds, refunding bonds, notes, interim certificates or receipts, temporary bonds, certificates of indebtedness, or any other obligation lawfully created. The Authority is not a local government district under Article X; Section 20 of the Colorado Constitution. Therefore, the limitations contained in Article X, Section 20 do not apply to the Authority. Project Revenues Tax Increment Financing The primary method of financing this Plan is expected to be the use of property tax increments as authorized by Section 31 -25 -107 (9), C.R.S. (the "TIF Statute'), which is by this reference incorporated herein as if set forth in its entirety. The property tax increments will be collected, divided, distributed, utilized and in all other ways administered as set forth in the TIF Statute. The Town Council may allocate Town sales tax increments in addition to property tax increments by approving a modification to the Plan in accordance with the Act. The Town and Authority may enter into agreements with other public bodies and private parties to provide financial assistance in support of development projects consistent with this Plan as may be more fully set forth in the provisions of such agreements. Existing agreements between the Town and private parties that are consistent with this Plan are intended to remain in full force and effect. Confluence Metropolitan District and Avon Station Metropolitan District The Town has entered into an intergovernmental agreement dated February 27, 2007 (the "District IGA "), with Avon Station Metropolitan District and Confluence Metropolitan District (together, the "Districts "). Pursuant to the District IGA, the Authority shall remit to the Districts any tax increment receipts resulting from real property taxes and specific ownership taxes from property within the boundaries of the Districts as of the date of the District IGA, other than Lot B of the Avon Station Metropolitan District (as described in the District IGA), that would otherwise be payable to the Districts, except for and to the Leland �i]Erc. 24 consulting Group Town Center West Area Urban Renewal Plan 6.4 7.0 7.1 7.2 August 2007 extent of any incremental real property taxes or specific ownership taxes generated by an increase in the total number of permitted dwelling units or commercial square footage in the zoning entitlements existing as of the date of the District IGA. The Town shall continue to remit such receipts, if any, to the Districts until December 31, 2047. Financing Mechanisms and Structures The Plan is designed to provide for the use of tax increment financing as one tool to facilitate investment and reinvestment within the Area. The Authority is committed to making a variety of strategies and mechanisms available which are financial, physical, market and organizational in nature. It is the intent of the Town Council and the Authority to use the tools either independently or in various combinations. Given the obstacles associated with infill development, the Authority recognizes that it is imperative that solutions and resources be put in place that are comprehensive, flexible and creative. Such resources may include, without limitation, special districts and improvement districts approved by the Town Council. Changes and Minor Variations from Adopted Plan Changes in the Approved Urban Renewal Plan This Urban Renewal Plan may be modified pursuant to the provisions of the Act governing such modification, including Section 31 -25 -107 thereof, as the same may be amended from time to time. Minor Variations In specific cases, where a literal enforcement of the provisions contained in the Urban Renewal Plan constitutes an unreasonable limitation beyond the intent and purpose of these provisions, the Authority may allow minor variances from these provisions to the extent authorized by the Act and other applicable law. Leland .[]Pi1lE{}ck 25 Consulting Group Town Center West Area Urban Renewal Plan August 2007 7.3 Cooperation Agreements For the purpose of implementing this Plan, the Authority may enter into one or more Cooperation Agreements with the Town or other public bodies pursuant to the Act. Such Cooperation Agreements may include, without limitation, agreements regarding the planning or implementation of this Urban Renewal Plan and its projects, as well as programs, public works operations, or activities which the Authority, the Town or such other public body is otherwise authorized by law to undertake, including, without limitation, agreements respecting the financing, installation, construction and reconstruction of public improvements, utility line relocation, storm water detention, environmental remediation, landscaping and /or other eligible improvements within the Urban Renewal Area. The Town and Authority recognize the need to cooperate in the implementation of this Urban Renewal Plan for purposes including, without limitation, project financing and administering the construction of public improvements. This paragraph shall not be construed to require any particular form of cooperation. 8.0 Interpretation The language in this Urban Renewal Plan shall be interpreted to conform to the Act, and if there is any conflict between the Act and this Urban Renewal Plan, the provisions of the Act shall control. 9.0 Severability If any portion of the Urban Renewal Plan is held to be invalid or unenforceable, such invalidity will not affect the remaining portions of this Urban Renewal Plan. Leland %4L .1ChxP:.:, 26 consulting Bv._ 7,0171116.3 croup TOWN CENTER ! \TIo ST AREA Town Center West Area Conditions Survey - Town of Avon Table of Contents July 2007 Section 1: Survey Overview 1 Section 2: Colorado Urban Renewal Statutes and Blighted Areas 2 Section 3: Conditions Indicative of the Presence of Blight 5 Section 4: Survey Area Location, Definition, and Description 9 Section 5: Survey Findings Section 6: Survey Summary and Recommendation C I �,' Maf�A�signCilixlp �. Leland Consulting Group 12 17 Town Center West Area Conditions Survey - Town of Avon July 2007 Section 1: Survey Overview The Town Center West Area Conditions Survey ( "Survey ") is an examination and analysis of various conditions found within a defined geographic area within the municipal limits of Avon, Colorado to determine if the area qualifies as "blighted" within the meaning of Colorado Urban Renewal law. The Survey is a necessary step if urban renewal, as defined and authorized by Colorado statutes, is to be used as a tool by the Town of Avon ( "Town ") to remedy and prevent conditions of blight. The findings and conclusions presented in this report are intended to assist the Town in making a final determination as to whether the Survey Area qualifies as blighted and, consequently, the feasibility and appropriateness of using urban renewal as a reinvestment tool. To conduct the Survey and prepare the Survey report, the Town of Avon retained the services of Denver -based consulting firms Matrix Design Group (planning, environmental, engineering, and design services) and Leland Consulting Group (market, economic, and financial analysis). The general methodology for the Survey was as follows: First, the specific geographic territory ( "Survey Area ") to be evaluated was determined by the Town. Next, general information about the Survey Area was gathered, such as right -of -way and parcel boundaries, aerial photography, etc. The Survey Area was then evaluated for evidence of blight through two means: a thorough field reconnaissance of the Survey Area to document observed physical conditions of blight; and a data collection effort to gather information about blight factors that are not visually observable. The Survey results were then categorized and analyzed as to their applicability to the blight factors outlined in the Colorado Urban Renewal statutes. Finally, the findings and conclusions regarding blight found within the Survey Area were prepared and presented in this report. M&iXIkSIgJlGTmap,,,. Leland Consulting Group L Town Center West Area Conditions Survey - Town of Avon July 2007 Section 2: Colorado Urban Renewal Statutes and Blighted Areas In the Colorado Urban Renewal Law, Colo. Rev. Stat. § 31- 25-lol et seq. (the "Urban Renewal Law "), the legislature has declared that an area of blight "constitutes a serious and growing menace, injurious to the public health, safety, morals, and welfare of the residents of the state in general and municipalities thereof; that the existence of such areas contributes substantially to the spread of disease and crime, constitutes an economic and social liability, substantially impairs or arrests the sound growth of municipalities, retards the provision of housing accommodations, aggravates traffic problems and impairs or arrests the elimination of traffic hazards and the improvement of traffic facilities; and that the prevention and elimination of slums and blight is a matter of public policy and statewide concern...." Under the Urban Renewal Law, the term "blighted area" describes an area with an array of urban problems, including health and social deficiencies, and physical deterioration. See Colo. Rev. Stat. § 31-25- 103(2). Before remedial action can be taken, however, the Urban Renewal Law requires a finding by the appropriate governing body that an area such as the Survey Area constitutes a blighted area. Id. § 1070). The blight finding is a legislative determination by the municipality's governing body that, as a result of the presence of factors enumerated in the definition of "blighted area," the area is a detriment to the health and vitality of the community requiring the use of the municipality's urban renewal powers to correct those conditions or prevent their spread. In some cases, the factors enumerated in the definition are symptoms of decay, and in some instances, these factors are the cause of the problems. The definition requires the governing body to examine the factors and determine whether these factors indicate a deterioration that threatens the community as a whole. For purposes of the Survey, the definition of a blighted area is premised upon the definition articulated in the Urban Renewal Law, as follows: "'Blighted area' means an area that, in its present condition and use and, by reason of the presence of at least four of the following factors, substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals, or welfare: 2 L' M�tiXIkSIgJlGTmap,,,. Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon July 2007 a) b) C) d) e) f) g) h) i) j) k) Slum, deteriorated, or deteriorating structures; Predominance of defective or inadequate street layout; Faulty lot layout in relation to size, adequacy, accessibility, or usefulness; Unsanitary or unsafe conditions; Deterioration of site or other improvements, Unusual topography or inadequate public improvements or utilities; Defective or unusual conditions of title rendering the title non - marketable; The existence of conditions that endanger life or property by fire or other causes, Buildings that are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities, Environmental contamination of buildings or property; or The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements" In addition, paragraph (I.) states, "if there is no objection by the property owner or owners and the tenant or tenants of such owner or owners, if any, to the inclusion of such property in an urban renewal area, 'blighted area-also means an area that, in its present condition and use and, by reason of the presence of any one of the factors specified in paragraphs (a) to (k.5) of this subsection...." The statute also states a separate requirement for the number of blight factors that must be present if private property is to be acquired by eminent domain. At § 31-25- 105.5(5), paragraph (a.) states, "'Blighted area" shall have the some meaning as set forth in section 31 -25-103 (2), except that, for purposes of this section only, 'blighted area' means an area that, in its present condition and use and, by reason of the presence of at least five of the factors specified in section 31 -25-103 (2)(0) to (2)(1)...." Thus, the state statutes require, depending on the circumstances, that a minimum of either one, four, or five blight factors be present for an area to be considered a "blighted area" At the time of a conditions survey, knowledge of future objections by property owners or tenants to being included in an urban renewal area, and knowledge of future use of eminent domain to acquire private property will most likely not be available. Consequently, the conservative approach of requiring the presence of at least five of the eleven blight factors in the Survey Area will be used as the basis for the recommendations in this report. 3 M�tiXIkSIgJlGTmap,,,. Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon July 2007 Several principles have been developed by Colorado courts to guide the determination of whether an area constitutes a blighted area under the Urban Renewal Law. First, the absence of widespread violation of building and health codes does not, by itself, preclude a finding of blight. According to the courts, "the definition of `blighted area' contained in [the Urban Renewal Law] is broad and encompasses not only those areas containing properties so dilapidated as to justify condemnation as nuisances, but also envisions the prevention of deterioration" Second, the presence of one well- maintained building does not defeat a determination that an area constitutes a blighted area. Normally, a determination of blight is based upon an area "taken as a whole;' and not on a building -by- building, parcel -by- parcel, or block -by -block basis. Third, a town's "determination as to whether an area is blighted... is a legislative question and the scope of review by the judiciary is restricted" A court's role in reviewing such a blight determination is simply to verify independently if the conclusion is based upon factual evidence and consistent with the statutory definition. Based upon the conditions identified in the Survey Area, this report makes a recommendation as to whether the Survey Area qualifies as a blighted area. The actual determination itself remains the responsibility of Avon Town Council. 4 M�tiXIkSIgJlGTmap,,,. Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon Section 3: Conditions Indicative of the Presence of Blight July 2007 As discussed in Section 2, the Colorado Urban Renewal statutes provide a list of 11 factors that, through their presence, may allow an area to be declared as blighted. This section elaborates on those 11 factors by describing some of the conditions that might be found within the Survey Area that would indicate the presence of those factors. Slum, Deteriorated, or Deteriorating Structures: During the field reconnaissance of the Survey Area, the general condition and level of deterioration of a building is evaluated. This examination is limited to a visual inspection of the building's exterior condition and is not a detailed engineering or architectural analysis, nor does it include the building's interior. The intent is to document obvious indications of disrepair and deterioration to the exterior of a structure found within the Survey Area. Some of the exterior elements observed for signs of deterioration include: Primary Elements (exterior walls, visible foundation, roof) Secondary Elements (fascia /soffits, gutters /downspouts, windows /doors, fagade finishes, loading docks, etc.) Ancillary Structures (detached garages, storage buildings, etc.) Predominance of Defective or Inadequate Street Layout: The presence of this factor is determined through a combination of both field observation as well as an analysis of the existing transportation network and vehicular and pedestrian circulation patterns in the Survey Area by persons with expertise in transportation planning and /or traffic engineering. These conditions include: • Inadequate Street or Alley Widths, Cross - Sections, or Geometries • Poor Provisions or Unsafe Conditions for the Flow of Vehicular Traffic • Poor Provisions or Unsafe Conditions for the Flow of Pedestrians • Insufficient Roadway Capacity Leading to Unusual Congestion of Traffic • Inadequate Emergency Vehicle Access • Poor Vehicular /Pedestrian Access to Buildings or Sites • Poor Internal Vehicular /Pedestrian Circulation • Excessive Curb Cuts /Driveways in Commercial Areas These conditions can affect the adequacy or performance of the transportation system within the Survey Area, creating a street layout that is defective or inadequate. 5 M�tiXIkSIgJlGTmap,,,. Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness: This factor requires an analysis of the parcels within the Survey Area as to their July 2007 potential and usefulness as developable sites. Conditions indicative of the presence of this factor include: • Lots that are Long, Narrow, or Irregularly Shaped • Lots that are Inadequate in Size • Lots with Layouts or Configurations that are Obsolete or Impractical • Lots with Layouts or Configurations that Result in Stagnant, Misused, or Unused Land This analysis considers the shape, orientation, and size of undeveloped parcels within the Survey Area and if these attributes would negatively impact the potential for development of the parcel. This evaluation is performed both through observation in the field and through an analysis of parcel boundary maps of the Survey Area. Unsanitary or Unsafe Conditions: Conditions observed within the Survey Area that qualify under this blight factor include: • Floodplains or Flood Prone Areas • Inadequate Storm Drainage Systems /Evidence of Standing Water • Poor Fire Protection Facilities • Above Average Incidences of Public Safety Responses • Inadequate Sanitation or Water Systems • Existence of Contaminants or Hazardous Conditions or Materials • High or Unusual Crime Statistics • Open Trash Dumpsters • Severely Cracked, Sloped, or Uneven Surfaces for Pedestrians • Illegal Dumping • Vagrants /Vandalism /Graffiti /Gang Activity • Open Ditches, Holes, or Trenches in Pedestrian Areas These represent situations in which the safety of individuals, especially pedestrians and children, may be compromised due to environmental and physical conditions considered to be unsanitary or unsafe. LM&ixIkSIgJ1GroLip,,. 6 Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon July 2007 Deterioration of Site or Other Improvements: The conditions that apply to this blight factor reflect the deterioration of various improvements made on a site other than building structures. These conditions may represent a lack of general maintenance at a site, the physical degradation of specific improvements, or an improvement that was poorly planned or constructed. Overall, the presence of these conditions can reduce a site's usefulness and desirability and negatively affect nearby properties. • Neglected Properties or Evidence of General Site Maintenance Problems • Deteriorated Signage or Lighting • Deteriorated Fences, Walls, or Gates • Deterioration of On -Site Parking Surfaces, Curb & Gutter, or Sidewalks • Poorly Maintained Landscaping or Overgrown Vegetation • Poor Parking Lot /Driveway Layout • Unpaved Parking Lot on Commercial Properties Unusual Topography or Inadequate Public Improvements or Utilities: The focus of this factor is on the presence of unusual topographical conditions that could make development prohibitive, such as steep slopes or poor load- bearing soils, as well as deficiencies in the public infrastructure system within the Survey Area that could include: • Steep Slopes /Rock Outcroppings /Poor Load - Bearing Soils • Deteriorated Public Infrastructure (street /alley pavement, curb, gutter, sidewalks, street lighting, storm drainage systems) • Lack of Public Infrastructure (same as above) • Presence of Overhead Utilities or Billboards • Inadequate Fire Protection Facilities /Hydrants • Inadequate Sanitation or Water Systems Defective or Unusual Conditions of Title Rendering the Title Non - Marketable: Certain properties can be difficult to market or redevelop if they have overly restrictive or prohibitive clauses in their deeds or titles, or if they involve an unusually complex or highly divided ownership arrangement. Examples include: Properties with Disputed or Defective Title Multiplicity of Ownership Making Assemblages of Land Difficult or Impossible M&ixIks#Gr tpp,, % Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon July 2007 Existence of Conditions that Endanger Life or Property by Fire and Other Causes: A finding of blight within this factor can result from the presence of the following conditions, which include both the deterioration of physical improvements that can lead to dangerous situations as well as the inability for emergency personnel or equipment to provide services to a site: • Buildings or Sites Inaccessible to Fire and Emergency Vehicles • Blocked /Poorly Maintained Fire and Emergency Access Routes /Frontages • Insufficient Fire and Emergency Vehicle Turning Radii • Buildings or Properties not in Compliance with Fire Codes, Building Codes, or Environmental Regulations Buildings that are Unsafe or Unhealthy for Persons to Live or Work In: Some of the conditions that can contribute to this blight factor include: Buildings or Properties not in Compliance with Fire Codes, Building Codes, or Environmental Regulations Buildings with Deteriorated Elements that Create Unsafe Conditions Buildings with Inadequate or Improperly Installed Utility Components Environmental Contamination of Buildings or Property= This factor represents the presence of contamination in the soils, structures, water sources, or other locations within the Survey Area. Presence of Hazardous Substances, Liquids, or Gasses Found at a Site Existence of Factors Requiring High Levels of Municipal Services or Substantial Physical Underutilization or Vacancy of Sites, Buildings, or Other Improvements: The physical conditions that would contribute to this blight factor include: • Sites with a High Incidence of Fire, Police, or Emergency Responses • Sites Adjacent to Streets /Alleys with a High Incidence of Traffic Accidents • Sites with a High Incidence of Code Enforcement Responses • An Undeveloped Parcel in a Generally Urbanized Area • A Parcel with a Disproportionately Small Percentage of its Total Land Area Developed • Vacant Structures or Vacant Units in Multi -Unit Structures g L' M�tiXIkSIgJlGTmap,,,. Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon July 2007 Section 4: Survey Area Location, Definition, and Description The Town Center West Area Conditions Survey Area is located in the Town of Avon in Eagle County, Colorado, approximately eight miles west of Vail and 8o miles west of Denver. The Survey Area is generally centered around the commercial area known as Avon Town Center West and is bisected into northern and southern parts by Interstate 70. The Survey Area is generally bounded on the south by the Eagle River and the railroad tracks, on the west by West Beaver Creek Boulevard, and on the east by Avon Road and undeveloped parcels along the east side of Buck Creek Road. The northern boundary on the western half of the Survey Area is the southern 1 -7o right -of -way, and on the eastern half the northwestern right -of -way of Buck Creek Road. Exhibit 1: Survey Area Location Map shows the location of the Survey Area as it relates to the municipal boundaries of the Town of Avon. The Survey Area measures 225 acres in total area. Within the Survey Area are loo separate real property parcels, as well as several public and railroad rights -of -way. Most of the parcels in the Survey Area are developed, with the notable exception of several undeveloped parcels located in the northeastern part of the Survey Area along Buck Creek Road. Exhibit 2: Survey Area Parcel Map shows the location of the loo parcels and areas of public and railroad right -of -way. North of Interstate 70, the area near the intersection of Buck Creek Road and Nottingham Road includes several small commercial and office properties, with undeveloped parcels found along Buck Creek Road and Swift Gulch Road. South of Interstate 70, the western half of the Survey Area is dominated by Nottingham Lake and Park, ringed by residential, commercial, and civic uses. The eastern half of the Survey Area south of 1 -7o is the Avon West Town Center area, including an area south of the railroad tracks where the new Westin hotel and gondola development is currently under construction. L' M�tiXIkSIgJlGTmap,,,. Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon Exhibit 1: Survey Area Location Map m July 2007 ■ j M�IkSlgll�ilixlp �. 10 Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon July 2007 Exhibit 2: Survey Area Parcel Map 1 `4P r Parcel Boundary Survey Area Boundary WD ® Feel O ip,L-mm-'r-. �111w 'l-,L' RVpN s� 8 ■ j M�IkSlgll�ilixlp �. � � Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon Section 5: Survey Findings July 2007 The overall findings of the Town Center West Area Conditions Survey are presented in this section. These findings are based on the analysis of data collected and field surveys conducted in the Spring and Summer, 2007. Slum, Deteriorated or Deteriorating Structures: Several structures in the Survey Area exhibit evidence of deterioration of one or more exterior building components. Examples of these deteriorating structures include: Residential properties near Nottingham Lake with significant weathering of wood siding or faded /peeling paint Residential property near Nottingham Lake with deteriorated wood - shingle roof Retail establishment along Benchmark Road in West Avon with deteriorated covered facade finishes and facia surfaces l L Deteriorated wood - shingle roof on residential property near Nottingham Lake Cracked and faded exterior wood siding on residential property near Nottingham Lake Predominance of Defective or Inadequate Street Layout: Evidence of defective or inadequate street layout within the Survey Area was gathered through visible observation, by review of maps and aerial photos, and through information provided by the Town of Avon. On March 7, 2007, the consultants interviewed Bob Reed, Public Works Director and Norm Woods, Town Engineer. During those interviews, Mr. Reed and Mr. Woods provided evidence concerning a number of conditions that are consistent with this blight factor. Some of the conditions within the Survey Area that reflect defective or inadequate street layout are: M&ixIksigalGroup,, 12 Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon July 2007 • Parcels along Buck Creek Road and Swift Gulch Road that are inaccessible by vehicle due to the grade difference between the parcel and the road • Narrow street -cross sections along Nottingham Road near Buck Creek Road • Inadequate road geometry in the Town Center West commercial area • Poor pedestrian circulation and access in Town Center West k4' tea, o IN. ` Or f' A't re X v `� .'. Insufficiently -sized parcel at Buck Creek Road and Poor vehicular access to parcel along Buck Creek Nottingham Road Road due to grade differences Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness: One undeveloped parcel of insufficient size was found within the Survey Area: • Insufficiently -sized parcel near Buck Creek Road and Nottingham Road Unsanitary or Unsafe Conditions: Some of the conditions that fall under this blight factor were observed during the field survey, and some have been identified and provided by Bob Reed, Public Works Director and Norm Woods, Town Engineer, during an interview on March 7, 2007. These unsanitary or unsafe conditions range from pedestrian hazards to drainage and stormwater run -off problems. A few examples: • Lack of sidewalks along busy roads where pedestrians often walk • Stormwater runoff and debris problems in Town Center West area • Cracked, uneven surfaces, and unpaved /icy sloped areas for pedestrians in the Town Center West commercial area M&ixlk#Grolp .,,. 13 Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon Unpaved /icy sloped areas present pedestrian hazards in Town Center West commercial area July 2007 Lack of sidewalks along many roads within the Survey Area put pedestrians at risk Deterioration of Site or Other Improvements: Many examples of deteriorated site improvements were observed throughout the Survey Area. These conditions range from general site maintenance problems to physical elements that have reached the end of their lifespan or that were poorly constructed or designed. Many of these conditions also reflect the impact of Avon's cold and snowy winter weather and the freeze -thaw cycles that occur. Some of the deteriorated site improvement conditions found include: • Numerous examples throughout the Survey Area of severely cracked and crumbled asphalt or concrete parking lots, curb, gutter and sidewalks • Poorly maintained fences and gates in Town Center West commercial area • Poorly maintained landscaping in Town Center West commercial area I Crumbled asphalt parking surface at business in Town Center West U" Deteriorated stop block with exposed rebar at retail establishment along Nottingham Road �4 M�tiXIkSIgJlGTmap,,,. Leland Consulting Group �zv � tA Unpaved /icy sloped areas present pedestrian hazards in Town Center West commercial area July 2007 Lack of sidewalks along many roads within the Survey Area put pedestrians at risk Deterioration of Site or Other Improvements: Many examples of deteriorated site improvements were observed throughout the Survey Area. These conditions range from general site maintenance problems to physical elements that have reached the end of their lifespan or that were poorly constructed or designed. Many of these conditions also reflect the impact of Avon's cold and snowy winter weather and the freeze -thaw cycles that occur. Some of the deteriorated site improvement conditions found include: • Numerous examples throughout the Survey Area of severely cracked and crumbled asphalt or concrete parking lots, curb, gutter and sidewalks • Poorly maintained fences and gates in Town Center West commercial area • Poorly maintained landscaping in Town Center West commercial area I Crumbled asphalt parking surface at business in Town Center West U" Deteriorated stop block with exposed rebar at retail establishment along Nottingham Road �4 M�tiXIkSIgJlGTmap,,,. Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon Unusual Topography or Inadequate Public Improvements or Utilities: July 2007 Several instances of unusual topography or inadequate public improvements were observed in the Survey Area. Most of the inadequate public improvements consist of the lack of curb, gutter, and sidewalks on several roads in the Survey Area. A few examples: Overhead utility lines near Town Center West commercial area Lack of sidewalks, curb and gutter along West Beaver Creek Boulevard and Buck Creek Road Stormwater drainage problems throughout the Survey Area Defective or Unusual Conditions of Title Rendering the Title Non - marketable: No evidence of properties with defective or unusual conditions of title was found within the Survey Area. Existence of Conditions that Endanger Life or Property by Fire and Other Causes: Several examples of conditions that endanger life or property by fire or other causes are known to exist in the Survey Area. On March 7, 2007, the consultants interviewed Carol Gill - Mulson, Deputy Chief of the Eagle River Fire Protection District. During that interview, Ms. Gill- Mulson provided information relating to conditions present at several properties that may endanger life or property. Some of these include: Inadequate fire access lanes or restricted single fire access points at properties located in the lodging areas north of Nottingham Lake Several buildings around Nottingham Lake without direct access to fire or emergency vehicles Lack of sprinklers or fire alarm systems in a building in the Town Center West commercial area �5 M�tiXIkSIgJlGTmap,,,. Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon g.t • ' �� F . �� July 2007 J-4rv--�""Illliilill 1111111111107 , . 4• w Undeveloped parcel in developed commercial area in Residential buildings on Beaver Creek Boulevard with Town Center West poor accessibility to fire and emergency vehicles Buildings that are Unsafe or Unhealthy for Persons to Live or Work In: No evidence of buildings that are unsafe or unhealthy for persons to live or work in was found within the Survey Area. Environmental Contamination of Buildings or Property: No evidence of environmental contamination of buildings or properties was found within the Survey Area. Existence of Factors Requiring High Levels of Municipal Services or Substantial Physical Underutilization or Vacancy of Sites, Buildings, or Other Improvements: Through field observation, several properties were identified that contained vacant units in multi -unit structures. Also, several parcels were identified that are undeveloped yet are located in an otherwise developed area. Some of these include: • Vacant office and retail space in the Town Center West commercial area • Undeveloped parcel in the heart of the Town Center West • Undeveloped parcels along Nottingham Road M&ixPk#Gmup ,, 16 Leland Consulting Group Town Center West Area Conditions Survey - Town of Avon July 2007 Section 6: Survey Summary and Recommendation Within the entire Survey Area, eight of the 11 blight factors were found. The three factors not identified within the Survey Area were "Environmental Contamination of Buildings or Property'; "Defective or Unusual Conditions of Title,' and "Buildings that Are Unsafe or Unhealthy for Persons to Live or Work In.' The following two exhibits help summarize the observations of blight conditions found within the Survey Area. Exhibit 3: Count of Parcels by Specific Blight Factor lists the nine blight factors that were observed in the Survey Area, and the number of parcels (out of loo total) on which each factor was identified or observed. Exhibit 3: Count of Parcels by Specific Blight Factor Blight Factor # Parcels Unusual Topography Or Inadequate Public Improvements Or Utilities 51 Predominance Of Defective Or Inadequate Street Layout 34 Unsanitary Or Unsafe Conditions 9 Slum, Deteriorated Or Deteriorating Structures 7 Deterioration Of Site Or Other Improvements 6 The Existence Of Conditions That Endanger Life Or Property By Fire Or Other Causes 5 High Levels Of Municipal Services / Underutilization Or Vacancy Of Sites, Buildings, Or Improvements 4 Faulty Lot Layout In Relation To Size, Adequacy, Accessibility, Or Usefulness 1 Environmental Contamination Of Buildings Or Property o Defective Or Unusual Conditions Of Title Rendering The Title Nonmarketable o Buildings That Are Unsafe Or Unhealthy For Persons To Live Or Work In o Each of the loo parcels in the Survey Area has the potential to have blighted conditions that would allow it to qualify under any number from zero to 11 of the 11 factors of blight. Exhibit 4: Count of Parcels by Number of Unique Blight Factors shows how many parcels had blighted conditions for each of these unique blight factor counts. ■ k; 1' Ma6kDNgnCilixlp. 17 Leland Consulting Group L '11-1-111-11111-1-11 Town Center West Area Conditions Survey - Town of Avon Exhibit 4: Count of Parcels by Number of Unique Blight Factors # Unique Blight Factors # Parcels 0 25 1 47 2 18 3 8 4 0 5 2 6 O 7 0 8 0 g o 10 0 Conclusion July 2007 It is the recommendation of this Conditions Survey report to the Town of Avon that the Survey Area in its present condition may be declared a "blighted area" as defined in Colo. Rev. Stat. § 31-25- 103(2) by reason of the documented evidence of the existing conditions found in the Survey Area, the applicability of those conditions to the 11 blight factors defined in Colorado law, and the existence of five or more of those factors within the Survey Area. LM&ixIkSIgJ1Grotp,,. 18 Leland Consulting Group Town Center West Area County Impact Report August 2007 Town Center West Area County Impact Report Eagle County, Colorado August 2007 In accordance with C.R.S. 31 -25 -107 (3.5), this report outlines the anticipated impact of the Avon Urban Renewal Authority's proposed Town Center West Area Urban Renewal Plan (the "Plan' or the "Urban Renewal Plan") on Eagle County (the "County "). C.R.S. 31 -25 -107: APPROVAL OF URBAN RENEWAL PLANS BY THE LOCAL GOVERNING BODY (3.5) Prior to the approval of an urban renewal plan, the governing body shall submit such plan to the board of county commissioners, which shall include, at a minimum, the following information concerning the impact of such plan: I. The estimated duration of time to complete the urban renewal project; II. The estimated annual property tax increment to be generated by the urban renewal project and the portion of such property tax increment to be allocated during this period to fund the urban renewal project; III. An estimate of the impact of the urban renewal project on county revenues and on the cost and extent of additional county infrastructure and services required to serve development within the proposed urban renewal area, and the benefit of improvements within the urban renewal area to existing county infrastructure; IV. A statement setting forth the method under which the authority or the municipality will finance, or that agreements are in place to finance, any additional county infrastructure and services required to serve development in the urban renewal area for the period in which all or any portion of the property taxes described in subparagraph (ii) of paragraph (a) of subsection (9) of this section and levied by a county are paid to the authority; and V. Any other estimated impacts of the urban renewal project on county services or revenues. Summary of Urban Renewal Plan Development Program The proposed development program for the Urban Renewal Plan is consistent with current policy documents and plans for the Town of Avon (the "Town') and is based on input from the community, property owners and other stakeholders, and is subject to change. The anticipated development program is summarized in Table 1. Leland Consulting Group Town Center West Area County Impact Report Table 1 Town Center West Area Urban Renewal Plan Proposed Development Program Land Use Developed SF/Units Retail 140,000 Office 40,000 Market Housing (Whole and Fractional Ownership) 450 Affordable Housing 90 Condo - -Hotel 450 Source: Design Workshop; Stan Bernstein and Associates, Inc.; and Leland Consulting Group. Development Timing August 2007 The estimated duration of time to complete the urban renewal project is 25 years. However, the actual development timetable for the proposed program presented above will ultimately be determined by prevailing market conditions. A critical component of the analysis presented here is the assumption that key parcels within the planning area will be redeveloped into a mix of retail/ commercial, employment and residential uses, some at densities greater than is evident in the market today. This analysis assumes that redevelopment and new development in the Urban Renewal Area will be substantially completed during the 25 -year analysis period. Summary of Impacts on Eagle County Table 2 provides a summary of property and sales tax revenues that could be generated from new redevelopment within the Urban Renewal Area, including the estimated annual property tax increment to be generated by the urban renewal project. Estimates are based on the development program outlined above and reflect the entire 25 -year tax increment period. This analysis anticipates that, that all of the ro per tax increment generated within the Town Center West Urban Renewal Area (the "Urban Renewal Area') over the 25 -year period will be dedicated to the urban renewal project, with the exception of certain revenues that will be remitted to Confluence Metropolitan District and Avon Station Metropolitan District pursuant to an intergovernmental agreement between such districts and the Town. Some portion of the total sales tax increment may be available to the Avon Urban Renewal Authority in the future upon the approval of a modification to the Urban Renewal Plan. As presented in Table 2, and based on the proposed development program, investment in the Area could generate approximately $91.2 million in incremental proper tax revenues over the 25 -year analysis period. Approximately $81.8 million, or 90% of this incremental revenue, would result from new redevelopment in the Area, while the remaining $9.4 million, or 10 %, would result from an increase in value of existing properties that may or may not redevelop. Currently, the property tax base in the Urban Renewal Area is approximately $1.5 million. During the 25 -year tax increment period, the County's share of property tax revenue would be limited to its share of the property tax base or approximately $270,000 annually (on average), or $6.8 million over the 25 -year period. During this same tax increment period, approximately $12.2 million in County property tax revenue increments will be distributed to the urban renewal project. After the 25 -year tax increment period is completed, the County's share of property tax revenues would be approximately $990,000 on an annual basis. These figures do reflect the impacts of inflation, estimated at approximately 2% to 3% on an annual basis. Leland I16�Csx 2 Consulting Group Town Center West Area County Impact Report Sales Tax Revenue August 2007 The current sales tax rate for the Town of Avon is 4.0% and the current sales tax base in the Urban Renewal Area is approximately $1.0 million. Based on the development program presented above, investment in the Area could generate approximately $39.6 million in incremental sales tax revenue for the Town over a 25 -year period. Because tax increment financing provisions of C.R.S. 31 -25 -107 (9) do not apply to County sales taxes, the County will retain its 1.5% rate on taxable sales in the Urban Renewal Area. Based on the proposed development program, the Urban Renewal Area would generate approximately $24.3 million in new sales tax revenue for the County over the 25 -year period. After the 25 -year tax increment period is completed, the County's share of new sales tax revenues would be approximately $1.3 million on an annual basis. These sales tax revenue figures also reflect the impacts of inflation, estimated at approximately 2% on an annual basis. County Services /Infrastructure Because the entire Urban Renewal Area is located within the Town of Avows municipal boundaries, there is anticipated to be a minimal, if any, impact on County services and infrastructure. No additional County infrastructure is anticipated to be required as a result of the urban renewal project, particularly because of the Area's central location within the Town of Avon. Infrastructure associated with the proposed development program is anticipated to be financed by the Authority or the Town with increment revenues or a combination of increment revenues, general fund revenues and /or special district revenues (if additional special districts are created). While it will not likely be necessary, these funding methods will be used to finance any additional County infrastructure and services required to serve development in the urban renewal area during the 25 -year tax increment period. Demand on the County's general government services could increase due to an increase in non - residential and residential development, however, any impact should be relatively insignificant and more than offset by the additional County revenues generated by the increase in value realized by properties contiguous to the Area. For the reasons stated above regarding minimal, if any impacts on County infrastructure, there are no anticipated benefits to the County's existing infrastructure associated with future improvements within the Urban Renewal Area. Net Impact on County Revenues Table 2 also illustrates the estimated impact of the urban renewal project on County revenues over the 25 -year tax increment period. The total estimated County tax revenue during the 25- year period is approximately $18.9 million. The total estimated County property tax increment distributed to the urban renewal project during the 25 -year period is approximately $12.2 million. Conclusion In summary, there do not appear to be any additional County infrastructure requirements required to serve development in the proposed Urban Renewal Area. Further, the Town does not contemplate that the County will have to provide any public improvements, police, fire, utility or other specific services to serve such development as properties in the area are entirely located within the municipal boundaries of the Town and will therefore be served by the Town. Finally, any additional demands (direct or indirect) on County services due to a general increase in population within the Area should be more than offset (as are all other such costs) by increases in the base assessed value due to the periodic adjustment in the base assessment roll, as well as increases in property value located in proximity to the Area. Leland 3 Consulting Ow L: Z Group Draft As Of 9 July 2007; Subject To Revision TABLE 2 TOWN CENTER WEST AREA URBAN RENEWAL PLAN TIF ANALYSIS -- EAGLE COUNTY IMPACT JULY 2007 * Value realized on properties within the Urban Renewal Area that do not redevelop, but benefit from proximity to redeveloping properties. Source: Stan Bernstein and Associates, Inc. and Leland Consulting Group. Cumulative Total By: 2011 2016 2021 2026 2031 Town of Avon Urban Renewal Project Total Incremental Property Tax Revenues from New Redevelopment $4,713,125 $25,537,871 $41,340,174 $60,130,214 $81,778,520 Incremental Property Tax Revenues from Other Area Properties* $192,983 $1,040,166 $2,749,556 $5,453,973 $9,432,241 Incremental Sales Tax Revenues $1,661,903 $7,398,360 $16,787,970 $27,527,007 $39,592,432 Total Tax Revenue Increment $6,568,010 $33,976,397 $60,877,700 $93,111,194 $130,803,193 Eagle County Property Tax Revenues from Existing Base $1,170,957 $2,435,456 $3,792,916 $5,258,817 $6,832,485 Property Tax Revenues Deferred From New Redevelopment ($702,752) ($3,807,831) ($6,164,037) ($8,965,731) ($12,213,662) Share of Sales Tax Revenues $2,521,383 $6,570,724 $11,989,997 $17,915,305 $24,338,009 Net Tax Revenues -- 25 -Year Period $2,989,589 $5,198,348 $9,618,876 $14,208,390 $18,956,832 * Value realized on properties within the Urban Renewal Area that do not redevelop, but benefit from proximity to redeveloping properties. Source: Stan Bernstein and Associates, Inc. and Leland Consulting Group. Draft As Of 9 July 2007, Subject To Revision TABLE 2 (CONT'D) TOWN CENTER WEST AREA URBAN RENEWAL PLAN TIF ANALYSIS -- EAGLE COUNTY IMPACT JULY 2007 Develooment Proaram source: Bran ttemstem and Associates, Inc. and Leland consmung uroup. Building New Redevelopment: SF/Units Retail 140,000 Office 40,000 Market Housing (Whole and Fractional Ownership) 450 Affordable Housing 90 Condo - -Hotel 450 Annual Property Tax Revenue Estimates Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 Estimated Cumulative Development Demand., Retail 0 15,000 30,000 45,000 57,000 69,000 81,000 93,000 105,000 Office 0 10,000 10,000 20,000 20,000 30,000 30,000 40,000 40,000 Market Housing 0 70 140 210 245 280 315 350 385 Affordable Housing 0 0 0 20 40 65 90 90 90 Condo -Hotel 0 70 140 210 250 290 330 355 380 Estimated Development Market Value: Retail $300 $0 $4,635,000 $9,548,100 $14,751,815 $19,246,201 $23,996,973 $29,015,471 $34,313,481 $39,903,258 Office $250 $0 $2,575,000 $2,652,250 $5,463,635 $5,627,544 $8,694,556 $8,955,392 $12,298,739 $12,667,701 Market Housing $1,250,000 $0 $90,125,000 $185,657,500 $286,840,838 $344,687,073 $405,745,926 $470,158,092 $538,069,816 $609,633,102 Affordable Housing $250,000 $0 $0 $0 $5,463,635 $11,255,088 $18,838,204 $26,866,177 $27,672,162 $28,502,327 Condo -Hotel $725,000 $0 $52,272,500 $107,681,350 $166,367,686 $203,998,472 $243,737,374 $285,677,012 $316,538,786 $348,995,157 Estimated Development Assessed Value: Retail 29% $0 $1,344,150 $2,768,949 $4,278,026 $5,581,398 $6,959,122 $8,414,487 $9,950,909 $11,571,945 Office 29% $0 $746,750 $769,153 $1,584,454 $1,631,988 $2,521,421 $2,597,064 $3,566,634 $3,673,633 Market Housing 8% $0 $7,173,950 $14,778,337 $22,832,531 $27,437,091 $32,297,376 $37,424,584 $42,830,357 $48,526,795 Affordable Housing 8% $0 $0 $0 $434,905 $895,905 $1,499,521 $2,138,548 $2,202,704 $2,268,785 Condo -Hotel 8% $0 $4,160,891 $8,571,435 $13,242,868 $16,238,278 $19,401,495 $22,739,890 $25,196,487 $27,780,015 Estimated Development Property Tax Revenues (57 mills): Retail 0.05700 $0 $0 $76,617 $157,830 $243,847 $318,140 $396,670 $479,626 $567,202 Office 0.05700 $0 $0 $42,565 $43,842 $90,314 $93,023 $143,721 $148,033 $203,298 Market Housing 0.05700 $0 $0 $408,915 $842,365 $1,301,454 $1,563,914 $1,840,950 $2,133,201 $2,441,330 Affordable Housing 0.05700 $0 $0 $0 $0 $24,790 $51,067 $85,473 $121,897 $125,554 Condo -Hotel 0.05700 $0 $0 $237,171 $488,572 $754,843 $925,582 $1,105,885 $1,296,174 $1,436,200 Total Property Tax Revenues from New Redevelopment: $0 $0 $765,267 $1,532,609 $2,415,249 $2,951,726 $3,572,699 $4,178,931 $4,773,584 Total Property Tax Revenues from Existing Development: $1,515,540 $1,561,006 $1,607,836 $1,656,071 $1,705,754 $1,756,926 $1,809,634 $1,863,923 $1,919,841 Total Property Tax Revenues: $1,515,540 $1,561,006 $2,373,104 $3,188,680 $4,121,002 $4,708,652 $5,382,333 $6,042,854 $6,693,425 Existing Property Tax Base: $1,515,540 $1,561,006 $1,561,006 $1,607,836 $1,607,836 $1,656,071 $1,656,071 $1,705,754 $1,705,754 Total Property Tax Increment: $0 $0 $812,097 $1,580,844 $2,513166 $3,052,580 $3,726,262 $4,337,100 $4,987,671 County Impact: County Share of Property Tax Base: 0.00850 $225,975 $232,754 $232,754 $239,737 $239,737 $246,929 $246,929 $254,337 $254,337 County Share of Property Tax Increment: 0.00850 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total County Share of Property Tax Revenue: $225,975 $232,754 $232,754 $239,737 $239,737 $246,929 $246,929 $254,337 $254,337 Annual Sales Tax Revenue Estimates Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 Estimated Cumulative Retail Development: 0 15,000 30,000 45,000 57,000 69,000 81,000 93,000 105,000 Estimated Taxable Retail Sales from New Development: $250 $0 $3,825,000 $7,803,000 $11,938,590 $15,424,658 $19,045,394 $22,804,789 $26,706,942 $30,756,059 Total Sales Tax Revenues from New Redevelopment: 4.0% $0 $153,000 $312,120 $477,544 $616,986 $761,816 $912,192 $1,068,278 $1,230,242 Total Sales Tax Revenue from Existing Development: $1,012,357 $1,022,481 $1,032,705 $1,043,032 $1,053,463 $1,063,997 $1,074,637 $1,085,384 $1,096,238 Total Sales Tax Revenues: $1,012,357 $1,175,481 $1,344,825 $1,520,576 $1,670,449 $1,825,813 $1,986,829 $2,153,661 $2,326,480 Existing Sales Tax Base: $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 Total Sales Tax Increment: $0 $163,124 $332,468 $508,219 $658,092 $813,456 $974,472 $1,141,304 $1,314,123 County Impact: County Share of Sales Tax Base: 1.50% $379,634 $383,430 $387,265 $391,137 $395,049 $398,999 $402,989 $407,019 $411,089 County Share of New Sales Tax Revenue: 1.50% $0 $57,375 $117,045 $179,079 $231,370 $285,681 $342,072 $400,604 $461,341 Total County Share of Sales Tax Revenue: 1.50% $379,634 $440,805 $504,310 $570,216 $626,418 $684,680 $745,061 $807,623 $872,430 source: Bran ttemstem and Associates, Inc. and Leland consmung uroup. Draft As Of 9 July 2007; Subject To Revision TABLE 2 (CONT -D) TOWN CENTER WEST AREA URBAN RENEWAL PLAN TIF ANALYSIS -- EAGLE COUNTY IMPACT JULY 2007 Development Program Source: Stan Bernstein and Associates, Inc. and Leland Consulting Group. Building New Redevelopment: SF /Units Retail 140,000 Office 40,000 Market Housing (Whole and Fractional Ownership) 450 Affordable Housing 90 Condo - -Hotel 450 Annual Property Tax Revenue Estimates Year 2016 2017 2018 2019 2020 2021 2022 2023 Estimated Cumulative Development Demand.' Retail 117,000 129,000 140,000 140,000 140,000 140,000 140,000 140,000 Office 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 Market Housing 0 0 0 0 0 0 0 0 Affordable Housing 35 30 0 0 0 0 0 0 Condo - -Hotel 405 430 450 450 450 450 450 450 Estimated Development Market Value: Retail $300 $45,797,539 $52,009,564 $58,137,823 $59,881,957 $61,678,416 $63,528,768 $65,434,631 $67,397,670 Office $250 $13,047,732 $13,439,164 $13,842,339 $14,257,609 $14,685,337 $15,125,897 $15,579,674 $16,047,064 Market Housing $1,250,000 $0 $0 $0 $0 $0 $0 $0 $0 Affordable Housing $250,000 $11,416,765 $10,079,373 $0 $0 $0 $0 $0 $0 Condo - -Hotel $725,000 $383,114,026 $418,965,931 $451,606,300 $465,154,489 $479,109,124 $493,482,398 $508,286,870 $523,535,476 Estimated Development Assessed Value: Retail 29% $13,281,286 $15,082,774 $16,859,969 $17,365,768 $17,886,741 $18,423,343 $18,976,043 $19,545,324 Office 29% $3,783,842 $3,897,358 $4,014,278 $4,134,707 $4,258,748 $4,386,510 $4,518,106 $4,653,649 Market Housing 8% $0 $0 $0 $0 $0 $0 $0 $0 Affordable Housing 8% $908,775 $802,318 $0 $0 $0 $0 $0 $0 Condo - -Hotel 8% $30,495,876 $33,349,688 $35,947,862 $37,026,297 $38,137,086 $39,281,199 $40,459,635 $41,673,424 Estimated Development Property Tax Revenues (57 mills): Retail 0.05700 $659,601 $757,033 $859,718 $961,018 $989,849 $1,019,544 $1,050,131 $1,081,634 Office 0.05700 $209,397 $215,679 $222,149 $228,814 $235,678 $242,749 $250,031 $257,532 Market Housing 0.05700 $2,766,027 $0 $0 $0 $0 $0 $0 $0 Affordable Housing 0.05700 $129,321 $51,800 $45,732 $0 $0 $0 $0 $0 Condo - -Hotel 0.05700 $1,583,461 $1,738,265 $1,900,932 $2,049,028 $2,110,499 $2,173,814 $2,239,028 $2,306,199 Total Property Tax Revenues from New Redevelopment: $5,347,807 $2,762,777 $3,028,532 $3,238,860 $3,336,026 $3,436,107 $3,539,190 $3,645,366 Total Property Tax Revenues from Existing Development: $1,977,436 $2,036,759 $2,097,862 $2,160,798 $2,225,622 $2,292,390 $2,361,162 $2,431,997 Total Property Tax Revenues: $7,325,243 $4,799,536 $5,126,394 $5,399,658 $5,561,648 $5,728,497 $5,900,352 $6,077,362 Existing Property Tax Base: $1,756,926 $1,756,926 $1,809,634 $1,809,634 $1,863,923 $1,863,923 $1,919,841 $1,919,841 Total Property Tax Increment: $5,568,317 $3,042,610 $3,316,760 $3,590,024 $3,697,725 $3,864,574 $3,980,511 $4,157,522 County Impact County Share of Property Tax Base: 0.00850 $261,967 $261,967 $269,826 $269,826 $277,921 $277,921 $286,258 $286,258 County Share of Property Tax Increment: 0.00850 $0 $0 $0 $0 $0 $0 $0 $0 Total County Share of Property Tax Revenue: $261,967 $261,967 $269,826 $269,826 $277,921 $277,921 $286,258 $286,258 Annual Sales Tax Revenue Estimates 2016 2017 2018 2019 2020 2021 2022 2023 Estimated Cumulative Retail Development: 117,000 129,000 140,000 140,000 140,000 140,000 140,000 140,000 Estimated Taxable Retail Sales from New Development: $250 $34,956,458 $39,312,570 $43,518,101 $44,388,463 $45,276,232 $46,181,757 $47,105,392 $48,047,500 Total Sales Tax Revenues from New Redevelopment: 4.0% $1,398,258 $1,572,503 $1,740,724 $1,775,539 $1,811,049 $1,847,270 $1,884,216 $1,921,900 Total Sales Tax Revenue from Existing Development: $1,107,200 $1,118,272 $1,129,455 $1,140,749 $1,152,157 $1,163,678 $1,175,315 $1,187,068 Total Sales Tax Revenues: $2,505,458 $2,690,775 $2,870,179 $2,916,288 $2,963,206 $3,010,949 $3,059,531 $3,108,968 Existing Sales Tax Base: $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 Total Sales Tax Increment: $1,493,101 $1,678,418 $1,857,822 $1,903,931 $1,950,849 $1,998,592 $2,047,174 $2,096,611 County Impact County Share of Sales Tax Base: 1.50% $415,200 $419,352 $423,545 $427,781 $432,059 $436,379 $440,743 $445,151 County Share of New Sales Tax Revenue: 1.50% $524,347 $589,689 $652,772 $665,827 $679,143 $692,726 $706,581 $720,712 Total County Share of Sales Tax Revenue: 1.50% $939,547 $1,009,041 $1,076,317 $1,093,608 $1,111,202 $1,129,106 $1,147,324 $1,165,863 Source: Stan Bernstein and Associates, Inc. and Leland Consulting Group. Draft As Of 9 July 2007; Subject To Revision TABLE 2 (CONT -D) TOWN CENTER WEST AREA URBAN RENEWAL PLAN TIF ANALYSIS -- EAGLE COUNTY IMPACT JULY 2007 Development Program Source: Stan Bernstein and Associates, Inc. and Leland Consulting Group. Building New Redevelopment: SF /Units Retail 140,000 Office 40,000 Market Housing (Whole and Fractional Ownership) 450 Affordable Housing 90 Condo - -Hotel 450 Annual Property Tax Revenue Estimates Year 2024 2025 2026 2027 2028 2029 2030 2031 Estimated Cumulative Development Demand.' Retail 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 Office 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 Market Housing 0 0 0 0 0 0 0 0 Affordable Housing 0 0 0 0 0 0 0 0 Condo - -Hotel 450 450 450 450 450 450 450 450 Estimated Development Market Value: Retail $300 $69,419,601 $71,502,189 $73,647,254 $75,856,672 $78,132,372 $80,476,343 $82,890,633 $85,377,352 Office $250 $16,528,476 $17,024,331 $17,535,061 $18,061,112 $18,602,946 $19,161,034 $19,735,865 $20,327,941 Market Housing $1,250,000 $0 $0 $0 $0 $0 $0 $0 $0 Affordable Housing $250,000 $0 $0 $0 $0 $0 $0 $0 $0 Condo - -Hotel $725,000 $539,241,540 $555,418,786 $572,081,350 $589,243,790 $606,921,104 $625,128,737 $643,882,599 $663,199,077 Estimated Development Assessed Value: Retail 29% $20,131,684 $20,735,635 $21,357,704 $21,998,435 $22,658,388 $23,338,140 $24,038,284 $24,759,432 Office 29% $4,793,258 $4,937,056 $5,085,168 $5,237,723 $5,394,854 $5,556,700 $5,723,401 $5,895,103 Market Housing 8% $0 $0 $0 $0 $0 $0 $0 $0 Affordable Housing 8% $0 $0 $0 $0 $0 $0 $0 $0 Condo - -Hotel 8% $42,923,627 $44,211,335 $45,537,675 $46,903,806 $48,310,920 $49,760,247 $51,253,055 $52,790,647 Estimated Development Property Tax Revenues (57 mills): Retail 0.05700 $1,114,083 $1,147,506 $1,181,931 $1,217,389 $1,253,911 $1,291,528 $1,330,274 $1,330,274 Office 0.05700 $265,258 $273,216 $281,412 $289,855 $298,550 $307,507 $316,732 $316,732 Market Housing 0.05700 $0 $0 $0 $0 $0 $0 $0 $0 Affordable Housing 0.05700 $0 $0 $0 $0 $0 $0 $0 $0 Condo - -Hotel 0.05700 $2,375,385 $2,446,647 $2,520,046 $2,595,648 $2,673,517 $2,753,722 $2,836,334 $2,836,334 Total Property Tax Revenues from New Redevelopment: $3,754,727 $3,867,368 $3,983,389 $4,102,891 $4,225,978 $4,352,757 $4,483,340 $4,483,340 Total Property Tax Revenues from Existing Development: $2,504,957 $2,580,105 $2,657,509 $2,737,234 $2,819,351 $2,903,931 $2,991,049 $3,080,781 Total Property Tax Revenues: $6,259,683 $6,447,474 $6,640,898 $6,840,125 $7,045,329 $7,256,689 $7,474,389 $7,564,121 Existing Property Tax Base: $1,977,436 $1,977,436 $2,036,759 $2,036,759 $2,097,862 $2,097,862 $2,160,798 $2,160,798 Total Property Tax Increment: $4,282,247 $4,470,038 $4,604,139 $4,803,366 $4,947,467 $5,158,827 $5,313,592 $5,403,323 County Impact County Share of Property Tax Base: 0.00850 $294,846 $294,846 $303,691 $303,691 $312,802 $312,802 $322,186 $322,186 County Share of Property Tax Increment: 0.00850 $0 $0 $0 $0 $0 $0 $0 $0 Total County Share of Property Tax Revenue: $294,846 $294,846 $303,691 $303,691 $312,802 $312,802 $322,186 $322,186 Annual Sales Tax Revenue Estimates 2024 2025 2026 2027 2028 2029 2030 2031 Estimated Cumulative Retail Development: 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 Estimated Taxable Retail Sales from New Development: $250 $49,008,450 $49,988,619 $50,988,391 $52,008,159 $53,048,322 $54,109,288 $55,191,474 $56,295,304 Total Sales Tax Revenues from New Redevelopment: 4.0% $1,960,338 $1,999,545 $2,039,536 $2,080,326 $2,121,933 $2,164,372 $2,207,659 $2,251,812 Total Sales Tax Revenue from Existing Development: $1,198,939 $1,210,928 $1,223,038 $1,235,268 $1,247,621 $1,260,097 $1,272,698 $1,285,425 Total Sales Tax Revenues: $3,159,277 $3,210,473 $3,262,573 $3,315,594 $3,369,553 $3,424,468 $3,480,357 $3,537,237 Existing Sales Tax Base: $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 $1,012,357 Total Sales Tax Increment: $2,146,920 $2,198,116 $2,250,216 $2,303,237 $2,357,196 $2,412,111 $2,468,000 $2,524,880 County Impact County Share of Sales Tax Base: 1.50% $449,602 $454,098 $458,639 $463,225 $467,858 $472,536 $477,262 $482,034 County Share of New Sales Tax Revenue: 1.50% $735,127 $749,829 $764,826 $780,122 $795,725 $811,639 $827,872 $844,430 Total County Share of Sales Tax Revenue: 1.50% $1,184,729 $1,203,927 $1,223,465 $1,243,348 $1,263,583 $1,284,176 $1,305,134 $1,326,464 Source: Stan Bernstein and Associates, Inc. and Leland Consulting Group. a VON Community Benefits The URA will allow for decision - making at the local level. It utilizes the public financing tools available without increasing taxes. The Town has done an extensive amount of research and we believe the creation of an URA is the most favorable of all the options to allow for the improvement of the town center. Property owners and businesses benefit from both the public and private commitments and investmen through association and proximity. Specifically by: • Stakeholder engagement in planning for area • Increase property values • "Readying of the environment" for investment • Dedicated revenue source for public improvements (fiscal prudence) • Available tools to assist in property improvements • Balanced growth across community Town of Avon Q & A on Urban Renewal and Tax Increment Financing Understanding The Facts About Urban Renewal Q. What is an Urban Renewal Authority (URA)? The Urban Renewal Law allows for the formation of an URA in order to assist with the rehabilitation of an area to improve the public's welfare. (See Urban Renewal Law Colo. Rev. Stat. §31 -25 -101 et seq.) Q. What is the purpose of an URA for the Town of Avon? The purpose of creating an URA in Avon is to give the town the ability to revitalize its town center core, improve vehicular and pedestrian access, and strengthen Avon's identity as both a year -round residential community and as a commercial, tourism, and economic center. Q. What are the implications of using the term blight? A blight finding is required by the Urban Renewal Law in order to create an URA. It is a means to an end —a way to fund the public improvements associated with Avon's urban renewal without a tax increase. The law defines 11 blight conditions of which a minimum of five must be present. In Avon, a conditions survey documented that 9 of the 11 factors of blight were present. These included unusual topography or inadequate public improvements or utilities, defective or inadequate street layout, deterioration of site, deteriorating structures, underutilization or vacancy of sites or buildings, faulty lot layout in relation to size adequacy and accessibility or usefulness, among others. Documentation of these findings was one of the necessary steps to establish Avon's URA and its ability to implement TIF for the revitalization of its town center. (See Town of Avon Conditions Survey, Matrix Design Group, Inc., May, 2007) Q. Will the URA utilize its condemnation powers? The URA will retain its power of condemnation, but is not anticipating using condemnation. At this time, urban renewal development plans do not indicate anywhere condemnation would be necessary. Our intention is to work, throughout the urban renewal project, to find mutually agreeable solutions with all those involved. Understanding The Facts About Tax Increment Financing Q. How does Tax Increment Financing (TIF) work? TIF is a method of financing public improvements that has been used successfully across the country, including in Colorado. TIF allows the Town of Avon to leverage future anticipated property tax revenue growth associated with its urban renewal development by issuing bonds in advance to pay for public improvements within the boundaries of the URA. The greatest appeal of this approach is that it is not a tax increase or a new tax. Instead, TIF anticipates a corresponding growth in property values as a byproduct of redevelopment, and applies existing taxes collected from local government against the increase in property values. The incremental growth over a 25 year period. in taxes is then used directly within the URA boundaries Q. How can Tax Increment Financing Dollars Be Used? TIF is a new source of tax revenue, not an additional tax, which would not be available but for new investment. TIF dollars may be used to: • Finance the issuance of bonds • Reimburse developers for a portion of their project costs • Acquire property • Make improvements — public benefit, support redevelopment effort • Correct problems and finance improvements Q. Will other taxing jurisdictions in Eagle County voice opposition to TIF? The revitalization of Avon will help strengthen the regional economy and will have a positive impact on all taxing jurisdictions. This process has already been implemented in Eagle County by the Town of Vail, helping to create an understanding by other taxing jurisdictions of our legal right to use TIF and how they too will benefit in the long term. The Town of Avon wants to be sure we have addressed all of your issues and concerns. As our Urban Renewal Plan progresses, we will continue to keep the community informed. If you would like to join our Urban Renewal E -list please go to www.avon.org. If you have additional concerns or questions, please contact Becky Lawlor by e -mail at blawlor(cbavon.org; by phone at 970 - 748 -4087; or by mail at Becky Lawlor, Town of Avon, PO Box 975, Avon, CO 81620.