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01-10-00 Town Council Packet 7�paw6e, SNOWMASS VILLAGE TOWN COUNCIL WORK SESSION 01-10-2000 2:00—4:00 P.M. TIMBERS AT SNOWMASS (FARAWAY RANCH SOUTH) PRELIMINARY PUD • Fiscal Impact Report Wrap-Up • Employee Housing • Landscaping & Retaining Walls • Kiss & Ride Discussion • West Bound Brush Creek road RFTA Bus Stop • Construction Management — Chris Conrad........................................................ Page 1 4:00— 5:00 LAND USE CODE DISCUSSION —ARTICLE IV — Leslie Klusmire/Steve Connor............................ Page 26 5:00-6:00 EMPLOYEE HOUSING RESALE GUIDELINES — Joe Coffey/Steve Connor................................... Page 33 6:00-6:15 CALENDARS......................................................... Page 39 6:15 P.M. ADJOURNMENT NOTE: ALL ITEMS AND TIMES ARE TENTATIVE AND SUBJECT TO CHANGE WITHOUT FURTHER NOTICE. PLEASE CALL THE OFFICE OF THE TOWN CLERK AT 923-3777 ON THE DAY OF THE MEETING FOR ANY AGENDA CHANGES. TOWN COUNCIL COMMUNIQUE MEETING DATE: January 10, 2000 BY: Planning Department STAFF: Chris Conrad SUBJECT: Work Session regarding The Timbers at Snowmass (Faraway Ranch South) Preliminary Plan submission. TOPICS: 1) Fiscal Impact Report Wrap-up 2) Employee Housing 3) Landscaping & Retaining Walls 4) Kiss & Ride Discussion 5) West Bound Brush Creek Road RFTA Bus Stop 6) Construction Management BACKGROUND: The above topics were selected at the January 3 Town Council meeting for discussion during this meeting. Bill Cunningham with Leland Consulting Group will be present to address the applicant's amended Fiscal Impact Analysis. Marianne Rakowski has now been able to review the report and has found the methodology and assumptions used to be consistent with that used within the Snowmass Club Fiscal Impact Report. She will be available at the meeting to respond to questions. Joe Coffey and will be present for the Employee Housing discussion and John McCarty will hopefully be available for the RFTA bus stop, landscaping and retaining wall discussions. A partial site plan map has been enclosed which shows the location of the stakes that have been placed in the field to locate Building D. COMMENTS: 1) Fiscal Impact Analysis. A copy of the report has been included within the packet. The report reflects the 50% occupancy rate requested by the Town Council at the December.20 meeting. You will find that a Table 9 showing a 55% rate and another reflecting a 60% occupancy rate have also been included. Please refer to the enclosed email from Bill Cunningham with Leland Consulting Group which discusses the effect of using the various occupancy rates when evaluating the fiscal impact of the development. Staff has reviewed the report and finds that the assumptions used by Leland � I � T.C.Communique The Timbers at Snowmass Page 2 have been the same as or more conservative than those used in the Snowmass Club report. The "break even" point appears to fall at about a fifty-five percent (55%) annual occupancy rate. Keeping in mind that this is a fractional ownership interest project, it is not unreasonable to accept an occupancy rate of fifty-five percent (55%) or better; however, the applicant would need to provide data from similar projects to support using a greater occupancy rate. While it may be expected that fractional ownership units will initially generate higher occupancy rates than typical condominium units, there will likely be a gradual decline in that rate over the years. Since fractional interest ownership is a new concept in Snowmass Village, local data is not yet available to precisely predict occupancy in the long term. For this reason, the previous discussions concerning reservation and rental policies were appropriate to ensure that the units will be fully utilized. The fiscal impact upon the TOSV transportation system is found in Table 8. The 90% variable cost percentage was also used in the Snowmass Club impact report and reduces the per person cost ratio to more accurately represent that department's budgetary rate of increase in relation to population increase during peak population periods. The "Service Factor" represents the peak period service population (See Table 2) and the "Project Service Factor' is 95% of the free market Club population plus the affordable housing population. The annual expenditure impact upon the Transportation Division resulting from the project is stated to be $24,652.00. This figure represents the general budgetary impact based upon population growth and the proportional demand for services. It does not entirely describe the specific service adjustments that will be required in providing fixed route vs. on-call service to lower Faraway road. It is important to remember, however, that the developer is providing two (2) bus stops with shelters which improve the Town's service capabilities in that area. Dave Peckler will be available to discuss how service will be provided. 2) Employee Housing. Direction received at the last meeting was that the staff and applicant where to refine the operational budget developed by Joe Coffey and to develop housing options whereby the Town ultimately owns and manages the eighteen (18) employee housing units proposed by the developer. The parameters were: 1. Rent levels (Revenue) were to be calculated based upon what the Mountain View Phase If rent would be for each unit type at the time of final PUD approval plus ten percent (10%). 2. The Town would proceed with public financial participation by obtaining voter approval and securing funds through bond issuance (20 year term) in an amount that can be financed from the net operating income derived from collected rents. I T.C.Communique The Timbers at Snowmass Page 3 3. The applicant will then be responsible for the remaining costs of constructing the proposed employee housing units. When completed, the employee housing project will be conveyed to the Town. 4. Upon completion, the Town will own, manage and maintain the project in accordance with Town guidelines, except as provided below. 5. The Town and applicant will continue discussions to mutually agree on a percentage of the project (by specified units and which may include a portion of the mitigation housing) that the applicant shall be entitled to priority use by executing an employer master lease with the Town for the use of the units by employees working within the Timbers Club free market project. Matters involving rent collection, enforcement of housing guidelines and eviction of tenants residing within the master leased units shall be the responsibility of the applicant. 6. The applicant shall receive first priority to rent additional units should the Town be unable to rent them pursuant to the Town's Housing Guidelines. 7. Staff and the applicant were also to develop a Plan "B" should the bond issue ballot question not be approved by the voters. It is the Planning Division's understanding that a conversation did occur between Doug Dotson and Joe Coffey last Tuesday morning and I believe the applicant has been working to develop a proposal incorporating the parameters outlined above; however, no information has been received for inclusion within the packet. Section 16A-4-420(1) of the Municipal Code outlines the procedure to be applied when the Town wishes to consider participating in the provision of mitigation housing by the applicant. It has been included within the packet as a "Communique Supplement". The first step calls for the Town and the applicant to agree on: a) Mix and configuration of the units; b) Fair and reasonable rental rates for each unit type; c) Reasonable estimates of occupancy rates and anticipated operating budget; and d) The overall effect of the proposed units on the overall inventory within the Town. The operations budget prepared by Joe Coffey has again been included within the packet. The rent structure spreadsheet has been amended to increase the annual reserve fund by $2,000.00 and has been computed using 3% and 5% vacancy factors. The applicant had stated within their development proposal that their annual rate of rent 3' T.C. Communique The Timbers at Snowmass Page 4 increase would be tied to the Consumer Price Index (CPI) used by the Town or would be comparable to increases in similar Town rental projects should the Town increases exceed the CPI. You will find that the annual increases included within the rent structure spreadsheet are very comparable to the CPI as shown in the chart below. onsumer Price index -All urban onsumers I To increase 010 ncrease Denver-Boulder-Greeley, CO 1 st Half to 2nd Half to % Increase Not Seasonally Adjusted 1 st Half of 2nd Half of Over Preceeding Preceeding Preceeding ear I 1SI Halt n a nnua Year Year Year d' o 0 0 —7997——7671 15911 0 o 3.27% . 2.16% o o 0 It should be noted that the operations budget was based upon our customary TOSV principals which are intended to keep expenses as low as possible in order to keep annual rent increases to a minimum. There is a risk in doing this should unanticipated expenses occur. There are slope, groundwater and geotechnical site constraints that need to be considered as factors that could affect the long term financial self sustainability of the project. Staff also finds it difficult to finalize the budget without better understanding the materials being proposed to be used and what the expected life of those materials will be when they need to be maintained, repaired or replaced. The application specifies an estimated per unit assessment and reserve amount within their development proposal. It would be helpful if the information they used in developing those figures would be made available to staff. There is high confidence that the Town could effectively own and operate the proposed project based upon their per unit estimated $8,740 common assessment (covering maintenance, operation, reserve and unit utilities) and $2,300 reserve figures. Section 16A-4-420(1)(b) of the Land Use and Development Code states that the developer needs to provide the "total anticipated construction cost" of the employee housing project. That figure includes infrastructure, but not land cost, and is ultimately to determine what the difference will be between the project's debt service requirements and estimated net operating income. The developer is responsible for that amount. Staff agrees with the applicant that it is premature to establish that figure now. One of the housing options parameters that needs to be discussed concerns the manner in which the units will be rented. Approximately 10,521 square feet of the 14,525 4. T.C. Communique The Timbers at Snowmass Page 5 square feet are required by the developer to mitigate the employee housing impacts of the proposed development. The applicant has cited a need for the mitigation housing in order to provide for employees working at The Timbers project. They have cited Section 16A-4-400, Purpose, which states: Recognizing the shortage of adequate housing for persons of low, moderate or middle income, adequate provisions for comfortable and affordable housing in suitable locations shall be made to accommodate such persons and their families employed as a result of the construction,operation or use proposed in a subdivision, PUD or special review application. It is staffs understanding that the Town Council finds that this section of the Municipal Code is the preface to the regulatory provisions, being Section 116A-4-410, Restricted Housing Requirements, and Section 16A-4-420, Methods of complying with requirements, that follow and that the "Purpose" section has never been applied in the manner which the applicants describes. Further, does the Town Council feel that the legislative intent of the "Purpose" section was simply to express the basis or reason for adopting the regulations that follow which specify the manner in which additional affordable housing is to provided by developers within the community. What percentage of the project may be made available on a first priority basis needs to be discussed regardless of whether the Town participates in financing the construction and managing it or whether the project remains with the developer. 3) Landscaping & Retaining Walls. Diagrams presented at the December 20 meeting have been enclosed for use during discussion of these items. 4) Kiss & Ride Discussion. 11" X 17" diagrams have been placed within each council member's box for review. 5) West Bound Brush Creek Road RFTA Bus Stop. No additional information has been provided by the applicant. 6) Construction Management. P:\user\cconrad\MS Word Docs\The Timbers\The Timbers Prelim TCMemol2 I. ;I so / L n 0m p�.,irrod � D $Wu��N�t P�2:wlfG-tE� ` BUILDING D Vy MAN FF - 95 BASEMENT FF - 90 V • FF - 95 ` FF- 95 BUILDING C TW O f .L(A&- S(-LgF- RAIQ l'+= .�oF o+' 3.�t� +OO 0 N [Email from Leland Consulting] From: "Bill Cunningham" <bcunningham @lcgdenver.com> To: "chris conrad - personal" <cconrad@rof.net> Date: Mon, 27 Dec 1999 08:04:57 -0700 Subject: Revised Timbers Fiscal Impact Numbers Chris-- Attached are the new fiscal impact numbers for The Timbers,reflecting the following changes: 1)Project start date moved to 2002 2)Average annual occupancy rates changed to 50% for club units and 95% for affordable housing 3) Solid waste taken out as a revenue source 4)RETT transfer taken out as a revenue source As shown,these changes result in a net annual deficit to the Town of approximately$4,000. The biggest impact on revenues is from the occupancy rate for the club units.To show these impacts, I am faxing you two additional summary tables(Table 9)illustrating net revenues to the Town at 55%and 60%occupancy. Effectively,the Town "breakeven" point is at 55%occupancy.At 60%, the Town realizes an annual surplus of$4,700. 1 also want to point out the conservatism inherent in these numbers: 1)As noted at the meeting, the Snowmass Club fiscal impact analysis assumed 70%to 75%occupancy. Realizing that the Snowmass Club offers more in the way of amenities than the proposed Timbers Club, it still seems unlikely that the Timbers would perform at a 28%to 33%lower occupancy level. 2)Town expenditures related to the project are primarily based on a peak period population. If the average annual occupancy was actually 50%,there would likely be higher cost savings to the Town than shown here, even during peak occupancy periods. 3) We have not assumed any inflation or price appreciation in either unit market values or retail sales. Property tax revenues from increased unit market values will not likely be that significant,but even nominal inflation in retail sales will have a significant positive impact on project-generated revenues. 4)The additional spending that might occur from associate members has also not been calculated. I'm not sure how significant this figure would be,but any spending they do will have a positive revenue impact. The corresponding cost of serving these associate members would be minimal. I am also faxing hard copies of the above material to you--Let me know if you have any questions--I am out of the office this week,but will check my voice mail and e-mail -- I have a scheduling conflict on the 3rd that I could probably get out of--how important do you think it is for me to be at the Council meeting? Bill C. P.S. Have you had any response from David Peckler re: Town transit impacts? Attachment#1: TOSVFiscalImuactl2-27-99.xls File: 03 CunninghamOl.doc Opp Draft As Of 27 December 1999;Subject To Revision THE TIMBERS CLUB FISCAL IMPACT ANALYSIS TABLE 1 Development Program Total Floor Area Floor Area #of Bedrooms Bedrooms #of Persons Population Units Per Unit Total Per Unit Total Per Unit Total Club Portion Townhomes 4 3,586 14,344 4 16 5 20 Suites 36 2,128 76,608 3 108 4 144 Common Area -- -- 18,500 -- — — — Club Portion Total 40 — 109,452 — 124 4.10 164 Parking Surface 7 Townhome Garages 8 Underground Garages 135 pub Portion Total 150 Parking SpacesBedraom 1.21 Affordable Housing Portion ` Flats(Large (IImpxct'^1 9 1,120 10,080 2 18 3 27 Flats(Small) (I BEoROOM) 9 560 5,040 1 9 1.5 14 Townhomes(Small) 0 1,064 0 2 0 2.25 0 Townhomes(Large) 0 1,660 0 3 0 3 0 Affordable Housing Portion Total 18 — 15,120 — 27 — 41 Parking Surface 41 Covered 0 Affordable Housing Portion Total 41 Parking SpacesBedroom 1.52 Source:Leland Consulting Group. TABLE 2 ECONOMIC AND DEMOGRAPHIC INDICATORS TOWN OF SNOWMASS VILLAGE Dwelling Units Populatio?vUnit Peak Population Permanent Residents 788 2.6 2,049 Seasonal Residents 838 2.7 11810 Resident Employees 247 20 494 Tourists 1,481 25 3,33 Day Visitors — — 2,500 Peak Period Units&Population 3,354 10,185 Commercial Pop. Equivalent(15%) 503 1,528 Peak Period Population/Units 3,857 11,713 Tax Rates: CuepzAr bERVIC6a Sales Tax—TOSV 1.0% PegaLAnoN Real Estate Transfer Tax—TOSV 1.0% Sales Tax—Pitkin County Sc8% 2.19 70 Property Tax—TOSV General Fund 0.902 Taxable Retail Sales: Condominium Owners/Guests $50 Per Night/Per Person Affordable Housing $1,800 Per Year/Per Person Source: Town of Snowmass Village; Aspen Ski Company; BBC Research and Consulting; and Leland Consulting Group. I �� Dnfl AS Of 17De ber It".S&bJ a TR ReddoR THE TIRIBERS CLUB FISCAL IMPACT ANALYSIS TABLE DmIopmenl Timin7,/Muket Valne Vey Twd 3M5 Sm] 5001 NOS 5006 2081 - 20M 2M9 NIO 2011 CONSTR(KTIONOFMM Cod P.nlm T9.4. 1 1 0 0 0 0 0 0 0 0 0 S. 36 36 0 0 0 0 0 0 0 0 0 Cb0 Pww CbW. T.M b 10 10 10 10 10 10 10 10 10 Alff M M d-9 Pwd1. �(L E) 9 9 0 0 0 0 0 0 0 0 0 rim(S-OM q 9 0 0 0 0 0 0 0 0 0 TO.nm.e(Sm o 0 0 0 0 0 0 0 0 0 0 0 To.ah.(L.V) 0 0 0 0 0 0 0 0 0 0 0 ABM.M,H.d.B Pd.0,.d 7wd 19 19 IB 18 II 18 IB IB 18 I8 SALE OF IMITSMEMRERSHIPS TS TwN+wm(C70b MO.MObip-BSbResRlae) f)90,Om 16 16 0 0 0 0 0 0 0 0 Sdb((I*MOd..hip-TSSh.Mh') f2W.Om 135 133 0 0 0 0 0 0 0 0 4 Ub SO% 8 IS IS IS IS 15 S IS IS 15 CCWb M. MMWX W 7.ld t58 JIS )10 J15 310 383 100 115 110 MS A f. J Hwd.R Pw . e (tar) SISO,Om 9 0 0 0 0 0 0 0 0 0 py1(yp08) SW.0m 9 0 0 0 0 0 0 0 0 0 To.da0e(Sy1R) 3IN,000 0 0 0 0 0 0 0 0 0 0 Twdpyy(LRa) SIN,= 0 0 0 O 0 0 0 0 0 0 AffirbNe H.d.R P.n C—W-dW Twd It 10 IB N IB 11 IB IB IB IB MARKET VALUE OF UNfT/MEMRERSHIP SALES Od Pr T, n.t..(a b Mmlbnlhip-8 SbaeN)dI) 5390.m0 56.210.Om $12.1W.000 SLZAW.9m f12.1M,m0 $12AMO,m0 312,IW,9m f12,180,Om SI;<BO,Om 312,IW,mo 512,1M,0m SWM(Cb6Mmben6ip-7.5 ShOredUnk) S2m,m0 S39.IM.000 SN.Jm" S73.N0.9m 578,3W,mO SM.M.000 $7811mm0 S78,30,m0 f78,3m,m0 378,3WM SM.3m,m0 Club MlW$ *R.4ft(%.(SW.) f3m.Om 32,NS.Om 51.330.=0 11,510,= S1.5mo6D S4.510.m0 S1,5m,m0 51.530.=0 H.5N,m0 31,Sm,Om SI,530,m0 QN Artl..Ch../dy Tad 317.655.00 595,310,0= S93,JIO,Om 595.310,=0 595,310,=0 595,31010= 395jlo.m S95,3IO,Om S95,3IO,Om S9513101000 AJJirI.kH--.hT N.. pp(LAW) SI50,00D f1,350,Om SI,mm0 SI.350,Om 31,330,0= 51350.0= SI,3%.m0 SI,SSOW SI.150,m0 31350.0= SI,1m,m0 FIM(S-Wo $9DWO S720.m0 5120,=0 SM." SMM S720.m0 S72D.m0 S120.m0 SMM SM" MO.= Twwn (5-0) $120.000 SO 50 W $0 SO SO W W 50 N TO.eba (Lav) f150.Om SO SO SO $0 $O So SO W SO m A$yd4k MI.Ll P..w.Clu.dd..7w1 . 52.070,Dm $2,070.= f2.070.Dm S2.0N,m0 f2.070,OD0 (2.070." 12.070,= S2,OM.W 52.07o.000 $2.070.6= 7OTAL PROJECI'MARKET VALUE $19,725.000 59T.)M,mO S97.JW.WB 597100,OM SW,3NMO SVIJWAN f91?80.000 ri1.1M.0m 597a10,OW M7J80.Om Same leldC Gay. Dm/2 AS Of 27 Detelwb 1999;SNA)m T9 RePWO W THE TIMBERS CLUB FISCAL IMPACT ANALYSIS TABLE d Ottepallty By Unit Type V.r r.w zaz 21143 2m 2005 zaob zom zaoa 2ea9 zero zM1 UNIT AYEI AGE DAILY OCCt/PA One P.M. T.WN (C6b M..b.*V-8%ar.4JMl 50.0% 5 10 10 10 10 10 10 10 10 to S.h.(C14 MwLeu6ip-759.0113m) 70.0% M 72 T2 72 72 72 72 72 7Z 72 Ap..ewele H..*9 n Sm(2yat) 95M 26 26 M 26 M M M 26 26 M Fim(S.W) 97.0% 13 13 13 13 13 13 17 13 13 13 Tww6 (Snr11) 970% 0 0 0 0 0 0 0 0 0 0 T.w (l6ree) 95M 0 0 0 0 0 0 0 0 0 0 ANNUAL GUESTNIGHM L7we P. Ta mlw (Club Mm6mlip-tS mWw) 1,127 7,670 3,650 7,690 7,670 3,670 1,670 1.670 1.670 3.6% Swiw(C7,E Mwba40ip-7.5 Sb..11)0) 13,10 26,280 26,280 26.380 26,280 26,230 M,280 26,260 26,20 26,7110 Aff.&b a R.wdwa Pw - piyw(I-W) 9,362 9.362 9,362 9,562 9,362 9,362 91362 9,362 9,362 9,362 \ p (S em 4,681 4.681 4.681 4,681 6,681 4,681 6,681 4A111 1,681 4,681 Twglb a (Sm ) 0 0 0 0 0 0 0 0 0 0 TwMame(IaBe) 0 0 0 0 0 0 0 0 0 0 1w� �w TOTAL PROIECTANNUAL GUESTNIGIM 29.0011 4,9" 17.973 63,973 4,973 43.9" 43.975 43.973 4,9" 4,913 •Nw�b.Jwb XMuw4pn wtrXw.B.www.l.asagwry XifS Swot L.1�6C.wJUeB Gos. I Drat As OJ 17 Derember 19992 S bjed To Redrlon THE TIMBERS CLUB FISCAL IMPACT ANALYSIS TABLES Properly Tax Revenue Estimates spy Yar P.c1x 2802 20m SON 5005 20x6 20m $BOB 2009 2010 2011 - MARKET VAL VE ESTIAIATES (7N P. T.&.h y(04M rb09hip-0 sb..-I eil) $6100,000 S12.0000W 512.%.0% $12.150.% $1 2,000.89 $12.100,%0 $12.1%,0% $12A50,Om S12.1W.m0 51;080.000 S. (Cl bM.*.dW-7.5 S0.Mleit) S39.lM.OW S79-mW S78.3m,000 S78.2W." $78,1W.000 $78.3m.M S78.m.m 578,300.000 578.3m,OW S78.3W.m0 Cbb?.9 hapmy(Amedlin) 100% $1.539,%0 $9D73.m 89.078.W0 $9.m.m S9.07IDW $9.0781OW S9,07CM 5910M.W0 S9,O7Lm0 89.079.m0 CLAI'wW.C.wd Tad S19,929.m0 $89,858.000 S99,858,m0 599.838.000 5"Am.Om 1".8581W 599185BDW S99,Bm.OW 3997451,000 509,858,0% AQ.Jd4Hwd.a Pwdw nw(I+F) s1,1m,OW 51.300.0% $I,1m,OW $1,189.0% $1.550.000 51.530.000 SI.3W,Om S1.3W,Om 51.350,Om $1.3m.6W Flow(S1.d1) S7m.W0 SM.= s7m,000 57mm0 $M.W0 s7m.6W SM." S72D.W0 S7m.W0 57mm0 T.waw (S.WI) W s6 so m so so $0 $0 so s6 T--hw (L+ ) W W so s0 W $0 W W 50 $0 Affed.He ll ld.B P. Cm Twd S2,=., S2.00,m0 32,070.000 S2.010.W0 SzmW $2,OM.W S1,M.W S2.070.M S2,OW.M $2.OMM ASSESSED VALVEEMMATES .W P . LhIw14 IO18arcVSuila 9.74% H,I20,9I6 fe,941,90 S8.841,912 $1.611,972 f8,801,972 51.811,972 58.1(1.972 S8.841.972 58.611,972 $8,801,972 Chb 9ma0d hepmy(Amuidn) 29.0% 51.316.310 S2.632,620 $2.632,600 52163;600 $2.63;600 $2,632.600 5 2.63;600 $2,61 2.600 $2,652,600 $2,63;600 n.B Pwh.A ..d Twd $5.737.296 511,174,592 $11.074.592 $11,474.592 $11.471.592 $11.470.592 $11.474,592 $11/7..592 $11.474,592 $11.070,593 Aff..awe Hwdwe P� Hudr0..b6 29.0% S6W3W %W.3W $6m,3w 1600.300 $W.1W 5600.300 5600.m Sm0.3m SW3W - 5600.30 Affwe Ho mlg hwb.A.w.d Twd $600.300 s6W.3W SWIM $600.300 1600,m0 $600.300 SW,3W $6W.3W $689.3W SM.3W TOTAL PROJECTASSESSED VALVE $6,117,596 $12,070.892 $12,071.892 $12,070,892 512,890,%2 $12,071,892 $12,070,892 $12,070,892 $12.071,692 512.071.893 PROJECT PROPERTr TAX REMVES• 01WRI W 35.717 SIO,B92 $1092 518,692 510,892 $16,892 310.392 slam 510.892 •RsJl"ati�1,MpopnOraraurminl. NOecbwg7w1*A,TABOR awwl .delk mMProp+ryux wwnwM.mdby dspyere will 6a0Iw6eproyertyo x00 m P.Nb axO +.tit nw rwdwJvnD. Sa.er LeW Dnf2AS OI 27 December 1999;SubJect Ts RevfOoN THE TIMBERS CLUB FISCAL IMPACT ANALYSIS TABLE6 Saks Tax Re9enae Estimates Y.FwMr HM 2M3 HM 20M 1006 HO] EOM 5009 110 111 XETAILSALEESTIMATES ah P4mbw T9.ebu (Cl.b MmMship-1 ArcxNOP) 55000 $91550 f1E2,5oD $M2.500 1182,500 5182.500 2182.300 5182.500 51E2,500 1163.500 sle2.5m SWW(Ci.b Mmb.*W.73 Sh...0 Y) 530.00 5657,000 SI,314,000 $1.314,000 U,314.ODD $014.000 $1,314.= SI.31 4,000 31,310,000 5011,.0 $1,314,000 CbbP m M.W TW S748.2M 51,196,500 31,4%,500 $1,4 96.500 31,4%.300 SIA%,SOD 31,496,500 $1,496,500 51,096,50D 51,49kW Afd4Me He ,P-M4r Fl (L+ ) 5500 S46,911 $46.811 W,E11 516,811 $46,311 146,811 $46.611 516,611 116.611 546.E 11 F (SmYl) 5500 $23.4% S23AM $23A% 323.406 323.406 523.106 S23A% 523.406 S23,4W S23A06 To.e6me4(Smm) 5500 30 so $D SO SO $0 $0 SO SO SO TO -b6 (I-W) 35.00 SO so $0 s0 so so $0 SO SO SO 4ff.,44H d.S PO A.wW TW $M,217 $70,217 $70.217 130,217 570217 $70,217 5/0.217 570,217 S70-17 570,217 SALES TAX REVENGE ESTIMATES-TOSV O bPn014w MwW TW 4.00% 57,433 S4,%5 S)4.W $14,%5 $14.%5 514,%5 $14,%5 314,%5 Sp,%5 514.965 Af.-dak H4.bqP r Aww.N Tad LOOK 5702 $702 5702 $702 3702 $l02 5702 $702 5302 $702 Mf.OA..WTW $9.185 $15.667 915,667 315,667 $15.663 51507 $15,667 W.6W S15,W $15,667 SALES TAX REVENGE ESTIMA TES-PfTXIN COUNTY C •, Ci pPr .WTW 2.19 $16,387 532,773 S32.r3 S32.r3 532.333 S32,T33 $32,773 532.M S3 2,T3 S37,'D3 W Afw/dfe M..dnP A..W TW 219 51,53E $1,538 51,538 51,538 21,53E 51,53E $1,535 51,53E 51,53E $4539 ` P,*a A. TW 517,924 $34,311 534,311 $34.311 SN,311 SH1311 534,311 534.311 531.311 534.311 PROJECTSALES TAYREVENUES $26.19 549,9M 549,97E 19.92 549,973 19.975 W.97E 549,97E $15,978 $49.92 Sa4nc IAd Oa9. Draft As Of 27 December 1999,Subject To Revision THE TIMBERS CLUB FISCAL IMPACT ANALYSIS TABLE 7 Other Revenue Estimates 1998 Service Revenue Project Service Annual Budget Factor Ratio Factor Revenue Service Factor Used OTHER REVENUE ESTIMATES Other Tares Specific Ownership $55,400 2,543 $21.79 41 $882 Pertrranent Residents/Employtes Franchise $234,100 3,857 $60.69 58 $3,520 Peak Period Units Other $50 3,857 $0.01 58 $1 Peak Period Units Licenses and Pennies Building Permits $192,000 -- - — — Charges for Services Offset Costs Other $54,500 3,857 $14.13 58 $820 Peak Period Units ` Intergovernmental Cigarette Tax $38,700 2,543 $15.22 41 $616 Permanent Residents/Employees Highway Users Tar Fund/Other $117,500 — _ _ $1,000 Independent Calculation County Road&Bridge $25,600 $1,383 Independent Calculation ` Charger for services Planning/Building $154,600 -- — — — Charges for Services Offset Costs Solid Waste $282,100 — — -- — Peak Period Units Other $174,100 3,857 $45.14 58 $2,618 Peak Period Units Pint and forfeitures $51,300 11,713 $4.38 196 $860 Peak Period Population PROJECT TOTAL ANNUAL OTHER REVENUES $11,700 Sou ce:Leland Contulriog GroW. Dnj1 As Of ST Demmber 1999;Subject To Revision THE TIMBERS CLUB FISCAL IMPACT ANALYSIS TABLE 8 Project Expenditure Estimates 1998 Service fxpeedkure % Adj.Eapeud. Project Service Annul Budget Factor Ratb Varlabk Ratle Factor Bxpemliftea Service Factor Used BUDGET EXPENDITURE ESTIMATES Gewerd Fun! Toad Council $572.100 11.713 $48.94 50.0%. $24.42 1% N.794 Peak Period Papu4tioe Town Mu'aw 5202,300 11,713 517.27 50.0% S8.64 196 51,695 Peak Period Papulltim Town Clerk $567,900 11,713 WAS 50.0% 524.24 1% 54.759 Peak Period Population Fmrnca 5414,900 11,713 $3542 500% 517.71 1% 53,477 Peak Period Popniulon Plaudns and BuBdlns Admouegiae $180,100 11.713 $15.38 50.0% 57.69 196 $I" Peak Period Population Zooms and P4enos $179.600 11,713 $15.33 100.0% $15.33 196 53.010 Pnk Period Popddm Tosro Parks d Trd1 MaeMnnne $223.900 7,685 $29.13 100.0% $29.13 123 53,569 Residcw/Cnesn Ntlunl Resources MamfenRM $126,400 7,685 516.45 Im.0% S16.45 123 52,015 Resideols/Cue h ` Building Services $131,700 11,713 $11.24 0.0% $0.00 196 SO ORser by Ch.M for Services Rttrtalim progam $29,900 2,543 S11.76 I00.0-A $11.76 41 $476 Pemunnot ltco&NFmployees Ptak S4,fy $818,600 11,713 $69.89 100V% 569.89 196 $13,719 Peak Period Population PuMk IYarks Adamimatian $133,700 11,713 $1141 50.0-A $5.71 196 $1,120 Peak Period Population Trnwonation $1,634.400 11,713 S139.54 90.0% $125.58 196 $24,652 Peak Period Population Red Maosmmce 5658.I00 11.713 $56.19 50.0-- $28.09 196 $5,515 Peak Period Populumn Solid writ, S415.3m 11,713 $35.46 15.0% 55.32 1% 51,044 Peak Period Population Sbop $348,600 11,713 529.76 90.0% $26.79 196 55,258 Peak Period Population PROJECT TOTAL ANNUAL BUDGET EXPENDITURES 576.682 Soucc LdwCuouninscinny Oraf2 As Of 27 Dee by 1999;SnAJed To RerGkn THE TIMBERS CLUB FISCAL IMPACT ANALYSIS TABLE 9 SBmmary Rewooe5 and Expenditures Y.x46: :03 x404 x405 x006 xsn xsm :009 2014 2033 PROJECTRESE.NOES Sww Tu Re7eesl—TOSv 581187 $13,667 515,667 $13.667 S15.W MAO 315,667 $15,66] $0,667 $13,667 Sd T.R�-911x16 COm1f 517,926 534,311 534,311 S34,311 S34.311 S34,311 134,311 S34,311 234.311 $34.311 p,.T. 5o $0.717 SIO.W2 $10192 5I0A92 S1619x sio,892 $101992 S10."2 SIO,892 p6n T. 511,'A0 SILL $11,]110 sll.]OD $11,700 $11,100 51LM SILL $1 I'M $11,70D TOTAL PROJECT REPENOES $37,809 567,33" 172,569 572.569 $72.369 172.569 172.569 $72,369 572.569 $72,369 PROJECTERPENOITIIRES 576,612 $76.612 $76,612 $76,612 376,612 $76.612 576,612 $76,612 $76,612 $76,612 PROJECTNETREPENOES ($3810x) (S9]I7) ($4.012) (31,012) ($4,012) (34.012) ($4.042) ($4,W2) (34,01+) (V,m) NamA .�d617 of de TA BOR owe.dway.dK 61n.MpW.M Iarmmsdnre Wby l6epje wB2 benefu ar ,,yeny aweso wpuk a8ercia w11 norrcdvefurdl. s6.s L4l.acarl6y 0344 V n ' S -U .C �ti q s>'noa.b nfr SLya1 n me78i1. DE TMIB]ts CLAIS FjwAL bwAcr MAZY= TANX 9155%om"Pamyl Re mid Expa rs sax mu sw su 2e6 sn sw se ss xa1 Fno) 7R6vmyvrs SYST=R -$CISr $0.93$ 117J64 (17.161 $17.164 $17.164 217.161 $17,161 $17.161 $17.164 S17,164 7.I64 a $37M m ma9 ms Sda7Y9R -PI6xCOMAY $196 237M ms ms $378 $31M P.apal99xRa s W17 $10091 :16.$92 A0.E91 SIOM $IQJM $10.®2 f10m SIOA1 ObwTh Ra f11.700 $IL700 117.700 $11.700 $11.700 VIM $11.700 111.700 $11.700 SILM TOMPAOIECrItPUMU $10,196 $n.169 $77" $n_m s77.313 _ S17-M $77" sn-W m93 sn" PaolRC7cvmml$o278a 176.916 1761906 $76916 "ON 124996 :749$6 $76.966 Mm SMM $76,9x6 PROMCTNEMPENM (136.790) WIT) $170 itf6 1379 E379 1371 $378 6371 fJ9x Na.:aw�hrQ7M TABOrt s.w6.w/M1r.+a+dP9T0'mnwwxarod by MprgwrW6wdl7odro�TrH w..readpeNbea6wewwl�orr9nlw,f di e9sic La6a6 1 .N � e o y�K..w..w.s,.,.n+.+., mro....^a.m i.�w,aarvw w,wwawkr+^w*.�.�.,wa.mrr�..*+w•+�w�WWJ -WW vv 9u19 wen 9u'9s 99hs 9;1,n 9s1YS 9Ghs 9u1s 2u9D 4u'resl �efaNTd7YSYVlJYl60W 6WUS 66CUS KCUS 69CUS 66CUt 66Cllt Gwus 66CU9 69CUt 69CUS aanuaymaj-w xd 111'0 ul'us 111`29! lll'% 111tu 111'0 11= arm awks ob-M S4MH9a11.2372olld T7212 Owns OOCIIS OOhls 001'12 owns 0011s Owns mells wells 0O'IS UUWA2%X1lLJ2g0 26SOls urols unis zwols 268'01! Z69'OIS O9'Ols Wols ul's9 Ot magwa9>aAS1-& 99to 999'09 999'0" O➢9b1s 999'00 gifts 939'OK 999'02 on*$ wells S9ft4'R W-WMDAWHXkL9 S 0997tH OD95is O99$IS 099'Sls 09590 099as OWNS 9995215 O9'91s 092 AWL-AWMWIIb1. szwadS Lwfow lim 0NS ON 999! LM 909 972 990 SSIS i59[ >•A Pm lb=&UOO%OA 6+TM.L MA'1vNV.uvam 7vwu a1ru sassy L am «r9oaar q1 PO&W 4u+rwaa 10 9'9 +60 Dmft AS Of 27 DenmAer 7999;SuNta To Re9H2RR THE TIMBERS CLUB FISCAL IMPACT ANALYSIS TABLE 10 Pr61a1 Impact on 01ba Funds Yor 262 :63 taw no zo6 :ae7 206 269 zwe 2431 OTHER FUNDS RETTFm ho)M Amu)541u 149.725.000 $49,920.000 51.530.000 H.530." $4.510,06 $4,530.m0 $4.SM.M 34.530000 $4.534,000 $4330,Om RITT ro I m 519].250 $4"- S45,1m $45,300 $45'm 30 SO 50 30 10 C.uaw eRETT Renrmie $44],250 596.450 $1,041,750 SI.w7.050 (1,132,350 $1,112,350 SI,3;150 S1,132.350 S1.132,350 S1,132,30 RmAF..r F,,*a ASaud VW. $6,337,596 $12,074,892 512.074,892 $12.01.092 512.071892 $12.074,892 $12.074,892 512,074,892 512,074.892 $12,074,892 hopmy T.Re.em 0001728 50 510,951 520.865 520,065 520,865 520.865 520,865 520.865 520,865 520.865 CmvW Rod Fmd Re..mws $0 $10,951 511,817 35202 571,548 S91,413 5115,270 5116,144 $157,009 5171.815 Odr Fowl•• Fojm en Ass aelcd VJm 56,117,596 312,04,892 312,071,892 312,071,892 512,071.892 312,074,892 512.074,042 f12,071,392 312,074,892 312,071,892 hopmy T.It n. a 0.001004 SO S11,433 521,783 521,783 $21793 $21,783 52LM S21,781 $21,781 521,781 L.em Debt Sndre Pled Reraaw W SII,UI 533,216 551.999 S76,782 598.563 5120.149 5142,132 $163,915 SI85.08 OTHER FUNDS TOTAL $497.250 35211104 787,%9 $97.M9 587.949 $42,049 S42,649 $42.619 $42,649 S42,N9 PROJECT NINLATIYE OTHER FUND TOTALS Sm zso $1.018" 51,16,743 51,194,731 $03216" SI,325,328 S1,367,9T2 3114101628 $1.153.274 $1,495,921 /\ • AhhagA.nmplenrorhs TARdS.�werJwmh tlrr R96dfmd4 h4rorlr.11Y luermrd ey dea1w.ru ofde Dmw-Bod✓e CPL Th Jwe,444fdy rbr rhs Tw.w voWJixrr ml/arwwerbnrhu o�nowr, ��R� err x„r✓J,.A>mxv d..rurb y. ••The TO.w pJyrW/av aw56 rerermropay JededrrMre rdarar ro rh4fmd. ]Srrrf4rc.44f(Idy rMrrhsT xrWJror rollma6nrMnrh4eroxn C 604 wulJrurher loxe.rhr nJ/lery. sr�.a:lww TIMBERS EMPLOYEE HOUSING ESTIMATED OPERATIONS BUDGET Account 2001 % 2002 2003 2004 Number Account Description Proposed Inc. Proposed Proposed Proposed PERSONNEL SERVICES Payroll-Snow Removal $ 1,200.00 5% $ 1,260.00 $ 1,323.00 $ 1,389.15 Payroll-Groundskeeper $ 2,025.00 5% $ 2,126.25 $ 2,232.56 $ 2,344.19 Payroll-Maint Man $ 30,000.00 5% $ 31,500.00 $ 33,075.00 $ 34,728.75 Payroll-O.T.. $ 250.00 3% $ 257.50 $ 265.23 $ 273.18 Payroll-Benefits $ 9,000.00 7% $ 9,630.00 $ 10,304.10 $ 11,025.39 Expenditure: $ 42,475.00 $ 44,773.75 $ 47,199.89 $ 49,760.66 PURCHASED SERVICES Audit $ 550.00 3% $ 566.50 $ 583.50 $ 601.00 Professional Services $ 1,000.00 3% $ 1,030.00 $ 1,060.90 $ 1,092.73 Carpet Cleaning $ 625.00 3% $ 643.75 $ 663.06 $ 682.95 Fire Extinguisher Maint $ 103.00 3% $ 106.09 $ 109.27 $ 112.55 Trustee Fees/Bonds $ 309.00 3% $ 318.27 $ 327.82 $ 337.65 Telephone $ 750.00 3% $ 772.50 $ 795.68 $ 819.55 Trash Fees $ 2,400.00 $ 2,472.00 $ 2,546.16 $ 2,622.54 Utilities-Electric $ 1,500.00 3% $ 1,645.00 $ 1,591.35 $ 1,639.09 Utilities-Natural Gas $ 7,725.00 3% $ 7,956.75 $ 8,195.45 $ 8,441.32 Water&Sanitation $ 9,025.00 3% $ 9,295.75 $ 9,574.62 $ 9,881.88 Expenditure: $ 23,987.00 $ 24,706.61 $ 25,447.81 $ 26,211.24 OPERATING&MAINTENANCE Advertising $ 300.00 3% $ 309.00 $ 318.27 $ 327.82 Insurance $ 4,100.00 3% $ 4,223.00 $ 4,349.69 $ 4,480.18 Misc $ 150.00 3% $ 154.50 $ 159.14 $ 163.91 Supplies-Cleaning $ 300.00 3% $ 309.00 $ 318.27 $ 327.82 Supplies-Landscaping $ 2,000.00 3% $ 2,060.00 $ 2,121.80 $ 2,185.45 Supplies-Maintenance $ 1,000.00 3% $ 1,030.00 $ 1,060.90 $ 1,092.73 Supplies-Painting $ 500.00 3% $ 515.00 $ 530.45 $ 546.36 Supplies-Plumbing $ 150.00 3% $ 154.50 $ 159.14 $ 163.91 Supplies-Tools $ 100.00 3% $ 103.00 $ 106.09 $ 109.27 Supplies-Laundry $ 100.00 3% $ 103.00 $ 106.09 $ 109.27 Parts-Appliances $ 150.00 3% $ 154.50 $ 159.14 $ 163.91 Supplies/Building $ 200.00 3% $ 206.00 $ 212.18 $ 218.65 Vehicle-Gas&Oil $ 225.00 3% $ 231.75 $ 238.70 $ 245.88 Vehicle-insurance $ 125.00 3% $ 128.75 $ 132.61 $ 136.59 Vehicle-Parts/Supplies $ 175.00 3% $ 180.25 $ 185.66 $ 191.23 Expenditure: $ 9,575.00 $ 9,862.25 $ 10,158.12 $ 10,462.86 GRAND TOTAL EXPENDITURES $ 76,037.00 $ 79,342.61 $ 82,805.81 $ 88,434.76 File: 05 Timbers Operational CCOt.xls MTN.VIEW TIMBERS PHASE II 2001 2001 2002 2002 2003 2003 PRESENT 2001 RENTS RENTS ANNUAL -a 2002 ANNUAL Q 2003 ANNUAL UNIT SIZE # RENT [PLUS 3%] PLUS 10 INCOME % RENTS INCOME % RENTS INCOME 1 BEDROOM 9 $ 715 $ 736 $ 810 $ 87,480.00 2.47% $ 830 $ 89,640.00 2.41% $ 850 $ 91,800.00 2 BEDROOM 1 9 1 $ 1,0651 $ 1,096 1 $ 1,205 $130,140.00 2749% $1,235 $ 133,380.00 2.83%1 $1,270 $137,160.00 RENT DISCOUNT $ 4,800 $ (4,800) $ 4,800 (ManagerlMairt.) 3%Vac. Factor $ (6,529) $ (6,691 $ (6,869 TOT. RENTS: 18 $206,291.40 $211,529.40 $217,291.20 TOSV Operating Expenditures* $ (76,037) $ (79,343) $ 82,806) I TOSV Reserve Funds: $ 9,500 $ 9,500) $ (9,500) TOSV NET INCOME: $120,754.40 $ 122,686.79 $124,985.39 1 TIMBERS GROUP [Same income but excluding Rent Discount] 2004 2004 2001 Q 2004 ANNUAL TOTAL RENTS(3%Vac. Factor): $211,091.40 UNIT SIZE % RENTS INCOME Conxnon Assessment: $ 8,740 Per .Unit Per Yr. $ (157,320) Capital Reserve: $ 2,300 Per .Unit Per Yr. $ (41,400) 1 BEDROOM 2.35% $ 870 $ 93,960.00 TIMBERS GROUP NET INCOME: $ 12,371.40 12 BEDROOM 2.36%1 $1,300 $140,400.00 RENT DISCOUNT $ 4,800) (Manager/MaiM.) 3%Vac. Factor $ 7,031) TOT. RENTS71 $222,529.20 TOSV Operating Expenditures: $ (86,435) TOSV Reserve Funds: $ (9,500) TOSV NET INCOME: $126,594.44 THE TIMBERS RENT STRUCTURE 3% Vacancy Factor File:06 Timbers Rent CCOI.xls MTN. VIEW TIMBERS PHASE II 2001 kANNUAL 001 2002 2002 2003 2003 PRESENT 2001 RENTS RENTS Q 2002 ANNUAL Q 2003 ANNUAL UNIT SIZE # RENT [PLUS 3%] PLUS 10 OME % RENTS INCOME % RENTS INCOME 1 BEDROOM 9 $ 715 $ 736 $ 810 480.00 $ 8964000 2.41% $ 850 $ 91,800.00 2 BEDROOM 9 $ 1,065 $ 1,096 $ 1,205 140.00 2.49% $1,235 $ 133,380.00 2.83% $1,270 $137,160.00 RENT DISCOUNT $ 4,800 $ 4,800 $ 4,800 (M°nsg°r/M°irt.) 5%Vac. Factor $ 10,881 $ 11,151 $ 11,448 TOT. RENTS: 18 $201,939.00 $207,069.00 $212,712.00 TOSV Operating Expenditures: $ (76,037 $ (79,343) $ (82,806) t TOSV Reserve Funds: $ 9,500 $ 9,500 $ (9,500) \� TOSV NET INCOME: $115,402.00 $ 118,226.39 $120,406.19 TIMBERS GROUP [Same income but excluding Rent Discount) 2004 2004 2001 Q 2004 ANNUAL TOTAL RENTS(50/6 Vac. Factor): $217,620.00 UNIT SIZE % RENTS INCOME Common Assessment: $ 8,740 Per .Unit Per Yr. $ (157,320) Capital Reserve: 2,300 Per .UnR Per Yr. $ (41,400) 1 BEDROOM 2.35% $ 870 $ 93,960.00 TIMBERS GROUP NET INCOME: $ 18,900.00 12BEDROO M 2.36% $1,300 $140,400.00 RENT DISCOUNT $ (4,800 (M°n°gw/M°int.) 5%Vac. Factor $ (11,718) TOT. RENTS: $217,842.00 TOSV Operating Expenditures: $ (86,435) TOSV Reserve Funds: $ 9,500) TOSV NET INCOME: $121,907.24 THE TIMBERS RENT STRUCTURE 5%Vacancy Factor File:06TimbemRmtCC01.xls EXPOSED BOULDER RETAINING WALL LXISIING GRADL ` NOSCAPLD.nu- 0/ PARKING STRUCTURE —FINISHED GRADS —'- -- — — — w 7 — — — - - — --- KNEE-WALL ® PLAZA LEVEL — E L=95.00 ExI51TNG RR TE RETAWNG 1YA-IY - (— — — — REw eouLmR RETAM4 �P ING�TR l�fTURE EL=80.00 — — — uo_ -- — — - — — - — — — —SODIER BEAM AND — — — — i-j ^L LAGGED_RETAINING-WALL.— ANCHORS TO BEDROCK on manAxosurex --May even_ - — - Section 5 Sheet AS4.2 — — — �� wt4 �- Section & Sheet AS4.2 ,�.. wlo&n - - - - - - - - - - - -- -- ;�\� - -- - - - - - - - - - - - - - - - - -eua�INC =p - - - — —� � . - — — — — —_ — — nmSHED GRADE — — — - / o F S�'T_ Ow EL-80.00 PARKING STRUCTU / "(v,a%L- — — — — — -- — — - - - — — — — — — EXISTING GRADE �ETAMIC/ W IOCESS ' BIRNO Winnul AWL— Section 3. Sheet AS4.1 and ASSOCIATES inc. General Contractor Custom Homes . Commercial Date: 12/16/99 To: David Burden From: Paul Broome, Project Manager Re: The Timbers Club at Snowmass, Construction Management Plan "DRAFT ONLY" As requested I will summarize a construction management plan for the first three months of the project: Notice to proceed(duration one day) • Once a notice to proceed is given to Norris and Associates,we will mobilize within two weeks. Mobilize to the site(duration 2 weeks) • A construction office trailer will be set east of the model unit and south of the existing pedestrian path. This trailer will stay in this location until fall of 2000. • Earthworks Construction will bring in heavy equipment as needed for excavation. • Coggin & Sons will bring in a drill rig with related equipment Staging (duration 2 weeks) • We plan on staging construction trailers and most of the materials on the employee-housing site. • A small staging area will be placed east of building D. Erosion Control and Dewatering(duration 3 weeks) • Filter trenches, holding ponds and silt fencing will be placed along Faraway Road. This work will be completed prior to any mass excavation. The trenches will handle on site ground water and surface drainage water. Clean water will discharge into the existing culvert at Faraway Road. Access Roads (duration 2 weeks) • Access roads will be constructed to allow trucks to enter and exit the site safely. P.O.Box 5759 Snowmass Village,Co. 81615 (970)923 2030 BC Page 2, The Timber Club, Construction Management Plan Temporary Creek Diversion (duration I week) • The existing creek will be diverted around the site in hard pipe. The pipe will discharge into the existing culvert that runs under Faraway Road. Shoring Wall (duration 6 weeks) • A bench area will be cut into the hillside at the shoring wall location. From here the drill rig will drill approximately 30"holes 20' to 33' deep at 8'0" center along the wall. These holes will be filled with concrete and steel immediately after excavation. Once the piers are set, timber shoring will be placed to allow removal of dirt in 8'0"lifts. This process will continue until we reach the design grades. Excavation(duration 6— 8 weeks) • Most of the excavated dirt will be removed from the site via trucks. The trucks will leave the site and go down Brush Creek Road to a dumpsite. We will schedule the trucks to operate between 9:00 AM and 3:00 PM. Flag persons will be used as needed to assist the trucks entering and exiting the site. We will take steps as needed to minimize dirt and debris on the streets. Building A (will start approximately 5 weeks after the shoring wall starts) • Building A is scheduled to start once the shoring wall is near completion. This building is expected to take approximately 13 months to complete. Garage Structure(will start approximately 6 weeks after the shoring wall starts) • This building will take approximately 12 months to complete) A detail bar chart schedule is available at your request. Cc: Mark Norris, Norris and Associates Rich Gera, Norris and Associates P. O.Box 5759 Snowmass Village,Co.81615 (970)923 2030 BC #01 26 COUNCIL COMMUNIQUE Meeting Date: 10 January 2000 4:45 PM Presented By: Leslie Klusmire/ Steve Connor/Victoria Giannola Subject: Article IV of the Land Use and Development Code and Proposed Land Use Code Schedule Overview: Staff has provided suggested language for the restricted housing portion of the Code for Article IV as the last step in completing this Article. In addition, staff has revised the Job Generation Rates Per Type of Use Table 4-5 per Council's request. Furthermore, staff has edited the Size Ranges of Restricted Dwelling Units Table 4-6 per Council's recommendations at the last session in 1999 on the Code. Recommendation: Recommendation to staff on draft language proposed to Council. Date selection of First Reading on Article IV per the Schedule. /y ' MEMORANDUM To: Gary Suiter,Town Manager From: Leslie Klusmire, Steve Connor RE: Restricted Housing portion of the Code Date: January 5, 2000 Here is the staff recommendation including Council's revisions for a restructured and revised Restricted Housing Section. Division 4. Standards for Restricted Housing Sec.16A4400. Purpose. To alleviate the shortage of adequate housing for persons of low, moderate or middle income,provisions for comfortable and affordable housing in locations approved by the Town Council shall be made to accommodate 100%the employees generated by development and redevelopment and their families. (Ord. 4-1998 §1) Sec. 16A-4-410. Restricted housing requirements. (a) One Hundred Percent (100%) of Snowmass Village Employees Shall Be Housed. The developer shall provide restricted housing for one hundred percent(100%)of the new employees employed in Snowmass Village that are generated by development. (b) Job Generation Rates. Job generation rates vary by the type of land . The job generation rates found in Table 4-5, Job Generation Rates Per Type of Use, shall be applied to each type of use in the development at its maximum annual(peak)employment impact on the community. For any use not listed, the Planning Director shall determine the applicable job generation rate by consulting recognized professional publications or studies completed for resort communities similar to the Town. TABLE 4S JOB GENERATION RATES PER TYPE OF USE Type of Use Number of Jobs Generated Commercial including general retail,grocery, 6.94 jobs per 1,000 interior square fee liquor,convenience Office 4.44 jobs per 1,000 interior square fed Service Commercial 2.0 jobs per 1,000 interior square fed Other Services 2.9 jobs per 1,000 interior square feet Multi-family and Fractional Ownership/Time 0.66 jobs per unit 101 . Share Units Single-f nnily/Duplex up to 3000 sq. ft. 0.31 jobs per lot Single-family/Duplex 3000 sq. ft.to less than 1.64 jobs per lot 5000 sq.ft Single-family/Duplex 5000 sq. ft.to less than 1.87 jobs per lot 7000 sq.ft Single-family/Duplex of 7000 sq.ft.and over 1.94 jobs per lot Hotel/Lodge Pillow 0.22 jobs per pillow Ski Area Restaurants—Cafeteria Style 5.58 jobs per 1,000 interior square feet Restaurants 7.9 jobs per 1,000 interior square feet Ski Areas 82.6 jobs per 1,000 skiers at one time Conference Center 0.97 jobs per 1,000 interior square feet Health Club 1.47 jobs per 1,000 interior square feet (b) Average Number of Jobs Per Employee. The number of jobs generated by all types of uses, as determined in Subsection (a), Job Generation Rates, shall be divided by one and three-tenths (1.3), the average number of jobs per employee,to determine the number of new employees that will be generated by the development. (c) Square Footage Per Employee. For that number of employees required to be housed in restricted housing,as determined in Subsections (a)through (c)above,the developer shall be responsible for the creation of a total square footage equal to four hundred forty-eight (448) square feet (as measured in Section 16A-3-210(b), Measuring Floor Area) for each employee to be housed. The total square footage for which the developer shall be responsible shall be provided in dwelling units whose size shall be within the range of sizes described in Subsection (e), Size Ranges of Restricted Dwelling Units. The unit mix and methods of providing said housing shall be determined as described in Section 16A4420,Methods of Complying With Requirements. (d) Size Ranges of Restricted Dwelling Units. Table 4-6, Size Ranges of Restricted-Dwelling Units, establishes the minimum and maximum size range of restricted dwelling units, to ensure that the size of dwelling units contributed by a developer is appropriate. All units contributed by a developer shall meet these size limits. TABLE 4fi SIZE RANGES OF RESTRICTED DWELLING UNITS Minimum Size(sq.ft.) Maximum Size(sq. Type of Unit ft.) Studio 448 550 One-bedroom 550 750 Two-bedroom 750 1080 Three-bedroom 1150 1350 7d (f) Summary of Formula. In summary,the total restricted housing square footage the developer shall provide shall be calculated in accordance with the following formula: Number of jobs generated/1.3 x 448 square feet (Ord.4-1998 §l;Ord. I1-1998 §1) Sec. 16A4420. Methods of complying with requirements. Restricted housing shall be provided as follows: (1) Housing shall be provided as follows: a. At conceptual review of the project, the Town Council shall, using adopted guidelines, determine the mix and configuration of restricted units to be provided, fair and reasonable rental rates for each type of restricted unit, estimates of occupancy rates and operating budget including maintenance and operating, and the effect of the proposed restricted units on the overall restricted housing inventory in the Town. The criteria shall be the Comprehensive Plan, the most recent estimations of housing needs and rental rates based on a minimum of twenty-four percent(24%)of an employee's gross annual income. The Town shall undertake a study every other year to provide estimates of average employee income and a determination of housing needs. b. Developer responsibilities. The developer shall be responsible for planning. and development approvals for any housing proposed to mitigate employee impact. The developer shall provide adequate land for project and shall be responsible for the full costs of constructing of the project. Upon issuance of a certificate of occupancy,the developer shall convey the project free and clear of any monetary liens or restraints on alienation to the Town, which shall thereafter own and manage any restricted units. The developer shall warrant that the project is free of any construction defects for a period of one(1)year from the issuance of an unconditional certificate of occupancy for the project or as occupancy of individual buildings by the Town occurs, whichever first occurs. (2) Units or lots associated with a free market project. When restricted units are included in a free market project and are provided for the employees of the project, such restricted units or lots shall be provided as follows: a. The units or lots shall be restricted at the same rates charged by the Town for similar size units or lots with similar amenities. If there are no comparable units,the Town and the owner shall agree on an amount which may be charged for rent,or a maximum sales price. Rental or sales prices shall be adjusted annually based on the inflation index used by Town. b. Annual notification to Town of prices. The owner shall notify the Town, on or before September 1 of each year,of the rental or sale prices to be charged in the coming}rear. (3) Cash-in-lieu. The Town may,at the Town Council's discretion, accept cash-in-lieu of restricted employee housing in the following instances: I 79 a. The Town Council may accept cash-in-lieu of restricted housing the development is minor in nature(such as,but not limited to,an addition to an existing structure),the Town Council may permit a developer to contribute cash-in-lieu to meet his or her entire restricted housing requirement. b. Costs to be included. Cash-in4ieu of employee housing shall include an amount of cash sufficient to cover and purchase land and all related planning, construction and construction management costs of the project, in current dollars, which would be insured by the Town in order to provide the required amount of restricted housing. (4) The Town shall grant to the developer of one-family lots restricted in a manner approved by the Town Council, employee housing credits in an amount equal to 448 (or new figure) square feet x the average occupancy for single family homes according to the most recent US Census statistics as determined by the planning Director for each restricted lot created. (Ord.4-1998 §l; Ord. 11-1998 §3) 30I . Chock TOWN OFSNOWMASS VILLAGE 6 Jan 2000 DRAFT when Complete PROPOSED LAND USE CODE SCHEDULE O' Ordinance 11 . . . . .. . . . . . . . . . . . . . 1°`Reading . . . . . . . . . . . . . . . 7 September 1999 (53' Ordinance 11 . . . . . . . . . . . . . . . . . . . P. C. Review . . . . . . . . . . . . . 6 October 1999 Gr Articles I, II, &III. . . . . . . . . . . . . . . Council Final Check . . . . . . . . 22 November 1999 p' Ordinance 11 . . . . . . . . . . . . . . . . . . . Staff Final Check . . . . . . . . . . . 14 December 1999 p� Ordinance 11 . . . . . . . . . . . . . . . . . . . 2nd Reading . . . . . . . . . . . . . . . 20 December 1999 0"' Article IV. . . . . . . . . . . . . . . . . . . . . . Staff Work Session. . . . . . . . . 4 January 2000 Article IV. . . . . . . . . . . . . . . . . . . . . . P.C. Work Session(continued) . 5 January 2000 O Article IV. . . . . . . . . . . . . . . . . . . . . .Council Work Session. . . . . . . . 10 January 2000 O Article IV. . . . . . . . . . . . . . . . . . . . . . P.C. Work Session . . . . . . . . . . 19 January 2000 • Article IV. . . . . . . . . . . . . . . . . . . . . . 1°Reading . . . . . . . . . . . . . . . . 24 January 2000 • Article IV. . . . . . . . . . . . . . . . . . . . . . Staff Final Check . . . . . . . . . . 26 January 2000 O Article IV. . . . . . . . . . . . . . . . . . . . . . P.C. Final Check . . . . . . . . . . . 7 February 2000 O Article IV. . . . . . . . . . . . . . . . . . . . . . 2°"Reading . . . . . . . . . . . . . . . 16 February 2000 Article V- including revised Sketch Plan process O Article V. . . . . . . . . . . . . . . . . . . . . . Staff Work Session#1 . . . . . . . . . 1 February 2000 O Article V. . . . . . . . . . . . . . . . . . . . . . P.C. Work Session#1 . . . . . . . . . 2 February 2000 O Article V. . . . . . . . . . . I . . . . . . . . . . Council Work Session#1 . . . . . . 7 February 2000 O Article V. . . . . . . . . . . . . . . . . . . . . . Staff Work Session #2 . . . . . . . . 15 February 2000 O Article V. . . . . . . . . . . . . . . . . . . . . . P.C. Work Session#2 . . . . . . . . 16 February 2000 O Article V. . . . . . . . . . . . . . . . . . . . . . Council Work Session#2 . . . . . . 21 February 2000 O Article V. . . . . . . . . . . . . . . . . . . . . . Staff Work Session #3 . . . . . . . . 29 February 2000 O Article V. . . . . . . . . . . . . . . . . . . . . . P.C. Work Session#3 . . . . . . . . . 1 March 2000 ey - O Article V. . . . . . . . . . . . . . . . . . . . . . Council Work Session#3 . . . . . . 6 March 2000 • Article V. . . . . . . . . . . . . . . . . . . . . . 1`Reading . . . . . . . . . . . . . . . . . 13 March 2000 • Article V. . . . . . . . . . . . . . . . . . . . . . Staff Final Check . . . . . . . . . . . . 14 March 2000 • Article V. . . . . . . . . . . . . . . . . . . . . . P.C. Final Check . . . . . . . . . . . . 15 March 2000 • Article V. . . . . . . . . . . . . . . . . . . . . . 2nd Reading . . . . . . . . . . . . . . . . . 20 March 2000 PROPOSED COMPREHENSIVE PLAN SCHEDULE 63" Comp Plan &Land Use Maps . . . . . la Reading . . . . . . . . . . . . . . . . . 13 December 1999 63" Comp Plan &Land Use Maps . . . . . P.C. Review . . . . . . . . . . . . . . . . 15 December 1999 0' Comp Plan &Land Use Maps . . . . . 2nd Reading . . . . . . . . . . . . . . . . . . 3 January 2000 . 3Z COUNCIL COMMUNIQUE MEETING DATE: 01-10-00 BY: STAFF: Joe Coffey SUBJECT: Deed Restricted Housing Resale Guidelines Discussion OVERVIEW: The following Housing Guidelines will be discussed today: • Resale inspections and price reductions. • Capital Improvements /Renovation Allowances • Crossings Resale Restrictions FINANCIAL SUMMARY: N/A BOARD OF COMMISSION RECOMMENDATION: N/A STAFF RECOMMENDATION: Changes need to be made to the Housing Guidelines. Steve Connor and I would like some direction to change the guidelines based on my recommendations today. PROPOSED HOUSING RESALE GUIDELINE CHANGES RESALE INSPECTIONS / PRICE REDUCTIONS Objective: Make sure each unit that sells for the Maximum Resale Price is in average to above average condition. Listed below are ways to accomplish this objective: A. The mind set of people owning a deed restricted unit needs to change. I believe making the resale procedures stricter will give the new buyer a unit in better condition. Units that do not meet the requirements listed below will not receive the Maximum Resale Price. B. The Housing Manager believes that the Town should use an independent consultant for resale inspections. This will assure the seller that the inspection is not biased. The inspection grade will determine the resale price for each unit. A unit must be in average or above average condition to receive the Maximum Resale Price. C. Change sales guidelines to allow sales price deductions for items that are in below average condition. For example, if the carpet is worn out the estimated cost of new carpet will be deducted. Owners who live in their units for a number of years and who do not keep up with the routine maintenance will not receive the Maximum Resale Price. You must maintain your unit to receive the Maximum Resale Price. D. The rules have to change to make homeowners more responsible for maintaining their units. E. The seller needs to understand that the following conditions must be completed before the contract closing or a price reduction determined by the Housing Manager will be applied to the selling price. • The seller must provide the buyer with a professionally cleaned unit from "Top to Bottom" on or before the contract closing day. • All holes in walls must be filled and all appliances and permanent fixtures must be operative. • All carpets must be cleaned. • The seller will complete a Seller's Property Disclosure form for their unit and provide this form to the buyer before closing. • The buyer will inspect the unit before closing to insure the unit is in acceptable condition. Sales contracts must not be signed before a final inspection is performed. • If the unit is left in an unsatisfactory condition or has permanent fixtures which need repair, a price reduction will be given to the buyer in an amount to be determined by the Housing Department. HA-SALES/RESALE/GUIDLINE CAPITAL IMPROVEMENTS / RENOVATION ALLOWANCE Currently the Housing Guidelines do not allow compensation for Capital Improvements if the unit was purchased after July of 1991. After many hours of considering a Capital Improvement Allowance, I must now say that I do not recommend these allowances. Listed below are the reasons for my decision about not allowing Capital Improvements. • The Capital Improvement Allowance or Renovation Allowance with a depreciation schedule would be very hard to track and administer fairly in future years. • I have been suspect to certain invoices received over the years for Capital Improvements. It is very easy to have product prices adjusted on invoices. • The determination of what is an acceptable Capital Improvement is very subjective and difficult to establish. I foresee many future problems with product selection and colors. • Sometimes products do not last as long as expected and this will create future complications when computing a final resale price. • The amount of use certain products receive and the wear factor can be very different with each owner. Some products will be in similar condition and others will not. Lastly, I believe that giving the homeowner the C.P.I. rate or three percent a year is a fair incentive for the owner to make the Capital Improvements he or she may desire and not what we dictate. The Aspen Pitkin County Housing Authority feels this is a fair return for deed restricted employee housing owners. Allowing Capital Improvements will raise the cost of all deed restricted units by thousands of dollars in future years. The added improvements may not be what the next buyer wants, but will still have to pay for! oe 36. The goal of the town should be to keep these units affordable and require owners to maintain these units and not just live in them. I believe a resale inspection program with the ability to reduce resale prices from the maximum will go a long way in creating a "Pride of Ownership". I have attached a copy of the Pitkin County Capital Improvement Guidelines for your review. I believe that the Town of Snowmass Village should adopt similar guidelines. CROSSINGS RESALE GUIDELINES In 1995 when The Crossings homes were sold there were 11 homes on subsidized lots and 24 homes on non-subsidized lots. The 24 homes on the non-subsidized lots did not have the income and asset guidelines applied to them. The subsidized home purchasers had to qualify within the income and asset guidelines. The Council and the developer did not want restrictions on 24 homes that might jeopardize the sales of these homes. I believe that all The Crossings homes should now be subject to the housing income and asset guidelines. This will limit the future buyers of these homes to employees who may not be able to afford other homes. At the present time with no income and asset guidelines in place anyone who is a employee may buy one of these homes. I do not believe this is helping the people affordable housing is suppose to help. I have attached the Maximum Income and Net Worth Guidelines for your review. If the Council desires, I will review the Income and Net Worth Guidelines because I am not sure the Town should sell affordable units to individuals with an annual income of $252,000. Ha-salestresaletcapital / 1. The term"Permitted Capital Improvement"as used in the Agreement shall only include the following: a. Improvements or fixtures erected, installed or attached as permanent, functional, non- decorative Improvements to real property, excluding repair, replacement and/or maintenance improvements; b. Improvements for energy and water conservation; C. Improvements for the benefit of seniors and/or handicapped persons; d. Improvements for health and safety protection devices; e. Improvements to add and/or finish permanent/fixed storage space;and/or f. Improvements to finish unfinished space. 2. Permitted Capital Improvements as used In this Agreement shall NOT Include the following: a. Landscaping; b. Upgrades/replacements of appliances, plumbing and mechanical fixtures, carpets and other similar Items included as part of the original construction of the unit; C. The cost of adding decks and balconies,and any extension thereto; d. Jacuzzis,saunas, steam showers and other similar items; e. Improvements required to repair, replace and maintain existing fixtures, appliances, plumbing and mechanical fixtures,painting,carpeting and other similar items;and/or L Upgrades or addition of decorative items, including lights, window coverings and other similar items. 3. All Permitted Capital Improvement items and costs shall be approved by the APCHA staff prior to being added to.the Maximum Resale Price as defined herein:—'-- _ I I 31 TOWN OF SNOWMASS VILLAGE HOUSING AUTHORITY EMPLOYEE HOUSING BUYER RULES AND REGULATIONS QUALIFICATIONS 1. The maximum annual income and net worth of an applicant or combination of applicants shall not exceed the amounts set forth below in relation to the applicable purchase price. Purchase Price ($) Max. Annual Income ($) Net Worth 1$1 40,000...............................................22,400................................................ 52,800 50,000...............................................28,000................................................ 66,000 60,000...............................................33,600................................................ 79,200 70,000...............................................39,200................................................ 92,400 80,000...............................................44,800.............................................. 10 5,600 90,000...............................................50,400.............................................. 118,800 100,000...............................................56,000.............................................. 132.000 110,000...............................................61,600.............................................. 145,200 120,000...............................................67,200.............................................. 158,400 130,000...............................................72,800.............................................. 171,600 140,000...............................................78,400.............................................. 184,800 150,000...............................................84,000.............................................. 19 8,000 160,000...............................................89,600.............................................. 211,200 170,000...............................................95,200.............................................. 224,400 180,000.............................................100,800.............................................. 2 37,600 190,000............................................. 106,400.............................................. 250,800 200,000.............................................112,000..............................................264,000 210,000.............................................117,600.............................................. 277,200 220,000.............................................123,200.............................................. 290,400 230,000.............................................128,800.............................................. 303,600 240,000.............................................134,400.............................................. 316,800 250,000.............................................140,000.............................................. 330,000 260,000.............................................145,600.............................................. 343,200 270,000.............................................151,200.............................................. 356,400 280,000.............................................156,800.............................................. 369,600 290,000.............................................162,400.............................................. 382,800 300,000.............................................168,000.............................................. 396,000 310,000.............................................173,600..............................................409,200 320,000.............................................179,200..............................................422,400 330,000.............................................184,800..............................................435,600 340,000.............................................190,400..............................................448,800 350,000.............................................196,000..............................................462,000 360,000.............................................201,000..............................................475,200 370,000.............................................207,200..............................................488,400 380,000.............................................212,800.............................................. 501,600 390,000.............................................218,400.............................................. 514,800 400,000.............................................224,000.............................................. 528,000 410,000.............................................229,600.............................................. 541,200 420,000.............................................2 35,200.............................................. 554,400 430,000.............................................240,800.............................................. 567,600 440,000.............................................246,400.............................................. 580,800 450,000.............................................2 52,000.............................................. 594,000 3g' Sunday Monday Tuesday _ Wednesday Thursday Friday Saturday i 1 Januar y 2000 ---— 8 2:00pm-TC WS i, 4 5 � 17 i 8 4:00pm-TC Reg. j I ii 9 10 11 12 13 14 15 2:00pm-TC WS SiNerthorne- Silverthorne 4:00pm-TC CAST Mtg. -CAST Mtg. Reg. I, 4:OOpm EOTC Aspen CC Chambers I 16 �! 17 18 19 20 21 22 2:00pm-TC WS Highlands Tour Highlands Tour 4:00pm-TC 11:OOam- 11:00am- Reg. 1:OOpm9 1:OOpm7 23 - 24 25 26 27 -- T20 Town Council Town Council Town Council Retreat- P.M. Retreat Retreat Copper Mtn. Copper Mtn. Copper Mtn. 30 31 moo 3q'