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01-08-01 Town Council Packet i� � �-r � _ � - aoo � R4 SNOWMASS VILLAGE TOWN COUNCIL WORK SESSION 01-08-01 4 2:00 — 2:30 P.M. NORDIC COUNCIL UPDATE -- Ben Dodge. . . . . . No Packet Information 2:30 — 3:00 PARCEL "N" FINANCING -- Marianne Rakowski/Russ Caldwell. . . . .Page 1 (Tab A) 3:00 — 3:30 HEALTHY MOUNTAIN COMMUNITIES (HMC) FUNDING REQUEST -- Collin Laird. . . . . . . No Packet Information 3:30 — 4:00 FORWARD PLAN -- Gary Suiter. . . . . . . No Packet Information 4:00 — 5:00 LAND USE CODE DISCUSSION — UNIT EQUIVALENCY -- Chris Conrad. . . . . . . . . . Page 24 (Tab B) 5:00 — 5:30 RESOLUTION NO. 6, SERIES OF 2001 (FORMERLY RESOLUTION NO. 17, SERIES OF 2000) DISCUSSION — fi SNOWMASS CLUB PHASE II PUD SKETCH PLAN -- Jim Wahlstrom. . . . . . . . . Page 32 (Tab C) 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 Meetin Date: January 8, 2001 -Agenda Item: Parcel `N' Financing Presented By: Marianne Rakowski, Finance Director Russ Caldwell, Financial Advisor—Investment Banker with Kirkpatrick, Pettis *Presentation—Approximately 15 minutes Core Issues: * General framework for the financing • Subsidy required to finance Parcel 'N' • Sale prices for the town homes General Info: Russ Caldwell is the Financial Advisor for the Town of Snowmass Village. Russ is currently an Investment Banker with the firm Kirkpatrick, Pettis and has been working with the Town in excess of 10 years. At the July 10, 2000 Town Council meeting, staff presented bond financing scenarios, estimated town home purchase prices and possible funding sources to cover the subsidy required to build Parcel `N'. At that time, staff recommended a save and build approach to Parcel `N'. Town Council directed staff to proceed immediately with the design/plan for Parcel 'N'. At the January 2, 2001 Town Council meeting, Joe Coffey, Housing Manager,presented the preliminary construction numbers. Based on these construction numbers, the previously agreed upon subsidy and the preliminary town home purchase price estimates, we put together a financing scenario (Scenario#1). The outcome of Scenario 41 is that the project is short of funds to complete the project. We put together a second scenario (Scenario #2), increasing the amount of the Town subsidy to make up for the shortfall. Scenario #2 works and shows a very small net profit. Included in your packet is a Memo from Russ Caldwell outlining the financing (A), Summary of Scenario #1 and Scenario #2 financing(B), the Subsidy funding numbers presented to the Town Council on 7/10/00 (C), the Subsidy funding numbers updated 1/3/01 (D), the Town Home Purchase Price Estimates (E), and the Parcel `N' 4�1 400 Construction Costs (F). For additional reading, the Sources and Uses of Funds and backup is also included for Scenario #1 (G1-G7 and Scenario#2 (H1-H6). Council Options: 1) Proceed with Scenario #2 financing including the estimated town home purchase prices. 2) Increase the town home purchase prices and/or consider a redesign or reduction of project amenities. 3 Use a save and build approach. Staff Recommendation: Staff still recommends a save and build approach. ID 04/2001 14:08 FAX I6002 A -1 KIRKWITRICK Penis A Mutual of Omaha company Investments Slnc 1935 1600 BROADWAY,SUITE 1100-DENVER,CO 802024922 a 303-764-6000,600-942-7557 a FAX 303.764.6002 - HOME OFFICE!10750 RECENCY CIRM,SUITE 400 a OMAHA,NE 68114 a 800-776-5777 Member NASD 6 SIPC a w .kirkpatrickpetiis.com -3 am --------------------- l.� -------------- 4/2001 14:09 FAX 1®003 A2 . BACKGROUND The Town of Snowmass Village has used many techniques to finance employee housing since the Town incorporated in 1977. Some projects have been taxed backed, some real estate backed and some dependent on rental revenues. As projects have moved from concept to reality,the Town's staff,investment banker,and bond counsel have devised various mechanisms to achieve low cost borrowings while taking advantage of and working through prevailing federal tax laws. Generally,federal tax laws related to tax- exempt borrowings have been more restrictive than state laws. PARCEL N PARTICULARS Parcel N presented a challenge in that the terrain had limitations,the Town desired to achieve certain prices for units being sold,the Town did not desire to back the project with taxes, and some level of Town subsidy was needed. Over a period of months the professional team concluded the least restrictive method of finance was to use alternative collateral in a"lease—lease back"arrangement. This would simplify the structure and permit the Town to use a tax-exempt financing mechanism to produce financing of units to be owned by individuals. The approach calls for the creation of a not-for-profit corporation to arrange a leasehold interest in a separate Town asset. In this case the asset is the Town's Operations Facility. The interest in the asset becomes security for the municipal lease. The money derived from selling the lease to investors is used, along with Town funds,to construct parcel"N". The Town will receive money from the sale of Parcel N units to go to the Town's general fund. The general fund will pay off the"lease-leaseback"on the Operations Facility. While this sounds a little complicated,this structure is quite common in Colorado and bond counsel approves of this structure. It avoids unnecessary and costly arrangements dealing with mortgages and releases of mortgages on the 16 individual units that drive up transaction costs. It provides a very low borrowing cost, and it permits a tax-exempt borrowing under prevailing laws. WHERE WE ARE If the project moves through a successful election we are prepared to complete the transaction in 40 to 50 days. While the actual sale of the leases will take no more than one day,the process of writing and filing documents and Town approval of the"lease- lease back"has a certain path and order we must follow. SIZE OF TILE PROJECT While numbers are close to final, the current projections indicate a borrowing 3.5 to 3.6 million dollars to be repaid over two years. The interest rate will be 5%or less. With an active Federal Reserve which is likely to continue in the near term, interest rates should be favorable for this borrowing and other projects the Town has approved. FEATURES OF THE LEASE-LEASE 13ACK The lease is sold to an investor who is willing to have the lease prepaid at anytime over two years. From the sale of units,the Town can retire portions of the lease early. The _an 14:08 FAX (6004 A - 3 precise dates of unit sales and closing is not controllable,but past experience and current demand indicate this will occur quickly at the"strike prices"being used in the finance plan. These prices we are using in this analysis are $240,000 for the 3 bedroom units and $215,000 for the 2 bedroom units. These are two sources of funds to construct the units: 1) lease proceeds and 2) the Town cash contribution. The plan contemplates spending lease-funds first then Town funds second to realize maximum short-term earnings on the Town cash. Overall, the finance plan, if each price falls into piece exactly as planned(which is doubtful), works quite well. THE NUMBERS Sources of Funds Applied over the two years: Bond/Lease Sale $3,555,000 Town Funds 2,515,000 Interest Earnings 123,519 Unit Sales 3,690,000 Total $9,883,519 Construct Parcel N $5,957,000 Repay Leaser 3,836,750 Cost of Issuance 58,662 Total $9,852,412 Balance $31,107 This shows that with all pieces falling into place over two years the numbers work. r S 90 PARCEL 'N' BOND FINANCING Scenario#1 Scenario#2 Construction Funding Financin $ 3,590,199 $ 3,318,481 Town Subsid $ 2,229,300 $ 2,516,000 Int inc on bond proceeds $ 125,447 $ 116,054 Inl inc on captlzd interest $ 12,054 $ 7,465 Available for construction $ 5,957,000 $ 5,957,000 BOND FINANCING Bond Costs Bond Financing Bond Financina Bank/Bond Principal $ 3,690,000 $ 3,555,000 Construction Interest(12 months) $ 184,500 $ 177,750 Sale of Units Interest(6 months) $ 107,958 $ 104,000 Financing Costs $ $ (inc in bond principal) Total $ 3,982,458 $ 3,836,750 Repayment of Bonds Sale of Units $ 3,690,000 $ 3,690,000 Capitalized Interest $ 184,500 $ 177,750 Interest on Cap Interest $ 5,166 $ Total $ 3,679,666 $ 3,867,750 Balance $ (102,792) $ 31,000 Less: Band Counsel Legal Fees $ (30,000) (inc in bond principal) NET PROFIT/LOSS $ (132,792) $ 31,000 momC 6 �� V PARCEL 'N' SUBSIDY POSSIBLE FUNDING SOURCES Presented to Council 7/10/00 Subsidy #1 Existing Sources: As of 12/31199 Remaining Housing Reserve Fund $ 140,000 $ 341,612 $ 201,612 Mountain View I Reserve Fund $ 200,000 $ 418,316 $ 218,316 Mountain View II Reserve Fund $ 20,000 $ 82,356 $ 62,356 PMH Reserve(Housing Fund) $ 26,525 $ 26,525 $ - Housing Reserve(Gracie's Mitigation) $ 19,462 $ 19,462 $ Excise Taxes-2000 revenues $ 400,000 Escrow-ASC for Employee Housing $ 22,906 $ 22,906 $ Total Available Funds $ 828,893 Other Sources: RETT Fund (if property is Town owned $ 90,000 or controlled;it would be during con- struction;for landscaping and land- scaping irrigation) Road Fund(pick up the costs to build $ 122,400 road from Parcel'K'to Parcel'N') Total Other Sources $ 212,400 Total Funds -- Subsidy#1 $ 1,041,293 Existing Subsidy#2 As of 12/31199 Remaining Capital Reserve Fund: $ 1,186,000 $ 2,376,231 $ 1,188,231 On June 21, 1999,the Financial Advisory Board presented a recom- mendation to the Town Council regard- ing the use of funds in the Capital Reserve Fund (see attached). If the Town Council feels the funding for Parcel'N'falls within the criteria,the above amount is the calculated amount based on the Financial Advisory Boards requirement.The payback to this reserve would occur over 2-3 years from future excise taxes. POSSIBLE TOTAL FUNDS--Subsidy#2: $ 2,229,293 !9 ` PARCEL 'N' SUBSIDY POSSIBLE FUNDING SOURCES Updated 1/3/01 Subsiay#1 Existing Sources: As of 12/31/99 Remaining Housing Reserve Fund $ 140,000 $ 341,612 $ 201,612 Mountain View I Reserve Fund $ 200,000 $ 418,316 $ 218,316 Mountain View II Reserve Fund $ 20,000 $ 82,356 $ 62,356 PMH Reserve (Housing Fund) $ 26,525 $ 26,525 $ Housing Reserve(Gracie's Mitigation) $ 19,462 $ 19,462 $ Housing Reserve-budgeted 2000 $ 100,000 Excise Taxes-2000 revenues $ 812,300 Escrow-ASC for Employee Housing $ 22,906 $ 22,906 $ Total Available Funds $ 1,341,193 Other Sources: _ RETT Fund(if property Is Town owned $ 139,190 or controlled; it would be during con- struction;for landscaping and land- scaping irrigation) Road Fund (pick up the costs to build $ 160,000 road from Parcel W to Parcel'N') Total Other Sources $ 299,190 Total Funds -- Subsidy#1 $ 1,640,383 Existing Subsidy #2 As of 12/31/99 Remaining Capital Reserve Fund: $ 900,000 $ 2,376,231 $ 1,476,231 On June 21, 1999,the Financial Advisory Board presented a recom- mendation to the Town Council regard- ing the use of funds In the Capital Reserve Fund (see attached). If the Town Council feels the funding for Parcel'N'falls within the criteria,the above amount is the calculated amount based on the Financial Advisory Boards requirement. The payback to this reserve would occur over 2-3 years from future excise taxes. POSSIBLE TOTAL FUNDS--Subsidy# $ 2,540,383 PARCEL 'N' TOWNHOME PURCHASE PRICE ESTIMATES Used for Bond Financing Scenarios Purchase Total Wilt # Price Sales 3 Bedroom Units 10 $ 240,000 $ 2,400,000 2 Bedroom Units 6 $ 215,000 $ 1,290,000 Total 16 $ 3,690,000 Other options presented to Council on 7/10/00 Purchase Total !lnlf # &lee Sales 3 Bedroom Units 10 $ 225,000 $ 2,250,000 2 Bedroom Units 6 $ 195,000 $ 1,170,000 Total 16 $ 3,420,000 Purchase Total urld Price Sales 3 Bedroom Units 10 $ 250,000 $ 2,500,000 2 Bedroom Units 6 $ 220,000 $ 1,320,000 Total 16 $ 3,820,000 q_ IF Parcel N Construction Cost Estimate as of 12-21-00 Building Construction $ 51326,597 Ridge Condominium Inspections $ 15,000 Architectural $ 195,000 Civil Engineering $ 60,000 CTL Thompson $ 75,000 Water and Sanitation Tap Fee $ 50,000 Rock Removal /Dewatering $ 51000 Construction Trash $ 15,000 Drapes and Blinds $ 32,000 Legal — S. Connor $ 81000 Land Planner $ 15,000 Water and Sewer Design Fee $ 10,000 Owner's Contingency $ 150,000 Estimated Total Construction Costs $5,956,597.00 Parcel N Square Feet 2 Buildings 26,906 @ $142.98 S.F. 3 Detached Garages 810 @ $ 63.88 S.F. Carports 41230 @ $ 51.59 S.F. Trash Enclosure 150 @ $ 81.37 S.F. Total 32,096 S.F. There is a contractor's contingency of $239,000. and an owner's contingency of $150,000. included in the total construction budget. The total contingency budget is $389,000. 70 5crnati�o�� SOURCES AND USES OF FUNDS SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION ( ' - SERIES 2001 SNOWMASS BONDS(note payments) v Employee Housing Project Sc.1: Town Contribution of$2,229,000 Dated Date 031152001 Delivery Dale 03/152001 Sources: Bond Proceeds: Per Amount 3,690,000.00 Other Sources of Funds: Town Donation Proposed 2,229,000.00 5,919,000.00 Uses: Project Fund Deposits: Construction Casts[t1 5,819,499.06 Other Fund Deposits: DSRF/Cap Int. Fund 121 164,500.00 Delivery Date Expenses: Underwriter's Discount 27,675.00 DTC/CUSIP 500.00 _ Trustee 1,500.00 29,675.00 Other Uses of Funds: Contingency •114,674.06 5,919,000.00 Notes: 11j Construction Fund Invested at 5.60%with level draws over 14 months. [21 DSRF Invested at 6.80%:Interest eamings used In Construct. Fund.Principal balance sized for Interest payment requirements on 9/15MI and 3/15102 and could be drawn on those date&. Soles assumed to occur 50%each on 9/15/02 and 11/15102. _Sales assumed to occur 50%each on 9/15/02 and 11/15102.1ss Jan 3,2001 2:15 pm Prrspsrod by KIRKPATRICK PETTIS OUAHTITATIVE GROUP (Snow ss Village 00:HDC-01 NOTE61�.. — . °` Tbq 74'91 100Z/Cow` BOND DEBT SERVICE SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION V SERIES 2001 SNOWMASS BONDS(note payments) Emp)oyee Housing Project Sc.1: Town Contribution of$2,229,000 Dated Date 03/152001 Delivery Date 03/152001 Period Annual Ending Principal Coupon Interest Debt Service Debt service 03/152001 091152001 92,250.00 92,250.00 03/152002 92,250.00 92,250.00 154,500.00 09/152002 1,805,000 5.000% 92,250.00 1,897,250.00 111152002 1,885,000 5.000% 15,708.33 1,900,708.33 03/152003 3,797,958.33 3,590,000 292,458.33 3,982,458.33 3.982,458.33 I Jan 3,2001 2:15 pm Prepwad by KIRKPATRICK PETTIS QUANTITATIVE GROUP (Sno a"Vlllege OOMDC-OINOTE81 ....... THd Zt:ST 100Z/CO1w1 NET DEBT SERVICE v SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Se. 1: Town Contribution of$2,229,000 DSRF/Cap Total Int.Fund Net Annual Dole Principal Interest Debt Service [21 Debt Service Net D/S 09/152001 92,250.00 92,250.00 92,250.00 03/152002 92,250.00 92,250.00 92,250.00 184,500.00 09/152002 1,805,000 92,250.00 1,897,250.00 1,897,250.00 111/1 5/2D02 1,885,000 15,708.33 1,900,708.33 189,666 1,711,042.33 03/152003 3.608,292.33 3,690,000 292,458.33 3,982,458.33 189,666 3,792,792.33 3,792,792.33 Notes-. DSRF invested at 6.6004; Interest earnings used in Construct. Fund.Principal balance sized for Interest payment requirement on 9/15101 and 3/16/02 and could be drown on those dates. oos Jan 3,2001 2:15 prn Propane ay KIRKPATRICK PETTIS CVARMATIVE GROUP (Snawmgs Vlusee OO:tiDC-Ot NOTEB� BOND SOLUTION •� SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Sc. 1: Town Contribution of$2,229,000 Period Proposed Proposed Total AdJ Revenue Unused Debt Sery Ending Principal Debt Service Debt Service Constraints Revenues Coverage 08/152002 184,500 184,500 -184,500 09/152002 1,805,000 1,897,250 1,897,250 1,845,000 -52,250 97.24601%. 10/152002 11/152002 1,885,000 1,900,708 1,900,708 1,845,000 -55,708 97.06908% 3,690,000 3,982,458 3,982,458 3,690,000 -292,458 Notes: 'Revenue Constraint describes sales,which are sssumed to occur - 50%each on 9 INN and 11/15102. - J03,20011 2:16 pm Prepared by KIRKPATRICK PErns ouANTTTATNE GROUP (Bnomnass Village 00:HOC.0INOTEBI) WA 0:GT 100z/co PROJECT FUND G•� SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Sc. 1: Town Contribution of$2,229,000 Construction Costs[7](CONST) DSRF/Cap Interest Int.Fund Scheduled Date Deposit @ 5.8% Principal (2) Drews Balance 03/152001 5,819,499.06 2,229,000.00 2,229,000.00 3,590,499.08 04/152001 266,265.71 266,285.71 3,324,213.35 051152001 32,268.66 232,295.06 1,722 266,285.71 3,091,918.30 061152001 266,285.71 266,285.71 2.825,832.59 071152001 266,285.71 266,285.71 2,559,346.88 081152001 266,285.71 266,285.71 2,293,061.17 09/152001 266,285.71 288,285.71 2,028,775.46 10/152001 266,285.71 266,285.71 1,760.489.75 11/152001 67,933.71 193.186.00 5,166 266,285.71 1,567,303.75 121152001 266,285.71 268,285.71 1,301,018.04 01/152002 268,285.71 266,285.71 1,034,732.33 02/152002 288,285.71 266,285.71 768,446.62 03115/2002 268.285.71 266,285.71 502,160.91 04/15/2002 266,285.71 266,285.71 235,875.20 051152002 25,244.51 235,875.20 5,166 266,285.71 6,819,499.06 125,446.88 5,619,499.08 12,054 5,956,999.94 Jan 3,2001 2:16 pm Prepared by KIRKPATRICK PET11S OUANt1TATIVE GROUP (Snorrtnass Vlllegs 00:HDC-OINOTE61) YIN rt,91 T00Z/SOf0w, DEBT SERVICE RESERVE FUND (2w. 6 SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Sc. 1: Town Contribution of$2,229,000 DSRF/Cep Int Fund]2](CAPRES) Interest Construction Date Deposit 05.5% Principal Costs(1] Debt Service Balance 031162001 184,500 184,500 05/152001 1,722 -1,722 184,500 111152001 5,166 -5,166 184,500 051152002 5,166 -5.166 184,500 11/152602 5,166 184,500 -189,668 184,600 17,220 184,500 -12,054 -189,666 r�c goo Jan 9,2001 2:16 pm PmpueO by KIRKPATRICK PETTIS OUANIRATNE GROUP (Snowm w Nllaae OOMDGOINOTEII ^^eF xvi C4'9T TOOZ/Cdwit BOND SUMMARY STATISTICS G �� SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Sc. 1: Town Contribution of$2,229,000 Dated Date 03/15/2001 Delivery Date 03/1512001 Lest Maturity 11/152002 I Arbitrage Yield 5.002141% True Interest Cost(TIC) 6.002141% Net Interest Cost(NIC) 5.000000% All-in TIC 5.539347% . Average Coupon 5.000000% Average LNe(years) 1.585 Duration of Issue(years) 1.543 Per Amount 3.690.000.00 Bond Proceeds 3,690,000.00 Total Interest 292.458.33 Net Interest 292.458.33 Bond Years from Dated Date 5,849.166.67 Bond Years from Delivery Dole 5,819,166.67 Total Debt Service 3,982,456.33 Maximum Annual Debt Service 3,797,958.33 Average Annual Debt Service 2,389,475.00 Underwriter's Fees(per Iii ODD) Average Takedown Other Fee - i Total Underwdlees Discount Bid Price 100.000000 Par Avenge Avenge Bdnd Component Value Price Coupon We Nqte Payments 3,690,000.00 100.000 5.000% 1.585 3,e90,ODO.00 1.585 AII•In Arbitrage TIC TIC Yield Per Value 3,690,000.00 3,890,000.00 3,690,000.00 •Accryra Imerest •Premium(Discount) •Undo writers Discount •Cost Issuance Expense •Othei Amounts •29,675.00 Target slue 3,690,000.00 3,660,325.00 3,690,000.00 Target Dale 031152001 0311512001 03/152001 Yield 5.002141% 5.539347% 5.002141% d0mi ■ Jan 3,2001 2:15 pm Prepared by KIRKPATRICK PETTIS OUANTITATIVE GROUP (Snovmrass Vii"00MOC-01NOTEBI) enn nb YVA 0:91 TOOZ/Cdr; II01;l04/2001 11:39 FAX WJ 005 SOURCES AND USES OF FUNDS �JCenO��Ali Z SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Be.9: Town Contribution of$2,616,000 Dated Dale 03/15/2001 Delivery Date 03/15/2001 Sources: Bond Proceeds: Par Amount 3,555,000.00 Other Sources of Funds: Town Donation Proposed 2,515,000.00 6,070,000.00 Uses: Project Fund Deposits: Construction Costs(1) 6,633,480.71 Other Fund Deposits: Cap Int.Fund[21 177,750.00 Delivery Date Expenses: Underwriter's Discount 26,662.50 DTC/CUSIP 600.00 Trustee 1.500.00 Legal Fees 30,000.00 58,662.60 . Other Uses of Funds: Contingency 106.78 6,070,000.00 t slruction Fund Invested at 6.60%with level draw&over 14 . .Int.Fund invested at 5.60%;interest samings used In rction Fund.Slsed for Interest payments required on and 3/15/02 and Is shown drawn on those dates. ���,,,fff��� Alps assumed to occur 50%each on 9/16/02 and 11/16102. _ I�dim* 1 9:16 am Prepared by KIRKPATRICK PETTIS OUANTITATNE GROUP (Snowmass VYlspe 00:HD"l NOTECS) W04/2001 11:39 FAX 10006 BOND DEBT SERVICE SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Se.3: Town Contribution of$2,615,000 _ Dated Data 0311512001 Delivery Date 031152001 Annual Period Debt Debt Ending Principal Coupon Interest Service Service 031152001 09/152001 88,875 88,675 031152002 68,875 88,876 177,750 09/152002 1,740,000 5.000% 88,875 1,828,876 11/162002 1,815,000 5.000% 15.125 1,830,125 031152003 3,659,000 3,555,000 281,750 3,836,750 3,838,750 go 4001 e�1e am Preparad by KIRKPATRICK PETTIS QUANTITATIVE GROUP (Snw ss Village 00:HDC-OINOTEC3) V�4/2001 11:39 FAX 0007 NET DEBT SERVICE 4 ,005 SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Sc.3: Town Contribution of$2,616,000 Total Cep Int. Net Annual Data Principal Interest Debt Service Fund[2] Debt Service Net DIS 09/15/2001 88,876 88,875 88,875 03/16/2002 88,875 86,875 88,875 09/15/2002 1,740,000 88,875 1,628,875 1,828,876 11/15/2002 1.815,000 15,125 1,830,125 1,830,125 031158003 3,659,000 3,555,000 281,760 3,836,760 177,750 3,659,000 3,659,000 Lao.Int.Fund Invested at 5.60%;Interest earnings used In trucUOn Fund.Sized for Interest payments required on 1 and 3116/02 and Is shown drawn on those dates. _ so 001 e:te am Prepana ty KIRKPATRICK PETTIS QUANTITATIVE GROUP (Snowrnsss Village 00:HOC-0INOTECe) 2504/2001 11:40 FAX 0 008 BOND SOLUTION 46. 4 SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Be.3: Town Contribution o1 62,616,000 Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Sery Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage 152002 177,750 -177,760 8/152002 1,740,000 1,828,875 1,626,675 1,845,000 16,125 100.88169% 0/152002 1/152002 1,815,000 1,830,125 1,830,125 1,845,000 14,976 100.81279% 3,555,000 3,836,750 -177,750 3,659,000 3,690,000 31,000 venue Constraint'describes sales,which are assumed to occur tv each on 9!15M2 and 11/15102. I 4392001 9:16 em Prepared by KIRKPATRICK PETTIS QUANTITATIVE GROUP (Snvv,nns Vllleae 00:HDC-0I NOTECS) �M,1/2001 11:40 FAX Z009 PROJECT FUND N - 5 SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Sc.3: Town Contribution of$2,516,000 Construction Costs[7](CONST) Interest Cep Int.Fund Scheduled Deb Deposit 06.6% Principal [2] Draw$ Balance 03115/2001 5,833,480.71 2,515,000.00 2,616,000.00 3,318,480.71 04115/2001 245,857.18 245,857.16 3,072,623.53 051162001 29.825.15 214,372.99 1,659.00 246,857.14 2,858,250.64 061152001 245,857.14 245,857.14 2,612,393.40 071152001 245,857.14 245,867.14 2,366,536.26 08/152001 245,857,14 245,857.14 2,120,679.12 D911 52001 245,857.14 245,857.14 1,674,821.98 1011512001 245,857.14 245,857.14 1,628,954.84 11/162001 62,821.02 178,888.62 4,147.60 245,857.14 1,450,076.22 12/1512001 245,657.14 245,857.14 1,204,218.08 01/152002 245,657.14 245,657.14 958.361.94 02/152002 245,657.14 245,867.14 712,504.80 031152002 244,198.14 1,659.00 245,857.14 468,306.66 041152002 245,857.14 245,857.14 222,449.52 05115/2002 23,407.62 222,449.52 245,857.14 5,833,480.71 116,053.79 5,833,480.71 7,465.60 5,957,000.00 W#2001 9:18 am Prepared by KIRKPATRICK PETTIS QUANTITATIVE OROUP (6rowmeea Vllla9e 00:NDC-01NOTEC3) S",04/2001 11:40 FAX Q010 BOND SUMMARY STATISTICS e • SNOWMASS VILLAGE HOUSING DEVELOPMENT CORPORATION SERIES 2001 SNOWMASS BONDS(note payments) Employee Housing Project Sc.3: Town Contribution of$2,615,000 Dated Date 0315512001 Delivery Date 03/15/2001 Last Maturity 11/152002 Arbitrage Yield 5.002140% True Interest Cost(TIC) 5.002140% Net Interest Cost(NIC) 5.000000% All-In TIC 6.110810% Average Coupon 5.000000% Average Live(years) 1.585 Duration of Issue(years) 1.643 Par Amount 3,555,000.00 Bond Proceeds 3,555,000:00 Total Interest 281,750.00 Not Interest 281,750.00 Bond Years from Dated Date 5,635,000.00 Bond Years from Delivery Date 5,635,000.00 Total Debt Service 3,836,760.00 Maximum Annual Debt Service 3,658,000.00 Average Annual Debt Service 2,302,050.00 Underwriter's Fees(per$1000) - Average Takedown Other Fee Total Underwriter's Discount Bid Price 100.000000 Par Average Average Bond Component Value Price Coupon Life Note Payments 3.555,000.00 100.000 5.000% 1.585 3,655,000.00 1.565 All-In Arbitrage TIC TIC Yield Par Value 3,555,000.00 3,555,000.00 3,665,000.00 +Accrued Interest •Premium(Discount) -Underwriters Discount -Cost of Issuance Expense -Other Amounts -58,662.60 Target Value 3,655,000.00 3,496,337.50 3,655,000.00 Target Date 031152D01 03/162001 031152001 Yield 5.002140% 6.110810% - 5.002140% "b)a / iftol 9:16 am Prepered by KIRKPATRICK PETTIS QUANTITATIVE GROUP (Snowmass village 00:HDC-01 NOTECS) TOWN COUNCIL COMMUNIQUE Meeting Date: January 8, 2001 Agenda Item: LAND USE DISCUSSION—UNIT EQUIVALENCY Presented By: Chris Conrad, Planning Director Core Issues: Article V of the Land Use and Development Code was amended by Ordinance No. 15, Series of 2000, on October 13, 2000. The Town Council, however, wanted to revisit Section 16A-5- 300(c)(1), Maximum Buildout, and Table 5-4, Unit Equivalency, as soon as possible in order to focus upon the following issues: 1. Are there possible"unintended consequences"when applying the new buildout/equivalency formulation to redevelopment or new projects within various parcels in the Town? • The language that was added so as to avoid having to amend the Comprehensive Plan Buildout Analysis Chart should be amended to more clearly explain the manner in which existing and available units are established or it should be eliminated and the chart itself should be amended. • The Unit Equivalency Chart may be too heavily weighted in favor of smaller units such that even sixty- five percent (65%)of the maximum allowed number of units would not be an appropriate density for the site. 2. Does the methodology serve the intended purpose of establishing appropriate or mitigated (by"Community Purposes") buildout densities for the undeveloped portions of the Town? How about potential redevelopment projects? • The current Unit Equivalency Chart may be better suited for redevelopment rather than new development. Perhaps a simpler chart should be created for projects involving undeveloped land. General Info: The purpose of this one (1)hour worksession is for staff to: 1) discuss the methodology; 2)show how it would apply to twenty- two(22)existing projects and four(4)potential buildout scenarios; 3) identify issues relating to the process and provide staff recommendations; and 4) receive direction. Council Options: Worksession time has tentatively been scheduled for January 15. The Town Council may either continue discussions then or provide general direction at this time and refer the matter to the Planning Commission. Staff Recommendation: Staff recommends that additional worksession time be allotted before referral to the Planning Commission. vzq 00 KiuseACCONRADIeconradWS Word DocsWisc Code AmendmentslUNIT EQUIVALENCY DISCUSSION Jan 8 TG Mg 02.doc CURRENT LAND USE CODE ]FOR UNIT EQUIVALENCY/BUILDOUT DISCUSSION] Division 3. Planned Unit Development Sec. 16A-5-300(c) General Restrictions. Although one(1) of the purposes of these PUD regulations is to provide flexibility in the land development process,this Section is intended to define the limits of that flexibility. The following restrictions shall apply to all PUD's: (1) Minimum land area. There shall be no minimum land area qualification in order to be eligible to apply for a PUD,provided that PUD approval shall not be granted solely to permit variations to develop a single lot,building or use. (2) Location. A PUD may be developed on any land located within the Town. (3) Uses. The land uses permitted in a PUD shall be limited to those uses that are allowed, or are allowed by special review, in the underlying zone district. (1) Maximum buildout. The Comprehensive Plan contains an analysis of future buildout of single-family subdivisions and other developments within the Town limits. It identifies the maximum number of future lots/units and commercial/other space that may be developed within each subdivision,parcel or other development. The Unit Equivalency Chart, found in Table 5-4, defines what constitutes a unit by distinguishing between the various dwelling types and sizes and specifying an equivalency factor to be utilized to establish the number of existing units within a currently developed parcel and/or the future buildout units that will be generated by the proposed new development. The buildout analysis, for the purpose of determining maximum buildout, shall be conducted as follows: a. Undeveloped parcels. For undeveloped parcels containing no dwelling units, the Comprehensive Plan future buildout chart shall be used to establish the maximum number of future lots/units and commercial/other space that may be developed within the parcel and the Unit Equivalency Chart shall be used to determine the number of future buildout units that are being proposed by the new development. NOTE: The enclosed "Potential Buildout Scenarios" spreadsheet shows the number of various units,by size and type,that may be permitted within an undeveloped parcel having a maximum buildout unit allocation of 14,30, 80 or 100 units. b. Partially developed parcels. For partially developed parcels,each existing dwelling unit or residential lot shall first be counted as one (1)unit. The total number shall then be subtracted from the future buildout number specified within the Comprehensive Plan buildout chart to establish the available buildout unit amount. The Unit Equivalency Chart shall then be used to evaluate the existing development and to establish the existing `'C• buildout unit amount. The total of the available and existing unit amounts shall then be considered as the future buildout unit amount used for determining maximum buildout and the Unit Equivalency Chart shall be used to determine the number of future buildout units that are being proposed by the new development. NOTE: Refer to the enclosed spreadsheet titled "Unit Equivalency Summary—Test Projects Condensed". Projects having units within Column "C" ("Remaining")would be considered as partially developed parcels. Column "A" Is the maximum future buildout amount specified In the Comprehensive Plan Bulldout Analysis Chart. Column "B" Is the current number of units within the project. The Column "C"amount equals A minus B. The maximum buildout amount for the parcel Is established by calculating the unit equivalency for the existing project(Table 5.4)shown In Column "D" and adding the remaining un-built units specified In Column "C". That amount is shown In Column "E". c. Fully developed parcels. For parcels where the total number of the existing dwelling units, where each dwelling unit or residential lot is counted as one (1)unit, equals the future buildout number specified within the Comprehensive Plan buildout chart, the Unit Equivalency Chart shall be used to evaluate the existing development and to establish the existing buildout unit amount. The existing buildout unit amount shall then be considered as the future buildout unit amount for determining maximum buildout and the Unit Equivalency Chart shall be used to determine the number of future buildout units that are being proposed by the new development. NOTE: Projects showing zero (0) units within Column "C"would be considered to be fully developed parcels. If the Town Council determines that the PUD complies with the applicable provisions of this Subsection (c), General Restrictions,the standards of Section 16A-5-310,Review Standards, and any other applicable provisions of this Code, then a PUD may develop up to,but not more than, sixty-five percent (65%)of the maximum number of future lots/units and commercial/other space identified for that subdivision or other development in the buildout analysis. The Town Council may approve a buildout that is less than or greater than sixty-five percent(65%),based on the following standards: a. Lesser buildout. A lesser buildout may be approved by the Town if, during the evaluation of the compliance of the PUD with the applicable review standards, it is determined that there are site specific physical constraints on the property that would limit its appropriateness for buildout,(such as the presence of wetlands,flood plains,steep slopes or wildlife habitat), or the applicant has been unable to adequately provide public improvements or services necessary for the development,or the buildout would be incompatible with surrounding land uses or with the character of the community as described in Section 16A-4-340,Building Design Guidelines to Preserve Community Character, or if other pertinent limitations are identified. Ix no b. Greater buildout. A greater buildout may be approved if the Town Council finds that the PUD achieves one (1) or more of the purposes described in Subsection (c)(6), Community Purposes for PUD's, and the PUD complies with the other applicable provisions of this Subsection (c),General Restrictions, the standards of Section 16A-5-310,Review Standards, and any other applicable provisions of this Code. No buildout may be permitted to exceed one-hundred percent (100%) of the maximum number of future lots/units and commercial/other space listed for that subdivision,parcel or other development, except that under unique and exceptional circumstances where it can be sufficiently demonstrated by the applicant that the resulting development will, for good cause shown, exceed the PUD review criteria standards, a reconsideration and amendment of the future buildout analysis chart allocation for that subdivision,parcel or other development may be considered. The Town Council shall then adopt an ordinance,approved by at least three-quarters('/.)of the members of the Town Council present and voting,amending the future buildout analysis chart and identifying the reasons why the amendment is warranted. TABLE 5-4,UNIT EQUIVALENCY SQUARE UNIT CATEGORIES FOOTAGE EQUIVALENT MULTI-FAMILY I Less Than 1,000 s.f. 0.5 MULTI-FAMILY II 1,000 s.f. - 1,500 s.f. 0.50+ .05 Per Each Additional 100 s.f. Above 1,000 s.f. `L MULTI-FAMILY III 1,501 s.f. - 2,500 s.f. 0.75 + .10 Per Each Additional �J�1C 100 s.f. Above 1,500 s.f. MULTI-FAMILY IV More Than 2,500 s.f. 1.75+ .25 Per Each Additional 100 s.f. Above 2,500 s.f. SINGLE-FAMILY I Less Than 2,500 s.f. 1 SINGLE-FAMILY II 2,500 s.f. -4,500 s.f. 1.0 + .10 Per Each Additional 100 s.f.Above 2,500 s.f. SINGLE-FAMILY III More than 4,500 s.f. 3.0+ .50 Per Each Additional 100 s.f. Above 4,500 s.f. HOTEL/LODGING I Less Than 500s.f. 0.25 HOTELILODGING II 500 s.f. - 1,000 s.f. 0.25 + .10 Per Each Additional 100 s.f. Above 500 s.f. HOTEL/LODGING III More than 1,000 s.f. 0.75 + .25 Per Each Additional 100 s.f. Above 1,000 s.f. NOTE: The enclosed spreadsheet titled "Horse Ranch—As New Development To Buildout Max." shows how unit equivalency, using Table 5-4,was calculated for the Horse Ranch Subdivision. Detailed spreadsheets for each of the test projects listed on the spreadsheet"Unit Equivalency Summary—Test Projects Condensed" are available upon request. 6-AP .�. T } �a doh �'a' Sa. F ,.w^mil£,"=�,,,x'c i�x�a�.�•.y ,t ay»s�. R•u` � w ru, ••..ra tY n�y+a�`�a s :. 1=J c � E FUTURE NUMBER REMAINING UNIT BUILDOUT WITH PROJECT BUILDOUT OF UNITS EQUIV. EQUIVALENCY CALL. 1 ASPENWOOD 55 50 5 25 30 �.. 2 BRUSH CREEK 27 26x 1 13 14 3 CREEKSIDE 72 72 0 36 36 4 CRESTWOOD 141 141 0 77.5 77.5 5 ENCLAVE 40 40 0 26:15 26.15 6 FAIRWAY THREE TOWNHOMES 30 30 0 19.95 ^ 19.95 7 HOMESTEAD AT SNOWMASS 14 14 0 24.45 x 24.45 8 INTERLUDE 30 27 3 15.3 18.3 :3p 9 LAURELWOOD 59 53 6 26.5 32.5 t 10 LICHENHEARTH 44 40 4 20 24 11 POKOLODI LODGE 55 50 5 25 a 30 12 ISHADOWBROOK 29 26 3 17.65 20.65 13 ISNOWMASS VILLAS 28 28 0 15.85 15.85 14 ISONNENBLICK 7 1 6 1 6.2 tt 7.2 «r: 15 ITAMARACK TOWNHOUSES 40 36 4 19.3 : 23.3 16 ITOP OF THE VILLAGE 123 111 12 68.25 80.25 17 WOODBRIDGE 84 84 0 42 42 18 IWOODRUN V TOWNHOMES 45 45 0 81.85 81.85 19 WOODRUN PLACE 54 54 0 45.8 45.8 w:.:::,., t..:... ............ .. .. ..::: _VON _ ,. ... .............. 20 CROSSINGS AT HORSE RANCH 35 35 0 35 35 �µ 21 HORSE RANCH 96 96 0 286 286 22 TWO CREEKS 51 51 _ 0 468 468 01/0512001 REWORKED CHART POTENTIAL BUILDOUT SCENARIOS MAX. NUMBER OF UNITS: 14 500 SF 800 SF 1000 SF 1500 SF 2000 SF 2500 SF 3000 SF 3500 SF 4000 SF 4500 SF 5000 SF 5500 SF 6500 SF 28 28 28 19 11 8 5 3 3 2 2 2 1 14 14 14 14 14 14 9 7 5 4 2 1 1 56 25 18 7 4 3 2 2 1 1 1 1 0 MAX.NUMBER OF UNITS: 30 ' 500 SF 800 SF 1000 SF 1500 SF 2000 SF 2500 SF 3000 F 3500 SF 4000 SF 4500 SF 5000 SF 5500 SF 6500 SF 60 60 60 40 24 17 10 7 5 4 4 3 2 30 30 30 30 30 1 30 20 15 12 10 5 3 2 ING 120 54 40 15 9 1 6 1 5 1 4 1 3 3 2 1 2 1 2 MAX. NUMBER OF NITS: 80 500 SF 800 SF 1000 SF 1500 SF 2000 SF 1 2500 SF 3000 SF 1 3500 SF 14000 SF 4500 SF 5000 SF 5500 SP 1 6500 SF 160 1 160 I 160 I 106 64 45 26 1 18 1 14 I 11 10 8 6 80 80 80 1 80 1 80 80 53 40 1 32 1 26 14 1 6 320 145 106 40 24 17 13 11 9 8 7 6 5 NUMBER OF UNITS: 100 500 SF 800 5F 1000 SF 1500 SF 2000 SF 2500 SIF 3000 SF 3500 SF 4000 SF 4500 SF 50 SF 5500 SF 6500 SF zuu zuu 200 1.5.5 ou 57 33 I 23 1 .0 1 14 12 10 8 100 100 1w 100 100 100 66 50 40 33 18 12 7 NOTE: THE 14 UNIT SCENARIO RELATES TO THE BRUSH CREEK APARTMENTS THE 30 UNIT SCENARIO RELATES TO ASPENWOOD CONDOMINIUMS AND POKOLODI LODGE THE 80 UNIT SCENARIO ROUGHLY APPROXIMATES TOP OF THE VILLAGE(80.25 UNITS) AND WOODRUN V TOWNHOMES(81.25 UNITS) Unit Square Footage Base Factor Multiplier SINGLE-FAMILY I LESS THAN 2,500 S 1 0 SINGLE-FAMILY II 2,500 SF-4,500 5 1 0.1 SINGLE-FAMILY III MORE THAN 4,500 5 3 0.5 ACTUAL BASE ADDITIONAL MULTIPLIER UNIT NUMBER OF UNITS LEGAL AREA CATEGORY FACTOR FLOOR AREA EQUIV. UNITS 1 TO 52 3500 II 1 1000 10 2 52 ' UNITS 53 TO 81 5000 III 3 500 5 5.5 29 UNITS 82 TO 96 1 3000 II 1 500 5 1.5 15 1 TOTAL-SINGLE-FAMILY I M29 PROJECT ACREAGE: 13.53 TOTAL-SINGLE-FAMILY II NUMBER OF UNITS: 96 TOTAL-SINGLE-FAMILY III TOTAL UNIT SQUARE FOOTAGE 372000 AVERAGE UNIT SIZE: 3875.00 UNITS PER ACRE: 7.10 TOTAL UNIT EQUIVALENCY: 286 AVERAGE UNIT EQUIVALENCY: 2.979 EQUIVALENCY UNITS PER ACRE: 21.14 01 1052001CROSSIKS AS MEW DEV.TO M X.ShWl SQUARE UNIT CATEGORIES FOOTAGE EQUIVALENT UNIT SIZE 250 250 1 500 11000 11500 2000 12500 13000 13500 4000 I 4500 15000 15500 6000 16500 MULTI-FAMILY I Less Than 1,000 s.f. 0.5 0.50 0.50 0.50 MULTI-FAMILY II 1,000 s.f.-1,500 s.f. 0.5+.05 Per Each Additional 0.50 0.75 100 s.f.Above 1,000 s.f. MULTI-FAMILY III i 1,501 s.f.-2.500 s.f. 0.75+10 Per Each Additional 1.25 1.75 100 s.f.Above 1,500 s.f. MULTI-FAMILY IV More Than 2,500 s.f. 1.75+.25 Per Each Additional 3.00 4.25 5.50 6.75 8.00 9.25 10.50 11.75 100 s.f.Above 2,500 s.f. SINGLE-FAMILY I Less Than 2,500 s.f. 1 1.00 1.00 1.00 1.00 1.00 1.00 SINGLE-FAMILY II 2.500 0.-4,500 s.f. 1.0+.10 Per Each Additional 1.00 1.50 2.00 2.50 3.00 100 s.f.Above 2,500 s.f. SINGLE-FAMILY III More than 4,500 s.f. 3.0+.50 Per Each Additional 5.50 8.00 10.50 13.00 100 s.f.Above 4,500 s.f. HOTELILODGING I Less Than 500s.f. 0.25 0.25 0.25 HOTEULODGING II 500 s.f.-1,000 s.f. 0.25+.10 Per Each Additional 0.25 0.75 100 e.f.Above 500 s.f. HOTELILODGING III More than 1,000 s.f. 0.75+.25 Per Each Additional 1 2.00 1 3.25 1 4.50 5.75 7.00 8.25 9.50 10.75 12.00 13.25 14.50 100 s.f.Above 1,000 s.f. NOTE: This is a worksheet to better explain the Unit Equivalency chart found as Table 5d in the Land Use Code. UNIT SIZE 250 250 1 500 11000 11500 2000 2500 3000 3500 4000 4500 150001550016000165001 MULTI-FAMILY 0.50 0.50 0.50 0.75 1.25 1.75 3.00 4.25 5.50 6.75 8.00 9.25 10.50 11.75 SUMMARY CHART SINGLE-FAMILY 1.00 1.00 1.00 1.00 1.00 1.00 1.50 2.00 2.50 3.00 5.50 8.00 10.50 13.00 HOTELILODGING 0.25 0.25 0.25 0.75 2.00 3.25 4.50 5.75 7.00 8.25 9.50 10.75 12.00 13.25 14.50 TOWN COUNCIL COMMUNIQUIL Meeting Date: January 8, 2001 Presented By: Planning Division Staff: Jim Wahlstrom, Senior Planner Subject: Continuation of Discussion -- Resolution No. 06, Series of 2001, (formerly known as Resolution No. 17, Series of 2000): Public comment and discussion on a resolution providing the Town Council findings and determination regarding Authorization for Snowmass Club Associates to submit a Preliminary Planned Unit Development application for the Snowmass Club Phase II proposal. Core Issues This case has been assigned for one-half hour of discussion in order for the Town Council to provide direction to staff concerning revisions, if any, to the resolution for preparation of the adoption of the resolution on January 15, 2001. Follow-up of Attached is a preliminary final draft of the Town Council resolution Discussion at with modifications pursuant to the discussion and public hearing on previous Town January 2, 2001. Council meeting A majority of the changes are outlined in Item No. 10 of the Conditions Section of the Resolution re-titled as, Applicability of New Code Changes and Community Purposes Criteria. Other minor revisions were made throughout the text of the resolution to clarify language. Purpose of Meeting: The primary purpose of the Town Council meeting is to continue review of the Sketch PUD application, as needed, and the accompanying draft resolution to determine if the application and resolution are acceptable to proceed to Preliminary PUD application or whether further modifications are in order. Review Process Staff's position is that the resolution addresses, at least in a For Sketch Plan: conceptual manner, the Code questions for Sketch Plan per Section 16A-5-300, outlined in past reports and in the Code. Recommendation: Provide final direction to staff in order to finalize the adoption of the resolution on January 15, 2001. PAuser\jw\SnowmassClubll\TC Memo 01-08-01 SMCII Sketch dw-�000 TC Reso. Page 1 of 16 TOWN OF SNOWMASS VILLAGE TOWN COUNCIL RESOLUTION NO. 06 SERIES OF 2001 (FORMERLY KNOWN AS RESOLUTION NO. 17, SERIES OF 2000) A RESOLUTION PROVIDING THE TOWN COUNCIL FINDINGS AND DETERMINATION REGARDING AUTHORIZATION FOR SNOWMASS CLUB ASSOCIATES TO SUBMIT A PRELIMINARY PLANNED UNIT DEVELOPMENT FOR THE SNOWMASS CLUB PUD PHASE II PROPOSAL. WHEREAS, The Aspen Skiing Company, as General Partner of the Snowmass Club Associates ("Applicant"), submitted a Sketch Plan PUD on June 26, 2000 for amendments to Parcels 3, 4, and 10 rand 12 of the FINAL PLANNED UNIT DEVELOPMENT PLAN for the Snowmass Club Subdivision (Ordinance No. 8 Series of 1980) (the "Project") to permit the Phase II development of 21, four-bedroom fractional ownership condominiums at 2.400 square feet each with kitchens, underground parking areas. modified surface parking lot areas, a new clubhouse, a new tennis structure, a replacement tennis center, and golf course facility upgrades and changes, as shown per the exhibits on file in the Town's Community Development Department; and WHEREAS, the Town Council previously amended the FINAL PLANNED UNIT DEVELOPMENT ("PUD") by Ordinance No. 2, Series of 1982; and WHEREAS, the Town Council previously amended the PUD by Ordinance No. 31 Series of 1983; and WHEREAS, the Town Council previously amended the PUD by Ordinance No. 8 Series of 1985; and WHEREAS, the Town Council previously amended the PUD by Ordinance No. 3 Series of 2000; and WHEREAS, the Aspen Skiing Company, as the General Partner of the Snowmass Club Associates, previously applied on February 23, 2000 for a Sketch Plan amending the Snowmass Club Planned PUD in order to permit development of 30 condominiums, parking lot area, a new clubhouse, a new tennis structure and center, and golf course facility upgrades and changes, as shown per the exhibits on file in the Town's Community Development Department, but subsequently withdrew the application on June 12, 2000; and WHEREAS, a Public Hearing and Joint Public Meeting was held before the Town Council and the Planning Commission on September 5`h, 2000 to receive public comment on the new Sketch Plan PUD application; and go—M i TC Reso.00-17 Page 2 WHEREAS, the Planning Commission recommends that the applicant be authorized to proceed to Preliminary Plan PUD, as described within their Resolution No. 34, Series of 2000; and WHEREAS, in accordance with the public notice requirements of Section 16A-5-60 of the Town of Snowmass Village (TOSV) Land Use and Development Code, posted, mailed, and published notice was given of a public hearing to be held before the Town Council on November 20, 2000 to receive public comment on the Project. WHEREAS, further public meetings wereAY41.4e held before the Town Council on December 4th, December 119, December 18th, 2000, aw January 2, 2001 , January 8. 2001, and January 15. 2001 to discuss the proposal, to receive public comment, and to prepare a resolution; and WHEREAS, said Sketch Plan PUD was considered by the Town Council pursuant to Section 16A-5-320 of the TOSV Land Use and Development Code; and WHEREAS, the Town staff has analyzed the major issues involved with the Sketch Plan PUD application and reported to Town Council at their public meetings as noted above and, Town Council 'Alhas considered the issues and the additional information and studies, which are necessary to properly review a Preliminary Plan PUD Application; and WHEREAS, the Town Council Whas reviewed the application and heard the recommendations of the Town Staff, heard and considered comments from the public and Staff, as well as the information presented by the applicant. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Snowmass Village, Colorado, as follows: SECTION ONE: Findings. The Town Council makes the following findings concerning the application for the Project: 1. The applicant submitted sufficient information and detail, deemed to be complete for review, pursuant to Sections 16A-5-40 and 16A-5-330 of the Town of Snowmass Village ('TOSV") Land Use and Development Code, to permit the Town Staff, Planning Commission, and the Town Council adequate and complete review of the proposed Sketch Plan PUD. ---WM am TC Reso.00-17 Page 3 2. The proposed amendment is being processed in accordance with Section 16A-5-320 of the Town of Snowmass Village Land Use and Development Code. 3. All public notification requirements, as specified within Section 16A-5-60(b) of the TOSV Land Use and Development Code, have been satisfied. 4. The Town Council iFdhns, to the extent necessary for and pertinent to a Sketch Plan PUD level of evaluation and review, determined that the application is generally consistent with the provisions of Section 5-230 C., General Restrictions, of the Town of Snowmass Village Land Use and Development Code, subject to satisfying the applicable conditions contained within Section Three of this resolution. 5. The Town Council is' as, to the extent necessary for and pertinent to a Sketch Plan PUD level of evaluation and review, determined that the application is generally consistent with the provisions of Section 5-230 D., Review Standards, of the TOSV Land Use and Development Code, subject to satisfying the applicable conditions contained within Section Three of this resolution. 6. The Town Council, in preparation of its resolution, complied with the applicable requirements of the TOSV Land Use and Development Code. 7. The Sketch Plan PUD identifies land uses that are consistent with the TOSV Comprehensive Plan Future Land Use Map in that the subject area is identified as being intended for Mixed-Use purposes. The proposed residential buildings, new tennis structures, clubhouse, and parking facilities would be appropriate mixed uses customarily found in connection with a development of this type. 8. The uses proposed are consistent with the character of the area, as the area is intended for Mixed-Use purposes, which permits multi-family housing. 9. The 60-unit allocation per the Buildout Analysis Chart in the TOSV Comprehensive Plan may be applied to the affected area, including the area proposed to be rezoned from Parcel 3 to Parcel 4. The change in the boundary line is not considered an issue. 10.As the boundary line change between Parcel 3 and Parcel 4 is akin to a subdistrict rezoning, the 44 feet height limit for Parcel 4 may be applied to this area, in lieu of the 39 foot height limit in Parcel 3. 11.The unit allocation per the Buildout Analysis Chart, the boundary line change, and the height limit of 44 feet meet the criteria for a major PUD Amendment ^..8S am TC Reso.00-17 Page 4 and the proposal is considered a good project for the community due to the following benefits: a) A long term goal to upgrade the golf course is being proposed; b) A permanent easement for cross-country skiing is being negotiated; c) An intersection redesign near Highline Road (specifically Clubhouse Drive at Snowmass Club Circle) is being proposed; d) The softball field use is still part of the plan; e) The usage of employee housing in the summertime is beneficial; f) A series of pedestrian trails is proposed with the plan; g) Provision for easements is being addressed to allow for potential trail along Highline Road; h) Improvements to Brush Creek are proposed; i) An outlet for Brush Creek near and parallel to Brush Creek Road would make the creek visible at the main entrance into the Town; j) An agreement to deed restrict the additional manager's unit in Phase I is appropriate; k) More landscaping on the berming done in Phase I would be an upgrade; 1) Public access to golf should be considered (See Item #10 in the Conditions Section of this resolution). 12.The exterior finishes on the Phase II buildings will be as consistent with those shown in Phase I. OR aR- sea�6iiae�} (See the end of the Conditions Section of this resolution concerning employee housing) TC Reso.00-17 Page 5 14.The subject area is included as part of the TOSV Comprehensive Plan Future Transportation Map showing the realignment of Brush Creek Road per Option II of the applicant's submittal. It was determined that Option II would not be considered at this time and that Option I would be utilized showing the current Brush Creek Road alignment. 15.Town Council finds that due to the proposed residential buildings replacing parking for the existing golf course operations, the golf course eyeFaiieas clubhouse would need to be relocated first before constructing the fractional ownership units. The estimated timetable of the proposed project and phasing of improvements are as follows: a) Replacement of hole #16 with new hole #18 in the Spring 2001, depending on length of approval process; b) Commence construction of the new clubhouse and the 150-space parking lot in Spring 2002 along with the possible closure of the golf course to accommodate the upgrades planned; c) Then construct the residential portion of the project, after moving the golf course operations using a temporary clubhouse structure, in the Fall 2001, which is anticipated as an 18-month project; and d) Construct the tennis structures approximately the same time as the residential buildings. 16.Town Council finds that the proposed development promotes the public health, safety, and welfare because: a) The golf and club serve public health; b) Additional RETT tax will be provided; c) Additional property tax will be provided; d) It will improve hot or warm bed base in a period of a declining bed base; e) The increase in bed base will provide incremental retail spending resulting in additional sales tax collection; and f) The sale of the units will capture a base of future skiers for Snowmass Village that might otherwise travel to other resorts or purchase real estate in other resorts. 17.The application is generally consistent with the development review standards specified within Sections 16A-5-40, 16A-5-50, 16A-5-310, 16A-5-320, and 16A-5-330 of the Town of Snowmass Village Land Use and Development Code. TC Reso.00-17 Page 6 SECTION TWO: Action. • The Town Council hereby grants authorization to Snowmass Club Associates to apply for a Preliminary Plan PUD review for the Phase II portion of the Snowmass Club Planned Unit Development, with the conditions (directions) specified in SECTION THREE, to the extent that follows: The applicant is authorized to proceed with a PUD Amendment for the Preliminary Plan PUD application for improvements including development of 21, four-bedroom fractional ownership condominiums at 2.400 souare feet each with kitchens, w44 underground parking, surface parking lot areas, a new clubhouse, a new tennis structure, a replacement tennis center, and golf course facility upgrades and changes, as shown per the exhibits on file in the Town's Community Development Department. SECTION THREE: Conditions. To provide for the welfare and safety of the public and to ensure that the development proceeds in accordance with community goals and objectives, the Town Council authorizes the Applicant to submit an application for Preliminary Plan PUD review consistent with all design, location and policy representations made by the applicant during the Sketch Plan PUD review, subject to the new and revised requirements of Chapter 16A of the Snowmass Village Municipal Code with aad the following conditions: 1. General. a) The applicant shall provide additional information and application materials as required by the TOSV Land Use and Development Code in submitting the Preliminary Plan PUD, including but not limited to the following: 1. Preliminary Development Plan, showing surrounding conditions, associated site data figures, and proposed variations from development standards; 2. Preliminary architectural plans; 3. Floor plans; 4. Landscape Plan/Open Space Plan; 5. Fiscal Impact Report; 6. Solid Waste Disposal Plan; 7. Energy Conservation Plan; 8. Condominium Association Documents; 9. Utility Plan; 10.Grading and Drainage Plan; 000a No TC Reso.00-17 Page 7 11.Traffic Impact Report, including analysis of the affects upon nearby intersections and following the criteria per the TOSV Land Use and Development Code; 12.Air Quality Analysis; 13.Geologic Report; 14.Brush Creek Impact Report; and 15.Construction Management Plan. 16.The intended future uses and operational plans, including provisions for parking, for the Fairway Conference Center and old clubhouse. b) The Preliminary PUD application shall also include the following: 1. Locational information: a) Provide a full legal description of Parcels 3, 4, and 10 [Section 16A- 5-40(b)(2)] concerning the boundary line shift between Parcels 3 and 4 in order to retain the same acreages in Parcels 3, 4, and 10. b) Show the location of existing and proposed easements and setbacks on the plan [Section 16A-5-330(4)(c)(d)]. c) Clearly show and label all the improvements to the golf course on the plans, such as which fairways get combined, fairway deletions, new fairway locations, the renumbering of the fairways, and golf cart routes. c) That the four criteria listed in Section 16A-5-390(3) of the TOSV Land Use and Development Code also be considered when evaluating the Preliminary Plan PUD application. 2. Natural Resources: a) The Brush Creek impact report shall provide a detailed description and plans of the proposed enhancements to Brush Creek. The Brush Creek enhancements shall be similar to, and a preference to be better than, the creek improvements near the Community Chapel (Yarrow Park). Per the applicant's proposal, Brush Creek is to be diverted through two golf course ponds as a means to aesthetically improve the appearance of the creek and improve the quality of the water entering the Roaring Fork River. Further, the impact report should address water rights management and the maintenance of adequate water flowage through the creek. b) Explore the possibility of using 1464=P WRd coordinatin4 the diversion of Brush Creek and exposing the creek at the entry to the Village located near the northeast corner of the site. Mai to TC Reso.00-17 Page 8 3. Golf Course Improvements: a) A definition of a quality golf course should be addressed with the Preliminary Plan PUD application. b) Consider the possibility of flattening the tee areas. 4. Softball Field: a) Explore the possibility of reorienting the softball field, taking into consideration the sun angles, during the Preliminary Plan PUD review. 5. Parking facilities: a) Complete a peak parking demand analysis, including the potential use scenarios of the Fairway Conference Center and the old clubhouse building, as well as incorporating the existing driving range, to evaluate and determine the parking needs for Phase II during the Preliminary PUD application [Section 16A-4-310]. b) Due to the fact that the off-street parking provision proposed is fewer than required by the TOSV Land Use and Development Code, continue to show a location for a future 39-space parking lot to be constructed if the Town of Snowmass Village determines that additional parking is needed for the site following completion and operation of the facilities [Section 16A-5-330(5)(k)], unless further evaluation during the Preliminary Plan PUD application reveals that the 39-space parking area is needed at the time the Phase II improvements are constructed. c) That the underground parking for the Phase II residential buildings, including the connecting ramp for the southern building, be retained to help meet the parking demand on the site. 6. Vehicular Access and Circulation: a) The name of "Access Road" or Fairway Drive on the east side of the site shall be renamed "CLUBHOUSE DRIVE" because it is reasonable given the proposed new clubhouse location, and because it would avoid confusion with another Fairway Drive accessed off a different street other than Snowmass Club Circle. A temporary street name sign shall be installed immediately to educate the public concerning the new street name. Further, the applicant should work with the Water and Sanitation LIA 000 L/ TC Reso.00.17 Page 9 District concerning the incurrence of expenses involved as a result of the street name change. b) The traffic study for the Phase I project, recently submitted to the Town during this Sketch Plan review, is deemed inappropriate for Preliminary Plan PUD review. The applicant will supply a more in-depth and updated traffic, transit and parking analysis which includes a full analysis of peak parking demand/needs at peak summer and winter hours, incorporating all proposed uses within the Snowmass Club facilities, including the 21 fractional ownership units, the existing Phase I development, year-round use of employee housing (anticipating off-season rental to other organizations or full-time employee use), the driving range, the reuse of the Fairways Conference Center and the old clubhouse, the tennis facilities, the new clubhouse, and all other aspects contemplated in the Preliminary Plan PUD proposal. The study shall also verify the impacts of the traffic generated upon the nearby street intersections. c) The Transportation Maps show a road connection south from Brush Creek accessing the golf course area. It was determined that an alternative access to Brush Creek Road should be left open as an option. The alternative/secondary access road should be analyzed during the Preliminary Plan PUD review. A conclusion concerning the alternative/secondary access must be reached during the Preliminary Plan PUD review utilizing an updated traffic impact study. d) The redesign of the intersection of Clubhouse Drive and Snowmass Club Circle, in compliance with the TOSV Land Use and Development Code criteria, shall be redesigned for improved sight distance and reaction time for turning movements. Such reconfiguration shall include a westbound right-turn slip lane with a center island, or some variation of this design, and shall be completed with the Preliminary Plan PUD review. e) Analyze the 24-foot width improvement for Clubhouse Drive that satisfactorily addresses the Fire District concerns during the review of the Preliminary Plan PUD. f) Improve the appearance of the culvert crossing for Brush Creek at Fairway Drive to replace or redesign the existing culvert crossing with a new bridge or culvert crossing incorporating a pedestrian walkway, decorative railings and stone embankments on both sides of Clubhouse Drive at the creek crossing, or a similar variation thereof, during the Phase II construction. This would also be in lieu of providing a second pedestrian bridge between the two proposed residential buildings. I�r TC Reso.00-17 Page 10 g) That the applicant explore moving the southern-most buildings closer to the creek, to create additional setback from the Villas North property and to accommodate fire access. 7. Transit issues: a) Show all existing and proposed transit stop locations on the Preliminary PUD. b) Identify the ownership and right-of-way widths of the roads, particularly Snowmass Club Circle and Clubhouse Drive. c) If the main entrance to the Club off of Country Club Circle is relocated, a pedestrian connection and bridge crossing must be retained to the new bus stop location. 8. Pedestrian Circulation, Trails, and Nordic issues: a) The subject area is included as part of the TOSV Comprehensive Plan Trails and Open Space Map, which shows a trail connection from the tennis court areas west to the Brush Creek Road Trail. It was determined that a replacement trail would connect from Brush Creek trail, north of the new Fairway #8, follow along the south side of new Fairway#11, and onto Country Club Circle. Delete the proposed trail from the new clubhouse to the Brush Creek trail, and retain the trail from the employee housing to the rodeo grounds. b) Provide an interconnecting trail along and between the northern-most residential building and Brush Creek, utilizing a meandering path and a decorative surface treatment (but not asphalt), to connect Clubhouse Drive to Snowmass Club Circle and the existing trail located farther to the west across the main entrance. c) That a pedestrian trail/bridge connection from the Club's main pedestrian entry be maintained to the new bus stop location, if the main vehicular entrance is relocated. d) The applicant and staff coordinate with the Trails Committee concerning the trail connections on the site. Further, the Trails Committee shall coordinate efforts to provide a trail along the Highline Road alignment. e) Applicant agrees to provide additional easements as needed to complete a trail connection from Clubhouse Drive to the future trail along Highline Road, planned generally between Brush Creek Road and Owl Creek 010 00 TC Reso.00-17 Page 11 Road, to permit the Town to construct the trail connection once deemed necessary. f) That the Preliminary Plan PUD demonstrates that the Town has easements for all existing and proposed trails on the site. Any license or easement agreement from the applicant for all pedestrian, bicycle. and Nordic trail locations and an accessory structure location for a maintenance vehicle must be provided to the benefit of the Town. h) Provide a four-foot wide detached sidewalk, with a landscaped parkway, along the west side of Clubhouse Drive to connect the new residential buildings for Phase II to the new tennis structures and the new clubhouse facility. An attached four-foot wide sidewalk (i.e., to the curb) is preferred between the tennis structure and Clubhouse Drive to allow landscape buffering, to the greatest extent possible, next to the elongated building elevation facing the street. It is acknowledged that there will be little if no landscaping at the southeast corner of the tennis structure due to existing site constraints. 9. Architecture, Landscaping, and Exterior Lighting: a) The split in the southern-most building, to create more open space area and architecturally pleasing results, shall be retained with the design of the Preliminary Plan PUD application. b) Divert the underground driveway connecting the parking in the southern residential buildings in order to achieve angled or unparalleled building footprints between the two structures. c) Explore with the Preliminary Plan PUD application the possibility of angling the northern-most residential building in the middle in order to lessen the linear appearance of the building and to create more open space between the units and the creek. d) Explore the possibility of lowering the flat roof portion of the residential buildings. e) The specific amount of common open space area intended for the enjoyment of the residents, such as landscaped areas, stream beds, and areas for pedestrian use only (not parking lots), must be determined at the I0do TC Reso.00-17 Page 12 time of the Preliminary Plan PUD application [Sections 16A-2-20 and Section I 6A-4-320]. f) Concerning the larger tennis structure, some variation or articulation in the design of the elevation facing Clubhouse Drive is needed. The lowering of the tennis structure should be considered. The southeast elevation should be of an enhanced quality. The conceptual design of the smaller tennis center building and the new clubhouse are acceptable as illustrated in the exhibit package. g) The design of the landscape improvements, both active and passive areas, including the areas along Brush Creek, Clubhouse Drive, the new clubhouse and parking areas, and the golf course improvement areas, shall be evaluated for acceptability at the time of the Preliminary Plan PUD application [Section 16A-4-320]. A heavy landscape buffer is needed between the residential buildings and Clubhouse Drive to provide acceptable screening. h) Landscape improvements will also include the creation of a wetlands area within the golf course, and an Alpine garden near the residential buildings including pruning of Brush Creek. i) The buffering around the employee housing area should be improved and additional berming should be considered. j) A detailed lighting plan must be provided with the Preliminary Plan PUD review. It was generally agreed that there is too much lighting in the area. A majority of the lighting should be limited to low-profile lighting, such as the use of ballard lighting, and that other lighting for parking lots should be shielded and downcast with use of low-wattage light sources. Further, lighting for the new 150-space clubhouse parking lot should be turned off at night after a certain time. 10. Applicability of New Code Changes and Community Purposes Criteria: pqrthe �Wlow TC Reso.00-17 Page 13 6t'166N6SAA�-�A�AA4 0 0 0 0 r."19) applies to Me pmuminaw Pug R-Ad inal-Fdo 14-49MIN Alas Rnayngs Town Council finds that the recent Code revisions per Ordinance No. 07 and No. 15. Series of 2000, apply to the Preliminary and Final PUD applications for this project. with the following exceptions and conditions: a) The new unit equivalency chart per Ordinance No. 07. Series of 2000, will not apply to this project. b) The new 65% threshold rule, for applicability of community purpose criteria will apply to the project. The following Community Purpose items offered by the applicant to allow buildout of 21 fractional ownership condominiums: 1) A license agreement will be provided to the Town from the applicant to assure the continued ability to set and use Nordic trails on Parcel 10 (e.g., the golf course area); 2) A site with electric service will be provided to the Town to allow a permanent structure for housing a vehicle for Nordic trail maintenance as previously described in this resolution. Construction costs for the structure and recurring energy and operating costs would be borne by the Town or a third party: 3) Brush Creek improvements are proposed pursuant to the application, as previously described in this resolution, which will improve water quality and aesthetics of the creek: 4) A new trail easement will be provided to the Town from Clubhouse Drive to Snowmass Club Circle (e.g., between the proposed residential buildings along Brush Creekl: 5) Provision of additional trail easements by the applicant to the Town for trails shown on the trail map of the Comprehensive Plan for which easements do not already exist; 6) Full-time residents of the Town who are employed or are full-time students and who are not members of the Club will be provided the opportunity to play golf on a space available basis The fees/rates i4S OR= TC Reso.00-17 Page 14 conditions, and restrictions which apply shall be addressed during the review of the Preliminary Plan PUD application: 7) A new RFTA (now RTA) bus stop and shelter will be constructed by the applicant for down valley access (i.e., on the south side of Brush Creek Road) near the intersection of the paved trail, from the employee housing, at Brush Creek Road: 8) Define a land area and determine whether it is of sufficient size and orientation for a recreational purpose easement (i.e., such as for use as a softball field or Jazz Aspen Snowmass purposes). The ownership commitment of this area shall be deferred until later, following a certain time frame, in order to consider in the future the option to potentially realign Brush Creek Road per provisions of the Ancillary Improvements Agreement dated January 20, 2000; 9) Notwithstanding the aboveapplicant shall provide the Town a reservation, which would allow a future improvement of the intersection of Brush Creek Road and Highline Road, as long as it did not interfere with the redesigned golf course. During the redesign, consideration of future intersection improvements will be coordinated by the applicant with the Town: and 10)The existing employee housing complex in Parcel 12 shall be deed restricted. c) Section 4-410, Restricted Housing Requirements, of the Town of Snowmass Village Land Use and Development Code, provides the .methodology for determining the amount of restricted housing, which must be provided by the applicant to sufficiently mitigate the employee housing impacted by the proposed development. The Town Council also considered the quantity and quality of the employee housing constructed as part of Phase I of this development. Following consideration of the facts, the Town Council finds that: 1) The revised employee housing calculations, following the ratios per Ordinance No. 07, Series of 2000, are accurate when comparing the original Club with the combined Phase I and II uses. 2) The seven employee housing units previously provided for the original 76-unit Lodge was accepted as being equivalent to the employee housing reouirement for the 30 condominium units approved and redeveloped in Phase I. The 61 employee housing units approved in Phase I was considered a community purpose benefit. The balance of employee housing required for Phase II is a mitigation issue and not considered a Community Purpose issue. 3) Due to the applicant agreeing to deed restrict, for employee housing purposes, the one additional manager's unit of 1.700 square feet built oow� TC Reso.00-17 Page 15 in Phase I, it may be credited against the 5,824 square feet of employee housing required for Phase II. 4) Per the above stipulation, the 4.124 square feet remaining for employee housing shall apply to a future project proposed by the applicant, heirs, and assigns. 5) In addition to the employee housing requirements for the Snowmass Club Phase II project, and pursuant to Ordinance No. 9, Series of 1994 (Under Findings. Section "o" Employee Housing, pages 16 and 17), the applicant is required to provide employee housing as needed for the previous ski area expansion per subsections fi & ii], plus an additional 1,936 square feet of employee housing per subsection f lil for previous facility expansions within the Snowmass Ski Area, under the terms of Ordinance No. 12. Series of 1992. 11. Miscellaneous. a) The applicant must acknowledge that approval for any improvements not submitted as part of Preliminary Plan Application, are subject to requests for additional information, full and complete review, analysis, recommendations for change, approval or denial, and that any impacts resulting from future improvements must be fully mitigated by the developer at the developer's expense. , INTRODUCED, READ AND ADOPTED as amended, on this 15`h 2;W day of January, 2001, by the Town Council of the Town of Snowmass Village, Colorado on a motion made by Council Member seconded by Council Member and by a vote of TOWN OF SNOWMASS VILLAGE T. MICHAEL MANCHESTER, Mayor ATTEST: TRUDI WORLINE, Town Clerk -47 January 8, 2001 To: Each Member, Snowmass Town Council Cc: Gary Suiter, Bob Purvis One of the background reasons for the initiative ordinance is to encourage more analyses of alternative actions to meet a major objective. A current large project is the Parcel N housing plan. I suppose it is obvious that a major issue in this project is its relatively high cost per unit built and hence affordability to the Town and buyers. I believe this high cost arises from its prime location with direct ski access, the relatively few units, and the difficult terrain. During the past week, two price estimates of the free market value of this property were obtained, using two of the most senior and professional real estate agents of the Town. The average of the estimates are: 1. Aggregate selling price for 16 completed units (with total living area of 27,000 square feet): $21.6 million, or$1.35 million each. 2. Price of land only: $4.2 million. I understand the current cost estimates for construction and fees on the project are just over $6 million. With a cash cost of the land to the Town of$350 thousand, the total cost is about $6.4 million, or $400 thousand average per unit. However, the real land value being contributed by the Town is $4.2 million, so that the total cost (when measured against alternative actions) is about $10.3 million or $644 thousand average per unit. Of course, both the $6.4 and $10.3 million figures will be reduced by the two or three million-dollar subsidy that the Town elects as subsidy. The point of the above cost and price considerations is to provide parameters to permit comparison of alternatives. A major fraction of the $4.2 million (which could be realized by the Town upon free market sale) represents opportunity for spending on other more efficient or higher priority projects. A candidate for this is the Rodeo property. Use of these funds would help: 1. Purchase the rodeo property 2. Build 30 or more low cost housing units near the rodeo, which, with equivalent Town subsidy, would be more affordable than the 16 of Parcel N. 3. Locate more year-around family housing near the Towns' year-around recreation facilities and existing employee housing. I believe that this and probably other alternatives should be given further study. The above dollar figures indicate that the Town can assemble four to six million dollars subsidy toward the next housing project. The combination of this money and different locations should permit more housing and more affordable housing. Potential increases or decreases in the level of local construction activity needs to be factored in. To provide time to develop aftematives, I recommend the Council try to defer the election for up to a year. If the Council finds it cannot do this and assure us accordingly, we will attempt to communicate to Town electors to encourage them to vote No. Jim Heywood, 923-4229 00 00 00 00 00 oopp0moo VOTE JANUARY 16, 2000 SNOWMASS CHAPEL & COMMUNITY CENTER PARCEL " N" EMPLOYEE HOUSING PROJECT The proposed Parcel "N" Employee Town Home Project would be located on a 3.45 acre parcel below the Ridge Condominiums. The Town of Snowmass Village purchased the property in 1999 for $350,000. The proposed "for-sale" employee town home complex is being designed by Reno-Smith Architects. The current plan includes two town home buildings containing a total of 10 three-bedroom and 6 two-bedroom condominiums. All condominiums would include an attached garage, except for three units that are designed with detached carports. The two buildings are proposed to be built into the hill to maximize open space and minimize the visual impact of the project. The three-bedroom units are currently designed with approximately 1,540 square feet (s.f.) of living space and 352 s.f. of garagelstorage space. The two-bedroom units propose 1,234 s.f. of living space and 322 s.f. of garage/storage space. Cultured stone, stucco, wood siding and timbers are proposed for the exterior of these buildings, with cedar shakes and some corrugated metal roof accents. The proposed construction budget for Parcel "N" is $5,956,597. The current schedule proposes construction to begin in February of 2001, with completion expected in February 2002. oo; ooi 00 oo, 00 oui au ®i oo; of oo• o0 oo ee o0 00 00, oa oo,