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Born in Denver
On January 29th I attended a conference titled the Assembly – the focus of this year’s conference was THE PEAKS AND VALLEYS OF MOUNTAIN TOURISM. One of the persenters was Tom Marano, CEO, Intrawest. He gave an overview of Interwest’s real estate holdings by the resort.
Resort Owned Developable Acres
Steamboat, CO. 27;
Winter Park, CO. 95;
Stratton Mountain Resort, VT. 161;
Snowshoe Mountain, WV. 359;
Mont Tremblant Resort, Quebec 494;
This article states that, "Intrawest believes the city sees an estimated 30,000 to 40,000 visitors during peak summer weekends."
This would be an interesting trick with about 3,400 nightly units available having a maximum pillow capacity of about 20,000. I am not saying that it is impossible but this would mean that there are a lot of folks, sleeping on the floor, staying with friends/family, camping or sleeping in vehicles I suppose.
Hi Fred –
I appreciate your perspective. Others have expressed similar feelings to me.
The work of the Citizens Committee is not being ignored. I am very sad that the possibility of doing a joint facility is evaporating. There are a host of financial and logistical positives associated with it.
A joint facility was the Citizen’s Committee recommendation and one City Council embraced. However, to make this happen it takes two to tango – the City came to the dance. Initially the county thought that they wanted to dance as well. However, on second thought they did not want to dance right now and could not provide a time horizon for if and when they would want to dance. The city asked nicely if they wanted to dance and for a host of reasons outlined in prior newspaper articles they have declined. Their decision is disappointing.
Ok, what next? Can or should the City wait until the County is ready? The reality is the county may not be ready for a very long time. Last night was council coming to the shared realization of the County’s decision not to dance.
I do not see City Council starting all over from the very beginning in this process. The Citizens Committee and staff have vetted a host of possible sites for the police station. The new city council members have not had the opportunity to fully digest this information. Since the construction of a new police facility will be the largest single capital expenditure the City has ever made, I am willing to let them chew on it. It is wise to give folks time to digest and discuss this information because this will be this City Councils’ collective decision and it is a lot of money.
PS. Thank you Tyler Goodman for sticking around to provide “public comment” at 10:30 pm.
(Although I am a member of City Council my opinions are my own and may not be those shared by my fellow council members.)
The all-inclusive cost for the street lamps is annual.
Good Morning Stephen –
With the infrastructure improvements that will be occurring over the next few years street lighting is a major component of the plan. For all of downtown the new street lights (100+ of them) will cost about an additional $60,000 annually.
City is charged by YVEA for each pedestrian light. For example, the City currently pays $364.82 for any 1-100-watt High Pressure Sodium (HPS) Decorative light and 10’ pole per year (sidewalk type). For the intersection type the City pays $755.87 for any 1-250 watt HPS Decorative light and 25’ pole per year. This charge includes electricity, maintenance and replacement of the poles and associated poles.
The LED festival lights currently strung across Yampa Street the City is responsible for and the cost is about $15 per month.
The investors always have some risk associated with the purchase of a bond. However, the chances that the City would default are essentially non-existent. As an option the City Council could purchase some of these Iron Horse bonds with the proceeds from the sell. This approach has some pros/cons
In conjunction with the downtown infrastructure improvements scheduled over the summer 2016-18, the City will be issuing $4 million in bonds via certificates of participation. Citizens Hall and the City offices will be the collateral for this debt. Another option would be to use the proceeds of the Iron Horse sale to off-set this $4 million. This approach has some pros/cons as well.
The challenge in my mind is to keep the big picture clearly in focus. At some point in time the City, with all that it is doing and is planning on doing, will outrun its current sources of revenue. This is not a crisis yet – but there is some urgency to the issue. At the present time there are a host of options available to address the issue. However, the longer the hard work to address it is put off only means that fewer options are available.
We do not need another Tax Policy/Citizen Committee to study this. The work that was done in 2003 and updated in 2007 clearly identified the problem. The same problem exists today. The magnitude of the issue only grows with each passing year.
Hi Scott W –
You caught me doing some Christmas shopping this afternoon.
About a year ago the collateral on the Iron Horse bonds was swapped from the Iron Horse property itself to the Public Works building. This was done so that selling the Iron Horse could be one of the options available to City Council.
As I mentioned in a prior post City Council will have a decision to make regarding the proceeds from the sale of the Iron Horse. This is going to be an important discussion. I am concerned that the funds from the proceeds could be viewed for a host of purposes. From my perspective the worst thing that could happen is that “evaporation” occurs as a little bits of the funds are used here and there.
I would like to be very intentional with the use of these funds. I am sure that there are a lot of options and paying down the debt could be a possible use. I am looking forward to this discussion and I am sure you and others are as well.
Good Morning Pat –
The bonds that were sold to originally finance the Iron Horse purchase are not “callable” until December 1, 2018. So essentially the city is stuck with these bonds until that date. After that date it would make great sense to re-finance the debt to a lower interest rate (hopefully).
The current City Council will have a decision to make relatively soon as to what to do with the proceeds from the sell. It is possible to hold the $2.6 million from the sale in reserves and use it to pay down the $4.6 +/- million in outstanding bond debt and re-finance only $2 million. The terms of which would be TBD at this point in time.
However, after November 2017 there could be a whole new group of folks on City Council that may like to do something else with these proceeds. The current City Council can express a desired direction but cannot obligate future councils regarding the use of these funds.
The 2A (accommodation tax) funds are highly restricted by ballot language. The 2A funds can only be used for the development of above ground amenities that enhance tourism.
From my perspective the City’s must/need/want to lists are over-running what the city’s revenue sources can sustain. This currently is not a crisis or a panic but it something that cannot be ignored. It needs to address with some sense of urgency. One of the six goals that this City Council will be working on is to develop a long-term fiscal sustainability plan. I am glad that at least this goal made it on the list. It has been absent for far too long.
Agree! Great location and concept. I have always thought that beer and Hawaiian shirts go together well.
I had the privilege of chairing the Economic Development Council during which Dan was the Routt County’s representative. I admired his thoughtful and soft spoken wisdom. Dan contributed to making this a better place to live for all of us. This is the great public service legacy gift he left us all.
It is wonderful news that everybody is safe. So glad we had the skills/training to respond if needed. Thanks to Kevin – the YVRA manager, his staff and all the first responders.
Last login: Wednesday, February 10, 2016
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