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HomeMy WebLinkAboutPACKET Stanley Park Committee 1986-09-15STANLEY PARK COMMITTEE Monday, September 15, 1986 AGENDA 1, Big "A" Auto Parts - Request to use arena and grandstands September 28, 1986 to host "tract pull," 2, Estes Park Ambulance Service - Request for all local emergency services to use fairgrounds October 3 and 4, 1986 for training exercise. 1987 Budget Requests, /7,/, Task Force - Indoor Arena, 1iL oqnnuaf nn TRUCK PULL • MUD RUN • BEAUTY CONTEST • TUG-O-WAR • EXHIBITION RUNS ADMISSION FEE: Adults $6.00 • Children 6-12 years old $3.00 • Children 6-under FREE • Stock Jeeps and Stock Trucks — limited openings, must pre -register • 5800 and 6200 Pound 4-wheel Drive Competition • Truck Beauty Contest — 10 truck limit, must be 4-wheel drive/street legal, must pre -register • Tug-O-War — 4 truck limit, must pre -register • Exhibition by 2-wheel Drive — Modifieds • Mud Runs — Stock thru Open Classes — must pre -register Weigh-in and safety inspections for all classes is from 10:00 a.m. - Noon on Sunday. ALL participating trucks and jeeps must meet the standard safety requirements and hitch heights. Rules and regulations enforced by the Rocky Mountain Truck Pullers As- sociation. Stock vehicles do not have to meet modified and super stock safety qual- ifications, but will be inspected for solid drive lines, no loose bumpers, no ball hitch (clevis used), and all around safe vehicle. Call if you have any questions. All pre -registration must phone Doug Miles at 443-5270, or Ken Boehner at 1-586- 2351 by Wednesday, Sept. 24 at 5:00 p.m. No exceptions will be made after this date for registration of vehicles indicated above. All proceeds will go to the Allenspark and Estes Park Volunteer Fire Departments and the Wind River Indian Council. Trophies will be awarded for 1st, 2nd and 3rd place in all events for all classes. Entry fee to be paid no later than time of weigh in. Absolutely NO alcohol will be permitted in the pit area at any time, the day of the event. Strictly enforced. For further information or any questions, please phone Jim Russell/Doug Miles at Crossroads Auto Service and Towing Center 443-5270 or Ken Boehner at Estes Park Big A Auto Parts, 1-586-2351. Sponsored by: Crossroads Auto Service and Towing Center • Big A Auto Parts of Estes Park Advertising — KSIR Radio, Estes Park SO! When the green flag drops — the B.S. stops! So be there! 09/15/86 Description STANLEY PARK INDOOR ARENA HSRC Report 1985 BBC Update Heads of Livestock 10,410 5,211 Number of Horses 6,560 4,711 Extra Events Llama Show Excluded (4) Dog Shows Excluded (2) RV Shows Excluded (2) Concerts Excluded (2) Car Shows Excluded Craft Show Excluded Number of Show Days 246.5 77 Projected Revenue 438,670 165,500 Arena Rent Per Day — Indoor 400 300 Outdoor 200 150 Warmup 75 Excluded Stall Fees — New 6 5 Old 4 3.50 Concession Stand Revenue 13,000 0 Exhibitors 18,800 0 Project Expenses (without capital) 374,000 293,500 Cost of Construction 1,600,000 2,000,000 Bond Issue — General Obligation 1,680,000 2,250,000 Revenue Bond 1,905,000 2,500,000 Annual Debt Service — General Obligation 191,950 200,000 Revenue Bond 222,000 250,000 The Horse Show and Rodeo Committee have put a lot of work into the project and have compiled a very detailed report. In reviewing their report, it seems as they coveraged most areas of revenue and expenses. Points that should be brought to the attention of the Stanley Park Committee for further consideration are: 1. The HSRC report projects a large increase in the number of horses plus llamas, cattle, and dogs. What is the potential growth rate of these shows, or will these numbers remain fairly steady over the next five, ten, or fifteen years? 2. The HSRC report projects a large increase in arena rents, stall fees, etc. How do these rates compare to other facilities and what are the chances of pricing ourselves out of the market? j) Lr?) _f, `J 3. The total number of show days amounts to 246.5, will a conflict in sched- uling result in which more than one organization will request use of the indoor arena on a particular day? Will not schedule the days they want? , ) Z, revenue sources be lost if an organization can- 4. The HSRC report projected several large events such as Rec District usage of $12,000, two RV shows at $11,800, and two concerts at $44,100, what happens if these events don't materialize? 5. The HSRC report projected $10,000 in parking, $30,000 in advertising, and _Ivo $10,000 in compost sales, what if these revenue sources don't materialize? 6. The HSRC report based the projected expenses on the 1986 budget plus an �; incremental increase due to the indoor arena. Operational expenses seem com-i -tv"- plete although no increases were projected above the incremental increase. Will adding one full-time maintenance position in addition to the current two plus the summer help be sufficient to maintain\pperations for 246.5 use days? Gael`) • 7. No provision for capital expenditures have been provided on the operating statement, Schedule E. Will additional equipment need to be purchased such as tractors, loaders, trucks, etc. to provide sufficient services due to increases in shows? Will other improvements at the grounds be continued such as camper hookups, landscaping, etc.? When existing equipment needs to be replaced, will revenue be sufficient to provide for replacement? 8. The indoor arena is supposedly a turnkey structure, but what other capital expenses will be incurred to become operational for all events proposed? Tables, chairs, P.A. system, etc. / /�'� l���J) ��� / o.e�� 9. The HSRC report projected that events held at Stanley Park would generate $206,588 sales tax revenue. Using the theory of two exhibitors per horse, each spending $75 a show day, the 1986 events generated approximately $78,114 sales tax through August. The actual revenue gain to the Town is then $128,474. Currently approximately 60% of the taxable sales are in the URA area which nets $51,390 to the Town. 4./v a u .0 v EE rn 7 •.. •-. L0 0 W G 0 o O + 0 0) E 0 0 0 0 E 0 110r00.0 0 d 0.DmW d r .. o• .O O 00 .-. 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F•voZ al a U 0 4 O N 0 M Expenditures .0 0• WOO s0 J h N O . .. v N 0 0) w 'o a G C 7 ro w 14 u ro w N 0) 0) a) 0) 0) 01 U •0 G '0 w C 0) C ro 7 U 7 0 v 0 ✓ E o, N O 7 N 0) 7 u w > u 1. 0 o C 0) N C 0 00 7 0 MO X (4 O C N a O > w H Revenue over Re Includes arena rent, stall fees, camper hookups. Includes concession stand, advertising, compost, parking. W z a o H an H \O H W c0ti 0 co (JDO o x a a ON 0 SCHEDULE D co W H H j H W H '1 W up REVENUE 1986 3 u) O 0 0 Dollar/Hunter 0 0 0 0 0 0 0 0 0 0 0 0 0 0 cn 0 0 0 0 0 co \O -t \0 CO M O \0 \0 N in M in C'') 'O \O N as 0 N 0 0 N 0 0 0 0 0 co M 0 0 in 0 0 N 1 O` '0 ON M 0 M r- �O ul 0 O` M .-+ ON M n N N ul ul .-) --i 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ul 0 M ul O c0 ul 0 0 D r- N CO N ul c`') r ul co 'O �t ▪ c) r M 'O .-+ M N r - CM N M .--i .--) .--I 0 0 0 0 0 0 0 0 'O z' 0 0 c0 0 0 M ul 0 N 00 \O M 0 ul ul 0 CO 0 CO ul O\ c0 0 c0 0 -.1' M 0 r-- 0 )+l r+ .t O O 'O 0 CO N M M CO N N r-, ON M N N ul N �O ul I M O N 0 0 0 0 0 0 s.0 'O N N 0 ‘,O 0 0 1) N 'O ✓ M \0 ul CO '0 CO ul ul cc).-r M M en CV-d .-i M CV N N Miniature Horse Buckskins ro a) I-c ro a) 4 u) 3 •r-4 u) x 3 u) m •,-4 CV 0 o. ul G u) U a) (1) P ul .O ,J a) ro CO ON a) E r-+ U ca O f+ u) V) )4 �J G w a) ,-I O 4 E •,-4 •H u) - O ro +-) G O 0 'O 0 O a) u, v •,--I I I S+ r— • cn aJ O 0 cn u) ,-) N I-+ a) G G .-1 a.•r o o al 0 •-4•H (1) I-+ J 4_1 4-4 G o X o o x 0 G ca a) a) co a) •X. 4-1 •n •''-1 J-) >, ca o o 0 a) u) >a }4 u) '0 }.+ a) a o. a) k G) ca X k ca ro ,-a U) ro Ca rn o • 1-1 ro 4) 4-) 4 41 cn G G ca G () a) >, o - - G ▪ 6 u) m ro ca u) n al G a0 0) (1) a) al 0 •-4 0 0 1> H • x w z x x z 0 ro h 09/08/86 SCHEDULE A COMPARISON OF PROJECTED HORSE NUMBERS VS. 1986 ACTUALS HSRC 1986 Percent Horse Show Projection Estimates Increase Silver Dollar Hunter Jumper 400 380 5.26 Westernaires 160 161 0.00 Morgans 500 310 61.29 Dressage 1/ 300 250 20.00 Arabians — 575 482 19.29 Appaloosa 200 150 33.33 Hunter Jumper 400 350 14.29 Paints 300 230 30.43 Quarter Horse 250 Miniature 400 210 90.48 Buckskins 400 233 71.67 3,885 2,756 40.97 Less Quarter Horse (250) 3,635 2,756 31.89 1/ Arabians includes Colorado All Arabians and Regional Arabian Cutting 09/08/86 SCHEDULE B COMPARISON OF PROJECTED STANLEY PARK REVENUE VS. 1986 ACTUAL EXCLUDING COMPOST SALES AND GENERAL FUND TRANSFER HSRC 1986 Percent Horse Show Projections Actual Increase Hunter Jumpers-1/ 46,426 26,645 74.24 Westernaires 4,540 1,617 180.77 Morgans 2/ 18,960 8,944 111.99 Arabians— 27,167 16,562 64.03 Appaloosa 7,587 2,556 196.83 Paints 10,319 5,392 91.38 Quarter Horse 8,255 Miniature 16,285 5,961 173.19 Buckskins 13,496 10,493 28.62 Trail Ridge Riders 300 191 57.07 RV' s Nonallocated 1,150 153,335 79,511 92.85 Less Quarter Horse (8,255) 145,080 79,511 82.47 1/ Hunter Jumpers combines Silver Dollar and Summer Class Shows 2/ Arabians combines Dressage, Colorado All Arabian, Regional Arabian Cutting SCHEDULE C COMPARISON OF PROJECTED HORSE SHOWS HSRC VS. 1985 BBC UPDATE HSRC BBC Estimates Update Silver Dollar Hunter Jumper 400 Westernaires 160 161 Morgans 500 400 Dressagel/ 300 250 Arabians— 575 550 Appaloosa 200 200 Summer Classic Hunter Jumper 400 400 Paints 300 300 Quarter Horse 250 150 Miniature Horse 400 200 Buckskins 400 0 Poniesos America 75 450 Peruvian Poso 200 200 Arabian Regional 600 0 Full Arabian 300 350 International Pinto 600 500 Half Arabian 400 0 All Breed Horse Show 500 0 Colorado High School Rodeo 0 350 Reininghorse 0 250 6,560 4,711 +39.25% 1/ Includes Regional Arabian Cutting Show WILLIAM O. LAMM DAVID A. EDSTROM MARY ANNE BRAYMER THOMAS FALACIENSKI BLAKE T. JORDAN DONALD R. BIEBER DEBORAH L. CARTER DIANE S. BARRETT THOMAS M. PELTZ LAMM EDSTROM & BRAYMER A PROFESSIONAL CORPORATION ATTORNEYS AT LAW SUITE 2500 SOUTH TOWER 600 SEVENTEENTH STREET DENVER, C•OLORADO 80202-5425 TELEPHONE (303) 825-1284 September 10, 1986 ale G. Hill Town Administrator Box 1200 Estes Park, Colorado 80517 Gentlemen: REC9VED S E P 1 9 1986 1e ii •AtTiMNISTRAIOR Monte L. Vavra Finance Director Box 1200 Estes Park, Colorado 80517 Re: Proposed Financing for the Stanley Park Arena As you know, I have been working with Linda Clark of Boettcher & Company, Inc., on certain legal questions concerning the proposed financing for the Stanley Park Arena (the "Arena"). Specifically, we have discussed: 1) the Town's desire to evaluate the financing proposal more thoroughly, and therefore present an election question to the voters at a special municipal election at least 32 days subsequent to the general election on November 4th; 2) a schedule of events for a special election on December 9th is attached; please note, however, that an even later election date may be required due to the closure of the registration books after the general election; we will pursue this question with the Larimer County Clerk and Recorder and Larimer County Attorney; 3) our legal determination that all or any portion of the amount of sales taxes collected by the Town (exclusive of the incremental amount credited to the Tax Increment Fund and pledged to the payment of the Series 1984 and Series 1985 Bonds of the Estes Park Urban Renewal Authority) would be available for payment of debt service on bonds issued to finance the Arena, subject to the provisions of Sections 29-2-111 and 112, C.R.S.; 4) the wording of the election question itself; Sections 29-2-111 and 112, C.R.S., permit the issuance of sales tax revenue bonds payable solely from a capital improvement fund, so long as the deposit of sales tax revenues into such fund and Dale G. Hill Monte L. Vavra September 10, 1986 Page 2 the restriction of the use of those revenues only for capital improvements have been approved by a majority of the registered electors of the Town at a regular or special election. 5) the effect that federal tax reform legislation will have on the tax exempt status of interest on bonds issued to finance the Arena. It is this last area that is the most troublesome because, as you know, H.R. 3838 is still being written and we do not expect to receive a copy of the final bill until sometime during the week of September 15th. While I will describe below the reasons for our concern, it seems premature to structure the bond issue until the final bill is written. Nonetheless, we can continue planning for the election and resolve any other questions in the interim. Although the tax bill will probably contain several provisions which may affect this bond issue, e.g. the requirement to limit reserve funds to 10% of the par amount of the issue, the requirement to rebate any arbitrage profit, and the requirement to file an "information" return with the I.R.S., our greatest hurdle is the possible characterization of the issue as a private activity (formerly, industrial development) bond. This would occur if the future lessees of the Arena were considered to use the Arena in the conduct of their respective trades or businesses. Currently, based only on incomplete summaries of the tax bill, we see two avenues open to us to avoid such characterization of the issue as a private activity bond. First, if the proceeds from the leases on the Arena (net of operating costs) equal an amount less than ten percent of the debt service on the bonds, estimated by Boettcher (depending on the size of the issue) to be between $15,000 to $19,000, then, based upon the summary of the Conference Agreement between the House and Senate, the issue would not_ be a private activity bond and interest thereon would be tax exempt. Second, the original Committee Report prepared by the House of Representatives on December 7, 1985, for H.R. 3838, contained the following discussion: "Bonds for a governmentally owned and operated convention center that is available for rental to all members of the public on an equal basis are essential function bonds [as opposed to private activity bonds] if no one organization (or limited group of organizations) has an extended right to use the facilities." Dale G. Hill Monte L. Vavra September 10, 1986 Page 3 This second interpretation turns on whether the use of the facility is available to the lessees on the same basis as any other member of the general public. We believe that the proposed Arena may meet this requirement, depending upon the criteria you establish for future lessees. However, whether this provision is retained in the final Bill is unpredictable, today. Consequently, wewould like to reserve judgment on the private activity bond question, until we have an actual bill to interpret. Nonetheless, Linda Clark and I are continuing our work on other aspects of the financing and are prepared to attend a meeting at your offices on Monday, September 15, 1986, at 2:00 P.M., if you believe it would be beneficial. If you would prefer to postpone the meeting until we examine the tax bill, we will be happy to arrange a meeting at the earliest possible date. Pursuant to Linda's instructions, it is my understanding that Monte Vavra will call ..me on Monday morning to confirm or cancel our Monday afternoon meeting. Tax reform notwithstanding, we are committed to finding the most economical way for the Town to finance the Arena. Also, please be advised that the Town will incur no legal fees until we are able to provide a satisfactory answer to you based upon the final tax bill. Thereafter, we would present a fee proposal to the Town for your consideration. We look forward to working with you. Very truly yours Mary Anne Braymer MAB/tb Enclosure cc: Linda Clark Proposed Schedule of Events for Election Creating a Capital Improvement Fund and Pledging Sales Taxes Thereto Action Taken Changes in the Boundaries of Election Precincts or Wards Town Board Passes Ordinance Creating Capital Improvement Fund - First Reading Second Reading (if desired) Publish Ordinance Publish Notice of Registration Appoint Judges for Election Last Day to Register Publish and Post Notice of Election Lolling Places Designated by Sign Printed Ballots Received by Town Clerk Last Day to Apply for Absent Voter's Ballot Election Day Canvass Votes and Prepare Abstract of Votes Certificate of Election Published and Filed Proposed Dates Already Accomplished October 14th October 28th October 31st October 31st and November 5th November llth November 14th November 28th November 28th November 28th December 5th December 9th December 10th December 12th Statutory Requirement (90 days prior to election) (at least 15 days before election) (25 days before election) (the 10th day before the election, or the earliest possible day prior to the loth day before the election) (at least 10 days before election) (10 days before election) (from 90 days before election until the Friday immediately preceding election (a Tuesday, not less than 32 days after general election) (within 7 days after election (as soon after election as possible) If the election carries, we will prepare another schedule of events relating to the authorization, issuance, sale, and delivery of the Bonds. Pam ' ande S&Jeti 44tee Radea eaototeteee Edged Pa/4 eeee tado "HORSE CAPITOL OF THE NATION" Heated ROOFTOP INCOME 1986 Grandstand Arts and Crafts Rent $ 2,550.00 5/8 Mile Arts and Crafts Sales Tax 663.00 Race Track Sponshorships 4,500.00 Box Seats 5,453.00 Complete Parking 1,113.00 Rodeo Program Ad Sales 5,675.00 Facilities Program Sales 409.00 General Admission Tickets 15,638.00 Commercial Exhibitors Rent 1,200.00 Special Contestant Carnival 897.00 and Lions Club 1,380.00 Exhibitor Feed Sales 298.00 Grand Stand Rotary Club 828.00 Queens Dance 654.00 Showers TOTAL $41,258.00 and Toilets for LESS EXPENSES 37,021.81 Grooms TOTAL $ 4,236.19 and Exhibitors LESS RODEO QUEENS ALLOWANCE 1,000.00 Lunch Stand TOTAL $ 3,236.19 on Grounds LESS TICKET SALES LABOR 500.00 Close to TOTAL $ 2, 736.19 Lodging and Restaurants MOUNTAIN MAN RENDEZVOUS EXPENSE 1,000.00 Fully 1986 NET RODEO ROCEEDS $ 1,736.19 Equipped for Grade A Shows At Stanley Field Municipally Owned East Edge of Town HOME OF THE "ROOFTOP RODEO" Heated r;randstand `;/8 Mile Race Track Complete Rodeo (Facilities Special Contestant and Exhibitor Grand Stand Showers and Toilets for Grooms and Exhibitors Lunch Stand on Grounds Close to Lodging and Restaurants Fully Equipped for Grade A Shows At Stanley Field Municipally Owned East Edue of Town Y ADVERTISING y f� 1 .,c'jte CAPITOL Or THE ROOFTOP EXPENSES 1986 �• °'Ion' e $ 5,860.05 Trail Gazette - ads $ 1,018.05 Trail Gazette - inserts 1,743.75 KSIR 1,000.00 Greeley Tribune 918.75 Ft. Collins Coloradian 837.50 PRCA News 342.00 Sponsor Flags Tent Rental Program Printing Security Livestock Livestock Hay Purse Parade Trophies Carnival Prizes Ambulance Estes Park Fire Department 10% $ 530.22 1,956.59 1,845.00 2,075.00 13,000.00 1,027.20 5,600.00 489.30 865.15 350.00 1,560.00 $35,158.51 Labor $ 1,469.80 Utilities 347.50 Telephone 46.00 TOTAL $37,021.80 HOME Or THE "ROOFTOP RODEO„