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
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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.
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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„