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HomeMy WebLinkAboutPACKET Town Board Special Meeting 2011-06-20Prepared 6/15/11 * Revised TOWN OF F,ST F,S PARIc_ The Mission of the Town of Estes Park is to provide high -quality, reliable services for the benefit of our citizens, visitors, and employees, while being good stewards of public resources and natural setting. BOARD OF TRUSTEES - TOWN OF ESTES PARK Special Meeting Monday, June 20, 2011 6:00 p.m. AGENDA PLEDGE OF ALLEGIANCE. (Any person desiring to participate, please join the Board in the Pledge of Allegiance). PUBLIC COMMENT. (Please state your name and address). TOWN BOARD COMMENTS / LIAISON REPORTS. 1. ACTION ITEMS: 1. APPROVAL OF RTA APPLICATION PREPARED BY ELKHORN PROJECT INC. 2. MEMORANDUM OF UNDERSTANDING WITH ELKHORN PROJECT INC. FOR RTA PROJECT. ADJOURN. NOTE: The Town Board reserves the right to consider other appropriate items not available at the time the agenda was nranararl Jackie Williamson From: Admin iR3045 Sent: Wednesday, June 15, 2011 4:32 PM To: Jackie Williamson Subject: Job Done Notice(Send) ***************************** *** Job Done Notice(Send) *** ***************************** JOB NO. 4616 ST. TIME 06/15 16:26 PGS. 1 SEND DOCUMENT NAME TB Agenda 6/20 TX/RX INCOMPLETE TRANSACTION OK 6672527 Greg White 5869561 KEPL 5869532 Trail Gazette 5861691 Channel 8 6353677 Reporter Herald 2247899 Coloradoan 6922611 EP News ERROR June 20, 2011 To: Honorable Mayor Bill Pinkham and the Estes Park Town Board of Trustees From: Johanna Darden, Resident of Estes Park 501 Mac Gregor Avenue Estes Park, Colorado 80517 I would like to clear up some confusion regarding historic preservation of the Elkhorn Lodge and properties at that site. There exist two groups which are independent of the Elkhorn Project, Inc. The Elkhorn Historic Preservation Society is already working to preserve the Elkhorn Lodge and other structures at the site. The Estes Valley Historic Preservation Foundation is another organization actively trying to preserve this site. Both of these organizations have had articles in the newspapers in their effort to raise funds for preservation. I question whether the citizens of Estes Park want to support the Elkhorn Project, Inc. There has not been a round table discussion with participation with Estes Park citizens of the issues pertaining to this Project. At a previous meeting the Board discussed having this type of round table discussion. Notice of this type of public forum should be well publicized and take place before deciding whether or not to submit a proposal to the State or Colorado Regional Tourism Act Authority. A request for such a meeting is different from the meeting called for today to discuss the two Action Items. I believe it should have taken place already, even if the Elkhorn Project, Inc. proposers did not have their proposal ready. Citizens need to decide whether we want to support a recreational area on the historic Elkhorn property. Thank you for hearing my concern. Please enter this in the Public Record. NOTE: This bill has been prepared for the signature of the appropriate legislative officers and the Governor. To determine whether the Governor has signed the bill or taken other action on it, please consult the legislative status sheet, the legislative history, or the Session Laws. HOUSE BILL 11-1031 BY REPRESENTATIVE(S) Miklosi, Casso, Duran, Ferrandino, Fields, Fischer, Labuda, Lee, McCann, Pace, Ryden, Schafer S., Solano, Todd, Tyler, Williams A., Wilson, Court, Hullinghorst, Pabon; also SENATOR(S) Foster, Bacon, Boyd, Guzman, Heath, Hodge, Hudak, Jahn, Newell, Schwartz, Spence, Steadman, White. CONCERNING THE CREATION OF CREATIVE DISTRICTS, AND, IN CONNECTION THEREWITH, AUTHORIZING SPECIFIED LOCAL GOVERNMENTS TO DESIGNATE A PORTION OF THEIR TERRITORY AS A CREATIVE DISTRICT SUBJECT TO CERTIFICATION BY THE CREATIVE INDUSTRIES DIVISION WITHIN THE COLORADO OFFICE OF ECONOMIC DEVELOPMENT. Be it enacted by the General Assembly of the State of Colorado: SECTION 1. Part 3 of article 48.5 of title 24, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW SECTION to read: 24-48.5-314. Creative districts - creation - certification - powers of coordinator and division - legislative declaration - definitions. (1) (a) THE GENERAL ASSEMBLY HEREBY FINDS, DETERMINES, AND DECLARES THAT: (I) A CREATIVE DISTRICT IS A WELL -RECOGNIZED, DESIGNATED Capital letters indicate new material added to existing statutes; dashes through words indicate deletions firom existing statutes and such material not part of act. MIXED -USE AREA OF A COMMUNITY IN WHICH A HIGH CONCENTRATION OF CULTURAL FACILITIES , CREATIVE BUSINESSES , OR ARTS -RELATED BUSINESSES SERVE AS THE ANCHOR OF A 1-1 RACTION. IN CERTAIN CASES , MULTIPLE VACANT PROPERTIES IN CLOSE PROXIMITY MAY EXIST WITHIN A COMMUNITY THAT WOULD BE SUITABLE FOR REDEVELOPMENT AS A CREATIVE DISTRICT. CREATIVE DISTRICTS MAY BE FOUND IN ALL SIZES OF COMMUNITIES, FROM SMALL AND RURAL TO LARGE AND URBAN. CREATIVE DISTRICTS MAY BE HOME TO BOTH NONPROFIT AND FOR -PROFIT CREATIVE INDUSTRIES AND ORGANIZATIONS . (II) THE ARTS AND CULTURE TRANSCEND BOUNDARIES OF RACE, AGE, GENDER, LANGUAGE, AND SOCIAL STATUS . CREATIVE DISTRICTS PROMOTE AND IMPROVE THEIR COMMUNITIES IN PARTICULAR AND THE STATE MORE GENERALLY IN MANY WAYS. SPECIFICALLY, SUCH DISTRICTS: (A) ATTRACT ARTISTS AND CREATIVE ENTREPRENEURS TO A COMMUNITY, THEREBY INFUSING THE COMMUNITY WITH ENERGY AND INNOVATION, WHICH ENHANCES THE ECONOMIC AND CIVIC CAPITAL OF THE COMMUNITY; (B) CREATE A HUB OF ECONOMIC ACTIVITY THAT HELPS AN AREA BECOME AN APPEALING PLACE TO LIVE, VISIT, AND CONDUCT BUSINESS, COMPLEMENTS ADJACENT BUSINESSES, AND RESULTS IN THE CREATION OF NEW ECONOMIC OPPORTUNITIES AND JOBS IN BOTH THE CULTURAL SECTOR AND OTHER LOCAL INDUSTRIES. CULTURAL RESOURCES ATTRACT BUSINESSES AND ASSIST IN THE RECRUITMENT OF EMPLOYEES . (C) ARE A HIGHLY ADAPTABLE ECONOMIC DEVELOPMENT TOOL THAT IS ABLE TO TAKE A COMMUNITY'S UNIQUE CONDITIONS, ASSETS, NEEDS, AND OPPORTUNITIES INTO ACCOUNT , THEREBY ADDRESSING THE NEEDS OF LARGE AND SMALL AND RURAL AND URBAN AREAS; (D) ESTABLISH MARKETABLE TOURISM ASSETS THAT HIGHLIGHT THE DISTINCT IDENTITY OF COMMUNITIES, ATTRACT IN -STATE, OUT-OF-STATE, AND EVEN INTERNATIONAL VISITORS , AND BECOME ESPECIALLY A IT RACTIVE DESTINATIONS FOR CULTURAL, RECREATIONAL, AND BUSINESS TRAVELERS; (E) REVITALIZE AND BEAUTIFY NEIGHBORHOODS, CITIES, AND LARGER REGIONS , REVERSE URBAN DECAY , PROMOTE THE PRESERVATION OF HISTORIC BUILDINGS, AND FACILITATE A HEALTHY MIXTURE OF BUSINESS PAGE 2-HOUSE BILL 11-1031 AND RESIDENTIAL ACTIVITY THAT CONTRIBUTES TO REDUCED VACANCY RATES AND ENHANCED PROPERTY VALUES; AND (F) PROVIDE A FOCAL POINT FOR CELEBRATING AND STRENGTHENING A COMMUNITY'S UNIQUE CULTURAL IDENTITY, PROVIDING COMMUNITIES WITH OPPORTUNITIES TO HIGHLIGHT EXISTING CULTURAL AMENITIES AS WELL AS MECHANISMS TO RECRUIT AND ESTABLISH NEW ARTISTS , CREATIVE INDUSTRIES , AND ORGANIZATIONS . (b) BY ENACTING THIS SECTION, THE GENERAL ASSEMBLY INTENDS THAT THE STATE PROVIDE LEADERSHIP AND A HELPING HAND TO LOCAL COMMUNITIES DESIROUS OF CREATING THEIR OWN CREATIVE DISTRICTS BY, AMONG OTHER THINGS, CERTIFYING DISTRICTS, OFFERING AVAILABLE INCENTIVES TO ENCOURAGE BUSINESS DEVELOPMENT, EXPLORING NEW INCENTIVES THAT ARE DIRECTLY RELATED TO CREATIVE ENTERPRISES, FACILITATING LOCAL ACCESS TO STATE ASSISTANCE, ENHANCING THE VISIBILITY OF CREATIVE DISTRICTS , PROVIDING TECHNICAL ASSISTANCE AND PLANNING HELP , ENSURING BROAD AND EQUITABLE PROGRAM BENEFITS , AND FOSTERING A SUPPORTIVE CLIMATE FOR THE ARTS AND CULTURE, THEREBY CONTRIBUTING TO THE DEVELOPMENT OF HEALTHY COMMUNITIES ACROSS THE STATE AND IMPROVING THE QUALITY OF LIFE OF THE STATE'S RESIDENTS . (2) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES: (a) "COORDINATOR" MEANS THE PERSON EMPLOYED ON THE PROFESSIONAL STAFF OF THE DIVISION WHO IS RESPONSIBLE FOR OVERSEEING THE DUTIES AND RESPONSIBILITIES OF THE DIVISION UNDER THIS SECTION AND PERFORMING THE SPECIFIC TASKS DELEGATED TO SUCH PERSON UNDER THIS SECTION. (b) "CREATIVE DISTRICT" OR "DISTRICT" MEANS A LAND AREA DESIGNATED BY A LOCAL GOVERNMENT IN ACCORDANCE WITH THIS SECTION THAT CONTAINS EITHER A HUB OF CULTURAL FACILITIES, CREATIVE INDUSTRIES, OR ARTS -RELATED BUSINESSES OR MULTIPLE VACANT PROPERTIES IN CLOSE PROXIMITY THAT WOULD BE SUITABLE FOR REDEVELOPMENT AS A CREATIVE DISTRICT. (c) "LOCAL GOVERNMENT" MEANS A CITY AND COUNTY, COUNTY, CITY, OR TOWN. PAGE 3-HOUSE BILL 11-1031 (d) "STATE -CERTIFIED CREATIVE DISTRICT" MEANS A CREATIVE DISTRICT WHOSE APPLICATION FOR CERTIFICATION HAS BEEN APPROVED BY THE DIVISION PURSUANT TO SUBSECTION (4) OF THIS SECTION. (3) (a) A LOCAL GOVERNMENT MAY DESIGNA I'B A CREATIVE DISTRICT WITHIN ITS TERRITORIAL BOUNDARIES SUBJECT TO CERTIFICATION AS A STATE -CERTIFIED CREATIVE DISTRICT BY THE DIVISION PURSUANT TO SUBSECTION (4) OF THIS SECTION. (b) IN ORDER TO RECEIVE CERTIFICATION AS A STATE -CERTIFIED CREATIVE DISTRICT UNDER THIS SECTION, A DISTRICT MUST SATISFY THE CRITERIA SPECIFIED IN THIS PARAGRAPH (b) AND ANY ADDITIONAL CRITERIA REQUIRED BY THE DIVISION PURSUANT TO PARAGRAPH (a) OF SUBSECTION (4) OF THIS SECTION. AT A MINIMUM, THE DISTRICT MUST: (I) COMPRISE A GEOGRAPHICALLY CONTIGUOUS AREA; (II) BE DISTINGUISHED BY PHYSICAL, ARTISTIC, OR CULTURAL RESOURCES THAT PLAY A VITAL ROLE IN THE QUALITY AND LIFE OF A COMMUNITY, INCLUDING ITS ECONOMIC AND CULTURAL DEVELOPMENT; (III) BE THE SITE OF A CONCENTRATION OF ARTISTIC OR CULTURAL ACTIVITY, A MAJOR ARTS OR CULTURAL INSTITUTION OR FACILITY, ARTS AND ENTERTAINMENT BUSINESSES, AN AREA WITH ARTS AND CULTURAL ACTIVITIES, OR ARTISTIC OR CULTURAL PRODUCTION; AND (IV) BE ENGAGED IN THE PROMOTIONAL, PRESERVATION, AND EDUCATIONAL ASPECTS OF THE ARTS AND CULTURE OF THE COMMUNITY AND CONTRIBUTE TO THE PUBLIC THROUGH INTERPRETIVE, EDUCATIONAL, OR RECREATIONAL USES. (c) NOTWITHSTANDING THE REQUIREMENTS OF PARAGRAPH (b) OF THIS SUBSECTION (3) , IN SPECIAL CIRCUMSTANCES A CREATIVE DISTRICT MAY OBTAIN CERTIFICATION BY THE DIVISION IF THE LAND AREA PROPOSED FOR CERTIFICATION AS A DISTRICT CONTAINS MULTIPLE VACANT PROPERTIES IN CLOSE PROXIMITY THAT WOULD BE SUITABLE FOR REDEVELOPMENT AS A CREATIVE DISTRICT. IT SHALL NOT BE A REQUIREMENT OF CERTIFICATION THAT THE PROPOSED DISTRICT CONTAIN ANY PRECISE MIX OF FOR -PROM OR NONPROFIT INDUSTRIES OR ORGANIZATIONS. PAGE 4-HOUSE BILL 11-1031 (d) TWO OR MORE LOCAL GOVERNMENTS MAY JOINTLY APPLY FOR CERTIFICATION OF A CREATIVE DISTRICT THAT EXTENDS ACROSS A COMMON BOUNDARY. (4) (a) (I) NOT LATER THAN JULY 1, 2012, THE COORDINATOR SHALL CREATE A PROCESS FOR THE REVIEW OF APPLICATIONS SUBMITTED BY LOCAL GOVERNMENTS FOR CERTIFICATION OF STATE -CERTIFIED CREATIVE DISTRICTS. THE APPLICATION SHALL BE SUBMITTED ON A STANDARD FORM DEVELOPED AND APPROVED BY THE DIVISION. THE COORDINATOR SHALL MAKE A RECOMMENDATION TO THE DIVISION FOR ACTION ON EACH APPLICATION FOR CERTIFICATION. (II) AFTER REVIEWING AN APPLICATION FOR CERTIFICATION, THE DIVISION SHALL APPROVE OR REJECT THE APPLICATION OR SEND IT BACK TO THE APPLICANT WITH A REQUEST FOR CHANGES OR ADDITIONAL INFORMATION. REJECTED APPLICANTS MAY REAPPLY WITHOUT PREJUDICE. (III) CERTIFICATION SHALL BE BASED UPON THE CRITERIA SPECIFIED IN PARAGRAPH (b) OF SUBSECTION (3) OF THIS SECTION AS WELL AS ANY ADDITIONAL CRITERIA REQUIRED BY THE DIVISION THAT IN ITS DISCRETION WILL FURTHER THE PURPOSES OF THIS SECTION. THE DIVISION MAY REQUEST THAT AN APPLICANT PROVIDE RELEVANT INFORMATION SUPPORTING AN APPLICATION. ANY ADDITIONAL ELIGIBILITY CRITERIA SHALL BE POSTED BY THE DIVISION ON ITS PUBLIC WEB SITE. (IV) IF THE DIVISION APPROVES AN APPLICATION FOR CERTIFICATION, IT SHALL NOTIFY THE APPLICANT IN WRITING AND SHALL SPECIFY THE TERMS AND CONDITIONS OF THE DIVISION'S APPROVAL, INCLUDING THE TERMS AND CONDITIONS SET FORTH IN THE APPLICATION AND AS MODIFIED BY WRITTEN AGREEMENT BETWEEN THE APPLICANT AND THE DIVISION. (b) UPON APPROVAL BY THE DIVISION OF AN APPLICATION FOR CERTIFICATION BY A LOCAL GOVERNMENT, A CREATIVE DISTRICT SHALL BECOME A STATE -CERTIFIED CREATIVE DISTRICT WITH ALL OF THE ATTENDANT BENEFPI S UNDER THIS SECTION. (c) THE DIVISION MAY REMOVE A CERTIFICATION PREVIOUSLY GRANTED UNDER THIS SECTION FOR FAILURE BY A LOCAL GOVERNMENT TO COMPLY WITH THE REQUIREMENTS OF THIS SECTION OR ANY AGREEMENT EXECUTED THEREUNDER. PAGE 5-HOUSE BILL 11-1031 (5) (a) THE COORDINATOR SHALL: (I) REVIEW APPLICATIONS FOR CERTIFICATION AND MAKE A RECOMMENDATION TO THE DIVISION FOR ACTION PURSUANT TO PARAGRAPH (a) OF SUBSECTION (4) OF THIS SECTION; (II) ADMINISTER AND PROMOTE AN APPLICATION PROCESS FOR THE CERTIFICATION OF CREATIVE DISTRICTS; (III) WITH THE APPROVAL OF THE DIVISION, DEVELOP STANDARDS AND POLICIES FOR THE CERTIFICATION OF STATE -CERTIFIED CREATIVE DISTRICTS IN ACCORDANCE WITH PARAGRAPH (b) OF SUBSECTION (3) OF THIS SECTION AND SUBPARAGRAPH (III) OF PARAGRAPH (a) OF SUBSECTION (4) OF THIS SECTION. ANY APPROVED STANDARDS AND POLICIES SHALL BE POSTED ON THE DIVISION'S PUBLIC WEB SITE. (IV) REQUIRE PERIODIC WRITTEN REPORTS FROM ANY CREATIVE DISTRICT THAT HAS RECEIVED CERTIFICATION AS A STATE -CERTIFIED CREATIVE DISTRICT FOR THE PURPOSE OF REVIEWING THE ACTIVITIES OF THE DISTRICT, INCLUDING THE COMPLIANCE OF THE DISTRICT WITH THE POLICIES AND STANDARDS DEVELOPED UNDER THIS SECTION AND WITH THE CONDITIONS OF AN APPROVED APPLICATION FOR CERTIFICATION; (V) IDENTIFY AVAILABLE PUBLIC AND PRIVATE RESOURCES, INCLUDING ANY APPLICABLE ECONOMIC DEVELOPMENT INCENTIVES AND OTHER TOOLS, THAT SUPPORT AND ENHANCE THE DEVELOPMENT AND MAINTENANCE OF CREATIVE DISTRICTS AND, WITH THE ASSISTANCE OF THE DIVISION , ENSURE THAT SUCH PROGRAMS AND SERVICES ARE ACCESSIBLE TO SUCH DISTRICTS; AND (VI) WITH THE APPROVAL OF THE DIVISION, DEVELOP SUCH ADDITIONAL PROCEDURES AS MAY BE NECESSARY TO ADMINISTER THIS SECTION. ANY APPROVED PROCEDURES SHALL BE POSTED ON THE DIVISION'S PUBLIC WEB SITE. (b) IN ADDITION TO ANY POWERS EXPLICITLY GRANTED TO THE DIVISION UNDER THIS SECTION, THE DIVISION SHALL HAVE SUCH ADDITIONAL POWERS AS ARE NECESSARY TO CARRY OUT THE PURPOSES OF THIS SECTION. WHERE AUTHORIZED BY LAW, SUCH POWERS MAY INCLUDE OFFERING INCENTIVES TO STATE -CERTIFIED CREATIVE DISTRICTS TO ENCOURAGE PAGE 6-HOUSE BILL 11-1031 BUSINESS DEVELOPMENT, EXPLORING NEW INCENTIVES THAT ARE DIRECTLY RELATED TO CREATIVE ENTERPRISES , FACILITATING LOCAL ACCESS TO STA 1'E ECONOMIC DEVELOPMENT ASSISTANCE, ENHANCING THE VISIBILITY OF STATE -CERTIFIED CREATIVE DISTRICTS, PROVIDING STATE -CERTIFIED CREATIVE DISTRICTS WITH TECHNICAL ASSISTANCE AND PLANNING AID, ENSURING BROAD AND EQUITABLE PROGRAM BENEFITS, AND FOSTERING A SUPPORTIVE CLIMATE FOR THE ARTS AND CULTURE WITHIN THE STATE; EXCEPT THAT, NOTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION, A CREATIVE DISTRICT CREATED PURSUANT TO THIS SECTION SHALL NOT BE ELIGIBLE TO RECEIVE ANY FORM OF FINANCIAL INCENTIVE THAT IS DERIVED FROM MONEYS ALLOCATED TO THE LOCAL GOVERNMENT LIMITED GAMING IMPACT FUND CREATED IN SECTION 12-47.1-1601 (1) (a), C .R.S ., WITHOUT THE CONSENT OF THE APPLICABLE ELIGIBLE LOCAL GOVERNMENTAL ENTITY OR ENTITIES, AS DEFINED IN SECTION 12-47.1-1601 (4) (b), C.R.S., INSIDE THE TERRITORIAL BOUNDARIES OF WHICH THE CREATIVE DISTRICT IS LOCATED. (6) THE CREATION OF A DISTRICT UNDER THIS SECTION MAY NOT BE USED TO PROHIBIT ANY PARTICULAR BUSINESS OR THE DEVELOPMENT OF RESIDENTIAL REAL PROPERTY WITHIN THE BOUNDARIES OF THE DISTRICT OR TO IMPOSE A BURDEN ON THE OPERATION OR USE OF ANY PARTICULAR BUSINESS OR PARCEL OF RESIDENTIAL REAL PROPERTY LOCATED WITHIN THE BOUNDARIES OF THE DISTRICT. SECTION 2. Act subject to petition - effective date. This act shall take effect at 12:01 a.m. on the day following the expiration of the ninety -day period after final adjournment of the general assembly (August 10, 2011, if adjournment sine die is on May 11, 2011); except that, if a referendum petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part shall not take effect unless approved by the people at the general election to be held in November 2012 PAGE 7-HOUSE BILL 11-1031 and shall take effect on the date of the official declaration of the vote thereon by the governor. Frank McNulty SPEAKER OF THE HOUSE OF REPRESENTATIVES Marilyn Eddins CHIEF CLERK OF THE HOUSE OF REPRESENTATIVES Brandon C. Shaffer PRESIDENT OF THE SENATE Cindi L. Markwell SECRETARY OF THE SENATE APPROVED John W. Hickenlooper GOVERNOR OF THE STATE OF COLORADO PAGE 8-HOUSE BILL 11-1031 a) 0 a) c) O " E 4+ O N Q '0 FQ ,=,N O ° a) ;� Q) O R — ° CD + O c �A (cd • a) O ° c�dc%b ° � + 0 V, -'� Ti O .°•w O "aN° C a) cA a) °clHp '4 8 1,a) a) .-0.5 @ o 4 O0 a) 5 a• oi � E c ° a) a) E-4 P4 i 0 a a8:6 .... .'b ▪ a En 5 ai , 14 ga4,p ''bE���of"y'�gw .a E 4a °�NW < o ++� °U� �•7) ,. . �E'1 '°" �wH5, o �.qua (oo�gaa0a�•-(5o W 00a) $obo�' U 0L °�0• 0a) too a)pb 0-8'3' •5 8 �H o v) ▪ a) ° - 'O • 0 -8.0 • = N NO 4-1 4-1 D '0 4+ - • .5 (n al ^ N 0 01a ij °0 oo 4°o p En �§Oa)a)O(nc.) ` = O �1C° adpU'' ' id wQb a) crj Cd a, oAU . aa)) m •ti cd 0.4al0�-g mi E c) a)w ›,— p,,.o. �oU o Chi F'' 'cO� 0 i. a) M 0 .0 („ , o 0p R' p r. a) • N 0)ac. _-0.)1 aa0'5 cl P¢NP a>1 EE~a 2 Table of Contents to be drafted (Mayor) Letter from the Town of Estes Park 0 Ca Ca. 0 0 S EIS E E FE141E1 UVUU U U zU .01IQ`1'i.11 @INp requested from Town 0 0 U 0 cd 0 eets the Regional Tourism Act Criteria Discussion of how the Proje E.) tri 1“1:i In In 0 (4-4 0 0 0 (t) 0 c.) z c+-r 0) En 0 • a) a) ttO 0 0 U) cd CLI 0 0 4.1 (to be submitted at a later date per guidelines) a) a) t 00 Description of the Financing Entity c; 0 '-0 Phases and Timing of Phases of Con 0) 0 Project Certification Form 0 8 (4.1 0 0 PP bo a) 0 0. 0 ccs Other Information Available Upon Request 1)uraIt to view Estes Park's Elkhorn Regional Tourism Project Description of the Project Summary The Elkhorn Project is an exciting opportunity for the Estes Park community and Colorado as a whole. The project includes the renovation and expansion of the historic Elkhorn Lodge and the construction of a performing arts center, a museum and living history center and a ski adventure park with year-round skiing, snowboarding and tubing. These facilities will draw a significant number of new visitors to the area throughout the year. It will also generate significant new revenue for local businesses as well as serve as a driver for new economic development within Estes Park. The Elkhorn Project is a redevelopment of a 65-acre parcel located at the western edge of downtown Estes Park currently known as the Elkhorn Lodge. The Elkhorn Lodge is the oldest continuously operating lodge in Colorado and has been in operation since the 1880s. The Elkhorn Lodge was once a grand facility offering an array of lodging types as well as guided outings into the surrounding wilderness, on -site sports and entertainment, and lavish meals. Time has taken its toll on the facilities at the Elkhorn Lodge. It still operates as a lodge with hotel rooms and cabins for rent, banquet and wedding facilities, horseback rentals and chuck wagon dinners. However, the facilities are at the low end of the lodging scale and only meet the needs of a limited population of the Estes Park tourists. As such, most visitors to Estes Park never get the opportunity to see and experience life as it once was at the Elkhorn Lodge. The Elkhorn Project intends to bring this family oriented, activity -driven resort destination back to life with new amenities that appeal to the modern tourist. At its core, the Elkhorn Project is a historical renovation of the Elkhorn Lodge and its many buildings. The main lodge building will be upgraded to feature attractive hotel rooms, a restaurant and banquet facility, grand lobby and a pool/spa area. A new hotel wing will be added. The Ranch House, the original home of the founding James family and original lodging facility, will be converted into a museum. The Coach House and cabins will be renovated and converted into group housing and a living history village. To provide activities for the guests, a Ski Adventure Park will be developed on the hillside behind the main lodge building. This area will feature skiing and snowboarding (including during the summer on an artificial surface), an alpine coaster, zip lines, and tubing runs. A long -sought addition to the community, the Estes Park Performing Arts Center will be constructed along the riverfront portion of the property. Together, these attractions will create a family -friendly entertainment zone immediately adjacent to the downtown shopping district and will appeal to a wide range of interests. This project will enhance the tourist experience in Estes Park, will serve as a driver of tourism in RTA Application — Tab 2A Description of the Project Page 1 of 15 Dr of t wm k"ina1 tleview the otherwise quiet winter months, and will drive economic development within the Estes Valley. In order to be developed, this project requires support of the Colorado Department of Economic Development through the incremental sales tax program authorized by the Regional Tourism Act. In an effort to design an attraction that meets the desires of a modern tourist while preserving the historic character of the Elkhorn Lodge, the development costs of this project will exceed what could be justified solely through private investment. Past attempts to redevelop the Elkhorn Lodge and to construct a performing arts center have failed. Market Opportunity Thanks largely to its prominence as the main gateway to Rocky Mountain National Park, Estes Park is one of Colorado's most popular tourism destinations, drawing more than 3,000,000 visitors per year'. More than 50% of these visitors are from outside the state of Colorado and an additional 2% are international tourists". In 2011, Estes Park was named a Top 25 Destination in the United States by TripAdvisor"'. Tourism became the mainstay of the Estes Park economy in the late 1800's as early pioneers, who came to farm and ranch, found that providing lodging and entertainment to the summer visitors was more lucrative. Tourism got a major boost from the arrival of F.O. Stanley in his Stanley Steamer in 1903, the opening of the Stanley Hotel in 1909 and the construction of roads from Lyons and Loveland permitting automotive access to increasing numbers of vacationers. The establishment of Rocky Mountain National park in 1915 brought more than 100,000 visitors to Estes Park in 1917' and established the area's national reputation as a summer vacation destination. Estes Park's remote mountain location leaves it few economic alternatives and tourism will remain essential to the sustainability of the town's economy. The current seasonality of Estes Park's economy is opposite that of most mountain resort communities. While most Colorado mountain resort communities have a vibrant winter ski economy and at least a modest summer destination economy based on hikers, bikers and nature enthusiasts, Estes Park lacks the winter tourism attractions. Accordingly, Estes Park sees a significant decline in economic activity during the winter months. This economic imbalance causes many tourism -driven businesses, restaurants and lodging facilities to close for the winter months. The resulting scarcity of year-round employment opportunities results in financial hardship for many families, who often chose to move away from the Estes Valley to a location where they can find year-round employment. As a year-round attraction, the Elkhorn Project will RTA Application — Tab 2A Description of the Project Page 2 of 15 !.D create steady employment opportunities both on and off -site and help ensure the future health and vitality of Estes Park as a major tourist destination. While the Town provides an appealing array of summertime recreational amenities that complement National Park visitation, such as climbing walls, picnic areas, hiking and water sports, it lacks wintertime attractions. National Park visitor statistics show that over 85% of visits are in the months of May through October,' and the Town's sales tax data shows that over 70% of the sales tax revenues are generated in this 6 month period' The Elkhorn Project will not only enhance Estes Park's existing tourism base during its peak summer season, but would ignite visitation during the winter off-season, leading to a more vibrant and sustainable year-round economy for the area. At present, a number of businesses in Estes Park fail each year and even more close down operations during the winter months as a result of the seasonality the Town currently experiences. As a result, residents faced with lay-offs or reduced hours in the winter months must work multiple jobs during the summer to make ends meet on an annual basis. More and more, residents are finding this employment situation too stressful and are moving away. The Estes Park School District is seeing declining enrollment and estimates that it is losing roughly 50 students per year with the primary reason being that their families are unable to cope with the uncertainties of local employment and that the distances are too great to commute daily to employment in the Front Range. Estes Park's Elkhorn Project will be located on a 65-acre parcel of property located on the western edge of the downtown business area. The Project will be anchored by the restoration of the Elkhorn Lodge, a historical gem of statewide importance that, in its current state, is in disrepair and at risk. The Elkhorn Lodge is recognized as Colorado's oldest continuously operating guest ranch and its operations are limited in scope. A central theme of the Elkhorn Project is to celebrate the site's rich history, and the renovation of the Elkhorn Lodge is where that begins. Renovations will retain the architecture style of the original facility and uphold historic preservation standards, while the installation of key amenities and improvements will cater to the needs of modern-day visitors. The restoration of the Elkhorn Lodge is, in itself, a project of great importance to the Estes Park community. The second prominent feature of the Elkhorn Project is the Cultural, Heritage and Educational Center, which includes the Estes Park Performing Arts Center, a living history village, and one or more museums and/or visual arts galleries. The Performing Arts Center, a state of the art venue for the performing arts, is the realization of a long-standing dream for the Estes Park community and will elevate both the quality of life for residents and the tourism experience for visitors. The living history village will build upon the restoration of the Elkhorn Lodge to recognize such features as Estes Park's first church, schoolhouse and coach house. The museums and/or visual arts galleries will provide space for the display of artifacts and exhibits on the history of Estes Park and the Elkhorn Lodge and offer local and regional artists a chance to display and sell their work to a national audience, as well as host RTA Application — Tab 2A Description of the Project Page 3 of 15 or E'i ai Review exhibits from around the globe. The Estes Park Performing Arts Center, living history village and the museums are expected to offer significant educational programs. In addition, discussions are ongoing with the Estes Park Science Institute to locate a research and educational facility on the Elkhorn Property that will attract professors, researches and student groups to conduct environmental research both at the research facility and in Rocky Mountain National Park. The Elkhorn site is an ideal location for the Cultural Heritage Educational Center due to its proximity to downtown Estes Park and its other complementary amenities. The third feature of the Elkhorn Project is the Ski Adventure Park that will include a family - friendly, alpine recreation experience including a ski and snowboard slope, a snow tubing area, a ropes course venue, a zip line, and an alpine coaster operating throughout the year. The site will also feature a Mountain Top Restaurant offering outstanding views of Rocky Mountain National Park to host day visitors and special events. The Ski Adventure Park will be unique to this area and will have broad appeal to drive -up residents from Colorado's North Front Range and elsewhere. The offering of a summer learn -to -ski opportunity will be a unique activity for visitors from across the country that may have come to visit Rocky Mountain National Park but who will hopefully leave as new enthusiasts to the sport anxious to come back to "ski the Rockies" for years to come. Collectively, the Elkhorn Project's unique amenities have the potential to become some of Estes Park's most prominent tourism attractions and a significant driver of a more sustainable year-round economy. The following section describes each of the project's components in more depth, explaining how they will contribute to the economy and quality of life in Estes Park. Elkhorn Property Location The Elkhorn Property (B in the map below) is located on West Elkhorn Avenue (the main street through downtown Estes Park) roughly % mile west of the center of downtown (A in the map below). The majority of traffic into Estes Park comes from the east (via Highway 36 from Lyons, Longmont or Boulder or via Highway 34 from Loveland or Ft. Collins). Vehicular traffic to the site can either come through downtown on Elkhorn or via the Wonderview Avenue bypass that is to the north of downtown. The property is situated on the Fall River which merges with the Big Thompson River 'A mile downstream from the property. Old Man Mountain, a prominent and historic rock crag, is just to the west of the property. The western edge of the property is within 1 mile of the boundary of the Rocky Mountain Natural Park (shaded in green in the map below). RTA Application — Tab 2A Description of the Project Page 4 of 15 Iq"a�aai i ev cvv Attempts over the past several years to acquire and develop the property have been unsuccessful. Elkhorn Project, Inc. has a contract to purchase the 65 acre property from the current owners with closing on the purchase scheduled to occur in March 2012. At present, 40 acres of the parcel are outside of the city limits of Estes Park and are zoned for residential use. However, these 40 acres will be annexed shortly after the purchase and rezoned. Several of the adjoining properties are under conservation easements with the Estes Valley Land Trust. Elkhorn Project, Inc. is in discussions with the Estes Valley Land Trust to place a conservation easement on the upper portion of the property on which the top of the ski lift, the hilltop restaurant and ski runs will be located. This conservation easement would preserve an important wildlife corridor from the National Park into downtown Estes Park where elk and other wildlife have become popular attractions. Elkhorn Lodge Restoration The Elkhorn property dates back to 1877 when the first buildings were built by the James family for a ranching business. They soon began to provide lodging to the many tourists who were traveling to Estes Park. By 1880, they had 15 tourist rooms housing up to 40 people at a time. As the needs of the tourists increased, and proved quite lucrative, the James family decided to focus their efforts on expanding the lodging operations, and scaled back the ranching. The Elkhorn Lodge accommodations expanded year over year, with more and more cabins added and finally the present Elkhorn Lodge building was built in 1900 with expansions in 1907 and 1912". F.O. Stanley stayed at the Elkhorn Lodge for three months in 1903 upon his initial arrival in Estes Park. In subsequent years, he built his family home and then in 1907 the Stanley Hotel, now a popular tourist destination itself. Despite being listed on the national registry of historic sites, the buildings on the Elkhorn property have in recent years narrowly avoided demolition on several occasions. In 2010, Colorado Preservation, Inc. named the Elkhorn Lodge as one of the six most endangered historic properties in Colorado. RTA Application — Tab 2A Description of the Project Page 5 of 15 As part of the Elkhorn Project, the historic Elkhorn Lodge and associated buildings will be renovated and restored. The main lodge will reopen with a restaurant/bar, banquet hall, gift shop, and 25 guest rooms. The plan includes a new wing of the hotel, which will add 45 new hotel rooms and a large spa with indoor/outdoor pool. Renovations will uphold the historic architecture and design of the original buildings, while incorporating the modern amenities that today's guests desire. Estes Park offers many lodging alternatives but few 3-star hotels. The renovated and expanded lodge will seek to fill this void. Estes Park is a popular location for weddings and the renovated hotel will be scenically located and provide all of the lodging, banquet and other amenities to play a preeminent place for weddings and other large social gatherings. The inclusion of the Estes Park Performing Arts Center on the property will make the hotel an ideal location for the lodging of persons coming to view performances as well as the performers themselves. With the ski and other winter activities located in its backyard, the renovated lodge should have occupancy rates in the winter seasons that far exceed the norm in area. These advantages should enable the Elkhorn Lodge to command above average room rates and reduced volatility of occupancy rates that create economic challenges to other lodging properties. ft for Final Rcvic. v ,,mrwdvw�m rnt� Educational/Heritage/Cultural Center Performing Arts Center The Estes Park community has been attempting to develop a performing arts center for over 15 years. A previous non-profit organization dissolved in 2004 and left the funds that it had raised to the Town to be used for construction of a performing arts center in the future. The most recent effort began in 2006 by a non-profit organization known as the Supporters for the Performing Arts, Inc. ("SOPA"), a Colorado 501(c)(3) non-profit corporation. Performance Park offers an excellent outdoor venue for concerts and performances in the summer months. However, summer thunder showers, the limited size of this venue and its open access create challenges for using this venue for ticketed performances. At present, the Town of Estes Park and SOPA have a memorandum of understanding for the construction of the Estes Park Performing Arts Center at the Stanley Fairgrounds east of downtown on a parcel of land adjacent to the rodeo grounds that is currently used for horse stalls. The Applicant, SOPA, and Elkhorn Project, Inc. are exploring relocation of the Estes Park Performing Arts Center to the Elkhorn Property site. This new site would place the RTA Application — Tab 2A Description of the Project Page 6 of 15 Oral t .r Fitt;:. theater on a riverside setting less than 1/% mile east of downtown and across the street from Performance Park. The Estes Park Performing Arts Center is designed to become the focus for the cultural life of the Estes Park community. By providing a state-of-the-art performance venue to all local performing arts groups and by presenting high quality, nationally recognized entertainment to residents and visitors, the Estes Park Performing Arts Center will make the arts a part of everyday life, dramatically enhancing the quality of life for the community and broadening the tourism experience for visitors to the Town. Locating the Estes Park Performing Arts Center on the Elkhorn Property will compliment the Elkhorn Lodge redevelopment by providing hotel guests with an adjacent nighttime attraction. It will also be within a relaxing riverside walk from numerous other lodging facilities, restaurants and the downtown shopping district. The Applicant has previously committed $1,200,000 for infrastructure improvements, parking, lighting, and landscaping in the construction of the facility. The Applicant's "Theater Fund" contains approximately $450,000 that is committed to the construction of a theater if it can be substantially completed before May 2014. The Applicant has also previously agreed to provide $217,000 per year to fund operating deficits while the Estes Park Performing Arts Center becomes established. SOPA has recently commenced a capital campaign to raise $7,000,000 to fund construction and support its ongoing operations. Elkhorn Project, Inc. has agreed to provide substantial funds necessary to construct the Estes Park Performing Arts Center on the Elkhorn Property site but these funds, and thus the theater relocation, will be possible only if the Applicant's RTA application is successful. "Y+��1IIIIJIII�Jr%/%%i rt, , The Estes Park Performing Arts Center will include a main performance area with 433 audience seats and state of the art lighting, acoustics, stage equipment and sound system. It will feature a 40' by 70' raised stage with an automated fly system such that the facility will have the flexibility to respond to a wide variety of performance requirements. Performances will range from concerts, dance recitals and full stage theatrical productions to film festivals, poetry readings and storytelling. An addition lobby performance area with a 75-seat capacity will also be available for smaller performances. The lobby area will also include gallery space and concession and eating areas. RTA Application — Tab 2A Description of the Project Page 7 of 15 view In addition to performances by professional groups and local performing arts organizations, SOPA intends to offer educational programs and the Estes Park Performing Arts Center will include teaching areas and classrooms. Participants for these educational programs and youth camps are expected to come from throughout Colorado and the nation to participate. Museums/Visual Arts Galleries The area surrounding the Elkhorn Lodge and the Estes Park Performing Arts Center will house one or more museums and visual arts galleries in a combination of newly constructed and renovated historic buildings. It is expected that these exhibitions will focus on local history and local artisans. Special emphasis will be given to the late 1890s and early 1900s when developments in transportation, photography, communication and leisure activities sparked a significant growth in tourism in the Estes Valley. The Ranch House, the original James family home, will be renovated into a historical museum. It will feature displays on both the history of the Town of Estes Park as well as the history of the Elkhorn Lodge property and the James family. Many artifacts of the lodge will be on display here in order to visually depict the early days of the lodge property. Elkhorn Project, Inc. has had preliminary conversations with The Stanley Museum regarding the possible relocation of their museums in Estes Park and Kingfield Maine to a site on the Elkhorn Property. These museums include Stanley steam cars developed by the brothers F.E. and F.O Stanley and an extensive exhibit on the history of black & white photography featuring the Stanley Dry Plate Company and photographs of the Stanleys' sister Chansonetta. The exhibit includes photographs of Henry Wadsworth Longfellow and William Cullen Bryant. One feature of such a museum may include a working garage in which Stanley steam cars are repaired and where visitors can see the inner workings of these unique vehicles. The discussions with The Stanley Museum are still in their preliminary stages and are described here as an example of the nature of the museum and visual arts galleries that may be included in the project. RTA Application — Tab 2A Description of the Project Page 8 of 15 b Living History Village The Elkhorn Property includes a number of historic small cabins and outbuildings including buildings that housed the first church in Estes Park and the first school in Estes Park. These buildings will be renovated and expanded to create a living history village in which artisans in period dress can demonstrate their crafts and sell their wares. While downtown Estes Park still features buildings retaining the historical architecture of the early 1900s, the downtown still feels like a modern shopping destination. The Living History Village at the Elkhorn Project will transport visitors back in time when life was more rugged. Tucked against a hillside, adjacent to the Elkhorn Lodge building, the Living History Village will be both a museum and unique shopping and entertainment destination, featuring unique shopping (such as the general store, art galleries, candy shops and candle shops) as well as artisans providing exhibits of their skills, such as silversmith, baker, glass blower, hat maker, and candle maker. Visitors will be able to take a ride in a horse-drawn wagon, grab a soda or an ice cream at the local saloon, or hear ghost stories at the evening campfire. t The restored Elkhorn Lodge and the Living History Village will transport visitors to a unique period of America's western history. From 1880 to 1910, Estes Park was transformed from the home of trappers and early settlers trying to survive in a remote mountain valley with no modern amenities, to a model of modern 20th century tourism with buses, automobile tours and hotels and shops with running water and electricity. This was the era when conservation and tourism combined to create our great National Parks system. Estes Park's story is a microcosm of a much larger social change when the American people chose to preserve and RTA Application — Tab 2A Description of the Project Page 9 of 15 Draft for Final lea vla my enjoy the natural beauty of the great western landscapes while bringing modern development to remote areas. Visitors to the Living History Village will experience the early years of trappers, settlers, stagecoaches and subsistence struggles with the ability to explore the food, clothing, housing, transportation and daily activities of the early years of Estes Park. The visitor can then move forward in time and glimpse the great changes brought by Dunraven, James, Stanley, and others resulting in "modern" turn -of -the -century housing, accommodations and transportation. Education and Research Facilities Preliminary discussions are occurring between Elkhorn Project, Inc. and the Estes Park Science Institute for the location of a research and community outreach building, including group housing for professors, researchers and college and school groups to conduct applied research projects regarding the environment and the impact of climate changes on the Rocky Mountain ecology. The institute would work with the National Park Service and local colleges and school districts but also seeks to bring researchers and students from across the country and internationally. In addition, Supporters of the Performing Arts intends to offer educational programming at the Estes Park Performing Arts Center. SOPA will offer an arts curriculum geared to local students as well as courses and summer programs designed for students out of the area. The group housing facility will provide reasonably priced accommodations for participants in these programs. The historical renovation of the Elkhorn Lodge, the museums and the living history village are also opportunities to create educational curriculums based on the pioneer days of Colorado. Again, these could be conducted as either day programs or overnight programs using the group housing facility for school and youth programs from throughout the Midwest. Ski Adventure Park The third component of the Elkhorn Project is the Ski Adventure Park, which is the project's primary catalyst for new winter visitation. The Ski Adventure Park has an exciting array of year-round activities that appeal to a wide variety of visitors and take advantage of the site's beautiful setting and scenery and reputation as a family vacation getaway. With its focus on affordability, learning to ski or snowboard and family fun, the Ski Adventure Park will be unlike any other tourism attraction found in the region and is expected to generate substantial visitation throughout the year for Estes Park. RTA Application — Tab 2A Description of the Project Page 10 of 15 �. ra tt Colorado is world -renown for its alpine sports, and skier visitation throughout the state at resorts of all sizes continues to rise. Over the past ten winter seasons, the Rocky Mountain statistical region has experienced 1.3 percent average annual growth in skier visitation". This is attributed in part to the state's continuous population growth, especially along the Front Range. Focusing further on smaller -scale resorts that are closer to the Denver/Boulder and Fort Collins/Northern Colorado metropolitan areas, the evidence of residents' growing interest in alpine sports is even more apparent": Eldora Mountain Resort experienced an average increase of nearly 18 percent in skier visits between the 2000-2001 season and the 2009-2010 season. The newly created Echo Mountain near Evergreen, Colorado saw visitation spike from approximately 3,000 skiers in its inception year of 2005-2006 to over 30,000 in 2008-2009. The Elkhorn Ski Adventure Park will share the same appeal as these small resorts, but will have a more varied array of amenities and will be open year-round. The size and cost of most of the other ski areas in the state can be intimidating to families or novices and none of them offer summer skiing for beginners. The Elkhorn site is an ideal setting to do so as the demand for these activities continue to rise along the Front Range. There are several amenities and activities available in or nearby Estes Park that indicate that the Ski Adventure Park will have great appeal to Estes Park visitors. Sledding and tubing is a popular winter activity at the former Hidden Valley ski area in Rocky Mountain National Park despite its lack of any lifts or formalized amenities. Fun City, which is located two blocks south of the main downtown intersection on Highway 36, also provides a popular `giant slide' and other amusement park features such as a climbing wall and a bungee trampoline; numerous other providers of family -friendly activities such as mini -golf and bumper boats". The Aerial Tramway, which has carried visitors to the top of Prospect Mountain since 1955, has over 50,000 visitors a year and operates from the end of May through the beginning of September'. The Elkhorn Project would cater to a similar clientele as these recreation providers, but would offer new activities that are not already provided in Estes Park year-round. RTA Application — Tab 2A Description of the Project Page 11 of 15 Ski and Snowboard Slope The ski and snowboard slope will be a strong economic catalyst that generates much needed visitors during the winter and shoulder seasons and offers an attractive new opportunity to the large number of summer visitors. Skiing will be possible 365 days a year by featuring a Snowflex® surface on a portion of the mountain. This synthetic product creates a realistic downhill experience, especially for beginners and terrain park enthusiasts. r i � ��� �(f j01�51(� r� P,•�. aar a e i /iorA The Elkhorn Project will be an exciting opportunity for families and others who want an introductory skiing or snowboarding experience that is affordable, and easy to navigate- from travel to the area and parking, to renting equipment, and then immediately getting out on the hill. The lower portion of the ski and snowboard slope will cater primarily to beginners, and feature a small slope served by a carpet conveyer lift. The beginner ski slope will be approximately 300-350 feet in length and have a very gentle gradient. To the north of the beginner ski slope will be the central corridor for the remainder of the ski and snowboard slope, which will include the chairlift loading zone. To the north of the chairlift loading area will be the snow tubing facility, which is described in more detail below. The upper portion of the ski/snowboard slope will include a wider variety of trails interspersed throughout the park -like setting found here. The existing site already has an ideal gradient for beginner and intermediate trails though this area, as well as nicely -spaced, mature ponderosa pines. Approximately seven trails will comprise the upper portion of the ski/snowboard slope, ranging in length from a few hundred feet to up to a half -mile. A mid - mountain loading station will allow skiers to remain at this upper portion without having to return to the base area. The upper portion of the mountain may also accommodate a small terrain park. Snowmaking will occur to maintain an adequate base during the winter season on the entire slope. The installation of lifts and preparation of the slopes as well as the operation of the ski/snowboard facilities will be conducted in accordance with the sustainable slopes policies of the National Ski Area Association. The chairlift will be a quad -chair attached lift with structures at both the base and top of the lift. The upper structure will be accompanied by a Mountain Top Restaurant described below. The ski/snowboard slopes will have 400 feet of vertical drop. RTA Application — Tab 2A Description of the Project Page 12 of 15 of'iet 141ul ro'NVl uit,�,�pilP;° 4dNIW����i •!�d�ul���i1°ry�IIIVP�mu Ponderosa pines on the upper portion of the ski/snowboard slope in its current condition, showing the lack of need of any significant grading, rock removal or tree cutting in order for the slopes to be ready for skiing and snowboarding. Year -Round Tubing Facility Snow tubing is an extremely popular winter activity at resorts across the country. A well - designed, dedicated snow tubing facility (with a lift) is an amenity that has a perceived demand in Estes Park, as demonstrated in the popularity of other similar activities nearby. There are no other formalized tubing facilities within close driving distance (<1 hour) to the Front Range, despite tubing's rising popularity and measurable return on investment. Similar to the ski/snowboard slope, the tubing facility would operate both in the winter and in the summer and have broad appeal to both residents of Colorado, and those from across the county who are visiting Rocky Mountain National Park. The tubing facility will have four lanes, varying from 500 to 600 feet long that will be served by a 250 foot long carpet conveyor lift. A small building will be constructed at the bottom of the tubing lift for tube storage. RTA Application — Tab 2A Description of the Project Page 13 of 15 irr JV uaV Review Zip Line and Ropes Course Zip lines and ropes courses are also popular activities that allow recreationists to have an exciting, up -close experience with nature, with a low risk factor. The Elkhorn site is ideal for these, given its beautiful scenery, mature trees, and gradual slope. A zip line will be implemented from a starting point near the Mountain Top restaurant and chairlift unloading station. It will consist of a one-way direct route to the base of the mountain. The route will be approximately a half -mile in length and expose views of the surrounding alpine environment and Estes Park as much as possible. It will offer the opportunity to experience the thrill and wonder of interacting with the forest canopy and other natural landscape elements including boulders and rock outcrop promontories. The ropes course will offer a more challenging recreation experience, while also exposing recreationists to the forest canopy and amazing views of the surrounding environment. Ropes courses are not only popular with day visitors, but are also great destinations for corporate and school groups who are interested in retreats and team -building activities. The nearby YMCA of the Rockies offers low and high challenge courses and a much shorter zip line, however, they are not marketed toward the general public, nor are they within walking distance to Town. The Elkhorn Project captures a broader range of clientele and is more tailored to those who are looking for single -day activities. Alpine Coaster Alpine coasters are an emerging trend in alpine recreation that provide an exhilarating experience for all ages. Alpine coasters are elevated roller coasters, typically above or next to the ski run, that carry riders through the forest. Coasters are secured to a track, similar to a bobsled, in which guests can control their speed as the cruise down the course. The alpine coaster will be located along the northern boundary of the property. It will be integrated within the natural vegetation as much as possible to not only bolster the ecotourism experience, but to provide a buffer between the adventure activities and adjacent properties. The alpine coaster will operate year-round. RTA Application — Tab 2A Description of the Project Page 14 of 15 U:Dre f� f r IY�`h a i:e.y�t( Mountain Top Restaurant The Mountain Top Restaurant will provide a scenic dining experience for all visitors of the Elkhorn site. It will be open year-round and feature unparalleled wrap -around views of Rocky Mountain National Park, Roosevelt National Forest, and the Estes Valley. The restaurant will include indoor and outdoor dining spaces, as well as a larger banquet space for special events such as weddings, meetings, or small conferences. The location of the Mountain Top restaurant is ideal, not only because it is at the top of the ski slope, but also because there are few other places in Estes Park where visitors can find such outstanding views of the landscape without being in the National Park itself. The restaurant will serve skiers/snowboarders and guests of the Elkhorn Lodge and visitors strolling up the riverwalk from downtown. Retail and Other Amenities The Ski Adventure Park will have a base building that features lift ticket booth and a fully equipped rental shop, ski store and other retail amenities will be housed in one of the Elkhorn Lodge's historical horse barns. Due to the focus on novice skiers and snowboarders, a far greater than normal number of visitors will need to rent equipment or buy gloves, hats and other accessories. In addition, the new hotel wing at the Elkhorn Lodge will feature additional retail shops such as souvenir shops, a coffee shop or clothing shops. Rocky Mountain National Park Statistics: hty://wvvw,rrips.Gov/rpmolrmp,ri)tL:tatiistics.htm 2010 Visitors Study Highlights prepared by Guest Research Inc. for Estes Park Local Marketing District, June 2011 http://www.tripadvisor.com/TCDestinations-g191-cTop25-United_States.html iv Estes Park Sales Tax Revenue: wi;tp://esceswiet.c;prnffxnarir..saIestaxrev. as,J�x "Those Castles of Wood, Henry F. Pedersen, Jr., pages 63-72. Vi Colorado Ski Country USA Skier Visitation Data Vn Estes Park Convention and Visitors Bureau: htttr11www.csteLaarkcvb.com h t1._//wwwKKestestram.corn/, RTA Application — Tab 2A Description of the Project Page 15 of 15 aft for Figil l i v.viiew Estes Park's Elkhorn Regional Tourism Project Identification and Background of Participants Town of Estes Park (the "Applicant") Estes Park, Colorado is located 70 miles northwest of Denver at the eastern entrance to Rocky Mountain National Park. The Town of Estes Park was incorporated April 7, 1917. In 2009 it had a population of 6,555 with an additional 4,705 living in the unincorporated area of the Estes Valley. For most of its history, it has been a vacation and recreation destination. The vast majority of the 3,000,000 visitors each year come to the area in the months between May and September. As a result, many businesses fail and many others shutdown completely during the winter months and residents find it difficult to find year-round work. The 150 lodging establishments within the area offer a total of 2,950 rooms but their occupancy ranges from an average of 89% in July and August to a low of 19% in January and February. Estes Park Tourism Authority (the "Estes Park Tourism Authority") The Applicant requests that the Commission, pursuant to the Regional Tourism Act, create a regional tourism authority for the purpose of serving as the Financing Entity for Estes Park's Elkhorn Project. The geographic boundaries of the Estes Park Tourism Authority will be co- extensive with town limits of the Town of Estes Park as such may change during the duration of the authority. The authority and responsibilities of the Estes Park Tourism Authority will be limited to those necessary or convenient to carry out this purpose including but not limited to those specified in the Regional Tourism Act. The Estes Park Tourism Authority will not have the power of eminent domain or to condemn property. The Estes Park Tourism Authority will not have the power to impose or levy any sales tax, use tax, property tax or any other tax, but will receive State Sales Tax Increment Revenue from the Colorado Department of Revenue as provided under the Act. Although the Estes Park Tourism Authority will have the authority to borrow money and incur indebtedness and to issue bonds, we do not, at present expect that it will exercise this authority. The Estes Park Tourism Authority will reimburse the Town of Estes Park for certain administrative costs and then disburse its remaining funds to EPI as they become available for distribution for use by EPI in the development of the facilities of the Elkhorn Project. The Estes Park Tourism Authority will ensure that all disbursed funds are spent by EPI on Eligible Costs and the development of Eligible Improvements within the scope of Estes Park's Elkhorn Project, but the Estes Park Tourism Authority will not be responsible for determining the specific allocation or timing of expenditures that are appropriate under the Act. RTA Application — Tab 2B Identification of the Participants Page 1 of 5 ati for Final IR.eview The Estes Park Tourism Authority will be governed by a board consisting of five members appointed for four year terms. The initial terms of two members of the governing board will expire April 30, 2014 and the initial terms of three members of the governing board will expire April 30, 2016. The Mayor of the Town of Estes Park shall serve as a member of the governing board and shall serve as its initial chair with an initial term expiring on April 30, 2016. Two members of the governing board (one appointed for an initial term expiring April 30, 2014 and one appointed for an initial term expiring April 30, 2016) will be owners of commercial property located within the Town of Estes Park and will be appointed by the Colorado Economic Development Commission. The remaining two members of the governing board (one appointed for an initial term expiring April 30, 2014 and one appointed for an initial term expiring April 30, 2016) shall be appointed by the Board of Trustees of the Town of Estes Park to represent the Estes Valley community at large. The Applicant's recommendations for members of the initial board of the Estes Park Tourism Authority are set forth in attachment included at Tab 13A in this application. Elkhorn Project, Inc. ("EPI") EPI is a non-profit corporation organized January 21, 2011 under the laws of Colorado exclusively for the charitable purpose of lessening the burdens of government of the Applicant and the Estes Park Tourism Authority with respect to Estes Park's Elkhorn Project. EPI has a volunteer board of directors with extensive experience in historic renovation, the ski industry, finance, real estate, tourism and legal matters as described in greater detail in an attachment included at Tab 13B to this application. EPI has retained SE Group, Inc., the worldwide leader in the design and planning of ski areas and resorts to assist EPI in its development of Estes Park's Elkhorn Project. Information regarding SE group is contain in an attachment included at Tab 13C. EPI also retained Douglas Kennedy Advisors to provide an economic impact analysis using the IMPLAN3 economic modeling software. Information regarding Douglas Kennedy Advisors and the IMPLAN3 software is contain in an attachment included at Tab 13D. EPI will receive funds from the Estes Park Tourism Authority as they become available for payment of Eligible Costs of Eligible Improvements as contemplated by Estes Park's Elkhorn Project. EPI will be the party responsible for determining the timing of all expenditures in the development of Estes Park's Elkhorn Project and supervise the construction of facilities. EPI will periodically report to the Estes Park Tourism Authority with respect to its use of these funds. EPI has entered into a contract to purchase the approximately 65 acres of property, including the historic Elkhorn Lodge and related historic buildings, on which Estes Park's Elkhorn Project will be located (the "Elkhorn Property"). EPI will serve as the developer of this property. As such it will select the operators of the various facilities included in the project RTA Application — Tab 2B Identification of the Participants Page 2 of 5 Rev and coordinate their development of those facilities. In this manner, EPI will relieve both the Applicant and the Estes Park Tourism Authority of these burdens and responsibilities. It is expected that EPI will continue to own the property and act as the long-term property manager by entering into ground leases with the various operators of the facilities included in the project. These ground leases will be long-term arrangements with options for the operators to renew. Upon the expiration or termination of any ground lease, all improvements to the property will revert to EPI as landlord. EPI reserves the right to subdivide and sell parcels of the property if doing so is necessary or would advance the development of the facilities included in Estes Park's Elkhorn Project. EPI's Restated Articles of Incorporation provide that upon the dissolution and liquidation of EPI, its property and assets be distributed to or sold and the proceeds of such sale distributed to the Town of Estes Park or to another non-profit corporation as designated by the Applicant. Operator of Elkhorn Lodge (yet to be selected) ("Lodge Operator") A for -profit private operator will be engaged to operate the Elkhorn Lodge after its renovation is completed. The Lodge Operator will also construct and operate the adjacent new hotel wing that will provide additional lodging rooms, retail facilities and parking to Estes Park's Elkhorn Project. Neither the Applicant, nor the Estes Park Tourism Authority nor EPI will be directly involved in operating these facilities. The terms of the ground lease between EPI and the Lodge Operator will include provisions to ensure that the lodging facilities are operated in a manner consistent with the expectations of the Applicant; i.e. preservation of the historic qualities of the Elkhorn Lodge and inclusion of the Applicant, the Estes Park Tourism Authority and EPI as additional insureds in appropriate liability insurance. It is expected that the renovated Elkhorn Lodge will begin operations in late 2012 and the complete hotel facility will be operational by 2015. The Lodge Operator has not yet been selected but EPI believes that it will be able to choose from an extensive list of experienced operators that are expected to have an interest in operating the facility. Operator of Ski Adventure Park (vet to be selected) ("Park Operator") A for -profit private operator will be engaged to construct and operate the ski adventure park facilities included in Estes Park's Elkhorn Project. These year-round facilities would serve as an additional attraction to serve the recreational needs of summer visitors to Estes Park with a zip -line, ropes course, mountain biking, an alpine coaster and tubing hill. Of even greater importance to the economic well-being of Estes Park, this facility would offer winter RTA Application — Tab 2B Identification of the Participants Page 3 of 5 Review activities including the alpine coaster, a tubing hill, a beginning ski/snowboarding slope and training center and a chair lift offering both beginner and intermediate skiing and snowboarding. The emphasis of the ski area will be families and entry level skiers and snowboarders. The beginners' ski slope area will have a Snowflex® surface that will allow year-round skiing. In this way, the numerous summer visitors to Estes Park that have not previously skied or snowboarded will have an opportunity to learn in a welcoming environment. It is expected that summer activities will begin in the summer of 2012. At least some winter activities will begin at the end of 2012. Neither the Applicant, nor the Estes Park Tourism Authority nor EPI will be directly involved in operating these facilities. The terms of the ground lease between EPI and the Park Operator will include provisions to ensure that the ski adventure park are operated in a manner consistent with the expectations of the Applicant; i.e. no night skiing, year-round operation and environmental awareness. The Park Operator and the Applicant will also enter into a lease which allows the Park Operator to lease water from the Town of Estes Park at market rates for both winter snow making and for use in the summer on the Snowflex® system. The Park Operator has not yet been selected but EPI's consultant, SE Group, Inc., and the National Association of Ski Areas have identified an extensive List of experienced operators that are expected to have an interest in operating the facility. Supporters of the Performing Arts ("SOPA") SOPA is a non-profit corporation organized September 22, 2006 under the laws of Colorado exclusively for the charitable purpose of constructing and operating a performing arts center in the town of Estes Park, Colorado. The town of Estes Park, Colorado has a strong arts community with their performances scattered through a number of inadequate facilities. For many years, various organizations have looked for a location in which to build an adequate indoor performing arts center. SOPA has designed a building that the Applicant agreed to help support and locate on a portion of the Stanley Park Fairgrounds at the eastern end of the town owned by the Applicant. SOPA, EPI and the Applicant have agreed to consider relocating the Estes Park Performing Arts Center to the Elkhorn Property if the Applicant's RTA Application is awarded. SOPA has been engaged in raising funds for the construction of this performing arts center for a number of years and anticipate that they will be prepared to break ground on the facility in 2012 with the facility completed in 2014. RTA Application — Tab 2B Identification of the Participants Page 4 of 5 Draft • Final Elkhorn Living History Operators (yet to be selected) ("Heritage Operators") A non-profit or for -profit private operator will be engaged to construct and operate one or more museums and other structures and activities providing a living history experience based upon the history of Estes Park and the Elkhorn Lodge. The Heritage Operators may also manage the restoration and operation of the historic buildings on the Elkhorn property (other than the Elkhorn Lodge itself) in a manner that both honors and brings to life the history and heritage of the area. These facilities are not expected to be completed until 2015. The Heritage Operators have not yet been selected but EPI intends to enter into discussions various local operators of museums, local Estes Park non-profit organizations dedicated to historic preservation and operators of living heritage parks nationwide. EPI has already had preliminary discussions with The Stanley Museum which has museums dedicated the Stanley family in both Estes Park and in Kingfield, Maine. The Stanley family played a major part in the development of Estes Park and tourism to the valley. The nationwide collectors of Stanley Steamer vintage automobiles would add to the draw of this attraction. RTA Application — Tab 2B Identification of the Participants Page 5 of 5 stes miark's Ikhorn roject Organization Chart and Flow of Funds Chart On the attached, governmental entities are shown in gold, non-profit entities are shown in purple and for -profit entities are shown in green. The living history operators are show in blue in that they may be a combination of non-profit entities and for -profit entities. On the Flow of Funds Chart, items in red reflect cash flowing down the chart and items in green reflect cash flowing up the chart. These are t d irns bj ect t f rther III odific a,0 2 /0 ication under RTA c ev E E $ :3 6 < o o Of E 12 ow E 2 2 c 0 P0 0 E 10 E 0 3 0 0 0 .E 0 —J -a a) c 0 a) 0) cc) a) Tt. 0 0 -o c w ci.) 0) CO E 0 uJ .c _Ne 101 ifl Y,1 Tourism Zone of the Estes Park Tourism Authority (the city limits of the Town) E 0 1 o E U uniummunnum Q E E If c a a E To E E noanalla NiliaaiaaiVNINVMai E Common Areas and Parking E N Tourism Zone of the Estes Park Tourism Authority (the city limits of the Town) cash flowing up the chart Estes Park's Elkhorn Regional Tourism Project Contributions from Participants Town of Estes Park ("Applicant") The Applicant will contribute to Estes Park's Elkhorn Project through (i) its support of the to -be -formed regional tourism authority (the "Estes Park Tourism Authority"), (ii) its support of the Estes Park Performing Arts Center and (iii) its support of Elkhorn Project, Inc. ("EPT'). Support of the Estes Park Tourism Authority. The Applicant will provide legal, accounting, overhead and administrative staffing support to the Estes Park Tourism Authority, once formed. The cost of these services, including the cost of the Estes Park Tourism Authority in complying with its annual report and audit obligations under the Act are Eligible Costs and will be reimbursed to the Applicant when and as the Estes Park Tourism Authority has funds available. Support of the Estes Park Performing Arts Center. The Applicant and Supporters of the Performing Arts ("SOPA') are parties to a Memorandum of Understanding revised as of April 28, 2009 (the "SOPA MOU"). Under the SOPA MOU, the Applicant had agreed to provide land on the southeast portion of the Stanley Park Fairgrounds (east of downtown) as a site for the Estes Park Performing Arts Center. The Applicant had also agreed to provide all necessary site preparation for the construction of the building at this site. The Applicant and SOPA have agreed to consider that if the Applicant's RTA Application is awarded and the parties decide to relocate the Estes Park Performing Arts Center to the Elkhorn Property, some or all of the $1,200,000 of expected costs of such site preparation will be transferred to major utility work, a parking structure and other infrastructure improvements attributable to the development of the Estes Park Performing Arts Center on the Elkhorn Property. In April 2002, a non-profit corporation organized for the purposes renovation of the Stanley Hall into a performing arts center dissolved and liquidated. The non -profit's net assets were transferred to the Applicant where they have been held in a segregated Theater Fund for the purpose of eventually being used for the construction of a performing arts center in Estes Park. Today, the Theater Fund has a balance of approximately $450,000. Provided that SOPA has substantially completed construction of the Estes Park Performing Arts Center by May 9, 2014, the terms under which these funds are being held provide that the Applicant will release the funds to partially fund the construction costs of building the Estes Park Perfoimning Arts Center. The SOPA MOU also provides that the Applicant will underwrite up to $217,000 of operating loses that may be sustained by SOPA in at least the initial years of its operations. If the Applicant and SOPA agree to relocate the Estes Park Performing Arts Center to the RTA Application — Tab 2D Contributions from Participants Page 1 of 5 It for I+'irral Itevicw Elkhorn Property, this underwriting commitment will continue to apply to SOPA's operation of the Estes Park Performing Arts Center as part of Estes Park's Elkhorn Project. Support of Elkhorn Project, Inc. The Applicant and Elkhorn Project, Inc. have worked closely in the preparation and submission of this application under the RTA. The Applicant and EPI have entered into a Memorandum of Understanding dated June , 2011 a copy of which is included as Attachment 13E (the "Elkhorn MOU"). Under the Elkhorn MOU, the Town and EPI will enter into a 20 year lease permitting the Ski Adventure Park Operator to use a one acre parcel of real property immediately to the west of the Elkhorn Property as a portion of the ski runs and tubing runs that are included within the Ski Adventure Park portion of Estes Park's Elkhorn Project. The general terms of this lease are set forth in the Elkhorn MOU but the formal lease agreement has not yet been prepared or executed. The Applicant has water rights which are fully consumable and may be used for snowmaking for the ski area portion of Estes Park's Elkhorn Project. The Elkhorn MOU provides in part that the Applicant will lease these water rights to EPI (which may then sublease the rights to the Park Operator) for a yearly lease payment reflecting the value of the water rights, yearly charges for use of the water and administrative costs. The lease may be contingent upon Water Court approval, if necessary. The general terms of this lease are set forth in the Elkhorn MOU but the formal lease agreement has not yet been prepared or executed. Contributions to Eligible Costs through EPI. The Elkhorn MOU also provides that the Applicant will consider the following direct financial assistance to Estes Park's Elkhorn Project if the project is approved by the Commission as a funded Regional Tourism Project: i. The Applicant will consider a loan to EPI in the amount of $7,000,000. The loan will require EPI to make quarterly payments of interest at a rate of 3% per annum and quarter repayments of principal in the amount of $125,000 beginning June 30, 2015. The balance of the loan will be due and payable March 31, 2012. ii. The Applicant will consider install certain infrastructure improvements related to the Elkhorn Property at a maximum cost of $1,000,000. The Applicant states to the Commission that the contributions referred to in this Application as being considered by the Applicant are referred to as such because they have not been included in the current budget for the Applicant. The Applicant has not and cannot commit to such expenditures unless and until they are approved pursuant to the Applicant's budgetary process and resolutions/ordinances approved by the Board of Trustees of the Applicant. The Applicant's obligations under this application are subject to the Applicant's annual right to budget and appropriate the sums necessary to provide the contributions set forth herein. No provision of this application can or should constitute a mandatory charge or requirement in any ensuring fiscal year direct or indirect debt or other financial obligation of RTA Application — Tab 2D Contributions from Participants Page 2 of 5 iew the Applicant within the meaning of any constitutional or statutory debt limitation. Nothing contained in this application shall directly or indirectly obligate the Applicant to make any payments beyond those appropriated for in the Applicant's then current fiscal year. Also, any of the contributions may require written agreements between the Applicant and third parties which agreements must be approved by the Board of Trustees of the Applicant. Estes Park Tourism Authority ("Estes Park Tourism Authority") The Estes Park Tourism Authority will receive 100% of the State Sales Tax Increment Revenue collected within the designated Regional Tourism Zone (the town limits of the Town of Estes Park) for a period of 30 years. Whether or not the Estes Park Tourism Authority will exercise its authority to borrow money and incur indebtedness and to issue bonds will depend upon the availability and timing of the funding expected from other sources, as discussed in the Proposed Financing Terms section of this Application. As the Estes Park Tourism Authority receives State Sale Tax Increment Revenue collected from the zone, it will pay its administrative costs (including reimburse the Town of Estes Park for services provided by the Town) and then reimburse EPI for eligible costs advanced by it in connection with the development of the facilities of Estes Park's Elkhorn Project. Elkhorn Project, Inc. ("EPI") EPI has entered into a contract to purchase the approximately 65 acres of property, including the historic Elkhorn Lodge and related historic buildings, on which Estes Park's Elkhorn Project will be primarily located. EPI will complete this purchase immediately upon being notified that the Applicant's application for funding under the Regional Tourism Act has been approved by the Colorado Economic Development Commission. EPI will serve as the long-term property manager for the facilities and common area included in Estes Park's Elkhorn Project and, as such, will oversee the development of the Facilities. EPI will receive funds as they are disbursed by the Estes Park Tourism Authority and periodically report back to the Estes Park Tourism Authority on the use of these funds for Eligible Costs of Eligible Improvements as contemplated by Estes Park's Elkhorn Project. EPI's books and records will be made available upon the request of the Estes Park Tourism Authority for review or audit. EPI's activities will be handled by members of EPI's volunteer Board of Directors and various committees of the Board that include members of the local community. EPI, as a non-profit corporation, will also solicit donations, grants and bequests from individuals, local businesses and foundations interested in supporting Estes Park's Elkhorn Project and its commitment to economic stabilization and historic preservation. Over the next five years, EPI expects to raise in excess of $365,000 in contributions and from fundraising events. These funds will be used to pay administrative and general expenses of the development and management of the project including the cost of consultants. RTA Application — Tab 2D Contributions from Participants Page 3 of 5 EPI may borrow funds as needed for payment of the purchase price of the Elkhorn Property or the development of the facilities included in Estes Park's Elkhorn Project. EPI is currently in negotiation with a number of lending sources for such funds. If loans from these sources can be obtained, the loans may result in the Estes Park Tourism Authority not needing to borrow or issue bonds. It is estimated that approximately 45% of the on -site revenue generated by the Elkhorn Project facilities will not be subject to sales tax since they are derived from ticket sales for the ski adventure park and the performing arts center. According, EPI will require the operators of facilities on the Elkhorn Property to pay a public improvement fee ("PIF”) of 7.7% equivalent to the combined state, county and town sales tax rate applicable to taxable transactions. This PIF is expected to generate over $650,000 per year by 2015 and over $24 million over the 30-year life of the project. The proceeds from the PIF will be used by EPI to repay indebtedness incurred to finance infrastructure improvements and facilities as part of the project and to provide for the maintenance and repair of the common area of the Elkhorn Property. Operator of Elkhorn Lodge (yet to be selected) ("Lodge Operator") The Lodge Operator will be expected to provide an aggregate of at least $8,760,000 in the form of (i) an initial concession fee, (ii) prepaid lease payments and/or (iii) commitments to fund capital improvements in connection with the renovation of the Elkhorn Lodge, the construction of the new wing of lodging and the construction of related facilities. Once the lodge facilities are operating, it is expected that the Lodge Operator will pay EPI a base rent plus a percentage of revenues above an agreed upon level. These lease payments will be used by EPI to fund further development of additional facilities in Estes Park's Elkhorn Project, to repay debt incurred by EPI in the construction of earlier facilities and to maintain the common areas of the Elkhorn Property. The Lodge Operator's source of funds will be a combination of its existing cash reserves, possible new equity investors and possible borrowings from commercial lending sources. Grants from foundations involved in historic preservation and renovation may also be available. The Lodge Operator will also be solely responsible for all operating start-up expenses and any operating losses arising from the operation of the lodge facilities. RTA Application — Tab 2D Contributions from Participants Page 4 of 5 Operator of Ski Adventure Park (vet to be selected) ("Park Operator") The Park Operator will be expected to provide an aggregate of at least $16,465,000 in form of (i) an initial concession fee, (ii) prepaid lease payments and/or (iii) commitments to fund capital improvements in connection with the construction of the ski adventure park facilities. Once the ski adventure park facilities are operating, it is expected that the Park Operator will pay EPI a base rent plus a percentage of revenues above an agreed upon level. These lease payments will be used by EPI to fund further development of additional facilities in Estes Park's Elkhorn Project, to repay debt incurred by EPI in the construction of earlier facilities and to maintain common areas of the Elkhorn Property. The Park Operator's source of funds will be a combination of its existing cash reserves, possible new equity investors and possible borrowings from commercial lending sources. The Park Operator will also be solely responsible for all operating start-up expenses and any operating losses arising from the operation of the ski adventure park facilities. Supporters of the Performing Arts ("SOPA") SOPA will be expected to provide approximately $2,820,000 in the form of a commitment to fund capital improvements in connection with the construction of the Estes Park Performing Arts Center. SOPA's source of funds will be a combination of its existing cash reserves, its recently initiated capital campaign and possible borrowings from commercial lending sources. SOPA will also be responsible for all operating start-up expenses and any operating losses arising from the operation of the Estes Park Performing Arts Center to the extent that they exceed the Applicant's commitment to underwrite a portion of such costs. Elkhorn History Museum Operators (yet to be selected) ("Heritage Operators") The Heritage Operators will be expected to provide an aggregate of $2,500,000 in the form of (i) an initial concession fee, (ii) prepaid lease payments and/or (iii) commitments to fund capital improvements in connection with the renovation of the other historic buildings, the construction of a museum building (or restoration of an existing building for that purpose) and the construction of related facilities in amounts to be determined. Once these museum and other heritage facilities are operating on the Elkhorn Property, it is expected that the Heritage Operators will pay EPI a base rent plus a percentage of revenues above an agreed upon level. These lease payments will be used by EPI to fund further development of additional facilities in Estes Park's Elkhorn Project, to repay debt incurred by EPI in the construction of earlier facilities and to maintain common areas of the Elkhorn Property. The Heritage Operators' sources of funds will be a combination of their existing cash reserves, new contributions or equity investments, possible borrowings from commercial lending sources and grants from historic preservation organizations. The Heritage Operators will also be solely responsible for all operating start-up expenses and any operating losses arising from the operation of the museum and heritage facilities. RTA Application — Tab 2D Contributions from Participants Page 5 of 5 i^itt al It.evie , Estes Park's Elkhorn Regional Tourism Project Estimated Costs, Eligible Costs, Covered Eligible Costs, Financing Sources and Phasing of Eligible Improvements Eligible Improvements in Estes Park's Elkhorn Project The estimated overall cost of the purchase, development and construction of the land and facilities in Estes Park's Elkhorn Project is $49,319,871. Of this amount, it is anticipated that: • The operator of the Elkhorn Lodge (the "Lodge Operator") will be expected to provide an aggregate of approximately $8,760,000 in the form of (i) an initial concession fee, (ii) prepaid lease payments and/or (iii) commitments to fund capital improvements in connection with the renovation of the Elkhorn Lodge, the construction of the new wing of lodging and the construction of related facilities. The Lodge Operator has not yet been selected but EPI believes that it will be able to choose from an extensive list of experienced operators that are expected to have an interest in operating the facility. EPI does not expect to select the Lodge Operator until the first calendar quarter of 2012. • The operator of the ski adventure park facilities (the "Park Operator") will be expected to provide an aggregate of approximately $16,465,000 in the form of (i) an initial concession fee, (ii) prepaid lease payments and/or (iii) commitments to fund capital improvements in connection with the construction of ski adventure park facilities. The Park Operator has not yet been selected but EPI's consultant, SE Group, Inc., and the National Association of Ski Areas, have identified an extensive list of experienced operators that are expected to have an interest in operating the facility. EPI expects to select the Park Operator prior to the end of calendar year 2011. « Supporters of the Performing Arts ("SOPA") will be expected to provide approximately $2,850,000 to fund the construction of the Estes Park Performing Arts Center. SOPA has recently begun its capital campaign and expects to raise at least this amount raised by the end of calendar year 2011. • The Theater Fund held by the Applicant is expected to be released to provide approximately $450,000 to fund the construction of the Estes Park Performing Arts Center. These funds are currently held in an interest bearing segregated account for this purpose but must be fully disbursed by May 2014. • The operators of the museums and living history village (the "Heritage Operators") will be expected to provide an aggregate of approximately $2,500,000 in the form of (i) an initial concession fee, (ii) prepaid lease RTA Application — Tab 2E Phasing and Financing of Eligible Costs Page 1 of 7 I)rai"t for Fill II I cVievv payments and/or (iii) commitments to fund capital improvements. The Heritage Operators have not yet been selected. • The Applicant will consider providing $1,200,000 for infrastructure improvements including construction of parking needed for the Estes Park Performing Arts Center and an additional $1,000,000 for infrastructure improvements along Fall River. • The Applicant will consider provided a loan of $7,000,000 to Elkhorn Project, Inc. to be used for eligible costs in connection with Estes Park's Elkhorn Project. Based upon the above, 62.0% percent of the total estimated costs of Estes Park's Elkhorn Project are expected to be provided by private sources and an additional 19.5% percent will be provided by the Applicant. However, none of these funds are committed at this time and, in addition to other contingencies, are dependent upon the approval of Estes Park's Elkhorn Project as a regional tourism project under the Regional Tourism Act. Phases of the Project For purposes of this Application, Estes Park's Elkhorn Project is broken down into four phases. • Phase 1 encompasses those Eligible Improvements that are expected to be completed during calendar year 2012; • Phase 2 encompasses those Eligible Improvements that are expected to be completed during calendar year 2013; and • Phase 3 encompasses those Eligible Improvements that are expected to be completed during calendar year 2014 or later. The timing of the phases and the Eligible Improvements completed in each phase is subject to change as may be necessitated by design and planning considerations, financing and the identification of the operators of the various facilities and their time considerations. Phase 1 (Eligible Improvements expected to be completed in calendar year 2012) Phase 1 Eligible Improvements. Common Area/Infrastructure Eligible Improvements. During Phase 1, the approximately 65 acres on which the Elkhorn Lodge is located will be purchased by EPI. The contract pursuant to which the property is being purchase provides for $2,500,000 of principal payments during calendar year 2012. Planning and engineering work will be completed during this phase at an estimated cost of $300,000. The Applicant and EPI will also begin site work on the property and major utility upgrades needed for the facilities on the property at a total cost of approximately $1,000,000. The bridge on the northwest corner of the property will be rebuilt by EPI in order to provide additional access to the property from West Elkhorn Avenue at a cost of approximately $400,000. Restoration of the southern bank of Fall River to prevent flooding of the property and to RTA Application — Tab 2E Phasing and Financing of Eligible Costs Page 2 of 7 vk"v enhance the visual appeal of the property will be completed at cost of approximately $400,000. Elkhorn Lodge Eligible Improvements. Because the Elkhorn Lodge is on the National Registry of Historic Places, a historic renovation analysis will need to first be conducted at a cost of approximately $50,000. During phase 1, EPI also expects to complete the renovation of the existing main lodge at an estimated cost of $2,000,000. Ski Adventure Park Eligible Improvements. During phase 1, the Park Operator will prepare the tubing hill and purchase associated equipment, construct a surface lift for use by the tubing hill and construct both the alpine coaster and the zipline facilities at a combined estimated cost of $2,850,000. EPI will construct a 40 space lighted surface parking lot that will initially serve the adventure park facilities but will later be used by all facilities on the property. It is hoped that the Park Operator will also be able to install the surface lift and Snowflex® surface for the beginner area, the quad chairlift for the upper ski area and related base and mountain top facilities and the snowmaking system in order to begin ski and snowboard operations in the fall of 2012. With mountain utilities, vehicles and related equipment, the ski and snowboard facilities will cost an additional 10,615,000. Performing Arts Center Improvements. During Phase 1, approximately $200,000 of site work for the Estes Park Performing Arts Center will be completed by EPI in order to begin construction in early 2013. Phase 1 Estimated Eligible Costs and Covered Eligible Costs. Eligible Improvement Estimated Eligible Cost Covered Cost Applicant paid Cost Private paid Cost Property Purchase $2,600,000 $2,600,000 -0- -0- Planning and Engineering $300,000 $300,000 -0- -0- Site preparation and surface parking lot $1,280,000 $1,080,000 $200,000 -0- New bridge entrance $400,000 -0- $400,000 -0- Fall River restoration $400,000 -0- $400,000 -0- Elkhorn Lodge Renovation $2,050,000 $2,050,000 -0- -0- Ski Park hill preparation, facilities, snowmaking, Snowflex® surface and equipment $13,465,100 -0- -0- $13,465,100 PHASE 1 TOTALS $20,495,000 $6,030,000 $1,000,000 $13,465,100 RTA Application — Tab 2E Phasing and Financing of Eligible Costs Page 3 of 7 Draft for 11a'iaaal R: cvicw Sources of Financing of Costs Incurred in Phase 1. The total estimated costs of Phase 1 are $20,495,000 of which $13,465,000 is expected to be provided by the Park Operator and the Applicant will consider spending $1,000,000 and making a loan EPI of an additional $7,000,000. These sources of financing total $21,465.000 thus permitting EPI to carry a balance into Phase 2. In addition, the Park Operator will pay EPI an initial concession fee and rent under its ground lease. It is not expected that the Estes Park Tourism Authority will have any available funds until late in Phase 1 and that, even then, the funds will be limited. Phase 2 (Eligible Improvements expected to be completed in calendar year 2013) Phase 2 Eligible Improvements. Common Area/Infrastructure Eligible Improvements. During Phase 2, an additional principal payment of $2,500,000 is due under the contract to purchase the Elkhorn Lodge property. An additional $300,000 is budgeted for possible additional land purchases. EPI will also construct a 180-space parking structure on the property for an estimated cost of $2,800,000 of which $1,200,000 is expected to be provided by the Applicant. A 50 space surface parking lot in front of the Elkhorn Lodge and a 20 space surface parking lot and loading dock facility in connection with the Estes Park Performing Arts Center will be completed by EPI at a combined cost of $200,000. Elkhorn Lodge Eligible Improvements. During Phase 2, the Coach House will be renovated by EPI to provide dining and reception facilities for the Elkhorn Lodge and the Alpine Cabins will be renovated to provide group lodging facilities. The estimated cost of these improvements is $1,560,000. Ski Adventure Park Eligible Improvements. During Phase 2, the Park Operator will complete whatever facilities it was unable to finish in Phase 1. Performing Arts Center Improvements. SOPA will build the Estes Park Performing Arts Center during Phase 2 for an estimated cost of $7,000,000 including all equipment necessary to operate the facility. RTA Application — Tab 2E Phasing and Financing of Eligible Costs Page 4 of 7 Phase 2 Estimated Eligible Costs and Covered Eligible Costs. Eligible Improvement Estimated Cost Covered Cost Applicant paid Cost Private paid Cost Property Purchases $2,800,000 $2,800,000 -0- -0- Parking structure $2,800,000 $1,600,000 $1,200,000 -0- Group Lodging $760,000 -0- -0- $760,000 Coach House renovation $800,000 $800,000 -0- -0- Performing Arts Center $7,294,771 $4,000,000 $450,000- $2,844,771 Parking/Loading Dock $200,000 $200,000 -0- -0- PHASE 2 TOTALS $14,654,771 $9,400,000 $1,650,000 $3,604,771 Sources of Financing of Costs Incurred in Phase 2. The total estimated costs of Phase 2 are $14,654,771 of which $760,000 is expected to be provided by the Lodge Operator, $2,844,771 is expected to be provided by SOPA, $450,000 is expected to be provided from the Applicant's Theater Fund and an additional $1,200,000 is expected to be provided by the Applicant. During Phase 2 it is expected that the Estes Park Tourism Authority will begin to collect modest incremental sales tax revenues and EPI will collect modest PIF payments as a result of the ski adventure park facilities that opened in 2012. However, it is expected that EPI will be required to EPI will borrow funds, secured by the real property and improvements, to cover the remaining covered costs not provided by the Applicant or private sources. Phase 3 (Eligible Improvements expected to be completed in calendar year 2014 or later) Phase 3 Eligible Improvements. Common Area/Infrastructure Eligible Improvements. During Phase 3, an additional principal payment of $2,500,000 is due under the contract to purchase the property. EPI will also complete the interior roadway at an estimated cost of $120,000 and will complete the riverwalk within the Elkhorn Property for an estimated cost of $1,000,000. Elkhorn Lodge Eligible Improvements. During Phase 3, the Lodge Operator will complete the construction of the new wing of the hotel include 35 parking spaces and related facilities at an estimated cost of $5,500,000 to be paid for by the Lodge Operator. Ski Adventure Park Eligible Improvements. During Phase 3, it is not expected that any additional improvements will be made to the ski adventure park unless items were not completed during Phase 1 and Phase 2. Performing Arts Center Improvements. During Phase 3, SOPA will complete whatever facilities it was unable to finish in Phase 2. RTA Application — Tab 2E Phasing and Financing of Eligible Costs Page 5 of 7 1 R vkw Heritage/Cultural Arts Center Improvements. The "ranch house" will be renovated (probably for use as a museum) at an estimated cost of $750,000 and additional museum and gallery buildings will be constructed at an estimated cost of $1,800,000. The church building and small cabins will be renovated by EPI for use in the living history village for an estimated cost of $1,000,000. Phase 3 Estimated Eligible Costs and Covered Eligible Costs. Eligible Improvement Estimated Cost Covered Cost Applicant paid Cost Private paid Cost Property Purchases $2,500,000 $2,500,000 -0- -0- Site Infrastructure $1,120,000 $1,120,000 -0- -0- New Hotel Wing $5,500,000 -0- -0- $5,500,000 Museum and Retail Space, Living History Village and Renovation of Historic Structures $4,250,000 $5,050,000 -0- -0- PHASE 3 TOTALS $14,170,000 $8,670,000 -0- $5,500,000 Sources of Financing of Costs Incurred in Phase 3. The total estimated costs of Phase 3 are $14,170,000 of which $5,500,000 is expected to be provided by the Lodge Operator. The Lodge Operator will also pay EPI a concession fee and begin to pay rent under the ground lease. It is not expected that the Applicant will provide any funds during Phase 3. By Phase 2 it is expected that the Estes Park Tourism Authority and the PIF being collected by EPI will have begun to generate significant funds but these funds will be needed for debt service. The balance of the costs of Phase 3 will either need to be funded by the Heritage Operators, borrowed by EPI, if possible, or delayed until funds become available. Since the facilities being completed in Phase 3, other than the new hotel wing, are not expected to generate significant additional tourism, a delay in completing these facilities is not expected to significantly affect the economic impact of Estes Park's Elkhorn Project. Other Eligible Costs In addition to the costs described above, Estes Park's Elkhorn Project may, or in some cases, likely will, incur the following costs all of which fall within the definition of Eligible Costs but the amounts of which cannot be determined at this time: Administrative Costs of the Estes Park Tourism Authority. The Estes Park Tourism Authority will incur costs for overhead and administrative staffing, accounting, and legal services as well as the costs and expenses incurred by in pursuant to Colorado Revised Statute Section 24-35-118 and in complying with its annual reporting requirements. All of these costs are "Eligible Costs" and will be paid out of State Sales Tax Increment Revenue RTA Application — Tab 2E Phasing and Financing of Eligible Costs Page 6 of 7 tot received by the Estes Park Tourism Authority over the life of the project. Although difficult to estimate at this point in time, it is not expected that these costs will exceed $50,000 per year. In many instances these services will be provided by the Town of Estes Park or the costs will be advanced on behalf of the Estes Park Tourism Authority by the Town of Estes Park. Reimbursement of the Applicant for the costs of such services and any costs advanced will also be Eligible Costs paid out of State Sales Tax Increment Revenue. Financing Costs. Although at this time it is not expected that the Estes Park Tourism Authority will itself issue bonds or incur indebtedness in connection with the construction of eligible improvements, it is expected the Elkhorn Project, Inc. will do so. Legal services, accounting services, underwriting fees, loan origination fees and costs, interest payments and other similar necessary and convenient costs incurred in connection with such financing activities whether incurred by the Estes Park Tourism Authority or incurred by Elkhorn Project, Inc. in order to advance the cost of Eligible Improvements all are Eligible Costs as are the principal payment obligations under such loans. All of these costs will be paid out of State Sales Tax Increment Revenue received by the Estes Park Tourism Authority until all debt incurred (including refinancings of such debt) has been repaid. These costs are impossible to estimate at this time due to the uncertainties involved including the interest rate on such debt (as it may change through the term of such loans or upon any refinancing) and the length of time that such loans will ultimately be outstanding. Even if loans or other indebtedness is outstanding at the conclusion of the 30-year Financing Term (which is not expected), state sales tax receipts (including State Sales Tax Incremental Revenue) will not after such time be committed to the repayment of any indebtedness but would be retained by the State of Colorado. Additional Eligible Improvements that are Required or Become Necessary. As the project progresses through planning and design review by governmental authorities (including a traffic impact analysis) and as the project becomes operational it additional facilities or development coming within the definition of Eligible Improvements may be mandated or become apparent to accommodate vehicular traffic, the numbers of visitors to the site and the number of employees working on the site. The exact nature and possible cost of these additional Eligible Improvements cannot be predicted at this time. To the extent that such arise and there are available funds to pay for these Eligible Costs, they may be paid for through State Sales Tax Incremental Revenue received by the Estes Park Tourism Authority. Maintenance Costs. The definition of Eligible Costs includes costs associated with the maintenance of the Eligible Improvements constructed as part of Estes Park's Elkhorn Project. The maintenance costs of the Ski Park and of the Elkhorn Lodge facilities will be the responsibility of the Park Operator and the Lodge Operator, respectively. Other maintenance costs will or may be the responsibility of Elkhorn Project, Inc. The amount of such costs cannot be predicted at this time. To the extent that there are available funds to pay for these Eligible Costs, they may be paid for through State Sales Tax Incremental Revenue received by the Estes Park Tourism Authority. RTA Application — Tab 2E Phasing and Financing of Eligible Costs Page 7 of 7 111111'1H„ ' , '1,'"0'1411,110",ifl$ 'V'11111'11110", ''1111,11111,'",k', I '''111",'I'l? i, ,i„piiim14.0.4m i iiiiii ii idillir ' 7 rorl'I',1111y l l"' ' 11417,H,',111111111,A14 1.01041 111, 11„1111111111',',,,!111, ' 1, '4111111111,‘10f, , 1111111' u u II 111111111..I'iuw� Drat r F1na1 1si: Estes Park's Elkhorn Regional Tourism Project Discussion of how the Project Meets Economic Analysis Criteria (a) Economic Impact and Job Creation During the Construction Phase of Estes Park's Elkhorn Project, the construction activities are expected to generate $38.3 million of direct economic impact over the three year construction period and an additional $28.5 million of secondary economic impact. The project is expected to create an average of 88.4 full-time equivalent jobs on the project site and an additional 66.1 full-time equivalent jobs as a result of the secondary economic impact. These jobs are expected to generate $14.5 million of wages from the direct impact jobs and $9.8 million of wages from the secondary impact jobs.' During 2015, the first year of full operation of the facilities constructed as part of Estes Park's Elkhorn Project, the project expected to generate $34.5 million of economic impact with $19.3 million of this attributed to the direct impact of visitor spending and $15.1 million as a result of secondary economic impact. During that year, the project is expected to create a total of 371.8 full-time equivalent jobs with 264.8 FTEs attributed to the direct impact of visitor spending and 107.0 FTEs as a result of the secondary economic impact. These jobs are expected to generate $12.6 million of wages with $7.6 million resulting from the direct impact jobs and $5.0 million of wages resulting from the secondary impact jobs. This economic impact and the jobs and wages are expected to increase during subsequent years." More detail for each of the first ten years of the project is contained in Economic Impact Analysis at Tab 5B of this Application. A breakdown of the jobs expected to be created by Estes Park's Elkhorn Project and the wages paid broken down by the categories used by the Colorado Department of Labor and Employment is contained in Tab 5B. The new jobs will be largely created by the Hotel Operator, Park Operator, SOPA, and the Heritage Operators and by off -site lodging, restaurant and retail establishments. As a result, the Applicant is unable to definitively respond to whether or not these new jobs will include health benefits. It is typical in both the ski industry and lodging industries that full-time permanent employees are provided with health benefits after they have been employed for at least an initial eligibility period. Because Estes Park's Elkhorn Project expects to increase winter tourism and as a result year- round employment and the Hotel Operator, Park Operator and SOPA will be entertaining tourists year-round, we would expect that many of these new jobs would result in the employee becoming eligible to receive health benefits. RTA Application — Tab 5A Discussion of Economic Analysis Page 1 of 8 Fiir a 1 'Review (b) Useful Life of Facilities in the Project The average useful life (dollar weighted) of all of the development and facilities to be constructed as part of Estes Park's Elkhorn Project is believed to be approximately 22 years. However, with regular maintenance, repairs and upgrades the life of the facilities should be extended much beyond this. The Lodge Operator will be obligated to maintain and repair the Elkhorn Lodge and related facilities and to keep them in a quality condition. The Park Operator will be obligated to maintain, repair and upgrade the chairlift, surface lifts, Snowflex® system, alpine coaster and zipline facilities and to keep them in a quality condition. Maintaining, repairing and upgrading the performing arts center, living history village and museums may be the responsibility of the operators of those facilities, the responsibility of Elkhorn Project, Inc. or be a shared responsibility. Elkhorn Project, Inc. will be responsible for maintaining, repairing and upgrading the common area of the property. (c) Impact on State and Local Tax Revenues and Local School Districts Fiscal Impact on State Tax Revenues During the Construction Phase of Estes Park's Elkhorn Project, the construction activities are expected to generate a total of $409,700 of Colorado state sales tax receipts but only $185,600 of this amount is expected to arise from transactions occurring within the Regional Tourism Zone."' The reason for this is that approximately 50% of the direct construction activities will occur outside of Estes Park and an even greater percentage of the secondary impacts from this activity will occur outside of the Regional Tourism Zone. As a result, the State of Colorado will retain $224,100 of sales tax receipts arising from the construction phase of Estes Park's Elkhorn Project. During the Operational Phase of Estes Park's Elkhorn Project 10% of the direct economic activity arising out of the project is expected to occur outside of the Regional Tourism Zone as visitors travel to Estes Park. Due to the nature of Estes Park's economy and proximity to shopping centers and larger cities in the Northern Front Range, a much greater percentage of the secondary impacts from this activity will occur in Colorado but outside of the Regional Tourism Zone. In 2015, the first year of full operations for the facilities constructed as part of the Elkhorn Project, the state sales tax receipts that the State of Colorado will retain because they arise outside of the Regional Tourism Zone are expected to be $176,000 and over the first ten years of operations these amounts are expected to total $6,725,000.'" Projections for tax revenues 30-years in the future (after the Financing Term) are difficult to predict with any degree of certainty, however projecting out the state sale tax receipts from earlier years would lead to the conclusion that the state sales tax receipts in 2042 and beyond arising as a direct and secondary result of Estes Park's Elkhorn Project may RTA Application — Tab 5A Discussion of Economic Analysis Page 2 of 8 II 'ik vlewr be in excess of $1.2 million per year. Under the terms of the financing proposed in this Application, all of these sales tax receipts would be retained by the State of Colorado. State --Increased Sales Tax Receipts due to Estes Park's Elkhorn Project (State sale tax receipts from transactions outside the Regional Tourism Zone) During Construction Phase $224,100 In 1st year of Full Operations (2015) $176,000 Over 1st ten years of Operations (2012-2021) $1,603,000 Over 30 years of Operations (2012-2041) $6,725,000 After year end of Financing Term (after 2041) $1,200,000 Fiscal Impact on County Sales Tax Revenues Larimer County collects a sales tax of 0.8%. Accordingly, visitors to Estes Park's Elkhorn Project will generate sales tax for Larimer County not only on their purchases on the Elkhorn Project site and within the Town of Estes Park but also on their travel to. Estes Park through Loveland and Highway 34. The Economic Impact Analysis included in this Application indicates that Larimer County will collect a total of $105,500 in sales tax during the construction phase."' Once the facilities in the project are all operational in 2015, the Economic Impact Analysis indicates that the Larimer County will collect $148,800 in additional sales tax receipts as a result of Estes Park's Elkhorn Project.'" Over the first 10 years of operation of Estes Park's Elkhorn Project, in is anticipated that Larimer County will collect a total of $1,345,000 in additional sales tax receipts as a result of Estes Park's Elkhorn Project. Larimer County --Increased Sales Tax Receipts due to Estes Park's Elkhorn Project During Construction Phase $105,000 In 1st year of Full Operations (2015) $148,800 Over 1st ten years of Operations (2012-2021) $1,345,000 Over 30 years of Operations (2012-2041) $5,675,000 RTA Application — Tab 5A Discussion of Economic Analysis Page 3 of 8 Draft for +1ina uvi"rew Fiscal Impact on Real Property Tax Revenues for the County and Local Governments Real property tax collections by Larimer County and other local governments within or adjacent to the zone should not be adversely impacted by Estes Park's Elkhorn Project. Indeed, it is expected that there may be an increase in the assessed value on the Elkhorn Property resulting in a slight increase in real property tax collections. The property is currently in private hands but is underdeveloped and thus has, for property tax purposes an assessed value far less than its expected assessed value once development of the facilities contemplated by Estes Park's Elkhorn Project are completed. It can be expected the SOPA, as a 501(c)(3) non-profit may request that its portion of the property and the performing arts center be qualified for exemption from real property taxes on the basis of non-profit use. Some or all of the museum buildings, the facilities of a scientific/educational facility and, possibly, portions of the living history village may be owned and operated by 501(c)(3) non-profit organizations that may qualify for a non- profit use exemption from real property tax. However, the assessed values of the Ski Park and hotel portions can reasonably be expected to increase far more than any lost property taxes resulting from portions of the property qualifying for non-profit use exemptions. Fiscal Impact on Other Tax Revenues of Local Governments The Estes Park Local Marketing District ("LMD") collects a lodging tax from all hotels and other lodging establishments in their district (an area larger than the zone). These funds are used by the LMD to market Estes Park as a tourism destination. These marketing activities include advertisements placed in national media. Due to the increased number of overnight tourists coming to the area, particularly in winter months, Estes Park's Elkhorn Project will significantly increase the lodging taxes collected by the LMD. Although the construction phase of the project may involve workers traveling to and staying overnight in the area, this was ignored for purposes of the Economic Impact Analysis included in this Application. However, once the facilities in the project are all operational in 2015, the Economic Impact Analysis indicates that the LMD will collect $124,600 in additional lodging tax collections.'" This would represent a 10% increase over the LMD's tax receipts in 2010." Over the first 10 years of operation of Estes Park's Elkhorn Project, in is anticipated that the LMD will collect a total of $1,345,000 in additional lodging taxes as a result of Estes Park's Elkhorn Project.'" RTA Application — Tab 5A Discussion of Economic Analysis Page 4 of 8 v Estes Park LMD--Increased Lodging Taxes due to Estes Park's Elkhorn Project During Construction Phase na In 1st year of Full Operations (2015) $124,600 Over 1st ten years of Operations (2012-2021) $1,117,000 Over 30 years of Operations (2012-2041) $4,741,000 Fiscal Impact to Local School Districts Estes Park's Elkhorn Project should not have any negative fiscal impacts on the local school district. Real Property Taxes. Real property tax collections by the local school district should not be adversely impact. Indeed, it is expected that there may be an increase in the assessed value on the Elkhorn Property resulting in a slight increase in real property tax collections. The property is currently in private hands but is underdeveloped and thus has, for property tax purposes an assessed value far less than its expected assessed value once development of the facilities contemplated by Estes Park's Elkhorn Project are completed. It can be expected the SOPA, as a 501(c)(3) non-profit may request that its portion of the property and the performing arts center be qualified for exemption from real property taxes on the basis of non-profit use. Some or all of the museum buildings, the facilities of a scientific/educational facility and, possibly, portions of the living history village may be owned and operated by 501(c)(3) non-profit organizations that may qualify for a non-profit use exemption from real property tax. However, the assessed values of the Ski Park and hotel portions can reasonably be expected to increase far more than any lost property taxes resulting from portions of the property qualifying for non-profit use exemptions. As a result, it is expected that the total real property taxes Other Fiscal and Operational Impacts on the Local School District. The local school district had 134 students leave the district during the 2010-11 school year. This loss of students results in fiscal and operational challenges to the local school district. The most significant reason for the loss of students appears to be the lack of year-round employment for school aged families within the Estes Park and perceived greater employment opportunities in front range cities and towns. The local school district has publicly stated that economic development, in particular, development that generates employment opportunities during the winter months is critically important to the fiscal and operational viability of the school district. In addition, the Estes Park Performing Arts Center and the heritage/cultural center with Estes Park's Elkhorn Project are expected to include educational opportunities for students of the local school district. The RTA Application — Tab 5A Discussion of Economic Analysis Page 5 of 8 Draft for F inal Revi. administration of the local school district has been publicly very supportive of Estes Park's Elkhorn Project. A letter of support from the Superintendant of the local school district is enclosed as part of Tab 13F of this Application. Impact on State Share of District Total Program under CRS 22-54-106 No urban renewal authority is involved in Estes Park's Elkhorn Project. Accordingly, no portion of the project will be funded through the State's share of district total program under CRS 22-54-106. Negative Impact on Neighboring Communities and Similar Tourist Locations Due to Estes Park's location and focus as a destination resort at the entrance to Rocky Mountain National Park, we do not anticipate Estes Park's Elkhorn Project having any potential or competing negative impacts to revenues for neighboring communities or similar tourist locations statewide. As discussed below, the Ski Park facilities face the most direct competition but are focused on a niche market that we feel will compliment other tourist locations statewide. (c) Market Impact, Competition and Ability to Attract Out -of -State Tourists Market Impact We believe that Estes Park's Elkhorn Project will have a significant impact on the tourism market. The Economic Irnpact Analysis contained at Tab 5B of this Application indicates that by 2015, the first year of operation of all of the facilities that are part of the project, it will receive more than 500,000 visitors and that over 135,000 of these visitors will be destination visitors coming to Estes Park specifically for the facilities that are part of the project. The most significant impact is with respect to the timing of when these tourists visit Estes Park. While the project offers attractions year-round, the project, and in particular the Ski Park, should ignite winter tourism that is currently missing in Estes Park. Anticipated Regional and In -State Competition Each of facilities contained in Estes Park's Elkhorn Project face known competition. However, it is the combination of these facilities at a single location and to bring new tourism to the area during the winter months that we believe will make this project successful not only for the operators of those facilities but also their "competitors." Lodging Facilities. Estes Park has no shortage of other lodging facilities and, in the Stanley Hotel, even has another lodging facility with a strong historic presence. However, during the summer months all of these facilities have very low vacancy rates and there should be no trouble absorbing the rooms at the Elkhorn Lodge. During the winter months, the other facilities (primarily the Ski Park and the Estes Park Performing Arts Center) are expected to bring in more overnight tourists than can be lodged at the RTA Application — Tab 5A Discussion of Economic Analysis Page 6 of 8 .'Dr for f vievv Elkhorn Lodge and we would expect the "competing" facilities to have a significant increase in their bookings. The Elkhorn Lodge, due to its location, should be able to book a far greater share of tourists coming to ski, snowboard, tube, or attend a performance. Performing Arts Center. Estes Park is badly in need of a performing arts center. Local groups must use a mix of small, inadequate facilities and there are no facilities of sufficient quality to attract touring groups. While there may be facilities in other communities, the appeal of the Estes Park Performing Arts Center will be to make attendance at a performance a part of a "getaway" trip or a destination vacation. Ski Park. There are obviously many other competing ski facilities in Colorado. However, the focus of the Ski Park in Estes Park's Elkhorn Project will not be to compete with Vail or Aspen but to offer a family friendly learn to ski or snowboard experience. We believe that the summer skiing and snowboarding opportunity is unique in Colorado (at least at a facility within Y2 mile of downtown) and the year -rounding tubing and alpine coaster have few competitors. There are other recreation facilities in Estes Park. However, they are typically open only during the summer and offer different types of recreation (i.e. go-carts and miniature golf). Living History Village and Museums. While there are many other museums, we don't know of any that focus on the turn of the 19`h century era. If we are able to include the Stanley Museum and its features as part of Estes Park's Elkhorn Project, this certainly would provide a unique experience with national draw. The living history village concept has been extremely successful in many other states but we are not aware of the concept existing elsewhere in Colorado. Ability to Attract Out -of -State Tourism The ability of Estes Park's Elkhorn Project to attract out-of-state tourists is discussed in greater detail in the Discussion of how the Project meets the Regional Tourism Act Criteria contained at Tab 4 of this Application. We believe that the facilities to be constructed as part of the project will bring significant new out of state tourism to Estes Park, in particular during the winter months. That discussion will not be repeated here. However, we expect there to be two significant indirect impacts of Estes Park's Elkhorn Project on out-of-state tourism to the state. RTA Application — Tab 5A Discussion of Economic Analysis Page 7 of 8 E)rafi fo Fin rvievv The economic impact analysis indicates that lodging tax revenues to the Estes Park Local Marketing District will increase by 10% as a result of the new visitors to Estes Park as a result of this project. The Estes Park Local Marketing District uses its funds to market tourism and a significant portion of its expenditures are focused on national advertising. This advertising and marketing effort includes': Online Media (35% of expenditures) With a heavy (86%) focus on a national audience of destination tourists Traditional Media (65% of expenditures) With a heavy (42%) use of magazine ads Focused on tourists from Texas, Nebraska, Kansas, Missouri, Illinois and New York A secondary focus is on tourists from California, Arizona, Minnesota, Iowa, Wisconsin and Florida The additional funds received by the Estes Park Local Marking District as a result of Estes Park's Elkhorn Project will permit it to expand this effort to draw out-of-state tourism. The focus of the Ski Park will be to create an inviting and comfortable learn to ski opportunity. The inclusion of summer skiing and snowboarding on the beginner hill will introduce these sports to the many summer visitors who might not otherwise take up the sport. With a good experience and the development of skills the result of their trip to Estes Park's Elkhorn Project, we would expect that many of these out-of-town tourists would want to come back to "ski the Rockies" during a winter vacation. With their developed skills they may very likely return to ski at one of the many fine full -service winter resorts in the state. As noted above in the competition discussion, those other winter resorts can and do offer a much broader and more intense winter ski or snowboard experience but are unlikely to attract a family of non -skiers wanting to learn the sports. We believe that a secondary impact of Estes Park's Elkhorn Project will be to bring new families into the sport resulting in out-of- state tourism elsewhere in the state. 'The Elkhorn Project: Economic Impact Analysis, June 2011, page 21 "The Elkhorn Project: Economic Impact Analysis, June 2011, page 33 "' The Elkhorn Project: Economic Impact Analysis, June 2011, page 24 '" The Elkhorn Project: Economic Impact Analysis, June 2011, page 39 v. Compared to Lodging Tax Revenue as reported in Estes Park Local Marking District Annual Report 2010 Estes Park Local marketing District — 2011 Media Plan, prepared by Hill Aevium RTA Application — Tab 5A Discussion of Economic Analysis Page 8 of 8 Tab 58 Detail: Job Creation by Industry: IMPLAN3 (for Operations Year 2015) Note: The following table shows detailed output from IMPLAN3 showing job (FTE) creation in all industries included in the model. Job creation is shown in three categories: l) Direct; 2) Indirect; and 3) Induced. For purposes of simplicity, Indirect and Induced impacts are combined as Secondary impacts in the text of the above report. The table shows the operations impact of the Elkhorn Project during year 2o1.5. (Table shown on following ten pages.) Impact Detail for Employment Elkhorn Project Minnesota IMPLAN Group, Inc. Sector Description Direct Indirect Induced Total 0 Total 264.8 46.0 61.0 371.8 1 Oilseed farming 0.0 0.0 0.0 0.0 2 Grain farming 0.0 0.0 0.0 0.0 3 Vegetable and melon farming 0.0 0.0 0.0 0.0 4 Fruit farming 0.0 0.0 0.0 0.0 5 Tree nut farming 0.0 0.0 0.0 0.0 6 Greenhouse, nursery, and floriculture production 0.0 0.0 0.0 0.0 7 Tobacco farming 0.0 0.0 0.0 0.0 8 Cotton farming 0.0 0.0 0.0 0.0 9 Sugarcane and sugar beet farming 0.0 0.0 0.0 0.0 10 All other crop farming 0.0 0.0 0.0 0.0 11 Cattle ranching and farming 0.0 0.0 0.0 0.1 12 Dairy cattle and milk production 0.0 0.0 0.0 0.1 13 Poultry and egg production 0.0 0.0 0.0 0.0 14 Animal production, except cattle and poultry and eggs 0.0 0.1 0.0 0.1 15 Forestry, forest products, and timber tract production 0.0 0.0 0.0 0.0 16 Commercial logging 0.0 0.0 0.0 0.0 17 Commercial Fishing 0.0 0.0 0.0 0.0 18 Commercial hunting and trapping 0.0 0.0 0.0 0.0 19 Support activities for agriculture and forestry 0.0 0.0 0.0 0.0 20 Extraction of oil and natural gas 0.0 0.0 0.0 0.0 21 Mining coal 0.0 0.0 0.0 0.0 22 Mining iron ore 0.0 0.0 0.0 0.0 23 Mining copper, nickel, lead, and zinc 0.0 0.0 0.0 0.0 24 Mining gold, silver, and other metal ore 0.0 0.0 0.0 0.0 25 Mining and quarrying stone 0.0 0.0 0.0 0.0 Mining and quarrying sand, gravel, clay, 26 and ceramic and refractory minerals 27 Mining and quarrying other nonmetallic minerals 28 Drilling oil and gas wells 29 Support activities for oil and gas operations 30 Support activities for other mining 31 Electric power generation, transmission, and distribution The Elkhorn Project: Economic Impact Analysis; June 2011 Doug Kennedy Advisors 0.0 0.0 0.0 0.0 0.0 0.0 Copyright 2011 0.0 0.0 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.6 32 Natural gas distribution 33 Water, sewage and other treatment and delivery systems Construction of new nonresidential commercial 34 and health care structures 35 Construction of new nonresidential manufacturing structures 36 Construction of other new nonresidential structures Construction of new residential permanent 37 site single- and multi -family structures 38 Construction of other new residential structures Maintenance and repair construction of nonresidential 39 structures 40 Maintenance and repair construction of residential structures 41 Dog and cat food manufacturing 42 Other animal food manufacturing 43 Flour milling and malt manufacturing 44 Wet corn milling 45 Soybean and other oilseed processing 46 Fats and oils refining and blending 47 Breakfast cereal manufacturing 48 Sugar cane mills and refining 49 Beet sugar manufacturing 50 Chocolate and confectionery manufacturing from cacao beans 51 Confectionery manufacturing from purchased chocolate 52 Nonchocolate confectionery manufacturing 53 Frozen food manufacturing 54 Fruit and vegetable canning, pickling, and drying 55 Fluid milk and butter manufacturing 56 Cheese manufacturing 57 Dry, condensed, and evaporated dairy product manufacturing 58 Ice cream and frozen dessert manufacturing 59 Animal (except poultry) slaughtering, rendering, and processing 60 Poultry processing 61 Seafood product preparation and packaging 62 Bread and bakery product manufacturing 63 Cookie, cracker, and pasta manufacturing 64 Tortilla manufacturing 65 Snack food manufacturing 66 Coffee and tea manufacturing 67 .Flavoring syrup and concentrate manufacturing 68 Seasoning and dressing manufacturing 69 All other food manufacturing 70 Soft drink and ice manufacturing 71 Breweries 72 Wineries 73 Distilleries 74 Tobacco product manufacturing 75 Fiber, yarn, and thread mills 76 Broadwoven fabric mills 77 Narrow fabric mills and schiffli machine embroidery 78 Nonwoven fabric mills 79 Knit fabric mills 80 Textile and fabric finishing mills 81 Fabric coating mills 82 Carpet and rug mills 83 Curtain and linen mills The Elkhorn Project: Economic Impact Analysis; June zois Doug Kennedy Advisors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.0 0.1 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84 Textile bag and canvas mills 85 All other textile product mills 86 Apparel knitting mills 87 Cut and sew apparel contractors 88 Mens and boys cut and sew apparel manufacturing 89 Womens and girls cut and sew apparel manufacturing 90 Other cut and sew apparel manufacturing 91 Apparel accessories and other apparel manufacturing 92 Leather and hide tanning and finishing 93 Footwear manufacturing 94 Other leather and allied product manufacturing 95 Sawmills and wood preservation 96 Veneer and plywood manufacturing 97 Engineered wood member and truss manufacturing 98 Reconstituted wood product manufacturing 99 Wood windows and doors and millwork manufacturing 100 Wood container and pallet manufacturing 101 Manufactured home (mobile home) manufacturing 102 Prefabricated wood building manufacturing 103 All other miscellaneous wood product manufacturing 104 Pulp mills 105 Paper mills 106 Paperboard Mills 107 Paperboard container manufacturing Coated and laminated paper, packaging paper 108 and plastics film manufacturing All other paper bag and coated and treated paper 109 manufacturing 110 Stationery product manufacturing 111 Sanitary paper product manufacturing 112 All other converted paper product manufacturing 113 Printing 114 Support activities for printing 115 Petroleum refineries 116 Asphalt paving mixture and block manufacturing 117 Asphalt shingle and coating materials manufacturing 118 Petroleum lubricating oil and grease manufacturing 119 All other petroleum and coal products manufacturing 120 Petrochemical manufacturing 121 Industrial gas manufacturing 122 Synthetic dye and pigment manufacturing 123 Alkalies and chlorine manufacturing 124 Carbon black manufacturing 125 All other basic inorganic chemical manufacturing 126 Other basic organic chemical manufacturing 127 Plastics material and resin manufacturing 128 Synthetic rubber manufacturing 129 Artificial and synthetic fibers and filaments manufacturing 130 Fertilizer manufacturing 131 Pesticide and other agricultural chemical manufacturing 132 Medicinal and botanical manufacturing 133 Pharmaceutical preparation manufacturing 134 In -vitro diagnostic substance manufacturing 135 Biological product (except diagnostic) manufacturing 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 The Elkhorn Project: Economic Impact Analysis; June zoii Doug Kennedy Advisors 136 Paint and coating manufacturing 137 Adhesive manufacturing 138 Soap and cleaning compound manufacturing 139 Toilet preparation manufacturing 140 Printing ink manufacturing 141 All other chemical product and preparation manufacturing Plastics packaging materials and unlaminated 142 film and sheet manufacturing 143 Unlaminated plastics profile shape manufacturing 144 Plastics pipe and pipe fitting manufacturing Laminated plastics plate, sheet (except packaging), 145 and shape manufacturing 146 Polystyrene foam product manufacturing Urethane and other foam product (except polystyrene) 147 manufacturing 148 Plastics bottle manufacturing 149 Other plastics product manufacturing 150 Tire manufacturing 151 Rubber and plastics hoses and belting manufacturing 152 Other rubber product manufacturing 153 Pottery, ceramics, and plumbing fixture manufacturing 154 Brick, tile, and other structural clay product manufacturing 155 Clay and nonclay refractory manufacturing 156 Flat glass manufacturing 157 Other pressed and blown glass and glassware manufacturing 158 Glass container manufacturing 159 Glass product manufacturing made of purchased glass 160 Cement manufacturing 161 Ready -mix concrete manufacturing 162 Concrete pipe, brick, and block manufacturing 163 Other concrete product manufacturing 164 Lime and gypsum product manufacturing 165 Abrasive product manufacturing 166 Cut stone and stone product manufacturing 167 Ground or treated mineral and earth manufacturing 168 Mineral wool manufacturing 169 Miscellaneous nonmetallic mineral product manufacturing 170 Iron and steel mills and ferroalloy manufacturing 171 Steel product manufacturing from purchased steel 172 Alumina refining and primary aluminum production 173 Secondary smelting and alloying of aluminum 174 Aluminum product manufacturing from purchased aluminum 175 Primary smelting and refining of copper Primary smelting and refining of nonferrous metal 176 (except copper and aluminum) 177 Copper rolling, drawing, extruding and alloying Nonferrous metal (except copper and aluminum) rolling, 178 drawing, extruding and alloying 179 Ferrous metal foundries 180 Nonferrous metal foundries 181 All other forging, stamping, and sintering 182 Custom roll forming 183 Crown and closure manufacturing and metal stamping 184 Cutlery, utensil, pot, and pan manufacturing 185 Handtool manufacturing The Elkhorn Project: Economic Impact Analysis; June zosl Doug Kennedy Advisors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 186 Plate work and fabricated structural product manufacturing 187 Ornamental and architectural metal products manufacturing 188 Power boiler and heat exchanger manufacturing 189 Metal tank (heavy gauge) manufacturing Metal can, box, and other metal container 190 (light gauge) manufacturing 191 Ammunition manufacturing 192 Arms, ordnance, and accessories manufacturing 193 Hardware manufacturing 194 Spring and wire product manufacturing 195 Machine shops 196 Turned product and screw, nut, and bolt manufacturing 197 Coating, engraving, heat treating and allied activities 198 Valve and fittings other than plumbing manufacturing 199 Plumbing fixture fitting and trim manufacturing 200 Ball and roller bearing manufacturing 201 Fabricated pipe and pipe fitting manufacturing 202 Other fabricated metal manufacturing 203 Farm machinery and equipment manufacturing 204 Lawn and garden equipment manufacturing 205 Construction machinery manufacturing 206 Mining and oil and gas field machinery manufacturing 207 Other industrial machinery manufacturing 208 Plastics and rubber industry machinery manufacturing 209 Semiconductor machinery manufacturing Vending, commercial, industrial, and office 210 machinery manufacturing 211 Optical instrument and lens manufacturing 212 Photographic and photocopying equipment manufacturing Other commercial and service industry 213 machinery manufacturing 214 Air purification and ventilation equipment manufacturing 215 Heating equipment (except warm air furnaces) manufacturing Air conditioning, refrigeration, and warm air heating 216 equipment manufacturing 217 Industrial mold manufacturing 218 Metal cutting and forming machine tool manufacturing 219 Special tool, die, jig, and fixture manufacturing 220 Cutting tool and machine tool accessory manufacturing 221 Rolling mill and other metalworking machinery manufacturing 222 Turbine and turbine generator set units manufacturing Speed changer, industrial high-speed drive, 223 and gear manufacturing 224 Mechanical power transmission equipment manufacturing 225 Other engine equipment manufacturing 226 Pump and pumping equipment manufacturing 227 Air and gas compressor manufacturing 228 Material handling equipment manufacturing . 229 Power -driven handtool manufacturing 230 Other general purpose machinery manufacturing 231 Packaging machinery manufacturing 232 Industrial process furnace and oven manufacturing 233 Fluid power process machinery manufacturing 234 Electronic computer manufacturing 235 Computer storage device manufacturing The Elkhorn Project: Economic Impact Analysis; June 2011 Doug Kennedy Advisors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Computer terminals and other computer 236 peripheral equipment manufacturing 237 Telephone apparatus manufacturing Broadcast and wireless communications 238 equipment manufacturing 239 Other communications equipment manufacturing 240 Audio and video equipment manufacturing 241 Electron tube manufacturing 242 Bare printed circuit board manufacturing 243 Semiconductor and related device manufacturing Electronic capacitor, resistor, coil, transformer, 244 and other inductor manufacturing 245 Electronic connector manufacturing 246 Printed circuit assembly (electronic assembly) manufacturing 247 Other electronic component manufacturing 248 Electromedical and electrotherapeutic apparatus manufacturing 249 Search, detection, and navigation instruments manufacturing 250 Automatic environmental control manufacturing 251 Industrial process variable instruments manufacturing 252 Totalizing fluid meters and counting devices manufacturing 253 Electricity and signal testing instruments manufacturing 254 Analytical laboratory instrument manufacturing 255 Irradiation apparatus manufacturing Watch, clock, and other measuring and 256 controlling device manufacturing 257 Software, audio, and video media for reproduction 258 Magnetic and optical recording media manufacturing 259 Electric lamp bulb and part manufacturing 260 Lighting fixture manufacturing 261 Small electrical appliance manufacturing 262 Household cooking appliance manufacturing 263 Household refrigerator and home freezer manufacturing 264 Household laundry equipment manufacturing 265 Other major household appliance manufacturing 266 Power, distribution, and specialty transformer manufacturing 267 Motor and generator manufacturing 268 Switchgear and switchboard apparatus manufacturing 269 Relay and industrial control manufacturing 270 Storage battery manufacturing 271 Primary battery manufacturing 272 Communication and energy wire and cable manufacturing 273 Wiring device manufacturing 274 Carbon and graphite product manufacturing All other miscellaneous electrical equipment 275 and component manufacturing 276 Automobile manufacturing 277 Light truck and utility vehicle manufacturing 278 Heavy duty truck manufacturing 279 Motor vehicle body manufacturing 280 Truck trailer manufacturing 281 Motor home manufacturing 282 Travel trailer and camper manufacturing 283 Motor vehicle parts manufacturing 284 Aircraft manufacturing 285 Aircraft engine and engine parts manufacturing The Elkhorn Project: Economic Impact Analysis; June zo11 Doug Kennedy Advisors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 286 Other aircraft parts and auxiliary equipment manufacturing 287 Guided missile and space vehicle manufacturing Propulsion units and parts for space vehicles 288 and guided missiles manufacturing 289 Railroad rolling stock manufacturing 290 Ship building and repairing 291 Boat building 292 Motorcycle, bicycle, and parts manufacturing Military armored vehicle, tank, and tank 293 component manufacturing 294 All other transportation equipment manufacturing 295 Wood kitchen cabinet and countertop manufacturing 296 Upholstered household furniture manufacturing 297 Nonupholstered wood household furniture manufacturing 298 Metal and other household furniture manufacturing 299 Institutional furniture manufacturing 300 Office Furniture 301 Custom architectural woodwork and millwork manufacturing 302 Showcase, partition, shelving, and locker manufacturing 303 Mattress manufacturing 304 Blind and shade manufacturing Surgical and medical instrument, laboratory 305 and medical instrument manufacturing 306 Surgical appliance and supplies manufacturing 307 Dental equipment and supplies manufacturing 308 Ophthalmic goods manufacturing 309 Dental laboratories manufacturing 310 Jewelry and silverware manufacturing 311 Sporting and athletic goods manufacturing 312 Doll, toy, and game manufacturing 313 Office supplies (except paper) manufacturing 314 Sign manufacturing 315 Gasket, packing, and sealing device manufacturing 316 Musical instrument manufacturing 317 All other miscellaneous manufacturing 318 Broom, brush, and mop manufacturing 319 Wholesale trade businesses 320 Retail Stores - Motor vehicle and parts 321 Retail Stores - Furniture and home furnishings 322 Retail Stores - Electronics and appliances 323 Retail Stores - Building material and garden supply 324 Retail Stores - Food and beverage 325 Retail Stores - Health and personal care 326 Retail Stores - Gasoline stations 327 Retail Stores - Clothing and clothing accessories 328 Retail Stores - Sporting goods, hobby, book and music 329 Retail Stores - General merchandise 330 Retail Stores - Miscellaneous 331 Retail Nonstores - Direct and electronic sales 332 Transport by air 333 Transport by rail 334 Transport by water 335 Transport by truck 336 Transit and ground passenger transportation 337 Transport by pipeline The Elkhorn Project: Economic Impact Analysis; June 2011 Doug Kennedy Advisors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.7 1.9 3.5 0.0 0.1 1.3 1.4 0.0 0.0 0.4 0.4 0.0 0.0 0.4 0.4 0.0 0.0 0.9 1.0 0.0 0.1 2.1 2.1 0.0 0.0 0.7 0.7 1.8 0.0 0.6 2.5 0.0 0.0 1.0 1.1 0.0 0.0 0.6 0.6 17.3 0.2 2.3 19.8 0.0 0.1 1.2 1.3 0.0 0.0 1.8 1.9 0.0 0.1 0.2 0.3 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.7 0.4 1.1 7.2 0.3 0.2 7.7 0.0 0.0 0.0 0.0 Scenic and sightseeing transportation and 338 support activities for transportation 339 Couriers and messengers 340 Warehousing and storage 341 Newspaper publishers 342 Periodical publishers 343 Book publishers 344 Directory, mailing list, and other publishers 345 Software publishers 346 Motion picture and video industries 347 Sound recording industries 348 Radio and television broadcasting 349 Cable and other subscription programming 350 Internet publishing and broadcasting 351 Telecommunications Data processing, hosting, ISP, web search portals 352 and related services 353 Other information services Monetary authorities and depository credit 354 intermediation activities 355 Nondepository credit intermediation and related activities Securities, commodity contracts, investments, 356 and related activities 357 Insurance carriers 358 Insurance agencies, brokerages, and related activities 359 Funds, trusts, and other financial vehicles 360 Real estate establishments 361 Imputed rental activity for owner -occupied dwellings 362 Automotive equipment rental and leasing General and consumer goods rental except video tapes 363 and discs 364 Video tape and disc rental Commercial and industrial machinery and 365 equipment rental and leasing 366 Lessors of nonfinancial intangible assets 367 Legal services 368 Accounting, tax preparation, bookkeeping, and payroll services 369 Architectural, engineering, and related services 370 Specialized design services 371 Custom computer programming services 372 Computer systems design services Other computer related services, including facilities 373 management 374 Management, scientific, and technical consulting services 375 Environmental and other technical consulting services 376 Scientific research and development services 377 Advertising and related services 378 Photographic services 379 Veterinary services All other miscellaneous professional, scientific, 380 and technical services 381 Management of companies and enterprises 382 Employment services 383 Travel arrangement and reservation services 384 Office administrative services 385 Facilities support services The Elkhorn Project: Economic Impact Analysis; June zosi Doug Kennedy Advisors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.1 0.5 0.2 0.3 0.1 0.3 0.1 0.1 0.0 0.0 0.0 0.3 0.1 0.0 0.0 0.2 0.1 0.0 0.0 0.3 0.0 0.2 0.0 0.2 0.0 0.6 0.4 0.0 0.1 0.1 0.0 0.1 0.0 0.0 0.4 0.9 0.0 0.4 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 1.7 1.2 1.1 1.1 0.7 0.0 0.5 6.2 3.7 0.0 0.0 0.2 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.6 0.6 1.1 0.3 0.7 0.2 0.1 0.0 0.0 0.0 0.3 0.1 0.1 0.0 0.8 0.2 0.2 0.1 0.1 0.1 1.2 0.2 0.0 0.0 0.0 0.2 0.3 0.1 1.7 0.3 1.3 0.4 0.1 0.0 0.2 0.0 0.1 0.0 0.4 0.7 0.4 0.4 0.2 0.0 0.3 0.0 0.3 0.0 0.3 0.2 0.2 0.9 0.2 0.1 1.3 1.0 2.3 2.3 1.8 0.5 9.9 0.0 0.2 4.0 0.1 0.1 0.1 1.2 1.5 0.9 0.1 0.1 0.5 0.1 1.0 0.3 0.2 1.3 0.1 0.2 0.4 1.9 1.7 0.1 0.2 0.1 386 Business support services 387 Investigation and security services 388 Services to buildings and dwellings 389 Other support services 390 Waste management and remediation services 391 Private elementary and secondary schools Private junior colleges, colleges, universities, 392 and professional schools 393 Other private educational services 394 Offices of physicians, dentists, and other health practitioners 395 Home health care services Medical and diagnostic labs and outpatient 396 and other ambulatory care services 397 Private hospitals 398 Nursing and residential care facilities 399 Child day care services 400 Individual and family services Community food, housing, and other relief services, 401 including rehabilitation services 402 Performing arts companies 403 Spectator sports companies Promoters of performing arts and sports 404 and agents for public figures 405 Independent artists, writers, and performers 406 Museums, historical sites, zoos, and parks 407 Fitness and recreational sports centers 408 Bowling centers 409 Amusement parks, arcades, and gambling industries 410 Other amusement and recreation industries 411 Hotels and motels, including casino hotels 412 Other accommodations 413 Food services and drinking places 414 Automotive repair and maintenance, except car washes 415 Car washes 416 Electronic and precision equipment repair and maintenance Commercial and industrial machinery and 417 equipment repair and maintenance 418 Personal and household goods repair and maintenance 419 Personal care services 420 Death care services 421 Dry-cleaning and laundry services 422 Other personal services 423 Religious organizations 424 Grantmaking, giving, and social advocacy organizations 425 Civic, social, professional, and similar organizations 426 Private household operations 427 US Postal Service 428 Federal electric utilities 429 Other Federal Government enterprises 430 State and local government passenger transit 431 State and local government electric utilities 432 Other state and local government enterprises 433 * Not an industry (Used and secondhand goods) 434 ` Not an industry (Scrap) 435 * Not an industry (Rest of the world adjustment) The Elkhorn Project: Economic Impact Analysis; June 2011 Doug Kennedy Advisors 0.0 1.0 0.4 1.4 0.0 0.4 0.2 0.6 0.0 3.4 1.1 4.5 0.0 0.3 0.1 0.4 0.0 0.2 0.1 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.2 0.2 0.0 0.5 0.7 1.2 0.0 0.0 3.8 3.8 0.0 0.0 0.3 0.3 0.0 0.0 0.6 0.6 0.0 0.0 1.1 1.1 0.0 0.0 1.9 1.9 0.0 0.0 0.9 0.9 0.0 0.0 1.3 1.3 0.0 0.0 0.3 0.3 0.0 2.0 0.4 2.4 0.0 0.4 0.2 0.6 20.3 1.9 0.4 22.5 0.0 0.8 0.1 0.9 0.8 0.0 0.0 0.9 0.0 0.2 0.4 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.7 104.3 0.1 0.3 104.7 37.6 0.1 0.1 37.8 0.0 0.0 0.0 0.0 71.6 3.3 7.0 81.9 0.0 0.6 0.7 1.2 0.0 0.1 0.1 0.2 0.0 0.0 0.0 0.1 0.0 0.3 0.1 0.3 0.0 0.1 0.0 0.1 0.0 0.0 0.8 0.8 0.0 0.0 0.1 0.1 0.0 0.4 0.2 0.5 0.0 0.1 0.3 0.4 0.0 0.0 0.4 0.4 0.0 0.0 0.7 0.7 0.0 0.5 1.1 1.6 0.0 0.0 1.4 1.4 0.0 0.7 0.2 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.2 0.1 0.3 0.0 0.2 0.1 0.2 0.0 0.3 0.4 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 436 * Not an industry (Noncomparable foreign imports) 0.0 0.0 0.0 0.0 * Employment and payroll only 437 (state & local govt, non -education) 0.0 0.0 0.0 0.0 438 * Employment and payroll only (state & local govt, education) 0.0 0.0 0.0 0.0 439 * Employment and payroll only (federal govt, non-military) 0.0 0.0 0.0 0.0 440 * Employment and payroll only (federal govt, military) 0.0 0.0 0.0 0.0 The Elkhorn Project: Economic Impact Analysis; June 2011 Doug Kennedy Advisors Estes Park's Elkhorn Regional Tourism Project Regional Tourism Act Third Party Analyst Payment Commitment Form We, as Applicants to the Colorado Economic Development Commission for a Regional Tourism Project, commit to paying a Third Party Analyst (to be named at a later date) for an independent analysis (and one revision if requested) that will be included as part of the final application and sharing data and reasoning to a Third Party Analyst to assist with the independent analysis. We understand that the Colorado Office of State Planning and Budgeting is responsible for selecting, contracting directly with, and managing the Third Party Analysis, but the payments for such analysis is fully our responsibility and will be made upon request payable to the Third Party Analyst. The application may be withdrawn at anytime prior to submission of the application to the Third Party Analyst without incurring any costs related to the Third Party Analyst. Town of Estes Park William C. Pinkham, Mayor Attest: Jackie Williamson, Town Clerk RTA Application — Tab 7 Page 1 of 1 tit itt°i. Estes Park's Elkhorn Regional Tourism Project Description of the Financing Entity Fill I l ,(view The Applicant requests that a Regional Tourism Authority be created under the Act (the "Estes Park Tourism Authority"). The Regional Tourism Zone of the Estes Park Tourism Authority will have geographic boundaries coextensive with the town limits of the Town of Estes Park as such town limits may change over the duration of the Financing Term of Estes Park's Elkhorn Project. The authority and responsibilities of the Estes Park Tourism Authority will be limited to those necessary or convenient to carry out the purpose of serving as the Financing Entity for the Project including but not limited to those specified in the Regional Tourism Act. The Estes Park Tourism Authority will not have the power of eminent domain or to condemn property. The Estes Park Tourism Authority will not have the power to impose or levy any sales tax, use tax, property tax or any other tax, but will have the authority to receive State Sales Tax Increment Revenue from the designated Regional Tourism Zone as provided under the Act. It is not anticipated that the Estes Park Tourism Authority will receive revenue from any sources other than State Sales Tax Increment Revenue from the designated Regional Tourism Zone. The Estes Park Tourism Authority will be governed by a board consisting of five members appointed for four year terms (with the initial terms of two members of the governing board expiring April 30, 2014 and initial terms of three members of the governing board expiring April 30, 2016). The Mayor of the Town of Estes Park shall serve as a member of the governing board and shall serve as its chair. His term on the governing board shall expire on April 30, 2016. Two members of the governing board (one appointed for an initial term expiring April 30, 2014 and one appointed for an initial term expiring April 30, 2016) will be owners of commercial property located within the Town of Estes Park and will be appointed by the Colorado Economic Development Commission. The remaining two members of the governing board (one appointed for an initial term expiring April 30, 2014 and one appointed for an initial term expiring April 30, 2016) shall be appointed by the Board of Trustees of the Town of Estes Park to represent the Estes Valley community at large. The Applicant's recommendations for members of the initial board of the Estes Park Tourism Authority are set forth in an attachment at Tab 12B of this application. The Estes Park Tourism Authority will have the authority to borrow money and incur indebtedness and to issue bonds. It has not yet been determined whether the Estes Park Tourism Authority will need to or whether it will be desirable to issue bonds to finance Estes Park's Elkhorn Project. RTA Application — Tab 8 Description of the Financing Entity Page 1 of 2 itm k evievv As the Estes Park Tourism Authority receives State Sale Tax Increment Revenue collected from the zone, it will pay its administrative costs (including reimburse the Town of Estes Park for services provided by the Town) and then reimburse EPI for eligible costs advanced by it in connection with the development of the facilities of Estes Park's Elkhorn Project. The Estes Park Tourism Authority will ensure that all disbursed funds were spent by EPI on Eligible Costs in the design, construction, financing and maintenance of Eligible Improvements within the scope of Estes Park's Elkhorn Project but the Estes Park Tourism Authority. The Applicant expects that the Eligible Costs of the Eligible Improvements included in Estes Park's Elkhorn Project will be paid for as follows: Private sources including the Lodge Operator, the Park Operator, SOPA, and the Heritage Operators are expected to collectively provide approximately $30.6 million or 61% of the total Eligible Costs during the construction phase of the project; and The Applicant will provide approximately $2.65 million and will loan to EPI an additional $7.0 million bringing its total contribution to $9.65 million or 19.3% of the total Eligible Costs during the construction phase of the project; and The balance of the Eligible Costs during the construction phase of the project will be provided by EPI. EPI will coordinate the timing of the receipts of funds from the private sources and is in discussions with various private lending sources to borrow funds to cover Eligible Costs until it begins to receive lease payments from the operators of the facilities and until it begins to receive receipts from the Estes Park Tourism Authority. Depending upon EPI's success in securing upfront payments from the private sources and loans to cover the Eligible Costs that will be incurred in the early phases of Estes Park's Elkhorn Project, it is not currently expected that the Estes Park Tourism Authority will borrow or issue bonds against its future receipts of State Sales Tax Increment Revenue. As the Estes Park Tourism Authority receives State Sales Tax Increment Revenue it will pay Eligible Costs as follows: (i) pay its administrative expenses; (ii) reimburse the Town of Estes Park for administrative services provided by the Applicant and repay the Town of Estes Park for the cost of such services previously advanced by the Applicant and (iii) reimburse Elkhorn Project, Inc. for Eligible Costs advanced by it. RTA Application — Tab 8 Description of the Financing Entity Page 2 of 2 Draft for Final Review Estes Park's Elkhorn Regional Tourism Project Proposed Financing Terms This application requests that the Estes Park Tourism Authority receive 100% of the State Sales Tax Increment Revenue collected within the designated Regional Tourism Zone (the town limits of the Town of Estes Park) for a period of 30 years from the creation of the Estes Park Tourism Authority. At present, it is not expected that the Estes Park Tourism Authority will issue and bonds or incur any debt. Instead it is expected that Elkhorn Project, Inc. (`BPI") will incur debt and advance the cost of Eligible Improvements and that the Estes Park Tourism Authority will reimburse such monies advanced as it receives State Sales Tax Increment Revenue from the zone. RTA Application — Tab 10 Proposed Financing Terms Page 1 of 1 Estes Park's Elkhorn Regional Tourism Project Regional Tourism Act Project Certification Form We, as an Applicant or as the entity involved in the development of the Regional Tourism Project application to the Colorado Economic Development Commission for a Regional Tourism Project, certify that the information, exhibits and schedules contained herein are true and accurate statements, and represent fairly the financial condition of the enclosed entity(ies) as of the date stated herein and demonstrate that in the absence of State Sales Tax Increment Revenue, the Project is not reasonable anticipated to be developed within the foreseeable future. We give our unconditional consent to allow the Colorado Economic Development Commission, the Colorado Office of Economic Development and International Trade and its agents to verify financial information, obtain business -related credit reports or discuss information regarding the application and its primary developers/shareholders/guarantors herein with participants in the Project or with others as deemed necessary solely by OEDIT. In some cases personal financial statements will be needed. If required, OEDIT will provide a consent form required to access such information during its review of the application. Town of Estes Park William C. Pinkham, Mayor Attest: Jackie Williamson, Town Clerk RTA Application — Tab 11 Page 1 of 1 l for ff"iris Estes Park's Elkhorn Regional Tourism Project Board of Directors and Officers of Elkhorn Project, Inc. (a Colorado non-profit corporation) Frank Theis President and Director Mr. Theis's responsibilities for the corporation include project design with particular emphasis on the restoration of the historic Elkhom Lodge. Education Mr. Theis received a Bachelors degree in Landscape Architecture from the University of Oregon and a Masters degree in Landscape Architecture and Urban Design from Kansas State University. His masters thesis was on Land Development Financial Feasibility Analysis. Professional Background Mr. Theis' qualifications include over 30 years of experience in planning, design, construction and real estate development: • He is the president and owner of CMS Planning & Development, Inc., a planning consultant firm in Estes Park, Colorado • He has been involved in the planning, design and development of numerous subdivisions and infrastructure improvements in the Estes Valley. • He purchased the historic Mary's Lake Lodge that had been abandoned for over 20 years and planned and oversaw the renovation of the lodge into a premier lodge and restaurant with banquet facilities and a spa. He was general manager of the lodge for three years before he sold his interest. • He developed a 360-acre private wildlife present and residential planned community between Kansas City and Lawrence, Kansas. • He designed and oversaw construction of the King Estate Winery near Eugene, Oregon which won an American Institute of Architects Design Award in 1997. Community Involvement Mr. Theis is active in the Estes Valley Contractors Association, is a member of the Trails Committee of the Estes Valley Parks & Recreation District, was a member of the Estes Valley Fire Services Task Force, is the Vice President of the Estes Valley Fire District Board and is a member of the Town of Estes Park's Transportation Visioning Committee. Todd Jirsa Vice -President and Director Mr. Jirsa's responsibilities for the corporation include project design with particular emphasis on the ski/adventure park /ski area portion of the project. Education Mr. Jirsa received a Bachelors degree in Business Administration from Iowa State University and completed a year of classes in their Masters of Business Administration program. Professional Background Mr. Jirsa's qualifications include an extensive background in small business operations and outdoor sports: • He currently is a part-owner and the Secretary/Treasurer for the Village Goldsmith, Inc., a retail business in Estes Park. • He was the owner of Estes Park Jeep Rentals, an Estes Park provider of jeep rentals for self -guided 4wd tours. • He was the owner of Alpen Vision Publishing, an Estes Park publisher of postcards and posters. RTA Application — Tab 13D Board of Directors of Elkhorn Project, Inc. Page 1 of 3 Final IYc 'ic • He was the owner of New Plateau Sportswear, an Estes Park manufacturer of aftermarket travel cases for heart monitors. • He formerly was a part-owner and president of Colorado Wilderness Sports, Inc., a retail business in Estes Park. • He worked for Hidden Valley Ski Area in Estes Park as a lift operator and avalanche controller. • His family is a part-owner of the Sundown Mountain ski area in Iowa that also has summer activities. Through the years, he has worked most of the jobs associated with the operation of this facility. Community Involvement Mr. Jirsa is the President of the Board of Education for Park School District R-3 and is a former board member and treasurer of the Centennial Board of Cooperative Education Services which is a cooperative of 13 school districts providing educational services in rural Colorado. He is a former board member of the Arapaho Roosevelt Pawnee Foundation which supports the missions of the Arapaho and Roosevelt National Forests and the Pawnee National Grasslands. Curt Gleaves Secretary, Treasurer and Director Mr. Gleaves' responsibilities for the corporation include negotiating financial arrangements and financial record keeping. Education Mr. Gleaves received a Bachelor's degree in Economics from Stanford University and a Juris Doctor from University of California, Hastings School of Law in San Francisco, California. Professional Background Mr. Gleaves' background includes extensive experience in corporate finance and non-profit management: • He is President and owner of Chapin Financial Management, a financial consulting firm in Estes Park • He was a Partner and Chief Financial Officer, Foster Pepper LLP, a law firm in Portland, Oregon where his practice for 27 years concentrated on corporate finance transactions. His clients included the Portland Trail Blazers in connection with their construction of the Rose Garden Arena as part of a public -private partnership with the City of Portland and the Metropolitan Exposition and Recreation Commission. • He is a former Trustee and Treasurer for the Children's Trust Fund of Oregon, a grant making foundation organized by the State of Oregon that later became an independent non-profit corporation. He was initially appointed to this position by Governor John Kitzhaber. • He is a former Director and Treasurer for Trillium Family Services, the largest provider of mental health services to children in Oregon. • He has served as an alpine ski racing official at the 2002 Olympics in Salt Lake and numerous world cup ski races. Community Involvement Mr. Gleaves currently serves on the board of directors of Habitat for Humanity of Estes Valley and the Estes Valley Land Trust. RTA Application — Tab 13D Board of Directors of Elkhorn Project, Inc. Page 2 of 3 Vl1tT afd ioor° fqua! l ^�riic v Kimberly Campbell Director Ms. Campbell's responsibilities for the corporation include managing its communication and public outreach activities, work on its financial projections and design of its heritage and lodging facilities. Education Ms. Campbell received a Bachelors degree in Political Science from the University of California at Los Angeles and a Masters of Business Administration from the Australian Graduate School of Management. Professional Background Ms. Campbell's qualifications include extensive experience in real estate management, investment banking and event management: • She is the General Manager and owner of Boulder Brook on Fall River, a boutique hotel in Estes Park. • She was the Director of Operations & Chief Compliance Officer for MDB Capital Group, an investment bank in Santa Monica, California. • She is a former Leasing and Sales Manager for Tooley & Company, a Trammell Crow Company, which was engaged in commercial office leasing and high rise building sales in Orange County, California. • She is a former event management consultant to World Cup Soccer 1994, the 1996 Olympics in Atlanta and the 2002 Olympics in Sydney, Australia. Community Involvement Ms. Campbell is a member of the Town of Estes Park's Transportation Visioning Committee. Gregg Coffman Director Mr. Coffman's responsibilities for the corporation include legal and real estate matters. His qualifications include 20 years as an attorney in Estes Park with a practice focused on real estate, business and tax matters. Education Mr. Coffman received a Bachelors degree in from the and a Juris Doctor from Professional Background Mr. Coffman's qualifications include extensive experience in real estate management, investment banking and event management: • He • He • He • Community Involvement Mr. Coffman is a member of RTA Application — Tab 13D Board of Directors of Elkhorn Project, Inc. Page 3 of 3 4111 li,q,,,,,,,,i,11,1111111111111(1111111,1,1,1,1,1,1)),1111111111111,„ 11100011 ' 11110. , 11,:,''',1,n,111"11:111'1'11(11i111:1?,lil' 1 , „ , , l'1111101110000111U'::::' , , :111:111:111)11':111::111?111111 1 ,, 111'111 ,,Ininininon000000000000000001000111000111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111111111ouloolooloolooluolool louluouluo lollooloololloolloolouluovo11111 1 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111,111,111,1111,111,111,111,111,111,1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111,111111111 1100010V0V000010011 011110 0000011001001111111011111 00011010011111111111111111111111111111111111111111111111..................11111111111111111111111111111111111111111 11„ 1000001111100000000000000000[11111111111 111111111,„, A ,11111111111111111„1(„„„ 110,, 11111111111111111111111000000001111111novoolloo,u11,1 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111""" 1111111111 1 11M11M1111'1 1111111111L°11V1111'1111'11'' 111111111`!"'' -,:„„„„,11'1'1'1'1'1'1'1'111111,1!!!!1"11111111,1,1,1,1,1 11111111111111111111111;ffimmillm11111111111111111111111111111111111111111111111 411';',11'11111111111, 4, 14 1111111,1,111111111 '1:11 1111111'11111'in111111111111111111111111111111111mfi Comyany Profile 1111111111111111111111111111111 11111111111111111111111111111111111111111 SE G R OU P 1 � \ A,I%iih5l0iiq: 111' j'Im �w,u„q, 11111111 lY000 IIIill IuIIIfliIN Illiti IP�III !Ilp?III I GAO p� M Iullllll�llll"�Vq � imHu � II Douglas J. Kennedy ���0�� ~�=,.� .� ° Working out ofhis Norwich, Vermont office, Doug Kennedy offers a broad range mfprofessional and project expehencetohisclients.VVith over 3oyears ofpractice inplanning, economics and real estate, Dnug's experience spans: real estate economics and markets; recreational market research; resort planning; fiscal and growth impact assessments. More significantly, his broad exposure tnproject vvorkin both up and down markets, allows him to provide realistic and strategic advice tohis clients both for the present and future. Doug takes apractical approach tVreal estate market and development issues and is focused on providing analyses that allow his clients to make informed decisions regarding development marketability and permitting issues. Doug Kennedy's areas of expertise include: ° Real Estate Development Feuribili+«—feasibilit4pnoductidentificatiom/ buyer/absorption studies, amenity needs, competitive assessment, development consultation. w Resort and Recreational Plann tResearc -consumer research, market surveys, market trend analysis, customer profiles. w Fiscal and Growth Impact Analyses -growth impact studies, fiscal impact studies, socioeconomic profiles, economic impact assessments. mManagement Cons —project advising and management, diagnostic assessments, background market findings, action -based plans. ^ , 'Poug Kennedy, PROFESSIONAL ExPERIENCE Advisor —NomwichVermont, 2mBtoCurrent. Focused work /nresidential and recreational markets with a concentration onfiscal assessment, real estate market feasibility and development potentials aswell asfinancial and valuation based assessments of real estate products. Consulting regarding long and short-term investment strategies for major developesand/andovvners.Dougalsusenxedesa Senior Advisor with LamdVestbetween aoo3and aoog,aBoston-based firm with expertise inreal estate consulting, marketing & sales ofresidential properties and timberland brokerage and management. Practice Leader— Market, Economics 8,Appraisal Group, SEGROUP, Hanover, New Hampshire, 1996 to 2003. Responsible for all of the firm's activities in the areas of real estate development, market research, economic analyses and socioeconomic impact assessment. |naddition, oversaw the firrn'svvork inthe area ofresort appraisal and valuation. Work with both North American and international clientele. Principal -DouglaslKennedy& Associates, Norwich, Vermont. Consulting practice focused on application of economic and planning principles to real estate and development issues, zg82-1996.Consultation inavariety ofplanning and development projects in the northeast including municipal planning, downtowns and community development, resort development, travel industry and cornrnercia|/residentia|6eveloprnent. Director of Planning -Dufresne-Henr4|nc./Springfield, �Vermont. Project manager for urban, commercial and multi -use planning projects, 3.978-z982.Consultation with primary focus on market analysis, regulatory work and economic assessment, EDUCATION Master VfCity & Regional Planning, University nfPennsylvania, Philadelphia, Pennsylvania, :1978 Bachelor of Arts in Economics and Geography, Middlebury College, Middlebury, Venmontz975. Real Estate Development Analysis ' Harvard Business School. Real Estate Finance — Urban Land Institute DQUQ Ka""EDY ADVVSGIRS Doug Kennedy Resume RECENT TEACHING/LECTURING EXPERIENCE Guest Instructor in Economic Impact Analysis - Antioch New England, Graduate Lecturer on U.S. Business Practices to Foreign Executives - Rassias Foundation at Dartmouth College. `Residential Market Analysis — Basic Techniques' — Presenter at Vermont Housing Finance Authority Conference. Lecturer on Downtown Revitalization Techniques - New Hampshire Townscape Coalition. PROFESSIONAL AFFILIATIONS/MEMBERSHIPS & ACTIVITIES - EXPERIENCE Full Member, Urban Land Institute Recreational Development Council Member— Urban Land Institute Licensed Real Estate Salesperson - Vermont Vermont Planners Association National Trust for Historic Preservation Advisory Committee — Middlebury College Snow Bowl Steering Committee — Norwich, Vermont SHARED Housing Project Hanover, New Hampshire Diversion Board Board of Directors/Financial Advisor— Dartmouth Lightning Soccer Association Hanover, New Hampshire Rotary Club President, Norwich, Vermont Recreation Council Licensed Soccer Coach — Head Girls' Soccer Coach/Hanover, NH High School USSA Alpine Racing Official USSA Masters Alpine Racer DOUG i latAll 4Am1:aoRa * �11 Fiscal, Growth & Economic impact Project �� Experience w ������ —� — Doug Kennedy's experience includes abroad range ofassignments dea/inUvviththefiscai' growth and socioeconomic impacts ofsmall and large projects, both from the public and private perspectives. Quarterpath _ Williamsburg, Virginia Market and fiscal evaluation for amajor newmixed'oso development proposed inagrowing market. Doarterpathwill eventually include over i'000new housing units along with substantial retail, commercial and institutional building space. VVewere asked toevaluate the project bothfnommarketand fiscal perspectives aspart offunding and entitlement processes. CoolwaterRanch — Kerr County, Texas Aprominent Texas family with o3.o,000~acre land holding inTexas' Hill Country was interested inexploring the development potential of the|and—bothfnomtheperspectiveofyeer-roondnesidentia|usoond asanamenity-based community. Our assessment ofthe market and project fiscal implications included a detailed examination ofdevelopment and marketpattennsintheHiU[ountry—vvith an eye on the expanding San Antonio market and fiscal realities inthis region. Cit'Cemter—South Burlington, Vermont One ofVermont's fastest growing communities is engaged inunongoing process tocreate a `downtown'area—amixed-use focus ofresidential, retail, commercial and institutional activity. Our consulting services for the project have|ndoded detailed market assessments nfeach use category aswell asthe project asavvho|eandsevera|ana|yses ofthe p 'ect's|oca|andegiona|fisca|andgrowth implications — including anassessment ofpotential revenues to6egenerated byaplanned Tax Increment Finance district. " DamQKIROwRDY AnWaQRS qjr Indian/French Hill Properties -Trump Properties — Westchester County, New York The Trump organization was investigating the development potential of a significant land holdings in Westchester County — with the concept of developing major amenity -based communities. We were asked to assess the projects from fiscal and market perspectives, both to define the best development program and to assist with entitlement processes. Town of Stowe Municipal Infrastructure — Stowe, Vermont Fiscal and growth related analysis relating to the town's plan to create significant new development areas and to construct the infrastructure to support that development. Working with the town, we assessed the amount and type of development that would likely occur and projected the impact of that growth, both from oo 00000 IINuI�II u,111111111111111111111"I Y000000 loorno upolom�I II 1111 N'�I�000k ��Iforr uuuIIII�Peq�l� udi,��Vl 11111111111111111111111111111111111111 � .. muinuloioi,UGfuiWmioiwmihlif( dt 11,11,11,1 Po revenue and cost perspectives. Liberty Harbor — Brunswick, Georgia Centex Properties was assessing the potential of purchase and continued development of this planned, amenitized project in coastal Georgia. Our assessment included market analyses as well as preliminary fiscal and growth impact analyses for the project. Olympic Regional Development Authority — Lake Placid, New York Analysis of the combined economic impact of the recreational facilities owned and operated by ORDA. ORDA's facilities include two ski areas, the Olympic Rink Complex a retail store and the Mount Van Hoevenberg ski park. Our analysis documented the direct and indirect spending and employment generated by the combined facilities. Results used to present to the New York Legislature. DOLIa KEMANUDV ACAVASarse Milton Growth Plen- Vermont Fiscal, economic and growth impact analysis ofamajor nevvplanFor growth inthe Town nfMilton, Working with the town, vveidentified potential growth areas, current and projected futuregpowdhnatesand assessed the short and long term fiscal impacts ofthis growth onthe community. The town used the results mfour analysis tofurther assess their planning effort* and to assist with permitting efforts. �Vll Montague School - Montague, Massachusetts The Town of Montague is engaged in a process to assess the potential re- use of a substantial school structure that was no longer needed by the school district. |naddition bnassessing several re -use scenarios from a market perspective, we analyzed the local fiscal implications of vacancy versus public support for redevelopment. Ludlow Growth Impact Assessmmemt-Ludlovx Vermont Working with the town, a comprehensive assessment ofongoing and projected future growth patterns was developed. This assessment was then interpreted on service by service basis from fiscal and capacity perspectives. Project work included collection of both published and local data, statistical analysis of materials, and production of report assessing the town's future fiscal position as it relates to potential growth. I t ~ Village at Mink Brook - Hanover, New Hampshire The Paragon Residential Group was planning a multi -faceted residential development in this highly desinab|acuUegetmwn-toindodebothfor-sa|ehousinginaing|efami|yandtmmnhouseformots as � well as a 250 unit Continuing Care Retirement Community. We were asked to assess the full range �� offiscal and growth implications ofthe project aspartofthe|oce|endt|ementprocesa. St.AlbansYwdustraUPaxk—St Albans, Vermont Detailed ana�sisofthe pnospectkxe�xca|and econonnicirnpactsresuldngfronmthe ' development ofamajor nevindustrial park in St. Albans. Working with the town and the tmvn'yengineering consultant, ve developed build -out projections asve|lasestinatesof potential direct and secondary employment. |naddition, vveconducted athprVugh assessment oftown services. Emerson Gardens — Lebanon, New Hampshire Analysis ofthe prospective fiscal, growth and economic impact ofaproposed zzounit apartment building tuassist with the permitting process. Our analysis included detailed projections regarding project population, school -age population and the services that the project would require. In addition, we completed acomplete evaluation ofthe costs and revenues that would result from the project. Alpine Pipeline — Rutland, 8Vendmn& Killington, Vermont Detailed ana'�sisofthe ootendgro wth majorextension ota vva�t�vvaterpipeline into agnowfh corridor previously served only be on -site systems, Working with the three towns, vveanalyzed potential development areas, types and intensities of expected growth and the fiscal and economic impacts of that growth. Correctional Fauility—Stmte«fWrrnnnt Working with the State of Vermont's Building Division, we assessed the potential impacts of a new correctional facility in one of two locations within the state — St. Johnsbury or Springfield. Our work included aregional survey ofcorrectional facilities and impacts, which was used toproject thepotentialirnpactsoftheVernnontfaci|itvandtoassistin developing an aid package for the host community. � �1111K, Lebanon Mall — Lebanon, New Hampshire 111 � � Working with the City ofLebanon, vveanalyzed various design and development plans for the revitalization ofthe mail to determine their respective fiscal and economic outcomes .Our work included analyses pfretail traffic patterns, transportation routings and various approaches toproject hnance. 0� m� » m 0� Delta Business Park-BraVermont Fiscal, economic and growth impact analysis to assess the effects of a proposed business park immediately tothe south ofBrattleboro. Working with the connnnun/tv�ndthe regional developrnentcurnrnission we employment ' / - scenarios and determined i . n� ecmrnrnuntvyervicesthatvvou/dberequiredtoseme the project. Our assessment also included acalculation nfthe pnqect'mfiscal irnpactnnthe community,- Vermont Institute mf Natural Science Center - Quechee, Vermont V|NSisinthe process ofdeveloping amajor nevvpub|ic center off amajor trave|routenearthevveU-hnovvnQuechea Gorge inQuechee. Working with V|NS,wmdeveloped detailed projections ofvisitorshipan6revenueatothe center. |naddition, asthey move through the permitting process, weworked with them todevelop projections of fiscal and growth impacts. Doug Kennedy also has extensive experience analyzing the fiscal, growth and economic implications of resort developments, Our experience extends throughout North America. Stratton Mountain Region Impact Study 'S/nJtbxn/N/inhal1 Vermont A comprehensive assessment of the fiscal histories of towns in the region affected b"the growth ofthe rnountainresort, along vvithdirect and secondary growth projections ' and service needs analyses. Working with the regional planning commission, growthan- service needs were interpreted interms offiscal impacts nnatown bytown basis. Arizona Smombonv EIS - Flagstaff, Arizona Comprehensive analysis designed toassess the socioeconomic impacts mfamajor xkiarea improvement project -indudingthe/nsta/lationofa snowmaking system and mountain expansion projects, Our analysis assessed the potential for the projects to increase visitation, tourism spending and ultimately increase regional employment. |naddition, vveassessed the links between the ski area and the Flagstaff economy. Report used /nUSFS EIS process. Dome KMIUAUoY ADVnSORs ` 011 � � `,,� �m��--' -� � �� York's DEIS process. N � HmmterMmuntainDEUS—Hunter,NewYbnk Economic analysis nfaproposed majorsnwvvnlaking project intended to increase Hunter's competitive position and increase skier -visits. Our analysis included anhistoric assessment ofthe mountain's snowmaking program and its relationship boskier-visits. The projections assessed current/potential future resort visits and related spending inou]ertoproject regional employment impacts. The results were used in New Spruce Peak Villagm—Stmvm,Yennnnt We worked with Stowe Mountain Resort to fully document the socioeconomic impacts of their new village development and mountain improvement plan. A comprehensive inventory mfcurrent and proposed resort facilities was developed. This data was used to develop an analysis of the demographic, fiscal, growth and economic impacts that the village and mountain improvement plan will have onthe community and region. |n addition, we assisted in calculating the affordable housing needs to be generated by the project. Results use in Vermont Act 250 process. Tamarack —Lake Cascade, Idaho working with the developers and the State mfIdaho, vve projected the short and long term economic impacts of amajor nevvrnoontainpesortnovvunderdeveloprnent. Our projections included detailed analyses ofpotential direct and indirect employment amwell as dollar impacts mnthe public and private economies. Copper Mountain/Kokomo EA —Summit County, Colorado Fiscal and growth related analyses ofseveral related ski area projects to provide documentation of the socioeconomic impacts for the Forest Service's EA process. Our analysis included projection mfskiepvisitinnpactsandtherelahsdspendingand x Mount Snow Master Plan-NesDover Vermont Over the past iS years, wehave worked with the resort todevelop comprehensive analyses ofthe socioeconomic implications oftheir proposed five year plans. Our analyses have considered the demographic, fiscal, growth and economic impacts ofthe plans, both on project and cumulative bases. This included the impacts of the resort's Grand Nf Summit Hotel. 01 Breckenridge EA- Breckenridge, Colorado Fiscal and growth related analyses ofseveral related ski area projects to provide documentation ofthe socioeconomic impacts for the Forest Service's EAprocess. Our analysis included projection ofskiepvisitinnpacts and the related spending and employment that this economic activity would create. Bristol Mowntain- Canandaigua, New York Bristol Mountain management was considering arange ofprojects toexpanditsoffehngs and to increase visitorship; both in summer and winter. These resort expansion projects have a number of economic implications, both for the resort and the surrounding Finger Lakes region. Weconducted acomprehensive analysis ofthese projects, tnpnovidebmth the resort and New York State government officials with an overview of their economic impacts. OkemmMountain Resort Master Plan and Jackson ���me'LuoVmw4V�nnwnt C)vert�ep�st�oyear4vve�avevvor�e�vvit�t�e resorttmd�v��op�onmpre�enyiv�ana�ysesoft�e encio�cmnonnicirnp�icatinnsmft�eirpnopose� nnasterp|�ns.(�ur�na|yses�ave�onsidere�the ��me'Lu�m�V�nnwnt C)vert�ep�st�oyear4vve�avevvor�e�vvit�t�e resorttmd�v��op�onmpre�enyiv�ana�ysesoft�e encio�cmnonnicirnp�icatinnsmft�eirpnopose� nnasterp|�ns.(�ur�na|yses�ave�onsidere�the resorttm��v��opoonmpre�enyk/�ana�sesoft�e endo�cmnonnicirnpkcatinnsmft�eirpnopose� encio�cmnonn�cirnp��atk)nsmft�eirpnopose� m=-.�-- '`—,r--------^—^'c^^r~~~ =~a.,"`"nwmu,euuse*. "I Most recently, vveassessed the potential impacts of the first and second phases of the Jackson Gore mountain expansion and village project. In addition, we assisted in calculating the affordable housing needs tobegenerated bythe project. Results used inVenmont'Act25o process. � Memorandum of Understanding Between the Town of Estes Park and Elkhorn Project, Inc. Entered into as of June 14, 2011 This Memorandum of Understanding (MOU) is being executed by the parties listed below: 1. The Town of Estes Park, Colorado (the "Town") 2. Elkhorn Project, Inc. ("EPI") A. Purpose This MOU establishes and delineates the responsibilities and understandings between the two parties regarding the preparation of an application for a regional tourism project (the "Project") under the Colorado Regional Tourism Act (the "Application") and the design, planning and development of Eligible Improvements (the "Facilities") pursuant to that Project. The Project enhances the Town's position as a premier mountain resort community and furthers the Town's guiding principles of strengthening the economic vitality, preserving the Town's unique character and history and enhancing recreational and cultural opportunities. B. EPI and its Role and Responsibilities 1. Article II, Section 8 of EPI's Restated Articles of Incorporation provides in part that "In the event of the dissolution and liquidation of [Elkhorn Project, Inc.], to the extent allowed or permitted under applicable laws, the property and assets of the corporation shall be, as determined by the Board of Directors, distributed to or sold and the proceeds of such sale distributed exclusively to the Town of Estes Park Colorado or such other organization(s) organized and operating exclusively for religious, charitable, scientific, education, or other purposes permitted by Section 501(c)(3) of the Internal Revenue Code, as amended, as may be designated by the Town of Estes Park, Colorado, in each instance subject to the debts and contractual leasehold and other obligations of the corporation." EPI agrees not to amend or alter this provision in any manner without the consent of the Town, which consent will not be unreasonably withheld or delayed. The Town shall not be obligated to accept any property and/or assets of EPI upon dissolution. 2. EPI, at its sole expense, shall retain a planning and design consulting firm to assist in the preparation of the Application to be submitted by the Town. EPI, at its sole expense, shall retain an economic consulting firm to prepare economic impact information to be included in the Application. EPI shall be solely responsible for compiling this information and preparing the balance of the Application (except for the listing of businesses required by Item 3 of the Application). EPI shall be primarily responsible for responding to any requests from the Colorado Economic Development Commission or the Colorado Office of Economic Development and International Trade for the submission of additional materials or clarification of the Application. EPI shall be Elkhorn Project Memorandum of Understanding Page 1 of 13 primarily responsible for providing to the Third Party Analyst selected by the Colorado Office of State Planning and Budgeting with data, assumptions and other information as may be requested. EPI's responsibilities under this Paragraph 2 shall be without any out-of-pocket expense being incurred by the Town in connection with the preparation of the Application. 3. EPI, at its sole expense, shall acquire the Elkhorn Lodge real property (the "Elkhorn Property"). EPI agrees to execute and deliver to the Town any and all applications or other documents that may be necessary in order for the Town to consider the annexation of the 40 acre parcel known as Larimer County parcel number 35261-00- 001 4. EPI agrees to execute and deliver to the Town any and all applications or other documents that may be necessary in order for the Town to consider re -zoning the Elkhorn Property in such a manner that the Project or the facilities to be constructed and operated as part of the Project may require. 5. EPI agrees to enter into a water rights lease with the Town on the terms set forth in Exhibit B of this MOU. EPI may sublease all or a portion of its rights and obligations under this water rights lease to the operator of the ski/adventure park but EPI understands and agrees that any such sublease will not relieve EPI of its obligations to the Town under such water rights lease. Any such sublease shall require the prior written consent of the Town which consent shall not be unreasonable withheld or delayed. 6. EPI agrees to lease from the Town the parcel of undeveloped land (approximately one acre in size) known as Larimer County parcel number 35261-09-901 on the terms set forth in Exhibit C of this MOU. EPI's rights and obligations under this lease will be assignable by EPI to the operator of the ski/adventure park but EPI understands and agrees that any such assignment will not relieve EPI of its obligations to the Town under such lease. Any such sublease shall require the prior written consent of the Town which consent shall not be unreasonable withheld or delayed. 7. Upon completion of the Project, EPI shall be solely responsible for the operation and management of the Project. It is understood and agreed that EPI will enter into leases and development agreements with the operators of certain facilities within the Project delegating certain responsibilities to these operators but retaining oversight and authority as the lessor of the properties and facilities. It is understood and agreed that the Town shall not have any responsibility or obligation under such agreements. C. The Town's Role and Responsibility 1. The Town agrees to assist EPI in connection with the preparation and review of the Application to the extent that information is within control of the Town, including without limitation, the listing of businesses required by Item 3 of the Application. The Town will submit the Application to the Colorado Office of Economic Development and International Trade on or before the deadline for submission (as such may be extended). The Town, as the Applicant, will be solely responsible for the fee of the Third Party Analyst selected by the Colorado Office of State Planning and Budgeting. Elkhorn Project Memorandum of Understanding Page 2 of 13 However, the Town may, in its sole discretion, withdraw the Application after submission and prior to the Application being given to the Third Party Analyst without incurring any costs related to the Third Party Analyst. 2. The Town's Application shall include a request that the Colorado Economic Development Commission, pursuant to the Regional Tourism Act, create a regional tourism authority for the purpose of serving as the Financing Entity for the project referred to in the Application and that the geographic boundaries of the Estes Park Tourism Authority be co -extensive with the Town limits of the Town of Estes Park as such may change during the duration of the authority. The Town's Application shall include a recommendation of the appointment of the five individuals named on Exhibit A to this MOU to serve as the initial members of the governing board of the Estes Park Tourism Authority. 3. If the Town's RTA Application is approved by the Colorado Economic Development Commission, the Town agrees to enter into an intergovernmental agreement with the Estes Park Tourism Authority pursuant to which the Town will provide the Estes Park Tourism Authority with accounting, legal and support services, at least during its organizational period. Under this intergovernmental agreement, the Estes Park Tourism Authority will reimburse the Town for the allocated cost of these services with such reimbursement considered an Eligible Cost to be paid from incremental state sales tax revenues received by the Estes Park Tourism Authority. 4. The Town agrees to take such actions as may be necessary or appropriate to consider the annexation of the 40 acre parcel known as Larimer County parcel number 35261-00-001. The Town further agrees to take such actions as may be necessary or appropriate to consider the re -zoning of the Elkhorn Property and the Town's 1-acre parcel in such a manner as the Project or the facilities to be constructed and operated as part of the Project may require. It is understood and agreed that such actions may require public notice, public hearings and formal action by the Board of Trustees of the Town and/or of the Estes Valley Planning Commission. The Town agrees to waive all fees related to the annexation, re -zoning, any special use plan review, development plan review and any other planning approvals that may be required in connection with the Project. It is understood and agreed by the parties that the Town does not control the outcome and makes no representations as to whether or not the annexation and rezoning discussed above will receive all necessary approvals. 5. The Town agrees to enter into a water rights lease with EPI on the terms set forth in Exhibit B of this MOU. 6. The Town agrees to grant EPI an easement with respect to use of a parcel of undeveloped land (approximately one acre in size) known as Larimer County parcel number 35261-09-901 on the terms set forth in Exhibit C of this MOU. 7. If the Town's RTA Application is approved by the Colorado Economic Development Commission, the Town agrees to meet with EPI and Supporters of the Performing Arts, Inc. ("SOPA") to consider whether or not it may be preferable to relocate the Estes Park Performing Arts Center to the Elkhorn Property location. The Town agrees that, if it is ultimately decided that the Estes Park Performing Arts Center is to be relocated to the Elkhorn Property location, all terms of the Town's existing memorandum of Elkhorn Project Memorandum of Understanding Page 3 of 13 understanding with SOPA, as previously amended, (the "SOPA Memorandum of Understanding") shall remain in full force and effect and shall apply with respect to the Estes Park Performing Arts Center on such relocated site. Without limiting the foregoing, it is understood and agreed that the Town's obligation under Paragraph 2 of Section C of the SOPA Memorandum of Understanding shall be interpreted as applying to improvements necessary for the Estes Park Performing Arts Center on the relocated site. Nothing in this MOU commits the Town, EPI or SOPA to agree to any relocation of the Estes Park Performing Arts Center from its current planned location at the Stanley Park Fairgrounds. 8. If the Town's RTA Application is approved by the Colorado Economic Development Commission, the Town agrees to consider providing, at the Town's sole expense, the site preparation, utility and infrastructure improvements in support of the Project as set forth in Exhibit D of this MOU. It is understood and agreed that all these site preparation, utility and infrastructure improvements are in addition to the obligations of the Town under the SOPA Memorandum of Understanding. It is further understood and agreed that all site preparation, utility and infrastructure improvements not set forth on Exhibit D of this MOU or otherwise covered by the SOPA Memorandum of Understanding, including such improvements as may be required as a condition of approval of the Project's development plan, shall be the sole responsibility of EPI at its sole expense. 9. If the Town's RTA Application is approved by the Colorado Economic Development Commission, the Town agrees to consider providing the financial support of the Project in the manner set forth in Exhibit E of this MOU. D. Governmental Immunity The parties agree and understand that the Town is relying on and does not waive, by any provision of this MOU, the monetary limitations or terms (presently One Hundred Fifty Thousand and 00/100 Dollars ($150,000) per person and Six Hundred Thousand and 00/100 Dollars ($600,000) per occurrence) or any other rights, immunities, and protection provided by the Colorado Governmental Immunity Act, Section 24-10-101, C.R.S., as from time to time amended, or otherwise available to the Town or any of its officers, agents or employees. E. Current Year Obligations The parties acknowledge and agree that any payments provided for by the town or requirements for future appropriations by the Town shall constitute only currently budgeted expenditures of the Town. The Town's obligations under this MOU are subject to the Town's annual right to budget and appropriate the sums necessary to provide the obligation set forth herein. No provision of this MOU shall constitute a mandatory charge or requirement in any ensuing fiscal year beyond the then current fiscal year of the Town. No provision of this MOU shall be construed or interpreted as creating a multiple fiscal year direct or indirect debt or other financial obligation of the Town within the meaning of any constitutional or statutory debt limitation. This MOU shall not directly Elkhorn Project Memorandum of Understanding Page 4 of 13 or indirectly obligate the Town to make any payments beyond those appropriated for the Town's then current fiscal year. F. Timing of Actions The parties understand that the current timelines for Application under the RTA are as set forth on Exhibit F. The parties shall exercise their best efforts to accomplish the following by April 30, 2012 (i) execute the Water Rights Lease referred to in Paragraph 5 of both Section B and Section C, (ii) execute the Easement referred to in Paragraph 6 of both Section B and Section C and (iii) cause the annexation and rezoning of the ski - adventure park portion of the Elkhorn Property to be considered by all necessary parties. The parties understand that such a deadline is subject to delays due to reasons beyond the control of either party but further understand that completion of such items by such dates is important in order for summer activities to begin in time for the 2012 summer tourism season. All other actions contemplated by this MOU shall be completed as soon as is practicable on or after such date. If the timelines for applications under the RTA are delayed from those set forth on Exhibit F, the timing of actions under this MOU will be reviewed and, if necessary, revised. G. Notices Any notice required or permitted by this agreement will be deemed effective when personally delivered in writing or three (3) days after notice is deposited with the U.S. Postal Service, postage prepaid, certified, and return receipt requested, and addressed as follows: Elkhorn Project, Inc. Attn: President P 0 1155 Estes. Park, CO 80517 Town of Estes Park Attn: Town Administrator P O Box 1200 Estes Park, CO 80517 Either party may change the address for notices by written notice to the other party. H. Termination of Agreement Elkhorn Project Memorandum of Understanding Page 5 of 13 If the Town exercises its right to with the Application or if the Colorado Economic Development Commission does not approve the Application in its initial round (the hearing on which is currently scheduled for March 1, 2012), either party may, in their sole discretion, terminate this Memorandum of Understanding by written notice to the other party. Neither party shall have any obligation to the other after termination of this Agreement. Elkhorn Project, Inc. Town of Estes Park Frank Theis, President William C. Pinkham, Mayor Attest: Jackie Williamson, Town Clerk Elkhorn Project Memorandum of Understanding Page 6 of 13 Memorandum of Understanding Between the Town of Estes Park and Elkhorn Project, Inc. Exhibit A Recommended Members of the Initial Governing Board of the Estes Park Tourism Authority Appointed by the Colorado Economic Development Commission Person A Term expires April 30, 2016 Business Address [Commercial property owner of property within the Town of Estes Park] Additional background information Person B Term expires April 30, 2014 Business Address [Commercial property owner of property within the Town of Estes Park] Additional background information Appointed by the Town of Estes Park William C. Pinkham Address Mayor of the Town of Estes Park Additional background information Person C Address [Community at -large representative] Additional background information Person D Address [Community at -large representative] Additional background information Term expires April 30, 2016 Term expires April 30, 2016 Term expires April 30, 2014 Elkhorn Project Memorandum of Understanding Exhibit A Memorandum of Understanding Between the Town of Estes Park and Elkhorn Project, Inc. Exhibit B Terms of Lease of Water Rights Lessee Elkhorn Project, Inc. and its assigns Water Rights Maximum of 40 acre-feet of the Town's Windy Gap Water each calendar year to be drawn by Lessee from Fall River Duration An initial term of 20 years with five 5 year options to renew Payments Lessee shall pay the Town: (i) An annual rent payment of $33,323.76 for each year of the Lease which payment is non-refundable and due regardless of actual use (ii) A usage charge of $120.00 per year for each acre foot of water ordered (iii) Reimbursement of administrative costs associated with this lease in an amount of $5,000.00 upon execution of the lease and $5,000.00 for each year of the Lease which payments are non-refundable and due regardless of actual use (iv) An assessment charge of $30.00 per acre-foot (v) A charge of $210.00 per acre-foot for the years 2013 - 2017 which is nonrefundable and due regardless of use Use of Leased Water Limitations on Use Option to Renew Water supplied pursuant to Lease will be used for snowmaking and misting of artificial sliding surface for tubing and beginner ski hill. The Lease will contain provisions written to ensure that the Lessee's drawing of water from Fall River is conducted at times and in a manner that it will not reduce stream flow to levels that would adversely impact either wildlife or aesthetics. The Option to Renew shall contain a provision that the terms and conditions of the Lease shall be renegotiated between the parties to reflect the then current value of Windy Gap water, cost of usage of Windy Gap water, and any other relevant factors with regard to the delivery and use of Windy Gap water pursuant to the Town's agreements with the Municipal Subdistrict, Northern Colorado Water Conservancy District. Elkhorn Project Memorandum of Understanding Exhibit B Adjustments The payments set forth set forth in sub -sections (ii) and (iv) shall be adjusted yearly to reflect the actual cost to the Town of delivery of an acre-foot of Windy Gap water and the yearly assessment to the Town for ownership of Windy Gap water. The amounts currently set forth in sub -section (ii) and (iv) are the current charges associated with the ownership, use and delivery of Windy Gap water to the Town. Elkhorn Project Memorandum of Understanding Exhibit B Memorandum of Understanding Between the Town of Estes Park and Elkhorn Project, Inc. Exhibit C Terms of Lease Grantee Elkhorn Project, Inc. and its assigns Subject Property All of Larimer County Parcel No. 35261-09-901 Lease Payment $1.00 per year and other good and valuable consideration Permitted Uses Lessee and its assigns may use the property for the construction, development and operation of (i) a tubing hill, (ii) an alpine coaster ride, (iii) a zip -line ride, (iv) mountain bike trails, (v) downhill skVsnowboard runs and (vi) lifts and trails providing access to any of the foregoing. Ancillary Uses Prohibited Uses Lease Term Lessee and its assigns may modify the terrain, cut and remove trees and brush and attach structures to the property as necessary for the construction, development and operation of the permitted uses. Lessee and its assigns may conduct snowmaking operations on the property. Lessee and its assigns shall not commit any waste on the property, shall minimize to the extent reasonable and practicable the modification of terrain and the cutting of live trees. Lessee may not install on the property any lighting for night use of the property. The Lease shall be 20 years with 5 year options to renew. If the Lessee or its assigns cease to use the property for a period of12 consecutive months or more, the Lease shall terminate. Elkhorn Project Memorandum of Understanding Exhibit C Memorandum of Understanding Between the Town of Estes Park and Elkhorn Project, Inc. Exhibit D Site Preparation, Utility and Infrastructure Improvements to be Performed by the Town of Estes Park in Support of the Project If the RTA application is successful, the Town of Estes Park will consider making or funding the some or all of the following improvements associated with the Elkhorn Project. The Town would coordinate these projects with the Colorado Department of Transportation and the Corp of Engineers as necessary. Improvement Projects Construction of a New Bridge (using old Hwy 34 Trusses) Entrance Road and Sidewalk (150 lineal feet) Riverwalk Connection (on site) Fall River Restoration and Improvements Improvements along North Bank of Fall River Site Preparation for Parking Garage Maximum Aggregate Expenditure by the Town $1,000,000 Elkhorn Project Memorandum of Understanding Exhibit D Memorandum of Understanding Between the Town of Estee Park and Elkhorn Project, Inc. Exhibit E Additional Financial Support to be Provided by the Town of Estes Park in Support of the Project If the RTA application is successful, the Town of Estes Park will consider making a loan to Elkhorn Project, Inc. on the following terms: Principal Amount $7,000,000 Interest Rate $3.0% paid quarterly Repayment Interest only for the first three years Quarterly principal payments of $125,000 beginning in year 4 Balance repaid in full by the end of year 10 Dedicated Source of Repayment Other Sources of Repayment Use of Funds 100% of the collections by Elkhorn Project, Inc. of a 7.7% public improvement fee charged on all transactions on the Elkhorn Property that are exempt from sales tax. This fee is expected to generate over $650,000 per year by 2015. The note would be full -recourse to all other assets and income of Elkhorn Project, Inc. The borrowed funds would only be used for Eligible Costs as defined in the RTA Elkhorn Project Memorandum of Understanding Exhibit E Memorandum of Understanding Between the Town of Estes Park and Elkhorn Project, Inc. Exhibit F Application Timelines under the Regional Tourism Act (as of May 10, 2011) Regional Tourism Act Updated Timeline April 14, 2011 Deadline Dates Action Item Thursday, Juno 30, 2011 Local Government submits complete application to °EDIT Thursday, July 14, 2011 Applicantotit-iod by OEDIT of any missing or incomplete items Thursday, July 21, 2011 Applicants submits all missing or incomplete items to OEDIT Tuesday, August 2, 2011 Final application review concluded by OEDIT and payment requested (certified chock/cashiers check) from Applicant for Third Party Analyst Tuesday, August 9, 2011 Payment due from Applicant and forwarded to thoihird Party Analyst along with the application, Friday, November 4, 2011 Third Party Analyst completes independent analysis and copy of report is forwarded to Applicant __ If deemed necessary, Applicant submits an independent analysis revision request to OSPS - Monday, November 21, 2011 Thursday; December 20, 2011 Third Party Analyst completes revision of independent analysis and copy of final report is forwarded to Applicant upon receipt of payment for revision Tuesday, December 27, 2011 Applicant submits final report from Third Party Analyst to OEDIT to finalise application Tuesday, January 10, 2012 OEDIT Director reviews application and forwards to Local Communities for comments Thursday, February 9, 2012 Final comments due back from Local Communities Thursday, March 1, 2012 EDC public hearing meeting to review Regional Tourism Project applications __ Thursday, March 1, 2012 EOC public hearing meeting to approve deny Regional Tourism Project applications r Cates subJecf to charge es rrecessery. The ttmMg Cf ttre apphcatrat revrew ay the 7hlrci Party narys may extend beyond My mor ths, dependent on the quantity of applcations received by OEDIT All Applicants must submit one original (with original signatures), one hard copy and one electronic copy of the application and the final report from the Third Party Analyst by 5:00 p.m. on or before the corresponding deadline dates. Applicants shall not knowingly submit an incomplete application. A Second Cycle may be offered if two Projects are not selected during the First Cycle review. All timelines/deadlines are subject to change throughout this process at the discretion of the EDC. Elkhorn Project Memorandum of Understanding Exhibit F / Memorandum nfUnderstanding Between the Town of Estes Park and Elkhorn Project, Inc. Entered into aardJune 14.2011 This Memorandum of Understanding (MOU) is being executed by the parties listed below: 1.The Town odEstes Park, Colorado (the -Town") A. Purpose This MOU establishes and delineates the responsibilities and understandings between the two parties ~~gu/dingthe pvepa�tionn[enappUca�onfor amA\ona|tourism pnqoc\ �ho"Px�ec�)`under the Colorado Regional Tourism Act (the "AppUoation")and the design, p\ann\nddevo\opmentnfBigib|o|mpnmomontm(the "Fm�\\Uos�pursuan t planning and h tTown'opnaitionaaapn*miermount�nneood that Project. �h*p/»m�*nan«euguiding phno\p\oao(oimngthen\ngthee«»»»m\« vitdi\y.preserving the Tmwn oommu»/rYanum/"/�/�"='",,'~ .�eunique character and history and enhancing recreational and cultural opportunities. B'EPIand its Role and Responsibilities 1 Article Seo�on8o(EP|'oRno�tmdArhdoaof\nonqporeUonprovides inpadthat "In the eventof ` the dissolution and liquidation of [Elkhorn Project, \no.],hothe extent allowed o per mitted of the corporation "^e\orminodbythe Board ofDiredm o.di��hbutedhoorsold and the shall ��="~uohsale d\��hbuh»dexclusively hnthe Town nfE�eePark Colorado or proceeds »' su ch such other organizaUon(o)organized and operating exclusively for religious, charitable, |e' ooionb8o`education, nrother purposes permitted by Section 501(c(3)of the Internal Revenue Code, aoamended, aamay bodeoignahbythe Town ofE�eoPark, Colorado, thedebts andoontna�uu||euoeho|dandothnr obligations inoach\netun000uL�o��ho ooftheEP|agrees not toamend oralter this provision inany manner without the consent ofthe Town, which consent will not beunreasonably withheld or delayed. ----� � EP\ consultingodi�uuo|eoxpenan,ohadiep|anningandd*sign firm to assist in — ' retain the preparation ofthe Application \obesubmitted bythe Town. EP\.a1its sole ohaUrotainunononomicconau|UngUnnhopnmpavneoonom\o\mpm± "^p='",' tobmincluded inthe AppU' ou\ion EP|uhaUbesolely responsible for in�orma\|»n'ioimoxxokionand pmpa/ingthe balance nfthe Application (except for the compiling this i dby|hem3���heApp|ioadon) EP|ehaUbephmoh|y |ioUng��bu�noeaoaroqum � required -' �� | Colorado Economic Development reaponeib|ofornaopo»dinAV»anynaqu* o from on moove|opm�ndund|nhernotiono|Tn�dn Commission orthe {�»\»nnd«Office of Economic iaDevelopment clarification �P|eheUbn for the submission of additional materials oruan� Elkhorn Project Memorandum of Understanding Page \ o[l4 primarily responsible for providing to the Third Party Analyst selected by the Colorado Office of State Planning and Budgeting with data, assumptions and other information as may be requested. EPI's responsibilities under this Paragraph 2 shall be without any out-of-pocket expense being incurred by the Town in connection with the preparation of the Application. 3. EPI, at its sole expense, shall acquire the Elkhorn Lodge real property (the "Elkhorn Property"). EPI agrees to execute and deliver to the Town any and all applications or other documents that may be necessary in order for the Town to eerrapletec,orrsider the annexation of the 40 acre parcel known as Larimer County parcel number 35261-00- 001. 4. EPI agrees to execute and deliver to the Town any and all applications or other documents that may be necessary in order for the Town to consider ye-zobearling the Elkhorn Property in such a manner that the Project or the facilities to be constructed and operated as part of the Project may require. 5. EPI agrees to enter into a water rights lease with the Town on the terms set forth in Exhibit B of this MOU. EPI may sublease all or a portion of its rights and obligations under this water rights lease to the operator of the ski/adventure park but EPI understands and agrees that any such sublease will not relieve EPI of its obligations to the Town under such water rights lease.,w_Arr r such sublease shall require the prior wrejten_consent 0f.t.hc Town vyhjet consent shail_a_ at be unreasonabir . ithheaci or defaed.4 6. EPI agrees to pprebase-ae-easereeettease from the Town h...resfaeo.t~-to-r.reN...ef-a...tk7e parcel of undeveloped land (approximately one acre in size) known as Larimer County parcel number 35261-09-901on the terms set forth in Exhibit C of this MOU. EPI's rights and obligations under this easerasertlease will be assignable by EPI to the operator of the ski/adventure park but EPI understands and agrees that any such assignment will not relieve EPI of its obligations to the Town under such erneete se Any_such sublease all ll„Se.guire..the f riP wOft n cene€rnt pf.theTpwn which consent nt h zllnot be unreasonable withhrelld or delayed. 7. Upon completion of the Project, EPI shall be solely responsible for the operation and management of the Project. It is understood and agreed that EPI will enter into leases and development agreements with the operators of certain facilities within the Project delegating certain responsibilities to these operators but retaining oversight and authority as the lessor of the properties and facilities. It is understood and agreed that the Town shall not have any responsibility or obligation under such agreements. C. The Town's Role and Responsibility 1. The Town agrees to assist EPI in connection with the preparation 42drevew of the Application to the extent that information Tree d-for..tt1o.Appllaad,a_is within control of the Town, including without limitation, the listing of businesses required by Item 3 of the Application. The Town will submit the Application to the Colorado Office of Economic Development and International Trade on or before the deadline for submission (as such may be extended). The Town, as the Applicant, will be solely responsible for the fee of Elkhorn Project Memorandum of Understanding Page 2 of 14 ` « the Third Party Anolyu ue|e�edbyU�e�o�nu�,D#�o��St�oP�nringand ' withdraw the Application ""°y~"''v. However, the Town \m �. Application given to the Third Party Analyst ��horuubmis�onand pnormmo*ppxxuxm` without incurring any costs related tothe Third Party Analyst. 2 The ha||��yd��r�queoXthmU�hoCo|onedoEoonomio —evo|o--~^tComm\auion pursuant to the Regional Tourism Act, create u regional ^~"p"~''ori!yhorth�p`rpooe/�nem\ngao\hoFinonoingEn�h/forthoPn�e�� tourism~~^' - d mherrndhn\nthe App|ioah»»and that the gaoAnap ih�b»«n ��1ho Town TouhomAuthority beco-extensive with the u#Y-T���Jmitu n ofEstes Park ao such may change during the duration /f the authority. The o appoin1mmntodthe five individuals »//u// ,,��'"'�-~ the initial members of thegoverning board named on Exhibit A to this MOU to serve as of the Estes Park Tourism Authority QL)!Dn`1i SiO _the Town agrees to enter into an intergovernmental pursuant to which the Town will u»'=""''e'"with ^the Estes � 'rk Tourism ���..ohtywhhu'oounhng,|oga|andeuppo�oerviuea.o\ P/»»m*mecsu'sPark Tourism'h~^ Under intergovernmental the |ean1duhngitnongeniza�onedpe o�� o / , Estes Park Tourism Authority will reimburse the Town for the allocated cost of these services with such reimbursement considered anEligible Cost \obopaid from incremental state sales tax revenues received by the Estes Park Tourism Authority. 4 The Town agmoahotake such a��ionaaomay bonecessary orappropriate to consider ^^2S1'OO'001 The Town further agrees totake such actions aumay bonecessary or propriatek/oon�derthe re -zoning of the BkhomPvope�yand the Town'a1'aom upmo|insuch umanner authe Pn�ootorthe feoi|ihoa1obaconutm�edand opnn�ed par cel as part ofthe Project may mq«i^a� |1iounderstood and agreed that such actions may B Trustees mquivepublic notice, public hoahnguand formal a��ionbythe nand ofTru | Town and/or ofthe |unningCommiooion+�4�e���*� The Town agmeu / to waive all fees ne|—'�- to ===�----^-nexution. ro'zoning, any special use plan review, development review and any other planning approvals that may be required in connection with the Project. iF Lind r a id a _b t 11-el-pa-rti-es, �N,�t 5. The Town agrees to enter into a water rights lease with EPI on the terms set forth in Exhibit B of this MOU. 6. The Town agrees to grant EPI an easement with respect to use of a parcel of undeveloped land (approximately one acre in size) known as Larimer County parcel number 35261-09-901 on the terms set forth in Exhibit C of this MOU. 7. It the Town's RTA Application is approved by the Colorado Economic Development commission, the Town ^agrees '- meet with EPI and Supporters of the Performing Arts, �crr . i�maybep '/b|nhnm|one�.\heE�eupark |no��S0pA" \000na�erw»eme'» m' location. Performing .�oCenter tothe E|khomPmpohy ooaUon. /no ultimately decided that the Estes Park Performing Arts Center iutobe relocated to the Elkhorn Project Memorandum cfUnderstanding Page ]nf}4 Elkhorn Property location, all terms of the Town's existing memorandum of understanding with SOPA, as previously amended, (the "SOPA Memorandum of Understanding") shall remain in full force and effect and shall apply with respect to the Estes Park Performing Arts Center on such relocated site. Without limiting the foregoing, it is understood and agreed that the Town's obligation under Paragraph 2 of Section C of the SOPA Memorandum of Understanding shall be interpreted as applying to improvements necessary for the Estes Park Performing Arts Center on the relocated site. Nothing in this MOU commits the Town, EPI or SOPA to agree to any relocation of the Estes Park Performing Arts Center from its current planned location at the Stanley Park Fairgrounds. 8. If the Town's RTA Application is approved by the Colorado Economic Development Commission, the Town agrees to consider providing, at the Town's sole expense, the site preparation, utility and infrastructure improvements in support of the Project as set forth in Exhibit D of this MOU. It is understood and agreed that all these site preparation, utility and infrastructure improvements are in addition to the obligations of the Town under the SOPA Memorandum of Understanding. It is further understood and agreed that all site preparation, utility and infrastructure improvements not set forth on Exhibit D of this MOU or otherwise covered by the SOPA Memorandum of Understanding, including such improvements as may be required as a condition of approval of the Project's development plan, shall be the sole responsibility of EPI at its sole expense. 9. If the Town's RTA Application is approved by the Colorado Economic Development Commission, the Town agrees to consider providing the financial support of the Project in the manner set forth in Exhibit E of this MOU. D. Governmental Immunity The parties agree and understand that the Town is relying on and does not waive, by any provision of this MOU, the monetary limitations or terms (presently One Hundred Fifty Thousand and 00/100 Dollars ($150,000) per person and Six Hundred Thousand and 00/100 Dollars ($600,000) per occurrence) or any other rights, immunities, and protection provided by the Colorado Governmental Immunity Act, Section 24-10-101, C.R.S., as from time to time amended, or otherwise available to the Town or any of its officers, agents or employees. E. Current Year Obligations The parties acknowledge and agree that any payments provided for by the town or requirements for future appropriations by the Town shall constitute only currently budgeted expenditures of the Town. The Town's obligations under this MOU are subject to the Town's annual right to budget and appropriate the sums necessary to provide the obligation set forth herein. No provision of this MOU shall constitute a mandatory charge or requirement in any ensuing fiscal year beyond the then current fiscal year of the Town. No provision of this MOU shall be construed or interpreted as creating a multiple fiscal year direct or indirect debt or other financial obligation of the Town within Elkhorn Project Memorandum of Understanding Page 4 of 14 the meaning mdany oonodkdon�oro�tuborydebt \im�a�on.This N10UohaUnot cUn»ndy orind\nm�yobligate the "~^Town hnmake any payments beyond those appropriated for the Town's then current fiscal year. F.Timing ofActions The parties understand that the current timelines for Application , under the R , TA are as set forth on Exhibit F. The parties shall wA rfkaiin4rexer i,s their es of 100F, to I s f I owin by April 30, 2012 (i) execute the Water Rights Lease referred to in Paragraph 5 of both Section B and Section C, (ii) execute the Easement referred to in Paragraph 6 of both Section B and Section C and (iii) the annexation and rezoning of the ski -adventure park portion of the Elkhorn P rope rty.-!-Q-,b- ec..,o._D,sAQ,,re-_d,._ The parties understand that such a deadline is subject to delays due to reason s . beyond the control of either party but further understand that completion of such items by such dates is important in order for summer activities to begin in time for the 2012 summer tourism season. All other actions contemplated by this MOU shall be completed as soon as is practicable on or after such date. If the timelines for applications under the RTA are delayed from those set forth on Exhibit F, the timing of actions under this MOU will be reviewed and, if necessary, revised. G.Nm1ices Any notice required orpermitted by this agreement will be deemed effective whenS pa�ona\lyde|ivemdinvvh�ngnr\hme(3)days after nohoeiadeposited with the u. U.S. d Postal 8omioe`po�agopmpa\d,oerUhed.and n�umreceipt reque�od,and addmooe as follows: Elkhorn Project, Inc. Attn: President PO1155 Estes. Park, C000517 Either party may change the address for notices by written notice to the other party. i­i. Elkhorn Project Memorandum ofUnderstanding Town ofEstes Park Attn: Town Administrator P0Box 120N Estes Park, CO 80517 Page 5ofl4 ' Formatted. Font: a"zu If the Town exercises its right to with the Application or if the Colorado Economic Develogment Commission does not pprove the Application in its initial round (the t1eLrLlLwhch surrerlt!ysghtddjedf March l ,,,,acilia,..eithellparty_rnay, in their tPialirtgig......tt)IfIMPIDQP:4110UrnPLU n0 orstnd ry wriUon notico...,Y-Ltb e othor parlL ,Nel117eLPP.51, all kveany watQn t tb...P other after terrninalion Ihs Agreement. Elkhorn Project, Inc. Town of Estes Park Frank Theis, President William C. Pinkham, Mayor Attest: Jackie Williamson, Town Clerk Elkhorn Project Memorandum of Understanding Page 6 of 14 Formatted: Keep with next, Keep lines together Memorandum of Understanding Between the Town of Estes Park and Elkhom Project, Inc. Exhibit A Recommended Members of the Initial Governing Board of the Estes Park Tourism Authority Appointed by the Colorado Economic Development Commission Person A Term expires April 30, 2016 Business Address [Commercial property owner of property within the Town of Estes Park] Additional background information Person B Term expires April 30, 2014 Business Address [Commercial property owner of property within the Town of Estes Park] Additional background information Appointed by the Town of Estes Park William C. Pinkham Address Mayor of the Town of Estes Park Additional background information Person C Address [Community at -large representative] Additional background information Person D Address [Community at -large representative] Additional background information Term expires April 30, 2016 Term expires April 30, 2016 Term expires April 30, 2014 Elkhorn Project Memorandum of Understanding Exhibit A Memorandum OfUnderstanding Between the Town ofEstes Park and Elkhorn Project, Inc. Exhibit B Terms of Lease of Water Rights Lessee Elkhorn Project, Inc. and its assigns Water Rights Maximum of4Oacre-feet dthe Town'aWindy Gap Water each calendar year hobadrawn byLessee from Fall River Duration Aninitial term of ;4�.2.0.yoamwith five 5year options 1orenew Payments Lessee shall pay the Town: (i) An annual mrk payment of foroeoh year ofthe Lease which payment iunon-refundable and due regardless ofactual use (ii)_Ausage charge of$ for each acre foot cfwater ef;�94-ordered, (iii) Reimbursement ofadministrative costs associated with this lease inenamount of upon execution odthe lease and for each year ofthe Lease which payments are non-refundable and due regardless ofactual use urqe � 13 - 2017 which is nonrefundable and dUej��gci_LM�f� Use of Leased Water Limitations on Use Water supplied pursuant to Lease will baused for snowmaking and misting ofartificial sliding surface for tubing and beginner ski The Lease will contain provisions written hnensure that the Lessee's drawing dwater from Fall River ioconducted nAtimes and inamanner that hwill not reduce stream flow tolevels that would adversely impact either wildlife oraesthetics. QpjiolL��2e� e a provision that the terrns and - conditions to reflect the then current vakJ ecUVVin��qU water, olfu/i Elkhorn Project Memorandum of Understanding Exhibit B ' of an acy.-foot in sub-seqtionqjjp,Ljt.�� forlh set forth in sub-sections,,(i i (A (iv shall charges associated with th �,_p norship, use and delive�y_of Windy, Elkhorn Project Memorandum ofUnderstanding Exhibit | | Memorandum [fUnderstanding Between the Town ofEstes Park and Elkhorn Project, Inc. Exhibit Terms of Grantee Elkhorn Project, Inc. and its assigns . o1�OO���l�[and'�horgood and mduab� oon�domhon Gnantee��*oa�unddaanuWnomayuna�eay�e�pmpadyfor the oon�mo inn, development and operation o/ (i) otubing hiU. (ii) analpine coaster ride, (iii)azip-line ride, (iv)mountain bike trails, (v)downhill ukKanmwboaodruns and (vi)lifts and trails providing access \uany ofthe foregoing. ���eeand Kaaaognamay mm�fythe Vem�n.cut and mmmm�mooand brush and attach structures to the cW)JeO property aunecessary for the construction, development and operation ofthe permitted uses. Qmeeu�el_essg".Qand its aonignc may conduct snowmaking operations onthe muLjeGt-prope hy. Gfar�m1esse and its assigns shall not commit any waste nnthe 6ubjaGt-property.shall minimize tothe extent reasonable and practicable the modification of terrain and the i of live trees. G+a+�e.&Le����may nmmmanonthe e+b�m*pmpe�yany lighting for night uoao�the smbjw.;I_pmpeUy. assigns cease to use the property for period of 12 consecutive months or more, the Q:af*)++Ra�­q�ve 440-. Elkhorn Project Memorandum of Understanding Exhibit v, 41 — - . 1.448.4.4-asecr444.4. ..4.R•,49.4(:+r4T+if4a43- Elkhorn Project Memorandum of Understanding Exhibit C Memorandum nfUnderstanding Between the Town ofEstes Park and Elkhorn Project, Inc. Exhibit Site Preparation, Utility and Infrastructure Improvements to be Performed by the Town of Estes Park in Support of the Project If the RTA application is successful, the Town of Estes Park will consider making or funding the sornp, or all of the followingimprovements associated with the Elkhorn Pnojoo coordinate these L)Lg/ec1s with the TLgl����a1 nq ymprovmment— Construction of a New Bridge (using old Hwy 34 Trusses)___.. Entrance Road and Sidewalk (150 lineal feet)-- ------- --------- G.;'W . 0, Riverwalk Connection (on site) --- -44404)00 Fall River Restoration and Improvements Improvements along North Bank of Fall River— SitePrepamtion(orPnrkingGonage------- TGTAL- $1,OOO.00O Elkhorn Project Memorandum ofUnderstanding Exhibit Formatted: Trident: Left: Formatted: Indent: Left: Memorandum of Understanding Between the Town of Estee Park and Elkhorn Project, Inc. Exhibit E Additional Financial Support to be Provided by the Town of Estes Park in Support of the Project If the RTA application is successful, the Town of Estes Park will consider making a loan to Elkhorn Project, Inc. on the following terms: Principal Amount $7,000,000 Interest Rate $3.0% paid quarterly Repayment Interest only for the first three years Quarterly principal payments of $125,000 beginning in year 4 Balance repaid in full by the end of year 10 Dedicated Source of Repayment Other Sources of Repayment Use of Funds 100% of the collections by Elkhorn Project, Inc. of a 7.7% public improvement fee charged on all transactions on the Elkhorn Property that are exempt from sales tax. This fee is expected to generate over $650,000 per year by 2015. The note would be full -recourse to all other assets and income of Elkhorn Project, Inc. The borrowed funds would only be used for Eligible Costs as defined in the RTA Elkhorn Project Memorandum of Understanding Exhibit E Memorandum of Understanding Between the Town of Estes Park and Elkhorn Project, Inc. Exhibit F Application Timelines under the Regional Tourism Act (as of May 10, 2011) Regional Tourism Act Updated Timeline April 14, 2011 Timeline for Aoolicalfon Submission and Review' Deadline Dates ,,.., Thursday, June 30, 2011 Action Item Local Government submits complete application to OEDIT Thursday, July 14, 2011 -. _...._.... _. _.._..__, Thursday July 21, 2011 Applicants notified by OEDIT of any missing or incomplete rloms Applicants submits all missing or incomplete Rams toOEDIT Tuesday, August 2, 2011 Final application review concluded by OEDIT and payment requested (codified chockicoshiars chock) from Applicant for Third Party Analyst Tuesday, August 9, 2011 Friday, Novembor 4, 2011 Paymont duo from Applicant and forwarded to thoThird Party Anetlyg along with the application.. Third Party Analyst completes independent analysis andmm copy of report is forwarded to Applicant Monday, November 21, 2011 If doomed necessary, Applicant submits an independent analysis revision request to OSPB Thursday, December 20, 2011 Third Party Analyst completes revision of independent analysis and copy of final report is forwarded to Applicant upon receipt of payment for revision Tuesday, December 27, 2011 Applicant submits final report from Third Party Analyst to DENT to finalize apprcollon Tuesday, January 10, 2012 OEDIT Director reviews application and forwards to Local Communities for comments Thursday, Fghruary9,, 2012, _ Thursday, March 1, 2012 _. _..� Thursday, Minch 1, 2012 Thursday,2 Final comments due back from Local Communities_ _ _ EDC public hearing mooting to review Regional Tourism Pro)ac1 epp1co1lono .._._, _._.__.._... EDC public bearing meeting tnpprovovotdonyRo®tenet to Tourism Project applications 'Da"RW5 suujacl to clungn ns lrrnwx'MYry rl09 lunngy tit the epptor1owr revruw by Ma Thad Party Analyst may aet®nd dryad' months dupurniorol crr!fro quantity al abp5r'dais reccrved by 0FDI1 All Applicants must submit one original (with original signatures), one hard copy and one electronic copy of the application and the final report from the Third Party Analyst by 5:00 p.m. on or before the corresponding deadline dales. Applicants shall not knowingly 'submit an incomplete application, A Second Cycle may be offered II Iwo Projects are not selected during the First Cycle review. All timelines/deadlines are subject to change throughout this process at the discretion of the EDC. Elkhorn Project Memorandum of Understanding Exhibit F Formatted: Indent Oran a"r ' h'�w��mi h �'Viev' Estes Park's Elkhorn Regional Tourism Project Additional Available Information The following additional information and studies are available upon request with respect to Estes Park's Elkhorn Project: 1) Wildlife Study 2) Forest Management Plan 3) Ridgeline View Analysis 4) Slope Analysis 5) Phase I Environmental Analysis 6) Floodplain Study 7) National Historic Register Nomination RTA Application — Tab 13F Other Available Information ,1117, 20 t� Estes Park's Elkhorn Regional Tourism Project How the Project Meets the Regional Tourism Act Criteria Originally the criteria of the 2009 Colorado Regional Tourism Act were developed to judge large projects such as the development of a NASCAR race track. We believe that Estes Park's Elkhorn Project meets those criteria well on a smaller local scale, where the need for a tourism project to support economic development is as great or greater than originally envisioned. (a) The Project is of an extraordinary and unique nature and is reasonably anticipated to contribute significantly to economic development and tourism in the state and communities where the Project is located. Extraordinary and Unique Estes Park's Elkhorn Project is unique and of great value to the Estes Park community and Colorado as a whole. Few, if any, other places in the country provide such a multi -faceted tourism experience within walking distance of a vibrant downtown and in immediate proximity to a National Park. Estes Park's Elkhorn Project will complement the community's summer peak season tourism, ignite new visitation to the area during the winter, and contribute greatly to the culture and quality of life for residents of Estes Park. Through the opportunity created by the Regional Tourism Act, this application, if approved has an extraordinary opportunity to create a cohesive tourism amenity that extends the existing downtown, is well -integrated into the surrounding landscape, and promotes the Town's goals for year-round economic sustainability. With such diverse project components, it is critical to plan the site as a whole to ensure that the Elkhorn Lodge, the Performing Arts Center, and the Ski Park are unified in design, architecture, circulation, and functionality. Furthermore, planning the site collectively will allow for more strategic implementation and phasing, ultimately maximizing the project's success. Estes Park's Elkhorn Project exemplifies `planning outside the box', and is a rare opportunity to create something that has not been done before. The RTA offers the greatest opportunity for implementing such a unique project in a way that will have the most significant impact on the Estes Park economy, community, and region as a whole. Rather than incrementally adding to what already exists, Estes Park's Elkhorn Project addresses head on what is needed. Contributes Significantly to Economic Development and Tourism According to the World Bank ".The purpose of local economic development is to build up the economic capacity of a local area to improve its economic future and the quality of life for RTA Application — Tab 4 Discussion of RTA Criteria Page 1 of 12 June 17, 2011 Draft Subject to Further Revision all. It isuprocess by which public, business and nongovernmental sector partners work � collectively to create better conuitionforeconomic growth and employment gmmotiom. The economy of Estes Pork is based primarily, ifnot solely, upon tourism. While it might aecrn prudent to attempt to diversify this cu000nuiu base, it in also probably impossible. Tourism isand will bcthe engine driving the local economy with supporting service, construction and retail sectors dependent upon the level oftourism. Estes Pork^uElkhorn Project is public/private partnership to make that engine run more smoothly and dependably and thus create better conditions for economic growth and employment in all sectors o[Estes Po,k^sccononuy. Seasonality of Tourism. The Town ofEstes Park absorbs nearly 3million visitors each year into its hotels, restaurants, shops and local oltruodoua, with the vast majority oftheac tourists visiting during the months of May through October. In these six months, Rocky Mountain National Park receives over 80Y6ofits annual visitors. Sales tax revenues for the Town of Estes Perk show o mi/ni|oracoaonu\ity. Over the past four years (2007 through 2010), the Applicant's sales tax revenues for the months of May through October average $844,3 10 but for the other months of the year sales tax revenues average only $339,882;mdrop off ofmore thmm60%. Sales tax revenues for the months ofJune and July have averaged $\,\3\,5||`which iaalmost 4times greater than $283,470average sales tax revenues for the months ofJanuary and February. This seasonality iemuch more extreme than that experienced by Colorado's other resort communities. Rocky Mountain National Park Total Visits 2010 O � Source: National Park Service Public Use Statistics Q1 .fio4 Visitation bv&Yonth/Yeor Effect of Seasonality on Commercial Businesses. The ability nfntown nfroughly 6,500 year-round residents to serve such a large number of surnmer visitors is extraordinary and speaks to the size ofthe existing tout -ism iuhanbnubunc. What is even more unique but ux1,cnnc|ytroublesome is the significant amount ofinfrastructure that RTAApplication — Tab 4 Discussion oyRTACriteria Page %of1% 117, 2011 aft Subject rther Revisio �. remains unused during the remaining six months of the year (November through April). During this time, many lodging properties, restaurants, shops and attractions close for the season. The lack of tourists during the winter off-season makes it unviable for these businesses to continue to employ their staff during these times. Those businesses that do remain open see business roughly 70% lower than the peak summer seasons. Numerous businesses fail each year because they do not have the resources to ride out the slow season. Commercial development in the Estes Valley has been limited in recent years. Multiple parcels of land zoned accommodations or commercial have been for sale for many years with little interest. Accommodation properties that have been approved for unit expansions but have not started construction. This stagnant commercial development predates and was only made worse by the recent downturn in the economy. Despite nearly 3 million visitors to the Town of Estes Park each year, the lack of consistent revenue generation through all twelve months of the year, which an investment in Estes Park currently does not deliver, is a major impediment to new businesses. Effect of Seasonality on Employment and Housing. The seasonal nature of the local economy impacts all aspects of the local economy, including employment. Most workers find their hours reduced during winter months if they are not laid off entirely. To make up for this, they find it necessary to work multiple jobs in the summer months. This employment arrangement creates significant financial stress and uncertainty. The lack of full-time, year-round employment also results in a far greater percentage of these workers not qualifying for health and other benefits with their employers. Owners of apartment complexes have difficulties maintaining year-round occupancy levels with the high percentage of local workers who then leave town each fall. Further, the limited year- round employment opportunities make it difficult for local families to feel confident that they can afford to purchase local homes or, recently with more restrictive lending practices, qualify for loans to do so. RTA Application — Tab 4 Discussion of RTA Criteria Page 3 of 12 "7. 2011 t hied- to a iher Revisio. Impact of Estes Park's Elkhorn Project on these Economic Problems. The ability of Estes Park's Elkhorn Project to drive winter tourism and, therefore, generate increased utilization of the existing tourism infrastructure that currently is under-utilized in the off- season addresses head-on the most critical economic problem facing Estes Park and its commercial businesses. By first and foremost supporting the success of our local businesses, many of which struggle each year with the seasonality the Town experiences, Estes Park's Elkhorn Project will be a significant contributor to local economic development. However, by addressing the extreme seasonality, Estes Park's Elkhorn Project's should create a much more attractive environment for private investors to initiate new commercial development activity. The jobs created by Estes Park's Elkhorn Project will create a significant number of both year round employment opportunities and seasonal winter opportunities, both on -site and in the supporting businesses. This will help relieve the employment stress and support a more stable housing market. Contributes Significantly to Tourism When people talk about destinations to visit in Colorado in winter, Estes Park is not on that list. Visitors to Colorado in winter either choose a skiing destination (Vail, Aspen, Breckenridge, etc) or a city destination (Denver, Colorado Springs). Estes Park, while a huge vacation destination in summer, is not a significant vacation destination in winter. Some of this has to do with only a portion of Rocky Mountain National Park being open in the winter (the closure of Trail Ridge Road each October/November leaves a significant park attraction and portion of the park inaccessible). Rocky Mountain Park does offer snowshoeing and. some cross country skiing, but no downhill skiing. The nearest downhill ski resort to Estes Park is Eldora Mountain Resort located more than an hour away. The Ski Park that is part of Estes Park's Elkhorn Project will drive a significant increase in new tourism to Estes Park. The performing arts center, newly renovated Elkhorn Lodge and the living history village will be unique amenities enticing even more new tourists to Estes Park and the northern Colorado region. Downhill Skiing and Snowboarding. We believe the introduction of downhill skiing and snowboarding in Estes Park will be a significant contributor to local tourism. Now, out-of-state tourists who want to "ski the Rockies" will able to do so immediately adjacent to Rocky Mountain National Park. No longer do they have to complete separate trips to "ski the Rockies" and to visit Rocky Mountain National Park. Experienced skiers and snowboarders will still choose to visit the established ski resorts. Estes Park's Elkhorn Project's will offer beginner and intermediate runs and ski lessons that will provide a family friendly learn —to -ski experience but is not intended to attract the hard- core skier. The Ski Park offers families a cost effective alternative. Not only will the pricing of lift tickets and lessons be more affordable, but lodging and other amenities in Estes Park are generally far less expensive compared to the major ski resort towns. It is RTA Application — Tab 4 Discussion of RTA Criteria Page 4 of 12 .1 7, 20 ,ct to ' rther .evision, anticipated that by providing a cost effective, convenient and inviting entry level ski experience, Estes Park's Elkhorn Project will be instrumental in developing the next generation of young skiers who will expand their skiing skills at other ski resorts throughout Colorado in the years to come. The Ski Park will also benefit from its location in Estes Park which can be accessed by either of two state highways, reaching conveniently to three major urban centers within Colorado (Fort Collins, Boulder and Denver) as well as providing easy access from the Denver International Airport. These highways do not see the snow accumulation or congestion that 1-70 experiences, and almost never experience weather related closures in the winter. This accessibility enhances Estes Park's Elkhorn Project's attractiveness as a winter destination. Cultural Heritage Tourism. Estes Park's Elkhorn Project has numerous components that fit the definition of cultural heritage tourism attractions. The National Trust for Historic Preservation defines cultural heritage tourism as "traveling to experience the places and activities that authentically represent the stories and people of the past and present. It includes historic, cultural and natural resources." The historic renovation of the Elkhorn Lodge and its many buildings, the proposed museums and the Living History Village will all be attractions that drive cultural heritage tourists to Estes Park. Coupling these attractions with the historic downtown and the Stanley Hotel will make Estes Park a significant vacation destination for those travelers specifically interested in cultural heritage tourism. According to the Colorado Tourism Office's report "A Strategic Plan for Colorado Heritage Tourism Enhancement", there were 8.5 million trips with a "heritage tourism" component in Colorado in 2003, representing about 34 percent of all overnight travel trips in Colorado.ii According to this report, Colorado residents make up only 18% of heritage related trips, while representing 25 percent of overall leisure trips within the state. Heritage travel is driving a disproportionate number of out-of-state tourists to visit Colorado. Tourists with heritage interests tended to have a higher than average annual household income ($75K or more) and tended to take longer trips (7.5 nights vs. 5.8 nights for Colorado pleasure travelers). The cultural heritage attractions at the Elkhorn Lodge have the potential to drive significant new tourism to Estes Park. Many of these tourists will also continue onward in their travels from Estes Park to other local Colorado communities who feature cultural heritage attractions, creating a further economic impact within the state. Adventure Travel. In the Estes Park 2010 Visitor Survey, roughly 80% of all survey respondents were married and the median age for visitors was 45-54 years old. This is in stark contrast to the statistics provided by the U.S. Census Bureau in November 2010 indicating that only 54% of adults in the US are married'. Young single travelers are under -represented in the tourist demographics to Estes Park at this time. RTA Application — Tab 4 Discussion of RTA Criteria Page 5 of 12 17, 201 aft Suhject to Furth The alpine coaster, tubing hill and zip line attractions, in addition to the ski and snowboarding attractions, will appeal to a younger tourist demographic, and create opportunities to market Estes Park to an entirely new audience. The tubing hill and alpine coaster will operate year-round. During the winter months they will bring new tourists to Estes Park reducing the current seasonality. During the summer months with the addition of the zip -line these facilities will provide an additional fun experience for the large number of tourists looking for an activity after spending the morning in the National Park or shopping. Impact of Estes Park's Elkhorn Project on Tourism. Overall, each component of Estes Park's Elkhorn Project is designed to attract a new tourist demographic. Estes Park's Elkhorn Project will further attract young adventure travelers, more sophisticated fine arts and cultural heritage travelers, travelers seeking a quiet mountain getaway, and those wanting to experience the grandeur of Rocky Mountain National Park and the local wildlife. These tourists will have a positive impact on the Estes Park economy, and are likely to expand their travels into other parts of Northern Colorado or further within the state, thus creating a ripple effect of economic activity. (b) The Project is reasonably anticipated to result in a substantial increase in out-of- state/non-zone resident Tourism According to estimates provided by SE Group and Douglas Kennedy Advisors, Inc., it is anticipated that Estes Park's Elkhorn Project will generate over 500,000 visits per year to its array of attractions, with 135,000 of these visitors coming to Estes Park specifically to visit the amenities at Estes Park's Elkhorn Project. This is an increase of 4.5 % over current tourism numbers, with the majority of these visitors visiting the project during the off-season. Of these new visitors more than 50 percent are expected to be out-of-state or international visitors, in line with the Town's overall visitation percentages, with the balance coming from Colorado outside of the Estes Park Tourism Zone. Of these new visitors, 85% of the recreation destination visitors will visit during the winter season. Out-of-state Tourism. The Estes Park 2010 Visitor Study prepared for the Estes Park Local Marketing District indicates that current tourism to Estes Park is comprised of 2% international travelers and more than 50% out-of-state tourists. Colorado Ski Country USA indicates that until the most recent few years approximately 60% of ski and snowboard visitors were from outside of Colorado but that this percentage has in recent years slipped to 50%. Studies of cultural heritage tourism indicate that it drives a disproportionately larger percentage of out-of-state tourists than traditional "leisure" tourists who do not visit or participate in cultural heritage activities or attractions (see discussion of cultural heritage tourism above). A survey by Rocky Mountain National RTA Application — Tab 4 Discussion of RTA Criteria Page 6 of 12 17, 201 ll .jesFt Park reflected 76% of their visitors from out of state. However, that data was collected only during the summer months when out-of-state visitation is probably at its greatest. Summer Visitation by State ���� ������(( f(lJl(1�(IIJIJO111 ��rl9i��111G'r�'i��l1 111>1�IIJq� JJ� KS: 4% IA; 5'% NE;i% MS; 6% Source: Rocky Mountain National Park Draft Visitor Survey, July 2010 While statistics regarding the origin of visitors to the National Park during winter month are not available, Estes Park's Elkhorn Project is expected to broaden the appeal for out- of-state vacationers further into the shoulder seasons and even the winter months. Based on the foregoing, we estimate that 50% of the new visitors generated by Estes Park's Elkhorn Project will be non -Colorado residents (out-of-state or international tourists). Given these trends, we can extrapolate that 67,500 of the 135,000 "destination" tourists to Estes Park's Elkhorn Project expected in 2015 will be from out-of-state. In addition, we anticipate that 184,400 of the `non -destination" visitors will also be from out-of-state. Estes Park's Elkhorn Project's impact on out-of-state tourism will further be influenced by the occupancy tax dollars collected by the Estes Park Visitors and Convention Bureau. It is estimated that Estes Park's Elkhorn Project will generate $124,600 in occupancy taxes in 2015, our first full year of operations. The Estes Park Convention and Visitor's Bureau is charged with increasing tourism to Estes Park and they spend a significant portion of their advertising budget to attract out-of-state tourists to Estes Park (see further discussion in Tab 5A). Non -Zone Tourism. Given the population of roughly 6,500 year round residents in the Estes Valley, and significantly fewer residents within the Town limits it is estimated that less than 1% of the "destination" visitors to Estes Park's Elkhorn Project will be from within the tourism zone. Elkhorn Lodge and Related Facilities. Although residents of the tourism zone may dine at the Elkhorn Lodge, it is reasonable to expect that 100% of the overnight guests that stay either at the Elkhorn Lodge or are drawn by the facilities that are part of Estes Park's Elkhorn Project and stay at other facilities RTA Application — Tab 4 Discussion of RTA Criteria Page 7 of 12 11.7, 2011 Draft: Subject to Fur °v f will be from outside of the zone. During 2015, Accommodations (both on -site and off) and Hotel Eat/Drink are expected to account for $7.1 million (28.3%) of the $24.9 million of expenditures by visitors and 24% of all visitors. Ski Park. The Ski Park will especially appeal to families and young people who are new to alpine sports and want to check-out or learn skiing or snowboard without a great deal of hassle or money. While the Town of Estes Park has a median age of 51 years old", the ever-expanding populations of the Front Range are abundant with growing families. The U.S. Census indicates that both Larimer and Boulder Counties each have approximately 45,000 residents between the ages of 5 and 18 years of age"'. Within this demographic, Estes Park's Elkhorn Project will appeal to those who are new to alpine sports. The tubing, alpine coaster and zip line activities of the Ski Park will undoubtedly be used from time to time by residents of Estes Park but it is anticipated that most of this use will be in conjunction with their entertaining of out-of-town guests. Based on this, we would estimate that at least 85% of the visitors to the Ski Park would be non -zone residents and that 100% of recreational retail (mostly equipment rental and sales of cold weather apparel) result from transactions with non-residents. During 2015, Recreation and Recreation Eat/Drink are expected to account for $9.329 million (34.1%) and Recreation Retail and Rental are expected to account for $1.0 million (4.2%) of the $24.9 million of expenditures by visitors. Day -use visitors and non -destination visitors to the Ski Park are expected to account for 46% of the total visitors. PerforrningArts Center. The Estes Park Performing Arts Center will also draw a significant number of visitors throughout the year. The increase in visitation is primarily expected from across the region (within a two-hour drive), and will not likely result in a measurable increase in out-of-state visitors. The nature of any performing or visual arts venue is more suited to attract people within a short drive, but people seldom travel far distances to see exhibits or performances. Although probably extremely conservative, we have assumed that only 60% of the persons attending performances at the Estes Park Performing Arts Center will be nonresidents. During 2015, the Performing Arts Center is expected to account for $1.2 million (4.7%) of the $24.9 million of expenditures by visitors. Visitors attending events at the Performing Arts Center are expected to account for 8.5% of the total visitors. However, in addition to ticket sales, the Performing Arts Center should be a significant part of the draw that brings visitors to dine out before a performance or stay overnight afterward. Living History Village and Museums. Most if not all of the visitors to the living history village and museums are expected to be visitors from outside of the zone. During 2015, the visitors to the living history village and museums are expected RTA Application — Tab 4 Discussion of RTA Criteria Page 8 of 12 Jung 17, 2011 t hject to to account for 21% of all visitors but are only expected to account for $0.1 million (0.4%) of all expenditures. Based upon the foregoing and using the visitor expenditure amounts for 2015 as contained in the Economic Impact Analysis included at Tab 5C, non-resident tourism numbers and expenditures are expected to be as follows: Non -Residents Type of Visitor Total Visitors Percent Visitors Spending (millions) Day Recreation 232,038 85.0% 197,232 $8,978 Lodging 122,988 100.0% 122,998 $7,065 Performing Arts 43,011 60.0% 25,807 $ 701 History/Museum 105,800 100.0% 105,800 $ 106 Retail/Other Spending Na 100.0% na $6,215 Total 503,847 451,837 $23,064 From the above, 89.7% of the visitors are expected to be from outside of the Tourism Zone and 92.5% of the Expenditures are expected to be made by nonresidents. (c) A significant portion of the sale tax revenue generated by the Project is reasonably anticipated to be attributable to transactions with nonresidents of the Zone As discussed above, approximately 90% of the visitors are expected to be nonresidents of the Zone and 50% are expected to be from out-of-state. We would expect expenditures by these visitors and the direct sales tax revenues generated by the Project to closely follow these percentages. The secondary economic activity and sales tax revenues generated by this secondary activity would, by its very nature, be attributable mostly with residents and businesses from the zone. The secondary economic activity accounts for approximately 20% of sales tax revenues result from the project. As a result of the foregoing, more than 71 % of the combined sale tax revenue (resulting from both direct and secondary economic activity) is anticipated to be attributable to transactions by nonresidents of the Tourism Zone. RTA Application — Tab 4 Discussion of RTA Criteria Page 9 of 12 17, 2011 to vision (d) The Local Government has provided reliable economic data demonstrating that in the absence of state sales tax increment revenue, the project is not reasonably anticipated to be developed withinthe foreseeable future. The state sales tax increment revenue available through the Regional Tourism Act program offers Estes Park a unique opportunity to address critical economic structural problems and address concerns in a manner that would not otherwise be possible. Extreme Seasonality Difficult to Overcome Otherwise. As discussed elsewhere, the sales tax receipts by the Town of Estes Park demonstrate a seasonality to the local economy that is extreme even for a resort community. Because this is so extreme, it is difficult to even begin addressing the problem. No business can afford to be the first one to invest in a project when the winter tourism does not currently exist. To overcome this inertia, a significant large project is necessary and the Regional Tourism Act program offers a unique opportunity to fund such a project that will ignite winter tourism and, hopefully, lead to other businesses following. Estes Park's Elkhorn Project will serve to be that spark. Past Unsuccessful Efforts to Develop this Property. Over the past decade, several attempts to redevelop the Elkhorn Lodge have failed. Proposed projects included a residential subdivision on the top 40 acres and a condominium project. These proposed developments suffered from the significant cost to renovate or removed the exiting historic lodge buildings. None of these projects would have addressed the fundamental economic problem of the seasonality of Estes Park's economy but would have amounted to doing more of what already exists. Difficulty and Cost of Preserving Historic Structures. The property includes the following important historic buildings many of which are listed on National Registry of Historic Buildings: The Elkhorn Lodge. While the oldest continuously operating guest ranch in Colorado it was also named as one of the six most endangered historic properties in Colorado. At present, the lodging accommodations are very rustic, consisting of small rooms with very dated amenities. The building has not been winterized and is only open during the summer season. Extensive renovation will be necessary in order for the Lodge to become an attractive option for visitors to Estes Park. The estimated $2,000,000 cost of these renovations make it highly unlikely that a private developer would choose to preserve and renovate the lodge building. 1890s Barn. The historic barn, built around 1890, will need to be moved and rebuilt. The current plan is that the barn building will be rebuilt and the interior will become the main building for the ski resort, offering ticket sales, ski and equipment rentals and retail space. Using the historic barn in this capacity retains RTA Application — Tab 4 Discussion of RTA Criteria Page 10 of 12 June 17, 2011 i:)ral'. ,,a.,,I to iaryt thatµ a vision the historic feel of the overall property, maintains an architectural consistency and ties the ski area into the rest of the property in a manner and at a cost that a private developer would not normally entertain. Original Schoolhouse. The original Estes Park schoolhouse will also be used by the ski park as a base for the ski school. Ranch House. The ranch house was the first building built on the Elkhorn property. It served as the family's private home when they were ranching, prior to taking in lodging guests. Estes Park's Elkhorn Project intends to renovate this building and use it to house a museum. Chapel. The Chapel is a great example of the stick architecture popular in the late 19h century. This building is believed to be the first church in Estes Park and will be restored to its original beauty and used as part of the living history museum. Coach House. The coach house has served many purposed over the decades, including being the original stagecoach stop at Elkhorn Lodge. The Coach House will be renovated to its original size and shape and be renovated for use as a central feature in the living history museum. The restoration and reuse of these historic buildings is a critical feature of Estes Park's Elkhorn Project in that it ties together the various parts of the project on a foundation of the historic importance of the site. However, in each instance it would be more cost effective to tear down the existing structures and build a new structure for the intended purpose. Without the State Sales Tax Increment Revenue provided by the Regional Tourism Act, the opportunity to preserve and reuse these historic structures would be lost and with it the unique character that Estes Park's Elkhorn Project intends to achieve. Inclusion of Facilities for Activities of Non -Profit Operators. The Performing Arts Center, several of the museums being considered, the Estes Park Science Institute being considered and perhaps even the living history village would probably not be included in a privately financed project. Without the funds provided by the Regional Tourism Act, the space for these programs and activities would probably be devoted to commercial business better able to pay higher rent. Elkhorn Project, Inc. intends to provide space to these programs on favorable lease terms due to their critical role in the preserving and educating others to the role played by the development of tourism at the turn of the 19th century in the development of the west. Community Sensitivity to Outside Investment. As a small rural community, particularly one that hosts over 3,000,000 visitors, the community rightfully would be concerned about a large developer coming in with plans for a major project. The Regional Tourism Act and this application provide a unique structure with Estes Park's Elkhorn Project with the Town of Estes Park as the Applicant, the Estes Park Tourism Authority with local representatives serving as the Financing Entity and a grass roots not- RTA Application — Tab 4 Discussion of RTA Criteria Page 11 of 12 2( r ft Subject toFurther cvision. for -profit organization in Elkhorn Project, Inc. facilitating and managing the proposed project. This structure will provide the maximum opportunity for community involvement (although we cannot guarantee that everyone will at all times be satisfied) with local persons involved at every step. We believe that this structure will best ensure that the project meets the needs and is in keeping with the desires of the local community and that they will share in the success of this project rather than feeling like it is being imposed on the community by some "big -city corporation." Unsuccessful Efforts to Construct a Performing Arts Center. The Town of Estes Park has a vibrant cultural and performing arts community. A desire within the community for a performing arts center has existed for decades. In the 1990s, a proposal was made to renovate a building at the historic Stanley Hotel to renovate and convert a building into a performing arts center. This project did not achieve its fundraising goals and dissolved in 2002. In recent years, the Supporters of the Performing Arts has reinvigorated the planning and fundraising toward a performing arts center. Despite a Memorandum of Understanding with the Town of Estes Park, SOPA has not yet raised enough money to begin construction on the Estes Park Performing Arts Center. Estes Park's Elkhorn Project, with funding from State Sales Tax Increment Revenue, will be able to bridge SOPA's funding gap and facilitate the construction of the performing arts center. By bridging the construction cost funding gap, SOPA will be able to get the facility built and operational, therefore generating a significant economic impact to the local community, while focusing its fundraising efforts toward ongoing operational support, with a specific focus of providing subsidized access for community -based performances. If SOPA is unsuccessful in its current efforts, this history of failed attempts may well result in Estes Park never building this much needed and long sought performing arts center. Funds generated through the RTA program would significantly enhance if not ensure the likelihood of success. http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTURBAN DEVELOPMENT/EXTLE D/0„contentMD K:20185186—menuPK:399161—pagePK:148956—piPK:216618—theSitePK:341139,00.html I+ Colorado Tourism Office's report "A Strategic Plan for Colorado Heritage Tourism Enhancement", Appendix 1, citing data from the 2003 Longwoods International study on Colorado's heritage tourists, commissioned by the Colorado Tourism Office and the Colorado Historical Society. Colorado Tourism Office's report "A Strategic Plan for Colorado Heritage Tourism Enhancement", Appendix 1, pages 53-54. Iv U.S. Census Bureau Press Release dated November 10, 2010 "U.S. Census Bureau Reports Men and Women Wait Longer to Marry" v U.S. Census Bureau, 2005-2009 American Community Survey vi U.S. Census Bureau, 2005-2009 American Community Survey RTA Application — Tab 4 Discussion of RTA Criteria Page 12 of 12 June 20, 2011 To: The Honorable Mayor Bill Pinkham and the Estes Park Town Board of Trustees From: Johanna Darden, Full -Time Resident 501 Mac Gregor Avenue Estes Park, Colorado 80517 In Re: Special Meeting Action Items June 20, 2011 The intent of the Regional Tourism Act is to grant money for projects which will bring tourism from outside of the State of Colorado. After reading the proposal by the Elkhorn Project, Inc. which must be submitted by the Town of Estes Park, I do not believe it will comply with the Regional Tourism Act guidelines. I ask the Town Board if they have individually toured the entire site of this project. I have, and I think it is necessary for you to do that before determining whether this proposal should be submitted on behalf of the citizens of Estes Park. The proposal is filled with inaccurate statements and comments about possibilities with no evidence that definite commitments in writing have been obtained even if this project were to receive funding. One example is a claim that the Estes Park Science Institute may bring professors, researchers and groups of students to the Project location to study the environment. I do not believe the Estes Park Science Institute exists. Who is it's director and how is it funded? No scientist or environmentalist I know in Estes Park has heard of it. I could find no mention of it on the Web. There is a severe weather wildlife habitat for deer and elk in an area which will be harmed if a ski run and tubing run are built at this project site. Bitterbrush, which is a plant indigenous to Larimer County (and not grown elsewhere in the world) is growing in an area of the Project site which will be destroyed by construction. This may be the last corridor for elk coming to Estes Park from the Rocky Mountain National Park. Our elk count is now down from previous years, so too many elk does not seem to be a problem. Is the town aware that there is a flood plain where the Estes Park Perfoiuiing Arts Center and the parking for the Elkhorn Project will be built? How will snow be made from a river near Elkhorn and be brought to the areas necessary for skiing and tubing? Should we destroy the environment and then study how to bring back its important elements? To be successful the Project will need to bring significant numbers of people to Estes Park from out of the State during the winter months. I do not believe it will do this. A member of the SOPA Board stated he did not think visitors would come to Estes Park during winter to attend performances, and he felt the monetary loss in the winter would be made up for attendance in summer. Estes Park has enough tourists in the summer. The ski and tubing part of the project would only be needed in the winter. Other towns in Colorado already have this type of recreation, and they can provide ski slopes for excellent skiers. Many places even allow children to ski the bunny slopes for free with the expectation they will get older and return to ski as adults. Most children from out of June 20, 2011 Estes Park Town Board Special Meeting Elkhorn Project, Inc. p. 2 the State will not be able to come here in winter except on winter vacations, because they must attend school during the year. Many children have team sports training in August as well, so they need to end their vacations even before school begins in the Autumn. A beautiful, historical site will be ruined by creating a Living History Village and recreational area. And since there was never a bakery, glass blowing, etc. at the Elkhorn Lodge, it will not preserve any history of this site. Yes, it may educate children about these trades, but in so doing it may ruin the feeling of the property which at this time is a peaceful place with nature and beauty. Let's preserve this area. Let's not pave the roads. Let's not bring recreation to this area or create a modern tourist site. We already have plenty of recreational opportunities in Estes Park during the summer, and this Project will most likely not bring recreational activity from out of the State in the winter months. Please enter these comments in the Public Record. Thank you for listening to my concerns. April 26, 2011 To: Hornorable Mayor Bill Pinkham and Board of Trustees of the Town of Estes Park From: Johanna Darden, Full -Time Resident of Estes Park 501 Mac Gregor Avenue Estes Park, Colorado 80517 In re: Regional Tourism Act Application for Elkhorn Project, Inc. I am opposed to the Town of Estes Park submitting the application proposed by Frank Theis, Todd Jirsa, Curt Cleaves, Kimberly Campbell, and Gregg Coffman for Regional Tourism Act funds for the Elkhorn Project Inc. This project requests support from the Town. The project is still speculative, despite the proposers trying to convince the Board of Trustees otherwise. The reason a government entity must submit the application for funding means the Town does have an obligation to assure this project is feasible. Not only does Estes Park not need more visitors in the summer, the Rocky Mountain National Park does not need more visitors in the summer. Originally this project was to bring tourists to Estes Park during the winter months. It was to add another dimension to the already existing activities. The Two Regional Tourism Act projects to be funded are intended to bring significant numbers of tourists from out-of-state. There may be some tourists from Cheyenne, but during winter serious skiers go to ski resorts which have more than an approximately 500 foot ski run. Those resorts have beginner ski slopes and instructors to teach children and adults to ski. Cheaper lift tickets and fees for tubing would possibly be an attraction, but I do not believe your average Estes Park resident will be able afford this activity often. In addition the sales tax monies to come back to the project would need to be over and above what is currently generated. And the Project would not see any return of funds until operational. Would there be provisions in the proposal to train Estes Park residents for the jobs we are told there will be? In reading the update material for this project, I did not see that there would be full-time positions available paying salaries which could support a current resident. The part-time positions and full-time positions seem to be lumped together with what I assume is an average of positions. Projects like this bring non-residents, and the Town will need to provide more affordable housing to meet this demand. Under the FOSH agreement Town funds are to be used to lay the groundwork for the Performing Arts Center. The location at the Stanley Fairgrounds will be a good place for the Performing Arts Center, and the idea of moving the Performing Arts Center is not what residents have in mind. The currently proposed location for the SOPA project is a good one. It has been stated by Attorney White that at present there is enough water for making snow for Elkhorn Project Inc. At a previous Town Board of Trustees meeting when water rights were discussed, it did not appear that there will be large amounts of water for future use even if snow melt goes back into the ground. There is expected to be less water from glaciers, etc. in the future, and Estes Park should be thinking of our future needs for water and clean air. I believe the money generated from Elkhorn Project Inc. will go into the pockets of a few at the expense of the residents. I do not see the public benefit from a project such as this. Thank you for hearing my views. Please enter this comment into the Public Record. olorado r servation, Inc. 2100 DOWNING STREET, SUITE 300 I DENVER, CO 80205 j PHONE 303.803.4260 I FAX 303.893.4333 June 15, 2011 Dear Mayor Pinkham and Town Trustees: Please accept this letter as written comment in regards to the proposed redevelopment of the historic Elkhorn Lodge. My sincere apologies for not being able to attend in person. I am the Endangered Places Program Manager for Colorado Preservation, Inc. Colorado Preservation was formed in 1984 and continues to serve Colorado as a nonprofit advocacy organization, working statewide to promote historic preservation by protecting and preserving Colorado's historic built environment. One of our lead initiatives is the Endangered Places Program, which seeks to identify and advocate for significant historic resources that are under threat of being lost. In 2010, the Elkhorn Lodge was one of six sites selected for List of Colorado's Most Endangered Places. The nomination and listing were in response to both the planned mixed -use redevelopment that would have adversely affected the historic integrity of the site and the deferred maintenance that has resulted in several of the buildings falling into serious disrepair. Elkhorn Lodge is listed on the National Register of Historic Places as a site of national significance. The history of the Elkhorn Lodge is a fascinating tale of ranching and recreation that is inextricably linked with the history and development of Estes Park. The nomination for the designation was written in the 1970s and badly needs to be updated. 1 requested that a historian from the Office of Archaeology and Historic Preservation conduct a site visit to determine eligibility for the entire Elkhorn Lodge parcel and the associated buildings. Though additional research is required, the preliminary finding was that the National Register nomination could be amended to include all sixty+ acres, and that each of the extant buildings are contributing to the historic district. There was discussion last evening at the meeting in regards to whether the proposed Elkhorn project rises to the level of extraordinary. While the goals of economic development, job creation, and bolstering the winter economy are admirable, I would offer that the Elkhorn Lodge, while showing the wear and tear of more than a century, is in its current form an extraordinary historic site. There are very few late 18th and early 19th lodges of this caliber that remain, and even fewer that retain such a high level of historic integrity. The Elkhorn Lodge is nothing short of a jewel, however rough, that deserves protection and preservation. My intent is not to suggest that the proposed project falls outside the bounds of historic preservation, though based on a review of the proposed map it appears that the plan would require the demolition and/or relocation of several buildings. Colorado Preservation has no greater hope for the Elkhorn Lodge than to see it fully operational, and contributing to the cultural and financial health of Estes Park. I applaud the stated goals of the project proponents to undertake a comprehensive restoration of the BUILDING A FUTURE 6Itea HISTORIC PLACES www.coloradopreservation.org property. However, I would encourage the Trustees to exercise caution in endorsing any redevelopment project that would result in a loss of the property's historic integrity. To prevent that loss of integrity, I would strongly suggest that the Town consider adding language to the MOU that would ensure EPI upholds their assurances regarding preservation of the site. I understand that time is short, and that many questions remain in regards to the proposal that need to be discussed, however I offer the following as possible conditions to be included in the MOU (or separate agreement) to ensure that the Town protects this extraordinary historic resource: • Require EPI to conduct a comprehensive cultural resources survey of the property, including both architectural and archaeological analysis, to determine individual eligibility for each building to the National Register of Historic Places, or as contributing buildings to the Elkhorn Lodge Historic District. • Require EPI to use the results of the survey to complete an amendment to the National Register listing. • Prohibit any building that is determined individually eligible or contributing to the Elkhorn Lodge Historic District from being demolished. • Require buildings deemed the most significant (likely the main lodge building, the ranch house and the chapel) to be placed under a historic preservation easement so that significant exterior alterations would require assessment and consent from historic preservation professionals. These requirements do not represent a substantial burden on the project proponents, but rather are in keeping with the proposal as presented. In fact, by following historic preservations standards, significant grants and tax credits (in the case of tax credits, up to 20% of the rehabilitation cost) would be available as financial incentives. I would of course be more than willing to provide assistance in regards to utilizing these preservation tools. It is my hope that the Town will appreciate what a remarkably important historic site the Elkhorn Lodge is, and see fit to include these items regarding preservation of the site into the formal agreement. Please don't hesitate to contact me with any questions. Regards, Patrick A. Eidman Endangered Places Program Manager Jackie Williamson From: van8871@netzero.com Sent: Wednesday, June 15, 2011 3:54 PM To: Jackie Williamson Subject: Spam: hpo/ elkhorn Joann & John Van Vliet 701 W. Wonderview Av EP We oppose the Elkhorn Ski project because we feel an amusement park and performing arts center does not belong in our residential area, that small piece of land can not support all they want to cram on it + on -site housing, parking, re -zoning and the miilions of $$$ from the town for a property property. 57 Year Old Mom Looks 27! Mom Reveals $5 Wrinkle Trick That Has Angered Doctors! http://thirdpartyoffers.netzero.net/TGL3231/4df92a0bc9c0156f07bst01duc 1 June 20, 2011 Wes and Eileen Allbritten 845 Old Ranger Drive Estes Park, CO 80517 Re: Proposed Elkhorn Project Inc. Please include this letter in the Trustees packets for the June 20, 2011 meeting. Dear Mayor Pinkham and the Board of Trustees: Our home is located on Old Ranger Drive directlyabove are very concerned that this proposal will Y affect our quality of life. The entrance you are considering is very close to residential neighborhoodaiThe noisehof is would definitely increase traffic in our quiet construction for years will also make it difficultarns home ando ejoy the ce and quiet of our moved away from neighborhood reasons we renovated my pent Denver to begin with. Renovating the Lodge sounds great, he rest there was plan a ski area Balled Hidden Valley l thought out... NOT what Estes Park needs. If you recall, — (in the Nat. Park) a few years ago. there was, hey the wind blew away. Hidden Valley because Esteis there wasn't enough snow, and what snowlong.If famous for high winds. The snow they would make would not last very people want to ski, they will go to Vail, Loveland, Steamboat, NOT Estes Park. r ver as the We are also concerned about the chemicals nter watehe r to lmake the snow? manmade snow melts. Are there chemicals added to the t What about the noise from the snow making mach would disrupt ne? Will that unr all nigh tiol long? Our biggest concerns are noise, and the traffic that red neighborhood. We are also concerned that taxpayer's money would be a d eofund uthis t contributed venture in any form! If it is unsuccessful, who loses if the taxpayers any amount of money? e Our neighborhood has not been informed about n sy Wof e certainly have is — thanks to not heard members of ARD, we were made aware the last two meetings. from anyone associated with the Elkhorn Project. We are hopeful that you will considehow much d andthis will adversely affect so many l would like to ask all of you if you people. We don't want this in our backyard, would appreciate having this in your back yard? Respectfully, Wes and Eileen Allbritten 1 �p Li. 0 5 c g y C d p .4, o or cr. p A: "d O p p y pO .. et or O `+ 'l U, O Aa© cal At w A: O o el,A so 0 O et P. cc 0 O Cr O O O UQ Cr ro' V• p A p 4,, ro'v. A et p et ti, et ut O rt rt h or :' • G. A A �, O 1:11O 11'rt y �cm A A A� a° cr1r C1r°p 0 4.4 et r rt A A C �C 5 rt et CD py © p y `! C 11 CM a./ IS n) a m o o A g a A, p IS m g Art i, it,• A A x ". A att C •J C a E a �. et— p .p+ o A.o. Tv G E E. 'l L O A m m O 4 � ,. . A rt �v o Air zp 1 `< A et o "� < `. fAt, C .* PI mg Co -mow et pr ft — o vaa �, p Cr' Et *d p a rt Ca. .4- et 0. co p. well A 0 V. �• el A a .4 crcl Cr 7 p. sy et II a e O i�. p et Cr A ft, ro ~rho A A p 0. a 0 .A.. 10 A O Bt, a a rt CA felt, z CrCL A CD rt © n �• c,eD Op •-• 5 - d .iir r 4 <• �• a A E A net p -Q.., rt ~' t9 1r O a eo et A A p K `! 2. ? y A� A A ..4 rt 5 O A o C�J a a col. p o a ►.. o cit ego c Dear Mayor Pinkham and the Board of Trustees: A