COUNTY ENCOURAGES GOING “GREEN”, BUT NOW WANT LOCALS TO PAY
After years of encouraging locals to “ride the bus”, to “go green” and take advantage of a great value, Eagle County is now alarmed that the increase in ridership is costing too much. On the table is a proposal to triple existing rates and reduce service as the County claims they lost $2 million in sales tax revenue dedicated to funding ECO Transit. Meanwhile, the Vail Transit system has not cut service at all – and its free! Those opposed to the huge rate increase say that the service is vital to county residents who have already been hard hit by economic woes and that the County should find other areas to cut back and redirect other funds as well as a more nominal rate increase.
EAGLE CO OPEN SPACE FUND – PUBLIC MONEY WITHOUT PUBLIC ACCESS?
Call us cynical, but it is tough not to be when looking at how the Eagle County Open Space Fund is being managed. The fund was created in 2002 as a result of an election that approved an open space tax. The measure barely passed by a mere 51 votes. Since then, the tax has generated more than $20 million and gone to preserve 4,106 acres of land, but many locals are now second-guessing if the implementation of the Open Space Funds is consistent with what they thought they actually voted for. An overwhelming majority of the funds spent and the acres “preserved” have been spent on conservation easements on private lands that do not result in public access. In addition, many of the easements granted and funded have done little to change the landscape for the core of Eagle County and the majority of the residents.
For example, the county’s last conservation easement was for the Gates Ranch in Burns. (Most of you are probably asking…where the heck is Burns?) Burns is in a remote area of the County along the Colorado River past Bond and McCoy. (Most of you don’t know where Bond and McCoy are! Hint, north of Wolcott on the road to Steamboat). The easement was funded, but there is no public access and more importantly…..what was the benefit to county residents in terms of open space? A conservation easement restricts the ability to develop or sub-divide the subject property. The property was not adjacent to any major road. There is little demand for property in Burns. So what was the benefit to residents? None as far as we can see.
Most locals believe that Open Space funds would be better spent along the I-70 corridor where the impact is visible. Many insist that the spending of public money ought to result in public access to the land involved. We agree on both fronts.
Now the County is embroiled in another controversy as they consider funding another conservation easement on a ranch that is 12 miles up the Colorado River from Dotsero, once again in “no man’s land”. The County is being asked by a group of investors who bought the Colorado River Ranch in 2007 for $10 million for a $5.7 million grant from the fund to put a conservation easement on the property. The ranch is just over 1,000 acres. The agreement would call for a 2-acre public parking area to make it easier to access BLM land. The County has responded by offering $3 million. Again, the land is remote, development demand is limited and there is virtually no public access. It seems to us that the County just cannot wait to spend these funds.
Last year, we questioned the Gates funding and suggested that the money would be better spent for the County to acquire private property along the upper Colorado River at State Bridge and up river at Rancho Del Rio to guarantee river access for this popular recreational rafting and fishing area. The smart-alec response of one county commissioner was “why don’t you raise the money?”
While local communities are taking a practical approach to budget cuts and addressing drops in sales tax collections, our County Government seems completely out of touch with reality.
SHAKEUP AT FOUR SEASONS IN VAIL
In a move that has raised eyebrows, the Four Seasons Resort, which is currently under construction in Vail, has suddenly changed general contractors, a decision made by the senior lender for the project. While a spokesman has stated that the project is on “firm financial footing and preparing for its winter opening”, the signs indicate otherwise as anytime a lender makes a decision of this magnitude, it is obvious that all is not well. Subsequent to the announcement of the contractor change, the ousted contractor, Layton Construction, issued a statement that the developer has been in default since February. However, it appears that the lender, Barclays Capital, is committed to completing the project in an expeditious manner.
CLUB AT CORDILLERA BOUGHT BY PARTNER
The Club at Cordillera, which has had its share of recent struggles, has been bought out by one of its partners, the Wilhelm Family Trust. At one time, owning a property in Cordillera with a golf-membership was paramount to selling it, however of late, the attached golf-membership created an obstacle to selling as the Valley became saturated with expensive golf memberships. You practically could not give a membership at Cordillera away. The purchase includes the four golf courses and clubhouses, but does not include The Lodge & Spa at Cordillera. Planned changes include offering golf privileges to members at Roaring Fork Club in Basalt and Mayacama Club in Sonoma, Calif. The Wilhelms also indicated that they plan to get active in resort vacation clubs.
BEST INDICATOR THAT SUMMER BUSINESS IS OFF…..
Restaurant deals still abound. Typically reserved for off-season and only benefit locals, restaurant deals and discounts are everywhere in the Vail Valley. Even popular restaurants like La Bottega, Larkspur, and La Tour in Vail and Splendido’s and Grouse Mountain Grill in Beaver Creek continue to offer specials well into June and July.
RENTAL VACANCIES WAY UP
For the first time in recent memory, Vail Valley renters have options and they can get deals. The fact that jobs are scarce and housing is plentiful has resulted in your basic supply vs. demand glut of rental properties. For years, it has been a landlord’s market as demand has exceeded supply. Major employee-housing projects are cutting rates and relaxing terms, which are having a big negative impact on privately-owned rental units cash flow. With construction projects nearing completion and not much on the board to keep construction workers employed, it is likely that the trend of oversupply will continue for some time.
WINTER 2009-10 CALENDARS
Another reminder, please return your winter calendars to us as soon as possible. In this economic environment, we do not want to lose any rental opportunities and we need your calendar before we can accept reservations on your property for next winter. The key to getting a jump on next ski season is to get your calendar in early!
OTHER NEWS HEADLINES:
Get your Epic Pass at www.EPICPASS.COM
Wet Weather Keeps Local Rivers Roaring
Vail Street Work Done for Season
Vail Farmer’s Markets Opens For Season – Sundays 10-3:30
Property Tax Appeals Surpass 8,000
Solaris “Tops Out” As Project Hits Full Height
Vail Considering New Parking Structure at Ford Park
Local Unemployment Doubles from Last Year
REMINDER: Eagle County Airport to be Closed this Summer for Runway Work
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