Please check back on this page weekly to see what information has been updated. The goal of this page is to decrease your time needed to find out the latest information. Thanks for checking back! Don't forget you can watch the latest videos by going to the youtube channel. http://www.youtube.com/user/allabouteagle?blend=1&ob=video-mustangbase
If you want backup for any comments in the paper, on this site - ask at yestoeagle@gmail.com. And with the whole project - ask hard questions, check the details, ask both this site and the developer for information. And please use common sense!
Updated May 18th-May 22nd:
From:
Lee E. Leavenworth, P.C.
Carbondale, CO
There are NO financial benefits of ERS (and worse - please read!)
Looking at the ERS finances contained in the box next to the article, this project is a financial disaster for the Town. The Town would be giving up a large share of the sales tax (2.55% of the 4% Town sales tax or 64%)generated by the project, agreeing to a 4% PIF (public improvement fee) which is unreasonable and way out of line with other approved PIFs, and the proposal contemplates Urban Renewal Authority TIF revenue. These developer windfalls will last at least 25 to 30 years.
The PIF in Glenwood Springs at the Meadows is 1.5%. The development in Carbondale that went down recently in a referendum proposed a PIF of 1%. Contrary to the assertion in the article, although the Town is technically not legally required to assist in repayment of special district debt that would be issued for the project, a default by the developer will affect the interest rates the Town would pay on Town borrowing because the default would have to be disclosed to bond buyers, who will need the higher interest rate to be attracted to the Town’s bonds.
What is not stated in the article is that there is a significant potential that sales tax collections in the Town of Eagle will simply be relocated to this new area, resulting in a net loss of sales tax due to the 2.55% of the sales tax going to the developer. Also, the existing City Market and Costco (pursuant to a sales tax split with the Town of Gypsum pursuant to an Intergovernmental Agreement) already capture a significant amount of sales tax from both in and out-of-town buyers. I can’t imagine the new development will provide a material increase from within town and from out-of-town buyers but there will simply be a relocation of the sales tax to the new development, with the Town giving up 2.55% of the 4% total Town levy to the developer.
I also have trouble believing that the developer will actually go forward with a mixed use development that involves over $50 million in infrastructure. I seriously question whether financing would be available for such a project. It is my belief that the developer is simply trying to obtain entitlements for as long as possible to see if the market ever turns around. Until it does, I believe any approval will sit dormant for many, many years
In conclusion, what benefit is the Town of Eagle really getting?
As an attorney representing towns and cities, as well as developers, I have never seen a developer propose this bad a deal for the Town, except once. The Town of Avon made a very bad deal with a developer who owned a large amount of acreage (over 2,000 acres) that was annexed to the Town and is the location of the Super Walmart and other big boxes. Avon gave the farm away in that deal for 25 years (sales tax, property tax, etc.). Suffice it to say, the Town and the developer and the special district beneficiaries of the Town/developer deal, are in litigation, which is exactly where the Town of Eagle will end up if they agree to a deal like this.
The vote is on Tuesday, May 22nd!
The procedure issues page has been added.
Note: We are not comparing acreage for example or approved total projects such as Glenwood Meadows. We are giving comparisons of the portion of projects that you can see built to compare to. This comparison was not meant to be a total project approval but to give you an idea of how big this project in Eagle will be if built. This was needed because the developer did not provide a drive by or photo simulation to show the true scale. (Ask yourself why the developer did not do this!).
Check out the comparisons page - 300 restaurant jobs??? and the comparison some other housing units around the Valley
At the time of these updates, the www.vaildaily.com and www.eaglevalleyenterprise.com was not up so letters will be linked later. Check out their websites for many great letters.
As the vote gets near, remember to keep your sense of humor...as part of that check out this video related to the exercise stations proposed as part of this project. http://youtu.be/k2LQ9xutg9I
These items were previously posted but are worthy of front page reading!
The project is over 30% bigger! 732,000 (2011) minus 552,000 (2009). The project is 80% bigger retail space than Glenwood Meadows which is 405,000 sq feet! (Note - some proponents of this project are saying the project is only 2% bigger if you take the full square footage of housing and retail. We do not recall at any hearing this number being used or given as it is usually retail % and housing units. The retail % is what went up 30% and the housing units went down by 31 (from 581) to 550 housing units.) So we believe the project is over 30% bigger and still has 550 housing units. Check out the Town's website as well as the square footage is not given as one number.
There is a campaign for the election: Eagle, Co - Keep it real! If you want to get signed up for weekly updates, please email eaglecokeepitreal@gmail.com or check out the facebook posts at Eagle, Co - keep it real!
The referendum is scheduled for May 22nd. We are estimating ballots will go out around May 2nd but we are trying to confirm that. This would be for the absentee ballots, not those who walk in. Please know the details before voting!It was just 2 years ago January that voters said NO to Eagle River Station...some of the reasons why are on this video...link below.