property owners association annual meeting notice july 26 ...€¦ · snocru – snowsport app 6....
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Property Owners Association
Annual Meeting Notice
July 26, 2016 5:00pm - 7:00pm Park City Marriott
1895 Sidewinder Drive Park City, Utah
Annual Meeting Agenda • Welcome
• Approval of Minutes
• Introduction of New Property Manager
• FY 2016 Financials
• FY 2017 Budget
• Appointment of Board Members
• Master Plan Update • Vision • Scope & Cost • Necessities & Options • Timeline & Phasing
• Solicit Member Feedback
• Explain Process and Timeline until a Master Plan Vote
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Approval of Minutes
See enclosed minutes.
Destination Hotels Utah
PSPOA’s New Property Manager
• 10+ years operating history in Park City
• Expertise in mixed-use and resort operations, development and construction
• Association, Hospitality, Retail/Commercial, Meeting & Conferences, and Special Events
• Staff • Leah Kolb • Josh Mellor • Chris Retzer
www.dhutah.com
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FY-2016 Financials
See enclosed documents.
FY-2017 Budget
In April, the Board voted to increase dues to account for rising costs, new utility fees and continued reserve funding (goal is a $100,000 balance in reserve funds). In May, the Executive Committee agreed with the Board and supported a minimum 12% increase. A summary of cost increases are: • $16,000 (100%) increase for new Storm Water Utility Fee
• $3,545 increase (9%) in water fees
• $300 increase (8%) in electricity costs
See enclosed documents.
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Appointment of Board Members • Dean Berrett • Scott Welling • Marlene O’Hara • Bryn Carey • Alison Child • Rex Keeler • Luis Olivas • Nathan Sears • Michael Stoker • Jan Wilking • Chuck Zuercher
Prospector Square Master Plan Vision
• Provide and promote an inviting and vibrant residential and commercial community
• Encourage business development
• Maximize values and entice investment
• Attract guests to come, explore and stay
• Efficiently use resources to benefit tenants and property owners
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Current Conditions Parking Lots Landscaping
Current Conditions Signage Lighting Sewer
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Prospector Square Market Conditions
Prospector Square is an older community facing newer and forthcoming competition. If the Master Plan is not pursued to revitalize Prospector Square and achieve the construction, design and pedestrian standards offered by other communities, property owners will experience declining values.
Lighting, landscape, hardscape, parking and pedestrian circulation are identified as the improvements most likely to add value and secure Prospector Square’s position in the marketplace.
Prospector Square Market Analysis Zions Bank Public Finance and The Becker Company completed a Market Analysis for Prospector Square in June 2016. Online access can be found at www.prospectorsquare.com/future. Highlights include:
• Reduce tenant turnover and create value.
• Neighborhoods with public gathering spaces is important in today’s retail and lodging business.
• Rental rates are predicted to increase between three and seven percent.
• Residential portions of the area will likely see increased demand, which can be correlated to a higher valuation. Keep us competitive.
• Total projected costs (roughly $6.1 million) should be realized by projected valuation increases.
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Neighboring Competition BoPa Redevelopment - Construction in 2017 for the area shown in blue. 5.27 acres with a potential 277,000 square footage of commercial, residential and office.
Why now? 1. Maintenance and upkeep has been deferred too long.
2. Newer, competing communities are capturing more tenants and customers
3. Coordination with City’s reconstruction of Prospector Avenue ($2M of improvements)
4. If Prospector Square works in conjunction with the City, we can save money, time and disruption in the Prospector Avenue area of the Master Plan
5. City Council is facilitating the emergence of outdoor industry campus in Prospector Square, but their motivation to continue will be predicated on our commitment to make improvements. Current outdoor industry businesses:
◦ Pret - Snow Helmets
◦ POC – Snow and Bicycle Helmets and Gear
◦ Avatech – Technology products for mountain safety
◦ SnoCru – SnowSport App
6. SnowSports Industry America (SIA) is relocating to Park City and shopping for office space in Prospector Square
7. The Snyderville Basin Water Reclamation District has committed to taking over the sewer system if improved to current standards, which eliminates maintenance and liability for the organization.
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Goals • Parking lot resurfacing and striping
• Sidewalk and traffic reconfigurations (including traffic calming measures, crosswalks, signal improvements)
• Improve building signage and way-finding opportunities
• Improve streetscape parking
• Add more lighting in parking and exterior common areas
• Significant upgrades to landscape and hardscape improvements, including new irrigation, paving, plants and trees, and enhanced plaza area arrangements
• Improvements to outdoor dining areas, planter boxes, trash enclosures, benches and bike racks.
• Upgrades to replace the existing sewer lines.
Goals
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Scope of Plan Necessities
Parking Lot Resurfacing & Striping
Irrigation
Landscape
Sewer Upgrades
Replace sidewalks in corridor
Parking Lot Lighting
Trash enclosures
Signs
Site Furnishings:
◦ Trash Receptacles
◦ Bike Racks
◦ Benches
Options Improved Gathering areas
Lighting
◦ String Lighting (atmosphere)
Site Furnishings:
◦ Planter Pots
◦ Tables and Moveable Chairs
Outdoor Sound system
Accent Paving in Corridor
Plaza Space Interactive Feature
Cost Necessities - $4,713,082 Options - $1,395,304
Category Description Cost
Demolition Sidewalk removal, parking lot removal, clearing and grubbing of landscape
$254,460
Hardscape Parking Lot resurfacing and striping, concrete sidewalk, trash receptacles, bike racks, benches and trash enclosures
$1,469,900
Sewer Replace existing lines with 8” lines and turn over responsibility to SBWRD
$860,000
Wayfinding Signs $81,000
Landscape Shrubs, groundcover, trees and irrigation
$506,700
Lighting Pathway lighting, parking lot lighting and temporary power distribution
$237,000
Soft Costs
Mobilization, architect and engineer costs, survey and project management
$622,211
Contingency 20% $681,812
Category210 Description Cost
Hardscape Interactive Features, accent pacing, planter boxes and pots, tables and chairs
$516,800
Wayfinding Monument Signs $ 45,000
Gathering Areas $301,500
Lighting String lighting (atmosphere) and sound system
$153,500
Soft Costs Mobilization, architect and engineer costs, survey and project management
$175,144
Contingency 20% $203,360
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Phase I - 2017
Work would include: • Sewer replacement • Utility upgrades • Parking lot lighting • Dumpster/recycle
enclosure • Relocation of fire
hydrant • New Asphalt
Phase II - 2018
Work would include: • Sewer replacement • Utility upgrades • Lighting • Walkways • Landscaping and Irrigation
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Phase III - 2019
Work would include: • Sewer replacement • Utility upgrades • Parking lot lighting • Dumpster/recycle enclosure • Relocation of fire hydrant • New Asphalt
Financing • The Master Plan maximum cost = $6.1 million
• Improvements will be funded through assessments
• Loan Options are in exploration
• Determine Necessities vs. Options
• Public Funding – options will be pursued, but plan will not be contingent upon receiving public funds
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Master Plan Assessment Examples
See enclosed documents.
CC&Rs Update
Prospector Square’s governing documents will require amendments to support the Master Plan and long-term goals for defining responsibility and honoring standards of maintenance in parking areas, landscape, irrigation, hardscape, lighting, signage, etc.
The Association may also amend other governing documents such as architectural guidelines, Board and Executive Committee operations, electronic communication and voting, as well as online meetings.
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Feedback/Discussion
Member feedback and discussion: ◦ Master Plan
◦ Necessities vs. Options
◦ Financing
Feedback will be considered by the Board in formulating a final plan and cost for a membership vote.
Due Diligence
August 5 Survey sent to membership for feedback on Master Plan
August 19 Survey Closes
August 20 – September 20
Revise plan to reflect annual meeting and survey feedback
September 20 Open House to present revised plan and gather feedback
September 30 Announce Final Plan, Cost, Finance Option and Scope of Vote
October 16 Final Vote Deadline