360 Village reduces plan
Developers’ new annexation proposal conforms to existing UGB
By Brandon Gee (Contact) - Steamboat Pilot & TODAY reporter
Saturday, October 4, 2008
By the numbers
360 Village, first proposed phase
Dwelling units: 525 to 650
Village Center commercial: 180,000 to 210,000 square feet
U.S. 40 entry commercial/retail: 100,000 to 185,000 square feet
Open space: 27 to 30 acres
Steamboat Springs — The developers of 360 Village won’t ask the Steamboat Springs City Council to commit “political suicide.”
In a pre-application for annexation submitted last week, Wilton West Development proposes development on only 110 acres of the 350-acre project site two miles west of city limits. The proposed development conforms to the urban growth boundary, a growth management tool jointly administered by the city and Routt County.
Wilton West Development failed in attempts earlier this year to expand the UGB to encompass the entire property. While the UGB is described as a precursor to annexation in the city and county’s Steamboat Springs Area Community Plan, state law governs annexations, and the city could have considered annexing the entire 350-acre property without a UGB expansion.
Although legal, Councilwoman Cari Hermacinski said in August that disregarding the UGB and the community plan would be “political suicide.” With their latest proposal, the developers won’t even ask council to consider such a move, and instead plan to develop the rest of the site in two future phases.
While the plan for 360 Village has changed, its primary message has not. Developers continue to tout their affordable and attainable housing plan above all else. Since their initial submittal to the city in May, the developers have bolstered their argument with the results of the recently released Work Force Housing Demand Analysis, which recommended the city provide for more affordable rental opportunities and small-lot, single-family homes.
“Affordable and attainable housing is our No. 1 focus,” said Tony Connell, a partner in Wilton West of Steamboat, a subsidiary of Virginia-based Wilton West Development. “We are excited to present a plan that reflects the needs of the community as shown in the analysis. The housing study clarifies our vision of full inclusion. We want to build products that offer opportunities to a broad spectrum of our community.”
City Planner Jason Peasley noted that 360 Village’s pre-application states the project will comply with the West of Steamboat Springs Area Plan requirement that a minimum of 20 percent of proposed units be priced at or below 80 percent of the area median income.
“That was a sticking point with Steamboat 700 and doesn’t appear to be with this one,” said Peasley, referring to another proposed development west of Steamboat.
360 Village’s pared-down proposal doesn’t include some of the frills envisioned in the initial plan for the entire property. Amenities such as a chair lift, an amphitheater and a flume trail are gone from the latest proposal, and it is unclear whether they will be included in plans for future phases.
Added to the plan, though, is a provision for a 100,000-square-foot pad that could house a big-box retail store. City officials are studying how to fit such a store into plans for the west of Steamboat area, in order to prevent the sales tax leakage that would result if a super store were located outside city limits in Routt County.
Although it now conforms to the UGB, 360 Village’s location west of Routt County subdivisions Steamboat II and Silver Spur still will pose a challenge as the development moves forward to hearings with the Steamboat Springs Planning Commission and City Council.
State statute requires contiguity for annexation, so the project would require what Planning Services Manager John Eastman has called a “flagpole annexation,” where the city would first annex rights of way along U.S. Highway 40 until annexed land reached the project. Although legal, Eastman has said that such an annexation may not be appealing because of the implications it has on the extension of city services.
“This is a pre-application,” Eastman said Wednesday, “and my expectation is, we will have some good discussion about that issue as we move through the process.”
END OF STEAMBOAT TODAY AND/OR STEAMBOAT PILOT ARTICLE (STEAMBOAT'S DAILY NEWSPAPER)
To obtain information on any property in Steamboat Springs or the surrounding areas with Buyer Representation, contact
Michelle Diehl, GRI Broker Associate at Prudential Steamboat Realty.
I am happy to help...
web: http://www.SteamboatDream.com/
e-mail: MichelleDiehl@comcast.net
cell: (970)846-1086
office: (970)879-8100 ext. 434
Monday, October 6, 2008
Economic Definitions & Steamboat Springs Economy...
Market issues hit home
Experts expect fallout from crisis to affect construction, credit
By Blythe Terrell (Contact) - Steamboat Pilot & TODAY Reporter
Thursday, October 2, 2008
Definitions
Assets: All the entries on a balance sheet showing the entire resources of a person or business, tangible and intangible, including accounts and notes receivable, cash, inventory, equipment, real estate, goodwill, etc.
Capital: Wealth (money or property) owned or used in business by a person, corporation, etc.
Leverage: To speculate in (a business investment) largely through the use of borrowed funds, or credit, with the expectation of earning substantial profits; also, to mortgage (oneself or one’s assets) in this way.
Recession: A temporary falling off of business activity during a period when such activity generally has been increasing.
Subprime mortgage: Generally, a mortgage loan made to a borrower with a weaker credit profile than that of a prime borrower. As a result of the weaker credit profile, subprime borrowers have a higher likelihood of default than prime borrowers.
Sources: Webster’s New World Dictionary, Fannie Mae
Steamboat Springs — Make no mistake, experts said: The economic problems battering the nation are coming to Steamboat Springs.
Construction projects are being put on hold, and credit could be tougher for businesses and residents to get. The city is behind national trends but not exempt from them, Carl Steidtmann and Steven Hofman said Wednesday.
“The idea of some who are in denial, who think that somehow those in a resort town are immune, is really denial in its most dreadful form,” said Hofman, former director of research and policy for U.S. House Republican leadership.
The subprime mortgage crisis has thrown lenders and banking industry behemoths into a tailspin. The federal government has bailed out several financial institutions, and lawmakers are pursuing a package that they hope will bring relief.
Steidtmann, who is giving a talk to businesses Friday about the 2009 economic outlook, is chief economist at Deloitte Research. The crux of the issue, he said, is that banks need enough capital to be able and comfortable to lend money.
“The banks do need to be recapitalized, and that’s going to happen one way or another through private sector or public sector action,” he said. “The faster we can get the banks recapitalized, the quicker we can get economic recovery.”
But Hofman fears that the proposed $700 billion bailout plan won’t accomplish that.
If banks’ assets continue to lose value, the bailout money “won’t be used to capitalize for more lending — it will be used to chase the value of their assets,” Hofman said. “That’s the fundamental problem, and I don’t believe that has been sufficiently wrestled with at this point.”
He said it was understandable that the House rejected the plan this week. Lawmakers are dealing with economic issues that few understand, Hofman said.
“The irony here is that the sophisticates on Wall Street have no better handle on this than small-business owners in Steamboat or a nurse at the hospital,” he said.
Local impacts
Regardless of the success of the bailout package, the economic upheaval could impact areas such as Steamboat Springs’ work force, Hofman said.
“If the recession does hit the town, and a lot of the trades people can’t get work and leave town, then what does the economy look like?” Hofman asked. “And once the economy starts turning around, do we have the capacity to attract the kind of work force that we need to be a growth economy again?”
He also said the people buying second and third homes in Steamboat have helped drive construction. Those often are the people affected by struggles at institutions such as Lehman Brothers, AIG, Fannie Mae and Freddie Mac, Hofman said.
Those people won’t return to the market for a while, he predicted.
Although the shake-up will affect Steamboat, Steidtmann said it was important to remember that the U.S. economy has been weathering the storm. Through the end of last year and early this year, the economy grew 2 percent, he said.
“It’s always very interesting in times like these to try to track the economy,” Steidtmann said. “But I think the volatility of the economy is much less than what it appears to be. It’s like a huge battleship — it just takes an awful lot to change it off its course.”
Steidtmann said he thought the country was in a mild recession that would continue to next year.
“I think when we get to the second half of 2009, we’re going to start seeing a slow and modest recovery,” Steidtmann said.
So, what should the average person do? Hofman and Steidtmann offered advice.
Folks should be “starting to take some of the nonessential things out and creating greater savings, creating a greater cushion,” Hofman said.
Consumers will see credit costs increase, Steidtmann said. Credit limits are likely to decrease, and interest rates and penalties are likely to increase, he said.
“Pay down your credit card, pay down your own debt, save more and spend less,” Steidtmann advised.
Hofman reminded Steamboat residents to watch the unfolding events carefully.
“Take them seriously,” he said, “because they’re one wave away from hitting the town.”
END OF STEAMBOAT TODAY AND/OR STEAMBOAT PILOT ARTICLE (STEAMBOAT'S DAILY NEWSPAPER)
To obtain information on any property in Steamboat Springs or the surrounding areas with Buyer Representation, contact
Michelle Diehl, GRI Broker Associate at Prudential Steamboat Realty.
I am happy to help...
web: http://www.SteamboatDream.com/
e-mail: MichelleDiehl@comcast.net
cell: (970)846-1086
office: (970)879-8100 ext. 434
Experts expect fallout from crisis to affect construction, credit
By Blythe Terrell (Contact) - Steamboat Pilot & TODAY Reporter
Thursday, October 2, 2008
Definitions
Assets: All the entries on a balance sheet showing the entire resources of a person or business, tangible and intangible, including accounts and notes receivable, cash, inventory, equipment, real estate, goodwill, etc.
Capital: Wealth (money or property) owned or used in business by a person, corporation, etc.
Leverage: To speculate in (a business investment) largely through the use of borrowed funds, or credit, with the expectation of earning substantial profits; also, to mortgage (oneself or one’s assets) in this way.
Recession: A temporary falling off of business activity during a period when such activity generally has been increasing.
Subprime mortgage: Generally, a mortgage loan made to a borrower with a weaker credit profile than that of a prime borrower. As a result of the weaker credit profile, subprime borrowers have a higher likelihood of default than prime borrowers.
Sources: Webster’s New World Dictionary, Fannie Mae
Steamboat Springs — Make no mistake, experts said: The economic problems battering the nation are coming to Steamboat Springs.
Construction projects are being put on hold, and credit could be tougher for businesses and residents to get. The city is behind national trends but not exempt from them, Carl Steidtmann and Steven Hofman said Wednesday.
“The idea of some who are in denial, who think that somehow those in a resort town are immune, is really denial in its most dreadful form,” said Hofman, former director of research and policy for U.S. House Republican leadership.
The subprime mortgage crisis has thrown lenders and banking industry behemoths into a tailspin. The federal government has bailed out several financial institutions, and lawmakers are pursuing a package that they hope will bring relief.
Steidtmann, who is giving a talk to businesses Friday about the 2009 economic outlook, is chief economist at Deloitte Research. The crux of the issue, he said, is that banks need enough capital to be able and comfortable to lend money.
“The banks do need to be recapitalized, and that’s going to happen one way or another through private sector or public sector action,” he said. “The faster we can get the banks recapitalized, the quicker we can get economic recovery.”
But Hofman fears that the proposed $700 billion bailout plan won’t accomplish that.
If banks’ assets continue to lose value, the bailout money “won’t be used to capitalize for more lending — it will be used to chase the value of their assets,” Hofman said. “That’s the fundamental problem, and I don’t believe that has been sufficiently wrestled with at this point.”
He said it was understandable that the House rejected the plan this week. Lawmakers are dealing with economic issues that few understand, Hofman said.
“The irony here is that the sophisticates on Wall Street have no better handle on this than small-business owners in Steamboat or a nurse at the hospital,” he said.
Local impacts
Regardless of the success of the bailout package, the economic upheaval could impact areas such as Steamboat Springs’ work force, Hofman said.
“If the recession does hit the town, and a lot of the trades people can’t get work and leave town, then what does the economy look like?” Hofman asked. “And once the economy starts turning around, do we have the capacity to attract the kind of work force that we need to be a growth economy again?”
He also said the people buying second and third homes in Steamboat have helped drive construction. Those often are the people affected by struggles at institutions such as Lehman Brothers, AIG, Fannie Mae and Freddie Mac, Hofman said.
Those people won’t return to the market for a while, he predicted.
Although the shake-up will affect Steamboat, Steidtmann said it was important to remember that the U.S. economy has been weathering the storm. Through the end of last year and early this year, the economy grew 2 percent, he said.
“It’s always very interesting in times like these to try to track the economy,” Steidtmann said. “But I think the volatility of the economy is much less than what it appears to be. It’s like a huge battleship — it just takes an awful lot to change it off its course.”
Steidtmann said he thought the country was in a mild recession that would continue to next year.
“I think when we get to the second half of 2009, we’re going to start seeing a slow and modest recovery,” Steidtmann said.
So, what should the average person do? Hofman and Steidtmann offered advice.
Folks should be “starting to take some of the nonessential things out and creating greater savings, creating a greater cushion,” Hofman said.
Consumers will see credit costs increase, Steidtmann said. Credit limits are likely to decrease, and interest rates and penalties are likely to increase, he said.
“Pay down your credit card, pay down your own debt, save more and spend less,” Steidtmann advised.
Hofman reminded Steamboat residents to watch the unfolding events carefully.
“Take them seriously,” he said, “because they’re one wave away from hitting the town.”
END OF STEAMBOAT TODAY AND/OR STEAMBOAT PILOT ARTICLE (STEAMBOAT'S DAILY NEWSPAPER)
To obtain information on any property in Steamboat Springs or the surrounding areas with Buyer Representation, contact
Michelle Diehl, GRI Broker Associate at Prudential Steamboat Realty.
I am happy to help...
web: http://www.SteamboatDream.com/
e-mail: MichelleDiehl@comcast.net
cell: (970)846-1086
office: (970)879-8100 ext. 434
