Eagle Residents disagree on Eagle River Station

After 3 years of discussion, the Town of Eagle is still working to iron out the details of Eagle River Station, a new mixed commercial and residential project to go in just east of Eagle?s I-70 interchange.? They?re getting the details nailed down well enough to eventually bring the measure to public vote.? With opposition to the project currently at 13 to 4, the public is not quite on board yet.?

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Here?s the gist of it, taken from the Vail Mountaineer?s writer Randy Wyrick:

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What it is?

• 88 acres justeast of the Eagle I-70 interchange
• 552,064 square feet retail to be built first
• 20,000 square feet office
• 581 housing units, phased over 4 years
• Projected opening date of fall 2010
• Assumes build out by 2014
• Infrastructure that must be built: New I-70 interchange, Hwy 6 improvements and new roundabouts, funding for part of Eby Creek Rd roundabout, sewer and water improvements, parks, bike and ped trails, parking.? This adds up to $62.5 million, 19% of total cost of the project.? Of that $62.5 million, $30 million worth of it isn?t on the site.

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How it?ll be paid for:

• Metro district issues bonds for $62.5 million, to be paid over 25 years.? Revenue projections by the developer would more than pay for the debt service.? Neither the town nor the metro district will be on the hook for any of that money.? Any money left over would be split 50/50 with the town.? As soon as bonds are paid off, the town gets everything.
• The town?s share (to be paid) would be $12 million.? Funding for public improvements is to be generated by the project.? The town?s general fund will not be tapped.

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What Eagle Gets:

• Revenues to the town: $2.4 million annually.? The ongoing costs would bwe $584,00 per year for a new annual income of $1.8 million.
• Real Estate Transfer Tax: $3.5 million over the first 4 years.
• Tax revenues for construction materials: $4.5 million.

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Opponents fear Eagle River Station will change the face of their community for the worse, claiming it doesn?t keep with Eagle?s small town character.? Supporters say Eagle?s rapid residential growth has far outstripped its sales tax base?s ability to pay for the services all those new residents require.

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For the Vail Daily?s take, read their article Is it What Eagle Wants?

http://www.vaildaily.com/article/20090108/NEWS/901089931/1001/NONE&paren...

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For more information on this or Vail Valley real estate contact Karen Gilbert at 970-331-1482 or karen@gatewayland.com or visit my website at www.karensellsvail.com

To get to know more of the Vail Valley, read some of my other blogs:

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