Beaver Creek Resort Company Beaver Creek Resort Company Annual Meeting of the Members November 24, 2018
Beaver Creek Resort Company BCRC Annual Meeting Welcome and Call to Order Beth Howard President BCRC Board of Directors
Beaver Creek Resort Company BCRC Board of Directors • Beth Howard (President) • Jim Donohue Mountain Class F Declarant Class E • Phil Metz • Ross Bowker Mountain Class F Lodging Class B • Tim Maher • Brian Nolan Residential Class A Commercial Class C • Jeff Luker • Bob Boselli Residential Class A Other Class D • Greg Willis Declarant Class E
Beaver Creek Resort Company Meeting Agenda I. Welcome II. Voting Matters – Jen Brown, BCRC Managing Director III. 2018 Financial Results– Jen Brown, Managing Director IV. Fiscal Year 2019 Budget- Jen Brown, Managing Director V. Resort Update- Jen Brown, Managing Director VI. Transportation Initiatives - Paul Gorbold, Senior Manager, Transportation VII. Commercial Real Estate Initiatives- Jeff Deem, Director, Commercial Leasing VIII. Vail Valley Foundation: World Cup/ VPAC- Michael Imhof, VVF President/CEO & Duncan Horner, VPAC Executive Director IX. Mountain Report – Gary Shimanowitz, Vice President, Mountain Operations X. BCRC Election Results- Elizabeth Jones, Director of Administration XI. BCRC Annual Meeting Adjournment
Beaver Creek Resort Company Voting Matters Board Member Candidates: 1. Class A (Residential Owners): Jeff Luker 2. Class C (Commercial): Brian Nolan
Beaver Creek Resort Company Please complete your ballot for Class A and C candidates at this time. (if you have not already done so) After completion, please pass ballot to the aisle or raise your hand for staff to collect.
Beaver Creek Resort Company FY18 Financial Performance October 1, 2017- September 30, 2018
Beaver Creek Resort Company BCRC FY18 Financial Results (in $000) 2018 FY18 Preliminary Results 2018 (Actual) Variance % Variance (Budget) $21,669 $22,622 $952 4.4% Total Revenue Total Expenses $20,419 $20,168 $252 1.2% $1,250 $2,454 $1,204 96.3% Net Income (before CapEx) ($1,296) ($794) $502 38.7% Capital Expenditures Add Back Depreciation $1,101 $998 $102 9.3% $8,184 $9,813 $1,628 19.9% Ending Reserve Balance
Beaver Creek Resort Company FY18 Capital Projects
Beaver Creek Resort Company Capital Projects: Village Renaissance Upgraded to 10 gig. Fastest Silk flower boxes bandwidth offered in Colorado. “Curious” provided by BCPOA
Beaver Creek Resort Company Village core flowers
Beaver Creek Resort Company Landscaping Improvements along escalator beds, recreation path and creek
Beaver Creek Resort Company FY18 Capital Projects Legendary Attention to Detail: New fire pit, base Centennial Lift Recycling containers Elk & Bear Parking Lot improvements Parking Lot LED lights Ice rink rental shop remodel Ski & bike racks Plaza seating Event equipment Maintenance capital
Beaver Creek Resort Company FY18 Successes Village Renaissance: Drive energy into village core Beautification: New fire pit gathering area, silk flowers, bear statues at One BC Place, creek cleanup Event Enhancements: Winter Culinary, music, Bogart the Bull, Rodeo VIP experience, Zusammen Commercial Regulation Update: Businesses open until 8 p.m. when lifts running Winter Evening Parking: up to 3 hours free after 5 p.m. Retail Experience: Karin’s, Maya Walker, Craniologie, Lil’ Dudes & Daisies Restaurant Experience: Colorado Tasting Room, Hooked Lodging Experience: Beaver Creek Lodge renovation One Village Guest Service training Dedicated Vision Project Manager position Modernize Experience: Differentiate family vacation experience Village Connect: “Uberize” guest experience Eagle Airport Marketing: promoting Beaver Creek real estate, events, merchants Technology: Increase free village Wi-Fi bandwidth to10g, fastest available in Colorado Legendary Attention to Detail: Parking garage imagery/ improvements (VR), parking lot overlays, parking lot employee booths (front and back of house) New village holiday programming, décor/ lighting
Beaver Creek Resort Company FY19 Proposed Budget
Beaver Creek Resort Company BCRC Funding Sources 9.3% Other Revenue Sources 30.8% Vail Resorts Inc. Residential 25.3% Owners* All Other Beaver Creek Includes: Commercial Civic Assessments Mountain Rec Assessment Lodging Assessment 34.6% Real Estate Transfer Assessment* All Other Misc Revenue Sources (Special Events, DRB, etc.)
Beaver Creek Resort Company BCRC FY19 Proposed Budget Revenue ( in $000) 2018 2019 Revenue Sources Variance % Variance (Actual) (Budget) Common Assessment (0 mills) $0 $0 $0 0.0% Civic Assessment (5.35%) $7,316 $7,576 $260 3.6% Lodging Assessment (0.96%) $643 $660 $18 2.7% Mountain & Recreation (5.00%) $5,726 $5,976 $250 4.4% Real Estate Transfer (2.375%) $6,594 $5,502 ($1,092) -16.6% Ice Rink $420 $437 $17 4.0% Special Events $1,633 $1,336 ($296) -18.1% Other Income $290 $249 ($41) -14.0% TOTAL $22,622 $21,737 ($884) -3.9%
Beaver Creek Resort Company BCRC FY19 Proposed Budget Expenses ( in $000) 2018 2019 Expense Categories Variance % Variance (Actual) (Budget) Administration $1,882 $2,077 ($196) -10.4% Activities & Events $3,319 $3,663 ($345) -10.4% VPAC (Ops + Headliner) $1,451 $1,416 $35 2.4% Professional Services $146 $233 ($88) -60.3% Group Sales $68 $81 ($12) -18.2% Marketing $4,780 $4,815 ($36) -0.7% Transportation $2,492 $2,684 ($192) -7.7% Property Maintenance $2,413 $2,461 ($48) -2.0% Public Safety $2,155 $2,232 ($78) -3.6% Design Review Board $185 $193 ($8) -4.5% Depreciation $998 $1,076 ($77) -7.8% Other Expenses $280 $288 ($8) -2.9% TOTAL OPERATING EXPENSES $20,168 $21,222 ($1,054) -5.2% Capital Expenditures* $794 $3,009 ($2,215) -279%
Beaver Creek Resort Company 2019 Proposed Budget Summary 2018 2019 Expense Categories Variance % Variance (Actual) (Budget) Total Revenue $22,622 $21,737 ($884) -3.9% Total Expenses $20,168 $21,222 ($1,054) -5.2% Net Income $2,454 $516 ($1,938) -79.0% Capital Expenditures ($794) ($3,009) ($2,215) -279% Add Back Depreciation $998 $1,076 $77 7.8% Change in Assets & Liabilities $32 $181 $149 -465.6% Ending Cash Balance $9,813 $8,576 $1,237 12.6% Debt Balance $0 $0 $0 0.0% Ending Reserve Balance $9,813 $8,576 $1,237 12.6%
Beaver Creek Resort Company FY19 Budgeted Capital Projects • Village Renaissance large scale village core activation concept • Event programming, holiday décor and lighting upgrades • Covered Bridge entry improvements • Creekside Park improvement planning/ playground • Project Legacy beautification with BC Metro District • Technology upgrades: Wi-Fi, Event POS system • VPAC skier drop off area heater • Landscaping refresh • Snowmelt project
Beaver Creek Resort Company 2018-19 Winter Events Nov. 29- Dec. 2: Xfinity Birds of Prey Audi FIS Ski World Cup Dec. 7-9: Winter’s Welcome Dec. 14-15: Haymeadow Park Grand Opening. BCRC Member Party Dec. 21- Jan. 5: Beaver Creek Extraordinaire presents Cheer Dec. 31: New Year’s Eve Celebration (Ford Hall) Jan. 13, Feb. 10, March 3: Snowshoe Series Jan. 24-27: Beaver Creek Winter Culinary Weekend Feb. 15-18: Beaver Creek Extraordinaire presents Spangled Feb. 23: Talons Challenge March 9-30: Beaver Creek Extraordinaire presents Bloom April 14: Mountain closing day Thursday Night Lights: Dec. 13, 20, 27; Jan. 3, 10, 17, 24, 31; Feb. 7, 14, 21, 28; March 7, 14, 21, 28 Family Funfest: Dec. 8, 15, 22, 29; Jan. 5, 12, 19, 26; Feb. 2, 9, 16, 23; March 2, 9, 16, 23, 30; April 6, 13
Beaver Creek Resort Company Paul Gorbold Village Transportation
Beaver Creek Resort Company
Beaver Creek Resort Company Village Connect – Available for iOS and Android
Beaver Creek Resort Company Village Connect – Updates for Winter ‘18-’19 • Village Connect will replace all on demand transportation • Village Express will include all fixed routed service • Bear Lot = Bear Lot Express • Creek Route = Creek Express • Lodging front desk ride booking Kiosk
Beaver Creek Resort Company Enhanced Guest Experience
Beaver Creek Resort Company Comprehensive information portal
Beaver Creek Resort Company Jeff Deem VR Commercial Leasing
Beaver Creek Resort Company New Retail Stores: Lil’ Dudes & Daisies • • Maya Jewelry Craniologie • Store Expansion/ Remodel: Karin’s expanded storefront • Restaurant Expansion: Hooked • Restaurant Re-Brand: • Colorado Tasting Room (formerly The Met)
Beaver Creek Resort Company Mike Imhof President/ CEO Vail Valley Foundation Birds of Prey
Beaver Creek Resort Company Duncan Horner Executive Director VPAC
VILAR PERFORMING ARTS CENTER W I N T E R 1 8 / 1 9 S E A S O N H I G H L I G H T S
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