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Vail Associates, Ltd. [1961-1964]
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Vail Associates, Ltd. [1961-1964]
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George H. W. Bush Papers
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Originally Processed With FOIA(s):
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S
FOIA
MARKER
This is not a textual record. This is used as an
administrative marker by the George Bush Presidential
Library Staff.
Record Group/Collection: Donated Historical Materials
Collection/Office of Origin: Bush, George H.W., Collection
Series:
Personal Papers
Subseries:
Zapata Oil File, Personal Alphabetical File
OA/ID Number:
25844
Folder ID Number:
25844-005
Folder Title:
Vail Associates, Ltd. [1961-1964]
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5
1
2
6
Preliminary Prospectus dated September 18, 1963.
PROSPECTUS
VAIL ASSOCIATES, LTD.
(a Colorado Limited Partnership)
$600,000 IN 6% SUBORDINATED NOTES
but has not yet become effective. Information contained herein is subject to completion or amendment. These securities
may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This
Prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these
securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification
due November 1, 1973
$600,000 IN ADDITIONAL LIMITED PARTNERSHIP INTERESTS
120 Units, Consisting of $5,000 in 6% Subordinated Notes and $5,000 in
Additional Limited Partnership Interests, at a Price of $10,000 Per Unit
THESE ARE SPECULATIVE SECURITIES
See heading SPECULATIVE ASPECTS on page 3
The 6% Subordinated Notes are subordinated to Senior Indebtedness which is defined to include all
other indebtedness, including indebtedness to general creditors and after incurred indebtedness. There
is no limit on the amount of Senior Indebtedness. See heading "6% Subordinated Notes" on pages
24-26.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Price to
Underwriting
Proceeds to
Photocopy from George Bush Presidential Library
Public (1)
Commissions (2)
Registrant (2) (3)
Per Unit
$ 10,000
$ 500
under the securities laws of any such State.
$ 9,500
Total
1,200,000
60,000
1,140,000(4)
(1) The General Partners have the right at their discretion to sell 6% Subordinated Notes and Addi-
tional Limited Partnership Interests in units smaller than $10,000.
(2) Vail Associates, Ltd., has agreed to pay a commission of 5% of the gross proceeds of the sale of
the Units offered hereunder to Caulkins Securities Corporation of which Keith L. Brown, George P. Caul-
kins, Jr., and Harley G. Higbie, Jr., Original Limited Partners of Issuer, are stockholders, officers and di-
rectors. Caulkins Securities Corporation will be an underwriter within the meaning of Section 2(11) of the
Securities Act of 1933. It will bear all of the expenses connected with such sales. Caulkins Securities Corpora-
tion has not engaged in the securities business in any capacity except in connection with the sale of securities
of Issuer. See heading UNDERWRITING on page 30.
(3) Before the deduction of certain expenses of registration payable by Vail Associates, Ltd., estimated
at $20,120.
(4) The total proceeds to registrant are based upon the assumption that all securities will be sold. Since
the underwriting agreement is on "a best efforts" basis, there is no assurance that the Issuer will receive any
proceeds of the offering.
The date of this Prospectus is
No dealer, salesman or any other person has been authorized to give any information or to
make any representations other than those contained in this Prospectus in connection with the
offer contained in this Prospectus, and if given or made such information or representations
must not be relied upon as having been authorized by Vail Associates, Ltd. This Prospectus
does not constitute an offer by Vail Associates, Ltd., to sell, or a solicitation by it of an offer
to purchase, the securities offered hereby in any State to any person to whom it is unlawful for
Vail Associates, Ltd., to make such offer or solicitation in such State. Neither the delivery of
this Prospectus nor any sale made hereunder shall under any circumstances creáte any implica-
tion that there has been no change in the affairs of Vail Associates, Ltd., since the date hereof.
TABLE OF CONTENTS
Page
Page
SPECULATIVE ASPECTS
3
The Ski Industry
18
Competition
18
DILUTION
4
SUMMARY OF OFFERING
5
CAPITALIZATION
19
USE OF PROCEEDS
5
Principal Holders of Securities
20
STATEMENTS OF OPERATIONS
DESCRIPTION OF SECURITIES
20
6
Additional Limited Partnership
HISTORY
7
Interests
20
Preliminary Investigation
7
MAP
22-23
The Vail Corporation
8
6% Subordinated Notes
24
The Transmontane Company
8
FREE SKIING PRIVILEGES
26
Vail Associates, Ltd.
9
OPTIONS TO ACQUIRE REAL ESTATE 26
BUSINESS
10
MANAGEMENT
27
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Location
10
REMUNERATION AND INTEREST OF
Terrain
11
MANAGEMENT AND OTHERS IN
Propertics
11
CERTAIN TRANSACTIONS
27
Ski Lift Facilities
11
UNDERWRITING
30
Lodging Facilities
12
TAX STATUS OF PARTNERSHIP
30
Winter Resort Potential
14
LEGAL MATTERS
30
Summer Resort Potential
17
EXPERTS
30
Economic Potential
17
FINANCIAL STATEMENTS
32
This Prospectus omits certain, information contained in the Registration Statement filed with
the Securities and Exchange Commission. Items of information which are thus omitted may be
obtained from the Securities and Exchange Commission upon payment of the fee prescribed
by the rules and regulations of the Commission.
2
VAIL ASSOCIATES, LTD.
(a Colorado Limited Partnership)
SPECULATIVE ASPECTS
Any person considering the purchase of the 6% Subordinated Notes and the Additional Limited
Partnership Interests (Units) being offered hereunder should recognize the speculative nature of the
business and should carefully consider the factors set forth under this heading.
There has been no active market for the existing partnership interest of Vail Associates, Ltd.
(Vail Associates) since its inception. The price at which the Units are sold hereunder has been arbi-
trarily determined. Although the assignee of a Limited Partner is entitled to share in the profits of
the partnership and in its assets on dissolution, he cannot become a Substituted Limited Partner
without the consent of the General Partners. There is no assurance that an assignee will be accepted
by the General Partners as a Substituted Limited Partner.
The primary source of income of the partnership is the operation of ski lift facilities which is
dependent upon suitable weather conditions and the quantity and quality of snow during the week-
end and holiday periods of the winter season, even though the lift facilities will be in operation for
sightseeing purposes during the non-skiing seasons of the year.
The success of the partnership's business is dependent upon the ability of its management to create
housing facilities and atmosphere which appeal to the public's taste. It is subject to competition from
other enterprises offering the same or similar type facilities and services, as well as from other types
of entertainment and recreation. It is also subject to the changing desires and tastes of the public.
Repayment of the Notes and any cash returns to the Additional Limited Partners are dependent
upon the ability of the enterprise to generate cash in excess of operating and capital requirements.
Since it is anticipated that substantially all of the excess cash generated will be applied to the retire-
ment of debt and reinvested in additional plant facilities during the first years of operation, the
Photocopy from George Bush Presidential Library
investor may not expect an early recovery of his investment through cash distributions by the partner-
ship. No assurance can be given that the investor will ever receive a recovery of his investment
through cash distributions. The partnership sustained a loss during its operations through June 30,
1963. (See heading STATEMENTS OF OPERATIONS on page 6). As of such date Current Assets,
Current Liabilities, and outstanding Senior Indebtedness were as follows:
Current Assets
$ 164,892
Current Liabilities
$ 847,528
Senior Indebtedness
$1,304,193
No Limited Partner shall take any part in the control or management of the business of the
partnership nor shall any Limited Partner have any power or authority to act for or on behalf of the
partnership. If a. Limited Partner takes part in the control or management of the partnership busi-
ness, he becomes liable as a General Partner for the debts and obligations of the partnership under the
provisions of Colorado Law. A Limited Partner does not have the right to withdraw from the partner-
ship, although he may assign his interest subject to the limitations described above. The management
and control of Vail Associates are vested in the General Partners who are Peter W. Seibert and The
Vail Corporation.
3
Although the notes and Partnership Interests are being offered for sale in Units, there is no
restriction on the separability of the securities constituting a Unit.
In the event that all of the securities offered hereunder are not sold, there are no arrangements
for the return of funds to subscribers. There is no assurance that all of the Units will be sold. If all
of the Units are not sold the partnership may have to seek other financing at greater cost. There is no
assurance that such financing will be available.
DILUTION
Contributions to Capital of Existing Partners
The. General Partners acquired a 21.66% interest in the capital of the partnership in exchange
for assets and unrecovered promotional, exploratory and development expenditures costing $146,382.21
in cash. The Original Limited Partners acquired a 20.92% interest in the capital of the partnership
in exchange for assets and unrecovered promotional, exploratory and development expenditures
costing $138,426.22 in cash. The interests of the General and Original Limited Partners aggregated
42.58% of the capital of the partnership which they acquired in exchange for assets and unrecovered
promotional, exploratory and development expenditures costing $284,808.43 in cash.
The Additional Limited Partners furnished $1,000,000 in cash, being substantially all of the cash
necessary for the initial construction program, except for amounts derived from bank and other loans,
in exchange for a 57.42% interest in the capital of the partnership. This 57.42% interest will be re-
duced to a 50% interest, through the operation of special allocations to the Additional Limited
Partners, prior to admission of new partners purchasing units offered hereunder.
The effect of assigning to the General and Original Limited Partners as a group 42.58% of the
capital of the partnership for assets, as above described, costing $284,808.43 in cash and assigning to
the Additional Limited Partners as a group a 57.42% interest in the capital of the partnership for
their contribution of $1,000,000 in cash was an immediate dilution of the contribution of the Additional
Limited Partners of $1,000,000 to $734,887. Prior to admission of new partners purchasing units
offered hereunder, the Additional Limited Partners will have been charged with an aggregate of
$179,347 through the special allocation of depreciation and other items as set forth below.
Under the provisions of the original Limited Partnership Agreement of Vail Associates, and as
permitted under the 1954 Internal Revenue Code, all noncapitalized expenses incurred during con-
struction prior to the commencement of lift operations, depreciation and the investment tax credit were
allocated to the Additional Limited Partners until the sum of such allocations and any cash distributions
Photocopy from George Bush Presidential Library
to the Additional Limited Partners totalled $179,347, which was the difference between the aggregate
capital accounts of the Additional Limited Partners and the aggregate capital accounts of the General
and Original Limited Partners. The special allocation terminated upon equalization of the aggre-
gate capital accounts of the respective partner groups in June 1963.
Contributions to Capital of New Partners
The interests of the new partners subscribing under this Prospectus have been determined as if
such partners had subscribed to such interests as of the commencement of the venture. Assuming the
sale of all Units offered hereunder, the new partners will have furnished $600,000 in cash in exchange
for a 23.08% interest in the capital of the partnership. The effect of assigning to the new partners
as a group 23.08% of the capital of the partnership is an immediate dilution of the contribution of
the new partners from $600,000 to $433,869. In addition, there will be charged to the interests of the
new partners 23.08% of the total charges accrued against partnership capital since inception. The
ultimate amount of such charges is not presently determinable. At June 30, 1963, the charge would
have been $71,950. This would have resulted in the aggregate dilution of the investment of the new
partners from $600,000 to $361,919 as of such date.
4
The existing Additional Limited Partners will have furnished $1,000,000 in cash for a 38.46%
interest in the capital of the partnership. The General and Original Limited Partners will have fur-
nished cash, real estate, and unrecovered promotional, exploratory and development expenditures
costing $284,808.43 in cash for a 38.46% interest in the capital of the partnership. Neither the General,
Original or Existing Additional Limited Partners will have contributed to the capital in the form of
6% Subordinated Notes, unless they purchase Units hereunder.
SUMMARY OF OFFERING
Vail Associates, a limited partnership, was organized under the Uniform Limited Partnership
Law of the State of Colorado as of March 1, 1961. It proposes to offer for sale $600,000 in 6% Sub-
ordinated Notes due November 1, 1973 and $600,000 of the Additional Limited Partnership interests
in Units of $10,000 each, consisting of $5,000 in 6% Subordinated Notes and $5,000 in Additional
Limited Partnership Interests, although notes and interests may be sold in smaller units if the Gen-
eral Partners S0 determine.
The Units may be subscribed by executing a subscription agreement and the Partnership Agree-
ment. The entire purchase price shall be paid in cash or by check or money order at the time of
subscription.
Although the 6% Subordinated Notes will be dated November 1, 1963, Vail Associates will pay
interest from the date of actual receipt of proceeds of the sale of such notes. Although the partnership
agreement will be dated as of November 1, 1963, persons purchasing partnership interests hereunder
will share in the economic burdens or benefits of membership in the partnership from the first day of
the month next following the date of receipt of his subscription.
USE OF PROCEEDS
The net proceeds from the sale of the Units after deducting underwriting commissions and other
expenses estimated at $80,000, are intended to be used by Vail Associates for the following purposes:
1. Payment of amounts due on Bank Loan
$ 117,000.00
2. Additional working capital
168,000.00
3. Repayment of amounts due partners
500,000.00
4. Capital improvements
65,000.00
5. Investment in Lodge Associates, Ltd.
89,000.00
6. Purchase of Antholz land including attendant expenses
170,000.00
7. Miscellaneous
11,000.00
Photocopy from George Bush Presidential Library
$1,120,000.00
If less than all of the Units offered hereunder are sold, the proceeds will be applied in order
listed above. If funds are not available from the proceeds of the sale of the Units being offered here-
under, the partnership will have to seek other sources of financing. There is no assurance that the
amount of proceeds shown above will be received by the Issuer or that other financing can be procured
on satisfactory terms and conditions.
The proceeds of the loan from partners (whose names are set forth under the heading Vail
Associates, Ltd. on page 9) to be repaid from the sale of the Units being offered hereunder have
been used with the other funds of the partnership for the acquisition of the assets set forth in the
balance sheet of the partnership shown on pages 32-33 of the Prospectus.
The capital improvements enumerated in the foregoing USE OF PROCEEDS include improve-
ments in trails, additional snow packing equipment, ski patrol equipment, a small maintenance shop
on the mountain, and minor improvements to the lifts. Such improvements will not expand lift
capacity.
The additional working capital is to be used for the general operating purposes of the partner-
ship and as such would be applied to the extent necessary to payroll, inventory, interests, taxes and
other expenses of operation.
5.
Vail Associates has acquired from The Gore Creek Company, a joint venture, an option to pur-
chase approximately 140 acres of land consisting of part of the Antholz ranch lying immediately east
of the Hanson ranch for a price of $253,500, payable as follows $148,500 at closing and the balance
in three annual installments of $35,000 per year, which is the price paid for such land by The Gore
Creek Company. Upon exercise of the option, Vail Associates will be required to reimburse The Gore
Creek Company for the expenses involved in the purchase, including a commission of five percent of
the purchase price payable to John F. Conway, Jr., for services rendered in negotiating the sale and
to pay interest at the rate of six percent per annum on all sums invested by The Gore Creek Company
in the acquisition during the period between the date of such investment and the exercise of the option
by Vail Associates. Such sum would include in addition to the purchase price of the land and the
commission, legal fees estimated at $1,500 and real estate taxes, the amount of which is impossible to
estimate because the land has not yet been separately assessed. No commission, finder's fee or other
compensation other than commission and interest described above will be paid by Vail Associates for
such option, which expires on April 30, 1964.
Mr. Conway is one of the promoters and an Original Limited Partner of Vail Associates, Ltd. He
is also a stockholder of The Vail Corporation.
Among the members of The Gore Creek Company are Caulkins Oil Company, David C. Hart,
John D. Murchison, Jerome Rich, Fitzhugh Scott, Peter W. Seibert, Robert D. Stuart, Jr., Thomas
E. Taplin, Vernon Taylor, Jr., and John B. Tweedy. All of the foregoing are partners of Vail Associates
except Caulkins Oil Company, which is owned by George P. Caulkins, a partner of Vail Associates.
The other relationships of Messrs. Conway, Murchison, Scott, Seibert, Taylor and Tweedy to Issuer
are set forth under the headings HISTORY on pages 7, 8, and 9, MANAGEMENT on page 27, and
REMUNERATION AND INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANS-
ACTIONS on pages 27, 28, and 29.
Vail Associates believes that the tract will provide an important complement to land already
owned by it.
Assuming a successful operation during the 1963-64 winter season, Vail Associates expects that
it will be necessary to expand substantially its lift capacity during the summer of 1964 by the erec-
tion of two new double chair lifts at a total cost of approximately $350,000. Assuming the sale of
all of the Units offered hereunder, management believes that cash on hand and other financial re-
sources available to it will enable it to finance such additional equipment. There is no assurance that
Photocopy from George Bush Presidential Library
there will be either cash on hand or other financial resources available for such purposes at that time.
STATEMENTS OF OPERATIONS
Statements of operations for the period December 15, 1962 (commencement of lodge and lift
operations) through March 31, 1963, and for the period December 15, 1962 through June 30, 1963,
are set forth below. The statement of operations for the period December 15, 1962 through March 31,
1963, has been examined by Arthur Andersen & Co., independent public accountants, as set forth
in their opinion included elsewhere in this Prospectus. The statement for the period December 15,
1962 through June 30, 1963, has been prepared by the partnership and has not been examined by
independent public accountants. In the opinion of the partnership, all known adjustments (which
include only normal recurring accruals) necessary to present fairly the results of operations for the
period ended June 30, 1963, have been made. These statements should be read in conjunction with
the financial statements and related notes included elsewhere in this Prospectus.
The operations of the partnership are of a seasonal nature. The results presented below are not
necessarily indicative of what may be expected from operations for the complete fiscal year.
6
December 15, 1962 through
June 30, 1963 March 31, 1963
(Not Audited) (Audited)
OPERATING REVENUES:
Lodge
$ 291,737
$256,409
Ski lifts
204,309
178,824
Ski school
31,363
26,176
$ 527,409
$461,409
OPERATING EXPENSES:
Lodge
$ 368,372
$292,434
Ski lifts
127,913
96,486
Ski school
31,234
26,610
General repairs and maintenance
17,838
5,747
Depreciation and amortization
69,638
37,460
$ 614,995
$458,737
Gross profit (loss) from operations
$ (87,586)
$ 2,672
GROSS PROFIT FROM REAL ESTATE SALES:
Gross sales
$ 144,651
$130,419
Cost of property sold
31,385
24,642
$ 113,266
$105,777
Gross profit
$ 25,680
$108,449
GENERAL AND ADMINISTRATIVE EXPENSES:
General and administrative
$ 67,208
$ 46,118
Advertising and information
39,164
28,030
Amortization of deferred costs
31,399
16,754
$ 137,771
$ 90,902
Income (loss) from operations
$(112,091)
$ 17,547
INTEREST EXPENSE
39,461
22,981
Net income (loss)
$(151,552)
$ (5,434)
Photocopy from George Bush Presidential Library
Additional annual interest requirements on the subordinated notes being offered hereunder will
be $6,000 (net of interest requirements on $500,000 in partners' loans outstanding as of June 30, 1963,
to be repaid out of the proceeds from sale of the notes).
HISTORY
Preliminary Investigation
In 1957, after thorough reconnaissance of the area which Vail Associates is developing (Vail)
and other potential sites in Colorado, John F. Conway, Jr., Earl V. Eaton, J. Robert Fowler and Peter
W. Seibert purchased a tract of land containing 500 acres, more or less, known as the Hanson Ranch,
for a purchase price of $55,000. In 1959, Messrs. Conway, Eaton, Fowler and Seibert, together with
George P. Caulkins, Jr., and John B. Tweedy, obtained from the U. S. Department of Agriculture,
Forest Service, (Forest Service) approval of their application for a Conditional Special Use Permit
(Conditional Permit) for the financing of the development of a summer and winter recreational area
on National Forest land abutting the southern boundary of the Hanson Ranch. The Hanson Ranch,
the area covered by the Forest Service Permit, and the other properties hereinafter referred to are
shown on the map appearing on pages 22 and 23.
7
The Vail Corporation
In December 1959, The Vail Corporation was formed to plan and develop the proposed area.
Messrs. Caulkins, Conway, Eaton, Fowler, Seibert and Tweedy assigned to it 200 acres of land
controlling access to the permit area, the right to obtain a Conditional Permit, and all of the data
which had been accumulated in studying the project, which assets had been acquired at a cash cost
of $22,790.00, in exchange for 10,000 shares of $1.00 par value common stock of The Vail Corporation,
being 50% of the authorized stock of the corporation. Twenty-one other persons, whose names are
listed below, contributed an aggregate of $96,000 in cash and $4,000 in services in exchange for
10,000 shares of $1.00 par value common stock of The Vail Corporation, being the remaining 50%
of its authorized stock.
Fredric A. Benedict
Aspen, Colorado
Keith L. Brown
Denver, Colorado
G. W. Douglas Carver
Redwood City, California
C. T. Chenery
New York, New York
Cortlandt S. Dietler
Denver, Colorado
Charles E. Dimit
Boulder, Colorado
Gerald T. Hart
Denver, Colorado
Richard M. Hauserman
Cleveland, Ohio
Harley G. Higbie, Jr.
Denver, Colorado
Jerome A. Lewis
Denver, Colorado
William McBride Love
St. Louis, Missouri
John F. McAllister
Minturn, Colorado
William H. McCluskey
Tulsa, Oklahoma
John D. Murchison
Dallas, Texas
William B. Rubey
Houston, Texas
Fitzhugh Scott
Milwaukee, Wisconsin
William F. Stevens
Gypsum, Colorado
Vernon Taylor, Jr.
Denver, Colorado
Ione Uihlein
Rochester, Minnesota
William K. Whiteford, Jr.
Denver, Colorado
Philip H. Wootton, Jr.
New York, New York
Photocopy from George Bush Presidential Library
The cash resources of The Vail Corporation were budgeted and substantially expended between De-
eember 1959, and June 30, 1961, for studies of lift equipment, aerial and ground surveys and mapping,
engineering studies of lift design and construction, engineering studies of a water supply and a
sewage disposal system, architectural studies of terminal facilities and a preliminary site plan,
economic feasibility studies of lift operations, economic feasibility studies of hotel operations, the
establishment of a still and motion picture library, attorneys' fees, accountants' fees, the purchase
of a snow cat and jeep, the purchase of safety and other miscellaneous equipment, the construction
of a small summit house, salaries and office expense.
The Vail Corporation's sole investment is its investment in Vail Associates, and its only present
activity is that of acting as one of the two General Partners of the Issuer.
The Transmontane Company
As of May 2, 1960, Messrs. Caulkins, Conway, Eaton, Fowler, Seibert and Tweedy and the other
stockholders of The Vail Corporation named above formed a general partnership for the acquisition,
ownership and disposition of real estate in Gore Creek Valley under the name of The Transmontane
8
Company. On that date, The Transmontane Company purchased from Peter E. Katsos a tract of land
known as the Katsos Ranch, containing 500 acres, more or less, situated approximately 1.5 miles east
of the Hanson Ranch for a purchase price of $75,000. The purchase price was payable as follows:
$10,000 at closing, with the balance represented by the purchaser's promissory note for $65,000
payable in ten equal annual installments with interest at the rate of six per cent per annum. As of
the same date, Messrs. Caulkins, Conway, Eaton, Fowler, Seibert and Tweedy assigned to The
Transmontane Company the remaining 300 acres of the Hanson Ranch, which had not been assigned to
The Vail Corporation. The cost of such land to the assignors was $35,504 in cash. Subsequently on
December 20, 1961, all lands held by The Transmontane Company and proceeds from the sale of a
grazing preference and cattle, totaling $6,833, were assigned by it to Vail Associates as part of the
contribution of its partners to the capital of the partnership. Since the assignment, The Transmontane
Company has remained inactive, although it has not been formally dissolved.
Vail Associates, Ltd.
As of March 1, 1961, Vail Associates was organized to purchase, construct, own and operate the
facilities described under the heading BUSINESS as a summer and winter recreational area.
As one of the General Partners of Vail Associates, The Vail Corporation assigned, on December
20, 1961, as its capital contribution to Vail Associates, the following: (a) the results of the organiza-
tion and development expenditures and miscellaneous property and equipment described above, (b)
the Conditional Permit and (c) 200 acres of land, more or less, for a 17.23% interest in the capital
of the partnership. The assigned assets cost The Vail Corporation $96,000 in cash and 10,400 shares
of capital stock of The Vail Corporation.
Peter W. Seibert, the other General Partner, and the other individuals listed above as stockholders
of The Vail Corporation, or their successors; as Original Limited Partners, contributed on December
20, 1961, as their capital contribution to Vail Associates, the following: (a) $100,000 in cash, and
(b) 800 acres, more or less, consisting of the Katsos Ranch (500 acres, more or less), and 300 acres,
more or less, of the Hanson Ranch, for a 25.35% interest in the capital of the partnership. The assigned
assets cost the partners $166,017.61 in cash. The Katsos Ranch was assigned subject to the lien of
the deed of trust given to secure the purchase money note on which there was an unpaid balance due
Photocopy from George Bush Presidential Library
of $58,500, which was assumed by Vail Associates.
On March 9, 1961, The First National Bank of Denver (Bank) and the Small Business Ad-
ministration (SBA) agreed to loan to Vail Associates $500,000 (Bank Loan), subject to certain
conditions, one of which is that Borrower apply 75% of the proceeds of the sale of real estate to the
prepayment of the principal installments last maturing. The loan is represented by a promissory note
payable to The First National Bank of Denver in annual principal installments of $60,000 per
annum for the first five years and $40,000 for the second five years with interest at the rate of 5.65%
and is secured by the lien of a first deed of trust.
The balance of the capital of Vail Associates was provided through the sale of $1,000,000 in
Additional Limited Partnership Interests and through the borrowing of $386,000 from certain
partners. On May 27, 1963, Vail Associates borrowed an additional $114,000 from such partners to
provide it with working capital pending the sale of the securities being offered hereunder. The part-
ners who have made such loans to Vail Associates, Ltd., are George P. Caulkins, Jr., J. Robert
Fowler, Gerald T. Hart, R. M. Hauserman, Harley G. Higbie, Jr., Fitzhugh Scott, Peter W. Seibert,
and John B. Tweedy. Vail Associates has executed a deed of trust granting a lien on all of its prop-
erties to secure such loans, which lien is subordinate to the lien of the Bank.
9
BUSINESS
Vail Associates owns and operates ski lifts, a ski school, related food serving facilities and a
hotel. In addition it leases. and sells real estate for commercial and residential development. A more
complete description of its properties and operations follows.
Location
The properties which Vail Associates owns are located approximately 107 miles west of Denver
on U. S. Highway No. 6 on the west flank of Vail Pass. U. S. Highway No. 6 has been designated
as the route of Interstate 70, a limited access, divided highway from Denver and points east, to
Grand Junction, Colorado, and points west.
Plans for Interstate 70 project a tunnel under the Continental Divide near Loveland Pass with
an east portal at the Loveland Basin ski area and a west portal in the Straight Creek drainage area.
The new highway will run through the properties being developed by Vail Associates, paralleling
and abutting on the north the existing highway, which will remain as a frontage road.
The construction of Interstate 70 has commenced and is scheduled for completion in 1972. It
may result in the purchase or condemnation by the Highway Department of a portion of the land
owned by Vail Associates. It is impossible to estimate the amount of compensation which Vail Associ-
ates might be entitled to receive as a result of such purchase or condemnation.
Driving time from Vail to Denver is now approximately two and one-half hours. The construe-
tion of Interstate 70 will tend to decrease the time required to drive from Denver to Vail. The bulk
of the automobile traffic from Denver to Glenwood Springs and Aspen must pass by Vail en route.
Three regularly scheduled Continental Trailway buses pass Vail in each direction daily en route be-
tween Denver and the West Coast.
Winter driving conditions on Berthoud, Loveland and Vail Passes are sometimes hazardous,
although such conditions have not prevented the development of other ski areas such as Winter Park,
Arapahoe Basin, Breckenridge and Aspen, all of which are situated on the western slope of the Con-
tinental Divide.
Vail is 38 miles from the Bond Station of the Denver and Rio Grande Western Railroad on its
Photocopy from George Bush Presidential Library
Moffat Tunnel Route between Denver and Grand Junction and points west. It is a scheduled stop for
all Burlington and Rio Grande trains between Chicago and Salt Lake City via Denver, including the
Prospector and the California Zephyr. Trains running from Denver west arrive at Bond approxi-
mately one and one-half hours before they arrive in Glenwood Springs. The road from Bond to Vail
is an all-weather improved road. Driving time is approximately one hour. Vail is 7 miles from the
Denver and Rio Grande Western Railroad Station at Minturn on the Royal Gorge Route. Although
the Royal Gorge Route is of secondary importance as a passenger route, the proximity of Vail to this
station has significant advantages for freight purposes.
The Eagle Airport, a Federal Aviation Agency Flight Service Station, located between Eagle
and Gypsum at an elevation of 6,496 feet, is 35 miles west of Vail on U. S. Highway No. 6 (Interstate
70). It has a weather reporting station, refueling service and a lighted runway 5,100 feet in length.
It is capable of handling multi-engine planes.
Vail is bounded on the north and the south by the White River National Forest. The north side
of the valley forms the south flank of the Gore Range. The summit at Vail is approximately 3 miles
north of the north boundary of the Camp Hale Military Reservation, the training area for the 10th
Mountain Division (Ski Troops) during World War II.
10
Terrain
The area covered by the Forest Service Permit consists of a broad ridge separating, and part of,
the drainage areas of Gore Creek, Mill Creek, Game Creek and Two Elk Creek. The elevation at
the junction of Mill and Gore Creeks is 8,200 feet. The elevation at the summit is 11,250 feet. The
slopes with a north orientation are covered with aspen, spruce and lodge pole pine from the valley
floor to an elevation of approximately 10,000 feet. The north slopes above 10,000 feet and the south
slopes are grass covered and relatively free of trees. The intersection of the main ridge with the two
subsidiary- ridges running north and south form four bowls with northeast, southeast, southwest
and northwest exposures, respectively. The ski lift facilities service all bowls except the northeast
bowl which is scheduled for later development.
The fee land owned by Vail Associates is located on both sides of U. S. Highway No./ 6 (Inter-
state 70). Gore Creek, a tributary of the Eagle River, parallels the highway throughout the length
of the properties from east to west.
Properties
The real estate acquired by Vail Associates consists of two tracts of approximately 500 acres
each, known as the Hanson Ranch and the Katsos Ranch. The bulk of the acreage on each ranch
is open meadowland with aspen and spruce trees along the north and south boundaries. Approxi-
mately 100 acres of the Hanson Ranch is irrigated hay meadow. Both ranches have been used ex-
clusively for sheep and cattle operations. A large proportion of each ranch is suitable for resort
residence and commercial development. With the Hanson and Katsos Ranches are water rights for
approximately 29 cubic feet of water per second of time from Pitkin, Booth, Mill, Spraddle, Middle
and Sandstone Creeks. In addition, The Vail Corporation has caused to be filed a map and state-
ment claiming 12.4 cubic feet of water per second of time from certain springs on the south side of
the valley. These springs have sufficient capacity to serve the resort with potable water. In the
opinion of management, water for both irrigation and drinking purposes is available in sufficient
quantities to supply all foreseeable needs.
The Forest Service has granted to Vail Associates a thirty year Term Special Use Permit (Term
Permit) authorizing it to develop a summer and winter recreational area at Vail. It is a condition
of the Term Permit that the permittee pay to the Forest Service the following fees:
$ 500 for the fiscal year 1962 (11-1-61 to 10-31-62)
Photocopy from George Bush Presidential Library
500 for the fiscal year 1963 (11-1-62 to 10-31-63)
1,000 for the fiscal year 1964 (11-1-63 to 10-31-64) and for subsequent years.
In addition, commencing November 1, 1963, and annually thereafter for each of the fiscal years
of 1964 through 1968, inclusive, the permittee will be required to pay to the Forest Service one and
one-half per cent of the net sales, as defined in the Term Permit, derived by the permittee from all
sources of business conducted on the land covered by the permit. The amount of the percentage fee
will be subject to readjustment at the beginning of each five-year period during the term of the
Term Permit.
Ski Lift Facilities
The real estate improvements owned by Vail consist of a gondola lift, two double-chair lifts, a
beginners' lift, a midway area service building, a lower terminal building, parking, a bridge, and ap-
proximately 200 acres of trails.
The gondola lift has 63 four passenger cabins which transport passengers from the lower terminal
to a point at the base of the northwest bowl. It has a carrying capacity of approximately 500 persons
11
per hour. The vertical rise is approximately 1,935 feet. The slope length is approximately 9,580 feet.
Trip time is approximately 14.5 minutes. In the opinion of management, the gondola lift has several
advantages over other types of uphill transportation:
1. Comfort, because passengers are protected from the elements.
2. Appeal to the beginning skiers, because they can ski the relatively easy northwest
bowl and return to the base by comfortable lift transportation.
3. Appeal to the summer and non-skiing winter visitors, because they can ride to midway
and back with comfort and a feeling of security.
4. An extended season, because the gondola lift will give direct and easy access to the
upper slopes early and late in the season when conditions at the bottom do not permit
good skiing.
This gondola is visible from the highway and, in the opinion of management, should attract sum-
mer tourist business.
The northwest bowl is serviced by a double chair lift with 136 chairs rising approximately 1,150
feet from midway to the summit. The slope length is approximately 4,540 feet. It has a carrying
capacity of approximately 900 persons per hour.
To service the open slopes of the southeast and southwest bowls and the intervening ridge, a
double chair lift with 164 chairs runs from the summit to a point below the junction of the two creeks
draining these bowls. Here the vertical rise is approximately 2,000 feet and slope length is approxi-
mately 5,700 feet. The carrying capacity of this lift is approximately 870 persons per hour.
In the valley there is a beginners' lift near the lower terminal of the gondola lift.
Lodging Facilities
Vail Associates operates a hotel known as The Lodge at Vail in a building leased from Lodge
Associates, Ltd., a Colorado Limited Partnership, some of whose partners are also partners of Vail
Photocopy from George Bush Presidential Library
Associates. The building is located on land owned by and leased from Vail Associates for a term of 49
years commencing July 1, 1962. The ground lease from Vail Associates, Ltd., to Lodge Associates,
Ltd., provides for an annual rental of 7% of the appraised value of the leased premises, not includ-
ing the value of the building and other improvements placed thereon by Lessee. The appraised value
is to be redetermined at the end of the fourth, ninth, nineteenth, twenty-ninth and thirty-ninth year
of the lease term. Because the lease of the hotel facilities by Vail Associates provides that it will
assume all obligations due on account of ground rental, the amounts due to and payable by Vail for
ground rent under these leases offset each other.
The hotel building is adjacent to the lift facilities and contains 66 double rooms, dining room, bar,
card room, rathskeller, cafeteria and kitchen facilities designed to furnish not only its own food
serving areas but, in addition, a cafeteria owned by Vail Associates at Mid-Vail. It is built of pre-
stressed concrete, double-T construction at a cost of $958,000 including architects' fees, loan costs,
interest during construction and insurance.
Lodge Associates was organized for the purpose of constructing the hotel building under lease to
Vail Associates. It has engaged in no other activities.
12
The hotel building is leased to Vail Associates under a lease for a term of 25 years which provides
that Vail Associates will pay to Lodge Associates annually as rental the total of:
1. 10% of the total cost of construction of the hotel building; plus
2. 3% of the amount by which the gross revenues received from room, restaurant and
beverage sales exceeds $600,000, or 10% of the amount by which the gross revenues
received from room, restaurant and beverage sales exceed the total cost of the build-
ing, whichever sum is larger.
Rental is payable in monthly installments due on the first day of each month.
In addition Vail Associates has agreed to pay as the same becomes due all amounts which Lodge
Associates may be obligated to pay as ground rental, all real estate taxes and insurance. Vail Associates
has assumed the burden of non-capital repairs and of maintenance during the lease term.
Vail Associates has been given an option to purchase the hotel building at an option price equal
to the total cost of construction of the hotel building at any time during the lease term, if the gross
operating profits of the hotel as defined in Uniform System of Accounts for Hotels, 1952 Edition, are
not equal to the aggregate of the following:
1. Rental due to Lodge Associates;
2. Taxes and insurance;
3. Rental, or taxes, insurance, amortization and interest on furniture and furnishings.
The cost of equipping, furnishing and decorating the hotel building and two cafeterias, borne
by Vail Associates, totalled $284,921, which cost has been financed through equipment leases and
chattel mortgages.
The rate of room occupancy of The Lodge at Vail from the time it opened on December 20, 1962
until it closed on April 20, 1963 was:
Period
Rate of Occupancy
Photocopy from George Bush Presidential Library
December 20- 31
52.1%
January 1- 31
34.0%
February 1- 28
71.0%
March 1- 30
91.0%
April 1- 20
69.0%
The Lodge at Vail was closed from April 20, 1963 through July 1, 1963 and has been operated on
a minimum staff basis during the months of July and August, 1963, because construction in the area
was incompatible with resort operations. Its rates of occupancy during this period have been as
follows:
Period
Rate of Occupancy
July 1-31
22.6%
August 1
40.7%
For the seven months ended June 30, 1963, lodge operating expenses have exceeded lodge operat-
ing revenues by $76,635.00.
13
In addition, there have been constructed at Vail on lands purchased or leased from Vail Associates
a 52 room motel, known as the Vail Village Inn, with dining room, bar and service station facilities,
a sports shop and office building, a small inn with dining room facilities and apartments, a beauty
and gift shop, a drug store, a liquor and delicatessen store, a series of row or common-wall houses, and
26 private residences.
It is estimated that there are now at Vail overnight accommodations, including private resi-
dences, for more than 500 persons. In addition, there are under construction 25 private residences,
35 private apartments, a 26-unit ski lodge, a building for employees and an office building. It is
estimated that these facilities will provide accommodations for an additional 400 persons.
Vail Water and Sanitation District, a special improvement district under the laws of Colorado,
has been duly organized to construct, own and operate water and sewerage facilities in Vail Village,
First Filing. The water and sewerage system has been constructed and the cost met through the sale
of bonds to Boettcher and Company, 828 17th Street, Denver, Colorado. The water for such system
has been provided from sources owned by Vail Associates.
Winter Resort Potential
Vail's potential as a winter resort is based upon (a) the size and character of its mountain, (b)
its location, and (c) the suitability of the private land for resort development. The terrain at Vail
qualifies it as a major ski area. There are currently in operation only two other ski areas in the
United States with an unbroken vertical rise in excess of 3,000 feet presently serviced by ski lifts. These
are at Aspen, Colorado, and Sun Valley, Idaho. Vail is the third: The summit is below timber-
line. The elevations are roughly comparable to the elevations at Aspen, Colorado, the base being
about 200 feet higher and the summit being 48 feet higher. The terrain at Vail offers a variety of
skiing. There is an abundance of open gentle slope for the beginning and intermediate skier and of
steep wooded slope and open bowl terrain for the expert. There is ample opportunity for ski touring.
The grassy upper slopes are conducive to early skiing. Exposures are excellent for spring skiing lasting
through May in normal years. The open terrain has minimized clearing costs.
Photocopy from George Bush Presidential Library
14
Snow conditions at Vail have been observed since the winter of 1954-55. The following tables
reflect the results of these observations by Earl V. Eaton from 1954-55 through 1956-57 and of Peter
W. Seibert and Earl V. Eaton from 1957-58 through 1960-61:
Date
Base 8,200 feet
Summit 11,200 feet
1954-55 Nov. 17
10 inches
21 inches
Dec. 12
19 inches
36 inches
Jan. 20
25 inches
49 inches
Feb. 18
32 inches
60 inches
1955-56 Nov. 1
24 inches
Nov. 21
26 inches
42 inches
Dec. 19
32 inches
57 inches
Feb. 7
35 inches
68 inches
Apr. 3
41 inches
81 inches
1956-57 Dec. 10
14 inches
29 inches
Dec. 28
20 inches
41 inches
Jan. 17
28 inches
59 inches
Mar. 1
43 inches
80 inches
May 12
24 inches
** 60 inches
1957-58 Nov. 15
12 inches
25 inches
Dec. 13
23 inches
45 inches
Mar. 20
35 inches
72 inches
1958-59 Dec. 18
16 inches
34 inches
Mar. 15
40 inches
76 inches
Apr. 2
23 inches
84 inches
1959-60 Oct. 17
6 inches
32 inches
Jan. 20
30 inches
60 inches
Feb. 28
30 inches
74 inches
Photocopy from George Bush Presidential Library
Mar. 5
34 inches
90 inches
Mar. 24
25 inches
78 inches
Apr. 3
16 inches
90 inches
May 3
36 inches
65 inches
May 29
28 inches
45 inches
1960-61 Nov. 28
10 inches
28 inches
Dec. 19
12 inches
30 inches
Dec. 27
18 inches
41 inches
Jan. 7
16 inches
36. inches
Feb. 11
20 inches
38 inches
Feb. 19
22 inches
50 inches
Mar. 9
29 inches
66 inches
Apr. 15
15 inches
80 inches
Measured at 9,200 feet on south slopes.
Measured at 11,200 feet on south slopes.
Measured at 10,100 feet on north slopes.
15
No regular snow depth measurements were made by Messrs. Seibert and Eaton during the
construction season of 1962 although conditions were believed to be comparable to the preceding
year. On March 1, 1962, snow depths at the base and summit measured three and nine feet respec-
tively.
Virtually no snow fell during the fall of 1962 until December 20, 1962. Although the snowfall
in the fall and early winter of 1962 has been the lightest in recorded history, it did not interfere
with the conduct of the Olympic Ski Training Camp at Vail from December 23 through January 4,
1963. Skiing conditions were poor until late January, 1963. From early February through March,
1963, they were generally good. Winter operations closed on April 21, 1963. The following represent
snow depth measurements of packed base taken by the Ski Patrol in trail areas during the 1963 season
Date
Summit
Mid-Vail
Base
January 8
6 inches
3 inches
No Measurement
February 1
33 inches
37 inches
10 inches
March 1
52 inches
58 inches
18 inches
April 1
42 inches
46 inches
2 inches
April 19
35 inches
41 inches
Closed
The following figures represent snow depths measured by the U. S. Department of Agricul-
ture, Soil Conservation Service. They compare the average snow depth at approximately the same
elevation on Vail, Independence, Berthoud and Loveland Passes from 1952 through 1961. The point
of measurement on Independence Pass is approximately 10 miles east of the town of Aspen.
February 1
April 1
Vail Pass
44.0 inches
55.2 inches
(Measured at 10,000 feet, station #6K15, 4 miles west of Vail
Pass along U.S. Highway 6)
Independence Pass
38.2 inches
55.4 inches
(Measured at 10,200 feet, station #6K4, 2,000 feet west of West
Portal Independence Pass Tunnel)
Berthoud Falls
34.4 inches
45.0 inches
Photocopy from George Bush Presidential Library
(Measured at 10,500 feet, station #5K13, 2 miles east of
Berthoud Pass near U.S. Highway 40)
Loveland Pass
36.0 inches
50.6 inches
(Measured at 10,600 feet, station #5K5, between U. S. High-
way 6 and south fork of Clear Creek)
Wind conditions in the area have been observed for the past seven years, summer and winter.
Prevailing winds from the northwest appear to be deflected upwards and over the area by the
ridges on the northwest flank.
Vail is accessible for both out-of-state vacation skiers and for Colorado residents. The following
table shows the length of time it takes to reach Vail from the various cities in the United States by
auto, train and air. In each total elapsed time there has been included the time necessary for transpor-
tation by bus from Bond to Vail in the case of train travel and from Denver to Vail in the case of air
travel. The elapsed time for auto transportation does not include time out for meals or overnight
stops. No attempt has been made to estimate travel time to Vail by private plane via Eagle because
of the differing performance characteristics of small aircraft.
16
City
Air (jet where
Auto
Train
available)
Denver
2 hrs. 30 min.
4 hrs. 43 min.
-
-
Chicago
22 hrs. 30 min.
22 hrs. 23 min.
5 hrs. 15 min.
New York
53 hrs.
39 hrs. 23 min.
6 hrs. 5 min.
Dallas
18 hrs. 30 min.
19 hrs. 10 min.
4 hrs. 42 min.
St. Louis
20 hrs. 30 min.
25 hrs. 43 min.
7 hrs. 10 min.
Kansas City
14 hrs. 30 min.
17 hrs. 3 min.
4 hrs. 25 min.
Minneapolis-St. Paul
19 hrs. 30 min.
26 hrs. 53 min.
4 hrs. 30 min.
Milwaukee
23 hrs. 20 min.
25 hrs. 35 min.
7 hrs. 50 min.
Los Angeles
21 hrs. 30 min.
24 hrs. 20 min.
5 hrs. 5 min.
San Francisco
23 hrs. 30 min.
30 hrs. 35 min.
5 hrs. 20 min.
Salt Lake City
8 hrs.
10 hrs. 20 min.
4 hrs. 10 min.
Vail's primary source of out-of-state patrons are the midwestern and southwestern parts of
the United States. For skiers from those areas Vail is more accessible than Aspen or Sun Valley.
Vail is now sufficiently close to Denver to attract one-day skiers. The construction of Interstate 70
will decrease the time now required to drive from Denver to Vail.
Summer Resort Potential
The real estate owned by Vail Associates is suitable in character and adequate in size to permit
the construction of a fully integrated resort with all facilities necessary for summer and winter
recreation. Gore Creek, The Eagle River and mountain lakes provide fishing opportunities. Vail
will be approximately 31 miles from Dillon Reservoir. The Sawatch Range to the west and south
and the Gore Range to the north can be reached easily for summer pack trips. The potential for
spring, summer and fall activities is significant because investors in lodging facilities can reasonably
anticipate a higher annual rate of occupancy than can be expected at areas devoted exclusively to
winter recreation.
Vail Associates proposes to construct a swimming pool and tennis courts during the spring of
1964, if funds generated from operations are available for such purposes. There is no assurance that
such funds will be available. Riding horses and equipment were available at Vail on a rental basis
during the summer of 1963.
Photocopy from George Bush Presidential Library
The lifts have operated during the summer of 1963 on a daily basis for sight-seeing purposes.
While not operating as a resort hotel because of construction in the area, The Lodge has been open
on a limited basis since July 1, 1963, providing accommodations to construction personnel and to
transient guests. The revenues from lodge and lift operations during July and August have exceeded
variable lodge and lift operating expenses, such as payroll, heat, light and power expenses, but have
not been sufficient to cover fixed lodge and lift operating expenses, such as insurance, taxes, interest
and depreciation.
As a summer resort, Vail's facilities will be in competition with other resort facilities in Colorado,
such as the Broadmoor Hotel and the Garden of the Gods Club at Colorado Springs, Estes Park,
and Aspen.
Economic Potential
In the opinion of management Vail's economic potential is based upon four separate sources of
revenue. They are: (a) vacation skiers, (b) transient one-day skiers, (c) summer tourists, and (d)
revenues from the ownership of real estate. In the opinion of management their combination should
result in greater economic stability and profit potential than may be expected at ski areas dependent
upon fewer sources of revenue.
17
The Ski Industry
The modern American ski industry dates from the early 1930's. Its growth was relatively slow
until the 1950's. Although Mount Mansfield at Stowe, Vermont and Sun Valley, Idaho, were developed
prior to World War II, most areas now in operation were built after 1946. Attendance at Colorado
ski areas in recent years according to the Forest Service has been as follows:
Berthoud
Winter
Cooper
Arapahoe
Basin
Loveland
Pass
Park
Hill
Year
1953
22,496
7,925
34,045
43,741
12,800
1954
31,504
6,650
26,000
48,330
16,000
1955
26,209
4,850
22,500
69,571
18,350
1956
35,765
10,215
24,935
87,280
14,031
1957
33,292
30,453
31,788
70,145
12,072
1958
34,000
67,382
19,727
73,009
11,386
1959
44,000
70,485
12,533
93,976
10,874
1960
48,388
92,787
13,326
106,711
9,670
1961
60,515
105,300
12,567
86,065
10,748
1962
70,466
107,760
11,915
118,260
10,365
1963
54,116
64,693
7,483
83,960
9,280
Total of
Aspen
Aspen
Highlands
Buttermilk
Vail
These Areas
38,500
159,507
1953
62,700
191,184
1954
1955
62,000
203,480
1956
85,800
258,026
83,000
260,750
1957
104,300
309,804
1958
371,268
1959
93,100
29,900
16,400
1960
117,960
29,920
14,990
433,752
1961
107,120
22,660
20,280
425,255
1962
142,140
27,551
23,441
511,898
Photocopy from George Bush Presidential Library
1963
120,536
33,956
29,752
54,984
458,760
The absence of snow until shortly before Christmas, 1962, and the relatively light snowfall
through the month of January, 1963, resulted in lower attendance at most ski areas during the
1962-63 season than during the preceding year.
Competition
Sun Valley, Idaho; Alta, Utah; Squaw Valley and Mammoth Mountain, California; and Aspen,
Colorado, have facilities which will compete directly with Vail for vacation skiers. Each has an
established reputation and clientele and is in direct competition with Vail. In addition to Aspen, there
are in Colorado nine ski areas which compete with Vail for skiers from the Denver area. These are
Winter Park, Berthoud Pass, Loveland Basin, Arapahoe Basin, Breckenridge, Steamboat Springs,
Ski-Broadmoor, Crested Butte and Eldora.
18
CAPITALIZATION
Each class of securities of Vail Associates, the securities outstanding as of June 30, 1963, and
the securities to be outstanding if all securities being registered are sold, are shown in the following
table:
Outstanding if
Authorized
Outstanding
all Securities Being
or to be Authorized
as of June 30, 1963
Registered are Sold
% Interest
Dollar
% Interest
Dollar
% Interest
Dollar
in Capital
Amount
in Capital
Amount
in Capital
Amount
General Partnership
Interests
19.57%
25.44%
$246,229
19.57%
$306,878
Original Limited
Partnership Interests ... 18.89
(1)
24.56
237,823
18.89
296,215
(1)
Additional Limited
Partnership Interests 61.54
50.00
484,053
61.54
965,012
Debt Securities: (2)
5.65% Mortgage loan,
Bank and S.B.A. (3) --
$458,032
-
458,032
-
341,032
Equipment lease and
chattel mortgage
notes (3)
-
244,403
-
244,403
-
244,403
6% Mortgage Note (3) ... -
45,500
-
45,500
-
45,500
6% Notes to partners
due April 30, 1964
-
500,000
-
500,000
-
-
6% Subordinated Notes
due November 1,
1973 (4)
-
600,000
-
-
-
600,000
7% Notes (3)
-
56,258
-
56,258
-
56,258
(1) The capital account of each class of partner expressed in terms of dollars is determined by
applying to the total net assets of the partnership the percentage representing the interest
of each class of partner in the capital of the partnership. The net assets of the partnership
Photocopy from George Bush Presidential Library
on November 1, 1963 (the approximate date of admission of new partners purchasing units
offered hereunder) are not presently determinable. Amounts presented are based on net
assets at June 30, 1963, of $968,105 plus $600,000 additional capital represented by units
offered hereunder.
(2) Vail Associates' lease obligation to Lodge Associates is described in footnote 4 on page 42
and under the heading BUSINESS-Lodging Facilities at pages 12-14.
(3) Maturities, effective interest rates and further details are summarized in Note (2) on page 40.
(4) The aggregate amount of debt to which the Notes are to be originally subordinated is
$1,304,193.
19
Principal Holders of Securities
The names of each person who owns of record, or is known by Vail Associates to own, more than
ten percent of the general partners' interest of Vail Associates at June 30, 1963, are as follows:
Title
Type of
Amount
Percent of
Name and Address
of Class
Ownership
Owned
Class
The Vail Corporation
General Partners'
Record
$195,801
79.52%
Interests
and
Beneficially
Peter W: Seibert
General Partners'
Record
50,428
20.48
Interests
and
Beneficially
The general partners of Vail Associates as a group beneficially own, directly and indirectly, the
following interests in Vail Associates at June 30, 1963:
Amount Beneficially
Percent of
Title of Class
Owned
Class
General Partners' Interests
$246,229
100%
Original Limited Partners' Interest
1,441
.606%
DESCRIPTION OF SECURITIES
Additional Limited Partnership Interests
$600,000 of the securities being offered are Additional Limited Partnership Interests in Vail
Associates, Ltd. The rights of the General and of the Limited Partners of Vail Associates are as
provided in the Uniform Limited Partnership Law of the State of Colorado and the Partnership
Agreement. The capital contributions of the partners are as set forth under the heading HISTORY-
Vail Associates.
The term of the partnership will commence as of November 1, 1963, and will continue until
December 31, 1991, unless earlier dissolved, which will take place upon the happening of any of the
following events:
Photocopy from George Bush Presidential Library
(1) Upon expiration of its term;
(2) Upon the retirement, death, bankruptcy, dissolution or adjudication of insanity or in-
competency of a General Partner;
(3) At the election of Limited Partners who together own more than 66% of the capital of
the partnership.
The aggregate interests of each class of partner in the capital of the partnership are as set forth
in the preceding section. The interest of each partner in the capital of the partnership is equal to that
proportion of the interest of the class to which he belongs which his contribution to capital bears to
the total capital contributions of all members of the class to which he belongs. His interest in capital
will be increased by his share of profits, income, gains and credits, except the so-called credits made
available under Section 38 and related provisions of the Internal Revenue Code of 1954 concerning
investment in certain depreciable property (hereinafter referred to as "Section 38 Credits") and
additional capital contributions and decreased by his share of losses, expenses, deductions, Section
38 Credits, and withdrawals. Partners purchasing units hereunder will not receive the income tax
benefit from the amortization of deferred development and administrative costs (amounting to
$244,389 as of June 30, 1963) previously deducted for tax purposes by existing partners.
20
Profits, income, gains and credits will be allocated among the partners in the following manner:
38.46% among the General and the Original Limited Partners in the following proportions:
Percentage
Percentage
The Vail Corporation
40.7562%
Gerald T. Hart
1.4886%
Peter W. Seibert
10.4192%
R. M. Hauserman
1.4886%
Fredric A. Benedict
1.4886%
Harley G. Higbie, Jr.
1.4886%
Keith L. Brown
0.4886%
Vail Enterprises, Inc.
1.4886%
Carver-Dodge Oil Company
1.4886%
William McBride Love
1.4886%
George P. Caulkins, Jr.
3.7214%
John F. McAllister
0.7440%
Chenery Corporation
1.4886%
William H. McCluskey
1.4886%
Alvin L. Cohen
0.5954%
John D. Murchison
1.4886%
John F. Conway, Jr.
3.7214%
William B. Rubey
1.4886%
Saul N. Davidson
0.5954%
William F. Stevens
0.7440%
The Permian Corporation
1.4886%
Vernon Taylor, Jr.
1.4886%
Charles E. Dimit
1.4886%
John B. Tweedy
3.7214%
Earl V. Eaton
4.4654%
Ione Uihlein
1.4886%
F. and E., Inc.
1.4886%
William K. Whiteford, Jr.
1.4886%
J. Robert Fowler
3.7214%
William C. Winter
1.0000%
and
61.54% among the Additional Limited Partners in the proportion that each additional Limited
Partner's contribution bears to $1,600,000, which is the total cash contributed by all Additional
Limited Partners.
Losses, expenses, and deductions will be allocated among the partners in the same manner as
profits are allocated among them.
A Limited Partner will have no liability for the losses or obligations of the partnership except
to the extent of his interest in the capital of the partnership and to the extent of his unpaid capital
contribution, if any. Colorado law forbids any payment to a Limited Partner of a share of profits
or compensation by way of income, even though stipulated, if the assets of the partnership remaining
after such payment are insufficient to meet all partnership liabilities except those to Limited Partners
on account of their contributions and to General Partners. Any payment in violation of this law
would be deemed a fraud on the creditors of the partnership. Also under Colorado law, if a Limited
Photocopy from George Bush Presidential Library
Partner has rightfully received the return in whole or in part of the capital of his contribution, he is
nevertheless liable to the partnership for any sum, not in excess of such return with interest, necessary
to discharge the partnership's liabilities to all creditors who extended credit or whose claims arose
before such return.
Except to the extent that funds of the partnership are to be used for its business or are needed
for anticipated capital requirements, they shall be distributed to the partners in proportion to their
capital accounts. Also under the Partnership Agreement, it is provided that upon the dissolution and
termination of the partnership the proceeds of its liquidation shall be applied to the payment of the
debts and liabilities of the partnership to creditors other than partners and to the setting up of re-
serves for contingent or unforeseen liabilities or obligations to such creditors before any distribution
of capital is made to any partner.
On the death, bankruptcy, retirement or adjudication of insanity or incompetency of any General
Partner, the surviving General Partner will have the right, but not the obligation, to continue the
business of the partnership as a new limited partnership. In such event, if any Limited Partner does
not elect to become a Limited Partner in the new partnership, the surviving General Partner, on
behalf of the partnership, will have the right, but not the obligation, to purchase the partnership
21
Steamboat
Springs
Z
Hot Sulphur
Springs
Granby
Kremmling
TUNNEL
Boulder
MOFFAT
ROUTE
Moffat
Tunnel
R.R.
Tolland
Bond
State
Winter
D.& G.W.
Bridge
Park
Central
Berthoud Pass
Denver.
City
Ski Area
Golden
Georgetown
Wolcott
Idaho
Loveland Basin
D
Springs
Arapahoe
Morrison
Eagle
Dillon
Basin
Littleton
Glenwood
Minturn
Straight Creek
Springs
Tunnel Site
Airport
Castle
VAIL
Rock
Leadville
Fairplay
Aspen a
D.& D.&R.G.W.
MAP SHOWING
PRINCIPAL HIGHWAYS AND RAILROADS
WITH RELATION TO VAIL
R.R.
Buena Vista
Colorado
Springs,
LEGEND
Interstate Highway No. 70
ROYAL
Other Paved Highways
Improved Roads
Salida
GORGE
Railroad
ROUTE
SCALE
10 Mi.
3
0
10
20ML
Royal
Gorge
1" 20 AU,
Photocopy from George Bush Presidential Library
Pueblo
9500
10000
10000
W
H
T
E
9000
R
V
É
R
Z
1000
10000
Creek
Gore
9000
9000
00001
9750
1
9500
e
Mill
00500
10000
9500
Creek
10000
6
2
8500
6
N
A
o
N
A
L
DENVER
LEGEND
Creek
9250
11000
Road
9/603
Game
10500
Railroad
T
AND
National Forest Boundary
Creeks
Contour Lines
11000
3
Enclosed Lift
10000
Double Chair Lift
Minturn
10250
Lift Terminal
O
Beginners Lift
Permit Area Inside
River
8500
Elk
National Forest
Creek
8250
9500
Private Property Owned by
24
10500
Vail Associates, Ltd.
WESTERN
Two
Private Property Owned by Others
in Gore Creek Valley
R
E
5
T
SCALE
1 Mi.
1/2
0
1
2 Mi. -
10000
9250
1000
Contour Interval Below 11,000 Ft
250 Ft.
Photocopy from george Bush Presidential ibrary
Contour Interval Above 11,000 Ft.
50 Ft.
9250
C
n
interest of the Limited Partner or to designate a person who shall purchase the same. The price at
which such interest will be purchased, which is determined by a formula, may be more or less than
the original cost of the partnership interest or the amount which might be realized upon a sale on
the open market. No assignee, legatee or distributee of a Limited Partner's interest will have the
right to become a Substituted Limited Partner without the consent of the General Partners. If a
Limited Partner dies, his representatives will have the same rights as the Limited Partner but cannot
become Substituted Limited Partners without the written consent of the General Partners. In the
event that a person who is eligible to become a Substituted Limited Partner does not elect SO to do
within a specified period, the General Partners will have the right to purchase the interest of the
Limited Partner or to designate a person who may purchase the same.
Each of the partners of Vail Associates, Ltd., whether general, original or limited, will receive
annually a certified financial statement. It is management's intent to advise each partner of his
distributive share of profit, income, gains, and credits, and of losses, expenses, and deductions, within
three months of the end of the fiscal year of the partnership which is October 31.
6% Subordinated Notes
The Notes are to be issued under an Indenture to be dated as of June 1, 1963 between Vail Asso-
ciates, Ltd., and The Colorado National Bank of Denver, Colorado, as Trustee, a copy of which is
filed as an exhibit to the Registration Statement. The following statements are brief summaries of
certain provisions contained in the Indenture and do not purport to be complete. They are subject
in all respects to the provisions of the Indenture including the definition of certain terms used herein
without definition.
The Notes, which constitute direct obligations of Vail Associates, are not secured. They will
mature on November 1, 1973, and will bear interest from November 1, 1963, payable semi-annually
on November 1 and May 1 beginning May 1, 1964. The Notes will be fully registered and will be
issued in denominations of $250 and multiples thereof. Both principal and interest will be payable
at the principal office of the Trustee in Denver, Colorado.
Redemption
The Notes will be subject to redemption on at least 30 days' notice:
Photocopy from George Bush Presidential Library
(a) By lot through the operation of the Sinking Fund on November 1, 1966 to 1973, inclusive,
at 100% of the principal amount; or
(b) At any time at the option of Vail Associates in whole or in part by lot at the following
prices expressed in percentages of principal during the 12 months ending November 1, together
with in each case interest accrued to the date of redemption:
1964
102.5000%
1969
101.1112%
1965
102.2222%
1970
100.8334%
1966
101.9444%
1971
100.5556%
1967
101.6666%
1972
100.2778%
1968
101.3889%
1973
100.0000%
Sinking Fund
The Indenture provides that Vail Associates will pay to the Trustee on or before October 27 in
each year commencing in 1966 an amount of cash sufficient to redeem on the succeeding November
24
1, at the principal amount thereof together with interest thereon to the date fixed for redemption,
the following amounts:
Nov. 1, 1964
$-0-
Nov. 1, 1969
$ 75,000
Nov. 1, 1965
$-0-
Nov. 1, 1970
$ 75,000
Nov. 1, 1966
$ 25,000
Nov. 1, 1971
$100,000
Nov. 1, 1967
$ 50,000
Nov. 1, 1972
$100,000
Nov. 1, 1968
$ 50,000
Nov. 1, 1973
$125,000
In addition to the amount required to be redeemed in any one year through the operation of the sinking
fund, Vail Associates may redeem without penalty an amount equal to the amount required to be
redeemed. Vail Associates may credit against any cash Sinking Fund payment Notes theretofore
acquired or redeemed by Vail Associates other than through the operation of the Sinking Fund. In
the event that less than all of the Notes offered hereunder are sold the annual sinking fund require-
ments shall be proportionately reduced.
Subordination
The Notes are subordinate and subject to prior payment in full of all Senior Indebtedness as and
to the extent provided in the Indenture. No principal or interest payments may be made on the Notes
if there shall exist any default upon Senior Indebtedness and unless all payments then due upon
Senior Indebtedness have been made or provided for. Upon any dissolution, winding up, liquidation,
reorganization, bankruptcy, insolvency, receivership or other similar proceedings relative to Vail
Associates or its property all Senior Indebtedness must be paid in full before the Notes shall be
entitled to any payment whatever. The Indenture defines Senior Indebtedness to mean all indebtedness
of Vail Associates, other than the Notes issued under the Indenture, including indebtedness to general
creditors of Vail Associatés whether outstanding on the date of the Indenture or thereafter created
or incurred and all removals, extensions and refundings of any such indebtedness, unless the terms
of the instrument creating or evidencing the indebtedness provide that it is not superior in right to
the payment of the Notes. The Indenture contains no limit as to the maximum principal amount of
Senior Indebtedness which may at any time be outstanding.
Restrictions
The Indenture provides that Vail Associates will keep all of its property and equipment in good
repair. The Indenture also provides that upon Vail Associates' consolidation or merger, or the sale or
transfer of all or substantially all of its property or assets, the obligations of Vail Associates under
Photocopy from George Bush Presidential Library
the Indenture will be expressly assumed by its successor. Vail, Associates will not make any distribu-
tion to any of its partners on account of his or her interest in the partnership or purchase, redeem
or acquire any partnership interest of Vail Associates if upon giving effect thereto the aggregate
amount expended for such purposes since December 15, 1962 would exceed the net income of Vail
Associates earned subsequent to such date.
Modification of Indenture
Modifications and alterations of the Indenture or supplements thereto may be made with the
consent of Vail Associates by the holders of at least 66% in principal amount of the Notes at the
time outstanding, provided that no such change will be made which will (1) permit the extension
of the time of payment of the principal at maturity of, or the interest or premium on, any Note,
or any reduction in such principal or premium or the rate of interest, without the consent of the
holder thereof, or (2) reduce the percentage of the Notes required for the approval or consent to
effectuate any such alteration or modification.
Events of Default
The Indenture provides that any one or more of the following are events of default: (a) Default
for 30 days in payment of interest on any note; (b) Default in the payment of principal or premium
25
i
of any note; (c) Default for 30 days in the payment of any Sinking Fund obligation; (d) Default
for 90 days after notice in the performance of any other covenant in the Indenture; and (e) Certain
events of bankruptcy, insolvency or reorganization. If a default shall happen and be continuing, the
Trustee may, and upon written request of the holders of at least 25% in principal amount of the notes
then outstanding shall, declare the principal of all of the notes then outstanding and the interest
accrued thereon to be due and payable immediately, and upon such declaration, the same shall become
immediately due and payable. Such declaration may be annulled and past defaults waived by the
holders of not less than a majority in aggregate principal amount of the Notes then outstanding, upon
the conditions provided in the Note.
The Indenture requires Vail Associates to furnish the Trustee periodically a certificate as to
compliance with the terms of the Indenture.
Trustee
Subject to the duty of the Trustee during default to exercise such of the rights and powers
invested in it by the Indenture with the same degree of care and skill as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs, the Trustees shall perform such
duties and only such duties as specifically set forth in the Indenture. A majority of the holders of
the Notes at the time outstanding shall have a right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee but the Trustee shall be under no obligation to exercise any such trust or power at the
direction of the holders of the Notes unless such holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which might be incurred thereby.
FREE SKIING PRIVILEGES
Under the provisions of the Partnership Agreement certain free skiing and lift privileges are
extended to partners of Vail Associates. Peter W. Seibert, the Original Limited Partners and each
Additional Limited Partner, subscribing to a $10,000 Unit, is permitted free skiing and lift privileges
for each such partner, his or her spouse and minor children, or, if he or she does not designate his
or her spouse and minor children, then for four natural persons, one of whom may be the partner.
Each such child's privilege expires when he becomes twenty-one.
A partner who is not a natural person can designate only natural persons.
Photocopy from George Bush Presidential Library
OPTIONS TO ACQUIRE REAL ESTATE
Each partner who invests or has invested an aggregate of $10,000 in securities of the partnership
acquires an option to purchase one residential lot in Vail Village, First Filing, or in such subsequent
subdivisions as may be platted by Vail Associates and made expressly subject to acquisition by option,
of approximately one-half acre in size at the following prices:
General and Original Limited Partners
$100.00
Additional Limited Partners, Existing Partners
250.00
Partners purchasing Units offered hereunder
500.00
Such options expire on December 31, 1967. A residence must be completed prior to December 31 of
the year following the year in which the option is exercised on each lot, except in the case of existing
partners who are subject to such a building commitment only if they acquire a lot in Vail Village,
First Filing. A person who subscribes to less than a $10,000 Unit acquires a fractional option which
may be combined with other fractional options for the purpose of acquiring a lot. No undivided frac-
tional interest in a lot may be acquired through the exercise of a fractional option. Existing partners
have exercised options with respect to approximately 68 lots and are constructing or have committed
to construct approximately 50 residences thereon by December 31, 1963.
26
MANAGEMENT
The management of Vail Associates is vested in its General Partners, Peter W. Seibert and The
Vail Corporation.
Peter W. Seibert has been president and a director of The Vail Corporation from its organiza-
tion in December, 1959, to the present. He was the manager and a director of the Loveland Basin
Ski Tow Company from 1955 to 1957. He was assistant manager at Aspen Highlands in 1958-59.
Robert W. Parker has been Assistant General Manager of Vail Associates since March 1, 1962.
From October, 1956 until March 1, 1962, Mr. Parker was Editor of Skiing Magazine.
Richard H. Bohr was employed as Assistant General Manager-Finance and Administration on
June 1, 1963. Mr. Bohr's principal occupation for the preceding five years was Vice President,
Administration, and Treasurer, Cleveland Institute of Electronics, Cleveland, Ohio.
The officers and directors of The Vail Corporation and their principal occupations during the
past five years are as follows:
Position
Principal Occupation
Name
or Office
During Past 5 Years
Keith L. Brown
Secretary
Vice President, Caulkins Oil Company,
Denver, Colorado
George P. Caulkins, Jr.
Vice President
President, Caulkins Oil Company, Denver, Colorado
Director
J. Robert Fowler
Vice President
Lawyer, Denver, Colorado
Director
Gerald T. Hart
Director
Real Estate Management, Denver, Colorado
R. M. Hauserman
Director
formerly Vice President, Sales, E. F. Hauserman
Company, Cleveland, Ohio
Harley G. Higbie, Jr.
Director
Vice President, Caulkins Oil Company,
Denver, Colorado
Fitzhugh Scott
Director
Architect, Milwaukee, Wisconsin
Peter W. Seibert
President
General Manager, Vail Associates; President, The
Director
Vail Corporation; formerly Assistant Manager,
Aspen Highlands
John B. Tweedy
Vice President
Lawyer, Denver, Colorado; formerly Vice President,
Treasurer
Assistant to Chairman, Southern Natural Gas
Photocopy from George Bush Presidential Library
Director
Company, New York, N. Y.
Under the terms of the Bank Loan commitment The First National Bank of Denver, has the
right to representation on the Board of The Vail Corporation.
REMUNERATION AND INTEREST OF MANAGEMENT
AND OTHERS IN CERTAIN TRANSACTIONS
The aggregate annual remuneration of all directors and officers of Vail Associates as a group is
$32,000. None of the officers of registrant received $30,000 in compensation during the past year.
Mr. Seibert currently receives a salary of $12,000 per year. In addition, he is entitled to receive
incentive compensation equal to 21/2% of the net operating income of the partnership as defined in
the Partnership Agreement in excess of $100,000 but in no event shall such incentive compensation
exceed $13,000 per year. He has received compensation from The Vail Corporation for services rendered
from March 31, 1959, through December 31, 1961, totaling $22,600. He has been paid $18,000 by Vail
Associates, Ltd., from January 1, 1962, through June 30, 1963.
Vail Associates has agreed to pay The Vail Corporation a management fee of $1,500 per year,
commencing on June 1, 1961, and to reimburse it for expenses incurred by it in the management and
27
operation of the properties of Vail Associates. The total amount of fees paid and expenses reimbursed
to The Vail Corporation through June 30, 1963, is $1,500.
John B. Tweedy and J. Robert Fowler received legal fees from The Vail Corporation and Vail
Associates, Ltd., from March 1, 1961, through June 30, 1963, totaling $32,789.22.
Caulkins Securities Corporation, of which Keith L. Brown, George P. Caulkins, Jr., and Harley
G. Higbie, Jr. are officers, directors and the only stockholders, received $50,000 as a gross commis-
sion for its services in the sale of $1,000,000 of Additional Limited Partnership Interests of Vail
Associates, out of which it bore all of the expenses connected with such sale. In addition, Caulkins
Oil Company, of which George P. Caulkins, Jr. is an officer, director and sole stockholder, has pro-
vided Vail Associates with certain management and accounting services and office space and equip-
ment during the construction phase of Vail's operations for a fixed monthly fee of $1,000 per month.
These services, space and equipment were made available until office facilities at Vail were ready for
occupancy. Caulkins Oil Company has charged Vail Associates for the time devoted by Keith L.
Brown and other employees to Vail business. As of June 30, 1963, Vail Associates had incurred
costs totaling $16,270 for the use of such space and equipment and for such services. Vail Associates
has agreed to pay Caulkins Securities Corporation a commission for its services as underwriter. See
heading UNDERWRITING on page 30.
Vail Associates has leased to R. M. Hauserman for a term of 49 years a tract of land containing
approximately one-half acre for the purpose of erecting a building to contain a sports and ski shop,
an office for Vail Associates and apartments estimated to cost $100,000. The real estate lease provides
for a nominal rental for the first three years of operation and thereafter for an annual net rental cal-
culated at 7% of the appraised value of the leased land, exclusive of the improvements. Reappraisal
is to take place at 10 year intervals. Appraisal is to be by agreement of the parties, or, in the absence
of such agreement, by arbitration.
On September 1, 1962, Vail Associates leased to Fitzhugh Scott, Jr., for a term of 99 years a
tract known as Lot 1, Block 6, Vail Village, First Filing, for a nominal net rental of $25.00 per year
upon which Mr. Scott erected a two apartment building which was used in part as an office by Vail
Associates until permanent offices were completed.
Peter W. Seibert and each of the Original Limited Partners have received options to acquire
one residential site on real estate owned by Vail Associates with the rights and privileges and subject
to the obligations and restrictions described under the heading OPTIONS TO ACQUIRE REAL
ESTATE on page 26.
Photocopy from George Bush Presidential Library
From March 1, 1961 through June 30, 1963, Vail Associates has paid Fredric A. Benedict
$24,758.76 for architectural services rendered in connection with the construction of the lower and
Mid-Vail terminal buildings.
John F. McAllister, an Original Limited Partner, is the controlling stockholder of The
Fleming Lumber and Mercantile Company, a Colorado corporation, which owns 10.75 acres of land
contiguous to a portion of the Hanson Ranch. The value of such tract may be enhanced by the opera-
tions of Vail Associates. In connection with its construction program, Vail Associates has leased from
The Fleming Lumber and Mercantile Company certain heavy duty earth-moving equipment and has
contracted for the use of certain operating personnel and as of June 30, 1963, has paid to The
Fleming Lumber and Mercantile Company $48,791.85 therefor.
Harley G. Higbie, Jr., and R. M. Hauserman are General Partners of Lodge Associates. Mr.
Higbie's wife, Lorraine N. Higbie, George P. Caulkins, Jr., Cortlandt S. Dietler, John D. Murchison,
Fitzhugh Scott, William F. Stevens, and Vernon Taylor, Jr., and The Vail Corporation are limited
partners of Lodge Associates. The lease obligation of Vail Associates to Lodge Associates is set forth
under the heading Lodging Facilities on pages 12-14 of the Prospectus and in footnote No. 4 to the
Financial Statements.
28
The interests of Peter W. Seibert and each of the Original Limited Partners in the capital of Vail Associates
and the cash investment in the partnerrship represented thereby, assuming the sale of all Units offered here-
under, are as follows:
Total
Investment in Vail
Investment in Vail
Investment in Vail
Associates and its
Associates through
Associates other than
Predecessors
Vail Corporation
through Vail Corporation
Percent
Percent
Percent
Ownership
Ownership
Ownership
Cash
in Vail
Cash
in Vail
Cash
in Vail
Investment
Associates
Investment
Associates
Investment
Associates
Peter W. Seibert
$ 35,568.19
6.7307
$ 7,976.79 (2)
2.7230
$ 27,591.40
4.0077
Fredric A. Benedict
5,359.25 (1)
.9615
1,000.00
.3890
4,359.25
.5725
Keith L. Brown
6,430.84
.5770
5,000.00
.3890
1,430.84
.1880
Carver-Dodge Oil Company
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
George P. Caulkins, Jr.
12,702.93
2.4037
2,848.85
.9725
9,854.08
1.4312
Chenery Corporation
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
Alvin L. Cohen
3,743.70
.3846
2,000.00
.1556
1,743.70
.2290
John F. Conway, Jr.
12,702.93
2.4037
.2,848.85 (2)
.9725
9,854.08
1.4312
Saul N. Davidson
3,743.70
.3846
2,000.00
.1556
1,743.70
.2290
Charles E. Dimit
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
Earl V. Eaton
15,243.51
2.8845
3,418.63 (2)
1.1670
11,824.88
1.7175
F. and E., Inc.
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
J. Robert Fowler
12,702.93
2.4037
2,848.85 (2)
.9725
9,854.08
1.4312
Gerald T. Hart
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
R. M. Hauserman
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
Harley G. Higbie, Jr.
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
Vail Enterprises, Inc.
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
William McBride Love
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
John F. McAllister
4,679.63
.4807
2,500.00
.1945
2,179.63
.2862
William H. McCluskey
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
John D. Murchison
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
The Permian Corporation
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
Photocopy from George Bush Presidential Library
William B. Rubey
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
William F. Stevens
4,679.63
.4807
2,500.00
.1945
2,179.63
.2862
Vernon Taylor, Jr.
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
John B. Tweedy
12,702.93
2.4037
2,848.85 (2)
.9725
9,854.08
1.4312
Ione Uihlein
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
The Vail Corporation
1,871.85
.1923
1,000.00
.0778
871.85
.1145
William K. Whiteford, Jr.
9,359.25
.9615
5,000.00
.3890
4,359.25
.5725
William C. Winter
2,928.41
.3846
2,928.41
.3846
$284,808.43
38.4600
$118,790.82
15.5600
$166,017.61
22.9000
Notes: (1) Fredric A. Benedict, one of the Original Limited Partners and promoters of Vail Associates, has
performed certain architectural services for The Vail Corporation, for which he received credit
totaling $4,000.00 on the purchase price of his stock of The Vail Corporation issued to him
(2) The stock of The Vail Corporation was acquired in exchange for assets with a cash cost to the
investor of the amount indicated after his name. The total cost of the assets assigned was $22,790.00.
29
UNDERWRITING
Vail Associates has entered into an Underwriting Agreement with Caulkins Securities Corpora-
tion, a Colorado corporation, (Underwriter), dated May 31, 1963. A copy of the Underwriting Agree-
ment is on file with the Securities and Exchange Commission as an exhibit to the Registration State-
ment, and the following statements are qualified in their entirety by reference thereto.
Caulkins Securities Corporation is a Colorado corporation, of which Keith L. Brown, George
B. Caulkins, Jr., and Harley G. Higbie, Jr., promoters and Original Limited Partners of Vail Asso-
ciates, are stockholders, officers and directors. It was incorporated on June 13, 1961 for the express
purpose of participating in the underwriting of an offering of $1,000,000 in Additional Limited
Partnership Interests of Issuer made in 1961. Neither Caulkins Securities Corporation nor any of
its employees, officers or directors has had any experience in the securities business, except'in under-
writing on a best efforts basis the offering of securities of Vail Associates described above. Under
the terms of the Underwriting Agreement, Caulkins Securities Corporation has agreed to use its best
efforts to sell the securities offered hereunder. For such services, Caulkins Securities Corporation
will be paid a commission of five percent (5%) of the gross proceeds of the sale of such securities
and will bear the costs incurred in connection with such sales. Vail Associates will bear all costs in
connection with the registration of the securities offered hereunder with the Securities and Exchange
Commission and with other regulatory agencies. If all the securities being offered hereunder have
not been sold at the end of nine months from the effective date of the Prospectus, Vail Associates
may terminate the Underwriting Agreement by giving written notice to Caulkins Securities Cor-
poration. Caulkins Securities Corporation shall be entitled to commissions on all sales made prior
to termination.
TAX STATUS OF PARTNERSHIP
Vail Associates has consulted the law firm of Haskell, Helmick, Carpenter & Evans, Denver Club
Building, Denver, Colorado, regarding the status of the partnership for Federal income tax purposes.
That firm has advised that in its opinion Vail Associates will be treated as a partnership for Federal
income tax purposes.
The significance of according to Vail Associates treatment as a partnership rather than as a
corporation for Federal income tax purposes is that it will not be a tax paying entity. Although it
will be required to file a partnership return for Federal income tax purposes, it will not be required
to pay any tax as a result of such income. Instead the income or loss and other items of credit, gain,
Photocopy from George Bush Presidential Library
expenses or deductions will be allocated to the partners in the manner set forth in the Partnership
Agreement. This will result in apportioning to each partner his pro rata share of partnership profit
or loss.
If all profits are retained in the business to finance expansion, the partners will be required to
report their pro rata share of such profits as taxable income without any offsetting cash payment
to them from the partnership.
LEGAL MATTERS
The legality of the 6% Subordinated Notes and the Limited Partnership Interests to be offered
and other matters relating to the applicability of the Securities Act of 1933, as amended, and various
state securities laws in connection with this offering, have been passed upon by Messrs. John B. Tweedy
and J. Robert Fowler, both attorneys at law, with offices at 1700 Broadway, Denver 2, Colorado.
EXPERTS
The financial statements and notes thereto, insofar as they relate to the period reported on by
Arthur Andersen & Co., included herein have been examined by Arthur Andersen & Co., as set forth
in their opinion appearing herein, and the same have been made a part of the Registration Statement
and this Prospectus in reliance upon the authority of that firm as experts in giving such opinion.
30
AUDITORS' OPINION
We have examined the balance sheet of VAIL ASSOCIATES, LTD. (a limited partnership) as
of March 31, 1963, and the related statements of operations (included on page 6 of this Prospectus)
for the period December 15, 1962 (commencement of lodge and lift operations) through March 31,
1963, and partners' capital for the period from inception (December 20, 1961) through March 31,
1963. Our examination was made in accordance with generally accepted auditing standards, and
accordingly included such tests of the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In our opinion, the accompanying balance sheet and statements of operations (referred to above)
and partners' capital present fairly the financial position of Vail Associates, Ltd. as of March 31,
1963, and the results of operations and changes in partners' capital for the periods ended that date,
in conformity with generally accepted accounting principles applied on a consistent basis.
Denver, Colorado
ARTHUR ANDERSEN & CO.
April 18, 1963.
Photocopy from George Bush Presidential Library
31
VAIL ASSOCIATES, LTD.
as
(A Limited Partnership)
BALANCE SHEETS- JUNE 30, 1963 AND MARCH 31, 1963
June 30, 1963
March 31, 1963
ASSETS
(Not Audited)
(Audited)
CURRENT ASSETS:
Cash
$ 44,327
$ 107,032
Accounts receivable, trade, less $1,000
reserve for doubtful accounts (Note 7)
87,617
129,510
Food and beverage inventories, at cost
6,493
14,219
Prepayments
26,455
33,617
Total current assets
$ 164,892
$ 284,378
INVESTMENTS AND ADVANCES, at cost:
Advance to Lodge Associates, Ltd. (Note 4)
$ 64,700
$ 64,700
Limited partner interest in Vail Village Inn, Ltd.
22,222
22,222
$ 86,922
$ 86,922
PROPERTY AND EQUIPMENT (Notes 2 and 3)
(Schedules A and A-1), at cost:
Land and land development (Note 5)
$ 210,381
$ 214,104
U.S. Forest Service Use Permit and related improvements
41,868
41,454
Ski lifts
939,644
939,294
Buildings and terminals
366,288
365,238
Furniture, fixtures and equipment
304,430
298,830
Trails and slopes
110,355
110,355
Vehicles
46,584
46,584
Construction-in-progres
12,423
-
Other property and equipment
11,222
11,155
Photocopy from George Bush Presidential Library
$2,043,195
$2,027,014
Reserves for investment credit allowable as a reduction
in partners' income taxes and for depreciation
and amortization
(178,658)
(147,386)
$1,864,537
$1,879,628
OTHER ASSETS:
Deferred costs (Note 3)-
Development and administrative costs prior to lodge and
lift operations (Schedule B and B-1)
$ 244,389
$ 256,313
Prepaid interest and other debt expense
22,213
26,276
Organization expense
17,033
17,896
Notes receivable, due after one year
6,500
6,500
$ 290,135
$ 306,985
$2,406,486
$2,557,913
The notes to financial statements are an integral part hereof.
32
VAIL ASSOCIATES, LTD.
(A Limited Partnership)
BALANCE SHEETS- JUNE 30, 1963 AND MARCH 31, 1963
June 30, 1963
March 31, 1963
LIABILITIES
(Not Audited)
(Audited)
CURRENT LIABILITIES:
6% note payable to certain partners, unsecured
$ 500,000
$ 386,000
Amounts due within one year on long-term debt
213,340
163,488
Accounts payable
111,102
190,345
Accrued liabilities
23,086
53,840
Total current liabilities
$ 847,528
$ 793,673
LONG-TERM DEBT, net of amounts due within one year (Note 2) :
Bank mortgage loan with participation from the
Small Business Administration
$ 306,245
$ 346,841
Equipment lease and chattel mortgage notes
203,722
214,764
Other notes payable
80,886
88,252
$ 590,853
$ 649,857
COMMITMENTS (Note 4)
Photocopy from George Bush Presidential Library
PARTNERS' CAPITAL:
General partners
$ 246,229
$ 273,227
Original limited partners
237,823
263,889
Additional limited partners
484,053
577,267
$ 968,105
$1,114,383
$2,406,486
$2,557,913
The notes to financial statements are an integral part hereof.
33
SCHEDULE A
Page 1 of 2
VAIL ASSOCIATES, LTD.
(A Limited Partnership)
SCHEDULE OF PROPERTY AND EQUIPMENT AND APPLICABLE
RESERVES FOR DEPRECIATION AND AMORTIZATION
FOR THE PERIODS INDICATED
Property and Equipment-at Cost (Note 1)
December 20,
Inception of
Five Months Ended March 31, 1963
1961
Predecessors
through
to
Balance
October 31,
December 20,
March 31,
Retirements
1962
1961
1963
Additions
or Sales
Transfers
Additions
Additions
ADDITIONS:
34
Land and land development
$ 214,104
$ 19,269
$(20,102)
$ 72,067
$ 8,101
$134,769
U.S. Forest Service Use Permit and
related improvements
41,454
-
37,888
-
-
3,566
Ski lifts
939,294
156,137
-
-
739,006
44,151
Buildings and terminals
365,238
122,363
-
8,592
217,557
16,726
Furniture, fixtures and equipment
298,830
287,602
-
-
9,458
1,770
Trails and slopes
110,355
2,470
-
-
107,567
318
Roads and parking
31,509
-
-
(109,955)
77,704
742
Vehicles
46,584
1,577
-
-
34,700
10,307
Other property and equipment
11,155
6,879
-
(8,592)
5,230
7,638
$2,027,014
$627,806
$(20,102)
$
[
$1,199,323
$219,987
BEGINNING BALANCE
219,987
-
ENDING BALANCE
$1,419,310
$219,987
Photocopy from George Bush Presidential Library
SCHEDULE A
Page 2 of 2
VAIL ASSOCIATES, LTD.
(A Limited Partnership)
SCHEDULE OF PROPERTY AND EQUIPMENT AND APPLICABLE
RESERVES FOR DEPRECIATION AND AMORTIZATION
FOR THE PERIODS INDICATED
Additions to Reserves for Investment Credit and for Depreciation and Amortization
Five Months Ended
December 20, 1961
Inception of
March 31, 1963
through October 31, 1962
Predecessors
to
Charged to
Charged to
December 20,
Charged
Charged
Partners'
Charged
Partners'
1961
Balance
to
to
Capital
to
Capital
Charged to
March 31,
Profit
Deferred
Accounts
Unrecovered
Accounts
Unrecovered
1963
and Loss
Costs
(1)
Costs
(1)
Costs
ADDITIONS:
35
Land and land development
$ -
$ -
$ -
$ -
$ -
$ -
$ -
U.S. Forest Service Use Permit
and related improvements
454
454
-
-
-
-
-
Ski lifts
83,584
17,833
-
65,751
-
-
-
Buildings and terminals
8,712
5,776
71
-
1,944
-
921
Furniture, fixtures and equipment
31,335
6,801
253
21,849
1,255
712
465
Trails and slopes
1,073
1,073
-
-
-
-
-
Roads and parking
-
-
-
-
-
-
-
Vehicles
19,363
4,660
3,320
-
8,332
418
2,633
Other property and equipment
2,865
863
-
-
699
-
1,303
$147,386
$37,460
$3,644
$87,600
$12,230
$1,130
$5,322
BEGINNING BALANCE
6,452
5,322
-
ENDING BALANCE
$18,682
$6,452
$5,322
(1) Amounts represent Federal income tax investment credit applicable to current period's additions of equipment.
Photocopy from George Bush Presidential Library
SCHEDULE A-1
VAIL ASSOCIATES, LTD.
(A Limited Partnership)
SCHEDULE OF PROPERTY AND EQUIPMENT AND APPLICABLE RESERVES
FOR DEPRECIATION AND AMORTIZATION FOR THE
THREE MONTHS ENDED JUNE 30, 1963
(Not audited)
Property and Equipment-at Cost (Note 1)
Additions to Reserves for Investment
Credit and for Depreciation and Amortization
3 Months
Ended June 30, 1963
3 Months Ended June 30, 1963
Charged
to
Charged
Charged
Partners'
Balance
Balance
Balance
to
to
Capital
Balance
June 30,
Retirements
March 31,
June 30,
Profit
Deferred Accounts March 31,
1963
Additions
or Sales
1963
1963
and Loss
Cost
(1)
1963
36
ADDITIONS:
Land and land development
$ 210,381
$ 931
$(4,654)
$ 214,104
$ -
$ -
$ -
$ -
$ -
U.S. Forest Service Use Permit and
related improvements
41,868
414
-
41,454
633
179
-
-
454
Ski lifts
939,644
350
-
939,294
98,893
15,285
-
24
83,584
Buildings and terminals
366,288
1,050
-
365,238
12,895
4,010
173
-
8,712
Furniture, fixtures and equipment
304,430
5,600
-
298,830
38,140
6,757
(88)
136
31,335
Trails and slopes
110,355
-
-
110,355
2,204
1,131
-
-
1,073
Vehicles
46,584
-
-
46,584
22,112
4,077
(1,328)
-
19,363
Construction-in-progress
12,423
12,423
-
-
-
-
-
-
-
Other property and equipment
11,222
67
-
11,155
3,781
739
177
-
2,865
$2,043,195
$20,835
$(4,654)
$2,027,014
$178,658
$32,178
$(1,066)
$160
$147,386
(1) Amounts represent Federal income tax investment credit applicable to current period's addition of equipment.
Photocopy from George Bush Presidential Library
c
Schedule B
VAIL ASSOCIATES, LTD.
(A Limited Partnership)
SCHEDULE OF DEFERRED DEVELOPMENT AND ADMINISTRATIVE COSTS
FOR THE PERIODS INDICATED (NOTE 1)
Transactions
November 1,
December 20,
Inception of
1962 Through
1961 Through
Predecessors to
Balance
December 15,
October 31,
December 20,
March 31, 1963
1962
1962
1961
ADDITIONS:
General and administrative
costs—
Salaries
$ 75,354
$ 28,327
$ 30,834
$16,193
Advertising, travel and
promotion
53,496
18,143
29,078
6,275
Legal and accounting
services
49,834
19,911
19,483
10,440
Telephone and telegraph
8,366
-
6,554
1,812
Taxes and insurance
7,656
-
5,971
1,685
Office supplies and expenses
7,879
-
4,917
2,962
Rent and utilities
6,247
-
4,787
1,460
Consulting fees
10,219
-
2,098
8,121
Other
14,677
4,746
3,231
6,700
$233,728
$ 71,127
$106,953
$55,648
Losses on camp operations
$ 17,611
$ 6,098
$ 11,513
$ -
Maintenance of facilities prior
to operations-
Trails and slopes
$ 6,650
$ 1,000
$ 5,650
$ -
Ski lifts and terminals
5,430
2,158
3,272
-
Photocopy from George Bush Presidential Library
Other
2,280
55
2,225
-
$ 14,360
$ 3,213
$ 11,147
$ -
Depreciation
$ 21,196
$ 3,644
$ 12,230
$ 5,322
Interest
$ 5,960
$ 1,342
$ 4,618
$ -
$292,855
$ 85,424
$146,461
$60,970
LESS:
Profit on sales of real estate
$ 5,738
$ (7,764)
$ 13,502
$ -
Interest on U.S. Treasury bills
6,381
-
6,381
-
Other income
8,858
5,200
3,658
-
$ 20,977
$ (2,564)
$ 23,541
$ -
$271,878
$ 87,988
$122,920
$60,970
AMORTIZATION
(15,565)
-
-
-
BEGINNING BALANCE
-
183,890
60,970
-
ENDING BALANCE
$256,313
$271,878
$183,890
$60,970
37
5
SCHEDULE B-1
VAIL ASSOCIATES, LTD.
(A Limited Partnership)
SCHEDULE OF DEFERRED DEVELOPMENT AND ADMINISTRATIVE
COSTS FOR THE THREE MONTHS ENDED JUNE 30, 1963
(Not audited)
Transactions
Balance
March 31,
Balance
June 30,
1963 through
March 31,
1963
June 30, 1963
1963
ADDITIONS:
General and administrative costs—
Salaries
$ 75,354
$ -
$ 75,354
Advertising, travel and promotion
53,496
-
53,496
-
Legal and accounting services
49,834
49,834
Telephone and telegraph
8,366
-
8,366
Taxes and insurance
7,656
-
7,656
Office supplies and expense
7,879
-
7,879
Rent and utilities
6,247
-
6,247
Consulting fees
10,219
-
10,219
Other
15,020
343
14,677
$234,071
$ 343
$233,728
Losses on camp operations
$ 17,611
$ -
$ 17,611
Maintenance of facilities prior to operations—
Trails and slopes
$ 6,650
$ -
$ 6,650
Ski lifts and terminals
5,430
-
5,430
-
Other
2,280
2,280
Photocopy from George Bush Presidential Library
$ 14,360
$ -
$ 14,360
Depreciation
$ 20,130
$ (1,066)
$ 21,196
Interest
$ 8,724
$ 2,764
$ 5,960
$294,896
$ 2,041
$292,855
LESS:
Profit on sales of real estate
$ 5,738
$ -
$ 5,738
Interest on U.S. Treasury bills
6,381
-
6,381
Other income
8,858
-
8,858
$ 20,977
$ -
$ 20,977
$273,919
$ 2,041
$271,878
AMORTIZATION
(29,530)
(13,965)
(15,565)
BEGINNING BALANCE
256,313
I
-
ENDING BALANCE
$244,389
$244,389
$256,313
38
VAIL ASSOCIATES, LTD.
(A Limited Partnership)
STATEMENT OF PARTNERS' CAPITAL (NOTE 6)
INCEPTION (DECEMBER 20, 1961) THROUGH JUNE 30, 1963
Original
Additional
General
Limited
Limited
Total
Partners
Partners
Partners
BEGINNING CAPITAL, cash, property
and unrecovered costs paid in by the
partners (Note 1)
$1,279,847
$142,357
$137,490
$1,000,000
ADJUSTMENT of capital accounts to
percentages specified in partnership
agreement
-
134,860
130,253
(265,113)
CHARGES TO CAPITAL:
Underwriting fees
(50,000)
(10,830)
(10,460)
(28,710)
Registration expenses
(21,300)
( 4,615)
( 4,455)
(12,230)
CAPITAL BEFORE INVESTMENT
CREDIT:
Amount
$1,208,547
$261,772
$252,828
$ 693,947
Percent
100%
21.66%
20.92%
57.42%
INVESTMENT CREDIT allowable as a
reduction in 1962 Federal income
taxes
(1,130)
-
-
(1,130)
PARTNERS' CAPITAL,
October 31, 1962
$1,207,417
$261,772
$252,828
$ 692,817
INVESTMENT CREDIT allowable as a
Photocopy from George Bush Presidential Library
reduction in 1963 Federal income
taxes
(87,600)
-
-
(87,600)
NET (LOSS) for the period December
15, 1962 through March 31, 1963
(5,434)
11,455
11,061
(27,950)
PARTNERS' CAPITAL,
March 31, 1963
$1,114,383
$273,227
$263,889
$ 577,267
INVESTMENT CREDIT allowable
as a reduction in 1963 Federal income
taxes (not audited)
(160)
I
—
(160)
NET (LOSS) for the three months ended
June 30, 1963 (not audited)
(146,118)
(26,998)
(26,066)
(93,054)
PARTNERS' CAPITAL, June 30, 1963
(not audited)
$ 968,105
$246,229
$237,823
$ 484,053
The notes to financial statements are an integral part hereof.
39
i
VAIL ASSOCIATES, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1963, AND MARCH 31, 1963
(1) ORGANIZATION OF THE PARTNERSHIP AND ACTIVITIES PRIOR TO
COMMENCEMENT OF LIFT AND LODGE OPERATIONS
Effective December 20, 1961, Vail Associates, Ltd. was formed by the contributions to capital of
cash, property and deferred costs paid in by the partners. The contributions of property and deferred
costs by the general and original limited partners were recorded at original cash costs to such partners,
except for $4,000 in architectural services rendered by an original limited partner recorded at the
issue price (represented by the per share cash consideration paid for stock by other shareholders) of
stock in The Vail Corporation (a general partner) issued in payment for such services.
Development and administrative costs incurred prior to the commencement of lift and lodge
operations on December 15, 1962, have been deferred for amortization over the first 60 months of
operations.
(2) LONG-TERM DEBT
Long-term debt at June 30, 1963, and March 31, 1963, is summarized as follows:
June 30, 1963
(Not Audited)
March 31, 1963
Long-
Long-
Current
Term
Current
Term
a. Ten year bank mortgage loan due in 1972, with
participation by the Small Business Administra-
tion; secured by all real estate and improve-
ments (including property subsequently ac-
quired), subject to prior claims summarized in
item C. below; effective interest rate of 5.65%
payable in semiannual installments, totaling
$60,000 per year for the first five years and
$40,000 per year thereafter. The loan requires
the application of 75% of the proceeds from
real estate sales to its prepayment
$151,787
$306,245
$111,788
$346,841
Photocopy from-George Bush Presidential Library
b. Equipment lease and chattel mortgage notes on
furniture, fixtures and equipment-
1. Note payable due in 1968; monthly install-
ments including interest of $2,496; effective
interest rate 11%
$ 29,952
$107,328
$ 29,952
$114,816
2. Lease purchase obligations; monthly install-
ments of $981 until January 1, 1964, and
$2,718 thereafter; effective interest rate and
carrying charges 14%
4,603
93,521
-
98,124
3. Installment note payable due in 1965 month-
ly installments including interest of $191;
effective interest rate 11%
2,292
1,353
1,813
1,824
4. Installment note payable due in 1963 month-
ly installments including interest of $958;
effective interest rate 11%
2,874
-
-
|
5. Installment note payable due in 1966 month-
ly installments including interest of $80;
effective interest rate 11%
960
1,520
I
-
$ 40,681
$203,722
$ 31,765
$214,764
40
June 30, 1963
(Not Audited)
March 31, 1963
Long-
Long-
Current
Term
Current
Term
C. Other notes payable-
1. 6% mortgage payable; secured by a first
deed of trust on approximately 500 acres of
-
undeveloped. land; annual installments of
$6,500
$ 6,500
$ 39,000
$ 6,500
$ 39,000
2. 7% note payable unsecured; semiannual in-
stallments of $6,250
12,500
31,250
12,500
, 37,500
3. 7% mortgage payable due in 1974; secured
by a first deed of trust on the barracks build-
ing; monthly installments of $156
1,872
10,636
935
11,752
$ 20,872
$ 80,886
$ 19,935
$ 88,252
$213,340
$163,488
The terms of the SBA participation bank loan require prior approval for annual fixed asset
acquisitions in excess of $30,000.
Aggregate principal payments due on long-term debt are:
Four months ending October 31, 1963
$ 12,653
Year ending October 31, 1964
221,022
Year ending October 31, 1965
135,323
Year ending October 31, 1966
137,583
Year ending October 31, 1967
132,016
Year ending October 31, 1968
83,870
(3) CAPITALIZATION, DEPRECIATION AND AMORTIZATION POLICIES
Depreciation and amortization of property and equipment are provided on a straight line basis,
except for certain vehicles and other equipment on an accelerated basis. Estimated lives are as follows:
Photocopy from George Bush Presidential Library
U.S. Forest Service use permit
30 years
Ski lifts--
Gondola
15 years
All other
10 years
Buildings and terminals (main)
20 years
Accessory buildings
10-29 years
Furniture, fixtures and equipment
3-10 years
Trails and slopes
30 years
Roads
30 years
Vehicles
3-5, years
Other property and equipment
2-5 years
Depreciation will be determined on an accelerated basis for tax purposes.
Amortization of deferred costs is provided as follows:
Deferred development and administrative costs
60 months
Prepaid interest and other debt expense
Terms of loans
Organization expense
60 months
41
Deferred development and administrative costs are deducted for tax purposes as incurred.
Maintenance and repairs are charged to expense as incurred. Renewals and betterments are
capitalized. The cost of a unit of property retired will be removed from the property account, the
depreciation previously provided will be removed from the reserve account and the resulting profit
or loss will be treated as income or expense.
(4) LODGE ASSOCIATES, LTD.
Vail Associates, Ltd., expects to invest approximately $153,000 in Lodge Associates, Ltd., from
whom the Partnership leases The Lodge at Vail. The unsecured $64,700 temporary cash advance to
Lodge Associates, Ltd., would be repaid from the proceeds from such investment.
Under the terms of the 25 year lease with Lodge Associates, Ltd., the Partnership has provided
furnishings and equipment for The Lodge and is to pay annual rental of 10% of the cost of The Lodge
(approximating $8,000 monthly) plus various percentages of gross revenues from Lodge operations
in excess of stipulated amounts.
Should revenues be insufficient to cover defined expenses and interest on working capital, Vail
Associates, Ltd., may purchase The Lodge from Lodge Associates, Ltd., at cost.
(5) LAND AND LOT PURCHASE OPTIONS
Two ranch properties comprising 1,000 acres of land were acquired from the general and original
limited partners at inception and were recorded at original cash cost. Pursuant to options granted
to partners which expire on December 31, 1967, approximately 15 acres (in ½ acre lots) have been
sold to partners and another 50 acres were subject to option as of June 30, 1963.
Option prices were:
General partner and original limited partners
$100 per lot
Additional limited partners
250 per lot
(6) PARTNERS' SHARING OF INCOME, EXPENSE AND CASH
Under the terms of the limited partnership agreement 50% of income, expenses and available
cash is allocated to the additional limited partners and 50% is allocated to the general and original
limited partners, except for the following which applied only until the aggregate capital accounts of
the respective partner groups were equalized:
Photocopy from George Bush Presidential Library
a. Expenses of a noncapital nature incurred prior to the commencement of lift operations were
allocated entirely to the additional limited partners.
b. Depreciation and the investment tax credit were allocated entirely to the additional limited
partners.
C. Available cash is distributed entirely to the additional limited partners, except for distribution
to The Vail Corporation of sufficient cash to pay its Federal and state income taxes.
42
(7) SUPPLEMENTARY EXPENSE INFORMATION
Supplementary information with respect to certain expenses is summarized below:
5 Months Ended March 31, 1963
Incurred after 12/15/62
and Charged to
3 Months Ended
June 30, 1963
Land
and Charged
and
Incurred Prior
to Operating
Land
to 12/15/62
Expenses
Develop-
Operating
and Charged to
(Not Audited)
ment
Expenses
Deferred Costs
Total
Maintenance and repairs
$ 2,857
$ -
$30,822
$3,213
$34,035
Depreciation and amortization of
property and equipment
32,178
-
37,460
3,644
41,104
Property taxes
3,720
-
3,725
-
3,725
Rent
22,500
-
26,250
-
26,250
Management and service
contract fees
1,770
3,120
-
8,400
11,520
The amounts and dispositions of payroll taxes are not practicable to segregate from related payroll
expenses.
A reserve for doubtful accounts was established at March 31, 1963, with a charge to expense of
$1,000. There has been no other activity in this reserve account.
(8) SALE OF SUBORDINATED NOTES AND ADDITIONAL
LIMITED PARTNER INTERESTS
Under the terms of this Prospectus and Registration Statement, the Partnership proposes to sell
$600,000 in 6% subordinated notes due November 1, 1973, and $600,000 in additional limited partner
interests. The proceeds from this offering are to be used for repayment of current debt to partners,
investment in Lodge Associates, Ltd., acquisition of land, capital improvements and working capital.
Sinking fund requirements on the 6% subordinated notes for the five years subsequent to October
Photocopy from George Bush Presidential Library
31, 1963, will be as follows
November 1
1964
None
1965
None
1966
$25,000
1967
$50,000
1968
$50,000
43
ail associates, ltd, vail, colorado
January 20, 1964.
To each Limited Partner:
If you have not had an opportunity to visit Vail since the start
of the winter season, I would like to try to bring you up to date
with the current operations.
A number of new additions have been made and business is generally
well ahead of last year at this time, In the new Plaza Building
near the lower terminal of the Gondola, you will find two new shops,
the Vail branch of Aspen's well known Tom Thumb shop and Books 'n
Things, a shop that handles some very beautiful greeting cards,
candies and an excellent selection of books. La Cave, the unique
and exciting new nightspot, is open for lunch, "the dansant" and
in the evening for drinks, dinner and dancing.
The new Vail offices are located in the same building next to Vail
Blanche. The Sports Desk (where you may get your partners' passes
and make arrangements for your ski lessons) as well as the Post
Office, is in the same location as last year, while the regular
ticket office has been moved to the circle next to the Gondola Shop,
Arrangements may be made through the Sports Desk for rides on the
sleigh that travels in and around the village. This same sleigh
is available for night time parties and rides.
Photocopy from George Bush Presidential Library
The Lodge is very pleased with their new Chef and hopes you will plan
to have dinner in the dining room during your stay. The Cafeteria
has been redecorated and is now a most attractive place for breakfast,
lunch and dinner for the entire family.
The Ski School is off to a flying start this year and should be
successful in helping a number of people to learn the new American
Technique. Present gross is better than 50% of the total ski school
income for last season. For the youngsters who have not had enough
exercise on the mountain, there is a small lighted skating rink in
the Plaza next to The Lodge and for the rest of us who are willing
to call it a day, the sauna operates from 5 - 7 p.m. in The Lodge
every day.
Dr. James Garrick, who is on leave of absence from the Mayo Clinic,
is in charge of the Vail Clinic for this winter season. As was the
case last year, they will, be able to examine, X-ray and cast minor
GENERAL PARTNERS: THE VAIL CORPORATION AND PETER W. SEIBERT TELEPHONE: MINTURN 7301
i
- 2 -
fractures and diagnose and take care of most injuries and illnesses.
Patients requiring further care may be taken by ambulance to the
new hospital in Glenwood Springs.
The business in The Lodge is substantially ahead of last year and the
mountain operation is running 2-3 times ahead in volume and approximately
four times ahead in dollar volume, due to a lift rate increase this
season. While business has slowed down somewhat in January, we have
still been able to keep a reasonable occupancy rate, thanks to the
efforts of the Marketing Department who scheduled events for the
first two weekends of this month. The first and most successful was
the ABC Television coverage of the North American Professional
Championships on January 11 and 12. This event was taped and will
be shown on "Wide World of Sports" on Saturday afternoon January 25,
1964 (check your local paper for the exact time).
The opening part of the program will include scenes of the village,
some of Vail's beautiful homes, and panoramas of Vail Valley.
Saturday's race - a Dual Slalom - will show two racers side by
side as they manoeuver through the tricky slalom gates. Sunday's
race - the Controlled Downhill, should include some spectacular
scenes in mid-air over the Giant Steps as the racers occasionally
leave the ground during the downhill. The finish line for both races
was at the base of Adios, near the Gondola Terminal.
One of the features that will make this show stand out among other
televised sports events: an exciting sound pickup, which captured
such sounds as the racer's breathing, his comments at the start; the
flutter of skis on the packed powder sections of the course, and the
Photocopy from George Bush Presidential Library
harsh scrape of ski edges on the steep, icy final schuss.
This is the second professional ski event to be nationally televised
(the first this year). The ABC-TV staff who did the show and have
previewed the tapes, predict that this will be one of the most exciting
ever produced and should receive high ratings in the television industry.
This past weekend, the 1st annual Vets Homecoming Race was held on
the village slopes, thanks to the efforts of our Denver partner Ross
Davis, and Bob Parker. There were about 50 contestants from all parts
of the state and from indications, this could turn out to be a lively
annual event.
The Lodge is pretty well booked for the balance of the season with
the exception of the following dates: the weeks starting January 26
and February 2 and on the dates March 9, 10 and 11 we have 10 rooms
available, 15 rooms available on March 16 and 17 and one suite open
from the 16 - 26 March. March 29 to closing on April 12, reservations
are light.
- 3 -
The Vail Village Inn indicates that they have approximately
the same openings and Rod Slifer tells us that while the houses ,
he rents are booked in March, he has a number of vacancies in
February.
Present skiing conditions are very good and with normal snowfall,
we should have an excellent season. We hope that many of you
will be able to find time to come and ski with us.
Sincerely,
Peter W. Seibert
General Manager
PWS:dm
Photocopy from George Bush Presidential Library
Photocopy from George Bush Presidential Library
file
Bush Library Photocopy
George Bush Handwriting
Photocopy from George Bush Presidential Library
Bringing you
many happy wishes
of the
Bush Library Photocopy
New Year
George Bush Handwriting
File
VAIL ASSOCIATES, LTD.
BRENTWOOD
SAVINGS
AND LOAN
ASSOCIATION
ESTABLISHED 1924
June 9, 1964
Mr. Kennerd P. Perry
Bichop-Perry & Co.
1751 California Street
Denver, Colorado 80202
Dear Mr. Perzy:
Lot 32, Block 7. Vall Village, First Filing
The above lot is filed in my nome. It appears our group will be
unable to exercise its option this year and, therefore, requests that
this lot be released.
Very truly yours,
Photocopy from George Bush Presidential Library
CC: Mr. George W. Buch
Mr. John E. Caulkine
Mr. John Dorgan
EXECUTIVE OFFICES: 12001 SAN VICENTE BLVD. LOS ANGELES, CALIFORNIA 90049 PHONES: 476-2201 879-0970
INSURED
June 9, 1964
Mr. David C. Grimes
c/o Brentwood Savings and Loan Association
12001 San Vicente Boulevard
Los Angeles 49, California
Dear Dave:
As you pointed out in your letter of April 29, our Vail combine
seems to have spread in as many directions as it is possible to
spread.
George Caulkins seems to be advising us to release our option on
lot No. 32 unless we know for sure that we will be undertaking
construction this year, Frankly, at this stage George's suggestion
looks like a good one to no, unless we have a concrete program to
develop our lot this year. Whereas I would be willing to go along
with the majority's desire on development of lot No. 32 or any
other suitable lot, I do not feel I should urge that we plunge
shead since I still have not seen Vail nor do I know precisely how
the Dorgans might be able to use whatever facilities we might
Photocopy from George Bush Presidential ibrary
jointly finance and construct st Vail. In other words Dave, I do
not wish to hold you back, but, on the other hand, I do not wish to
prod you into action either.
I'm very impressed with the fact that you are now EL Presidente:
If you are ever in New York seeking Eastern deposits or chesp Eastern
money, I hope you will give me & ring. Similarly, I hope some day to
give you a call in Los Angeles.
With best wishes.
Sincerely,
JJD:ow
cc: Mr. George W. Bush
Jack
Wonderful Mr. George P. Caulkins, news Jr. don't the lectize you
give cox On & 1 -
LA CAVE CHRONICLE
Elfrida's Mumblings:
The most interesting and exciting event of the last few weeks was
the breakdown of the #2 chairlift. This caused many skiers to be
stranded for an hour or so sitting on the chair. These lucky people
not only had an unsurpassed view of the Gore Range, but also a
completely free ride in a basket down a rope. Their happy smiling
blue- faces told the story of their enjoyable experience, when they
finally reached terra firma. "I've always wanted to be suspended
150 ft. on a rope!" exclaimed Ada Snooks, a housewife from Sioux City,
Iowa. Many visitors expressed similar feelings, including one
from Austria, whose telling comment was
However, all the fun was not over for the fortunate visitors to Vail.
The next day they were able to enjoy the healthy walk from Mid Vail
to the top of the mountain, carrying their own skis, admiring the
members of the ski patrol in their bright red jackets speeding past
them in their snow cats.
Residents in the Vail Snails Condominium noted with interest that
the building had moved another 6 inches towards Gore Creek. If this
amazing rate of progress continues, the building should be partly
submerged by June, thus allowing the residents to enjoy fishing and
swimming from their apartment windows.
While on the subject of water, Mr. Art Belgium and his gallant crew of
water diviners have had to admit failure to find water and have abandoned
their excavation hole 3 ft. from the Gore Creek
Their next job is
to check on the gas and water pipes, which were found to be standing
5 ft. above the recently lowered Row House road.
Photocopy from George Bush Presidential Library
A recent visitor to Vail, Mr. Cecil Powder of Fort Smith, Arkansas,
had a unique experience in the back bowls
he was caught in an
avalanche! He was promptly named "Skier of the Week" and presented
with a souvenir album of photographs taken on the spot by Don Cashew,
to remind him of the happy occasion.
Mid Vail has been in the news recently
a tantalizing odour has been
greeting skiers as they lunch outdoors or schuss down the mountain.
At first it was thought to come from the Mid Vail gourmet kitchens, but
later investigation by Earl Harrow and his men tracked the source to an
underground tank
That well-known man-about-town, William Whitefish, has big plans for
an ice bar at Mid Vail. Together with his friend, playboy of the Western
slopes, Kurt Krumpholder, he has started an operation serving stew and
Swedish crepes suzette, This has caused great consternation amongst
the Big Brothers, but jovial Pete Seeburg told William: "You can
continue this operation provided you do no trade and make no money.
If you start to attract people and make money, we will be forced to
take over. And the best of Chinese luck to you, William!!
- 2 -
A most amusing impromptu party was given by the Hughfitz Stocks at
5 a.m. the other morning in their beautiful new home. Guests were
asked to "Come as you are and bring your own fire extinguisher".
Everyone responded with great enthusiasm, including Ked Tindel, who
squirted his fire extinguisher in Maurice Shep's face. Maurice
gave him a friendly rap in the mouth (a trick learned at the Deli),
and smilingly told him that the fire was in the next room. Everyone
agreed it would be shame to risk harming the new fire engine by
bringing it out of the shed, which turned out to be locked up tight.
All concerned agreed the party was a great success, and plans were
hatched to have a similar one in Dub Bogglesby's Number 13, as soon
as it caught fire or the pipes burst yet again.
Manny Killer was feted at a very original bachelor party just before
his wedding. Hosting the party was suave Michael Spillane, who
had arranged for a most attractive young lady to come up from Denver
to entertain his guests, and from all accounts, this was the party
of the year. Manny tells me that he has a few interesting negatives
taken at the party, that he is sure some of the guests would like
to buy from him.
*
*
Photocopy from George Bush Presidential Library
RED
VILLAGE VIGNETTES
Vol. I, No. 3
March 12, 1964
A HINT OF THINGS TO COME
BRIGHT AND SHINY FACES
A measure of Vail's acceptance in
New faces are always a welcome
the ski world is the constant stream
addition to the community at
of important ski industry people who
Vail. Included among the newest
stop at Vail. Those who were recent-
are:
ly here include Hal Morse, Adv. Mgr.
of SKI magazine; Bob Schneider, from
WARREN PULIS and his family.
SKI FARING magazine; Red Weiss, from
Warren will offer a number of
the B. H. Weiss ski glove manufac-
design services not usually
turing company; John, Verone and
available in a small community.
Wendy Woodward, Sales Manager of A&T;
In addition to designing bro-
and veteran ski reps Barney McLain
chures, folders, letterheads,
and Goody Goodman.
and direct mail pieces, he will
prepare posters and exhibits.
Warren Miller and Dotty are the first
Another service will be the
skiers on the gondola each morning
production of advertisements
in the quest for more and better
and their placement in news-
pictures for next year's movie.
papers and magazines.
With the return of John Jay in March,
all of the major ski photographers
Warren has been in Colorado
will have been here this year, in-
about 20 years, receiving a
cluding Dick Barrymore, Jim Farns-
Bachelor of Fine Arts in Adver-
worth, and Hans Gmoser.
tising Design from the Univ.
of Denver. Much of his experi-
Ski writers visiting this year in-
ence has been obtained while
Photocopy from George Bush Presidential Library
clude Mike Erickson of THE LOS AN-
with the Univ. of Wyoming and
GELES TIMES, genial Alex Katz of
Washington State as a Staff
the CHICAGO SUN TIMES, who liked it
Artist and as a Visual Communi-
SO well during his brief January
cations Specialist.
visit that he is returning in March
with Mrs. Katz. Another is Jim
BARNEY BREWER is the new food
Tomazin of the CHICAGO AMERICAN, who
and beverage manager at the
also plans to return for a second
Vail Village Inn. Well known
visit in March.
at Breckenridge, where he owned
the Barney Bar & Hotelery, he
Other March visitors include a large
has already proved himself at
group from White Stag, doing a series
the Inn. Among his future plans
of publicity, advertising, and cata-
is the possibility he will start
log photos as well as filming TV
a new business at Vail.
commercials with the help of Warren
Miller. McGregor sportswear has
JOE STAUFER, the food and bev-
also been taking a series of adver-
erage manager at The Lodge,
tising photos featuring Vail, with
rejoins us after spending the
the assistance of Merrill Hastings,
fall months at Palm Springs.
publisher of SKIING magazine.
(Cont'd. 2nd column, Pg.2)
(Cont'd, 1st column, Page 2)
A HINT OF THINGS TO ( ME (Cont'd)
BRIGHT AT SHINY FACES (Cont'd)
HOLIDAY magazine's Slim Aarons is
Joe has previously managed the
preparing a story for next fall
Mid-Vail Cafeteria, The Lodge
devoted to the gay apres=ski life
dining room, etc., and already
at Vail. HARPER'S BAZAAR is also
has shown he can put this back-
working on an article, and LIFE is
ground to good use. Joe's wife,
sending one of their top photogra-
Ann, is assisting at the Ski
phers next week.
School desk.
SPORTS ILLUSTRATED writers will ar-
GET ACQUAINTED PARTY
rive next week, also. The trade
Another addition to the busy
magazine, HOSPITALITY, has already
social schedule of Vail skiers
prepared a major article and cover
is the Monday evening cocktail
photo featuring Vail for next fall.
party, starting at 6 p.m. Spon-
Bill Stratton, who wrote the TV com-
sored by The Lodge for Lodge
mercial for Kellogg's featuring "Tony
and other invited guests, it
the Tiger" at Vail, is returning
is also attended by members of
soon, having recovered from a broken
Vail Associates and the Ski
leg in December. He tells us the
School. In addition to the good
commercial will be shown sometime
opportunity for guests to meet
this month, and all next year.
one another, they are also able
On hand this week are representa-
to become acquainted with vari-
ous facilities and services at
tives from Barwick Mills rug manu-
Vail.
facturers, who are going to do one
of their famous on-location ads
SKI SCHOOL HIGHLIGHTS
featuring pretty girls, a Barwick
Among the outstanding instruc-
Rug, and Vail.
tors responsible for the high
reputation of the Vail Ski
CENTRAL RESERVATIONS SERVICE
School are:
A major step forward has been taken
Manfred Schober, who comes to
in the goal of providing accomoda-
Vail from Mt. Alyeska (near
tions to as many people as possible
Anchorage) and from a small
Photocopy from George Bush Presidential Library
at Vail. Guests may now check at
town near Garmisch. This is
one location -- the receptionist
Manfred's second year at Vail.
desk at Vail Associates -- to obtain
During his summers he has made
information about lodging. This may
a number of major mountain
be done by telephone, Minturn 7301,
assaults, including the West
or in person. The receptionist has
Nozak Mtn. in Afghanistan last
up-to-date information on cancella-
tions and vacancies at all Vail
year, and the climb of Mt. Mc-
Kinley on skis two summers ago.
establishments, as well as private
This summer he may teach moun-
homes and apartments available.
tain climbing techniques to
students of the Outward Bound
NEW POST OFFICE HOURS
School near Marble, Colorado.
During the month of March, the Vail
Kurt Giger, from Biel, Switz.
sorting station will be open Monday
joined the staff this season,
through Friday from 9 a.m. to 2 p.m.
with considerable experience
The day's mail is usually sorted by
from teaching in Europe. He
started skiing when only six
noon. Outgoing mail leaves Vail at
years old, and raced until he
9 a.m. each day except Sunday. This
suffered a bad. fall at the age
extension was made possible by Vail
of 20. This summer he will be
businessmen, with the understanding
returning to Berne to teach
a branch post office will be esta.
tennis -- in three different
blished in April.
languages.
EDRENA'S AMB NGS
Vail has truly spread the White Car-
Derek Tennant, all of Barring-
pet for avid skiers from all parts of
ton, Illinois. Mr. and Mrs.
the country, and the reaction is evi-
Angus Peyton of Charleston,
c)
denced by beaming faces on all sides.
W. Va. are staying at Vail Vil-
And judging from the number of pro-
lage Inn, and in their party
fessional photographers and glamorous
are Mr. and Mrs. Andrew Payne,
models popping up all over, we can
Mr. and Mrs. Howard Johnson,
certainly look forward to seeing lots
and Mr. and Mrs. Robert Keane,
of exciting stories about Vail in the
all from Martinburg, W. Va.
future.
Angus was very enthusiastic in
If you happened to notice a tall,good
his praise of Vail; he said he
looking girl buzzing around recently
has skied at Aspen, Zermatt,
with all sorts of professional look-
and in the East, and that, in
ing cameras and wondered just what
his opinion, Vail will someday
she was up to, you will be interested
be one of the outstanding ski
to know it was Betty Baldwin, free-
resorts in the world. (Of
lance photographer from Denver, who
course, we think it has already
was at Vail to take pictures of the
reached that status.) From
homes of Mr. and Mrs. William Warren,
Washington, D. C. came Ed and
Mr. and Mrs. Clayton Dorn, and Mr.
Charlotte Wheeler, to join his
and Mrs. Henry Wood. She was also
brother and sister-in-law from
commissioned by Fitzhugh Scott to
Denver, Dick and Betty Wheeler.
photograph the Christiania, the
The Wheeler brothers are sons
River Chalet, and the Parrish house.
of the late U.S. Senator Burt
Wheeler of Montana, and each
Diane McManus, attractive secretary
has done his bit to keep the
to Bob Parker, is floating around
family name prominently before
with stars in her eyes, and for good
the public -- Ed in the field of
reason. She just received a long
law, Dick in radio.
distance call from Olympic skier-
husband, Rip, who arrived in the
Among the Houstonians who have
East on March 6 from Europe. After
been here recently were Bob
Photocopy from George Bush Presidential Library
the Olympics, he raced for the Army
and Tomy Martin and the Gene
in Switzerland, and on the 20th of
Murphrees, both couples occupy-
this month he will race with the
ing their apartments in the
Olympic team at Winter Park. Rip
Town House.
will be in Vail on the 16th, so we
shall be looking forward to seeing
Weekend guests of the Walter
some top notch skiing!
Tiepels are Mr. and Mrs. Robert
Uihlein of Milwaukee. Schlitz
From all indications, skiers from
beer should be popular at Vail
practically every state in the Union
this weekend -- Mr. Uihlein is
are enjoying our fabulous skiing.
president of the company.
Occupying the McKnight house are Mr.
and Mrs. Richard Vaughan of Wayzata,
One of the gayest parties re-
Minnesota, and Mrs. Vaughan's sister,
cently was the large cocktail
Mrs. Carteret Laurence of Seattle.
supper party hosted by the Dick
Mr. and Mrs. John Bemis of Kalamazoo,
Dobsons and held in the Red Lion
Michigan were recently guests at the
Den. Weezie was very glamcrous
Christiania, as were Mr. and Mrs.
in a sleeveless black velvet
Spencer Moseley, Mr. and Mrs. John
one-piece stretch suit, and
O'Laughlin, Jr., Bruce Pope and
Maude Duke, wife of new Vail
(Cont'd next page)
EDRENA'S AMBLINGS (Cont'd)
CUCKOO CLOCK
director, Ben, was exotic in a shock-
One of our readers reports the
ing pink costume which she acquired
availability of a large cuckoo
on their recent trip to the Far East.
clock, which would make a hand-
Glamorous ankle length skirts shared
some addition to a house or
honors with stretch apres ski pants
lodge in Vail. The clock is
-- blond Gerry Cohen was lovely in
spring wound, in excellent con-
black stretch pants and a very femi-
dition, with beautiful carving
nine white organdy, lace trimmed
and an animated cuckoo.
blouse from Mexico. At a party
given recently for Dr. and Mrs.
The clock is on display at Van
Arthur Andrews (Sandy) Holbrook,
Every Jeweler, 1409 Krameria
debonair Arthur Underwood of Denver,
Street, in Denver. Telephone
in conversation with Sandy, mentioned
355-9025.
that he is a cousin of Ken Perry.
"So am I", replied Sandy, at which
point they looked at each other in
CLIPPING SERVICE
amazement as it dawned on them that
they were related. Sandy, inciden-
Through the various types of
tally, is a "relative of sorts" of
publicity material sent to news-
Fitzhugh Scott's. His delightful
papers throughout the United
wife, May, is a well known landscape
States, Vail receives wide
architect in Milwaukee.
coverage of such events as na-
tional races,
celebrities
Vail Village Inn guests this past
visiting Vail, and many home-
week included a distinguished group
town personages whose photos
from Mammoth Mountain. Don Redmon,
are sent to the local society
Mammoth's manager, was here with
editor.
Mr. and Mrs. Richard Tjomsland, Mr.
and Mrs. James Holland, and Mr. and
Because of the expense of a
Mrs. Robert Pringle. Bob is one of
regular clipping service, it is
Photocopy from George Bush Presidential Library
the ski instructors at Mammoth and
hoped that partners and friends
Mrs. Pringle owns the Mountain Shop
of Vail will pass along as
there. Aspen, too, was represented
many clippings as possible to
by Pat and Ginny Henry, genial pro-
Vail Associates.
prietors of the Prospector Lodge,
Kay and Roy Reid, and Jackie and
NEW TRAIL MAPS
Bob Green.
Colorful silk screen trail
maps are now available of Vail's
On any ski slope, one always finds
north or south slopes from Vail
doctors lawyers merchants chiefs
Associates.
--and right now we have at Vail a
member of the intelligentsia, John
Mounted on 3/4 inch plastic-
Fey, President of the University of
treated plywood, the 4 foot by
Vermont at Burlington. Good skiing
4 foot panels can be installed
to you, Mr. Fey --- and to all you
indoors or out. They are the
other nice people who have come from
best possible guides to the
far and near to enjoy the delights
mountain.
of Vail.
ail associates, ltd, vail, colorado
December 17, 1963.
To each Limited Partner
On Saturday December 14 Vail opened the lifts for the second
season of operation. Present plans call for daily operation
until Sunday April 12, 1964
Thanks to the Ute Indians who held their first annual Snow Dance"
at Mid Vail last weekend, we now have fair to good skiing on the
upper slopes from the top to bottom via Rams Horn, Git Along and
Bear Tree.
The Ski School has completed their annual clinic, idevoted to the
adoption and practice of the new American Technique. The change
has been enthusiastically received and the Ski School looks just
great as they go zooming by
We have been fortunate enough, thanks to the efforts of Dr. Al
Uihlein, to be able to retain Dr James Garrick of the Mayo Clinic
for this winter, so that we will be able to treat everything from
'sniffles" to mountain accidents. Mr. Hankamer, a Houston partner
of Vail Associates and General Partner of the Vail Village Inn,
has agreed to rent an apartment to the doctor for this winter
season, and thereby answering another difficult housing problem.
Photocopy from George Bush Presidential Library
During your stay at Vail this winter, you will not only see new
buildings and improvements, but we hope you will enjoy the small
ice skating rink next to The Lodge, the sleigh rides and taxi
service, the new boite de nuit" (La Cave) and the weekly ski
school parties at Mid-Vail.
Best wishes for a Merry Christmas and a Happy New Year,
Sincerely,
later
Peter W. Seibert
General Manager
P.S. May we remind you to please send in the photos for your
pass cards. These cards, with photo, will be mandatory this season,
so that we may effect a tighter control over the issuance of lift
tickets.
GENERAL PARTNERS: THE VAIL CORPORATION AND PETER W. SEIBERT TELEPHONE: MINTURN 7301
J.J. DORGAN
P.O. Box 2197
HOUSTONM TEXAS
1 September 1963
Mr. David Grimes
Vice President
Republic National Bank
Dallas, Texas
Dear Dave:
Sorry to be so long in replying to your en-
couraging report on Vail; it made a strong impression
on us. We are basically interested in the arrangement
you described, particularly if we could do the type of
financing mentioned in your letter George Bush and I
had a very brief conversation shortly before I left
Houston to move to New York. Both of us would like a
little more information, if any is available, regarding
the commercial possibilities. For example, what rental
incomes might we expect? How much of the year could the
house be rented? And what is the risk that rental in-
come would not cover expenses, such as taxes, maintenance,
and utilities.
Photocopy from George Bush Presidential Library
Without ever having seen Vail it appears that
the lot on which we have an option is 2 good one. We are
certainly grateful for your report and efforts on our
behalf.
Best wishes
Sincerely
Original Signed:
+ DORGAN
JJD:nm
cc: Mr. George H. W. Bush
ski country u.s.a - vail colorado
August 28, 1963
To Each Limited Partner
In spite of a rather cold and rainy August, the
1
tourist trade on the Gondola has increased along with the
limited, but nevertheless excellent Lodge operation We
can safely say that the lessons that we have learned, if
proper applied next season, should result in substantial
improvement next summer
A few snow flakes have fallen on the top of the
mountain during the last week and from all indications,
there appears to be a definite break in the drouth that
has plagued this part of the country for the last year
Reports from the various lodging facilities indicate that
only a few isolated rooms are available for the Christmas
season and that reservations are coming in very well for
the balance of the season.
For those of you who would like to hunt in the area
surrounding Vail and do not wish to camp out, The Lodge,
The Vail Village Inn and The Night Latch will be open
during this fall and can recommend some first rate One
Photocopy from George Bush Presidential Library
day hunting trips As you will notice in the enclosed
Guide to Colorado Hunting, Vail is well within the area
where two deer may be taken between October 17 and November 7
and that one antlered elk may be taken during the same
period. Unfortunately, Vail is notiset up with a regular
pack and guide service for this fall, so can only recommend
the rather limited trips this fall Please let us know
if you would like to visit Vail during the coming big game
season
Many questions have been raised during the last year
regarding the construction of a golf course It would
be helpful to us if we could get the answers to the fol
lowing questions
1. Do you consider a golf course to be a
necessary part of your family vacation
plans?
as
-2-
2. In your experience (gentlemen) do you
find a golf course absolutely necessary
when planning conventions or group
meetings?
3. Would you be interested in helping to
kick off a membership drive that might
be instrumental in getting the construc-
tion of a golf course underway? Your
help might be in the form of a life mem-
bership with no dues for five years.
Your answers to these questions as well as any
suggestions pro or con, that you might have regarding
golf at Vail would be very helpful at this time.
Sincerely
Peter W. Seibert
General Manager
PWS/gt
Photocopy from George Bush Presidential Library
REPUBLIC NATIONAL BANK
OF DALLAS
CAPITAL AND SURPLUS $114,000,000
DALLAS 22. TEXAS
DAVID C. GRIMES
VICE PRESIDENT
August 12, 1963
Mr. George H. W. Bush
Zapata Off-Shore Company
1701 Houston Club Building
Houston, Texas
Mr. Jack Caulkins
33 Willow Lane
Grosse Pointe Farms 36, Mich.
Mr. John Dorgan
Continental Oil Company
Continental Oil Building
Houston, Texas
Re: Vail Associates, Ltd.
Dear Poppy, Jack and Jack:
Photocopy from George Bush Presidential Library
Sue and I and the kids spent a couple of days at Vail in July and wish to
bring you up to date on developments there. I am enclosing a plat of
the village to help you get some perspective.
The village has come along beautifully. I am sure you are aware of the
construction of the lodge, inn, and various commercial buildings, and
there must be at least a couple of dozen private homes already built with
something like that number under construction or planned for completion
by next year. We were terrifically taken by the place--it is absolutely
beautiful in terms of scenery, offers what we consider a delightful sum-
mer spot with the usual opportunities for recreation, and is quite obviously
a superb skiing area. Financially, I get the impression from casual con-
versations with George Caulkins and Keith Brown that the development of
the village has exceeded their expectations, and you know, of course, of
the additional issue which has been filed with the S.E. C. For your refer-
ence, this is the third filing on lots and involves the area to the west on the
accompanying plat which will be subdivided for homes.
UBLIC NATIONAL BANK OF DALLAS
Messrs. Bush, Caulkins, and Dorgan
- 2 -
August 12, 1963
To the east of the plat is property which will be subdivided for sale at $10, 000
to $12, 000 per lot, these to run along the fringe of the projected golf course.
The Gore Range is to the east, and this is the spectacular view, which explains
why the lots on the eastern end of the plat and particularly those around the
circle near the bottom were filed on first. These have a little elevation over
the village, which is just to the west, roughly in the right-hand third of the plat.
The prospectus covering the new issue goes into this description and supple-
ments the descriptive material you have received in the past.
Virtually all of the lots south of Gore Creek through the second filing have
been taken by limited partners. During our visit there, however, lot No. 32,
as outlined in red on your plat, was released, and it appeared after inspection
by us, as your "unelected representatives", that this was not only a desirable
lot from the point of view of scenery but was also the only one left within easy
walking distance (some five city blocks) from the center of the village. It ex-
tends from the Forest Road down to the Beaver Dam Road, and you will notice
all lots west of it are split in half. This gives us the advantage of entry from
either road, as well as a large lot, and it has sufficient elevation to get a view
of some of the Gore Range (subject to Suzy stealing out at night and chopping
down a few pine trees): It is also right above Gore Creek, which is a swell
fishing stream.
Before anyone has a seizure, let me explain that we now control this lot, but
we have no commitment as far as building is concerned, according to my under-
standing. We can relinquish it without penalty. There are no other lots to the
east closer to the village with the possible exception of one, which is down on a
low level, really somewhat below the main village, and right on the main road.
Photocopy from George Bush Presidential Library
This did not appear desirable to us.
As far as we can tell, the theory of building at Vail combines personal occupa-
tion with rental to others when not occupied by the owners. A number of houses
have been designed with the commercial purpose in mind, and some believe
proximity to the village enhances this aspect. We believe however, that this
lot affords a pretty good cross-section of advantages, and it was about the only
thing left without considering going farther west under the third filing. We hope
some of you will have the chance to go out to see this, because, obviously,
everyone's agreement is desirable.
Building costs at Vail run $15 per square foot or less (a lot depending upon the
season of the year when construction is done). Winter is much more expen-
sive. Several homes there have been designed for two-family occupancy, and,
in a general way, this appears feasible to us inasmuch as it seems doubtful if
all of our four families would or could appear on the scene at the same time.
REPUBLIC NATIONAL BANK OF DALLAS
Messrs. Bush, Caulkins, and Dorgan - 3- -
August 12, 1963
at
Most homes involve master bedrooms for the parents and double bunk rooms
for the children. Here again, this appears to fit commercial considerations
as well as personal. All construction is subject to approval by a building
committee whose general philosophy of architecture is one combining a touch
of the mountain rustic with modern. They are shying away from too much
gingerbread Swiss as well as from ultra modern monstrosities. It seems to
me that with our several liability, perhaps 1/5th to 1/6th equity, and a reason-
ably practical building plan, our group could put up next year a very good two-
family building suitable for rental in the range of $25,000 to $30,000. There
will be some cheaper homes. Probably most are more expensive. Vernon
Taylor, Jr., is building quite a place--I am told it will run $200, 000.
The point of this letter is to whet your appetite and to let you know our initial
impressions. We are extremely enthusiastic about this. The place is a knock-
out, a splendid spot in either summer or winter for a family. Let me know
your reactions.
Best regards,
Dave
DCG/ms
encls.
best to Bar !
Photocopy from George Bush Presidential Library
Northwest Corner
Section 7
UNPLATTED
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140.00
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Photocopy CREEKS from George Bush Presidential Library
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Photocopy from George Bush Presidential ibrary
N80 00' W
associates, ltd, vail, colorado
June 12th, 1963
Dear Mr. Bush
In spite of the sub-normal snow conditions that existed during
the early part of last winter and the resulting poor business
during the months of December and January, the General Partners
of Vail Associates Ltd. have been quite pleased with the first
season's operation. The area was very well received by the
skiing public and, during the latter part of the winter, the
facilities demonstrated real earning power. Preliminary figures
from the Forest Service for the period ending March 31, 1963
indicated that Vail logged 48,617 man-ski-days, the fourth
largest attendance in the state, exceeded only by Aspen, Winter
Park and Loveland. During the last half, of February and most
of March the hotel operated at near capacity.
1. Ski Lift Operations. Revenues from ski lift operations
for the first winter ($178,824) exceeded operating expenses
($96,486) by, $82,338. Unfavorable weather conditions
resulted in a late season and poor skiing until February 1.
The results of operations during February and March were
gratifying. All equipment worked satisfactorily and the
personnel efficiently. We are satisfied from our experience
during the first winter season of operation that Vail's
facilities offer better skiing than any other in the state.
2. Hotel Operations. The operations of The Lodge at Vail were
not satisfactory in our opinion. Although they continued
to show improvement during the season and ended with a profit
Photocopy from George Bush Presidential Library
of almost $10,000 for the month of March, operating expenses
for the over-all period exceeded revenues by $36,025. Except
in January occupancy rates were satisfactory but operating
ratios showed room for improvement. We believe that signi-
ficant improvements can be made in this area. In line with
this I am enclosing a basic guide that will be followed by
the new hotel management. We have been looking for someone
to replace Mr. Faller, the Manager of The Lodge last season,
since April and after a good deal of investigation and many
interviews with well recommended people, we have virtually
decided to employ two men (Manager and Assistant Manager)
who have had many years of experience at Yosemite National
Park.
3. Ski School. Ski School revenues equaled expenses. Better
promotion and a modification of the school's technique should
improve this department.
GENERAL PARTNERS: THE VAIL CORPORATION AND PETER W. SEIBERT. TELEPHONE: MINTURN 7301
- 2 -
4. Real Estate. Demand for real estate at Vail has far
exceeded our expectations. With virtually no promotional
effort, revenues from real estate exceeded expenses by
$105,777.
During the past year Mr. Keith Brown, Secretary of the
Vail Corporation, has been extremely helpful in handling
many land use problems as well as the general questions
of prospective buyers of real estate. We are very
fortunate that Keith had the time to devote to this area,
but now that the Vail operation has become more settled
and we have the personnel available to handle the various
departments, we will be able to consolidate the management
here at Vail.
Rod Slifer will be in charge of real estate sales, as well
as acting as building inspector for the architectural
control board. Rod reports that thirty to thirty-five
houses and two groups of row houses will be built this
summer on lands platted by Vail. Other houses will be
built on lots that have been sold in two sub-divisions
located in Gore Creek Valley east and west of Vail.
Commercial buildings to be built in Vail Village include
a row of shops and apartments being built by Dick Hauserman
this building will help to create Bridge Street as
the main shopping street and also enclose the east side
of the plaza or court yard. A new lodge has been started
by Ted and Ann Kindel of Grand Rapids. The Kindels have
moved to Vail and will operate "The Christiania Lodge"
(approximately 25 units) this coming winter. This
construction, plus a clinic and possibly some staff
housing, will just about complete the building picture
Photocopy from George Bush Presidential Library
for this season.
The village area has been landscaped -- the tree planting
and lawn seeding are beginning to make a great improvement
in the general appearance of the area.
Plans are being worked out for the lease of 320 acres of
high country ranch land about eight miles north of Vail.
village. This property controls Piney Lake and enough
surrounding land to allow Vail to operate a first rate
riding, fishing and hunting camp surrounded and protected
by National Forest lands.
5. General and Administrative and Advertising and Promotional.
Expenses in this category were high, as might be expected
during the first year of operation. Expenditures in the
Public Relations area have been highly productive but can
be reduced in future years. We had more than usual
difficulty in establishing an effective accounting depart-
ment. Fortunately, our overall program has slowed to the
point where we can now reorganize this problem area and be
- 3
in a position to get a fresh start this summer. On
May 21st, Mr. Richard Bohr, formerly a Vice President
and Treasurer with The Cleveland Institute of Electronics,
joined the Vail staff. Mr. Bohr will be acting in the
same capacity with Vail Associates and will be in a
position to help Vail with many of its immediate accounting
problems as well as its long range financial planning.
6. Summer Program, 1963. Many large, well located highway
signs:will be in place by June 20th. The Gondola will
start operating for summer passengers on June 22nd and
will run until Labor Day weekend. Thereafter, the lifts
will operate weekends only throughout the fall foliage
season.
The Lodge is open on a limited basis (rooms only) and will
remain open as business warrants through the summer season.
The Vail Village Inn, open the year around, offers lodging,
restaurant, bar, dancing and heated swimming pool. Also,
open this summer is the dormitory-style Night Latch Lodge,
as well as a number of private homes available for rental.
In the village, a drug store, delicatessen and liquor store
as well as a sport and gift shop and the Red Lion restau-
rant provide further facilities for summer visitors.
Recreational activities include swimming, horseback riding,
pack and jeep trips, and river trips in the Colorado River
canyon country. Nearby Gore Creek and the Eagle River, as
well as high mountain lakes, offer some of Colorado's
finest trout fishing. Planned for this fall are hunting
trips into relatively untouched deer and elk country in
the rugged Gore Range.
Photocopy from George Bush Presidential Library
Should you plan to visit Vail this summer to inspect your
house construction, or to just relax and enjoy the mountains,
please let us know when you plan to arrive and what your
accommodation needs will be.
7. Expansion Program. The expansion plans that had been
deemed desirable and economically sound for this summer's
construction program have been postponed until next season,
as the necessary funds that were to be derived from the sale
of the new offering would have not been available in time to
allow placing the orders for equipment. This gives us the
opportunity to effect certain policy changes and generally
tighten up the overall management picture so that we may
go into our next year well set to make the anticipated
expansion. A copy of the prospectus describing the new
offering of additional limited partnership interests will
be sent to each partner as soon as they are off the press.
Please do not hesitate to get in touch with us if you have
any questions regarding Vail.
Sincerely,
Peter Seibert, General Mgr.
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 516-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2, COLORADO
PETER W. SEIBERT
244-8667
February 9, 1963
TO EACH ORIGINAL AND
ADDITIONAL LIMITED
PARTNER OF VAIL
ASSOCIATES, LTD.
Dear Partner:
Enclosed please find two copies of the First
Amended Partnership Agreement of Vail Associates, Ltd.,
which reflects the changes necessary to admit Additional
Limited Partners who will contribute $300,000 of addi-
tional capital and to allocate to the Additional Limited
Partners the credits made available under SEC. 38 and
related provisions of the Internal Revenue Code of 1954,
concerning investment in certain depreciable property.
The Securities and Exchange Commission has
requested that the First Amended Partnership Agreement
be executed by all existing partners prior to the time
the Offering Circular describing the proposed offering
Photocopy from George Bush Presidential Library
will become final. For this reason time is of the
essence. Please be good enough to execute and return
promptly in the enclosed stamped envelope one copy of
the Agreement, retaining the other copy for your files.
Very truly yours,
Peter W. Seibert
bp
Withdrawal/Redaction Sheet
(George Bush Library)
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
CLASS.
AND TYPE
01. Legal
Legal agreement containing financial information
n.d.
C
Agreement
related to investment (20 pp.)
COLLECTION
George Bush Personal Papers
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FILE LOCATION
Vail Associates, Ltd. [1961-1964] [2 of 2]
OA/ID Number
Date Closed
10/20/99
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
P-1 National Security Classified Information [(a)(1) of the PRA]
F-1 National security classified information [(b)(1) of the FOIA]
P-2 Relating to the appointment to Federal office [(a)(2) of the PRA]
F-2 Release would disclose internal personnel rules and practices of an
P-3 Release would violate a Federal statute [(a)(3) of the PRA]
agency [(b)(2) of the FOIA]
P-4 Release would disclose trade secrets or confidential commercial or
F-3 Release would violate a Federal statute [(b)(3) of the FOIA]
financial information [(a)(4) of the PRA]
F-4 Release would disclose trade secrets or confidential or financial
P-5 Release would disclose confidential advise between the President and
Information [(b)(4) of the FOIA]
his advisors, or between such advisors [a)(5) of the PRA]
F-6 Release would constitute a clearly unwarranted invasion of personal
P-6 Release would constitute a clearly unwarranted invasion of personal
privacy [(b)(6) of the FOIA]
privacy [(a)(6) of the PRA]
F-7 Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed of gift.
F-8 Release would disclose information concerning the regulation of
financial institutions [(b)(8) of the FOIA]
F-9 Release would disclose geological or geophysical information
concerning wells [(b)(9) of the FOIA]
associates, ltd, vail, colorado
February 6, 1963
NEWSLETTER:
After six weeks of operation we are very pleased to report that many of the
problem areas that existed during the early days have been smoothed out and
we are now able to spend time with basic organizational policies that should
always come under careful scrutiny once the initial shakedown is complete.
The most important question appears to be the value of the American plan
style of hotel operation as opposed to the more flexible European plan.
Chances are good that both plans will be offered for the balance of this
season. Next spring this first seasons operation will be considered and a
definite pattern established for the future.
The Gondola lift has operated daily since December 10th with a minimum of
down time and it appears that maintenance of the equipment will be in line
with our estimates. During a recent storm the Gondola cars were not adversely
affected by the winds and we were able to run at capacity throughout the bad
weather. The chair lifts have had minor electrical and control problems
and some difficulty with the telephone line during a period of stormy weather
but these problems have been worked cut and both the Riblet double chair lifts
are now operating at their rated capacity.
The Vail Ski School is one facet that needs encouragement and help to get
Photocopy from George Bush Presidential Library
it launched and to make it well known. Morrie Shepard and an excellent staff
are eager to show off the mountain and to help our guests ski it in style but,
should trouble arise, Dr. Jacobson of the newly formed Vail Clinic and a
very strong and reliable Ski Patrol crew are ready to take care of accidents.
Larry Burdick, owner of the Red Lion Inn, has informed us that the Inn will
be open for business this next weekend. The Red Lion, a most attractive
addition to Vail Village, will offer drinks and meals in their upstairs room
and beer for the younger set in their cellar. The Vail Village Inn, the
Lodge, Vail Blanche, the Gondola Shop, the Rucksack (drugstore) and delica-
tessen and liquor store are all well stocked and in operation.
Plans and proposals for additional lodging, shops and restaurants are
numerous and for the most part well conceived. Next summer the construction
of new homes and commercial ventures should easily equal what was accomplished
during this past building season and, we hope, exceed it in the area of
medium priced accommodations.
GENERAL PARTNERS: THE VAIL CORPORATION AND PETER W. SEIBERT TELEPHONE: MINTURN 7301
2
Recent snows have put the entire mountain in excellent condition and we are
finally getting glowing reports from numbers of entbusiastic skiers who
promise to circulate the word that Vail is one of the greatest places they
have ever skied. These tesrimonials, improved snow conditions and a reservation
board that looks good for the balance of the season makes us all very confident
that we can successfully complete what started out to be an unusually poor
ski season.
We hope that all our partners will have time to visit Vail this winter and
enjoy the accommodations and slopes that their backing and patience have made
possible. Should you not already have reservations but plan to be at Vail
this season I would suggest that you contact us as soon as your plans are
firm. In the meantime we will keep you informed as to snow, weather, events,
etc.
Best regards,
Peter
General Manager
P.S. The Feb. 9th Saturday Evening Post has an excellent photo of Vail
plus some kind words.
PWS/irb
Photocopy from George Bush Presidential Library
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 516-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2, COLORADO
PETER W. SEIBERT
244-8667
December 3, 1962
Dear Partner:
As a partner in Vail Associates, Ltd., you are
entitled to designate certain persons who are to enjoy free
lift privileges. This letter describes the manner by which
such designations. are to be made and the rules governing the
enjoyment of these privileges.
Each ADDITIONAL LIMITED PARTNER who has purchased
a $10,000 partnership interest has the choice of designating
either:
(1) the partner and his or her spouse, and each
minor child of such partner, born to or adopted, legally or
otherwise, by the partner and the designated spouse. The free
lift privileges of the designating partner and his spouse are
effective during the lifetime of the holder. The privileges of
a minor child expire when such child becomes 21; or
Photocopy from George Bush Presidential Library
(2) four natural persons, one of whom may be the
designating partner but none of whom need be related to the
designating partner. The rights of a designee in this class
shall be effective for the lifetime of the designee. A corpora-
tion may not be designated as a holder of a free lift privilege,
although as a partner it may designate such holders.
A partner who owns less than a $10,000 interest in
Vail Associates, Ltd., is entitled to designate one person of
the class described in Paragraph (2) for each $2,500 invested.
The right to designate a holder of free lift privi-
leges may be exercised at any time prior to December 31, 1967,
except that a partner may designate his or her qualified minor
child at any time. Designations once made are irrevocable.
The right to designate a holder of free lift privileges may be
assigned to the extent that such right has not already been
exercised by the assignor.
The free lift privileges once vested are not trans-
ferable and expire with the death or age 21, as the case may
be, of the beneficiary. Vail Associates, Ltd., reserves the
right to revoke the free lift privileges of any holder if he or
she transfers or attempts to transfer in any way its benefits
to a non-designated person.
We are enclosing herewith a form letter addressed to
Vail Associates, Ltd., for the purpose of identifying the persons
you wish to designate as holders of free lift privileges. Please
fill out and return this letter at your earliest convenience to
our Vail address.
A list of holders of free lift privileges will be
maintained at the Vail ticket office. Each holder will be required
to identify himself and sign a guest roster to obtain daily lift
tickets.
If you have any questions about this matter please do
not hesitate to contact Peter W Seibert, General Partner, Vail
Associates, Ltd., Vail, Colorado.
Very truly yours,
Photocopy from George Bush Presidential Library
VAIL ASSOCIATES LTD.
Peter W. Seibert,
A General Partner
bp
Enclosure
Vail Associates, Ltd.
Vail, Colorado
Gentlemen:
I desire to designate the following persons as
holders of free lift privileges:
Relation-
Birth
Name of
Residence
ship to
Date of
Designee
Address
Partner
Minor
Sex
Photocopy from George Bush Presidential Library
Please be kind enough to issue identification cards
for the foregoing persons to enable them to obtain free lift
tickets.
Very truly yours,
Date:
VAIL ASSOCIATES. LTD.
SUITE 516-1700 BROADWAY
GENERAL PARTNERS:
DENVER 2, COLORADO
THE VAIL CORPORATION
244-8667
PETER W. SEIBERT
October 24, 1962
George Bush Bush Handwriting
Library Photocopy
TO ALL LIMITED PARTNERS
OF VAIL ASSOCIATES, LTD.,
AND THEIR ASSIGNS
MAILENOV.2. Did Tw For address 1962ubsch nx Just
Dear Partner:
Vail Associates, Ltd. (Vail) proposes to
increase its capitalization through the sale of $300,000
Additional Limited Partnership Interests in units of
$10,000 each (Units). Under the terms of the Partner-
ship Agreement of Vail Associates, Ltd. (Partnership
Agreement) and Colorado law, this increase requires the
consent of each of the partners.
The purpose of the increase is to provide
additional capital for the following purposes:
Construction costs of lower and
midway terminal facilities in
excess of amounts available in
original budget
$ 48,000.00
Photocopy from George Bush Presidential Library
Additional advertising expense
10,000.00
Additional snow vehicles
10,000.00
Additional ski patrol equipment
including two-way radio
4,000.00
Additional work on roads, parking
and village square
11,000.00
Maintenance shop and barracks
for employees
8,000.00
Limited Partners of Vail
Associates and Their Assigns
October 24, 1962
Page Two
Investment in limited partner-
ship interests in Lodge
Associates, Ltd.
45,000.00*
Investment in subordinated debt
securities of Lodge Associates,
Ltd.
70,000.00*
Down payment on lease of furnish-
ings and equipment for The
Lodge, Cafeteria and Midway
21,000.00
Pre-operating costs of The Lodge,
including salaries
15,000.00
Working capital for The Lodge
40,000.00
Cost of selling the new units
.....
8,000.00
Contingencies
10,000.00
TOTAL
$300,000.00
Photocopy from George Bush Presidential Library
*The aggregate investment in securities of Lodge Associ-
ates, Ltd. by Vail Associates, Ltd. will be $115,000, of
which approximately $65,000 from these funds will be ex-
pended in the construction of a cafeteria to be located
adjacent to the lower lift building and connected with
and served by the hotel kitchen. The balance of these
funds approximating $50,000 will be used to meet costs
incurred in the construction of the building in excess
of the original fixed bid.
These new facilities and working capital are
deemed necessary, in the opinion of Management, to meet
the increased demand for service now anticipated at Vail.
This increased demand has resulted in part from the con-
struction of real estate improvements at Vail by its
partners and others. It is estimated that overnight
Limited Partners of Vail
Associates and Their Assigns
October 24, 1962
Page Three
accommodations for between 450 and 500 persons will
have been constructed at Vail by December 1, 1962.
This volume of housing had not been anticipated until
the third year of operation.
In the opinion of Management it would be
imprudent to defer the expenditures described above.
Of the funds described in the Prospectus
dated August 17, 1961, $160,000 was budgeted for work-
ing capital. The proceeds from the above described
offering will add $40,000 to these funds enabling Vail
Associates, Ltd. to commence operations with $200,000
in cash for working capital purposes.
Although no provision is made therefor in
the Partnership Agreement and although Management has
received indications that it can sell all of the new
Units to be offered to persons who are not now partners
of Vail, it believes that each existing partner should
be given the opportunity to subscribe to the new securi-
ties.
The price at which the new Units will be
Photocopy from George Bush Presidential Library
sold and the rights and liabilities of the new Additional
Limited Partners will be substantially the same as those
contained in the offering made by the Prospectus dated
August 17, 1961, filed with the Securities and Exchange
Commission, except that the proportionate ownership of
capital of each partner will be reduced because of the
increase in number of partners. Management feels that
the increase in assets resulting from the addition of
the proceeds of the proposed offering will offset the
dimunition in the proportionate interests of existing
partners.
Limited Partners of Vail
Associates and Their Assigns
October 24, 1962
Page Four
The effect of the new issue upon the
capital ratios of the partners is summarized in the
following table:
Value
Resultant
of
Capital
Contributions
Ratios
General and Original
Limited Partners
$ 741,500
36.32%
Additional Limited
Partners
1,000,000
48.98%
Further Additional
Limited Partners
300,000
14.70%
$2,041,500
100.00%
A statement of partners' capital from the
inception of the partnership through October 31, 1962,
and pro-forma entries showing the sale of the new Units
Photocopy from George Bush Presidential Library
is attached as Exhibit A. After the reductions in the
capital accounts of the Additional Limited Partners
which will result from the special allocation of depre-
ciation and certain other expenses, each Additional
Limited Partnership interest costing $10,000 will
represent a .4348 percent interest in the partnership.
A Notification Form 1-A under Regulation A
has been filed with the Regional Office of the Securities
and Exchange Commission in Denver, Colorado. A copy of
the Offering Circular filed as an exhibit to the Noti-
fication will be forwarded to you as soon as the filing
is in full compliance with the requirements of the S.E.C.
Please be kind enough to execute the en-
closed form of Consent to Amendment to Partnership
Limited Partners of Vail
Associates and Their Assigns
October 24, 1962
Page Five
Agreement (Consent) and return it in the enclosed
stamped envelope. Also please advise us on the en-
closed form if you wish to subscribe to the new issue
and the amount you wish to subscribe.
If you have any questions please call or
write promptly. We urge that you send your Consent
immediately to enable us to complete this financing
with dispatch.
Yours very truly,
VAIL ASSOCIATES, LTD.
By Poter W Sabers
Peter W. Seibert,
A General Partner
bp
Enclosures
Photocopy from George Bush Presidential Library
VAIL ASSOCIATES, LTD.
STATEMENT OF PARTNERS' CAPITAL
INCEPTION THROUGH OCTOBER 31, 1962
AND PRO FORMA ENTRIES ON NOVEMBER 1, 1962
Original Additional New
General
Limited
Limited
Limited
Total
Partners
Partners
Partners
Partners
BEGINNING CAPITAL,
contributed to the
partnership
$1,279,848 $142,357 $137,491 $1,000,000
ADJUSTMENT, to adjust
capital accounts to
percentages specified
in partnership agree-
ment
-
134,860
130,253
(265,113)
CHARGES TO CAPITAL:
Underwriting fees
(50,000)
(10,830)
(10,460)
(28,710)
Registration expenses
(21,300)
(4,615)
(4,456)
(12,229)
ENDING CAPITAL, October 31,
1962:
Amount
$1,208,548 $261,772 $252,828 $ 693,948
Percent
100%
21.66%
20.92%
57.42%
PRO FORMA ENTRIES,
reflecting admission of
30 new limited partners
Photocopy from George Bush Presidential Library
on November 1:
Amount contributed to
capital
300,000
$300,000
Registration expenses
(8,000)
(8,000)
Adjustment of accounts
to agreed capital
ratios
15,529
14,870
41,020
(71,419)
CAPITAL AT NOVEMBER 1,
1962:
Amount
$1,500,548
$277,301
$267,698
$ 734,968
$220,581
Percent
100%
18.48%
17.84%
48.98%
14.70%
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 516-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2, COLORADO
PETER W. SEIBERT
244-8667
Vail Progress Report, August 30, 1962
With the Labor Day Weekend already upon us, we are entering
into the last half ofour construction program. The first three
months of work have been substantially aided by dry, warm weather,
SO that we are now certain that the ski facilities will be in
operation by the latter part of November.
Here is the box score on mountain operations at this time:
BELL GONDOLA LIFT: All towers erected and aligned, struc-
tural steel work started in the upper terminal building, lower
terminal structural steel erection to start on September 20th,
and the cable stringing scheduled to start on October 1st along
with the final machines, electrical and telephone installations.
Testing will take place in early November.
NUMBER 2 LIFT: (Double chair from midway to summit) Complete
except for cable splicing and chair hanging.
NUMBER 3 LIFT: (Double chair from summit to Two Elk Creek)
Foundations are complete. Schedule calls for tower erection and
cable stringing to be completed by September 15th.
Photocopy from George Bush Presidential Library
BEGINNERS LIFT: Ready to operate.
TRAIL & SLOPE CLEARING: 95% complete.
SKI PATROL WORK: All phone lines installed, shelters built
and in place, and work started on signs, tobaggans and training
of patrol personnel.
As you learned from the recent Planning & Architectural
Control Committee report, the building activity in the valley
is ahead of even the most optimistic projections. At this time
we feel that all key buildings will be completed for the
Christmas season.
Somehow, the committee's report failed to mention the Vail
Village Inn, the most important single contribution to be made
by a group of investors other than VAIL ASSOCIATES or LODGE
ASSOCIATES, during this vital first season. The Vail Village Inn
is designed as a luxury motor hotel, and is located on the
Vail Progress Report, August 30, 1962
Page, - 2
highway at the main entrance to Vail. The Inn will have 52 units,
full dining and bar facilities, a rathskeller, and swimming pool.
A Conoco gas station will be part of the overall complex.
Needless to say, we are extremely fortunate to have our
Houston partners plan, finance and construct such a valuable
addition to the overall Vail complex. The enclosed photo tells
better than any words of mine what a fine facility Vail Village
Inn will be.
Febr Sincerely,
Peter W. Seibert
General Manager
Jlo
Encl: Photograph
Photocopy from George Bush Presidential Library
George Bush Presidential Library
Transfer Sheet
COLLECTION:
ACCESSION NUMBER:
George Bush Personal Papers
1993.0005
FOIA/SYSTEMATIC
Zapata Oil File
PROCESSING CASE
Transferred During Accessioning
NUMBER (if app.):
>
Transferred During Processing
2000-0022-S
The following material was transferred to:
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Book Collection
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DESCRIPTION:
Photograph of model homes
When
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transferring
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collection,
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Box Number:
Zapata Oil File, Personal Alphabetical Files
Folder Title:
OA/ID Number:
Vail Associates, Ltd. [1961-1964]
Transferred by:
John Laster
Date of Transfer:
10/20/99
Received by:
Mary Finch
Date Received:
10/20/99
Go to Database
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Sheet
NEUHAUS TAYLOR
JERM
DUBASE
ARCHITECTS
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 516-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2. COLORADO
PETER W. SEIBERT
244-8667
July 17, 1962
TO EACH LIMITED PARTNER OF VAIL ASSOCIATES, LTD.
Yesterday, July 16, residential sites were awarded in accordance
with the designations previously made by the partners and in
many cases in accordance with a drawing necessary to resolve a
conflict of designations. For your information the following
sites were awarded to the partners listed below:
First Filing
Block 1
Lot 4
Van Dyke II
Lot 5
M. Nichols
Lot 6
Caulkins
Lot 8
Warren
Lot 9
Olson
Lot 18
Goltra
Lot 19
Coleman
Block 6
Photocopy from George Bush Presidential Library
Lot 2
Bishop-Perry
Block 7
Lot 1
Long
Lot 3
Rumbough
Lot 13
Hytex
Lot 35
Morris-Knight
Lot 37
Blair
Second Filing
Lot 5
Benedict
Lot 10
Baldauf
-2-
Third Filing
Lot 1
Scott
Lot 2
Chenery
Lot 4
Kimbark
Lot 5
Winter
Lot 8
Domenico
Lot 10
M. Smith
Lot 11
Chenery
Lot 12
Forest
Lot 51
Gagnon
Lot 54
McCluskey
Lot 55
Mosley
In addition to the above lots, the lots listed in our letter of
July 6, 1962, have been awarded except for Lot 4, Block 7 which was
listed in error as being awarded to M. Nichols. This lot along with
all other lots not awarded are now available for designation by part-
ners or purchase by others on a first request basis.
We again refer you to our letter of March 15, 1962, which sets out
the terms under which all residential sites at Vail are being acquired.
We have had some problems in completing the survey which in turn has
delayed the filing of the official plat in Eagle County. We expect
that this will be completed, however, prior to August 1. In addition
we have completed the Protective Covenants and the Rules and Regulations
of the Planning and Architectural Control Committee. We intend to fur-
nish each partner with copies of these instruments very soon. After
Photocopy from George Bush Presidential Library
the plat and Protective Covenants have been filed in Eagle County, we
intend to furnish each partner with a formal option instrument and
those partners who have exercised such option will receive a deed to
their residential site upon payment of the required fee.
If you have any questions, please do not hesitate to contact the
undersigned.
Yours very truly,
Planning and Architectural' Control
Committee
"Keith L.Browen
By
Keith L. Brown
1130 First National Bank Building
Denver 2, Colorado
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 516-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2. COLORADO
244-8667
PETER W. SEIBERT
July 6, 1962
TO: EACH LIMITED PARTNER OF VAIL ASSOCIATES, LTD.
Reference is made to our letter of March 15, 1962, which enclosed
a copy of the Master Plan of Vail Village, and which outlined the pro-
cedures relative to exercising an option to acquire a residential site
in Vail village.
You will recall that those partners who desired to build this
year were awarded their lots on April 15th, and that those partners
who did not wish to build this year had until July 1st in which to
designate their desired lots. It has now been decided to extend the
July 1st date to July 15th, at which time lots will be awarded in
accordance with the terms and conditions contained in our letter of
March 15, 1962.
If you desire to designate a residential site, and have not
already done so, we urge that you immediately return the enclosed
letter, indicating your first and second choice. For your information
in making this designation, you are advised that the following lots
have previously been awarded to people who are building this year:
Block 1
Block 3
Lot 1
Lazarus
Lots 1 and 2
Conway
Lot 3
Lewis
Lots 3,4,5,6
Cohen-Davidson
Lot 7
Anderson
Lots 7,8,9
Love-Fowler-Walsh
Photocopy from George Bush Presidential Library
Lot 10
Teipel
Lots 10,11
Sowell
Lot 11
Scott
Lots 12,13
Murchison
Lot 13
Mallinckrodt
Lot 14
Wendland
Block 7
Lot 15
Higbie
Lot 16
Brown
Lot 2
Murchison
Lot 17
Meyer
Lot 4
M. Nichols
Lot 7
Taylor
Lot 8A
Seibert
Lot 9A
Sampson
Lot 10
McKnight
Block 6
Lot 16
Parish
Lot 19
Shepard
Lot 1
Scott
Lot 20
Dodge
Lot 3
Rich
Lot 21
Parker
Lot 4
Smith
Lot 34
Talmadge
Lot 5
Stevens
Lot 36
Mallinckrodt
Lot 6
Vail
Lot 38
Langmaid
Lot 40
Tweedy
Lot 41
Hankamer
-2-
We also want to advise that, in order to improve our procedures
for handling all matters relating to real estate at Vail Village,
we have established a Planning and Architectural Committee. Keith L.
Brown, as a member of this committee, has agreed to handle all
inquiries and proposals relating to both residential and commercial
real estate, and we request that you direct all such matters to him
at the following address:
Keith L. Brown
Planning and Architectural Committee
1130 First National Bank Building
Denver 2, Colorado
Immediately after the July 15th date, all partners will be
advised of the lots that have been awarded. Thereafter, all lots
will be awarded or sold on a first request basis.
Yours very truly,
Bob Parker
Robert Parker
Ass't General Manager
jn
Enclosure
Photocopy from George Bush Presidential Library
LETTER OF DESIGNATION
Mr. Keith L. Brown
1130 First National Bank Building
Denver 2, Colorado
Dear Mr. Brown
In response to the letter of July 6, 1962, I hereby
indicate my intention to exercise the option to be granted
to me to acquire Lot , Block , Vail Village
Filing, as the same is shown on the Master Plan.
In the event that this lot is not available, I wish to
acquire Lot
, Block
/ Vail Village
Filing.
I (intend __)' (do not intend ) to build a residence
on the lot acquired by me on or before December 1, 1963.
I understand you will forward to me an Option Agreement
further evidencing my rights, together with an official plat
and the related protective covenants, setting forth use and
improvement restrictions, when the latter have been approved
by and filed with Eagle County.
Photocopy from George Bush Presidential Library
Very truly yours,
(Signature)
e
George Bush Bush Handwriting
Library Photocopy
SMarch Blh- 34
Photocopy from George Bush Presidential Library
George Bush Presidential Library
Transfer Sheet
COLLECTION:
ACCESSION NUMBER:
George Bush Personal Papers
1993.0005
FOIA/SYSTEMATIC
Zapata Oil File
PROCESSING CASE
Transferred During Accessioning
NUMBER (if app.):
Transferred During Processing
2000-0022-S
The following material was transferred to:
<
Audiovisual Collection
Book Collection
Museum Collection
Other
Other (Specify):
DESCRIPTION:
Photograph of model
When
Donor:
transferring
material to the
Donor Org.:
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Address:
collection,
complete the
following.
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Zapata Oil File, Personal Alphabetical Files
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Vail Associates, Ltd. [1961-1964] [2 of 2]
Transferred by:
John Laster
Date of Transfer:
10/20/99
Received by:
Mary Finch
Date Received:
10/20/99
Go to Database
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Navigator
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Register
Sheet
1993
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FITZHUGH SCOTT A.I.A. ARCHITECT
THE INN AT VAIL
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Withdrawal/Redaction Sheet
(George Bush Library)
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
CLASS.
AND TYPE
02. Letter
From Vivian Flynn to Harley Highie
5/14/62
C
RE: Financial information (1 pp.)
COLLECTION
George Bush Personal Papers
Zapata Oil File
Personal Alphabetical Files
FILE LOCATION
Vail Associates, Ltd. [1961-1964] [2 of 2]
OA/ID Number
Date Closed
10/20/99
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
P-1 National Security Classified Information [(a)(1) of the PRA]
F-1 National security classified information [(b)(1) of the FOIA]
P-2 Relating to the appointment to Federal office [(a)(2) of the PRAJ
F-2 Release would disclose internal personnel rules and practices of an
P-3 Release would violate a Federal statute [(a)(3) of the PRA]
agency [(b)(2) of the FOIA]
P-4 Release would disclose trade secrets or confidential commercial or
F-3 Release would violate a Federal statute [(b)(3) of the FOIA]
financial information [(a)(4) of the PRAJ
F-4 Release would disclose trade secrets or confidential or financial
P-5 Release would disclose confidential advise between the President and
information [(b)(4) of the FOIA]
his advisors, or between such advisors [a)(5) of the PRA)
F-6 Release would constitute a clearly unwarranted invasion of personal
P-6 Release would constitute a clearly unwarranted invasion of personal
privacy [(b)(6) of the FOIA]
privacy [(a)(6) of the PRA]
F-7 Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed of gift.
F-8 Release would disclose information concerning the regulation of
financial institutions [(b)(8) of the FOIA]
F-9 Release would disclose geological or geophysical information
concerning wells [(b)(9) of the FOIAJ
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MASTER PLAN OF VAIL VILLAGE
VAIL,
COLORADO
FREDRIC
BEUEDICT
ARCHITECT
SH.
ASPEN
COLORADO
REV.
FEB. 1, 1962
FITZHUGH
SCOTT
ARCHITECT
DATE
Now 21,1981
P.1
MILWAUKEE
WISCONSIN
Job
59-28
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 516-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2, COLORADO
PETER W. SEIBERT
April 18, 1962
244-8667
To each Limited Partner of Vail Associates, Ltd.
In accordance with our letter to each of you dated
March 15, 1962, a meeting was held on April 17, 1962, in the
offices of Arthur Andersen & Co., our auditors at Denver,
Colorado, to record the designation of residence sites made
by those of us who had indicated a commitment to build and
complete a residence in Vail Village First Filing before
December 1, 1962. Mr. Graydon Hubbard of that firm conducted
the drawing as to such of these sites where we reported multiple
designations.
AWARDS CONDITIONED ON BUILDING AND
COMPLETING PRIOR TO DECEMBER 1, 1962
The following-named partners who have designated sites
with a statement of intent to commit to build and complete be-
Photocopy from George Bush Presidential Library
fore December 1, 1962, have been conditionally awarded the sites
described after their names:
In Block 1 of First Filing:
Fred Lazarus, III
Lot 1
Jerome A. Lewis
Lot 3
Henry T. McKnight
Lot 4
Walter Teipel, Jr.
Lot 10
Preston S. Parish
Lot 12
Elizabeth E. Mallinckrodt
Lot 13
John P. and Louise W. Wendland
Lot 14
Harley G. Higbie, Jr.
Lot 15
Keith L. Brown
Lot 16
Charles A. and Suzanne S. Meyer
Lot 17
Samuel McC. Yonce, et al
Lot 19
In Block 2 of First Filing:
J. Robert Fowler
Lot 5
In Block 3 of First Filing:
John F. Conway, Jr.
Lots 1 and 2
James R. Sowell
Lots 10 and 11
John D. Murchison
Lots 12 and 13
William McBride Love
Lots 14 and 16
Edward J. Walsh, Jr.
Lots 15 and 17
J. Robert Fowler
Lot 18
In Block 6 of First Filing:
Charles Morgan Smith
Lot 4
William F. Stevens
Lot 6
In Block 7 of First Filing:
John D. Murchison
Lot 2
Vernon Taylor, Sr.
Lot 4
Vernon Taylor, Jr.
Lot 7
Peter W. Seibert
Lot 8A
Carver-Dodge Oil Company
Lot 20
The H-T Company
Lot 34
Elizabeth E. Mallinckrodt
Lot 36
George M. Blair
Lot 37
Photocopy from George Bush Presidential Library
Joseph Langmaid
Lot 38
John B. Tweedy
Lot 40
Raymond E. Hankamer
Lot 41
Also, in accordance with our letter of March 15, 1962, we
have, as of April 17, 1962, agreed to sell or lease at commercial
prices a site to Morrie Shepard, our Ski School Director, and a
site to Robert W. Parker, our Assistant General Manager. Subject
to their performance of their respective obligations to build and
complete prior to December 1, 1962, each has been awarded the site
described after his name:
In Block 7 of First Filing:
Morrie Shepard
Lot 19
Robert W. Parker
Lot 21
- 2 -
PARTNERS COMMITTING TO BUILD AND COMPLETE
BEFORE DECEMBER 1, 1962, BUT ELIMINATED IN DRAWING
The following-named partners, who have designated sites
with a statement of intent to commit to build and complete before
December 1, 1962, were eliminated in the drawing:
Richard D. Bass
Gene Murphree, et al
Fredric A. Benedict
Harold Y. Sampson
Robert F. Lammerts
William Van V. Warren; Jr.
So the above-named partners may have another opportunity to make a
selection with a similar statement of intent to build, we forward
to each of them herewith two copies of a letter of designation.
We hereby establish May 10, 1962, as the day when such
further designations will be noted and, in the event of any con-
flict, a further drawing will be held.
PARTNERS COMMITTING TO BUILD AND COMPLETE
BEFORE DECEMBER 1, 1963, IN FIRST FILING
Although partners who wish to build and complete in the
First Filing by December 1, 1963, have until July 1, 1962, to file
their designations, certain of such partners have already filed
designations which have not yet been pre-empted. For your infor-
mation such designations are set forth below, with choices indi-
cated where such choices remain available:
Photocopy from George Bush Presidential Library
Harry W. Knight and Edwin L. Morris
1st Choice: Block 7, Lot 35
2nd Choice: Block 1, Lot 18
Robert D. Stuart, et al
Block 6, Lot 2
Ann Hankins Long
Block 7, Lot 1
R. M. Hauserman
Block 7, Lot 39
Very
Peter
truly W. Seibert yours, wabub
JRF:mj
- 3 -
CAULKINS SECURITIES CORPORATION
1190 FIRST NATIONAL BANK BUILDING
DENVER 2. COLORADO
MAIN 3-8791
April 10, 1962
Mr. George H. W. Bush
1701 Houston Club Building
Houston, Texas
Re: Vail Associates, Ltd.
Dear Mr. Bush:
Pete Seibert has referred your letter of March 28 to me for an
answer. There are several other groups combining fractional interests to
obtain their building site. As far as Vail is concerned there is nothing you
need do to combine your interests. The legal question may be something
else. I know of one group which is forming a partner ship to acquire the
lot and build their house. I should think that you would not attempt to face
such technicalities until you have decided upon your site and make plans to
build.
The requirement to build depends upon the location of the lot.
Referring to the Site Plan you received recently, the area to the east of the
red line carries a commitment to build this year or next. Those who commit
to build this year have first choice, but they must make their choice by April
15. Those who commit to build next year have the next choice, which will be
Photocopy from George Bush Presidential Library
decided by July 1, 1962. You could still make a choice after July 1 to build
next year, but you would have to choose from what was left. You may also
choose a site west of the red line on which there is no building commitment.
Or you may hold your option and make no choice for the time being, although
the option does expire in 1967.
I suggest that there is no urgency in your making a choice and
that you try to get out here this summer to check the area.
I hope I have helped clear up some of the detail of an admittedly
complicated situation. Please let me know if you have further questions.
HGH, Jr. :ams
CC: David Grimes
Haler Harley Sincerely, G. Higbie, Jr. Bush George Library Photocopy 51
Jack Dorgan
John Caulkins
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 516-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2, COLORADO
PETER W. SEIBERT
244-8667
March 30, 1962
To each Limited Partner of Vail Associates, Ltd.
At the special meeting of the board of directors, held in
Denver on February 26th, Fitzhugh Scott, A.I.A., architect for
the hotel, was authorized to go ahead with the complete working
drawings for a 60-unit hotel, that could be expanded to a full
100 units at a later date. In the meantime we have reached a
preliminary agreement with a Milwaukee construction firm, who
have indicated a willingness to finance the hotel and lease it
back to Vail Associates. A firm agreement on the hotel, there-
fore, should be negotiated in the very near future.
A group of investors have indicated that they will build
a motel of approximately 50 units, and a gasoline station, on
Lots N, M, and O, adjacent to the highway. We expect to complete
negotiations with this group in time for them to start the con-
struction on the motel early this summer.
Several other Limited Partners have indicated an interest
in building additional shops and apartments and we are taking
steps to assist them in finalizing these projects. Should you
have any personal interest in a project of this sort in Vail
Photocopy from George Bush Presidential Library
Village, please let me know what your interest might be.
Letters of Designation for lots in Vail Village are coming
in very promptly and from all indications it would appear that
approximately 14 to 16 houses will be constructed there this
summer. To those of you who have not already made your designa-
tion and still plan to build this summer, may we remind you that
April 15th is the deadline for getting your Letter of Designation
into the Vail office - that is, those people who definitely want
to build this summer.
A number of people who have purchased partial Units are
interested in acquiring a lot and, to do so, they would like to
purchase a portion of some other partner's option. If you have
a partial option which you would like to sell please let me know
and we will exert our best efforts to help you.
Thanks to the efforts of Bob Parker, our public relations
director, and to commencement of construction on the site, Vail
Vail Associates
March 30, 1962
Monthly Newsletter
Page - 2
w
is now a MUST in the minds of a number of potential investors,
and we have had many requests for Units which we have been
unable to fill - unfortunately, there are no Units of Vail
Associates left to sell!
As you will note from the enclosed news clippings, Morrie
Shepard of Aspen has been appointed as Director of the Vail Ski
School. This decision was made after careful review of other
potential ski school directors at the last meeting of the board
of directors.
While we are impatiently awaiting the departure of "too
much snow", slope and road construction is progressing at the
Vail area and structural steel for the Riblet double chair-lifts
is already on the site.
We have been very pleased to have had the opportunity to
show Vail to many of our investors and their friends, as well
as other potential business interests, but we now feel that our
heavy construction period is almost upon us and we will, therefore
soon have to restrict such tours of the mountain. In the meantime
we will always be happy to show the valley area to those of you
who have not already seen it, or who might have further questions
in regard to lot designations.
Our next directors meeting, to be held in Denver on April
2nd, should give us the opportunity to finalize certain projects
Photocopy from George Bush Presidential Library
that need the full attention of the Board and will free us to
put additional time and effort into our heavy construction
program.
Sincerely, Peter W. Seibert
PWS/jt
Encls: (4) News clippings
Photocopy from George Bush Presidential Library
March 23, 1962
The Aspen Times
Page, 9
Aspen SS Official To Head Vail Pass Ski School
Colorado's newest major ski development, the nas-
cent Vail Pass area, will start its first ski school season
out right by hiring as its director Aspenite Morrie
Shepard, now assistant director of the Aspen Ski
School.
The announcement that Shep-
construction on a house in Vail
ard, on the staff of the Aspen Ski
Village during the summer.
School since 1948, would head
Construction will also begin
the ski school at Vail Pass next
this summer on three lifts for
the new area, Parker stated.
season was. made this week by
Scheduled for completion by next
Vail General Manager Pete Sei-
winter is a 9600-foot-long gon-
bert.
dola aerial tram and two Riblet
double chairlifts.
Himself a former Aspen in-
The Gondola, designed by Bell
structor and racer, Seibert has
of Switzerland, will have a verti-
been working on the develop-
cal rise of 1900 feet and start
ment of the Vail area for the
from the parking lot near the
highway. A 4500-foot-long chair-
past few years. It is located on
lift with a 1100 foot rise will link
the West side of Vail Pass, about
the top of the tram to the upper
100 miles from Aspen.
slopes of the mountain.
The second chairlift will run
Shepard and Seibert grew up
down the back side of the moun-
together in Sharon, Mass., and
tain. It will 6500 feet long and
after World War 2 came west to-
gether in 1947 to settle in Aspen.
have a drop of 1600 feet.
Also planned for this summer
Both were among the first in-
is the first hotel in the village
structors hired by Friedl Pfeifer,
complex. An estimated. 250 beds.
Aspen Ski School founder.
will be added to the village for
Shepard met his wife, the for-
the first season, Parker said.
mer Gloria Nielsen, in Aspen in
In addition to his duties with
1949 and the pair was married
the Aspen Ski School, Shepard
in 1952. They now have three
operated his own painting con-
children. Before her- marriage
tractor business in Aspen. He is
Mrs. Shepard was a frequent As-
also a director of the SRMSA and
pen visitor, where her parents
chief examiner of its certifica-
owned and operated the Epicure.
tion program.
According to Bob Parker, for-
mer editor of Skiing magazine,
now assistant general manager
at Vail, Shepard will begin work
at Vail this coming summer. If
possible Shepard will also begin
8B
THEDENVERPOST Sunday, Mar. 25, 1962
Shepard to Head
Ski School at Vail
Morris "Morrie" Shepard of
Aspen has been named director
of the ski school at Vail, the
nation's largest ski area, now
under construction on the west
side of Vail Pass.
Announcement of the appoint-
ment was made Saturday by
Peter W. Seibert, general man-
ager of Vail Associates, Ltd.
Shepard, 36, will take over
management of the school
when the resort opens next
December. A native of Sharon,
Massachusetts, he is presently
assistant director of the Aspen
Ski School.
The new ski area will teach
a refinement of modern Arlberg
1
as its basic technique, Shepard
1
said.
MORRIS SHEPARD
NEW BASIS
"It will be based on lift and
rotation, to give pupils mastery
of every kind of snow and ter-
rain," he said. "We also will
Photocopy from George Bush Presidential Library
teach wedeln, or rhythmic short
swings, to all advanced pupils.
"We have found that the SO-
called reverse shoulder'
skiers are completely lost off
the packed slopes," he added.
"Our controlled rotation tech-
nique is good either on powder
or packed slopes, and is also
very efficient for handling
moguls."
The Vail instructors' staff will
include a number of expert. U.S.
and foreign skiers to teach ad-
vanced and racing classes, Sei-
bert said.
Shepard is married to the
former Gloria Nielsen of New
York and Aspen. The couple has
three children. He is a director
of the Southern Rocky Mountain
Ski Instructors Assn. and a
member of the Professional Ski
Instructors of America.
Photocopy from George Bush Presidential Library
This serial photo of the south face of Vall
lift to be built this summer. The bottom lift
Mountain shows the vast open ski area of Vall
loading area is at the Junetion of the two bowls
Roger Brown of Boulder, regional representative for the Head
and extreme east-west boundries of the area.
at the right and left of the lift line. The Gore
Ski Co., bursts Into space In A flurry of dry powder snow near the
The arrow going up the center of the photo
range la In the background.
summit of Vall Mountain, center of Vall, Colorado's newest and the
shows the location of the 5700-foot double-chair
nation's biggest skl resort.
-Rocky Mountain News Photo.
Vail Wilderness Becoming Ski Paradise
By SPENCE CONLEY
Rocky Mountain News Writer
room to ski In the best snow in
own Vall. Selbert, because of his
The snow tractor crawled up the mountain road, belch-
the country. Trains stop nearby,
ski background, was selected to
Ing blue clouds of exhaust fumes.
and we'll provide transportation.
manage the overall operation. Ea-
Morris (Morrie) Shepard, 36,
Driving the tractor was Peter
ton was named construction su-
widely known Aspen ski school
perintendent.
Selbert, 36, champion skier, vet-
above the snowfield on the rim
executive, will head the new Vall
eran of the famed 10th Mountain
of the embankment where we
Ski School.
We dropped through vast
Division. turned
stood.
Shepard has been at the Aspen
snow-meadows making serpen-
businessman.
In a blur of motion, Roger
several years and Is a childhood
tine trails. We skied past areas
I was sitting
Brown of Boulder, regional rep-
chum of Selbert from Sharon,
where. workmen, armed with
directly. behind
resentative for the Head Skt Co.,
Mass.
chain saws, trimmed away trees
him as we crept
flashed over the top of the rock
from the main trails, making
Parker explained all the major
along the snow-
them wider.
Into space.
Eaton
Shepard
development of Vall has come un-
covered forest
trail. To my
He landed abruptly in a heap,
der the supervision of Vall Asso-
In - all, 51,000 square feet of
Today $1.8 million is available
right were Bill
covered: by the deep snow.
for development of the Vall area.
clates Ltd., the last company
timber Is being trimmed to widen
trails,
Fletcher and his
In 1954, while prospecting for
turanium In the Morrison Sand-
Two companys were formed;
formed by Selbert and financial
backers.
"I"I don't mind telling you,"
wife, Sue, of
land was purchased to assure ac-
Parker sald, smiling, "I'm In love
Denver. Fletcher
stone of Vall Mountain, Earl
cess to Vail Mountain. Some work
They will operate, develop and
with this place."
Eaton suddenly found himself
is an advertising
already has been done.
Selbert
account execu-
in the middle of a huge open
Contracts have been awarded
park.
tive for The Rocky Mountain
News.
The park stretched as far as he
for the construction of:
could see, opening out into other
0 Vail Village. A settlement on
We were taking a tour of Vall,
open parks. He realized the area's
Gore Creek which will house a
Colorado's newest and the nation's
great potential for skiing.
lift terminal, wine and photo
largest skl area. It's twice as large
Eaton headed the Aspen High-
shops, hotels and apartments.
as Aspen; seven times larger than
lands Ski Patrol, engineered the
o A gondola-type lift to take
either Winter Park or Loveland
construction of Skl Broadmoor In
skiers, four at a time, nearly two
Basin, and a whopping 25 times
Colorado Springs. He has skied
miles up Vall Mountain to Mid-
larger than the Berthoud Pass ski
most of his life.
way,
area,
Snow Survey
. A midway terminal with a
$1.8 Million Job
restaurant, rest rooms and sun
He began a snow survey the
deck.
Vall is presently undergoing a
following year.
e A 4500-foot double-chair lift
$1.8 million development which
Meanwhile, Selbert was In-
from Midway to Vall Mountain
will reach full swing this summer.
volved in the development of
Summit.
Selbert worked the controls of
Loveland Basin.
© A 5700-foot double chair lift
the vehicle and ive slowed.
In 1957 Eaton and Selbert joined
up the back of Vail Mountain.
"Over there. See those orange
forces and made more snow sur-
The lifts will serve more than
flags? Those mark the lift line,"
veys.
seven square miles.of ski area.
Selbert yelled.
The outlook was exciting
Bob Parker took the Fletchers
Directly in front of us lay the
They found Vall Mountain had
and me on an afternoon-long tour
14,000-foot peaks of the Mosquito
a 3000-foot vertical rise, equal
of Vail.
Range and the beautiful Mount of
to both Aspen and Sun Valley.
"We are going to give the skier
the Holy Cross,
In back of us was the jagged
peak line of the Gore Range and
the Gore-Eagle's Nest Wilderness
Area.
The summit of Vall Mountain
is two and a half miles south of
U.S. Highway 6, about 15 miles
west of 10,603-fot Vail Pass. The
ski area is six miles east of Min-
turn and 110 miles from Denver.
"Stop looking and let's ski,"
Selbert called.
Moments later we were skiing
through dry powder snow a foot
deep.
"This way," Selbert sald, "The
others are over here."
The Fletchers and I glided
through a stand of plne trees
and stopped at the edge of a
steep embankment. Standing
out in the middle of B huge
un-tralled snowfield was Bob
Parker, Vall's information spe-
clailst.
"Get your camera ready," he
urged, directing our attention to
a huge snow-covered rock 25 feet
Photocopy from George Bush Presidential Library
-B
*THE DENVER POST Sunday, Feb. 25, 1962
Outdoor Empire
Vail Ski Area
Big, Beautiful
By Cal Queal
V
AIL SKI AREA, Colo.-At least half a hun-
dred times I've passed here on U.S. High-
way 6. When I wasn't hurrying, I'd look up
at the mountainside to the south, but never con-
sidered it especially distinguished.
Earl Eaton, a native of the Eagle River Val-
ley, started looking at it hard, back in 1954. In
1957 he was joined in his scrutiny by Peter Sei-
bert; now of Englewood. They measured snow depths,
walked the area on foot, studied its weather and wind, Its
bowls, ridges and valleys.
The result is that the nation's largest ski area is now
under construction here. Last Thursday I finally got off
the highway long enough to see why it all happened.
Our small party started from the base in two snow
vehicles. An hour and a hall and a few stops later we
had risen 3.050 ft. through a sunlit winter landscape. We
wound upward through broad stands of aspen, spruce and
Iodgepole pine, broke out into a huge bowl, climbed a long
gentle hill to a ridge and followed it to the 11,250-foot
summit.
On the south side was more of the same-much more.
There were two more bowls, each a mile across, and skl
country stretched out endlessly beyond them.
Best of all; everything was covered with the deep, quiet,
light. Incomparable Colorado snow. Seibert, Eaton, et al
have themselves a skier's paradise.
The chain saws of the timber cutters are already shat-
tering the area's stillness. By December of this year,' there
will. be a 9,590-ft, four-passenger Gondola, two mile-long
double chairlifts, a base area building and another at
midway.
Its vertical drop alone makes Vail one of the elite
Photo Special to The Denver Post
among America's ski areas (with Aspen and Sun Valley).
SKIERS CUT SNOW PATTERNS AT VAIL AREA
and its six to seven. square miles of lift-served skiing ter-
Photo shows typical terrain at new ski area now under construction on the west side
rain puts it in a class by itself. The variety of slopes. a
of Vail Pass. Gondola, two double chairlifts are to be ready by December, 1962.
remarkable Jack of wind. dependable and excellent snow,
and a scenic setting that's breathtaking, wrap up the
package.
A minimum of timber clearing will put Vall in business.
Much of the upper slope area is open, but with enough ever-
greens to make the vast whiteness esthetically pleasing.
Nature is at her best when left alone. and fortunately the
Vail bulldozers will disturb her only slightly.
The trees grow tall at Vail, even at the summit. Stiff
prevailing winds come out of the Northwest but rise sharply
on ridges of the northwest flank. Clouds sail swiftly over
the area while even the summit remains quiet. and still.
o
HERE are a few more Vail vital statistics: The area is
107 miles from Denver. about 14 miles west of the sum-
mit of Vail pass. The Base area is in the Valley of Gore,
Creek.
Principal runs will be about two miles long, with A top
of four miles over certain routes. Capacity of the gondola
lift to midway is 500 persons per hour. The double chair
to the summit has a 900 per hour capacity, and the second
double chair from the summit into the southwest and south-
east bowls is 870 per hour.
A beginner's lift will be installed near the lower term-
Inal of the Gondola. The area will open to skiers Dec. 1.
1962.
Pete Seibert, who is president of Vail Associates and
the Vail Corporation; will be general manager of the resort
when it opens. A Tenth Mountain Division veteran, a for-
mer F.I.S. skier and a man long associated with Colorado
skiing, he is a natural for the post. Eaton has a reputation
as a top-flight hill manager, ski instructor; and ski con-
struction specialist.
Vail represents a personal triumph for both men. The
money-raising, engineering and countless details involved in
getting the project off the ground, took over four years. As
Eaton puts it: "Most things that are worth while take time
to accomplish."
It would be understating the case to say he and Seibert
have spent their time well. Vail will add a new dimension
to skiing in the U.S. It's big, it's beautiful, and it's in
Colorado-naturally.
0
March 28, 1962
Mr. Peter W. Seibert
Suite 516
1700 Broadway
Denver 2, Colorado
Dear Mr. Seibert:
John Caulkins, Jack Dorgan, David Grines and I each
own 1/1 of a unit in the Vail Program. In your
letter of March 15th you stated that we could combine
fractional rights to purchase a sito. I have talked
to Mr. Dorgan but have not talked to the other two
parties. We would like to have the details as to
what YO need to do to combine our fractional shares
in order to purchase one lot between us. I also on
not clear on if and when we would be required to
build on this lot.
I am sending a copy of this letter to the others
and perhaps you could do likewise in your reply to
Photocopy from George Bush Presidential Library
no.
Very truly yours,
George H. W. Bush
GHWB/vf
CC: David Grimes
Jack Dorgan
John Canlkins
LETTER of DESIGNATION
Mr. Peter W. Seibert
Suite 516 - 1700 Broadway
Denver 2, Colorado
Dear Mr. Seibert:
In response to your letter of March 15, 1962 I hereby
indicate my intention to exercise the option to be granted
to me to acquire Lot , Block , Vail Village
Filing, as the same is shown on the Master Plan accompanying
your letter.
In the event that this lot is not available, I wish to
acquire Lot , Block , Vail Village
Filing.
I (intend ) (do not intend ) to build a residence
on the lot acquired by me on or before December 1, 1962.
I understand you will forward to me an Option Agreement
Photocopy from George Bush Presidential Library
further evidencing my rights, together with an official plat
and the related protective covenants, setting forth use and
improvement restrictions, when the latter have been approved
by and filed with Eagle County.
Very truly yours,
(Signature)
VAIL ASSOCIATES LTD.
SUITE 516-1700 BROADWAY
GENERAL PARTNERS:
THE VAIL CORPORATION
DENVER 2, COLORADO
244-8667
PETER W. SEIBERT
March 15, 1962
To each Limited Partner of Vail Associates, Ltd.
Enclosed herewith is a copy of the Master Plan of Vail
Village for the initial development of approximately 220
acres of the 1,000 acres, more or less, which are owned by our
Company. It is a map of the immediately useable part of the
Hanson Ranch which lies south of U. S. Highway 6 at the base
of our lift system. You will be able to locate this land with
reference to our other lands if you will refer to the second
map appearing between pages 21 and 24 of the Prospectus dated
August 17, 1961.
You will reçall from the Prospectus, from Exhibit "A" to
the Limited Partnership Agreement, and from paragraph (f) of the
Certificate of Limited Partnership that Peter W. Seibert and each
Original Limited Partner have received a right to purchase, in the
area of the Hanson Ranch planned for residential use, one resi-
dential building site at a price of $100 per site. These rights
were required to be exercised on or before June 1, 1963, and any
residence built on such site is required to conform to such sub-
division plat and to such zoning, use and improvement restrictions
Photocopy from George Bush Presidential Library
as shall affect the land at the time of such building.
In order to encourage the construction of additional building
facilities, it has been decided to grant to each Additional Limited
Partner the right to acquire a residential site at a cost of $250.
per site. The difference in cost between the option price to the
Original Limited Partner and the price to the Additional Limited
Partner is based upon:
(1) The Bank Loan requirement imposed subsequent to the
granting of the original option that a prepayment at the rate of
$125 per site be made upon the release of each site from the lien
of the Deed of Trust; and
(2) A charge of $125 per site to cover the costs of pre-
paring instruments, recording, surveys, and other incidental items.
Except for this difference the rights of the Original Limited
Partner and the Additional Limited Partner will be identical.
Each purchaser of a full $10,000 Additional Limited Partner-
ship Unit shall have the right to acquire a site in accordance
with the terms stated in this letter. Additional Limited Partners
who have subscribed to less than a full Unit shall have fractional
rights to a site equivalent to the fractional part of the Unit to
which they have subscribed. They may combine their fractional rights
to a site with other fractional rights or they may sell their
fractional rights.
In studying the enclosed Master Plan you should observe that
it is contoured to two-foot intervals in the area around the lower
terminal of the No. 1 Lift, and to five-foot intervals el'sewhere.
With this Master Plan as a guide an uncontoured subdivision plat is
being prepared which will become "official" when submitted to and
approved by the County Commissioners of Eagle County and filed in
its records. The official plat, which may show minor adjustments
in the lot boundaries as compared with those shown on the Master
Plan will be the plat to which reference will be made in all con-
tracts with and warranty deeds to purchasers of sites. Please
note that the area to the right--or east--of the red line is Vail
Village First Filing. To the left--or west--of the red line are
Vail Village Second Filing, Third Filing and Fourth Filing.
With the exception of Lots 1 through 20, Block 4, Vail Village
First Filing, and Lot 2, Block 6, Vail Village First Filing upon
which a residence has been constructed, all numbered lots on the
Master Plan are presently available residential sites. Lots 1
through 20, Block 4, Vail Village First Filing, and all lettered
sites are commercial sites. Lots 1 through 24, Block 2, and Lots
1 through 18, Block 3, both in Vail Village First Filing, are known
Photocopy from George Bush Presidential Library
as town-house lots. Any two adjoining town-house lots are to be
considered as one residential site.
Each partner will be granted an option as soon as the plat
has been adopted by Eagle County, which will provide for the
acquisition of a residential site under the following terms:
1. The option must be exercised on or before December 31,
1967.
2. If the option is exercised as to a residential site in
Vail Village First Filing, the owner will be required to complete
\
a residence on such site on or before December 1st of the year
following the year in which the option is exercised.
3. If the option is exercised as to other lands, now or
hereafter subdivided for residential purposes, there shall be no
requirement as to time of building.
- 2 -
4. Each owner shall be required to purchase at a cost not
to exceed $500 per site his pro-rata share of the cost of water
and sewage facilities, probably in the form of municipal bonds.
5. Each owner shall be required to purchase at a cost not
to exceed $500 per residential site his pro-rata share of the cost
of certain summer recreational facilities, planned to include a
golf course, tennis court, and a swimming pool. These too will
probably be in the form of municipal bonds.
6. No residence may be constructed until the site is
serviced by public water and sewage facilities. These facilities
will be available in 1962 in Vail Village First Filing and will
be extended to other areas as the demand shall warrant.
7. All sites will be subject to building and use restrict-
ions common to protected residential developments, including the
submission of plans and specifications to an architectural control
committee for approval.
8. No sites will be reserved for option holders. Each site
is subject to prior sale or lease by Vail Associates, Ltd. at
commercial prices commencing April 15, 1962, in the first filing,
and after July 1, 1962 in the other filings.
In order to facilitate the orderly selection of sites and the
early preparation of building plans, we request that you designate
the site which you wish to acquire at this time. Since there may
be a conflict in designations, we request you designate your second
choice. Those who commit to build and complete by December 1, 1962,
Photocopy from George Bush Presidential Library
and make their selection on or before April 15, 1962, shall become
entitled to that site unless there is a conflict. In the event of
a conflict the site will be awarded by drawing.
In this connection the following named partners have already
committed to build and complete by December 1, 1962, on the sites
in the First Filing described next after their names:
Keith L. Brown
Lot 16, Block 1
Harley G. Higbie, Jr.
Lot 15, Block 1
Joseph Langmaid
Lot 38, Block 7
Fred Lazarus, III
Lot 1, Block 1
John D. Murchison
Lot 2, Block 7
Jerome Rich
Lot 3, Block 6
Peter W. Seibert
Lot 8A, Block 7
Charles Morgan Smith
Lot 4, Block 6
- 3 -
John B. Tweedy
Lot 40, Block 7
Robert D. Stuart, Jr.,
and partners
Lot 2, Block 6
Vernon Taylor, Jr.
Lot 9A, Block 7
If there is no conflict with the above selections such
sites will be awarded on April 15, 1962.
Those partners who do not commit to build during 1962 will
be awarded their selected site on July 1, 1962, provided such
site has not previously been selected by a partner who has
committed to build during 1962 or has been sold prior to the
receipt of such designation, and provided there is no conflict.
In the event of conflict the site will be awarded by drawing.
In considering the selection of a residential site, please
remember that additional acreage will be made available for sub-
division after the tract shown on the Master Plan has been
reasonably developed. In the opinion of many partners, portions
of the land owned by Vail Associates, Ltd. which have not yet
been sub-divided are equally or more attractive for residential
purposes, though more distant from the lift. It is also possible
that Vail Associates, Ltd. will be able to acquire additional
acreage to the east which will be equally desirable for develop-
ment.
You should keep in mind that different lots are to be
priced at different levels to the public. At the outset, these
prices will vary from approximately $3,500 to $8,000 per site,
with the higher prices tending to apply to the sites nearest the
Photocopy from George Bush Presidential Library
lift.
If you wish to designate a site at this time, please be kind
enough to return the enclosed "Letter of Designation" indicating
your first and second choice.
If you have any questions, please do not hesitate to contact
the undersigned.
Yours
Peter
PWS/jt
Encls: (2)
- 4 -
TWEEDY AND FOWLER
ATTORNEYS AND COUNSELLORS AT LAW
SEVENTEEN HUNDRED BROADWAY
DENVER 2, COLORADO
J. ROBERT FOWLER
JOHN B.TWEEDY
TELEPHONE
March 7, 1962
AMHERST 6-3731
To Each Limited Partner of Vail Associates, Ltd.
For Vail Associates, Ltd., we forward herewith the following
documents:
1. Three copies of the Certificate of Limited Partnership of
Vail Associates, Ltd., each consisting of thirteen numbered
pages and one unnumbered page as, the last page. This last
unnumbered page is set up for your signature in two places
and the signature and seal of a notary public in one place.
2. Two copies of a Declaration and Power of Attorney.
For the reasons stated below, we ask that you take the three
copies of the Certificate of Limited Partnership and the two copies of
the Declaration and Power of Attorney before a notary public. Before
such notary public you should sign the last unnumbered page of all
three copies of the Certificate of Limited Partnership and both copies
of the Declaration and Power of Attorney. Please note that the last
unnumbered page of the Certificate of Limited Partnership must be
Photocopy from George Bush Presidential Library
signed twice by you and once by the notary public.
Please send by return mail in the enclosed stamped, self-
addressed envelope:
Two copies of the Certificate of Limited Partnership and
One copy of the Declaration and Power of Attorney
Each of you has already signed a Limited Partnership Agreement
of Vail Associates, Ltd. You are now asked to sign and swear to the
truth of the facts stated in the Certificate of Limited Partnership.
The Agreement of Limited Partnership remains as the statement in full
of the agreement between the parties. The Certificate of Limited Partner-
ship states some-but not all--of the matters stated in the Agreement.
The Certificate states only such matters as are required by law to be
stated. It is the signing and swearing to of such a certificate by all
of the partners, which truly states the matters required by law to be
stated, and the filing for record of such certificate in the county or
counties where the limited partnership does business that establish the
limited liability of the limited partners.
In our opinion the Certificate of Limited Partnership as now forwarded
to you is a sufficient and true statement of the matters required by
law to be stated in such a certificate.
When each of you signs, swears to and returns two copies of this Certi-
ficate of Limited Partnership to Vail Associates, Ltd. together with
one copy of the Declaration and Power of Attorney, when the attorneys-
in-fact have completed their action as authorized, when one counterpart
so assembled has been filed for record in Eagle County, Colorado, and
the other counterpart so assembled has been filed for record in Denver
County, Colorado, it is our opinion that Vail Associates, Ltd. will be
formed according to law as a limited partnership.
Should you have any questions about these enclosures, please let us
know.
Very truly yours,
I Robert Fowlu
Photocopy from George Bush Presidential Library
J. Robert Fowler
JRF :mj
Withdrawal/Redaction Sheet
(George Bush Library)
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
CLASS.
AND TYPE
03. Legal
Legal agreement containing financial information
n.d.
C
Agreement
related to investment (14 pp.)
COLLECTION
George Bush Personal Papers
Zapata Oil File
Personal Alphabetical Files
FILE LOCATION
Vail Associates, Ltd. [1961-1964] [2 of 2]
OA/ID Number
Date Closed 10/20/99
RESTRICTION CODES
Presidential Records Act [44 U.S.C. 2204(a)]
Freedom of Information Act- [5 U.S.C. 552(b)]
P-1 National Security Classified Information [(a)(1) of the PRAJ
F-1 National security classified information [(b)(1) of the FOIAJ
P-2 Relating to the appointment to Federal office [(a)(2) of the PRA]
F-2 Release would disclose internal personnel rules and practices of an
P-3 Release would violate a Federal statute [(a)(3) of the PRAJ
agency [(b)(2) of the FOIA]
P-4 Release would disclose trade secrets or confidential commercial or
F-3 Release would violate a Federal statute [(b)(3) of the FOIAJ
financial information [(a)(4) of the PRA]
F-4 Release would disclose trade secrets or confidential or financial
P-5 Release would disclose confidential advise between the President and
information [(b)(4) of the FOIA]
his advisors, or between such advisors [a)(5) of the PRA]
F-6 Release would constitute a clearly unwarranted invasion of personal
P-6 Release would constitute a clearly unwarranted invasion of personal
privacy [(b)(6) of the FOIA]
privacy [(a)(6) of the PRA]
F-7 Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed of gift.
F-8 Release would disclose information concerning the regulation of
financial institutions ((b)(8) of the FOIA]
F-9 Release would disclose geological or geophysical information
concerning wells [(b)(9) of the FOIA]
Photocopy from George Bush Presidential Library
DECLARATION
and
POWER OF ATTORNEY
The undersigned declares that he has, as a limited partner, this day
signed, acknowledged and sworn to three identical counterparts of the
Certificate of Limited Partnership of Vail Associates, Ltd., which counter-
parts showed the signature, acknowledgment and affidavit of The Vail Corpo-
ration and Peter W. Seibert as the general partners.
The undersigned intends to mail two of these counterparts to J. Robert
Fowler and John B. Tweedy, at 1700 Broadway, Denver 2, Colorado, and hereby
appoints such J. Robert Fowler and John B. Tweedy, or either one of them, as
his agents and attorneys-in-fact, authorizing and directing them, or either
of them, to perform the following ministerial acts with respect to such two
counterparts and such identical counterparts as they shall receive from the
other limited partners showing their respective signatures, acknowledgments
and affidavits:
1. To detach from each of the counterparts received from the under-
signed the page bearing his signature, acknowledgment and affidavit;
2. To attach one such page to each of two identical counterparts of
such Certificate of Limited Partnership of Vail Associates, Ltd., as will
show the signatures, acknowledgments and affidavits of The Vail Corporation
and Peter W. Seibert, as the general partners, and each of the other limited
partners; and
3. To file for record one such identical counterpart so assembled in
the County of Eagle, Colorado, and to file for record the other such counter-
part SO assembled in the County of Denver, Colorado.
IN WITNESS WHEREOF, the undersigned has signed this instrument on the
date below appearing in his acknowledgment.
HW Bul
STATE OF
TEXAS
Bush Library Photocopy
)
George Bush Handwriting
) SS.
COUNTY OF HARRIS
)
The foregoing instrument was acknowledged before me this 12th day of
MARCH
, 1962, by GeoRGE H.W. Bush
.
WITNESS my hand and official seal.
My commission expires:
0-21-63
Virian C Flymn
Notary Public
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 516-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2, COLORADO
PETER W. SEIBERT
TABOR 5-2947
February 20, 1962
George H. W. Bush, Esq.
1701 Houston Club Building
Houston, Texas
Dear Mr. Bush:
On February 1st work commenced on the main construction road
up the mountain. At the same time we started the clearing of lower
slopes and trails. Progress to date has been excellent, thanks to
our Operations Manager, Earl Eaton, who had very carefully laid out
all the roads and trails to Forest Service specifications last fall
and, also, due to the fact that we were able to use John McAllister's
men and machines with all their cumulative experience gathered from
many years of timbering work at the area. (John, as you may know,
is one of our Original Limited Partners and operates a saw mill in
the valley.)
During the winter months construction work in the mountain is
generally marginal, but as long as the weather is favorable and the
expense in line with summer costs we will continue to gain the time
that is SO vital to the scheduled completion of this present phase
of the Vail Project.
Photocopy from George Bush Presidential Library
At this time it appears that we have worked out a feasible plan
to assure the basic number of beds in one main lodge at the lower
terminal of the gondola lift. This program, as well as an alternative
solution (that would decrease the number of beds in the main lodge,
while not limiting its functions as the central meeting place, and
rely for additional units on a motel that would be built across the
stream from the main lodge and oriented more directly to highway
traffic) will be discussed at a special meeting of the Board of
Directors to be held in Denver, on Monday, February 26th. We will
reach a decision at that time as to a definite plan for the Village
Inn.
Look for more on this in next month's newsletter. Meanwhile,
enclosed is a copy of an article on Vail, published in last Sunday's
edition of The New York Times which will, I'm sure, be of interest.
Encls: (1)
Photocopy from George Bush Presidential Library
THE NEW YORK TIMES, SUNDAY, FEBRUARY 18,
NEW ROCKIES SKI CENTER TO BE 'BIGGEST' IN U.S.
SUSAN MARSH
Tweedy. Look me on R. five-
D
ENVER, Colo. Utterly
hour tour of the area by anow
unpublicized until the
vehicle. We could not sce where
last days of last year,
the roads had been laid out:
the biggest skl area In
but we saw the first nearly
this nation 19 now under con-
completed building, R house for
struction about a hundred miles
one of the Investing "Ilmited
west of here, and It expects to
partners." Investors automali-
open next December. It Is In
cally have the option of buying
be called "Vall," and it is on
residential land cheap.
the Vall Pass, beside U. S. 6
We went over the site of the
and the proposed route of In-
sport. shop, which will adjoin
terstate 70 in the White River
the base of the gondola lift.
National Forest.
Near hy, on the pedestrian mall,
Vall's permit from the United
a. photography shop and restau-
States Forest Service gives it
rant and wine shop, with apart-
control over an area between
ments above, will be erccted.
two and three miles wide and
No Wind
extending six miles into the
mountains. It Is less than four
We followed an old lumbering
road up the steep hill south of
miles from Camp Hale, the site
the valley. Aspen grew there,
which the United States Army
then Indgepole pine and spruce.
selected as having the best
There was no wind; there sel-
snow conditions in the country
and where IL trained its moun-
dom is at Vall, according to
Mr. Ealon, who has always
tain troops.
lived near by and who discov-
The new area's plans for ski
ered the area.
trails have been approved by
Twice, three of us walked to
the Forest Service, which will
lighten the load of the car.
have charge of safety measures
Once Mr. Seibert suspected the
and avalanche control. The first
possibility of an avalanche, SO
stage of the ascent, from the
Vail base at 8,200 feet to a mid-
we went through at respectful
distances. Nothing happened ex-
way point two miles away and
Fred Lindholm
cept that we sank in about eight
1,935 feet higher will be served
BREAKING TRAIL-Skiers
inches further than the snow
by sixty-three enclosed gondola
Sulpher
Longmont
cars, each earrying four per-
dash down snowy slope in
Kreminling
Springst
Fort
vehicle's tracks, and worked up
Granby
Boulder
Lupton
SOUS. This main ski llft, 9,500
Vail. and, at right, :L map
considerable heat from walking
feet In length. Is being installed
MOFFAT
in too many layers of warm
of Colorado mountain area.
TUNNEL
clothes.
by the Bell Engineering Com-
pany of Luccrne, Switzerland,
State:
I was shown plenty of places
and is geared to accommodate
resented on the Vall Corpora-
Bridge
where an expert skier can find
Uon board of directors by Gerald
VAIL
Idaho
Denver
a fast course. Much of the area
500 people an hour on the 11½-
minute ascent.
T. Hart, a Denver real estate
70
Dillon
Springs
is sparsely wooded, and will not
MT.EVANS
man. Other early investors were
Minburn
14254
needs trails, but where trails are
Two Chairlifts
C. T., Chenery of New York.
EH5,
N.2
necessary, we saw blazed trees
Where the gondola lift ends,
Richard M. Hauserman of
C
0
R
A
0
and some places already cleared.
two successive double chairlifts
Cleveland and Fitzhugh Scott
The eight-foot snow-depth mar-
will carry on, a mile each, also
of Milwankee.
kers were buried to within a
to terminals, at which points
The Vall entrepreneurs are
Leadville
Fairplay
foot or a foot and a half of
spen
skiers can fan out. These lifts
in negotiation with nationally
their tops.
are being built by the Riblet
known hotel and motel chains,
The summit is a skier's
Tramway Company of Spokane,
with the view to setting up a
dream. There are high moun-
Wash.
hotel to accommodate 150
actual exploration of the site.
since it was modernized is tra-
tains in every direction, but
At the top of the big gon-
guests. When these arrange-
The total picture is impressive.
ditionally excellent. The pass is
none so close as to be oppres-
dola lift, a terminal restaurant,
ments are completed, sums
seldom blocked for more than
slve. Much-photographed Mount
The time I chose to visit the
to supply year-around service,
amounting to $500,000 for the
place was perhaps unproptious.
two hours at a time, and then,
of the Holy Cross and the 14,-
is going up. It has been de-
purpose are expected to be
The same storm that dumped
often, because a driver with-
000-foot peaks of the Mosquito
signed by Fredric Benedict, ar-
made available through a Den-
four inches of snow in Dallas
out snow tires or chains has
and Sawatch Ranges are in one
chitect of the Aspen Inn and
ver bank and the Federal Small
had closed some Denver subur-
lost his momentum. In the last
direction. Turning toward the
the Aspen Highlands Restau-
Business Administration.
ban schools. Instead of remain-
five years, it has only once been
northeast, one sees the sharp
rant. In fact, the entire Vail
Disabled Veteran
ing open on Monday night,
blocked as long as eight hours.
spires of the Gore-Eagle Nest
enterprise is being planned for
But advocates of the tunne)
Primitive Area, where summer
all-year use, with ice skating,
In local circles, Mr. Scibert's
stores and even the public lib-
rary closed in the early after-
now being engineered under
visitors can go on pack trips
swimming, tennis, golf and
energetic activity in launching
noon. Concerts and various
Loveland think this January's
from the hotel.
horseback riding, as well as
the Vail enterprise seems en-
tirely in keeping with his rec-
meetings were canceled for
storm proved its necessity.
Protected by Peaks
skilng. The gondola lift will
Tuesday. Loveland Pass over
We waited in a long line
become a scenic skyway in the
ord. When serving with the
the Continental Divide was
while a Diesel trailer was pulled
Usually R summit with such
summertime.
Tenth Mountain Division in
clogged with immoblilized traf-
out of a snowbank on the west-
a superb view as one finds at
Plans for Vall have been un-
Italy during World War If, he
fice for thirty-six hours. Ex-
ern side of the pass. On the
Vall is well above timberline,
der way quietly since 1957. Late
was wounded and presently dis-
charged from the Army as 100
treme cold was predicted.
return trip, we counted five
in windy, stormy, cloud-pro-
last December, Peter Seibert,
cars and three trucks abau-
ducing territory. But Vail's
an experienced Colorado ski-
per cent disabled. To inspired
doned on or near the road over
summit Is only 11,250 feet, and
Cold Reality Needed
area operator and a veteran of
medical attention, plus Mr. Sei-
is protected by the higher
the pass.
the Army's Tenth Mountain
bert's own determination, is at-
Bul Vail's glowing promo-
peaks.
Division in Italy in World War
tributed the fact that he was
tional brochures and movies
Buses Serve Vail
The cabin at the top was
II, announced details of the
able, In eighteen months, to be-
needed cold reality as àn anti-
We could have taken one of
nearly burled; my thermometer
project as president-and one of
lie the prediction that he would
dote. Besides, any place that
the regularly scheduled Trail-
never got above 12 below zero.
the general partners of the
never walk again. In fact, by
looked alluring when the tem-
ways buses right to Vall. There
Yet the cloudless blue sky Ict
Vail Corporation. Capital of
the end of that year and a half,
perature was 50 degrees below
are three In each direction every
the sun blaze SO strongly that
$1,800,000, with more funds
Mr. Seibert was not only walk-
its normal figure would be
day, running between Denver
I often noticed that my check
available for further develop-
ing bill had won the Roch Cup
worth seeing. There are no offi-
and the West Coast, over Love-
turned toward the sun fell
ment, had been raised. Partner-
for skiing at Aspen and. a
cial records for Vail, but most
land Pass. All Rio Grande
warm.
ship shares of a total of $1,-
place on the American team of
of the skiling will be at ap-
trains through the Moffat Tun-
It was such fun to explore
000,000 had been sold by the
the F. I. S. (Fédération Inter-
proximately the level of the
nel stop thirty-eight milles from
the summit on snowshoes that
Caulkins Securities Corporation.
nationale de Ski).
nearest big town, Leadville.
Vail, at Bond. Trains through
I hated to stow them and climb
When Colorado's Loveland
There the January average daily
Promoters Listed
the Royal Gorge from Colorado
back into the car. The open
Basin ski area was constructed,
high is 30.5 degrees.
Springs stop at Minturn, seven
areas on all sides of the sum-
Among the original promot-
Mr. Scibert was manager and
A few hours before we left
miles away. Both train trips
mit are huge- four Alpine
ers and investors, all Colorad-
director of the company that
Denver, the temperature there
should be on every tourist's list.
bowls for skiers. Two of them
ans, are Mr. Selbert, George P.
installed the lows. With him at
was 24 below zcro. Going up
They are the best way to see
can be served by the chairlift
Caulkins Jr., John F. Conway
Vail as operations manager is
Loveland Pass, we noticed the
high mountains.
down one ridge. Eventually,
Jr., Earl Eaton, J. Robert Fowl-
Mr. Eaton, who was construc-
Seven Sisters, places which pro-
The Eagle airport serves both
there will be lifts in other di-
cr, Vernon Taylor Jr. and John
tion superintendent for the
duce snowslides. Each was neat-
Aspen and Vail, but is closer
rections.
B. Tweedy. Much of the capital
Broadmonr ski installation, out-
ly sheared by a machine that
to Vall. When Vall starts opera-
Our day ended as a skier's
was raised through the interest
side Denver, and also construe-
chews out a path, leaving a
tions, there will be chartered
will, with ridges in a shadowy
of the Texas oil man, John D.
tion foreman and head of the
vertical bank and shooting the
buses from the Denver airport.
valley framing the golden glow
Murchison of Dallas, who also
ski patrol at Aspen Highlands.
snow off to the side. Highway
Three of the Vail group, Mr.
where the sun still rests-in
has Denver interests. He is rep-
One way to look at Vail is by
maintenance on Loveland Pass
Seibert, Mr. Eaton and Mr.
this case, on the Gore Range.
THE DEN Photocopy ER Library POST
from George Bush Presidential
FINAL EDITION
The Voice of the Rocky Mountain Empire
ol. 70 No. 148
Denver, Colo.-Climate Capital of the World- Thursday, December 28, 1961
10 Cents, 52 Pages
GOOD NEWS TODAY
Mammoth Ski
Area Planned
By CAL QUEAL
Denver Post Staff Writer
The nation larges ski area will be built on
the west side Vail Pass, The Denver Post learned
Construction on the estimated $1.8 million area
one of the largest in the world, will begin soon and
will be ready for use next winter Major facilities
will include a 9,500 foot-long Bell gondola lift with
63 four-passenger cabins, two mile-long double chair-
Bush Library Photocopy
lifts and a 1,000-foot beginner lift.
The approximately seven
George Bush Handwriting
Directors of the Vail Corp
square miles of skiing terrain
are George P Caulkins Jr.
at the area will make it the
president of Caulkins Oil Co. J.
largest in the United States.
Robert Fowler and John B.
The developer is Vail Asso
Tweedy Denver lawyers Fitz-
ciates Ltd. of Denver, a linnted
hugh Scott, Milwaukee archi
partnership General partners
tect; Gerald Hart, Denver real
estate man, and Richard M.
are The Vail Corp and Peter
Hauserman, Cleveland indus
W. Seibert a former Aspen ski
trialist
instructor and former manager
The area will be located 14
of Loveland Basin, Seibert will
miles west of the summit of Vail
be general manager of the area.
Pass, and south of U.S. 6
Two large bowls will comprise
The Vail areawill offer more
the major portion of the skiing
than 3,000 vertical feet of
terrain. Other facilities ex-
skiing in a single descent In
pected to be ready for opera-
dividual runs will vary in
tion by next winter include
a
length from three miles to
150 bed resort hotel and other
one and one half miles.
alpine structures to house shops
It was indicated the area
and service establishments.
would be ready for opening in
December 1962.
THE D E NVER POST Friday, Dec. 20, 1961
Ohe Ski Boat
98899
Huge New Ski
Areai in Works
49
By Cal Queal
C
OLORADO skiing took another giant jump
forward Thursday with the news the state
is getting still another ski area-this one
the largest in the U.S. Details on the big project
were first revealed in Thursday's Denver Post
The Vail area, to be built on the west side
of Vail Pass, sounds like a honey. It will have a
large gondola lift, a pair of mile long chair lifts, a
3,000 foot descent, wide open
bowls, an alpine village-the
works:
It's significant that the
prime mover behind Vail is
both a skier and a man who
knows skiing. Pete Seibert,
a well-known figure in Colo-
rado skiing, is an expert's
expert. A former FIS skier
and a veteran of the famed
Tenth Mountain Division he
has been associated exclu-
sively with skiing for a long
time.
With him calling the shots,
we can expect Vail to be a
good thing.
Vail represents a personal
triumph for Seibert, who
has been putting the thing
together since 1957. Before
Photocopy from George Bush Presidential Library
that Earl Eaton had first
PETE SEIBERT
sensed the area's potential. Listening to Seibert, we can't
help but be enthusiastic about its future.
"Vail will offer runs of four miles in length on vast,
open and wind free slopes that lie entirely below timberline,
Selbert said. The combination of alpine terrain and sub-
alpine weather conditions will be unique in this country.
Seibert and Eaton considered virtually every potential
area in Colorado, northern New Mexico and Wyoming before
making their decision: None compared to the huge snow
bowls nestled against the mountains on the west side of Vail.
The gondola lift is being built by Bell Engineering, Ltd.
of Lucerne, Switzerland. It will whisk skiers in enclosed
comfort from the base terminal almost two miles up the
mountainside in 14 minutes. The upper terminal will have
an alpine restaurant designed by Fritz Benedict of Aspen,
another man who does things right.
The terminal restaurant will be a fine show place for
non-skiing skiers, or the jumping off place to more snow
riches for the skiing skiers. They can go down or up again
OR a mile long Riblet double chair. At the top of that, they
can either start the long journey down OF take still another
run down the south slopes, served by still another double
chair dift.
Sounds grand, doesn't it? Our congratulations to Pete
Seibert and all the people connected with Vail. The only
discordant note in the whole picture is that all this is still
a year away. For us, at least, it's going to be a long wait.
Vail Unveiled
Few ski developments in
nt
years have been more thoroughly
shrouded in mystery than the one
long-rumored to be under way
near Vail Pass, 107 miles west of
Denver, Colo.
This mysterious project, known
to initiates simply as Vail, was
rumored to be bigger than Kitz-
buhel, more alpine than St. Anton
more challenging than Chamonix.
The truth is now out, and if sta-
tistics can be depended upon, the
truth is almost as good as the ru-
mors.
The management of Vail Associ-
ates, Ltd., has just announced com-
pletion of financing for the
Alpine slopes of Colorado's new Vail resort, seen from arr Solid
$1,800,000 ski complex to be known
line denotes gondola, broken lines chairlifts Highway 6 in valley.
officially as Vail. Scheduled for
of the rugged Gore Range.
opening in December of 1962, the
The area's ski slopes will be di-
project will provide U.S. skiers
vided between the wooded north
with the first new major western
face of Vail Mountain, and three
ski resort since Aspen and Squaw
sparsely timbered alpine bowls fac-
Valley got their start in the late
ing northwest, southeast and south-
1940's.
west. According to the developers,
Heading the giant new enter-
Vail's upper slopes will comprise
prise is former FIS team star Pete
the largest expanse of lift-served
Seibert, known to many skiers as
open-slope ski terrain anywhere in
a top instructor at Aspen and first
North America.
manager of Loveland Basin Sei-
With the lower gondola terminal
bert pioneered Vail in 1957 with
at 8,175 feet and the summit at
its discoverer, ski lift expert Earl
11,250 feet, the area will provide
Eaton.
more than 3,000 vertical feet of ski-
Scheduled for readiness next
ing in one descent. Runs will vary
winter are a 9,500 foot-long Bell
in length from three miles on the
gondola lift with 63 four-passenger
north side to 1½ miles in the south
cabins, two mile-long double chair-
side bowls.
lifts and a 1000-foot beginner's lift,
A unique feature of the resort
Photocopy from George Bush Presidential Library
which together will service ap-
will be its mountain restaurant-
proximately seven square miles of
gondola terminal, located in the
ski terrain.
northwest bowl. Designed by Ben-
Also to be ready next winter is
edict, the restaurant will provide
an $800,000, 150-bed resort hotel,
a balcony view of the Gore Range
and the core of an alpine village
and the ski slopes of the bowl it-
including ski and photo shops, res-
self.
taurant, bierstube, apartments and
With only one building season in
private residences.
which to complete their project,
The modern skier's hotel is being
Vail's ambitious developers have a
designed by Fitzhugh Scott of Mil-
tremendous task ahead of them if
waukee, one of a three-man archi-
they are to open December, 1962.
tectural board planning the entire
But Seibert is confident the job
resort. Completing the board are
can be done.
Fritz Benedict, noted Aspen archi-
"We ve spent three years plan-
tect and Richard Hauserman
ning and engineering this project,"
Cleveland industrialist.
Seibert said. "Now that we are ful-
Vail is located just off U.S. High-
ly financed, we can finish the job
way 6-Interstate 70, 14 miles west
on schedule. This resort is going
of Vail Pass summit. The alpine
to be SO great we owe it to Amer-
village will be situated in the heart
ican skiers to be ready by next
of scenic Vail Valley, in full view
Christmas.
SKIING NEWS MAGAZINE
January 1962
MULTI-MILLION
DO Photocopy
from.George
Bush
Presidential
Library
ew
Vail Pass Área to B&a Major Resort
By WILLARD HASELBUSH
Basin ski area and a west portal
The restaurant-terminal, com-
Denver Post Business Editor
near the Vail Pass properties.
mon in alpine Europe. will com-
A year-round resort of multi-
A nine-hole golf course is being
mand a view of the Gore Range
million dollar caliber will be
designed for early construction.
and the upper ski slopes.
built around the nation's biggest
Peter W. Seibert, 36, of En-
The gondola and north side
ski area, set for a Dec. 1, 1962,
glowood. Colo., it veteran of
chair lift, coupled with a south
opening on the west side of
the 10th Mountain Division
side chair lift, will serve six
Vail Pass and 107 miles west of
and of the United States F.I.S.
square miles of ski terrain.
Denver, it was disclosed Satur-
Ski Team. is president of the
Said Seibert: "We believe in
day.
Vall Corp., which began plans
Colorado's terrain, snow and
Plans for the $1.8 million ski
for the year-around resort
facility-one of the largest in
weather, and we are con-
project three years, ago. The
the world-were announced a
management of Vail Associ-
vinced that the growing Colo-
week ago.
ates is vested in its general
rado ski industry can develop
The Denver Post learned
partners, Seibert, and the Vail
resorts equal to the finest iir
Saturday the full $5 million
Corp
the world.
scope of the new business
Seibert disclosed Saturday the
As has been proved in both
venture, and the names of key
sale of a total of millionsin
Europe and the United States,
men among its partners.
original and additional limitedia
properly planned; solidly
fi-
These include John D. Mur
partnersh interests in Vail As
nanced resort of this kind can
chison, Texas oil millionaire
sociates Ltd
be immensely beneficial to the
whose family. built Denver'
The issue, believed to be
state economy
First National Bank, the Den
largest of its kind over sold
David S., Nordwall, regional
ver Club Building and the Har
was placed by Caulkins Securi- forester in Denver, announced
vest House in Boulder.
ties Corp Denver
Saturday that Vail Associates
Other partners are William
In addition, Vail Associates Ltd. will proceed with construc-
and James Bf Kurtz, officials
has obtained a commitment tion this month
of Denver based Anderson Inde-
from the First National Bank
The lifts and ski terrain are
pendent Lumber Co., which has
of Denver for a loan of $500,000
within the White Rive ational
63/outlets in vestates and an
including a participati of $350
Forest with headquar
in
nual sales of $11 million
000 by the Small Business Ad-
Glenwood Springs Forest Super-
REPRESENTATIVE HERE
ministration to start construe
visor Ed Mason will be in over-
Also Gerald T. Hart, Denver
tion of lodging and hotel facili
all charge for the Serv-
Realtor who represents the
ties
ice aided by Paul Hauk staff
Murchison interests in Colorado
Other pioneers in the project
assistant and Ranger Karl
and manages both Murchison-
include George P. Caulkins Jr.
Keller of Minturn
built skyscrapers here, and
Denver oil man, vice president,
Cortland S. Dietler, vice presi-
and Denver attorneys J. Robert
dent of Western Crude Market-
Fowler and John B. Tweedy,
ers, Inc.
now vice president and secre-
Other partners include Rich-
tary-treasurer.
ard M. Hauserman, Cleveland
Hart, Hauserman and Scott
industrialist who heads the Sun
are directors.
Valley Ski Club, Fitzhugh Scott,
Scheduled for readiness by
Milwaukee architect, and Fred-
Dec. 1 are a 9,500-foot four
eric A. Benedict, Aspen archi-
passenger gondola cableway,
tect who has designed the Vajl
being buitl by Bell Engineer-
resort's Alpine-type upper ter-
ing, Ltd., Lucerne, Switzer-
minal and restaurant.
land; two Riblet double-chair
The developer is Vail Asso-
lifts, each approximately a
clates, Ltd., a Colorado lim-
mile in. length, and a 1,000-
foot beginners' lift.
ited partnership, which owns
The Bell gondola will be the
1,000 acres of former ranch
first four-passenger, enclosed
land on which it has mapped
gondola lift installed by a U.S.
plans for immediate develop-
ski area. Its 63 CHTS will carry
ment of a complex of hotels,
passengers almost two miles in
14 minutes.
lodges, shops and private
dwellings to cost a minimum
From the upper terminal of
the gondola lift. skiers may ski
of $5 million.
to the valley or take a double-
A spokesman for the group
chair lift to the summit.
estimated Saturday at least $3.5
million will be invested in the
facility within two years.
The group also controls 4.5
miles of prime trout fishing
streams and holds a permit from
the U.S. Department of Agri-
culture and U.S. Forest Service
to develop as a ski area and
summer sightseeing attraction a
section of the Colorado Rockies
offering ski runs four miles in
length and a verical drop of
over 3,000 feet on vast. open
slopes that lie below timberline.
INTERSTATE ROUTE
The new Vail resort will be
on U.S. 6. now designated as
the route for four-lane Interstate
Highway 70. Plans for the In-
terstate 70 project include a
funnel under the Continental Di-
vide near Loveland Pass with
an east portal at the Loveland
VAIL ASSOCIATES. LTD.
GENERAL PARTNERS:
SUITE 510-1700 BROADWAY
THE VAIL CORPORATION
DENVER 2. COLORADO
PETER W. SEIBERT
TABOR 5-2947
January 22, 1962
George H. W. Bush, Esq.
1701 Houston Club Building
Houston, Texas
Dear Mr. Bush:
As the result of the concentrated efforts of
Caulkins Securities Corporation, and the assistance
of the Original Limited Partners, the escrow arrange-
ment for the sale of the registered units of Vail
Associates, Ltd. was completed on December 20, 1961.
The necessary changes in our construction
schedule and budgeting have been made and we now feel
certain that the job which was originally planned for
two summers can be completed, with the facilities in
operation, by December 1, 1962.
A report on the construction schedule and budget;
hotel plans and financing; construction of additional
Photocopy from George Bush Presidential Library
apartments, shops and ski lodges; the lease and sale
of available lots, and such other matters as the hiring
of a ski school director, etc., will be discussed and,
if possible, settled at the Directors' meeting which is
scheduled to convene in Denver on Friday, January 26th.
You may expect a more complete progress report by
the 20th of February. In the interim period, however, you
can look forward to receiving copies of the recent news
items on the Vail Project, published by The Denver Post;
Rocky Mountain News; New York Times; and in the January
and February issues of SKIING Magazine.
Best wishes for the New Year.
PWS/jt
November 30, 1961
Mr. George P. Caulkins, Jr.
Caulkins Securities Corporation
1130 First National Bank Building
Denver 2, Colorado
Dear George:
~
From the attached you can see that I have become
a large landholder in a Colorado ski resort.
Happy holidays and best regards.
Very truly yours,
George H. W. Bush
Photocopy from George Bush Presidential Library
GHWB/vf
Enc.
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(George Bush Library)
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12/6/61
C
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Freedom of Information Act [5 U.S.C. 552(b)]
P-1 National Security Classified Information [(a)(1) of the PRAJ
F-1 National security classified information [(b)(1) of the FOIA]
P-2 Relating to the appointment to Federal office [(a)(2) of the PRA]
F-2 Release would disclose internal personnel rules and practices of an
P-3 Release would violate a Federal statute [(a)(3) of the PRA]
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P-4 Release would disclose trade secrets or confidential commercial or
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F-6 Release would constitute a clearly unwarranted invasion of personal
P-6 Release would constitute a clearly unwarranted invasion of personal
privacy [(b)(6) of the FOIA]
privacy [(a)(6) of the PRA]
F-7 Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed of gift.
F-8 Release would disclose information concerning the regulation of
financial institutions [(b)(8) of the FOIA]
F-9 Release would disclose geological or geophysical information
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From George Caulkins to distribution list
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RE: Financial information (2 pp.)
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FILE LOCATION
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P-2 Relating to the appointment to Federal office [(a)(2) of the PRA]
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P-3 Release would violate R Federal statute [(a)(3) of the PRA]
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his advisors, or between such advisors [a)(5) of the PRA]
F-6 Release would constitute A clearly unwarranted invasion of personal
P-6 Release would constitute a clearly unwarranted invasion of personal
privacy [(b)(6) of the FOIA]
privacy [(a)(6) of the PRA]
F-7 Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed of gift.
F-8 Release would disclose information concerning the regulation of
financial Institutions [(b)(8) of the FOIAJ
F-9 Release would disclose geological or geophysical information
concerning wells [(b)(9) of the FOIA]
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From George Bush to Vail Associates
11/30/61
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RE: Financial information (3 pp.)
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FILE LOCATION
Vail Associates, Ltd. [1961-1964] [2 of 2]
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P-1 National Security Classified Information [(a)(1) of the PRA]
F-1 National security classified information [(b)(1) of the FOIA]
P-2 Relating to the appointment to Federal office [(a)(2) of the PRA)
F-2 Release would disclose internal personnel rules and practices of an
P-3 Release would violate a Federal statute [(a)(3) of the PRAJ
agency [(b)(2) of the FOIA]
P-4 Release would disclose trade secrets or confidential commercial or
F-3 Release would violate a Federal statute [(b)(3) of the FOIA]
financial information [(a)(4) of the PRAJ
F-4 Release would disclose trade secrets or confidential or financial
P-5 Release would disclose confidential advise between the President and
information [(b)(4) of the FOIA]
his advisors, or between such advisors [a)(5) of the PRA]
F-6 Release would constitute a clearly unwarranted invasion of personal
P-6 Release would constitute A clearly unwarranted Invasion of personal
privacy [(b)(6) of the FOIA]
privacy [(a)(6) of the PRA]
F-7 Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed of gift.
F-8 Release would disclose information concerning the regulation of
financial Institutions [(b)(8) of the FOIA]
F-9 Release would disclose geological or geophysical information
concerning wells [(b)(9) of the FOIA]
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George Bush Personal Papers
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FILE LOCATION
Vail Associates, Ltd. [1961-1964] [2 of 2]
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Date Closed
10/20/99
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P-1 National Security Classified Information [(a)(1) of the PRA]
F-1 National security classified information [(b)(1) of the FOIA]
P-2 Relating to the appointment to Federal office [(a)(2) of the PRA]
F-2 Release would disclose internal personnel rules and practices of an
P-3 Release would violate a Federal statute [(a)(3) of the PRA]
agency [(b)(2) of the FOIA]
P-4 Release would disclose trade secrets or confidential commercial or
F-3 Release would violate a Federal statute ((b)(3) of the FOIA]
financial information [(a)(4) of the PRA]
F-4 Release would disclose trade secrets or confidential or financial
P-5 Release would disclose confidential advise between the President and
information [(b)(4) of the FOIA]
his advisors, or between such advisors [a)(5) of the PRA]
F-6 Release would constitute a clearly unwarranted invasion of personal
P-6 Release would constitute a clearly unwarranted invasion of personal
privacy [(b)(6) of the FOIA]
privacy [(a)(6) of the PRA]
F-7 Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed of gift.
F-8 Release would disclose information concerning the regulation of
financial institutions [(b)(8) of the FOIA]
F-9 Release would disclose geological or geophysical information
concerning wells [(b)(9) of the FOIA]