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Home My WebLink About2020-03-31 TROC Minutes Timber Ridge Operating Committee Meeting Results Tuesday, March 31, 2020 8:30 – 9:30 AM Zoom Meeting https://zoom.us/j/966963420 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Patty McKenny Scott Robson Greg Hall Kathleen Halloran George Ruther John King Corum: Brandon Crow, Timber Ridge Property Manager Ericka Weston, Regional Manager Agenda: 1. Review and Approve February 25, 2020 Meeting Results MOTION: HALLORAN SECOND: KING VOTE: 5-0 APPROVED 2. Timber Ridge / Corum Future Operating Plans The Committee and Corum reviewed Corum’s and the Town’s rental relief assistance proposal. There are 42 rental units, number excludes VR master lease, 8 of the units have communicated the need for assistance. Crow is contacting all tenants regarding April payments. Crow sent notification to all tenants if rental assistance needed to contact management. No one has cancelled or broken leases. Weston things rental assistance should be based on a case by case basis. Hall asked if there were any master leased units. Crow noted Manor Vail and Destination Resorts both have masters and he has not heard from either. Ruther asked Corum how they intend to notify tenants regarding rental relief policy. Crow intends to use email, fliers and phone to contact tenants. Weston provided an overview of Corum’s plan noting this plan is working at other resort properties. She stated they will use the one-month security deposit however, if their credit is not great tenant may owe $250 or more. Ruther asked if the tenant is required to pay back the month deposit. No per Weston. King not in favor of tenants use of 100% of security deposit feels it should not be more than 50%-75%. Halloran question if there should be a rental forgiveness option for April. 50% rental abatement for 41 units equals $29K revenue loss, which the Town can afford. Discussion ensued regarding assistance and policy. Ruther will write up a policy based on today’s discussion and share with group. Timber th Council meeting. Ridge Rental Relief Policy will be added to the April 7 Halloran will add the rental losses to the supplement. th Corum can provide feedback via a phone call on April 7. Modifications can be made after Corum has a better understanding the tenant’s payment ability. April: partial deferral, depends on tenant’s ability to pay, case by case and lease terms May: 50% forgiveness June: 50% forgiveness Use security deposit: as last option Halloran motioned to move forward with a relief policy. MOTION: HALLORAN SECOND: VOTE: 5-0 APPROVED 3. Building M Remodel Remodel pending release of all units. Start date scheduled for May 1. Ruther: Is there was a continency plan if all tenants are not out? King: Contractor agreement he won’t start until 100% unoccupied units. Contractor agreement units must be empty prior to work beginning. However, tenants could be in different M building units. He noted the sewer line need to be accessed. Corum to stay in touch with Vail Resorts. 4. Laundry Room Repair Status Brandon stated the room repairs are completed. Corum has not heard from CSE, vendor, regarding reimbursement. Ericka will follow up with the Town after discussing with CSE. Total repairs roughly $10,000. Corum to send invoicing after meeting today. Ruther requested communication with CSE’s regional manager. 5. Kumar Rockfall Update Hall had no news. Committee will follow at the April 28, 2020 meeting. 6. Timber Ridge Operating Committee Documents Update Ruther reviewed committee members per operating agreement. He asked the Committee if the attendees should be amended. The Committee today consists of the Town Manager, Finance Director, Public Works Director, Facilities Manager and Community Development Director. All agreed to amend the Community Development Director to Housing Director. Some of the Committee asked if there should be an alternate appointed. Hall questioned who would approve/adopt the changes. Ruther stated it is a Town Manager decision. MOTION: HALL SECOND: HALLORAN VOTE: 5-0 APPROVED 7. Other Business King said building P need roof repair, soffit vents were painted over and is causing condensation. He received an estimate of $5,500 and is looking for approval to move forward. King also suggested the soffit status in other buildings. Committee approved work to be completed. 8. Adjournment Meeting adjourned at 9:37 AM. MOTION: HALL SECOND: KING VOTE: 5-0 APPROVED 9. Future Items for Discussion Kumar Rockfall Update Timber Ridge Redevelopment Note Pay Down or Off Next Meeting April 28, 2020 Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48-hour notification dial 711.