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HomeMy WebLinkAbout2020-04-28 TROC Minutes Timber Ridge Operating Committee Meeting Results Tuesday, April 28, 2020 8:30 – 9:30 AM Zoom Meeting 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Scott Robson Greg Hall Kathleen Halloran George Ruther John King Staff: Lynne Campbell Corum Real Estate: Ericka Weston Brandon Crow Agenda: Meeting called to order at 8:40AM. Members present are Robson, Halloran, King, Campbell from staff and Weston and Crow from Corum. 1.Review and Approve March 31, 2020Meeting Results MOTION: King SECOND: Halloran VOTE: 2-0 approved. Scott abstained. 2. Timber Ridge Rental Renewal and Abatement Update Fliers sent for abatement for May. TOV will take on 50% of rent not including other charges. 20 residents have completed the form. Brandon has reached out regarding May. He isn’t worried about responses. Scott comment on the big impact the abatement has had. Ruther, Weston and Crow have weekly calls. Only 2 letters haven’t been sent through the end of June. 4 Tenants have not submitted. Weston asked how many leases expire end of June. Corum will look at what increases look like and discuss at weekly call. Halloran asked Corum to tie up amounts for increases and rental status. Halloran thanked team for going through abatement. King said working better than he anticipated. 3. Building M Remodel – Unit Release Status King has been in touch with contract. All material has been procured. Ready to start at end of May. He is concerned with COVID-19 Corum will not be able to get tenants out of units. Crow spoke to VR Danny working with Ashely. Weston emailing Ashely regarding vacancies noting work won’t begin until all units vacated. 4. Other Business June rent abatement pending how the work environment pans out. Weston thinks may need to use the 50% security toward June rent. Halloran recalled the security deposit was going to be used for July. According to Weston they think they’ll know better mid-May who need assistance. Halloran reminded the Board the revenue impact is around $27K-29K. Robson asked if TROC could meet mid-May. May 19, 8:30 for an update on rents. th Campbell will schedule a May 19 meeting and forward draft agenda th week prior to meeting. The May 19 meeting may replace May 26 regular meeting. th Kumar Rockfall Update – Hall / King noted work will resume May 11. 5. Adjournment Meeting adjourned at 8:56AM. MOTION: Halloran SECOND: King VOTE: 3-0 Approved 6. Future Items for Discussion th . Kumar Rockfall Update – Hall will resume work May 11 Timber Ridge Operating Committee Documents Update, Tammy Timber Ridge Redevelopment Note Pay Down or Off Next Meeting May 26, 2020 Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48-hour notification dial 711.