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Home My WebLink About2020-11-10 TROC Meeting Agenda TOWN OF VAI t Timber Ridge Operating Committee Meeting Results Tuesday, November 10, 2020 9:30 — 10:30 AM 0o eei 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Scott Robson John King George Ruther Greg Hall Kathleen Halloran Corum Real Estate: Ericka Weston Brandon Crow Staff: Lynne Campbell Agenda: 1. Call to Order 2. Review and Approve September 29, 2020 and October 14, 2020 Meeting Results MOTION: SECOND: VOTE: 3. Accounts Receivable, Rent and Disbursement Updates 4. 2021 Budget Approval 5. Laundry Room Repair CPI Reimbursement Status 6. Other Business: 7. Adjournment (9.30 AM estimated) 8. Future Agenda Items • Vail Resorts Lease Discussion, November 24, 2020 • Timber Ridge Redevelopment Next Meeting November 24, 2020 Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48-hour notification dial 711. TOWN OF VAILt Timber Ridge Operating Committee Meeting Results Tuesday, September 29, 2020 8:30 - 9:30AM 0o eei 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Kathleen Halloran Scott Robson John King Greg Hall George Ruther Corum Real Estate: Ericka Weston Brandon Crow Staff: Lynne Campbell Agenda: 1. Call to Order Meeting was called to order at 8:39AM. 2. Review and Approve August 25, 2020 Meeting Results MOTION: RUTHER SECOND: KING VOTE: 3-0 APPROVED 3. Accounts Receivable, Rent and Salvation Army Disbursement Updates Corum and the Committee discussed next steps for tenants in arears. Specifically, unit N2 has a current balance of $1,955. The tenant has committed to bring account current though communication is not consistent. This unit has security deposit of $2,836. Corum will check why they were required to put 2 months instead of the standard 1 month deposit. Next steps: • Don't renew leases if a balance due for any units • Use '/2 of N2 security deposit to help bring current • Don't renew lease in January if tenant in arears from November to December • Ask for unit N2 tenant's current pay stubs in January to ensure in compliance with lease and restriction MOTION: RUTHER SECOND: KING VOTE: 3-0 APPROVED 4. 2021 Budget Approval The Committee and Corum reviewed the proposed 2021 budget. Halloran recommended paying down $1.9M on the remain note which is due 2023. This will leave a fund balance of $650K +/-. The note will need to be dealt with prior to redevelopment. King doesn't believe $650K will be sufficient to cover capital needs should the Town choose not to redevelop. Halloran suggested reviewing Timber Ridge redevelopment with Council. Ruther noted entitlements will cost around $300K-$400K. Halloran made a motion to recommend the reviewed 2021 budget with the note pay down of$1.9M. MOTION: HALLORAN SECOND: RUTHER VOTE: 3-0 APPROVED 5. Laundry Room Repair CPI Reimbursement Status Weston spoke with CPI who agreed to reimburse '/2 of the laundry room repairs. She has a meeting with CPI on October 1st and will report to the Committee. 6. Note Pay Down or Off See item 4. 7. Timber Ridge Redevelopment Status Nothing discussed. Other Business: King suggested Corum contact Tri-Phase Electric to confirm existing circuits can handle new heat tape. Committee and Corum agreed to schedule a separate meeting with Vail Resorts to discuss potential lease amendments. Meeting Adjourned at 9.20AM MOTION: RUTHER SECOND: HALLORAN VOTE: 3-0 APPROVED Future Agenda Items • Vail Resorts Lease Discussion: Special meeting Mid October or Regular meeting October 27t" • 2021 Budget, October 27, 2020 Next Meeting October 27, 2020 Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48-hour notification dial 711. TOWN OF VAILt Timber Ridge Operating Committee Meeting Minutes Tuesday, October 14, 2020 8:30 - 9:30AM Zoom Meeting 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Kathleen Halloran John King George Ruther Scott Robson Greg Hall Corum Real Estate: Vail Resorts: Ericka Weston Jeremy Stephani, Senior Manager Employee Housing Zach Yeo, Employee Housing Manager Mandy Whitehouse, Housing Director Staff: Lynne Campbell Agenda: 1. Call to Order Meeting was called to order at 11:OOAM. 2. Timber Ridge Apartments Lease Amendments The purpose of the meeting is to insure everyone is working from and accurate and current lease today. Discussion ensued regarding previously reviewed lease amendments from 2019. Changes presented at that time were approved by VR staff, TROC members, Corum Real Estate and the Town's attorney however an addendum was never executed. Two goals are noted. First to update current lease with appropriate changes for how Timber Ridge is being rented and managed. Second, prepare lease renewal on May 1, 2021 for all other updates. Items listed in the 2019 document were reviewed. A. Unit trade of K4 to P12 has already occurred. B. Fees. Jeremy and Ericka will review fees. VR will adjust their current fees to match Corum. Other changes required will occur at lease renewal May 1, 2021. C. Clean up vagueness of text. D. 7c change was to clarify which party, VR or Corum, responsible for maintenance. E. 7d was to clarify reporting. Corum will redline this section. H. Pet. Language will be removed. VR will add their pet addendum which is for service animals. I. Redundant, clean up. J. Weekly report. To be discussed further with VR and Corum. K & L OK. VR and Corum will review further. TROC members noted changes were operational issues between Corum and VR. Jeremy and Ericka will review the existing addendum and update with existing changes and remove redundancies and have prepared for the November 24, 2020 regular TROC meeting. 3. Meeting Adjourned at 11.40AM 4. Future Agenda Items • 2021 Budget, October 27, 2020 5. Next Meeting October 27, 2020 Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48-hour notification dial 711.