HomeMy WebLinkAbout2021-01-26 TROC Results TOWN OF VAI t
Timber Ridge Operating Committee
Meeting Results
Tuesday, January 26, 2021
8:30 — 9:30 AM
Zoom Meeting
75 South Frontage Road West, Vail, CO 81657
Members Present: Members Absent:
Scott Robson Kathleen Halloran
John King
George Ruther
Greg Hall
Corum Real Estate:
Ericka Weston
Brandon Crow
Staff:
Lynne Campbell
Agenda:
1. Call to Order at 8.32AM
2. Review and Approve November 24, 2020 Meeting Results
MOTION: HALL SECOND: KING VOTE: 3-0 VOTE APPROVED
3. Vail Resorts Master Lease Renewal Terms and Recommendation
Committee discussed Vail Resorts Timber Ridge lease terms, monthly rental rate and
timelines. VR seeking a 3-year lease, 2021-2024, to be renegotiated every 3 years.
New VR rental rates begin on May 1, 2021, $1,535/unit 3 pp unit a total of 55 units.
Recommendation to Council: 3-year lease term with adjustable renewals for 55 units
and 55 parking spaces, ensure provision allowing ability to vacate lease if
redevelopment occurs. 55 units, same number of parking spaces, monthly rate,
$1,535 effective May 1, 2021. Stay at 55 units, lease rates comparables to others in
valley with management cost absorbed by VR.
MOTION: HALL SECOND: RUTHER VOTE: 4-0 APPROVED
4. Timber Ridge Online Rental Payment Proposal and Supplemental
Committee discussed option allowing online payment system.
Corum provided Pinewood Village II example, www.pinewoodvillageii.com .
Currently TR doesn't have website. Cost to set up and maintain would be roughly
$98/mo. Resident pays bank fee. Corum uses website hosted by
Apartments247.com. Resident's and potential renters can access information
electronically, submit workorders (currently submitted via phone calls or email) and
pay electronically if they choose.
Cost will come out of the TR operating account. If Corum doesn't think they can
cover it in the normal operating budget items finance will include it on the March
supplemental.
KH in support via email response.
MOTION: HALL SECOND: KING VOTE: 4-0 APPROVED
5. Other Business:
None discuss.
6. Adjournment (9.30 AM estimated)
Meeting adjourned at 9:26AM.
MOTION: RUTHER SECOND: ROBSON VOTE: 4-0 APPROVED
Future Agenda Items
• Timber Ridge Redevelopment
Next Meeting February 23, 2021
Please call 970-479-2136 for additional information. Sign language
interpretation is available upon request with 48-hour notification dial 711.