HomeMy WebLinkAbout2020-09-29 TROC Meeting Results
Timber Ridge Operating Committee
Meeting Results
Tuesday, September 29, 2020
8:30 – 9:30 AM
Zoom Meeting
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 ½ 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 ½ 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 27th
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.