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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.