HomeMy WebLinkAbout2020-11-10 TROC Meeting Results
Timber Ridge Operating Committee Meeting Results
Tuesday, November 10, 2020 9:30 – 10:30 AM
Zoom Meeting
75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent:
Scott Robson John King
George Ruther, left meeting @ 9:50AM Greg Hall Kathleen Halloran
Corum Real Estate:
Ericka Weston Brandon Crow Staff:
Lynne Campbell
Agenda: 1. Call to Order
Hall call meeting to order. Present are Hall, Halloran, Robson, Ruther (left meeting @ 9:50AM. MOTION: HALL SECOND: HALLORAN VOTE: 4-0 APPROVED
2. Review and Approve September 29, 2020 and October 14, 2020 Meeting Results Halloran motioned to approve both September 29, 2020 and October 14, 2020
Meeting Results. MOTION: Halloran SECOND: Hall VOTE: 3-0 APPROVED
3. Accounts Receivable, Rent and Disbursement Updates Weston noted all revenue has been collected as of September. They are waiting on one unit, O-2, on Timber Ridge and Vail Resorts who has a new payment
system. Unit O-2 hasn’t been problem in past.
Only one unit used security deposit to come current. This unit had 2-months in security deposits therefore still has one-month deposit in their account. 4. 2021 Budget Approval
Halloran present a draft budget to Council last Tuesday, budget included paying back $1.9M (mold remediation) and capital for heat tape. A remaining $8M note will have a balance of approximately $5-6M. A 3% rental increase is proposed $1,489 to $1,535 for market units and 2%
increase for Vail Resorts units $1,489 to $1,519. Committee agreed a 3% for all units beginning January 1, 2021. Increases have been every 5 years due to a mediocre rental market. Weston suggested to do increases every 3 years. Currently rents are still a little below
market rents. A 2% increase is considered fair due to new cleaning practices and maintenance. Weston will forward updated spread sheet to Halloran by end of today. She and
the Committee will review the master lease for any Vail Resorts notice
requirements. Lease amendments will be reviewed at the November 24th meeting.
5. Laundry Room Repair CPI Reimbursement Status
Repairs cost $9K. CPI agreed to help with compensation and Corum requested 50% reimbursement. CPI reviewing internally. Corum looking to get $4K -$4500 back.
6. Other Business: No other business discussed.
7. Adjournment (9:30 AM estimated)
Meeting adjourned at 10:10AM.
MOTION: HALL SECOND: HALLORAN VOTE: 3-0 APPROVED 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.