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Home My WebLink About2021-04-27 TROC Results TOWN OF VAI t Timber Ridge Operating Committee Results Tuesday, April 27, 2021 8:30AM — 9:30AM Zoom Virtual Meeting 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Scott Robson, left meeting 9.15AM Kathleen Halloran George Ruther John King Greg Hall Corum: Ericka Weston Brandon Crow Staff: Lynne Campbell Agenda: 1. Call to Order Meeting called to order at 8.35 AM all members are present except Halloran. 2. Meeting Results March 30, 2021 MOTION: KING SECOND: RUTHER VOTE: 4-0 APPROVED 3. Master Leasing and Website Brandon has website training today and will find out if there what reporting options are available. Leasing 56 units. Building K has 16 approved applicants to move in late May. Corum stated Sweet Basil may want 1-2 more units. Most young professional, singles. Sweet Basil has 4 units reserved and La Bottega (included in the 16 count). VR employees staying on are 2-3 applicants. Some of VR employees moved into North Chair. Crow asked if they should lease buildings M & L. Committee said to lease out at first come first serve basis. Weston said we should wait and put on hold over pause. Per Robson VR wants all three buildings. He told VR not possible. Robson recommend holding off renting other buildings at this time. Keep VR and public rentals separate due to maintenance services. Furniture is still in units. VR wants to move items only once and until rentals for VR have been determined. Rider/Addendum would state updated lease terms to master lease. Council may be open to extending master lease for one of the buildings. This is yet to be determined. Council will discuss at the next Council meeting on May 4tn Corum's concern is VR payment process takes 20-25 days to receive rent. Extend for 30 days since VR won't have time to move out by end of April 30tn Weston noted Corum may not get units until end of May. VR was made aware of no lease extension and no hold over for 50 units. VR Housing department was given direction to hold off, they were working with the Town. Direction needs to be VR needs to vacate M&L. VR could master lease building L. Committee will circle back to Corum after the Town's speaks with VR today. Keep parking ratio to 1.1 for building K & M, one parking space per unit. TR short 8 parking spaces for all units. Building L will be provided 10 spaces. Committee, VR needs to remove furniture from building K & M. 4. Vail Resorts Rental Turns and Hold Over Units Discussion occurred with item #3. 5. Timber Ridge Redevelopment Timber Ridge redevelopment is part of development agreement with Triumph Dev. What will the agreement look like? Outstanding debt is a factor in redevelopment, how will it be handled. There is a promissory note bought down to $900K. Also outstanding is $8M with interest payment of 1.? Matures in 2033. Ruther believes the remaining balance is around $6M. Thoughts: Where will the Town debt be when construction starts in 2025? Potential to get LR land purchase of$5M in 2024. If purchase not executed LR begins land lease payments in 2025 Land value under TR around $10M. Triumph will lease ground from ToV, development similar to LR and ToV would lease back property for and unspecified term. Ruther noted Lot 3 Middle creek is a 50 year ground lease. Triumph wants longer term. LR a 50 ground lease too. Lease terms based on development improvements life cycle. Triumph as asked for the option to purchase Lot 3 Middle Creek. Council wants to hold this property. Per Ruther the Town doesn't have to own property to achieve housing goals as property is deed restricted. Ruther provided a general overview of potential TR site redevelopment. Thoughts are to make some units for-sale. Hall noted rockfall mitigation has been mitigated behind TR. Once mitigation is complete it should be noted on the map. Ruther is providing an executive session memo for the Council meeting on May 4, 2021. He will include outstanding debt and potential remaining debt in 2025. 6. Other Business None 7. Adjournment - 9:23AM MOTION: HALL SECOND: KING VOTE: 3-0 APPROVED The next scheduled meeting of the Timber Ridge Operating Committee is May 25, 2021. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711.