HomeMy WebLinkAbout2021-07-27 TROC Agenda TOWN OF VAI t
Timber Ridge Operating Committee Agenda
Tuesday, July 27, 2021
8:30AM — 9:30AM
Zoom Virtual Meeting
75 South Frontage Road West, Vail, CO 81657
Members Present: Members Absent:
Scott Robson, Town Manager
George Ruther, Housing Director
Kathleen Halloran, Finance Director
Greg Hall, Public Works Director
John King, Facilities Manager
Corum:
Jocelyn Garcia, Property Manager
Ericka Weston, Regional Portfolio Manager
Staff:
Lynne Campbell, Housing Coordinator
Agenda:
1. Call to Order
2. Timber Ridge Property Manager Introduction
3. Meeting Results June 29, 2021
MOTION: SECOND: VOTE:
4. 2022 Budget Preliminary Discussion
5. Residences at Main Vail Operating Committee
6. Timber Ridge Light Check
7. Other Business
8. Adjournment - Estimated 9.30AM
MOTION: SECOND: VOTE:
The next scheduled meeting of the Timber Ridge Operating Committee is August
31, 2021.
Please call 970-479-2136 for additional information. Sign language interpretation
is available upon request with 48 hour notification dial 711.
TOWN OF VAI t
Timber Ridge Operating Committee Results
Tuesday, June 29, 2021
8:30AM — 9:30 a.m.
Zoom Virtual Meeting
75 South Frontage Road West, Vail, CO 81657
Members Present: Members Absent:
Scott Robson
George Ruther
Kathleen Halloran
Greg Hall
John King
Corum:
Brandon Crow
Ericka Weston
Staff:
Lynne Campbell
Agenda:
1. Call to Order
Called to order at 8.34 a.m. all members present.
2. Approval of May 25, 2021 Meeting Results
MOTION: KING SECOND: ROBSON VOTE: 5-0 APPROVED
3. Residences at Main Vail Operating Committee
Committee discussed a future RMV op committee, funding, draws and payments.
RMV is set up the same as Timber Ridge, an enterprise fund. Timber Ridge
Operating Committee is set up based on TOV positions throughout the Town,
Town manager, Finance director, Public Works director, Housing director and
Facilities director. The committee will recommend for approval by Council who
serves on committee and propose operating guidelines or policies.
Review rental rates for most affordable for the project and not seek to get
maximum rate. Hall suggested once everything on enterprise fund is covered use
remaining balance to future projects, build capital reserve over time. Manage
property similar to HOA.
Units size and rental rates, excluding utilities
• 1/1 - $1,700
• 2/1 - $2,100
• 2/2 - $2,250
Is TOV charging for parking, storage, pets?
Each unit separately metered and there is an assumption of high electric and
heating bills. Ruther has reached out to Active Energies for consultation on the
most efficient system . Shaw is reviewing options to help reduce
heating/electrical costs with common building system. If no renewable energy
used, is RMV buying renewable credits.
Some Council members provided feedback to Robson they would like the deed
restrictions to be limited to employees working in Vail vs. Eagle County, similar to
Solar Vail and 6 West.
All agreed putting operating policy document together. Get Council approval.
Ensure the document works with bonds not effecting the proforma.
Bonds will be sold mid-September. Permission to proceed from TC July 20tn
Halloran checking with bond counsel what is required prior to permission to
proceed.
Will the number of tenants per unit be mandated? Ruther stated these are the
questions for the Committee. Current floor plan created for specific tenant, VR.
• 1/1 616SF
• 2/1837SF
• 2/2 855SF
Triumph Development and Shaw Construction are assisting in construction and
development. Contracts set for cost plus with more specifics provided by Triumph
and Shaw.
King offered to review bills. Monthly draws sent similar to Chamonix project,
within 10 days. According to Halloran, ToV has to make construction draw from
bond, through trustee, US Bank. Billing/payment process was discussed. Ruther,
King and O'Connor will discuss invoicing. Halloran will discuss invoicing and
draws from US Bank bond trustee.
Materials difficult to get consider off site material storage.
Due to 359 Design's inability to meet construction timing the Town switched to
Lipkin/Warner architects. Ruther has meeting the morning of July 8 with
architects regarding design build.
Summary:
• Share floor plans with Committee
• Establish RMV Operating committee/guidelines/policies, present to Council
• Triumph funding/billing process
• Bonding and draws process
• Update from PW on CGL space - onsite October 1, 2021. Shaw and Triumph said
don't be surprised if CGL doesn't open by November 2022. Per Hall PW is currently
working on state building certifications.
• CGL wants to use ToV capital funds for the new building, OK by Committee
• Mayor asked PW provide update on CGL at July 6 Council meeting
• Have more frequent conversations regarding RMV
4. Other Business
Timber Ridge onsite manager, Brandon Crow, last day July 9t". Joslyn training
onsite with Brandon until his departure.
5. Adjournment - 9:28 a.m.
MOTION: RUTHER SECOND: HALLORAN VOTE: 5-0 APPROVED
The next scheduled meeting of the Timber Ridge Operating Committee is July 27,
2021.
Please call 970-479-2136 for additional information. Sign language interpretation
is available upon request with 48 hour notification dial 711.