Loading...
HomeMy WebLinkAbout2021-06-29 TROC Results 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.