HomeMy WebLinkAboutMinutes 06-16-08Minutes
Timber Ridge Redevelopment Advisory Committee (“TRRAC”)
June 16, 2008, at 12:00 PM
Attending the meeting were Committee members: Mike Coughlin
Mark Gordon
Anne Fehlner Gunion
Steve Lindstrom
Mark Ristow
Margaret Rogers
Absent: Alex Potente
Staff attending the meeting: Judy Camp
Stan Zemler
Matt Mire
Kelli McDonald
The meeting was called to order at 12:05 PM.
Stan Zemler asked the Committee to review the goals discussed at the June 2nd meeting and make any desired changes.
The following goals were discussed and refinements added from the prior meeting:
Replacement of at least the existing number of 800 employee beds
House some seasonal workers in the first phase
What is the least amount of land needed to do this?
Increase in the number of beds to a minimum of 800
Look at new job generation in Vail
Quantify the loss of existing rentals in Vail
Eagle County has experienced absorption issues
Belief that all product will ultimately be absorbed
Minimize total parking provided
Ensure proper transit alternatives to the car
Possible future re-use of the surface parking area
Permanently affordable
Encourage master leasing
Encourage businesses to subsidize rents for their employees
Control occupancy and / or rents?
Benchmark rents to local rental rates (needs more discussion)
What do “we” want to control?
Future uses
Affordability
Land Lease
Define terms
Length – identified as “as short as possible to which a developer would agree”
Lease payment
Define the parcel
Is a goal to make money?
Define risk and reward
Development must be fiscally responsible
Be careful in defining goals – specify minimum requirements
This redevelopment seems to collapse under its own weight
Make this an achievable project – limit size and scope
Retain as a site that is permanently affordable.
A discussion took place by the Committee regarding a spectrum upon which there are several points. At one end is the Town of Vail owning the land and at the other end is the Town of
Vail leasing the land. The group agreed that it was best to stay closest to the end of the spectrum where the Town of Vail owns the land. Financing options will come into play. Can the
Town of Vail develop the first third alone? Would it be wise to see what others propose? Zemler indicated that Stan Clauson, working in conjunction with Drexel Burrell, is in the process
of putting forth a proposal for site development in the next several weeks. They have considered using EPS to assist with developing financial options. The Committee discussed looking
at a land use plan instead of a master plan for the site. There was also discussion on whether or not the Town of Vail should develop the site. Cautions were given regarding this option.
At this point Zemler handed out a document from the Eagle County Housing Authority illustrating rents charged for affordable housing in the County. Timber Ridge was among the highest
rent for a comparable unit.
Matt Mire then joined the meeting to lead a discussion on deed restrictions. Timber Ridge today operates with a master deed restriction on the land, as does Vail commons. The land ownership
in both cases allows for rent control and price appreciation caps. Most deed restrictions in the Town of Vail are use restrictions that require a resident to work a minimum of 30 hours
per week in Eagle County. Also, the zoning for Timber Ridge requires the site to only be used for Employee Housing. Mire stated that if the Town of Vail owns the property or has ownership
interest in the property, it makes enforceability virtually bullet-proof. He cited Aspen and Boulder as examples of communities with 1% ownership in properties to leverage affordable
housing enforceability.
Mire’s recommendation to the Committee was to subdivide the land and put a master deed restriction for affordable housing on the first parcel to be developed with Town of Vail maintaining
ownership at a minimum level of 1%. He said Middle Creek was a good model to follow to allow the town to maintain control over rents.
A discussion then took place regarding selling deed restrictions. This would not be applicable to rental units. The Town of Vail could sell credits from a bank of affordable housing,
i.e. a pool, for for-sale units for pay in lieu for developers who need to build affordable housing. Units in a redeveloped Timber Ridge project could be condominiumized and sold, for
example, to a large developer such as Open Hillwood. A suggestion was made to look at the model for building and selling parking spaces.
The anticipated schedule for the Committee’s work:
Committee recommended RFP presented to Town Council at the August 5, 2008 public hearing.
Issue a RFP following the hearing, possibly August 6, 2008.
Receive responses from the development community by September 30, 2008.
Committee review responses and provide Town Council with a recommended developer by October 30, 2008.
Break ground on redevelopment in April, 2010.
The following meeting schedule has been adopted:
Monday, June 30 12:00 to 2:00 PM
Monday, July 14 12:00 to 2:00 PM
Monday, July 28 12:00 to 2:00 PM
Tuesday, August 5 Town Council Work Session and
Public Hearing
The meeting adjourned at 1:35 PM.
1