HomeMy WebLinkAboutMinutes 07-14-08Minutes
Timber Ridge Redevelopment Advisory Committee (“TRRAC”)
July 14, 2008, at 12:00 PM
Attending the meeting were Committee members: Mike Coughlin
Jill Klosterman
Steve Lindstrom
Alex Potente
Margaret Rogers
Absent: Anne Fehlner Gunion Mark Gordon
Mark Ristow
Staff attending the meeting: Judy Camp
Kelli McDonald
Nina Timm
Stan Zemler
THE JULY 28, 2008 MEETING HAS BEEN CANCELLED.
The meeting was called to order at 12:10 PM.
Stan Zemler provided the Committee with an overview of a draft Request for Qualifications (RFQ). The RFQ was based on the notion that 1/3 of the site would be redeveloped initially
and replace the 800 seasonal rental beds. There was discussion about having potential respondents review the RFQ prior to formally issuing it. The consensus was this was not appropriate
and potentially created an unfair process. Alex Potente represented the Eagle County Housing Authority may be interested in responding to the RFQ. They may look to partner with the
Vail Local Housing Authority. It was discussed that this may be a conflict of interest as further information gathering is completed to draft the RFQ.
The Committee then discussed the completeness of the RFQ based on the Committee’s expectations. It was believed by some Committee members that more questions needed to be answered to
clearly define the RFQ parameters. The following questions were raised by Committee members:
Is it physically possible to remove a portion of the improvements and continue to operate the remaining
Can this phase be completed “in house?”
What is the piece of the property that will be subdivided?
Does the Town want to continue to own the land and offer a land lease?
What control does the Town want?
Does this density actually fit on 3 acres? How will 800 beds “fit” on the 1/3 of the site?
What are the parking requirements for the development? Surface or structured? The parking requirement should be something more than zero and potentially less than existing Town requirements
based on similar development parking needs.
What are the height expectations for the development?
How many existing units are needed to service the remaining debt?
What will the land cost?
The Committee then reviewed a financial analysis prepared by Jill Klosterman, Eagle County Housing Department. Based on the preliminary analysis it appears there will be an equity requirement.
The equity requirement has also been referred to as “the gap.” The analysis assumed taxable bonds at 6% and a debt service coverage ratio of 1.35. There was discussion about the potential
for tax exempt financing. Alex Potente represented that Eagle County may be able to provide equity for the project.
A discussion followed regarding vacancies in the remaining Timber Ridge units and absorption with 800 additional seasonal rental beds. Currently Vail Resorts master leases the majority
of units. What is their demand for additional beds?
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 or RFQ 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, July 28 12:00 to 2:00 PM (CANCELLED)
Tuesday, August 5 Town Council Work Session and
Public Hearing
The meeting adjourned at 1:40 PM.
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