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HomeMy WebLinkAboutMinutes 05-19-08Minutes Timber Ridge Redevelopment Advisory Committee (“TRRAC”) May 19, 2008, at 12:00 PM Attending the meeting were Committee members: Mike Coughlin Mark Gordon Steve Lindstrom Alex Potente Mark Ristow Margaret Rogers Absent: Anne Fehlner Gunion Staff attending the meeting: Judy Camp Kelli McDonald Nina Timm Stan Zemler The meeting was called to order at 12:15 PM. Brief personal introductions were made by those in attendance. Stan Zemler provided the Committee with an overview of their role as advisors to the Town Manager. It was acknowledged that the Committee’s input will always be valued; it may not always be incorporated into the final decisions made by the Town Manager or the Town of Vail. The schedule anticipates issuing a Request for Proposals (RFP) at the end of the process, but it is acknowledged that the Committee may recommend not issuing a RFP and pursuing another course of action that may better achieve the redevelopment goals. Stan Zemler presented the following schedule as the optimal time line for the work the Committee will be doing as well as the anticipated schedule following completion of 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. An overview of the existing debt and operations were provided by Town staff. Also, a brief overview of the previous redevelopment RFPs was given and the pitfalls of those were discussed. In order to avoid those previous issues the Committee was asked to create goals for redevelopment, but not make them so specific they may not be achievable. It was suggested that minimums be established for redevelopment and allow developers to propose what can be done beyond those requirements. The following is a list of issues for the Committee to focus on: A market study to better define who the target residents should be. Review the Housing (H) District and identify possible modifications. Develop an appropriate definition of “Affordable.” Land Lease pros and cons. Control – what does the Town really want to control and what is the best mechanism to go about it. Identify sources of possible funds, both debt and equity, for redevelopment. Timber Ridge as its own redevelopment and not tied to another development’s regulatory requirements. What the Committee and/or the Town can do “in house.” The Role of the Town of Vail in a redevelopment. Owner Financer Entitlements Establish redevelopment expectations that are achievable. In anticipation of the next Committee meeting, members will individually be thinking of their “requirements” for the redevelopment of Timber Ridge. The following meeting schedule has been tentatively adopted: Monday, June 2 12:00 to 2:00 PM Monday, June 16 12:00 to 2:00 PM 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 1:45 PM. 1