HomeMy WebLinkAbout2016-06-28 Timber Ridge Operating Committee MinutesMinutes Timber Ridge Operating Committee (TROC) June 28, 2016 at 8:30 AM Attending the meeting were committee members: Kathleen Halloran Alan Nazzaro Greg Hall
Corum staff attending the meeting: Cicely Crampton (via phone) Dave Lieby The meeting was called to order at 8:40 AM.
1. Minutes Kathleen Halloran made a motion to approve the April 21, 2016 minutes. Greg Hall seconded the motion. There was no further discussion and the motion passed
unanimously. 2. Status Vail Resorts (VR) Master Lease Kathleen Halloran updated the Board that the lease came back from the VR legal
department with some comments. A copy of the Master Lease had been sent to the
Board prior to the meeting with the comments and recommended changes from VR. After much discussion regarding the comments and recommended changes the Board asked Kathleen to make some key changes to the lease document and resubmit to VR. The most important of which were:
• Termination Fee requested to be waived by VR – TROC will propose a tiered penalty to be called Early Termination Penalty
• Need to consider what to do if Town terminates.
• VR requested that individual beds not be held to an inspection or a notice to the Town’s agent at least 30 days in advance of the bed vacating. o Board agreed that while a 30-day notice will not be given in cases where a VR
employee is separated from the company, there should still be notification that the bed has vacated. o If Town agent is not given notice in time to inspect the bed and complete maintenance if necessary, it will be up to the agent for VR to turn in the move out inspection generated by their staff for Town agent’s records.
3. Update on Unit Remodels Mr. Leiby gave an update on the remodel of the first eighteen VR master leased units
and their reaction to the work completed. Mr. Leiby reported that VR was very pleased
with the renovated units and likes the turnovers as well. The following numbers were reported:
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- Original budgeted amount for all 18 units was $255,340 which included the 4% management fee.
- Actual Cost $202,682 which included the 4% mgt. fee. - Savings vs. budget $52,656. 4. Landscaping and Pinnacle’s request for improvement around Building K, L and M Mr. Leiby presented the Landscape Contract for 2106 with Turtle Vida Landscaping, Inc. for $4000. He reported that the funds for the landscaping would come out of excess
snow removal funding budgeted for the year.
5. Update on the new turnover procedures per the Master Lease
There is no more funding in the budget to do turnovers this year. If more renovations
are to be done there would need to be $100,000 supplemental budget request. There have been 37 out of the 54 VR mater lease units being turned; it takes $900 per unit just for paint with 15 gallons and 2 to 3 coats being needed.
Kathleen Halloran noted that she would take a close look at the budget to see if there
were overages available or if a request for a budget supplement might be needed before the next budget cycle. 6. Miscellaneous
Mr. Leiby reported that 257 work orders were received for a total of $40,000 for deferred
maintenance on the VR units of which $10,000 was recouped. Work orders will no longer be accepted for repairs that should have been requested in the past. The next regularly scheduled TROC meeting is July 26, 2016.
There being no further business, the meeting was adjourned at 9:32 AM.
Respectfully Submitted, _____________________
Alan J. Nazzaro
INTRODUCED, READ, ADOPTED AND APPROVED this ______ day of ___________________, 2016.
TIMBER RIDGE OPERATING COMMITTEE By: ___________________________ Stan Zemler, Town Manager
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