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HomeMy WebLinkAbout2016-01-26 Timber Ridge Operating Committee MinutesMinutes Timber Ridge Operating Committee (TROC) January 26, 2016 at 8:30 AM Attending the meeting were committee members: Greg Hall Kathleen John King Alan Nazzaro (arrived late) Stan Zemler Absent: Staff attending the meeting: Nina Timm Corum staff attending the meeting: Cicely Crampton Dave Lieby The meeting was called to order at 8:29 AM. Kathleen Halloran made a motion to approve the December 1, 2015 minutes. John King seconded the motion. There was no further discussion and the motion passed unanimously. Corum notified the committee that they have received 243 work orders for the Vail Associates master lease units. Thirty percent of the units have not been inspected yet so additional work orders are anticipated. To date, 116 of the work orders have been addressed by Corum. Priority was given to life safety repairs and maintenance. Corum has been preparing a charge-back bill for Vail Associates for work orders that are beyond normal repair and maintenance. Work orders in Building K that are not a life safety hazard will not be addressed until this spring as part of the units remodel. • Next big set of work orders to be addressed are carpet and vinyl trip hazards. The vinyl and installation will cost $7,000 plus shipping. This will replace the kitchen and bathroom vinyl in 13 units in buildings L and M. The vinyl will match what is being installed in the remodeled units. • It is estimated that there are $9,000 worth of front door and $3,000 worth of interior door replacements from residents or guests damaging them. The committee instructed Corum to charge-back for Corum staff time spent coordinating work orders and contractors completing work that is Vail Associates’ responsibility. Alan Nazzaro arrived. A job description with some minimum qualifications for the on-site maintenance technician provided by Vail Associates will be given so that Corum staff is not made responsible for training and supervising them. Timber Ridge Operating Committee 1 The committee discussed the draft five-year master lease. Corum was asked to make the following changes: Paragraph 2 and 21 • Ensure the termination clauses do not conflict and also allow for the collection of all rents due despite an early termination of the lease term. Paragraph 6 • Add language about the property manager’s time being billed along with the cost of any expense related to repairs and maintenance that are Vail Associates’ responsibility, but handled by the property’s manager. Paragraph 7 • …Lessor may invest in updates to 18 of the 54 units… • Amend the units to K1-3 and K5-18 and unit P12. • Clarify language around new furniture being of high enough quality to withstand the anticipated use. Paragraph 13 • Add additional language about replenishing the security deposit within 30 days of it being drawn on and consequences for not doing so. Ask the town attorney if additional penalty language can be added to this section. Exhibit D • Paragraph 6 should be made its own exhibit to the lease and should contain more explicit language about the inspections and expectations. Perhaps it may include language saying if no inspection related work orders are received by Corum in a timely manner then Vail Associates assumes full responsibility for the condition of the unit. • Move paragraph 7 to the third paragraph of page one of the lease. Corum updated the committee that it has not been easy to get bids for the proposed units remodel. RE has declined to bid. Bids have been received from Falcon and Yampa Valley. Interstate is scheduled to review the property and scope of work on February 2. Timber Ridge Operating Committee 2 The next regularly scheduled TROC meeting is February 23, 2016. There being no further business the meeting adjourned at 9:27 AM. Current Project Status:  As of January 1, 2016, there are 96 out of 96 units rented at Timber Ridge.  Vail Resorts master leases 54 units at $1050/unit/month until April 30, 2016.  Lease Expirations: There are 0 leases expiring in January.  The next scheduled meeting of TROC is Tuesday, February 23, 2016 at 8:30 AM. Respectfully Submitted, _____________________ Nina Timm INTRODUCED, READ, ADOPTED AND APPROVED this ______ day of ___________________, 2016. TIMBER RIDGE OPERATING COMMITTEE By: ___________________________ Stan Zemler, Town Manager Timber Ridge Operating Committee 3