HomeMy WebLinkAbout2016-02-23 Timber Ridge Operating Committee MinutesMinutes Timber Ridge Operating Committee (TROC) February 23, 2016 at 8:30 AM Attending the meeting were committee members: Kathleen Halloran John King Alan Nazzaro (arrived late)
Stan Zemler Absent: Greg Hall Corum staff attending the meeting: Cicely Crampton
Dave Lieby The meeting was called to order at 8:40 AM. John King made a motion to approve the January 26, 2016 minutes. Stan Zemler
seconded the motion. There was no further discussion and the motion passed unanimously. Corum notified the committee that they have completed 55% of the work orders for the Vail Associates master lease units. Ninety percent (90%) of the orders have been
addressed but not completed. To date, 40 units still need carpet & vinyl, which will begin installation on Monday; 30 need doors, which will begin on Tuesday. There are 30 other orders pending material orders. Corum will be preparing a charge-back bill for Vail Associates as soon as vendor bills come in to ensure the accuracy of the request.
Kathleen Halloran asked what the total payback would be. Davis Leiby answered around $12,000; originally Pinnacle was quoted approximately $10,000. There is the first of the bi-weekly Timber Ridge Maintenance Meetings starting today at 1:00 PM onsite. Cicely Crampton told the committee that the Pinnacle representatives may not be able to attend, but that the VR housing manager, Micki Summeril would be there.
The original intent of these meetings was to make sure that everyone is on the same page. David Leiby noted that Pinnacle has asked to end the walks through of units now and begin again in April at move-out. John King interjected that VR needs to manage
Pinnacle better. These walk through of the units is intended to set a baseline of conditions in order to get the units up to standards. Pinnacle is responsible for damage by tenants after move-out. David Leiby presented the bids received to complete the remodel of the first eighteen
VR master leased units:
• Yampa Valley Construction bid $194,000 to do the work. They have experience doing work for David at Timber Ridge, so we are comfortable using them.
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• Falcon Construction had a bid of $255,000 for this work. We have had a good
working relationship with them in the past, but this job may be a little beyond their
capabilities.
• Interstate had the highest bid at $350,000, but it would be good to branch out and get involved with other construction firms in the Valley.
Kathleen Halloran quoted the budget of $467,000 for the entire 54 units being remodeled. Corum asked if the committee had authorized the parking lot to be overlaid as part of this work for $75,000. John King said that only sealing cracks and a spray overlay would be needed. A motion was made by John King to accept the bid of Yampa
Valley Construction. Kathleen Halloran seconded the motion. The motion carried unanimously. Cicely Crampton noted that there was a change in the budget to allow up to $255,000 for the remodel of the first 18 units and $80,000 for the overlay. Kathleen Halloran
confirmed that those were accurate numbers. David Leiby said that there were 10 bathroom remodels in the first 18 units, which would be the highest amount to be done in any of the three segments of remodeling, therefore the most expensive. John King pointed out that the bids contain some higher contingency estimates, which could be lowered depending upon actual conditions. He also asked that we firm up the move-out
date from Pinnacle for the units, before letting the contract, due to the shortened timeframe to complete the work. Discussion ensued regarding our ability to require a date certain. Corum will contact VR
to discuss the issue.
The committee discussed the status of VR five-year master lease. Kathleen presented a list of comments from Town Attorney, Matt Mire:
Question 1 - Number of parking spaces allotted to VR tenants 55 or 50?
• The total is 50 spaces 46 for VR tenants and 4 spaces for property management employees.
Question 2 – Is VR required to furnish the units?
• We expect VR to buy new quality furniture for the upgraded units.
Question 3 – Seems to be a Maintenance provision conflict in lease?
• Corum maintains the grounds and the physical building, as well as maintenance due to normal wear and tear.
• Pinnacle is responsible to do repairs due to tenant damages. Question 4 – Does termination of lease with VR terminate subleases with tenants?
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• The Lease is with VR and their leases are with the tenants, if Master Lease is
terminated there is no relationship between TOV and the tenants. Therefore the
tenants must go. Question 5 - The $5 Million umbrella insurance policy seems excessive?
• Kathleen Halloran will check with Krista Miller on this issue. Question 6 - Exhibit C is missing?
• Corum will supply the Move-in/Move-out Form used to check damages to the units for this exhibit. Question 7 – No idea what Exhibit D is about? Some or all of the issues stated here
should be in lease?
• John King stated that our contractual relationship is with VR and not Pinnacle, but need to state what our expectations are for performance of tenant
management. VR needs to get Pinnacle in line.
Question 8 – No idea what Exhibit E is, not referenced in lease?
• Corum put together definitions of the Move-in Inspection, Move-Out Inspection, Turnover, and Monthly Unit Inspection procedures to make clear what the responsibilities are for all parties in these areas. Question 9 – Satellite Dish Addendum is missing?
• Corum requires a $150 damage deposit before satellite dishes can be installed. They also require an additional level of insurance.
Corum also asked that there be an Exhibit F, which is a checklist to ensure that needed repairs have been made to the units upon move-out. An example was distributed to the committee. Stan Zemler asked if we need to formalize the walk through protocols. David Leiby said
it shouldn’t be necessary, because it is simply, Corum handles normal wear and tear on units, while Pinnacle deals with damage done by the tenants. Stan replied that we need to “state the obvious” on all repairs done, so that everyone understands the protocols going forward.
John King brought up a complaint received from a tenant regarding snow removal. We need to be proactive with removal. Corum responded that the spring-like thaw caused ruts and that there was icing in the portion shaded by the building. John replied that there is an inherent problem of snow removal with cars in the way. Possibly should ask
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tenants to move cars before snow removal operations. Corum will reach out to tenant and copy John on answer.
The next regularly scheduled TROC meeting is March 22, 2016. There being no further business the meeting adjourned at 9:32 AM.
Current Project Status:
As of February 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 February.
The next scheduled meeting of TROC is Tuesday, March 22, 2016 at 8:30 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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