HomeMy WebLinkAbout2017-11-28 Timber Ridge Operating Committee Meeting Results
Timber Ridge Operating Committee
Meeting Results Tuesday, November 28, 2017
8:30 – 9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent:
George Ruther Greg Hall Kathleen Halloran Greg Clifton John King Ciecly Crampton David Leiby
Ruther called the meeting to order at 8:30 as a quorum was present. King made a motion to approve the October 24, 2017 meeting results. MOTION: King SECOND: Ruther VOTE: 3-0 A review and discussion of the Timber Ridge budget supplemental was presented by Kathleen Halloran. The supplemental request was initiated by rental revenue losses due untimely completion of unit improvements.
The Town received a lien from Sherwin Williams, subsequently a letter is being sent to Prime Star, the Town is not paying and Prime Star will reimburse the Town $5,000. Motion to approve the supplemental was made by Ruther. MOTION: Ruther SECOND: King VOTE: 3-0 David Leiby provided a Timber Ridge financial review of the budget and savings to bring budget back to even. Currently the budget is over budget $24,000 due to rental revenue loss. Leiby believes the upcoming rents, laundry fees and vacancies to be filled in
November and December will bring the budget into positive figures. There could be $11K savings if no roof snow removal in December. Removal will be rescheduled to February 2018 as necessary. Corum presented a request by Vail Resorts (VR) to use building external storage areas
in buildings K, L and M. VR would like to store maintenance items like counter tops, doors, etc. VR’s plan is to keep maintenance work in house and having those items onsite would be beneficial.
King had no issues as long as storage was for repair items not tenant use. Leiby questioned if furniture storage was OK. King thinks storage has value.
Halloran wondered if there should be an agreement sot the Town isn’t liable and noted it
is outside the lease parameters. Ruther stated if the Town starts charging rent on the storage spaces it enters Town into liability. The Committee acknowledged storage use in buildings K, L and M is acceptable.
Corum will monitor and have VR provide a letter indicating how the storage will be used.
Staff asked if the December 26 meeting would be held or cancelled. Corum will provide decision no later than December 18, 2017.
Meeting adjourned at 8:35AM. MOTION: Ruther SECOND: King VOTE: 3-0 The next scheduled meeting of the Timber Ridge Operating Committee is December 26, 2017.
Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711.