HomeMy WebLinkAbout2017-10-24 TROC Agenda Timber Ridge Operating Committee
Tuesday, October 24, 2017 8:30 – 9:30 AM Timber Ridge Apartments, Building L-06 1265 North Frontage Road West, Vail, CO 81657 NOTE UPCOMING MEETING START TIMES: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) Members Present: Members Absent: Agenda:
1. Call to Order
2. Review and Approve August 29, 2017 Meeting Results 5 Min.
3. Building L Renovation Status 10 Min.
4. Building L Renovation Concession 10 min.
5. Timber Ridge Redevelopment Proposal 20 Min.
6. Adjournment
The next scheduled meeting of the Timber Ridge Operating Committee is November 28, 2017. Please call 970-479-2136 for additional information. Sign language interpretation
is available upon request with 48 hour notification dial 711.
Timber Ridge Operating Committee Results
Tuesday, August 29, 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 John King
Call to Order at 8:36 am 1. Review and Approve Results from the June 27, 2017 and July 25, 2017 meeting 5 Min.
George Ruther moved to approve the meeting results as proposed. John King seconded the motion. Approved 3-0 2. Proposed 2018 budget 15 Min.
The Committee members reviewed the 2018 proposed Timber Ridge Fund Budget. A 1.8% increase in expenditures over 2017 was discussed. A 5% rental rate increase as well as a significant decrease in capital expenditures in 2019 was considered. The reduction in capital expenditures in future years is largely due to the following work being completed in prior years: parking lot resurfacing, stair and walkway repairs, roof
replacement, surface drainage improvements, exterior repaint and interior renovations. The Committee approved the 2018 Timber Ridge Fund Budget John King moved to approve the 2018 Timber Ridge Fund Budget as presented. George Ruther seconded the motion. Approved 3-0
3. Building L Renovation Status 10 Min. Representatives from Corum Property Management provide an update on the status of the Building L renovations. The completion of the work was far outside the scope of the
contract resulting in a loss of monthly rental revenue to the Town. John King moved to instruct our project manager to refuse final payment (approx.. $23K owed) and request reconciliation of lost revenue (approx.. $20K owed) from the
renovation contractor, in accordance with the provisions of the renovation agreement. George Ruther seconded the motion. Approved 3-0
4. Timber Ridge Redevelopment Proposal 20 Min. A discussion ensued regarding a conceptual proposal to redevelopment the Timber Ridge property. Given the conceptual nature of the discussion no recommendations or
action was taken. As this was not an action no motion was necessary. 5. Adjournment George Ruther moved to adjourn the meeting. Kathleen Halloran seconded the motion.
Approved 3-0 The next scheduled meeting of the Timber Ridge Operating Committee is September 26, 2017.
Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711.