HomeMy WebLinkAbout2017-11-28 TROC Agenda Timber Ridge Operating Committee Agenda
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: Agenda:
1. Review and Approve Results from the October 24, 2017 meeting. 5 Min.
2. Budget Supplemental Review 10 Min. 3. Timber Ridge Financial Review 15 Min.
4. Building Storage Area Use 10 Min. Adjournment
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.
Timber Ridge Operating Committee
Meeting Results
Tuesday, October 24, 2017 8:30 – 9:30 AM Timber Ridge Apartments, Building L-06 1265 North Frontage Road West, Vail, CO 81657
Members Present: Members Absent: George Ruther Greg Hall Kathleen Halloran
John King
Greg Clifton Lynne Campbell Cecily Crampton David Leiby
A quorum present George Ruther called the meeting to order. The committee approved the October 24, 2017 meeting results.
Motion: King Second: Ruther Vote: 4-0 Leiby permit status is complete. Andy Rogers, building inspector, approved and passed the final inspection. Vail Resorts (VR) took possession of Building L August 29th prior to
final inspection. Check ins are to begin November 10 and expected to be completed by
November 15. VR had requested the units house 4 individuals versus the 3 as stated in the master lease. Hall stated the building was designed with the intent to house 3 people and therefore
VR’s request was denied.
Leiby provided and reviewed a Timber Ridge punch list created August 23, 2017by Corum / Vail Resorts and Phil Buckley. Corum is resolving work unfinished by Prime Star. VR issues are being handled at unit turn over. The punch list should be completed
by this week’s end.
Some committee members asked about back charging Prime Star. Leiby it was possible though he didn’t expect payment. He was keeping a record of costs while completing
Prime Star’s unfinished work. Leiby also noted there was probably a net revenue loss of $28K due to the missed deadlines.
Prime Star has file intent to lien and TOV has asked for $5K reimbursement due to late turn over. King was informed by community development staff the final inspection hadn’t been
received and resolved to completion. Halloran and Matt Mire are working on a resolution with the contractor. No more payments to Prime Star will be made.
VR is paying master rent as of August 29, 2017, not paying October rent. Leiby thinks winter rent will recoup summer losses. Leiby reviewed budget costs; Prime Star lack of performance damages total $3,044. VR invoiced $12K currently with an additional $7K to be billed.
Ruther and committee discussed potential for Timber Ridge redevelopment. According to Ruther there is no new news. He spoke with Gary Gorman and Jen Wright who are still interested. Gorman put proposal with double the number of units, 98 to 212 located on the west ½ where current Timber Ridge is today. Parking would be less than today in
that proposal. Ruther suggested committee give Town Council a financial update regarding debt and moving forward. Halloran stated there was a 9.9 million dollar debt to pay off Lion’s Ridge Apartments development. The payback of 8 million was 20 years.
King thinks there might be 7 years life remaining in buildings and that may be pushing it. King and Leiby discussed the building conditions and life remaining.
Halloran mentioned the 2017 third supplemental is going to council in December and asked Corum to think of needs. Meeting adjourned at 9:20 AM. Motion: Ruther Second: King Vote: 5-0
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.