HomeMy WebLinkAbout2018-09-25 TROC Agenda Timber Ridge Operating Committee Agenda
Tuesday, September 25, 2018 8:30 – 9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657
Members Present: Members Absent: Greg Clifton John King Greg Hall
George Ruther
Kathleen Halloran Corum: Cicely Crampton David Leiby
Staff: Lynne Campbell Agenda:
1. Review and Approve Results from August 28, 2018 2. Property Management Contingency Plan Update
3. Final 2019 Budget 4. Rockfall Assessment Review
5. Adjournment 9:30AM The next scheduled meeting of the Timber Ridge Operating Committee is October 30, 2018
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, August 28, 2018 8:30 – 9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657
Members Present: Members Absent: Greg Clifton John King George Ruther Greg Hall Kathleen Halloran
Corum: David Leiby Cicely Crampton
Staff: Lynne Campbell Agenda:
George Ruther called the meeting to order at 8:35AM. John King and Greg Hall were absent. 1. Approve July 31, 2018 Results MOTION: Ruther SECOND: Clifton VOTE: 3-0
2. 2019 Timber Ridge Budget Corum reviewed proposed budget with the Committee. Proposed is same revenue in 2019 as 2018. 2019 expenses are being scaled back due to work renovation work
completed this year. A 5% increase across the board to occur as lease renewals. The Committee wondered if the Town’s rents should be closer to market rate. Currently a 1 bedroom Lion’s Ridge apartment rents for $1,400-1600/month, two bedrooms run $1,986-$2,174/month. Timber Ridge has only two bedrooms and
will rent for $1,350 at rental renewals. Five percent (5%) has been the usual annual increase. Vail Resorts adds a 5% increase as units are renovated.
Ruther asked if the Committee was charged to run a sustainable or market complex. Halloran said Timber Ridge is financial sustainable.
Clifton asked if something less than 5% fair. Halloran stated not increasing beyond 5% is fair. Cicely Crampton mentioned the rents currently include water, sewer, and trash which could be something to pass on. Units are not sub-metered rather a fair way to calculate. In interest of conservation and understanding which would off set
expenses. Ruther and Clifton asked where any additional revenue would be used. Enclosing dumpsters, moving one dumpster and do garage door enclosure, LED upgrades inside apartments, faux wood blinds and irrigation upgrade. David Leiby thinks the
current irrigation system has about 5 years life span remaining. Halloran is estimating a reserve of $1.2 million at 2018 year end. Bathroom and kitchen upgrades to Vail Resort units are still needed, added to 2019
budget all units will be remodeled at that time. Timber Ridge debt of $8 million set up on a 20 year note which Halloran stated wasn’t due for another several years. Ruther said to redevelop need to have $8 million must be paid off. Halloran will come back with timeline to pay debt.
Clifton provided an update on Vail Resort’s parking spaces and storage. Kristen Williams with Vail Resorts proposed an idea VR may consolidate management and move Timber Ridge management to First Chair. Currently VR has 4 parking spots. Timber Ridge would get 4 spaces back and vacate current Timber Ridge office
space. Leiby to check if and how parking spaces can be used. Per Cicely the management agreement/lease would need to be modified, operationally there is no downside. Corum could repurpose VR space to fitness room or media space.
Clifton said they should meet to strategize with Vail Resorts. He asked how much time is needed to implement moving VR out. Corum needs 30 days notice with intent to repurpose space. Leiby will obtain pricing for rental exercise equipment.
$1K was added to the operating office space budget for creating greeting area at the front office. Management fees remain flat, grounds down, general repair down, interest in principal repayment matches Town numbers. $33K capital is for sidewalks if the
Town chooses to do, Leiby stated they could just do steps to the laundry and offices. Wages up 8.9% Halloran to review with Crampton.
Capital projects include modifying exterior lighting to LED and downstairs office update.
Halloran asked if there were any other adjustments needed. Ruther said the Committee should consider current rental market costs and ensure Timber Ridge doesn't get too far behind the market as a large adjustment could be hard to accept.
3. Timber Ridge Rockfall Mitigation Proposal Update The Committee reviewed the H-P Kumar geologic site assessment, rockfall risk and mitigation proposal. The Committee questioned if the Town is assuming any liability after knowing the results. The proposal amount of $7K is for assessment of rockfall,
mitigation will be an additional cost. Ruther asked if Town needs to let the rockfall mitigation wait? Town already knows there is an existing hazard. Current committee members decided to wait on this proposal. Clifton wants to review with John King and Greg Hall present. Continue
discussion to next meeting. 4. Meeting adjourned at 9:10AM. MOTION: Ruther SECOND: Clifton VOTE: 3-0 The next scheduled meeting of the Timber Ridge Operating Committee is September 25, 2018
Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711.