HomeMy WebLinkAbout2018-05-14 Building M RenovationsFrom:David Leiby
To:John King; Kathleen Halloran; Lynne Campbell; George Ruther; Greg Clifton; Greg Hall
Cc:Cicely Crampton; Phil Buckley
Subject:Building M Renovations
Date:Wednesday, May 9, 2018 10:44:05 AM
Good morning All,
Yampa Valley Constructions Services is no longer able to obtain a bond for this project. What I have
been told is the bonding agents will not execute the bond without the business partners signature.
We have been told the partner will not sign because they are a VP at a bank and it brings up FCC
concerns. We have supplied Yampa Valley with multiple ideas to remedy the situation but all
possibilities have ended with the same answer. The next closet bid is nearly $130K more and it is
with Blu Sky. William Ritchie Construction refused to submit a bid and we would not prefer to work
with them due to the lack of professionalism they showed on-site staff as the bidding process
unfolded. If we are unable to perform renovations this year, we would be in a violation of the
master lease with Vail Resorts unless we complete the following work. We are required; per the
lease, in the event renovations are unable to be completed in a given year we will replace all the
flooring and full paint all the units in that building. We have procured quotes for both items and are
able to confidently complete the work during the 45 day concession period. The cost to stay lease
compliant is not in the operating budget and would probably have to go against this year’s capital
budget for Building M. Also, Renovations were scheduled to be started on May 15th and that is still
the date Vail Resorts plans to turn the units over to us. We have not communicated this issue to Vail
Resorts as of today but a s soon as we have solution, Vail Resorts will be updated.
Carpet and Lino replacement for 18 units would cost $23,522.37
Full paint of 18 units would cost $32,400.00
Total cost to stay Master Lease compliant $55,922.37
In regards to carpet and lino, that price will be reduced significantly due to billing back Vail Resorts
for resident damage. Last year we billed back over $7.3K.
We are willing to pursue any ideas or suggestions the board may have if what is described above
does not seem favorable. I apologize for this very untimely inconvenience. Please let us know your
thoughts and how you would like us to remedy the situation.
Thanks and Have a great day!
David Leiby
Property Manager – Timber Ridge Village
1280 North Frontage Road West
Vail, Colorado 81657
970.476.6759 (Main)