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Home My WebLink About2019-Jan-July TROC Meeting ResultsTOWN OF® Timber Ridge Operating Committee Results Tuesday, July 29, 2019 3:00 -4:00 PM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Kathleen Halloran Greg Hall George Ruther John King Agenda: Members Absent: Patty McKenny 1. Review and Approve June 25, 2019 and July 9, 2019 Meeting Results Hall motioned to approve the meeting results as presented. MOTION: Hall SECOND: King VOTE: 4-0 2. Timber Ridge Potential Redevelopment Discussion Ruther is adding discussion of Timber Ridge Redevelopment to the August 6th Council agenda. The memo will include Timber Ridge history, how the Town arrived at the East side redevelopment, Lion's Ridge Apartments, the current remaining life of Timber Ridge, information on finances and remaining debt. The Committee would like Council to identify the vision for redevelopment, what's the goal. Should there be increased density, 100% deed restricted, optimize the site, public/ private partnerships, etc. Identify the vision, goal, Council wants, request for proposal timing, process timelines, building time frame. 3. Rockfall Mitigation Status, Greg Hall A revised contract was sent to the contractor on July 26, 2019. Budget for project is $400K with work scheduled up to December 15, 2019, substantial completion and clean up continuing in spring 2020. The group agreed Corum should communicate rockfall work with the residents. 4. Master Lease Amendment -Status, Next Steps No one from Corum was present at the meeting. The Committee needs to find out what if any changes were specified by Vail Resorts. Ruther will move the contract to Vail Resorts for signing upon agreement by both parties. 5. Corum, Timber Ridge Management Changes Ruther will reach out to Eric at Corum regarding management changes and new Timber Ridge manager status. Other: King will follow up on building M renovation. Vail Resorts is amenable to a May 15- June 30th 2020 work time frame. A contract has been sent to Danny Johnson who is looking for material storage. Johnson will procure materials now and be ready to begin work May 15. Current contract does not include plumber. Thus far contract is $345K plus storage fee. 2020 Budget: Kathy Tran is to give finance budget numbers in August. 6. Adjournment Halloran motioned to adjourn the meeting. MOTION: Halloran SECOND: King VOTE: 4-0 The next scheduled meeting of the Timber Ridge Operating Committee is August 27, 2019. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. e TOWN OF® Timber Ridge Operating Committee Agenda Tuesday, May 28, 2019 8:30 -9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Patty McKenny Kathleen Halloran Greg Hall George Ruther John King Agenda: 1. Review and Approve April 30, 2019 Meeting Results 2. Master Lease Amendment Status 3. Building M Renovation Budget, Scope of Work 4. Property Signage, Kathy Tran 5. Rockfall update, Greg Hall 6. Timber Ridge Redevelopment Discussion 7. Adjournment The next scheduled meeting of the Timber Ridge Operating Committee is June 25, 2019. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. TOWN OF® Timber Ridge Operating Committee Meeting Results Tuesda~April30,2019 8:30 -9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Kathleen Halloran Greg Hall John King Agenda: Members Absent: Patty McKenny George Ruther 1. Review and Approve April 30, 2019 Meeting Results King motioned to approve the results as presented. MOTION: King SECOND: Hall VOTE: 3-0 2. Master Lease Amendment Status The board and Matt will review/read by 5/10/19 as King is out of the office 5/3 to 5/7. Matt is back on Tuesday. Halloran mentioned that there are purple and red notes. Tran stated that her notes are red and the purple could possibly be revisions by Matt. 3. Building M Renovation Budget King mentioned that the earliest start date would be July and the project to be completed by 11/1. We would need to pay for storage. There will be a 45 day procurement period. Tran mentioned that the proposal submitted by DCJ Construction only states a $22,500 per unit remodel however many bathrooms do not need a full renovation. King requested that Tran provide a per-unit detailed scope so that he can attach it to a contract with DCJ Construction. Hall asked if there is construction contingency. King states that it can be clarified but if we decide to do as a GMP, there will be more paperwork. 4. Rockfall update, Greg Hall Hall could not connect with contacts before vacation. There was an on-site meeting but could not climb the hill for full assessment. He will get with engineer (Rock Solid) and meet with Kumar which is estimated for next week. Hall needs to get numbers to compare with budget and plans to do so before May 7th. It is estimated for $300k, almost $400k. We are paying the engineering costs. 5. Property Signage, Kathy Tran Tran submitted a request to obtain numbers from Signs and Designs in Eagle- Vail for signage costs. She will present at next TROC Meeting as they are backed up and were not able to provide before today's meeting. 6. Misc. Tran is currently renewing the printer's contract and asked the board if it was okay to move forward with a three-year term with the added clause to be able to transfer. This was approved. The board suggested High Country Copy for price comparison and mention Town of Vail if there will be any discounted rates. 7. Adjournment Meeting adjourned at 9:30AM. The next scheduled meeting of the Timber Ridge Operating Committee is June 25, 2019. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. • TOWN OF® Timber Ridge Operating Committee Agenda Tuesday,April30,2019 8:30 -9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Patty McKenny Kathleen Halloran Greg Hall George Ruther John King Agenda: Members Absent: 1 . Review and Approve March 26, 2019 Meeting Results 2. Master Lease Amendment Status 3. Building M Renovation Budget 4. Rockfall update, Greg Hall 5. Property Signage, Kathy Tran 6. Adjournment The next scheduled meeting of the Timber Ridge Operating Committee is May 28, 2019. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. TOWN Of@ Timber Ridge Operating Committee Meeting Results Wednesday, March 26, 2019 8:30-9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: George Ruther Greg Hall John King Staff: Lynne Campbell Corum: Kathy Tran Agenda: Members Absent: Kathleen Halloran Greg Clifton Cicely Crampton 1. Ruther called the meeting to order at 8:35AM. Halloran and Clifton were absent. 2. Review and Approve February 26, 2019 Meeting Results King motioned to approve the meeting results as presented. MOTION: King SECOND: Hall VOTE: 3-0 3. Master Lease Amendment A master lease amendment has been requested which includes charge backs, swapping units K-04 to P-12, snow removal procedures, and reporting. Kathy Tran will forward the draft amendment for review. Campbell will forward to all. Need Town review prior to May 1, 2019. 4. Supplemental Budget and Building M Renovation Update Tran received a proposal for building M renovations. Estimate is $22,500 per unit without permit or bonding fees, total $405K for 18 units. Per Tran Danny, contractor, will provide more firm budget if the Town uses his services. Committee recommended turn over of all units and complete full remodel in the 6 weeks. It will be more expensive to phase the work. The available 2019 budget is $280K. The King will check the 2018 remaining budget and request supplemental to move into 2019. The Committee will have a meeting to approve budget increase should the 2018 remaining budget be less than $172K. 5. Rockfall update, Greg Hall Hall stated Rock Solid, contract, maybe on site this week. Their visit is pending highway rock slides as they are contracted with C-DOT. Hall plans to have contract awarded at the April 16th Council meeting. Budget for project is in Town capital not Timber Ridge. 6. Property Signage, Kathy Tran Tran is working with Sign and Design to update and replace property signage, mainly no parking and other safety signs. There no budget in 2019 for this project. Tran will provide a list of pricing received from Sign and Design. Follow up discussion scheduled for April 30th . • 7. Adjournment King motioned to adjourn the meeting at 9:00AM. MOTION: King SECOND: Ruther VOTE: 3-0 The next scheduled meeting of the Timber Ridge Operating Committee is April 30, 2019. Future Agenda Items: • Rockfall update • Renovation Updates • Property Signs Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. MASTER LEASE THIS MASTER LEASE (the "Lease"} is made and entered into as of May 1, 2016 (the "Effective Date"}, by and between The Town of Vail, a Colorado home rule municipality (the "Town"}, and the Vail Corporation, a Colorado corporation d/b/a Vail Associates, Inc. ("Lessee"} (each individually a "Party" and collectively the "Parties"}. WHEREAS, the Town is the owner of the Timber Ridge Village Apartments located at 1280 N. Frontage Road Vail, Colorado 81657, ("the Apartments"}; WHEREAS, Lessee employs large numbers of persons requiring housing of the type afforded by the Apartments, and desires to lease from the Town 55 of the Apartments, together with 50 parking spaces to sublease to those units; and WHEREAS, the Town is willing to lease such units to Lessee under the terms and conditions stated in this Lease. NOW THEREFORE, for the consideration hereinafter set forth, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Lease. The Town leases to Lessee, and Lessee leases from the Town, certain units of the Apartments (each a "Unit", and collectively the "Units"} as identified on Exhibit A, attached hereto and incorporated herein by reference, as well as 50 parking spaces (46 for Units 1-54 and 4 for Unit 55}. The Town retains the unrestricted right to change, alter, abolish, or add to any of the appurtenances of the Units, as may seem best to the Town, and to dispose of or rent any other portion of the Apartments as the Town elects. 2. Term a. The initial term of this Lease shall be one year, commencing on May 1, 2016 and terminating on April 30, 2017, b. The Lease shall automatically renew for 4 additional 12-month terms, unless either party provides written notice of termination to the other party on or before December 31st of the calendar year prior to the year in which the then-current term will expire, in which event, the Lease will terminate upon the expiration of the then-current term. c. Lessee shall have the right to terminate the Lease for any reason upon 90 days' written notice. If Lessee terminates the Lease pursuant to this paragraph, Lessee shall pay the Rent due for the balance of the then-current term. Beyond the then-current term, Lessee shall also pay a penalty equivalent to one month's current rental amount. d. Lessor shall have the right to terminate the Lease for any reason upon 90 days' written notice provided, however, in no event may Lessor provide notice of termination between August 1 of any year (i.e. in no event may a notice of termination by Lessor cause the effective date of the termination of the Lease to occur between November 1 and April 30 of any year}. If Lessor terminated the Lease pursuant to this paragraph, Lessee shall pay the Rent due through the date on which the Lease terminates. Page 1 • b=3 ''--......:...:.Re=n.:..::.t. a. Lessee shall pay the Town as rent ("Rent"), without right of setoff and regardless of whether there is in effect a Sublease with respect to any Unit, the following monthly amounts: i. Commencing on May 1, 2016 and terminating on April 30, 2017, $1,225 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $66,150 per month. ii. Commencing on May 1, 2017 and terminating on April 30, 2018, $1,286 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $69,444 per month. iii. Commencing on May 1, 2018 and terminating on April 30, 2019, $1,350 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $72,900 per month. iv. Commencing on May 1, 2019 and terminating on April 30, 2020, $1,418 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $76,572 per month. v. Commencing on May 1, 2020 and terminating on April 30, 2021, $1,489 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $80,406 per montha b. Unit 55 shall be used as office space. The Town will provide 4 parking spaces designated to Lessee and its managing agents only, located to the south of Unit 55, at a cost of $0 per month. c. Rent shall be due and payable as a single sum, in advance, on or before 12:00 noon on the first day of each month to the office. If any Unit is subject to this Lease for any partial month, the Rent for that month shall be prorated on a per diem basis. d. Rent not paid by 8:00 a.m. on the 5th day ofthe month in which due shall be subject to the initial late charge equal to 5% of the total amount due plus $5 per day per unit until paid in full. Unit Upgrades. a. Prior to the commencement of this lease, the town invested in updates to 18 of the Units. ;nhe Town may elect to update another 18 units in the spring of 2017 (the "2017 Updates") and the final 18 Units in the spring of 2018 (the "2018 Updates"). The updates include carpet/ linoleum replacement, drywall repairs, interior paint, new front entry doors and locks, new interior doors and trim and remaining bathroom. The 2017 Updates shall commence no earlier than May 1 of the applicable calendar year and the 2018 Updates shall comments on a date between April 15, 2018 and May 1, 2018, with the specific commencement date to be agreed upon by the parties in their reasonable and good faith discretion, and each are anticipated to require approximately 6 weeks (collectively, the "Renovation Periods"). b. If the Town elects to do the 2017 Updates or the 2018 Updates, the Town shall provide notice to the Lessee of which Units will be updated no later than December 31 of the prior calendar year, and Lessee shall facilitate the appropriate vacancies for all Units within the specific buildings in which the updates are occurring during the Renovation Periods. On or before March 31 of the applicable calendar year, Lessee shall provide to the Town a plan for vacating the specifically identified Units. Page 2 f.:.._ The Town agrees to promptly notify Lessee ofthe time of the Renovation Period must be increased, and the Town will use commercially reasonable efforts to ensure the Renovation Periods are minimized. In no event shall the Renovation Period extend beyond June 15 of the applicable calendar year. &d. Lessee shall equip each newly remodeled unit with new furniture of an appropriate quality to withstand the anticipated use prior to the Subtenants arriving. Upon completion of the unit upgrades each year, Lessee shall inspect each unit the Town or its managing agent, and sign off on an inventory sheet confirming that there are no deficiencies in the Unit, in order to establish a baseline for future maintenance and damage assessments. Lessee shall eq1:1ip each newly remodeled 1:1nit with new f1:1rnit1:1re of an appropriate q1:1ality to 'Nithstand the anticipated 1:1se prior to the S1:1btenants arriving. Upon completion of the 1:1nit 1:1pgrades each year, Lessee shall inspect each 1:1nit the Town or its managing agent, and sign off on an inventory sheet confirming that there are no deficiencies in the Unit, in order to establish a baseline for fi:Jt1:1re maintenance and damage assessments. e. All Rent attributable to a Unit being renovated shall abate during the applicable Renovation Period. d. /\II Rent attrib1:1table to a Unit being reno·1ated shall abate d1:1ring the applicable Renovation Period. 4:-_5_. __ S_u_bl-e_as_i~ng~· a. Lessee may sublease or license its Units to subtenants or licensees (collectively, "Subtenants"} for rental not greater, than the aggregate amount of Rent payable under this Lease with the exception for the cost~ of utilities. Any such arrangement will be pursuant to a sublease or license agreement in form and substance reasonably acceptable to the Town (the "Sublease"}. The terms of any Sublease will be as Lessee determines to be appropriate in its discretion (but in no event extending beyond the term of this Lease} and subject to such reasonable qualifications and restrictions as the Town from time to time imposes with respect to tenants ofthe Apartments generally. b. Without limiting the generality of the foregoing, Lessee acknowledges that because other Apartments utilize tax exempt funding, certain requirements for tenancy have been mandated on the other Apartments (but not on the Units}. c. Lessee shall comply with the requirements set forth in Exhibit D with respect to its subleasing and licensing activities. Possession and Quiet Enjoyment. Upon the payment of Rent and the performance of all terms af-t.A.is t:ease,of this Lease -__ Lessee and any Subtenants shall at all times peaceably possess and enjoy the leased Units without any disturbance from Ithe Town. Lessee is responsible for the successful enforcement of Quiet Hours between 10:00 p.m. to 8:00 a.m. and control of noise disturbances at all times. Lessee shall report to-tthe Town's managing agent in writing -all crime and police activity along with a reporting of any and all actions taken by Lessee regarding the incident within 72 business hours of occurrence. Maintenance and Repairs. Page 3 a. The Town shall be responsible for maintaining the following: the common areas of the Apartments, including any parking areas; the structural portions ofthe Units; the pipes roof, heating systems, plumbing and plumbing systems serving any of the common areas or the Units; power supplies; exterior windows, doors, equipment and appliances on or about the common areas and the Units. Lessee shall be responsible for all other maintenance of the Units. b. Lessee shall assign a full-time dedicated maintenance technician to the Property. f:._Lessee shall perform snow removal on common area, walkways, sidewalks, decks, all pathways leading !Q_and stairs located in Buildings K, L, aRG M and Unit 55. Should Lessee fail to perform such snow removal, Lessee shall reimburse the Town for any costs incurred by the Town in performing such snow removal. i. Lessee is responsible for snow removal that is to be commenced at the beginning of the business day before 9 a.m. ii. The Town will provide a Weekly Snow Removal Log as show in Exhibit G that is to be completed by Lessee and submitted to the Town on Monday or the next business day before Noon beginning Oct 1 to the end of the snowfall season. iii. Snow and ice must be completely cleared off any and all walking paths to the satisfactory discretion of the Town. iv. Light ice melt must be applied after snow/ice removal in the morning and a light re-application at the end of the day during continuing snow fall or forecasted for the following 24 hours. If there is water accumulation, Lessee shall apply additional ice melt to combat icing. €-:V. Lessee must assure that Subtenants cooperate with scheduled parking lot snow/ice removal. The Town shall notify Lessee at least 24 hours in advance. Lessee shall assure that snow removal is conducted to move snow from parking spaces, retaining walls, and building exterior walls to assist the snow removal company with snow relocation. LAIi repairs and maintenance shall be made promptly, as and when necessary, taking into account the circumstance and priority of the repair or maintenance and its impact to the Lessee's or the Subtenants' use of the Units and common areas and the impact to other Units in the building. All such repairs, replacements, and maintenance shall be in quality and class at least equal to the original work. Lessee acknowledges that work order requests are placed in queue by the Town's managing agent in combination with repairs and projects throughout the entire Property. The Town acknowledges that repairs are addressed in order received to the Town. Emergency Repairs are excluded from the queue. Lessee shall inspect and assess all repair req1,1ests prior to reporting to the Town to identify any acts of negligence by S1,1btenants prior to reporting the repair req1,1est to the Town. Lessee may elect to complete a repair reg1,1ests at their discretion Lessee acknowledges that the Town shall not take any financial responsibly or liable for any reimb1,1rsements1 or warranty responsibility. ,/\ weekly report or 'Nork order copies of completed repairs done by Lessee shall be s1,1bmitted before Noon on Mondays or the nm<t b1,1siness day to the Town. d./\ weekly report or v.iork order copies of completed repairs done by the Town before Noon on Mondays or the next b1,1siness day shall be s1,1bmitted to Lessee. !h..._Notwithstanding any other provisions to the contrary herein, if repairs or maintenance areafe necessary as a result of Lessee's or any Subtenant's gross negligence, Lessee shall be responsible for such repairs and maintenance. If Lessee fails to make such repairs, the Town may, but shall not be required to, make Page 4 +.-8. such repairs and bill all costs associated with such repairs to Lessee. Fees and costs are referenced in, but not limited to, ifl...Exhibit I. If there are any other charges to Lessee by Uhe Town that are not described in the Lease, Uhe Town will notify Lessee prior to commencement of repair or within a reasonable time when identified. i. Lessee shall inspect and assess all repair requests prior to reporting to the Town's managing agent to identify any acts of negligence by Subtenants prior to reporting the repair request to the Town's managing agent. Lessee may elect to complete a repair request at its discretion. Lessee acknowledges that the Town shall not take any financial or warranty responsibility or liability for damage requiring repairs or replacements caused by Subtenant's negligence. ii. A weekly report or work order copies of completed repairs performed by Lessee shall be submitted before Noon on Mondays or the next business day to the Town's managing agent. iii. A weekly report or work order copies of completed repairs performed by the Town's managing agent shall be submitted before Noon on Mondays or the next business day to Lessee. f. Expenses and fees owed by Lessee to the Town shall be invoiced to Lessee on a quarterly basis. e-:g. Lessee is responsible for a property clean up at the beginning of each business day that includes walk ways, stair wells, common areas, cleaning out ashtrays, applicable parking lot areas, checking for improper trash disposal by Subtenants, and all other areas and entries that are associated with buildings K, L, M and Unit 55. This shall be completed at the beginning of each business day before Noon. Should Lessee fail to perform property clean up, Lessee shall reimburse the Town for any costs incurred by the Town in performing said duties. Covenants of Lessee and Subtenants. Lessee agrees to, and by the terms of the Subleases shall cause all Subtenants to agree to: a. Comply with all reasonable rules and regulations of the Town for the protection of the building or the general welfare and comfort of the residents of the Apartments, including but not limited to those stated on Exhibit Band Exhibit H, attached hereto and incorporated herein by this reference; provided, however, that to the extent that any such rules and regulations conflict with the terms of the Lease, the terms of this Lease shall control; b. Keep the Units in as good order and condition as when the Units were entered by Lessee, ordinary wear excepted; c. Except as otherwise permitted in this Lease, to sublet no part of a Unit nor assign this Lease or any Sublease without the express prior written consent of the Town; d. Neither hold nor attempt to hold Lessor, or its agents liable for any injury or damage to person or property either proximate or remote, to the extent arising from the acts of Lessee, any Subtenant, any resident of any Unit, any guest of any such resident, or of any owners or occupants of adjoining property: e. Allow the Town or any of its employees or agents to enter any Unit at any time to make emergency I repairs, or, upon reasonable notice to Lessee and any affected Subtenants, to inspect the Unit, or within ,, 30 days prior to the end of the term of this Lease, to show the Units to prospective subtenants; and ..,,, Page 5 9-:-10. f. Allow a maximum of 3 occupants in each Unit. Utilities. a. The Town shall arrange for provision to the Units of electricity, connection to basic cable television service, water, sewer, trash removal, and recycling. b. The Town shall be solely responsible for the cost and expense of water, sewer, snow removal, trash removal and recycling. Lessee is solely responsible for the cost of electricity. The individual Subtenants shall be solely responsible for activating the cable service in their names and for the cost and expense of all cable service. c. In the event of excessive use or waste of any such utility services provided to any Unit, the Town may at its option cause such services to be separately metered and if it does so Lessee shall pay the metered amount monthly. d. The Town shall furnish heat to the Units during the usual heating season, and such costs shall be borne by Lessee as electricity costs. e. The Town shall not be liable for any claim of damages, rebate or charge of any kind in case of the interruption of utility or other services to the Units occasioned by accident, failure of power supply or any other cause whatsoever beyond the Town's control. Security Deposit. a. Lessee submitted to the Town and the Town has on file a security deposit in the amount of $66,150, of which $33,075 is a cash deposit and the remainder is a letter of credit (the "Security Deposit"). The Security Deposit and any other deposits may, but not required to be, deposited into an interest-bearing account by the Town. Interest, of any, earned on such deposits shall be solely the property of the Town. b. In no event shall the Security Deposit be applied to Rent or utility charges. c. The Security Deposit is subject to deduction of forfeiture for unpaid Rent, late payments, returned check charges, damaged to a Unit, its contents or common areas, smoke or stain removal, unreturned keys, administrative charges, re-letting fees, collection costs and cleaning charges. Time spent by the Town or its designee for repairs or maintenance shall be billed at minimum hourly rate of $25, and shall be deducted from the Security Deposit. d. If deducted from or forfeited against for any reason, the Security Deposit shall be replenished up to the original amount within 30 days. e. The Town shall use the Move-In Condition Form, attached hereto as Exhibit C and incorporated herein by this reference, in evaluating the condition of each Unit. f. Within 60 days of the expiration or termination of this Lease, the Town shall return the Security Deposit, subject to any lawful withholdings. Page 6 W.11. Holding Over. If after the expiration of this Lease, Lessee or any Subtenants remain in possession of any Units, with the permission of the Town but without written modification of this Lease extending the term of this Lease or modifying the amount of Rent, such possession shall not constitute a renewal of this Lease, and Lessee ;) shall be a tenant, and any Subtenants shall be subtenants or licensees (as applicable), of the affected Units from month-to-month at a monthly rent equal to 150% of the monthly Rent payable under this Lease for the last month of the term of this Lease, but otherwise subject to all of the other terms and conditions of this Lease. Notwithstanding the foregoing, if Lessee or any Subtenants remain in possession of any Units after the expiration of this Lease, and Lessee and the Town are simultaneously engaged in good faith negotiations to enter into a new Lease, Lessee's or the Subtenant's possession of the affected Units shall be month-to-month at a monthly rent equal to the Rent charged for the previous lease year and subject to the terms and conditions of this Lease. ±b-12. Default. ,R.,-13. a. The following shall be considered a Lessee Default under this Lease: if Lessee fails to pay Rent, utility charges, or other charges or is in default of any provision of this Lease, and such default continues for 10 days after the Town has given written notice thereof; or if Lessee becomes insolvent, makes any assignment for the benefit of its creditors, or files any petition of order for relief under the federal bankruptcy laws. b. If a Lessee Default occurs, the Town may, without waiving any other rights hereunder or available to the Town at law or in equity, terminate this Lease, in which event this Lease and the leasehold estate hereby created and all interest of the Lessee and all parties claiming by, though, or under Lessee shall automatically terminate upon this effective date of such notice; and the Town, its agents or representatives, may, without further demand or notice, reenter and take possession of the Property and remove all persons and property from the Property with or without process of law, without being deemed guilty of any manner of trespass and without prejudice to any remedies for existing breaches hereof. c. The rights and remedies stated in this Section are cumulative, and do not limit or impair any other right or remedy at law or in equity. Casualty Loss. a. If any of the Units are rendered untenable or are damaged or destroyed by fire or other casualty and if in the Town's reasonable determination such repairs or rebuilding cannot be substantially completed within thirty days after the occurrence of such casualty, then (i) this Lease shall terminate only as to the affected Units and all Rent and Utility Charges for the affected Units shall be payable with respect to the period ending upon the date of such injury or damage and (ii) the Town shall thereafter offer Lessee alternative units in substitution for the Units affected by such casualty loss, and Lessee shall accept such alternative units if and to the extent such alternative units are acceptable to Lessee. b. If any of the Units are rendered untenable or are damaged or destroyed by fire or other casualty and the Town determines to rebuild or repair such Units, and if in Lessor's determination such repairs or rebuilding can substantially be completed within 30 days, the Town shall do so with reasonable diligence and this Lease and the Subleases of the affected Units shall not be affected, except that the Rent and Utility Charges for the affected Units (or a just and proportionate part thereof according to the nature Page 7 and extent of the damage which has been sustained) shall be abated until the affected Units have been so repaired and restored. c. Notwithstanding the foregoing, in the event that any of the Units are rendered untenable by reason of fire, mold, or any other casualty, Lessee may, in its sole discretion, terminate this Lease with regard to the affected Units, and Lessee's obligations under this Lease shall be terminated effective as of the termination date. If the Lease is terminated as to less than all of the Units, Rent will be reduced by the per-Unit rental amount (in effect at such time) multiplied by the number of Units for which this Lease has been terminated . .g.,.14, Insurance. ------- -14:-15. a. During the term of this Lease, the Town shall provide and keep in force: i. Comprehensive general liability insurance to include coverage for bodily injury, property damage, death and personal injury (employee and contractual liability exclusions deleted), contractual liability (including coverage for the contractual liability of the Town for performance of the indemnification provisions of this Lease); and broad form property damage, with limits of not less than $1,000,000.00 each occurrence combined single limit for bodily injury, property damage and personal injury and $2,000,000.00 aggregate for bodily injury and property damage. ii. An umbrella policy with limits not less than $5,000,000.00 over the primary comprehensive general liability policy. iii. Property insurance covering the Property. iv. Fire and extended coverage insurance for all risks, vandalism and malicious mischief, sprinkler damage, boilers and rental loss with respect to the Property. b. Lessee acknowledges that the Town's insurance does not cover the personal property of Lessee, any Subtenants, or any of their guests. Lessee shall advise Subtenants to purchase insurance coverage for loss to personal property due to fire, theft, water damage, and other unfortunate events, liability coverage and other appropriate insurance coverage. Indemnification. Lessee agrees to indemnify and hold harmless the Town and its officers, insurers, volunteers, representative, agents, employees, heirs and assigns from and against all claims, liability, damages, losses, expenses, and demands, including without limitation claims arising from bodily injury personal injury, sickness, disease, death, property loss or damage, or any other loss of any kinds whatsoever, which arise out of or are in any manner connected with this Lease if such injury, loss, or damage is caused in whole or in part by, the act, omission, error, professional error, mistake, negligence, or other fault or Lessee, any subcontractor of Lessee, or any officer, employee, representative, or agent of Lessee, or which arise out of a worker's compensation claim of any employee of Lessee, or of any employee of any subcontractor of Lessee. ~16. Successors and Assigns. This Lease shall be binding on the Parties and their permitted successors and assigns. Except as expressly permitted by this Lease, Lessee shall not assign any of its rights or obligations under this Lease or sublet any of the Units without the prior written consent of Lessor, such consent not to be unreasonably withheld. Any assignment of sublease without such prior written consent shall be void. Page 8 ±6-:-17. Notice. Any communication between Lessee and Lessor shall be in writing and shall be deemed I sufficiently given if delivered personally to the Lessee or Lessor or any of their employees or agents, or if sent by certified or registered United States mail, addressed at the following address: ;) ±+-:-18. If to Lessor: The Town of Vail 75 S. Frontage Road West Vail, Co 81657 Attn: Town Clerk With a copy to: Corum Real Estate Group 600 South Cherry Street. Suite 625 Denver, CO 80246 Attn: Cicely Crampton Miscellaneous. lfto Lessee: Vail Associates, Inc. 390 lnterlocken Crescent Vail, CO 81658 Attn: ______ _ a. This lease shall be modified except as agreed in writing by the Parties. b. Governing Law and Venue. This lease shall be governed by the laws of the State of Colorado, and any legal action concerning the provisions hereof shall be brought in Eagle County, Colorado. c. No Waiver. Delays in enforcement of the waiver of any one or more defaulted of breaches of this Lease by the Town shall no constitute a waiver of any of the other terms of obligation of this Lease. d. Integration. This Lease constitutes the entire agreement between the Parties, superseding all prior oral ;) or written communications. e. Third Parties. There are no intended third-party beneficiaries to this Lease. f. Governmental Immunity. The Town and its officers, attorneys, and employees, are relying on, and do not waive or intend to waive by any provision of this Lease, the monetary limitations or any other rights, immunities, and protections provided by the Colorado Governmental Immunity Act, C.R.S. § 24-10-101, et seq., as amended, or otherwise available to the Town and its officers or employees. g. Rights and Remedies. The rights and remedies of the Town under this Lease are in addition to any other rights and remedies provided by law. The expiration of this Agreement shall in no way limit the Town's legal or equitable remedies, or the period in which such remedies may be asserted. h. Subject to Annual Appropriation. Consistent with Article X § 20 of the Colorado Constitution, any financial obligation of the Town not performed during the current fiscal year is subject to annual appropriation, shall extend only to monies currently appropriated, and shall not constitute a mandatory charge, requirement, debt or liability beyond the current fiscal year. h. S1:1bject to Ann1:1al Appropriation. Consistent with Article X § 20 of the Coloraelo Constit1:1tion, any financial obligation of the Town not perform eel E11:1ring the c1:1rrent fiscal ',"ear is s1:1bject to ann1:1al Page 9 appropriation, shall extend only to monies currently appropriated, and shall not constitute a mandatory charge, requirement, debt or liability beyond the current fiscal year. IN WITNESS WHEREOF, the Town and Lessee have respectively executed this Lease as ofthe Effective Date. TOWN OF VAIL, COLORADO Town Manager ATTEST: Town Clerk APPROVED AS TO FORM: Town Attorney LESSEE: The Vail Corporation d/b/a Vail Associates, Inc. B: Name: Title: Page 10 IN WITNESS WHEREOF 'the Town and L TOWN QF HO lb CQbQR ••. i .'\QQ Town Manager ATTEST: Town Clerk APPROVED AS TO FORM: Town Attorne·· I The 11 ·1 • a, Corporation d 'b';:i 11 ·1 /1 II ,a, nSSociates In I C. essee ha"e res pect,vely el<ernted th· L ,s ease as f th oe Hfocti•Je Date. Page 11 C EXHIBIT A UNITS Unit# Unit# 1 K-1 28 L-11 2 K-2 29 L-12 3 K-3 30 L-13 4 K-5 31 L-14 5 K-6 32 L-15 6 K-7 33 L-16 7 K-8 34 L-17 8 K-9 35 L-18 9 K-10 36 M-1 10 K-11 37 M-2 11 K-12 38 M-3 12 K-13 39 M-4 13 K-14 40 M-5 14 K-15 41 M-6 15 K-16 42 M-7 16 K-17 43 M-8 17 K-18 44 M-9 18 L-1 45 M-10 19 L-2 46 M-11 20 L-3 47 M-12 21 L-4 48 M-13 22 L-5 49 M-14 23 L-6 so M-15 24 L-7 51 M-16 25 L-8 52 M-17 26 L-9 53 M-18 27 L-10 54 ~K-04 55 MO-01 (Office) Page 12 EXHIBIT B RULES AND REGULATIONS Lock Outs -lfyou lockyourselfoutof your unit after hours, you may contactthe answeringservice by phone at~70) 476-6759, who willthenrelaythemessage toTimberRidgeVillage on-call maintenance staff. There will be~~hargeforafter-hours lock outs and shall not include bedroom doors.~ Quiet Hours -Quiet hours are between 10 pm until 8 am, failuretocomplymayresult in eviction. Please report any excessive noisetothe Vai I Police Depa rtmentat~70}-4 79-2200. Windows -Storm windows and screens must remain inplaceatalltimes. Any missingorbroken windows or screens will be repaired or replaced by Timber Ridge Village staff and charges will be assessed on your account. Laundry Facilities-Laundryfacilities are located onthewestend ofthemain office building on the upper and lower levels. Laundry facilities are open from 8:00 a.m. to 10:00 p.m. every day. Please keep laundry room doors closed a: all timesand dispose ofall trash in the provided trash receptacles. Washing machine, dryer and coin machine malfunctions may be reported to MacGray at (800) 622- 4729. Vending machine malfunctions may be reported to Alpine Vending at (970) 949-1379. Decks, Walkways &Stairwells -Decks, walkways and stairwells may not be used for storage. Signs,banners, flags, windsocks and posters are not permitted in any of these areas or on the exterior of the buildings. Drying or hanging garments, cleaning and drying of towels is not permitted. Bicycles may not be stored in these areas. Doghouses, hammocks, patio enclosures, awnings, sunscreens, tiki torches, silk plants, wind chimes and trash bags are not permitted. Barbecue grills are not permitted at any time. Satellite dishes must abide by Satellite Dish Addendum. Dumpsters & Trash-Dumpsters are located throughout the property. Alltrashmustbebaggedandtied; rofurniture,ormiscellaneous ..J I items(carbatteries,propanetanks, or hazardous material, oil, etc.) Trash is not to be placed on patios, walkways, stairwells or ,..;J outside of dumpsters. Violation of the above trash policies will result in a minimum $20.00 fine per occurrence. Multiple violations will result in a report of littering to the Vail Police Department. I have residents have read and understand the above property policies and understand that a violation of any ofthese policies will result in a lease violation. Multiple lease violations may result in eviction. Subtenant Date Page 13 EXHIBITC MOVE-IN AND CONDITION FORM Page 14 EXHIBITD MANAGEMENT 1. Lessee will provide on-site coverage during normal business hours Monday through Saturday and on-call services on Sundays during the fall check-in period and during the winter seasonfrom November 1st through mid-January for the management of Subtenant issues, including inspections of Units to control unauthorized occupancy. From mid-January through October 31st, Lessee will provide on-site coverage during normal business hours Monday through Friday and on-call services on the weekends. 2. Lessee shall be responsible for working closely with the Town's managing agent to ensure seamless communication and deliver or serve for Subtenants as well as effective management of Subtenant behavior. LMove-ln Inspection Procedure: Lessee shall require the Subtenant's to complete a move in inspection form and return the form to the Lessee within 72 hours of initial occupancy date. Lessee will supply a copy of the inspection to the Town's mManaging agent. If there are any necessary repairs not caused by Lessee or a prior Subtenant's negligence, the Town will complete such repairs in a timely manner. 4. Lessee shall provide newly information regarding newly registered animals by providing photo, name, breed, age, and unit number to Town's managing agent. 3. Lessee shall ar=o•.,ide newlv registered anirnals b't' aro¥iding ahoto, narne, breed, age, and unit nurnber. 4-:-~Notification of Turnover: When adequate notice is given by Subtenant, Lessee shall notify the Town's managing agent of a unit turnover 30 days prior to the move-out date of that unit for the purpose of a pre-move out inspection to be completed with both Lessee and the Town's managing agents. When advance notice is not given by Subtenant, Lessee will notify the Town's managing agent within one (1) business day of that date that Lessee has verified that the resident has vacated the unit for the purpose of a move out inspection. §.:.§.,_Move-Out Procedure: Lessee shall complete a move-out inspection form within 48 hours of Unit or Bedroom Unit vacancy. Lessee shall return the form to the Town's managing agent to assess damage charges. If there are any nessesarynecessary repairs not caused by Lessee or a prior Subtenant's negligence, the Town's managing agent will complete such repairs as part of the Turnover Procedure set forth below. &.-Z.Jurnover Procedure: "Turnover Procedure" is defined as the assessment and completion of necessary painting, general maintenance, damage repairs noted on the move-out inspection form, cleaning and carpet cleaning. "Bedroom Turnover Procedure" is defined as the assessment and completion of necessary repairs to that specific bedroom, the bathroom, and kitchen. "Unit Turnover Procedure" is defined as the assessment and completion of necessary repairs for the entire Unit. a. Lessee shall be responsible for the cleaning and carpet cleaning of each Unit. b. The Town shall be responsible for painting and general maintenance of each Unit due to normal wear and tear. If the Town does not perform the 2019 Updates or the 2018 Updates, the Town shall paint and replace the flooring for any Units that were not updated no later thatn June 1, 2018. Page 15 c. Bed Turnover Procedure shall be completed within 3 business days upon receiving the move out inspection. When advanced notice is not given by Subtenant, and notification is provided by Lessee, the Town's managing agent will make best efforts to complete bedroom turnover procedure in a timely manner. d. Unit Turnover Procedure shall be completed within 5 business days upon receiving the move-out inspection. When advanced notice is not given by Subtenant, and notification is provided by Lessee, the Town's managing agent will make best efforts to complete bedroom turnover procedure in a timely manner +.-!L_Monthly Unit Inspection Procedure: Lessee shall complete monthly inspection of all Units. Lessee shall also inspect for unreported service request and damage issues, to ensure the Unit is free of hazards and in proper working order. Lessee shall complete the inspection and return its findings to the Town's managing agent on or before the 28th of each month. Page 16 EXHIBITG WEEKLY SNOW REMOVAL LOG Page 17 EXHIBIT H RESIDENTIAL LEASE CONTRACT ADDENDUMS (COMMUNITY POLICIES, ADDITIONAL COMMUNITY POLICIES, CRIME FREE ADDENDUM) • Page 18 EXHIBIT I FEE SCHEDULE 1. The Town shall implement the following fee schedule as described below that Lessee is responsible, if applicable" in addition to the other fees described in the Lease: a. $25 Penalty per cigarette butt found b. $25 per item or pre-bagged of improperly disposed trash plus any fees incurred from Waste Management. c. $65 Emergency On-Call Lock Out Fee. i. Identification shall be presented by the individual who is locked out, as a requirement. d. $25/hour maintenance repair charge for any repairs identified as negligence or not considered to be within wear-and-tear. i. Minimum charge is one hour. e. $SO/hour for after-hours maintenance or-ef emergency maintenance call outs. f. $50 Outside Service Provider Management Fee shall be charged per day per repair per incident in addition to invoiced expenses related to repairs identified as negligence or not considered to be within wear-and-tear 2. In the event that there are additional fees and charges that are not described in the Lease, the Town shall notify Lessee prior to the commencement of the repair or within a reasonable amount of time when the assessment is made. Page 19 TOWN OF@ Timber Ridge Operating Committee Agenda Tuesday, June 25, 2019 8:30 -9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Patty McKenny Kathleen Halloran Greg Hall George Ruther John King Kathy Tran, Timber Ridge Cicely Crampton, Corum () Agenda: Members Absent: 1. Review and Approve May 28, 2019 Meeting Results 2. Master Lease Amendment Status 3. Building M Renovation Update, Vail Resorts Comments 4. Manager position opening in July/August 5. Rockfall update, Greg Hall 6. Adjournment The next scheduled meeting of the Timber Ridge Operating Committee is July 30, 2019. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. TOWN OF@ Timber Ridge Operating Committee Results Tuesday, May 28, 2019 8:30 -9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Kathleen Halloran Greg Hall Patty McKenny George Ruther John King Cicely Crampton, Corum Real Estate Kathy Tran, Timber Ridge The meeting was called to order at 8:35 a.m. Agenda: 1. Review and Approve April 30, 2019 Meeting Results MOTION: HallSECOND: King VOTE: 4-0 Approved 2. Master Lease Amendment Status Forward lease to Matt Mire for final review and approval. Sign if approved by Mire. MOTION: HallSECOND: Halloran VOTE: 4-0 Approved 3. Building M Renovation Budget, Scope of Work Cicely provided update. Less than 10 units need full scope of work. Kathy will email contract to King May 29th. Labor Day is target start date with November 1 completion. Corum will provide drawings , King will submit to building department. 4. Property Signage, Kathy Tran Full sign package is $2,400. There is budget shortage due to early vacancy. Corum feels signage is necessary. Per King there is budget in capital to cover cost. MOTION: HallSECOND: Ruther VOTE: 4-0 Approved 5. Rockfall update, Greg Hall Hall noted an engineer is coming to reevaluate and will also look at the Eastern side. He will provide an update at the June meeting. 6. Timber Ridge Redevelopment Discussion Ruther provided an update regarding meeting with Gorman & Co. Their proposal shows the following options: 100% rental, for sale and rental or for sale deed restricted 3 story apartments with surface and multi level structure parking, 1.6 spaces per home. The proposal is for a total of 215 homes replacing the current 96 units. An office would be incorporated onsite. Total debt remaining is 8.5-9M. Pay off is in 20 years. Questions: • • • • • What happens regarding remaining debt? Currently there are two forms of debt, (one) mold remediation with $1.9M remaining and (two) debt service on the purchase. Is there a land lease or purchase? Per Ruther this is for discussion. Gorman's preference is to own the land. Lion's Ridge apartments has an option to purchase or a long term lease. How does the Town let others in the process vs. sole proprietary? Is there something else the Town wants? Just housing or other options? King thinks it is short sited to get rid of the land. Next steps: • Discuss with Council o Guiding principles o Debt reduction • Use RFQ vs. RFP for qualifications. The Town will outline goals and facts. List Town needs vs. wants along with current debt TROC is good with proactive redevelopment approach and approved 4-0. 7. Adjournment The next scheduled meeting of the Timber Ridge Operating Committee is June 25, 2019. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. From: To: Cc: Subject: Date: Attachments: Cicely Crampton Lynne Campbell Kathy Tran FW: Master Lease Timber Ridge I M Building Renovation Thursday, June 20, 2019 12:04:37 PM imaqe00l.pnq imaqe002.pnq imaqe003.pnq imaqe00S.pnq imaqe004.png Hi Lynne! Please add the following VR input regarding 2019 renovations to the agenda for next week. Thanks! Cicely Crampton, CAPS, NPCC Regional Manager -Multifamily ◊ 53.~-~~-~e From: Zachary Yeo <Zyeo@vailresorts.com> Sent: Thursday, June 20, 2019 9:18 AM To: Kathy Tran <Kathy.Tran@corumrealestate.com> Cc: Cicely Crampton <Cicely.Crampton@corumrealestate.com>; Jeremy Stephani <Jbstephani@vailresorts.com>; Todd Anderson <Taanderson@vailresorts.com> Subject: Master Lease Timber Ridge I M Building Renovation Good morning Kathy, I want to touch base regarding Building M Renovations and where Vail Resorts currently stands. After discussions with my Sr. Manager/VP of Human Resources/TOV, the Fall 2019 schedule for M Building Renovation as you suggested two weeks ago is not possible as it will be too impactful to our business. *Reason being; 1. All current Resident Licenses do not expire until October 31st, 2019 that live in M Building. Meaning we cannot guarantee any units empty until November 15\ even then the units will not be properly handed over to Corum (housekeeping, maintenance, etc.). 2. Vail Mountain announced an opening date for November 15th, which means we are anticipating our occupancy will be higher in early season. 3. Providing the entire M Building for 45 days this Fall per the ML is not possible due to business needs. 4. Jeremy and I offered to shorten our license terms for M building residents this summer in order to :.J TOWN OF® 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 Kathleen Halloran John King Greg Clifton Lynne Campbell Cecily Crampton David Leiby Greg Hall 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 I 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. TIMBER RIDGE APARTMENTS TO: DAVE LEIBY FROM: PHIL BUCKLEY PUNCH LIST AUGUST 23, 2017 SUBJECT: DATE: A. Items typical throughout 1. Switch plate covers to be reinstalled by Corum-COMPLETE 2. Minor paint touch-up - 3. Minor bent blind-COMPLETE 4. Door entry bent B. Unit 18 1. Ceiling Fan needs bulb 2. Bathroom door missing door stopper 3. Shared Bedroom closet rod needs painting 4. Toilet Seat loose C. Unit 17 1. Weather strip at entry door being installed -COMPLETE 2. Door can't close due to water heater. Pre-existing condition (PEC) 3. Thermostat knob missing. Corum to replace -COMPLETE 4. Closet support rod to be installed -COMPLETE 5. Bathroom towel ring needs to be installed 6. Right Shared closet door missing door stopper 7. Front door doesn't seal properly D. Unit 16 1. Texture on electrical panel cover. New panel cover ordered -COMPLETE 2. Drawer left of stove needs full painting 3. Water Heater closet trim scratched badly 4. Master bedroom door has bad touch up and chipped door jamb 5. Tub needs caulking 6. Shared bedroom door has chip in door jamb 7. Shared left closet door doesn't close properly E. Unit 15 1. PPS to purchase/install new closet L bracket on 8/22 -COMPLETE 600 S. CHERRY STREET ♦ SUITE 625 ♦ GLENDALE, COLORADO 80246 PHONE: 303.796.2000 ♦ FAX: 303.796.2065 2. PPs ordered/to install new electrical panel -PER CORUM-SANDED AND PAITED 3. Entry door has scratches and scuff marks 4. Paint inside kitchen cabinet - 5. Ceiling fan needs bulb 6. Range hood not working 7. Cabinet under sink damaged 8. Overspray texture on bathroom walls 9. Bathroom door missing door stopper 10. Single bedroom door doesn't close properly 11. Overspray on shared bedroom light fixture 12. Shared bedroom door doesn't close properly F. Unit 14 1. Electrical panel cover needed-PER CORUM-SANDED AND PAITED 2. Closet shelf to be painted-COMPLETE 3. Overspray on the hall fixture-CLEANED/COMPLETE 4. PPS to replace weather stripping at front door on 8/22 -COMPLETE 5. Gap at top of door 6. Right shared bedroom closet door doesn't close properly G. Unit 11 ~ 1. PPS to replace front door weather stripping 8/22 -COMPLETE 2. Hot water heater door doesn't close properly 3. Linen closet door doesn't close properly 4. Bathroom door jamb chipped 5. Shower Rod missing 6. Both shared closet rods need painting H. Unit 13 1. Replace weather stripping ( completed) -COMPLETE 2. Replace electrical panel cover-PER CORUM -SANDED AND P AITED 3. Bathroom door light leakage 4. Paint under kitchen cabinets I. Unit 12 1. Tighten laundry and bath door- 2. Paint touch-up laundry door trim-COMPLETE 3. Bathroom door jamb chipped 4. Install towel ring 5. Master bedroom closet door trim repaired poorly 6. Shared bedroom door doesn't close properly 7. Right shared bedroom closet door know not operating properly J. Unit 11 Page 2 of6 C 1. Touch up cabinets over exhaust hood and surrounding-COMPLETE 2. Re-sand/touch-up comer of exterior door-COMPLETE 3. Bathroom door not closing correctly 4. Touch-up paint by trim inside bath door-COMPLETE 5. Doors to bath and bed not closing properly 6. Hot water heater closet door trim repaired poorly 7. Linen closet door doesn't close properly 8. Tub spout loose 9. Master bedroom door doesn't close properly 10. Master bedroom closet door doesn't close properly 11. Shared bedroom door trim repaired poorly 12. Hole in shared closet door made by door stopper K. Unit 10 1. Touch-up cabinet in front of sink-COMPLETE 2. Water heater closet door doesn't close properly and door knob sticks 3. Fan missing pull chain 4. Cabinet touch up paint done poorly 5. Bathroom door frame has chips in door jamb 6. Master bedroom door doesn't close properly L. Unit9 e 1. New entry door to be painted-COMPLETE 2. Bathroom door touch-up paint-COMPLETE 3. Exterior door trim unit side 4. Water heater closet door strike plate needs adjustment 5. Water leak under kitchen sink 6. Bathroom door doesn't close properly 7. Mater bedroom door trim done poorly 8. Shared bedroom door has chips on door jamb 9. Shared bedroom door doesn't close properly 10. Shared bedroom closet door (L) doesn't close properly M. Unit 8 1. Rehang 1 bedroom door 2. Hallway light fixture has heavy paint overspray 3. Touch up paint both cabinets on either side of stove 4. Bathroom door jamb chipped 5. Drywall damage and gapping by tub 6. Replace master bedroom closet rod 7. Master bedroom closet door doesn't close properly 8. Shared bedroom door doesn't close properly C 9. Shared bedroom closet rods need painting Page 3 of6 .. ~ N. Unit 7 1. Bathroom door to be replaced/re-installed 2. Linen closet door doesn't close properly 3. Master bedroom light fixture has paint overspray 4. Shred bedroom door jamb chipped 5. Replace shared closet rod 0. Unit6 1. Bedroom and bathroom door needs to be tighter 2. Need glass for ceiling fan -COMPLETE 3. Paint stain on Living Room carpet 4. Tub Spout is loose 5. Shared bedroom door doesn't close properly 6. Shared bedroom closet doors don't close properly P. Unit 5 1. Both bedroom and bathroom door rework or re-install w/new door 2. New entry door to be installed (temp in place) 3. Dishwasher to be installed (Corum) 4. Front door needs to be replaced 5. Hot water heater closet door doesn't close properly C 6. Garbage disposal needs to be cleared of debris ' 7. Bathroom door jamb chipped 8. Master bedroom closet rod needs painting Q. Unit4 1. Bath door to be reworked/re-installed 2. Hot water heater closet door doesn't close properly 3. Bathroom door jamb chipped 4. Bathroom door trim poorly painted 5. Tub spout is loose 6. Shared bedroom door jamb chipped R. Unit 3 1. Touch up exterior trim at main entry-COMPLETE 2. Touch-up trim on bath/bedroom- 3. Both bedroom doors require work- 4. Replace electrical panel -PER CORUM -SANDED AND P AITED 5. Bad touch up paint on hot water heater closet door 6. Kitchen sink board has large hole Master bedroom door doesn't close properly S. Unit 2 1. Touch up weather stripping-COMPLETE C 2. Bathroom door rework- Page 4 of6 ' 3. I 4. 5. 6. 7. 8. 9. T. Unit 1 1. 2. 3. 4. 5. 6. 7. Touch-up paint on doors and trim interior-COMPLETE PPS to replace missing thermostat cover -COMPLETE Hall smoke detector needs to be installed correctly Under kitchen sink needs to be painted No hot water angle stop under bathroom sink Tub spout is loose Both shared closet doors not closing properly Bed/bathroom door adjacent need to be reworked- Utility water closet door needs rework-ADJUSTED DOOR Under kitchen sink needs painting Kitchen drawer right of sink hits countertop Bathroom sink is leaking Tub spout is loose Shared bedroom closet door doesn't close properly Page 5 of6 C TDWNOF® Timber Ridge Operating Committee Meeting Results Tuesday, June 27, 2017 8:30 -9:30AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Committee Members Present: Kathleen Halloran Corum Staff Present: Town Staff: George Ruther Greg Hall Cicely Crampton, Regional Manager David Leiby, Timber Ridge Property Manager Thomas Heirot, Lynne Campbell A quorum being preset George Ruther called the meeting to order at 8:40 AM. Agenda: 1. Review and Approve May 31, 2017 Meeting Results The Committee reviewed and approved the May 31, 2017 meeting results. Motion: George Ruther Second: Kathleen Halloran Vote 4-0-2 2. Master Lease Painting Policy, review and approve (Greg Hall, Thomas Heirot abstained) The Committee discussed the wording in Exhibit D and decided the language was clear. Rather than amending the lease an internal policy for how, when painting will occur would be written. David expressed his concerns and dissatisfaction with Pinnacle's work. He questioned, as did George, why the Town should spend money it is on updates/upgrades if the units are not being care for properly. Problem seems to be with Pinnacle manager as she pushes back on all subjects. Cicely stated VR sees lease as a five year one not as units turn over from tenants. She mentioned there is a monthly VR/Corum on site meeting today at Timber Ridge and suggested one or more Committee members attend. George and Kathleen will be Town representatives at the 1 :15PM meeting. 3. Building L Renovation Progress ,~ Discussion did not occur regarding this progress. Below are notes provided by .._, David as to current progress and status of Building L. Building L -Renovation Update Progress Schedule • PrimeStar Property Solutions has completed unit painting, drywall repairs, countertop replacement and retexturing in all 18 units. Interior doors and trim replacement have been completed in 8 units. Bathroom renovations are on schedule and awaiting initial inspections. • Billings to date through pay application #3 total $165,430.91 of the total contracted amount of $213,981.00 or 77.31%. 4. Parking Lot Resurfacing Obstacles David said parking solution has been found and 45 cars will be parking at the Lionshead Transportation Center while others will park at the Post Office as long as no interference with daily activities. Estimated time frame for work is week of July 1ih. There may be some flexibility with the schedule based on contractor's timeline. David is to advise Committee when he has exact dates. 5. David discussed with Committee some delays: a. Paint touch up of buildings (VR buildings) b. Plumbing: found water main, it is located behind wall. Main is for all buildings and will have access panels added for ease of water main access. c. Plumbing: Hot water heaters for Building M need to order and install 6. Adjournment Motion: George Ruther Second: Kathleen Halloran Vote: 6-0 Meeting adjourned at 9:00AM. Future Items • 2018 Budget Respectfully submitted, .Jvn~~blA- Lynne Campbell, Housing Coordinator TOWN OF® Timber Ridge Operating Committee Agenda Tuesday, June 27, 2017 8:30 -9:30AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Agenda: y. Review and Approve May 31, 2017 Meeting Results ✓. Master Lease Painting Policy, review and approve Y.Building L Renovation Progress ~Parking Lot Resurfacing Obstacles 5. Adjournment The next scheduled meeting of the Timber Ridge Operating Committee is July 25, 2017. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. TOWN Of® Minutes Timber Ridge Operating Committee (TROC) May 27, 2017 at 10:00 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:40 AM. 1. Minutes Kathleen Halloran George Ruther John King Dave Leiby George Ruther motioned to approve the March 28, 2017 minutes. John King seconded the motion. There was no further discussion and the motion passed unanimously. 2. Turnover of Vail Resort units: David reported that he did walk-th roughs of units with members of the "new" VR team, including Matt Jones and Todd Anderson. David said that Matt and Todd understood the intention of the master lease in maintaining the renovated units at the same standard. 3. Master Lease issue: The master lease wording in Exhibit D states that the town is responsible for painting under general maintenance conditions. George Ruther suggested this is reasonable under normal wear and tear patterns, and to document our policy of a typical schedule for maintenance such as every 3-5 years. Otherwise, if new paint is due to tenant misuse or damage, then Vail Resorts is responsible to pay and collect from the tenant. 4. Unit Renovations • Renovation of 18 units in Building L: Demo is complete and contractor has been working on items that don't require a building permit. Building permit is expected in the next several weeks. • David requested an additional $9,000 to re-do texture in the units. After years of paint layers and drywall repairs the walls have left a very patchy look to the texture or there are areas where no texture was applied to the patch. Trying to spray texture on only the patch will not give a consistent finish. John King agreed to take a look at the issue that same day and make a recommendation to the committee. Timber Ridge Operating Committee j I ' 1 ! C • David also reported that he and the contractor are having a hard time locating the water main valves for that building and suspect it's inside of a wall; this has to be shut off in order to complete the renovation work. 5. Capital Projects David reported some obstacles with paving the parking lot scheduled for the second week of July; He plans to notify residents that they should park in the LH structure and will also ask for any vacant parking spots at the Lion's Ridge property. There being no further business, a motion to adjourn was made by Kathleen Halloran, seconded by George Ruther and the motion carried unanimously at 9:10 AM. The next regularly scheduled TROC meeting is June 27, 2017. Respectfully Submitted, ~n!V--~lb!A- Lynne Campbell, Housing Coordinator Timber Ridge Operating Committee 2 C TROC Board Meeting Exterior Repair Update June 27th, 2017 Building L -Renovation Update Progress Schedule • PrimeStar Property Solutions has completed unit painting, drywall repairs, countertop replacement and retexturing in all 18 units. Interior doors and trim replacement have been completed in 8 units. Bathroom renovations are on schedule and awaiting initial inspections. • Billings to date through pay application #3 total $165,430.91 of the total contracted amount of $213,981.00 or 77.31 %. 1,o l l-(Jl ( 'L 1-~1/~ ~~o{ l-b 0 vLv ~~~'y ~tL ~(4-Li.ti-LL 1/V<-Uv--. ~ CJi{( f"1-11--e u (L ~ Cu °Y:r' rOu-€--~t"i lt/'--' l l q ft_, u'& ( I {_,IL 1\_ <"" 1~c--0,L~Q,/ ----A.....,,'T , /}'v{J~,<1 v~ vb, -0 lf'ASft /'~ Q c,. J ~o{_ o.re/)/ \ ~ ~ Str r~(,__ V it, ..-; '.le Yl rv:,.-G {.z _ (1,ttJLCL l ""-krv--<:J\ r ll j /V1< (d,o?_i-- fvd•.A-hl ~ ()J ( ii fG ncb d t-~ ~ ~ ' 6 ;(~ t 'b w,' , ~ v\--0 t-JvH t fi' c,J w / ~ fyy~c \JL, M\r-elv].., r~ ½p 10-ifJl-v- l,L l'rV-1.--~t.vv----~Q htL cA.L l IL f11wl--('vb ~ (l~l-w ( I/'? vYt-v?;v-tccl~ 01 ('N)!f: vtC -fDV 3~·'cJ / ~ (I>\-h,cl't +,.,L"'--'l ~ 1 ~ (;IL ~/lA_ -~, yZ-~ ~ ~ Jy<wt-~ (/VC C Q,OiV> i ~ ,\-V ~ -f ()/) ~ S cu-, (c C¼,11-~ Jt;•,~ r i I V vL DU---f ~ c.vJ s '1,,--, rl ~ vV'--vi.,~ "'Vl--C..D~ ,.. o'1 r,ci,,, 1 ·~ ~ ~ qar :ic_ rA( ; t---, w~t:-e_. y e,vt) \/1, ,z__,, __,, / ~~ f \:-of.7 l .,,>['-lU,,,( ____,____ {)~~ ~ t.'5iV\ ~ '"'-v"v< 1; -tltL N-2... (tVL(V,J l.z ~ ~ vi-(_ p~,tt-c r C 'TO\/ ?f!Yl rr-£rv',£~ 1--DL .,Lt be cf(NA ~ ; v~, c. \-.icr~ e_ , a:{' /O ll / ~~ I~ ~c ,'v-, v@::_ ~•-'-I -~ ~ f \ i?V-f;~ !,_,CfJ.tM /4" ('.,,(:{ ( f0(_ (,P\L"[) 4f-C -Cb"' S '-i ~ l-o L,+fl~ \)o,-, cl \_--o e ~ \ c L t ~ /-,.--< J_ cl~ S ( ~r W~\,"\ ) ~f -Co, .,._A-. dTJ..,, -+o \.{_ c L--~ (;/1 ~ -V /L ~ l y C f Lu,..._, lQ 0-,._ h-\-wtJ;:..«-fl, tel cf'1 0 ~ ( ~''-<l~ • VSV\.-if I\,-"--'"'-~LJ·V'--<:l· \ ~ _ ~~¼ ljl;\jll\_ tdL (.__C(-CSS f~r a- C TOWN OF@ Timber Ridge Operating Committee Agenda Tuesday, March 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: r; " ltf~ l -~ iL-J 'lV'-1----- 1. Review and Approve Minutes from the January 31, 2017 Meeting °'I_ 0(. 2. Master Lease Discussion; Year 2 of 5, with possible changes to the terms of the lease 3. Maintenance: a. A Peak asphalt under contract to pave the western end of the site as soon as the weather allows in the spring. 4. Adjournment The next scheduled meeting of the Timber Ridge Operating Committee is April 25, 2017. Sign language interpretation available upon request with 48-hour notification. Please call 479-2106 voice or 479-2356 TDD for information. Minutes Timber Ridge Operating Committee (TROC) January 31, 2016 at 8:30 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:35 AM. 1. Minutes Kathleen Halloran Lynne Campbell Greg Hall George Ruther Stan Zemler Cicely Crampton Dave Lieby Kathleen Halloran motioned to approve the October 25, 2016 minutes. Stan Zemler seconded the motion. There was no further discussion and the motion passed unanimously. 2. Unit Renovations • Corum reviewed 2016 renovations and upcoming 2017 renovations • Renovation of 18 units in Building L • 3 bids will be obtained from Yampa Valley, Crime Star Solutions and Interstate however Corum would like to use previous contractor Yampa Valley. • Replacement of electric, HVAC, plumbing and appliances • 52 -6 foot heaters are back ordered • Notices will be posted next month • Budget may go over by $600 due to HVAC • Start in February o All new except appliances & cabinets o Tub surrounds o Door change out flat to 6 panel o Stain fix o Full interior remodel o Fixtures, ceiling fans o GFI to bring to code o Heaters and thermostats o Plumbing H2O expansion and drain pans o Appliances updated during ?LR apts o All 18 units vacated with a 6 week turn around o Lost revenue to TOV but part of lease negotiation with VR o Building permits needed for electrical and mechanical o Replace wye stack in plumbing due to age, approximately $150 per connection o Drawings needed will require additional time Timber Ridge Operating Committee J J 1 f C C o Town said typical drawings will be accepted for permitting o Corum asked if subfloor in baths need to be replaced, Ruther to check with building department o Corum doesn't have to do subfloor o Being proactive for leak prevention 0 3. Capital Projects Mr. Leiby gave an update on the operating, remodels and maintenance performance year to date for the complex: Timber Ridge Performance ¥TD Notes Turns completed ¥TD including renovations: 42 units out of 96 or 44% of the entire property 41 out of 54 VR units or 76% of the master lease Non Renovated turns completed ¥TD: 14 units in Building M ( the last BLDG on the renovation schedule) M 01, M 03, M 05, M 06, M 07, M 09, M 10, M 11, M 12, M 13, M 15, M 16, M 17 and M 18 9 units in Building L L 02, L 03, L 04, L 05, L 13, L 14, L 15, L 16 and L 17 Service request production ¥TD: 314 service requests ha\1e been completed ¥TD 287 VR service request or 91 % of the total service requests 27 Full time resident service requests or 9% Ne1.v Carpet/ Linoleum installation in Master Lease units ¥TD including renovations: 26 new carpet installations or 48% of master leased units 38 new linoleum installations or 68% of master leased units All new property grills have been installed, 'Nell received by residents and have been put to constant use. Maintenance staff experimented with a sprinkler system this summer at Buildings N and p. Cost of sprinkler heads and connected lines was roughly $255.00 Sprinkler system was installed above ground and will not create a trip hazard After bill analysis, we sa1.v an increase of $20 to the 1.vater bill for a 30 day cycle which covered watering North West portion of the property. Timber Ridge Operating Committee 2 The 1Natering efforts made a great difference in the damaged areas from Blue Sky's work to years ago Residents were very pleased with the efforts and results. Mr. Leiby also stated that early on this year we were seriously over budget due to the turnovers and repairs, but no1N catching up and should be on budget by year's end. Kathleen Halloran noted that she would take a close look at the budget to see if there were overages available or if a request for a budget supplement might be needed before the next budget cycle. 4. Roof Snow Removal Mr. Leiby reported that he had received three bids for repaving the parking lot. A Peak had the highest bid but most comprehensive and they are more capable of completing the job as bid 1Nith cost over runs. Their bid 1.1Jas $102,000 but there ,...,ere savings from the remodels of $47,000 and that if that 1Nere transferred, it would more than cover the difference in the bid. Public '.Narks would review the bids and make the final decision, but the remodel savings could be mo11ed, fi needed. Mr. Leiby also stated that CIRSA had inspected the property and found no issues, no hazards. This is the first fully clean inspection that Timber Ridge has had. Mr. Leiby also reported that there has been damage to new counter tops from people not using cutting boards and that replacement of the tops will be charged back to Pinnacle, since it resulted from tenant misuse. Stan Zemler requested that Corum purchase cutting boards to protect new kitchen countertops as a pre\1entive maintenance expense. 5. 2016 Final Fiscal Discussion There being no further business, a motion to adjourn was made by Kathleen Halloran, seconded by George Ruther and the motion carried unanimously at 9:30 AM. The next regularly scheduled TROC meeting is February 28, 2017. Respectfully Submitted, Lynne Campbell, Housing Coordinator Timber Ridge Operating Committee J 3 C1 G Q, ~ 1, i) 3 / 1-'1 (o -21:Db §cl S-~ ur,,-J 6 c~ --C-" (l,G (_ . r-ur~ r~, 0 ~V'...."" -\ ~ ~ -\c-cJ.. ~ 1., L, '-"-"t n , t r V_~ :::-._. ~6 h ~ct,~«-,c{f u. ·, ~ I J l) ' ' "'1'. y ,.___ C \.Ac { l "' ~ e.. j\L l,.u S (l~ " ~-J,._., -t"6Lfr'0 •~ , \\\_V)w lfl~ VLLl~s:- t(ov~ ft(A l~ '-+ ~Lf1( IY (b) ~ r-Jl · 1..---~-+~'~- \yY \-\ ~ -J-l ln\_L_ ' I I I l l ' I I 'f<: ~ h · (/ ';r l ( o ~ \a,.:\.-~ (o(p ~ ~~ +-s 1fl~ ~, .') ~ ~ C,;c;--yJ-~ b c+l,__,½ ~ ('.__ W eu--c111 r Ct L F- --ptrr?c-~ b_ {'-e. rJ...,<51'(__. . CJ.~f-- ) ti ~ v,oh c .e.. .b> .~ ~ :~ Jd, ~ · /Jr,] c ,,.J\.., ,r.,--l,--;vtv'c"_ . ( ~ ~\' C J., , s-+-<J\-/\-4_t_i/'(\_~ . I) \0f £ w ·, \ \ ~ Ga {-&V-0 d /P1P V rv0~c "\ (L, 6---? L d'. J C· Liv-u..A ct.de! 'j_ °Jf pcA-v----,.-;~ r ~ I ,-e. t--e ~ f'v \c >J, d'' -Ste'.. ~ .s/c\ C£VJ1 hz v..v 2 1, .\-. I [ Ir-A .f' t"yc' e_ ,e YJ • /fLV{--f'1 0v', ~ ~~ ll?-+u c: ~ ,v-p\,,e vr--,"-7 • ~ 11--~ ~ vvv~ o-rA-. er ( u-J \ ~ l ve \...v d._,, s . re_ S ("--X (. v ' . -~ (,,/,A ~ vv+t Le. . . J ~ w ~-{1~·\ . 1,1\\ ~2'-~ (~-t--!J:;'L·· vv I C -----------c µ 0 ~cL a{ vrZ-i~~ ~ t IR \,vJJ ~ Cf/V'->--~ ~l-t oY-J-_. u t/) ~ . ' u-Jci . \ 0 /e,._.,,-----.__ ,' ,f\ t ~ i<-, \ . I' -\ r I · / .. (l r1>f 4 '1 (2 (.,,...,.--..-~ ~ r1J-v' \,:, J c\,:7 ~ J k'. f (J ~2" v,, / c1. s M p1v1 gtt h.QA i~/tyA Minutes Timber Ridge Operating Committee (TROC) January 31, 2016 at 8:30 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:35 AM. 1. Minutes Kathleen Halloran Lynne Campbell Greg Hall George Ruther Stan Zemler Cicely Crampton Dave Lieby Kathleen Halloran motioned to approve the October 25, 2016 minutes. Stan Zemler seconded the motion. There was no further discussion and the motion passed unanimously. 2. Unit Renovations • Corum reviewed 2016 renovations and upcoming 2017 renovations • Renovation of 18 units in Building L • 3 bids will be obtained from Yampa Valley, Crime Star Solutions and Interstate However, Corum would like to use previous contractor Yampa Valley. • Replacement of electric, HVAC, plumbing and appliances • 52 - 6 foot heaters are back ordered • Notices will be posted next month • Budget may go over by $600 due to HVAC • Start in February o All new except appliances & cabinets o Tub surrounds o Door change out flat to 6 panel o Stain fix o Full interior remodel o Fixtures, ceiling fans o GFI to bring to code o Heaters and thermostats o Plumbing H2O expansion and drain pans o Appliances updated during ?LR apts o All 18 units vacated with a 6 week turn around o Lost revenue to TOV but part of lease negotiation with VR o Building permits needed for electrical and mechanical o Replace wye stack in plumbing due to age, approximately $150 per connection o Drawings needed will require additional time Timber Ridge Operating Committee I i 1 o Town said typical drawings will be accepted for permitting o Corum asked if subfloor in baths need to be replaced, Ruther to check L -with building department ~ l o Corum doesn't have to do subfloor ~~ o Being proactive for leak prevention ( tf1--~?16 Final Fiscal Discussion ~ 2016 Asphalt overlay has to be rolled to 2017 due to weather delays in the fall of '16 A-Peak Asphalt to perform work for approximately $101 Kin June; George suggested maximizing parking spaces with new striping. Kathleen reported that reve operational savings of $25 e exc ded expenditures by $3, 178 which included . Fu alance at year end is approximately $957K. ~/·/ There being no further business, a motion to adjourn was made by Kathleen Halloran, seconded by George Ruther and the motion carried unanimously at 9:30 AM. The next regularly scheduled TROC meeting is February 28, 2017. Respectfully Submitted, ~nM-~blft- Lynne Campbell Housing Coordinator Timber Ridge Operating Committee 2 MASTER LEASE THIS MASTER LEASE (the "Lease") is made and entered into as of May 1, 2016 (the "Effective Date") by and between the Town f Vai a Colorado home rule municipality (the "Town"), and the Vail Corporation, a Colorado corporation d/b/a Vail Associates, Inc. ("Lessee") (each individually a "Party" and collectively the "Parties"). · WHEREAS, the Town is the owner of the Timber Ridge Village Apartments located at 1280 North Frontage Road, Vail, Colorado 81657 (the "Apartments"); WHEREAS, Lessee employs large numbers of persons requiring housing of the type afforded by the Apartments, and desires to lease from the Town 55 of the Apartments, together with 50 parking spaces, to sublease those units; and WHEREAS, the Town is willing to lease such units to Lessee under the terms and conditions stated in this Lease. NOW THEREFORE, for the consideration hereinafter set forth, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Lease. The Town leases to Lessee, and Lessee leases from the Town, oortaill units of the Apartments (each a "Unit", and collectively the "Units") as identified on E titbit A, attached hereto and incorporated herein by this reference, as well as 5-'l pa.Eking spaces (46 for Units 1-54 and for Unit 5~). The Town retaililS the unrestricted ight to change, alter, abolish or add to any of the appurtenances of the Units, as may seem best to the Town, and to dispose of or rent any other portion of the Apartments as the Town elects. a. The initial term of this Lease shall be one year, commencing on May 1, 2016 and terminating on April 30, 2017. b. The Lease shall automatically renew for additional 12-month terms, unless either party provides written notice of termination to the other party on or before December 31 st of calendar year prior to the year in which the then-current term will expire, in which event, the Lease will terminate upon the expiration of the then-current term. c. Lessee shall have the right to termim~te the Lease for any reason UR,on 9 ys' written notice. If Lessee terminates the Lease pursuant to this paragraph, Lessee shall pay the Rent due for the balance of the then-current term. Beyond the then-current term, Lessee shall also pay a penalty equivalent to one month's current rental amount. d. Lessor shall have the right to terminate the Lease for aay reason upon 90 da¥s' written notice, provided, however, in Ao event may Lessor provide notice of termination between August 1 and January 31 of any year (i.e., in no event may a notice of termination by Lessor cause the effective date of termination of the Lease to occur 1 3/412016 Q:\USERS\VA/L\TIMBER RIDGE-NEl;IMGR\MASTER LEASE-A030416.DOCX 011209\0 I 03\14673 I 05.6 between November 1 and April 30 of any year). If Lessor terminates the Lease pursuant to this paragraph, Lessee shall pay the Rent due through the date on which the Lease terminates. a. Lessee shall pay the Town as rent ("Rent"), without right of setoff and regardless of whether there is in effect a Sublease with respect to any Unit, the following monthly amounts: i. Commencing on May 1, 2016 and terminating on April 30, 2017, $1,225 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $66, 150 per month; ii. Commencing on May 1, 2017 and terminating on April 30, 2018, $1,286 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $69,444 per month; iii. Commencing on May 1, 2018 and terminating on April 30, 2019, $1 ,350 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $72 ,900 per month; iv. Commencing on May 1, 2019 and terminating on April 30, 2020, $1,418 for Units 1-54 and $0 per month for Unit 55, for a total of $76,572 per month; and v. Commencing on May 1, 2020 and terminating on April 30, 2021, $1,489 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $80,406 per month. b. Unit 55 shall be used for office space. The Town will pr vide 4 parkin9 spaces designated to Lessee and its managing agents only, located to the south of Unit 55, at a cost of $0 per month . c. Rent shall be due and payable as a single sum, in advance, on or before 12:00 noon on the first day of each month the office. If any Unit is subject to this Lease for a partial month, the Rent for that month shall be prorated on a per diem basis. d. Rent not paid by 8:00 a.m. on the 5th day of the month in which due shall be subject to an initial late charge equal to 5% of the total amount due plus $5 per day per Unit until paid in full. 4. Unit Upgrades. a. Prior to the commencement of this Lease, the Town invested in updates to 18 of the Units. The Town may elect to update another 8 Units in the spring of 2017 (the "2017 Updates") and the final 18 Units in the spring of 2018 (the "2018 Updates"). The updates include carpeUlinoleum replacement, drywall repairs, interior paint, new front entry doors and locks, new interior doors and trim and remaining bathroom 2 314/2016 Q:\USERS\VAIL\TIMBER RIDGE-NE'MAGR\MASTER LEASE-A030416.DOCX 011209\0103\14673105.6 remodels. The 2017 Updates shall commence no earlier than May 1 of the applicable calendar year and the 2018 Updates shall commence on a date between April 15, 2018 and May 1, 2018, with the specific commencement date to be agreed upon by the parties in their reasonable and good faith discretion, and each are anticipated to require approximately 6 weeks (collectively, the "Renovation Periods"). b. If the Town elects to do the 2017 Updates or the 2018 Updates, the Towo st\_all provide notice to Lessee of which Units will be updated no later than December 31 of. the prior calendar year, and Lessee shall facilitate the appropriate vacancies for all Units within the specific buildings in which the updates are occurring during the Renovation Periods. On or before March 31 of the applicable calendar year, Lessee shall provide to the Town a plan for vacating the specifically identified Units. c. The Town agrees to promptly notify Lessee if the time of the Renovation Period must be increased, and the Town will use commercially reasonable efforts to ensure the Renovation Periods are minimized. In no event shall the Renovation Periods extend beyond June 15 of the applicable calendar year. d. Lessee shall equip each newly remodeled Unit with new furniture of an appropriate quality to withstand the anticipated use prior to the Subtenants arriving. Upon completion of the Unit upgrades each year, Lessee shall inspect each Unit with the Town or its managing agent, and sign off on an inventory sheet confirming that there are no deficiencies in the Unit, in order to establish a baseline for future maintenance and damage assessments. e. All ent attributable to a Unit being renovated shall abate during the applicable Renovation Period. 5. Subleasing. a. Lessee may sublease or license its Units to subtenants or licensees (collectively, "Subtenants") for rental not greater than the aggregate amount of Rent payable under this Lease with the exception for cost of utilities. Any such arrangement will be pursuant to a sublease or license in form and substance reasonably acceptable to the Town (the "Sublease"). The terms of any Sublease will be as Lessee determines to be appropriate in its discretion (but in no event extending beyond the term of this Lease) and subject to such reasonable qualifications and restrictions as the Town from time to time imposes with respect to tenants of the Apartments generally. b. Without limiting the generality of the foregoing, Lessee acknowledges that, because other Apartments utilize tax exempt funding, certain requirements for tenancy have been mandated on the other Apartments (but not on the Units). c. Lessee shall comply with the requirements set forth in Exhibit D with respec to its subleasing and licensing activities. 01120910103114673105.6 3 314/2016 Q:\USERS\VAIL\TIMBER RIDGE-NEWIAGR\MASTER LEASE-AC30416.DOCX I t ! I I l t I ! 6. Possession and Quiet Enjoyment. Upon the payment of Rent and the performance of all terms of this Lease, Lessee and any Subtenants shall at all times peaceably possess and enjoy the leased Units without any disturbance from the Town. 7. Maintenance and Repairs. a. The Town shall be responsible for maintaining the following: the common areas of the Apartments, including any parking areas; the structural portions of the Units; the pipes, roof, heating systems, plumbing and plumbing systems serving any of the common areas or the Units; power supplies; exterior windows, doors, equipment and appliances on or about the common areas and the Units. Lessee shall be responsible for all other maintenance of the Units. b. Lessee shall assign a full-time, dedicated maintenance technician to the Property. c. Lessee shall perform snow removal on common area, walkways, sidewalk, decks and stairs located in Buildings K, L, and M. Should Lessee fail to perform such snow removal, Lessee shall reimburse the Town for any costs incurred by the Town in performing such snow removal. d. All repairs and maintenance shall be made promptly, as and when necessary, taking into account the circumstance and priority of the repair or maintenance and its impact to Lessee's or Subtenants' use of the Units and common areas and the impact to other Units in the building. All such repairs, replacements and maintenance shall be in quality and class at least equal to the original work. e. Notwithstanding any other provisions to the contrary herein, if repairs or maintenance are necessary as a result of Lessee's or any Subtenant's gross negligence, Lessee shall be responsible for such repairs and maintenance. If Lessee fails to make such repairs, the Town may, but shall not be required to, make such repairs and bill all costs associated with such repairs to Lessee. 8. Covenants of Lessee and Subtenants. Lessee agrees to, and by the terms of the Subleases shall cause all Subtenants to agree to: a. Comply with all reasonable rules and regulations of the Town for the protection of the building or the general welfare and comfort of the residents of the Apartments, including those stated in Exhibit B, attached hereto and incorporated herein by this reference; provided, however, that to the extent that any such rules and regulations conflict with the terms of this Lease, the terms of this Lease shall control; b. Keep the Units in as good order and condition as when the Units were entered by Lessee, ordinary wear excepted; 0l 1209\0103\14673105.6 4 3/412016 Q:\USERS\VAIL\TIMBER RIDGE,NEWiAGR\MASTER LEASE-A030416.DOCX c. Except as otherwise permitted in this Lease, to sublet no part of a Unit nor assign this Lease or any Sublease without the express prior written consent of the Town; d. Neither hold nor attempt to hold the Town, or its agents liable for any injury or damage to person or property either proximate or remote, to the extent arising from the acts of Lessee, any Subtenant, any resident of any Unit, any guest of any such resident, or of any owners or occupants of adjoining property; e. Allow the Town or its employees or agents to enter any Unit at any time to make emergency repairs, or, upon reasonable notice to Lessee and any affected Subtenant, to inspect the Unit, or within 30 days prior to the end of the term of this Lease, to show the Units to prospective subtenants; and f. Allow a maximum of 3 occupants in each Unit. 9. Utilities. a. The Town shall arrange for provision to the Units of electricity, connection to basic cable television service, water, sewer, trash removal and recycling. b. The Town shall be solely responsible for the cost and expense of water, sewer, snow removal, trash removal and recycling . Lessee is solely responsible for the cost of electricity. The individual Subtenants shall be solely responsible for activating the cable service in their names and for the cost of the cable service. c. In the event of excessive use or waste of any utility services provided to any Unit, the Town may at its option cause such services to be separately metered and if it does so Lessee shall pay the metered amount monthly. d. The Town shall furnish heat to the Units during the usual heating season, and such costs shall be borne by Lessee as electricity costs. e. The Town shall not be liable for any claim of damages, rebate or charge of any kind in case of the interruption of utility or other services to the Units occasioned by accident, failure of power supply or any other cause beyond the Town's control. 10. Security Deposit. a. Lessee submitted to the Town and the Town has on file a security deposit in the amount of $66,150, of which $33,075 is a cash deposit and the remainder is a letter of credit (the "Security Deposit"). The Security Deposit and any other deposits may, but are not required to be, deposited into an interest-bearing account by the Town. Interest, if any, earned on such deposits shall be solely the property of the Town. c. In no event shall the Security Deposit be applied to Rent or utility charges. OJ 1209\0103\14673105.6 5 31412016 Q:\USERS\VA/L\TIMBER RIDGE-NEW!AGR\MASTER LEASE-A030416.DOCX d. The Security Deposit is subject to deduction or forfeiture for unpaid Rent, late payments, returned check charges, damage to a Unit, its contents or common areas, smoke or stain removal, unreturned keys, administrative charges, re-letting fees, collection costs and cleaning charges. Time spent by the Town or its designee for repairs or maintenance shall be billed at a minimum hourly rate of $25, and shall be deducted from the Security Deposit. e. If deducted from or forfeited against for any reason, the Security Deposit shall be replenished up to the original amount within 30 days. f. The Town shall use the Move-in and Condition Form, attached hereto as Exhibit C and incorporated herein by this reference, in evaluating the condition of each Unit. g. Within 60 days of the expiration or termination of this Lease, the Town shall return the Security Deposit, subject to any lawful withholdings. 11 . Holding Over. If after the expiration or termination of this Lease, Lessee or any Subtenants remain in possession of any Units, with the permission of the Town but without written modification of this Lease extending the term of this Lease or modifying the amount of Rent, such possession shall not constitute a renewal of this Lease, and Lessee shall be a tenant, and any Subtenants shall be subtenants or licensees (as applicable), of the affected Units from month-to-month at a monthly rent equal to 150% of the Rent payable under this Lease for the last month of the term of this Lease, but otherwise subject to all of the other terms and conditions of this Lease. Notwithstanding the foregoing, if Lessee or any Subtenants remain in possession of any Units after the expiration of this Lease, and Lessee and the Town are simultaneously engaged in good faith negotiations to enter into a new Lease, Lessee's or the Subtenant's possession of the affected Units shall be month-to-month at a monthly rent equal to the Rent for the previous Lease year and subject to the terms and conditions of this Lease. 12. Default. a. The following shall be considered a Lessee Default under this Lease: if Lessee fails to pay Rent, utility charges, or other charges or is in default of any provision of this Lease, and such default continues for 10 days after the Town has given written notice thereof; or if Lessee becomes insolvent, makes any assignment for the benefit of its creditors, or files any petition or order for relief under the federal bankruptcy laws. b. If a Lessee Default occurs, the Town may, without waiving any other rights hereunder or available to the Town at law or in equity, terminate this Lease, in which event this Lease and the leasehold estate hereby created and all interest of Lessee and all parties claiming by, through, or under Lessee shall automatically terminate upon the effective date of such notice; and the Town, its agents or representatives, may, without further demand or notice, reenter and take possession of the Property and remove all persons and property from the Property with or without process of law, without being 011209\0103\14673105.6 6 314/2016 Q:\USERS\VAIL\TIMBER RIDGE-NEW\AGR\MASTER LEASE-A030416.DOCX deemed guilty of any manner of trespass and without prejudice to any remedies for existing breaches hereof. c. The rights and remedies stated in this Section are cumulative, and do not limit or impair any other right or remedy at law or in equity. 14. Casualty Loss. a. If any of the Units are rendered untenable or are damaged or destroyed by fire or other casualty and if in the Town's reasonable determination such repairs or rebuilding cannot be substantially completed within thirty days after the occurrence of such casualty, then: (i) this Lease shall terminate only as to the affected Units and all Rent and Utility Charges for the affected Units shall be payable with respect to the period ending upon the date of such injury or damage; and (ii) the Town shall thereafter offer Lessee alternative units in substitution for the Units affected by such casualty loss, if available, and Lessee shall accept such alternative units if and to the extent such alternative units are acceptable to Lessee. b. If any of the Units are rendered untenable or are damaged or destroyed by fire or other casualty and the Town determines to rebuild or repair such Units, and if in the Town's determination such repairs or rebuilding can substantially be completed within 30 days, the Town shall do so with reasonable diligence and this lease and the Subleases of the affected Units shall not be affected, except that the Rent and utility charges for the affected Units (or a just and proportionate part thereof according to the nature and extent of the damage which has been sustained) shall be abated until the affected Units have been so repaired and restored. c. Notwithstanding the foregoing, if any of the Units are rendered untenable by reason of fire or other casualty, Lessee may, in its sole discretion, terminate this Lease with regard to the affected Units, and Lessee's obligations under this Lease shall be terminated effective as of the termination date. If the Lease is terminated as to less than all of the Units, Rent will be reduced by the per-Unit rental amount (in effect at such time) multiplied by the number of Units for which this Lease has been terminated. 15. Insurance. a. During the term of this Lease, the Town shall provide and keep in force: (i) Comprehensive general liability insurance to include coverage for bodily injury, property damage, death and personal injury (employee and contractual liability exclusions deleted), contractual liability (including coverage for the contractual liability of the Town for performance of the indemnification provisions of this Lease); and broad form property damage, with limits of not less than $1,000,000 each occurrence combined single limit for bodily injury, property damage and personal injury and $2,000,000 aggregate for bodily injury and property damage. 011209\0103\1-167310S.6 7 314/2016 Q:\USERS\VAIL\TIMBER RIDGE-NEW\AGR\MASTER LEASE-A030416.DOCX I I I I I I I ! { ; I I I I I (ii) An umbrella policy with limits not less than $2,000,000 over the primary comprehensive general liability policy. (iii) Property insurance covering the Property. (iv) Fire and extended coverage insurance for all risks, vandalism and malicious mischief, sprinkler damage, boilers and rental loss with respect to the Property. b. Lessee acknowledges that the Town's insurance does not cover the personal property of Lessee, any Subtenants, or any of their guests. Lessee shall advise Subtenants to purchase insurance coverage for loss to personal property due to fire, theft, water damage and other unfortunate events, liability coverage, and other appropriate insurance coverage. 16. Indemnification. Lessee agrees to indemnify and hold harmless the Town and its officers, insurers, volunteers, representative, agents, employees, heirs and assigns from and against all claims, liability, damages, losses, expenses and demands, including attorney fees, on account of injury, loss, or damage, including without limitation claims arising from bodily injury, personal injury, sickness, disease, death, property loss or damage, or any other loss of any kind whatsoever, which arise out of or are in any manner connected with this Lease if such injury, loss, or damage is caused in whole or in part by, the act, omission, error, professional error, mistake, negligence, or other fault of Lessee, any subcontractor of Lessee, or any officer, employee, representative, or agent of Lessee, or which arise out of a worker's compensation claim of any employee of Lessee or of any employee of any subcontractor of Lessee. 17. Successors and Assigns. This Lease shall be binding on the Parties and their permitted successors and assigns. Except as expressly permitted by this Lease, Lessee shall not assign any of its rights or obligations under this Lease or sublet any of the Units without the prior written consent of the Town, such consent not to be unreasonably withheld. Any assignment of a Sublease without such consent shall be void. 19. Notice. Any notices shall be in writing and shall be deemed sufficiently given if delivered personally or sent by first class United States mail, addressed as follows: If to the Town: The Town of Vail 75 S. Frontage Road West Vail, CO 81657 Attn: Town Clerk Attn: With a copy to: Corum Real Estate Group 600 South Cherry Street. Suite 625 Denver, CO 80246 8 If to Lessee: Vail Associates, Inc. 390 lnterlocken Crescent, Vail, CO 81658 ------- 314/2016 Q:\USERS\VAIL\TJMBER RIDGE-NEW\AGRIMASTER LEASE-A030416.DOCX Ol 1209\0103\14673105.6 I I I I I I I I Attn: Cicely Crampton 20. Miscellaneous. a. Modification. This Lease shall not be modified except as agreed in writing by the Parties. b. Governing Law and Venue. This Lease shall be governed by the laws of the State of Colorado, and any legal action concerning the provisions hereof shall be brought in Eagle County, Colorado. c. No Waiver. Delays in enforcement or the waiver of any one or more defaults or breaches of this Lease by the Town shall not constitute a waiver of any of the other terms or obligation of this Lease. d. Integration. This Lease constitutes the entire agreement between the Parties, superseding all prior oral or written communications. e. Third Parties. There are no intended third-party beneficiaries to this Lease. f. Governmental Immunity. The Town and its officers, attorneys and employees, are relying on, and do not waive or intend to waive by any provision of this Lease, the monetary limitations or any other rights, immunities, and protections provided by the Colorado Governmental Immunity Act, C.R.S. § 24-10-101, et seq., as amended, or otherwise available to the Town and its officers or employees. g. Rights and Remedies. The rights and remedies of the Town under this Lease are in addition to any other rights and remedies provided by law. The expiration of this Agreement shall in no way limit the Town's legal or equitable remedies, or the period in which such remedies may be asserted. h. Subject to Annual Appropriation. Consistent with Article X, § 20 of the Colorado Constitution, any financial obligation of the Town not performed during the · current fiscal year is subject to annual appropriation, shall extend only to monies currently appropriated, and shall not constitute a mandatory charge, requirement, debt or liability beyond the current fiscal year. 011209\0103\14673105.6 9 314/2016 Q:\USERS\VA/L\TIMBER RIDGE-NEW\AGR\MASTER LEASE-A030416.DOCX I I I I I I I l I IN WITNESS WHEREOF, the Town and Lessee have executed this Lease as of the Effective Date. COLORADO L-- ·-. ---,~~--==:t..-L-~~~a,_.::::::._ ___ ----,11CJ--,:..•• • , Clerk -r<Lrnrnr\. ~~, ~~ APPROVED AS TO FORM: J. Matthew Mire, Town Attorney 011209\0103\14673105.6 SEAL ·••.;. .... 10 3/412016 Q:\USERS\VA/L\TIMBER RIDGE-NEW\AGR\MASTER LEASE-A030416.DOCX 011209\0103\14673105.6 LESSEE The Vail Corporation d/b/a Vail Associates, Inc. By:~~ Name:-~ 6~ , Title: 6iL J~'LLIJff-/cte_ 11 31412016 Q:\USERS\VAIL\T/MBER RIDGE-NEWIAGR\MASTER LEASE-A030416.DOCX Unit# 1 K-1 2 K-2 3 K-3 4 K-5 5 K-6 6 K-7 7 K-8 8 K-9 9 K-10 10 K-11 11 K-12 12 K-13 13 K-14 14 K-15 15 K-16 16 K-17 17 K-18 18 L-1 19 L-2 20 L-3 21 L-4 22 L-5 23 L-6 24 L-7 25 L-8 26 L-9 27 L-10 0l 1209\0103\14673105.6 EXHIBIT A UNITS Unit# 28 L-11 29 L-12 30 L-13 31 · L-14 32 L-15 33 L-16 34 L-17 35 L-18 36 M-1 37 M-2 38 M-3 39 M-4 40 M-5 41 M-6 42 M-7 43 M-8 44 M-9 45 M-10 46 M-11 47 M-12 48 M-13 49 M-14 50 M-15 51 M-16 52 M-17 53 M-18 54 P-12 55 MO-01 (Office) 12 314/2016 Q:\USERS\VAIL\TIMBER RIDGE-NEfN\AGR\MASTER LEASE-A030416.DOCX EXHIBIT B RULES AND REGULATIONS Lock Outs -If you lock yourself out of your unit after hours, you may contact the answering service by phone at 970476-6759, who will then relay the message to Timber Ridge Village on-call maintenance staff. There is a $30.00 charge for after-hours lock outs. Quiet Hours -Quiet hours are between 10:00 p.m. until 8:00 a.m. Failure to comply may result in eviction. Please report any excessive noise to the Vail Police Department at 970-479-2200. Windows -Storm windows and screens must remain in place at all times. Any missing or broken windows or screens will be repaired or replaced by Timber Ridge Village staff and charges will be assessed to your account. Laundry Facilities -Laundry facilities are located on the west end of the main office building on the upper and lower levels. Laundry facilities are open from 8:00 a.m. to 10:00 p.m . every day. Please keep laundry room doors closed at all times and dispose of all trash in the provided trash receptacles. Washing machine, dryer and coin machine malfunctions may be reported to MacGray at 1-800-622-4729. Vending machine malfunctions may be reported to Alpine Vending at 970-949-1379. Decks, Walkways & Stairwells -Decks, walkways and stairwells may not be used for storage. Signs, banners, flags, windsocks and posters are not permitted in any of these areas or on the exterior of the buildings. Drying or hanging garments, cleaning and drying of towels is not permitted. Bicycles may not be stored in these areas. Doghouses, hammocks, patio enclosures, awnings, sunscreens, tiki torches, silk plants, wind chimes, trash bags and barbecue grills are prohibited. Satellite dishes must abide by the Satellite Dish Addendum. Dumpsters & Trash -Dumpsters are located throughout the property. All trash must be bagged and tied. No furniture or hazardous materials car batteries, propane tanks, oil, etc.) are permitted. Trash may not be placed on patios, walkways, stairwells or outside of dumpsters. Violation of trash policies will result in a minimum $20.00 fine per occurrence. Multiple violations will result in a report of littering to the Vail Police Department. These Rules & Regulations may be amended at any time. I have read and understand the above property policies and understand that a violation of any of these policies will result in a lease violation, and multiple violations may result in eviction. Subtenant 011209\0103\14673105.6 Date 13 314/2016 Q:\USERS\VAIL\TIMBER RIDGE-NEW\AGR\MASTER LEASE-A030416.DOCX 011209\0103\14673105.6 EXHIBIT C MOVE-IN AND CONDITION FORM 14 3/4/2016 Q:\USERS\VAIL\TIMBER RIDGE-NEw.AGR\MASTER LEASE-A030416.DOCX EXHIBIT D MANAGEMENT 1. Lessee shall provide on-site coverage during normal business hours Monday through Saturday and on-call services on Sundays during the fall check-in period and during the winter season for the management of Subtenant issues, including inspections of Units to control unauthorized occupancy. 2. Lessee shall be responsible for working closely with the Town to ensure seamless communication and delivery of service for Subtenants as well as effective management of Subtenant behavior. 3. Move-in Procedure: Lessee shall require each Subtenant to complete a move-in inspection form and return the form to the Lessee within 72 hours of initial occupancy date. Lessee shall supply a copy of the inspection to the Town's managing agent. If there are any necessary repairs not caused by Lessee or a prior Subtenant's negligence, the Town will complete such repairs in a timely manner. 4. Notification of Turnover: When adequate notice is given by Subtenant, Lessee shall notify the Town's managing agent of a unit turnover 30 days prior to the move-out date of that unit for the purpose of a pre-move out inspection to be completed with both Lessee and the Town's managing agents. When advance notice is not given by Subtenant, Lessee will notify the Town's managing agent within one (1) business day of that date that Lessee has verified that the resident has vacated the unit for the purpose of a move out inspection. 5. Move-out Procedure: Lessee shall complete a move-out inspection form within 48 hours of a Unit or bedroom vacancy. Lessee shall return the form to the Town to assess damage charges. If there are any necessary repairs not caused by Lessee or a prior Subtenant's negligence, the Town will complete such repairs as part of the Turnover Procedure set forth below. 6. Turnover Procedure: "Turnover Procedure" is defined as the assessment and completion of necessary painting, general maintenance, damage repairs noted on the move-out inspection form, cleaning and carpet cleaning. "Bed Turnover Procedure" is defined as the assessment and completion of necessary repairs to that specific bedroom, the bathroom and the kitchen. "Unit Turnover Procedure" is defined as the assessment and completion of necessary repairs for the entire Unit. a. Lessee shall be responsible for cleaning and carpet cleaning of each Unit. ~r e.e Le.. ( ( -e.c__. b. The .J:ewrr shall be responsible for painting and general maintenance of each Unit due to normal wear and tear. If the..Iowfl does not elect to perform the 2017 Updates or the 2018 Updates, the Town shall paint and replace the flooring for any Units that were not updated no later than June 1, 2018. 0l 1209\0103\14673105.6 15 3/412016 Q:\USERS\VAIL\T/MBER RIDGE-NEW\AGR\MASTER LEASE-A030418.DOCX c. Bedroom Turnover Procedure shall be completed within 3 business days upon receiving the move out inspection. When advance notice is not given by Subtenant, and notification is provided by Lessee, the Town's managing agent will make best efforts to complete bedroom turnover procedure in a timely manner. d. Unit Turnover Procedure shall be completed within 5 business days upon receiving the move out inspection. When advance notice is not given by Subtenant, and notification is provided by Lessee, the Town's managing agent will make best efforts to complete bedroom turnover procedure in a timely manner. 7. Monthly Unit Inspection Procedure: Lessee shall complete monthly inspection of all Units. Lessee shall also inspect for unreported service requests and damage issues, to ensure the Unit is free of hazards and in proper working order. Lessee shall complete the inspection and return its findings to the Town on or before the 28th of each month. Ol 1209\0103\14673105.6 16 314/2016 Q:\USERS\VAIL\TIMBER RIDGE-NEW\AGR\MASTER LEASE-A030416.DOCX Minutes Timber Ridge Operating Committee (TROC) October 25, 2016 at 8:30 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:45 AM . 1. Minutes Kathleen Halloran Alan Nazzaro Stan Zemler Cicely Crampton (via phone) Dave Lieby Since only two Board Members present at today's meeting were in attendance at the last meeting , the consideration of those minutes was tabled to the next TROC meeting . 2. Status Vail Resorts (VR) Master Lease Compliance Issues Alan Nazzaro and Corum staff recounted to the Board the results of the Timber Ridge coordination meeting they had attended on 10/17/16 with the VR Housing and Pinnacle staff. Discussion ensued about the lack of adequate cooperation from Pinnacle with regards to move out procedures stipulated in the new lease with VR. The discussion also dealt with the Pinnacle staff defining normal wear and tear by tenants to include "burn marks" on carpet and knife cuts on counter tops. Mr. Nazzaro presented a copy of an email on this subject from TOV Facilities Manager John King stating that the TOV does not consider those items to be wear and tear but tenant negligence, especially in newly rehabbed un its. As a result of this discussion, a motion was made by Stan Zemler that Vail Resorts reaffirm their commitment to abide by the terms of the lease and that it is the Board's expectation that each tenant is responsible at the time of move out for any damages inflicted by that tenant and that we not wait till year's end. Kathleen Halloran seconded the motion and it carried unanimously. The Board also directed staff to draft a letter to the VR Housing Staff conveying the Tov standards for maintenance and tenant neglect as reflected in Mr. King 's email. The letter also should reference portions of the Lease signed by VR regarding maintenance and tenant neglect. The letter should go out ASAP. 3. Timber Ridge Report Corum staff reported units turned and back charges to pinnacle for repairs as follows: 1) Management Fee of $750.00 for property manager's time running the entire turnover process for Pinnacle. Jen Holter confirmed this statement at the last VR meeting. The price was increased due to unreliable nature of the Temp workers Timber Ridge Operating Committee 1 Pinnacle hired causing considerable "shifting of gears" to keep project on schedule. 2) Management Fee of $500.00 for service manager's time completing the turnover procedure on units that were already turned over this summer, therefore making them Pinnacle's responsibility. 3) Replacement of 6 exterior doors (resident damage) at a cost of $3,480.00 or $580.00 each. 4) Replacement of 3 steel doors (resident damage) at a cost of $622.50 or $207.50 each. 5) Replacements of 2 shower enclosures at a cost of $1 ,800.00 or $900.00 each. 6) Full paint of a smoke damaged apartment (full painted by Corum this summer) at a cost of $1,400.00. 7) Replacement of a window sill (resident's pet damaged) at a cost of $35.00. 4. Review of 2017 Budget Kathleen Halloran reported that the Town Council approved the 2017 budget on first reading. 5. Adjournment There being no further business, a motion to adjourn was made by Stan Zemler, seconded by Kathleen Halloran and the motion carried unanimously at 9:50 AM. It was a unanimous decision by the Board that the next regularly scheduled TROC meeting on November 22, 2016 (Thanksgiving Week) be postponed, unless urgent matters materialize before then . Respectfully Submitted, Lynne Campbell INTRODUCED, READ, ADOPTED AND APPROVED this , 2017. day of --------- TIMBER RIDGE OPERATING COMMITTEE By: ------------ Stan Zemler, Town Manager Timber Ridge Operating Committee 2 Minutes Timber Ridge Operating Committee (TROC) September 27, 2016 at 8:30 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:35 AM. 1. Minutes Kathleen Halloran Alan Nazzaro Greg Hall Cicely Crampton (via phone) Dave Lieby Greg Hall made a motion to approve the August 30, 2016 minutes. Kathleen Halloran seconded the motion. There was no further discussion and the motion passed unanimously. 2. Status Vail Resorts (VR) Master Lease Compliance Issues Kathleen Halloran updated the Board that two new VR housing staff in the Broomfield HQ are now responsible for Timber Ridge. The line of credit and cash security deposit required by the lease are being worked one by Andrew Bickers. The LOC and cash will represent one-half each of the full amount required . Corum staff stated that Pinnacle still not cooperating fully with procedures outlined in the lease. The Pinnacle Manager has not shared a copy of the lease. The Pinnacle Property Manager is not forth coming with information regarding move-ins or damage reports. Kathleen Halloran has set up a coordination meeting with VR, Pinnacle, Corum and TOV/TROC representatives on October 5, 2106 . Alan Nazzaro stated that unfortunately, he would be on vacation on that date and unable to attend. Kathleen Halloran would be the TROC representative at the meeting. Their entire maintenance staff has turned over, but this is an opportunity for the Corum staff to start out fresh and train them properly. Corum is taking the lead for getting maintenance and turn over issues cleared-up in a timely manner. We are trying to get everyone on the same page with the conditions set forth in the new lease. 3. Timber Ridge Report Corum staff reported that there will be twelve units turned by 11/01/16. The cost for the turns is approximately $700/unit for paint, repairs, carpet, etc. To date about three- quarters of the VR units have turned over. Timber Ridge Operating Committee 1 Corum staff also reported that the A-Peak bid for overlay of the parking lots in spring of 2017 is $103, 000. There was only $80,000 budgeted for the year and have about $23,000 that could be carried over to next year. 4. Review of 2017 Budget Corum staff stated that there could be budget increases needed for 2107 due to maintenance on turns, HVAC replacements, and miscellaneous water heater replacements as needed. Kathleen Halloran presented the draft 2017 budget. Alan Nazzaro moved to accept the budget as presented. Greg Hall seconded the motion. The motion carried unanimously. 5. Adjournment There being no further business, a motion to adjourn was made by Kathleen Halloran, seconded by Greg Hall and the motion carried unanimously at 9:30 AM . The next regularly scheduled TROC meeting is October 25, 2016. Respectfully Submitted, Alan J. Nazzaro INTRODUCED, READ, ADOPTED AND APPROVED this , 2016. day of --------- TIMBER RIDGE OPERATING COMMITTEE By: ---------- Stan Zemler, Town Manager Timber Ridge Operating Committee 2 Minutes Timber Ridge Operating Committee (TROC) October 25, 2016 at 8:30 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:45 AM . 1. Minutes Kathleen Halloran Alan Nazzaro Stan Zemler Cicely Crampton (via phone) Dave Lieby Since only two Board Members present at today's meeting were in attendance at the last meeting , the consideration of those minutes was tabled to the next TROC meeting. 2. Status Vail Resorts (VR) Master Lease Compliance Issues Alan Nazzaro and Corum staff recounted to the Board the results of the Timber Ridge coordination meeting they had attended on 10/17/16 with the VR Housing and Pinnacle staff. Discussion ensued about the lack of adequate cooperation from Pinnacle with regards to move out procedures stipulated in the new lease with VR. The discussion also dealt with the Pinnacle staff defining normal wear and tear by tenants to include "burn marks" on carpet and knife cuts on counter tops. Mr. Nazzaro presented a copy of an email on this subject from TOV Facilities Manager John King stating that the TOV does not consider those items to be wear and tear but tenant negligence, especially in newly rehabbed units. As a result of this discussion, a motion was made by Stan Zemler that Vail Resorts reaffirm their commitment to abide by the terms of the lease and that it is the Board 's expectation that each tenant is responsible at the time of move out for any damages inflicted by that tenant and that we not wait till year's end . Kathleen Halloran seconded the motion and it carried unanimously. The Board also directed staff to draft a letter to the VR Housing Staff conveying the Tov standards for maintenance and tenant neglect as reflected in Mr. King 's email. The letter also should reference portions of the Lease signed by VR regarding maintenance and tenant neglect. The letter should go out ASAP. 3. Timber Ridge Report Corum staff reported units turned and back charges to pinnacle for repairs as follows: 1) Management Fee of $750.00 for property manager's time running the entire turnover process for Pinnacle. Jen Holter confirmed this statement at the last VR meeting. The price was increased due to unreliable nature of the Temp workers Timber Ridge Operating Committee 1 Pinnacle hired causing considerable "shifting of gears" to keep project on schedule. 2) Management Fee of $500.00 for service manager's time completing the turnover procedure on units that were already turned over this summer, therefore making them Pinnacle's responsibility. 3) Replacement of 6 exterior doors (resident damage) at a cost of $3,480.00 or $580.00 each . 4) Replacement of 3 steel doors (resident damage) at a cost of $622 .50 or $207.50 each. 5) Replacements of 2 shower enclosures at a cost of $1,800.00 or $900.00 each. 6) Full paint of a smoke damaged apartment (full painted by Corum this summer) at a cost of $1,400.00. 7) Replacement of a window sill (resident's pet damaged) at a cost of $35.00. 4. Review of 2017 Budget Kathleen Halloran reported that the Town Council approved the 2017 budget on first reading . 5. Adjournment There being no further business, a motion to adjourn was made by Stan Zemler, seconded by Kathleen Halloran and the motion carried unanimously at 9:50 AM. It was a unanimous decision by the Board that the next regularly scheduled TROC meeting on November 22, 2016 (Thanksgiving Week) be postponed, unless urgent matters materialize before then. Respectfully Submitted, Lynne Campbell INTRODUCED, READ, ADOPTED AND APPROVED this , 20 17. day of --------- TIMBER RIDGE OPERATING COMMITTEE By: Stan Zemler, Town Manager Timber Ridge Operating Committee 2 Minutes Timber Ridge Operating Committee (TROC) August 30, 2016 at 8:30 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:35 AM. 1. Minutes Kathleen Halloran Alan Nazzaro Greg Hall Stan Zemler Cicely Crampton (via phone) Dave Lieby Greg Hall made a motion to approve the June 28, 2016 minutes. Stan Zemler seconded the motion . There was no further discussion and the motion passed unanimously. 2. Status Vail Resorts (VR) Master Lease Kathleen Halloran updated the Board that the lease has been signed and executed by both parties. Greg Hall asked what the effective date was. Kathleen responded that the lease was effective May 1st and that VR had been abiding by the terms since that time. Corum staff stated that Pinnacle still not abiding by aspects of the master lease, including turn procedures. Corum representatives requested a copy of the executed lease. Kathleen Halloran agreed to send them copies. 3. Timber Ridge Performance Update Mr. Leiby gave an update on the operating , remodels and maintenance performance year to date for the complex: Timber Ridge Performance YTD Notes Turns completed YTD including renovations: -42 units out of 96 or 44% of the entire property -41 out of 54 VR units or 76% of the master lease Non -Renovated turns completed YTD: -14 units in Building M ( the last BLDG on the renovation schedule) -M-01 , M-03, M-05, M-06, M-07 , M-09 , M-10, M-11 , M-12 , M-13, M-15, M-16, M- 17 and M-18 -9 units in Building L -L-02, L-03, L-04 , L-05 , L-13 , L-14, L-15, L-16 and L-17 Timber Ridge Operating Committee 1 Service request pro duction YTD: -314 service requests have been completed YTD -287 VR service request or 91 % of the total service requests -27 Full time resident service requests or 9% New Carpet/ Lin oleum installation in Master Lease units YTD including renovations: -26 new carpet installations or 48% of master leased units -38 new li noleum installations or 68% of master leased units All new property grills have been installed, well received by residents and have been put to constant use. Maintenance staff experimented with a sprinkler system this summer at Buildings N and p -Cost of sprinkler heads and connected lines was roughly $255.00 -Sprinkler system was installed above ground and will not create a trip hazard -After bill analysis, we saw an increase of $20 to the water bill for a 30 day cycle which covered watering North West portion of the property. The watering efforts made a great difference in the damaged areas from Blue- Sky's wo rk to years ago -Residents were very pleased with the efforts and results. Mr. Leiby also stated that early on this year we were seriously over budget due to the turnovers and repairs , but now catching up and should be on budget by year's end. Kathleen Halloran noted that she would take a close look at the budget to see if there were overages available or if a request for a budget supplement might be needed before the next budget cycle. 4. Miscellaneous Mr. Leiby reported that he had received three bids for repaving the parking lot. A-Peak had the highest bid but most comprehensive and they are more capable of completing the job as bid with cost over runs. Their bid was $102,000 but there were savings from the remodels of $47,000 and that if that were transferred , it would more than cover the difference in the bid. Public Works would review the bids and make the final decision, but the remodel savings could be moved , ti needed . Mr. Leiby also stated that CIRSA had inspected the property and found no issues, no hazards. This is the first fully clean inspection that Timber Ridge has had. Mr. Leiby also re ported that there has been damage to new counter tops from people not using cutting boards and that replacement of the tops will be charged back to Pinnacle, since it resulted from tenant misuse. Stan Zemler requested that Corum purchase cutting boards to protect new kitchen countertops as a preventive maintenance expense. Timber Ridge Operating Committee 2 There being no further business, a motion to adjourn was made by Kathleen Halloran, seconded by Stan Zemler and the motion carried unanimously at 9:30 AM. The next regularly scheduled TROC meeting is September 27, 2016. Respectfully Submitted, Alan J. Nazzaro INTRODUCED, READ, ADOPTED AND APPROVED this , 2016. day of -------- TIMBER RIDGE OPERATING COMMITTEE By: ----------- Stan Zemler, Town Manager Timber Ridge Operating Committee 3 Minutes Timber Ridge Operating Committee (TROC) June 28, 2016 at 8:30 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:40 AM. 1. Minutes Kathleen Halloran Alan Nazzaro Greg Hall Cicely Crampton (via phone) Dave Lieby Kathleen Halloran made a motion to approve the April 21, 2016 minutes. Greg Hall seconded the motion. There was no further discussion and the motion passed unanimously. 2. Status Vail Resorts (VR) Master Lease Kathleen Halloran updated the Board that the lease came back from the VR legal department with some comments. A copy of the Master Lease had been sent to the Board prior to the meeting with the comments and recommended changes from VR. After much discussion regarding the comments and recommended changes the Board asked Kathleen to make some key changes to the lease document and resubmit to VR. The most important of which were: • Termination Fee requested to be waived by VR -TROC will propose a tiered penalty to be called Early Termination Penalty • Need to consider what to do if Town terminates. • VR requested that individual beds not be held to an inspection or a notice to the Town's agent at least 30 days in advance of the bed vacating. o Board agreed that while a 30-day notice will not be given in cases where a VR employee is separated from the company, there should still be notification that the bed has vacated. o If Town agent is not given notice in time to inspect the bed and complete maintenance if necessary, it will be up to the agent for VR to turn in the move out inspection generated by their staff for Town agent's records. 3. Update on Unit Remodels Mr. Leiby gave an update on the remodel of the first eighteen VR master leased units and their reaction to the work completed. Mr. Leiby reported that VR was very pleased with the renovated units and likes the turnovers as well. The following numbers were reported: Timber Ridge Operating Committee 1 -Original budgeted amount for all 18 units was $255,340 which included the 4% management fee. -Actual Cost $202,682 which included the 4% mgt. fee. Savings vs. budget $52,656 . 4. Landscaping and Pinnacle's request for improvement around Building K, Land M Mr. Leiby presented the Landscape Contract for 2106 with Turtle Vida Landscaping, Inc. for $4000. He reported that the funds for the landscaping would come out of excess snow removal funding budgeted for the year. 5. Update on the new turnover procedures per the Master Lease There is no more funding in the budget to do turnovers this year. If more renovations are to be done there would need to be $100,000 supplemental budget request. There have been 37 out of the 54 VR mater lease units being turned; it takes $900 per unit just for paint with 15 gallons and 2 to 3 coats being needed. Kathleen Halloran noted that she would take a close look at the budget to see if there were overages available or if a request for a budget supplement might be needed before the next budget cycle. 6. Miscellaneous Mr. Leiby reported that 257 work orders were received for a total of $40,000 for deferred maintenance on the VR units of which $10,000 was recouped. Work orders will no longer be accepted for repairs that should have been requested in the past. The next regularly scheduled TROC meeting is July 26, 2016. There being no further business, the meeting was adjourned at 9:32 AM. Respectfully Submitted, Alan J. Nazzaro INTRODUCED, READ, ADOPTED AND APPROVED this -------' 2016. TIMBER RIDGE OPERATING COMMITTEE By: ------------ Stan Zemler, Town Manager Timber Ridge Operating Committee day of 2 Minutes Timber Ridge Operating Committee (TROC) January 26, 2016 at 8:30 AM There being no pressing matters for the Committee to consider, the meeting was cancelled. ✓ The next scheduled meeting of TROC is Tuesday, August 23, 2016 at 8:30 AM. Timber Ridge Operating Committee 1 Minutes Timber Ridge Operating Committee (TROC) April 21, 2016 at 10:30 AM Attending the meeting were committee members: Absent: Corum staff attending the meeting: The meeting was called to order at 10:40 AM. 1. Minutes Kathleen Halloran John King Alan Nazzaro Stan Zemler Greg Hall Cicely Crampton (via phone) Dave Lieby John King made a motion to approve the January 26, 2016 minutes. Kathleen Halloran seconded the motion. There was no further discussion and the motion passed unanimously. 2. Laundry Room Lease Corum notified the committee that they had received a new Lease from the vendor that provides the Laundry Room machines. The Town Attorney wasn't comfortable with the format and wording, so we asked them to go back to the previously approved lease, but they wanted to add an addendum to cover the new machines being installed. John King moved that we accept the lease with the new addendum, pursuant to review and approval as to form by the Town Attorney. Stan Zemler seconded the motion and it carried unanimously. 3. Vail Resorts Turnover David Leiby presented the Vail Resorts Summer Turnover Assessment for 15 units in Buildings Land M. He noted that contractors were needed to assist with repairs, because of the short notice given for when the units needed to be turned. He also stated that the high cost ($64,912.20) for the repairs resulted from the condition of the units, which when empty revealed extensive damage and wear. They all need carpet/lino replacement and are badly in need of painting (required). Corum maintenance staff has not been allowed in these units for three years and were unaware of their condition. Pinnacle is responsible for damage by tenants after move- out. Corum is responsible for normal wear and tear, which Pinnacle is claiming this to be. Stan Zemler rejected the idea of spending this amount of money now, when these units are scheduled for remodeling over the next two years on the agreed schedule. The Board agreed that painting would be done by Corum maintenance with assistance from TOV facility maintenance staff, as it can be scheduled. Any "life safety" issues can be addressed, otherwise no carpet/lino replacement would occur, except under the agreed to schedule. If VR wants it done sooner, then they would have to pay for it. Timber Ridge Operating Committee 1 Mr. Leiby brought up the issue of damaged kitchen cabinets in many of the VR un its from previous flooding, which were not part of the remodel agreement and may increase costs slightly. Corum has been upgrading outlets, switches, lighting, and thermostats in the VR units. He also noted that this shouldn't happen in the future, because the new procedure calls for 30-day notice of turnover and Corum staff will have access with Pinnacle staff for more timely inspections. 4. Update on Unit Remodel Mr. Leiby gave an update on the remodel of the first eighteen VR master leased units. Yampa Valley Construction has completed the demolition in the units, except for the bathrooms for wh ich they just applied for building permits. Apparently, there was confusion on the contractor's part as to whether permits were needed. However, there should not have been any confusion, because it was in the bid , contract and instructions to the contractor before work began. Yampa has assured Corum that the work will be completed on time. 5. Status Vail Resorts Master Lease Kathleen Halloran noted that Micki Summeril related that the corporate office should have the lease back from their legal department within the next few days with no indication of when it might be signed. Mr. Leiby asked if Corum staff could act under the terms of the new agreement going forward. Stan Zemler affirmed that it would be OK to do so, especially since we have already started the remodels, which is part of our responsibility under the agreement. The next regularly scheduled TROC meeting is May 24, 2016. There being no further business the meeting adjourned at 11 :02 AM. Current Project Status: ✓ As of April 17 , 2016, there are 96 out of 96 units rented at Timber Ridge. ✓ Vail Resorts master leases 54 units at $1050/unit/month until April 30 , 2016. ✓ Lease Exp irations: There are 2 leases expiring in April. Respectfully Submitted, Alan J. Nazzaro INTRODUCED, READ , ADOPTED AND APPROVED this , 20 16. --------- TIMBER RIDGE OPERATING COMMITTEE By: Stan Zemler, Town Manager Timber Ridge Operating Committee day of 2 Minutes Timber Ridge Operating Committee (TROC) May 24, 2016 at 8:30 AM Attending the meeting were committee members: Corum staff attending the meeting: The meeting was called to order at 8:40 AM . 1. Minutes Kathleen Halloran John King Alan Nazzaro Stan Zemler Greg Hall Cicely Crampton (via phone) Dave Lieby John King made a motion to approve the April 21 , 2016 minutes. Kathleen Halloran seconded the motion. There was no further discussion and the motion passed unanimously. 2. Status Vail Resorts Master Lease Kathleen Halloran updated the Board that the lease came back from the VR legal department with some comments. The comments were distributed along with a copy of the Master Lease. The Board agreed that no rent should be paid for any of the 18 remodel units during the construction period and that the start date for the remodels can be flexible , dependent upon the closing date of the resort's ski season as long as the time period for construction is not truncated . VR will provide updated Licensing Agreements to be used with employees for Timber Ridge. The Board asked for a compromise Termination notification period of 90 days, instead of the VR requested 120 days. The Board did not accept the request for a 24-hour turn around time on units, but suggested language to the effect of "adequate time to correct deficiencies or damage in units before turnaround." 3. Laundry Room Lease Corum notified the committee that the Lease from the vendor that provides the Laundry Room machines was set up as an "automatically renewing" agreement. The Town Attorney wasn't comfortable with this format and wording and submitted a red-lined version of the Lease with wording necessary to meet the Town's legal obligations. Kathleen Halloran pointed out that the previous lease was entered into by a "Corporation" that has since been dissolved and that the current Board represents the interests of the Town. John King stated that under TABOR the Town can 't legally enter into a multi-year commitment, the Lease has to be year to year. Corum was instructed to take the red -lines Lease back to the vendor with the explanation that they are now dealing directly with the Town of Vail and the lease must be reflective of the legal limitations of government contracting. Timber Ridge Operating Committee 1 4. Vail Resorts Turnover David Leiby presented the Pinnacol brought in a maintenance crew of 8 people from River's Edge to handle the turnover units and preclude the involvement of Corum, but only one unit has been occupied to date and isn't even completed. The concern is that needed repairs weren 't being completed prior to move-in and completion becomes much more difficult after someone is occupying the unit. Mr. Leiby suggested that his supervision of the crew could result in substantial time savings and thereby costs for VR and Pinnacol. He will present this option to the Pinnacol Management team to get their concurrence. 5. Update on Unit Remodel Mr. Leiby gave an update on the remodel of the first eighteen VR master leased units. Construction has been proceeding smoothly, once the building permit debacle was corrected. The majority of work has been completed, approximately 63.32% with payment #4 pending. Yampa has assured Corum that the remainder of the work will be completed on time and budget. John King requested a walk through of the units being renovated and inspection by him of the work by Blue Sky. The Board expressed interest in touring the units being remodeled , once they are completed. Mr. Leiby also reported that the work by Blue Sky has finally been completed satisfactorily and that the concrete repair looks good . The balance of $4,303 is recommended to be paid, pending inspection and authorization by Public Works. 6. Miscellaneous Mr. Leiby discussed the possibility of installing a fence between buildings K & M near the new parking lot extension to give it a more finished look. John King warned that something like th at would have to be removable in winter for snow storage concerns and consideration be given to where to store the fencing in the winter. Kathleen Halloran noted that she would take a close look at the budget to see if there were overages available or if a request for a budget supplement might be needed before the next budget cycle. The next regularly scheduled TROC meeting is June 28, 2016. There being no further business Greg Hall moved to adjourn the meeting. Stan Zemler seconded the motion. The motion carried unanimously and the meeting was adjourned at 9:32 AM. Respectfully Submitted , Alan J. Nazzaro INTRODUCED, READ, ADOPTED AND APPROVED this ---------' 2016. Timber Ridge Operating Committee day of 2 TIMBER RIDGE OPERATING COMMITTEE By: ----------- Stan Zemler, Town Manager Timber Ridge Operating Committee 3 Minutes Timber Ridge Operating Committee (TROC) February 23, 2016 at 8:30 AM Attending the meeting were committee members: Absent: Corum staff attending the meeting: The meeting was called to order at 8:40 AM. Kathleen Halloran John King Alan Nazzaro (arrived late) Stan Zemler Greg Hall Cicely Crampton Dave Lieby John King made a motion to approve the January 26, 2016 minutes. Stan Zemler seconded the motion . There was no further discussion and the motion passed unanimously. Corum notified the committee that they have completed 55% of the work orders for the Vail Associates master lease units. Ninety percent (90%) of the orders have been addressed but not completed. To date, 40 units still need carpet & vinyl, which will begin installation on Monday; 30 need doors, which will begin on Tuesday. There are 30 other orders pending material orders. Corum will be preparing a charge-back bill for Vail Associates as soon as vendor bills come in to ensure the accuracy of the request. Kathleen Halloran asked what the total payback would be. Davis Leiby answered around $12,000; originally Pinnacle was quoted approximately $10,000. There is the first of the bi-weekly Timber Ridge Maintenance Meetings starting today at 1 :00 PM onsite. Cicely Crampton told the committee that the Pinnacle representatives may not be able to attend, but that the VR housing manager, Micki Summeril would be there. The original intent of these meetings was to make sure that everyone is on the same page. David Leiby noted that Pinnacle has asked to end the walks through of units now and begin again in April at move-out. John King interjected that VR needs to manage Pinnacle better. These walk through of the units is intended to set a baseline of conditions in order to get the units up to standards. Pinnacle is responsible for damage by tenants after move-out. David Leiby presented the bids received to complete the remodel of the first eighteen VR master leased units: • Yampa Valley Construction bid $194,000 to do the work. They have experience doing work for David at Timber Ridge, so we are comfortable using them. Timber Ridge Operating Committee 1 • Falcon Construction had a bid of $255,000 for this work. We have had a good working re lationship with them in the past, but this job may be a little beyond their capabilities. • Interstate had the highest bid at $350,000, but it would be good to branch out and get involved with other construction firms in the Valley. Kathleen Halloran quoted the budget of $467,000 for the entire 54 units being remodeled. Corum asked if the committee had authorized the parking lot to be overlaid as part of this work for $75,000. John King said that only sealing cracks and a spray overlay would be needed. A motion was made by John King to accept the bid of Yampa Valley Construction. Kathleen Halloran seconded the motion. The motion carried unanimously. Cicely Crampton noted that there was a change in the budget to allow up to $255,000 for the remodel of the first 18 units and $80,000 for the overlay. Kathleen Halloran confirmed that th ose were accurate numbers. David Leiby said that there were 10 bathroom remodels in the first 18 units, which would be the highest amount to be done in any of the three segments of remodeling , therefore the most expensive. John King pointed out that the bids contain some higher contingency estimates, which could be lowered depending upon actual conditions. He also asked that we firm up the move-out date from Pinnacle for the units, before letting the contract, due to the shortened timeframe to com plete the work. Discussion ensued regarding our ability to require a date certain. Corum will contact VR to discuss the issue. The committee discussed the status of VR five-year master lease. Kathleen presented a list of comments from Town Attorney, Matt Mire: Question 1 - Number of parking spaces allotted to VR tenants 55 or 50? • The total is 50 spaces 46 for VR tenants and 4 spaces for property management employees. Question 2 -Is VR required to furnish the units? • We expect VR to buy new quality furniture for the upgraded units. Question 3 -Seems to be a Maintenance provision conflict in lease? • Corum maintains the grounds and the physical building, as well as maintenance due to normal wear and tear. • Pinnacle is responsible to do repairs due to tenant damages. Question 4 -Does termination of lease with VR terminate subleases with tenants? Timber Ridge Operating Committee 2 • The Lease is with VR and their leases are with the tenants, if Master Lease is terminated there is no relationship between TOV and the tenants. Therefore the tenants must go. Question 5 -The $5 Million umbrella insurance policy seems excessive? • Kathleen Halloran will check with Krista Miller on this issue. Question 6 -Exhibit C is missing? • Corum will supply the Move-in/Move-out Form used to check damages to the units for this exhibit. Question 7 -No idea what Exhibit D is about? Some or all of the issues stated here should be in lease? • John King stated that our contractual relationship is with VR and not Pinnacle, but need to state what our expectations are for performance of tenant management. VR needs to get Pinnacle in line. Question 8 -No idea what Exhibit E is, not referenced in lease? • Corum put together definitions of the Move-in Inspection, Move-Out Inspection, Turnover, and Monthly Unit Inspection procedures to make clear what the responsibilities are for all parties in these areas. Question 9 -Satellite Dish Addendum is missing? • Corum requires a $150 damage deposit before satellite dishes can be installed. They also require an additional level of insurance. Corum also asked that there be an Exhibit F, which is a checklist to ensure that needed repairs have been made to the units upon move-out. An example was distributed to the committee. Stan Zemler asked if we need to formalize the walk through protocols. David Leiby said it shouldn't be necessary, because it is simply, Corum handles normal wear and tear on units, while Pinnacle deals with damage done by the tenants. Stan replied that we need to "state the obvious" on all repairs done, so that everyone understands the protocols going forward. John King brought up a complaint received from a tenant regarding snow removal. We need to be proactive with removal. Corum responded that the spring-like thaw caused ruts and that there was icing in the portion shaded by the building. John replied that there is an inherent problem of snow removal with cars in the way. Possibly should ask Timber Ridge Operating Committee 3 tenants to move cars before snow removal operations. Corum will reach out to tenant and copy John on answer. The next regularly scheduled TROC meeting is March 22, 2016. There being no further business the meeting adjourned at 9:32 AM. Current Project Status: ✓ As of February 1, 2016, there are 96 out of 96 units rented at Timber Ridge. ✓ Vail Resorts master leases 54 units at $1050/unit/month until April 30, 2016. ✓ Lease Expirations: There are O leases expiring in February. ✓ The next scheduled meeting of TROC is Tuesday, March 22 , 2016 at 8:30 AM . Respectfully Submitted, Alan J. Nazzaro INTRODUCED, READ , ADOPTED AND APPROVED this , 20 16. day of --------- TIMBER RIDGE OPERATING COMMITTEE By: ------------ Stan Zemler, Town Manager Timber Ridge Operating Committee 4 Minutes Timber Ridge Operating Committee (TROC) January 26, 2016 at 8:30 AM Attending the meeting were committee members: Absent: Staff attending the meeting: Corum staff attending the meeting: The meeting was called to order at 8:29 AM . Greg Hall Kathleen John King Alan Nazzaro (arrived late) Stan Zemler Nina Timm Cicely Crampton Dave Lieby Kathleen Halloran made a motion to approve the December 1, 2015 minutes. John King seconded the motion. There was no further discussion and the motion passed unanimously. Corum notified the committee that they have received 243 work orders for the Vail Associates master lease units. Thirty percent of the units have not been inspected yet so additional work orders are anticipated. To date, 116 of the work orders have been addressed by Corum. Priority was given to life safety repairs and maintenance. Corum has been preparing a charge-back bill for Vail Associates for work orders that are beyond normal repair and maintenance. Work orders in Building K that are not a life safety hazard will not be addressed until this spring as part of the units remodel. • Next big set of work orders to be addressed are carpet and vinyl trip hazards. The vinyl and installation will cost $7,000 plus shipping. This will replace the kitchen and bathroom vinyl in 13 units in buildings Land M. The vinyl will match what is being installed in the remodeled units. • It is estimated that there are $9,000 worth of front door and $3 ,000 worth of interior door replacements from residents or guests damaging them. The committee instructed Corum to charge-back for Corum staff time spent coordinating work orders and contractors completing work that is Vail Associates' responsibility. Alan Nazzaro arrived. A job description with some minimum qualifications for the on-site maintenance technician provided by Vail Associates will be given so that Corum staff is not made responsible for training and supervising them. Timber Ridge Operating Committee 1 The committee discussed the draft five-year master lease. Corum was asked to make the following changes: Paragraph 2 and 21 • Ensure the termination clauses do not conflict and also allow for the collection of all rents due despite an early termination of the lease term. Paragraph 6 • Add language about the property manager's time being billed along with the cost of any expense related to repairs and maintenance that are Vail Associates' responsibility, but handled by the property's manager. Paragraph 7 • ... Lessor may invest in updates to 18 of the 54 units ... • Amend the units to K1-3 and K5-18 and unit P12. • Clarify language around new furniture being of high enough quality to withstand the anticipated use. Paragraph 13 • Add additional language about replenishing the security deposit within 30 days of it being drawn on and consequences for not doing so. Ask the town attorney if additional penalty language can be added to this section. Exhibit D • Paragraph 6 should be made its own exhibit to the lease and should contain more explicit language about the inspections and expectations. Perhaps it may include language saying if no inspection related work orders are received by Corum in a timely manner then Vail Associates assumes full responsibility for the condition of the unit. • Move paragraph 7 to the third paragraph of page one of the lease. Corum updated the committee that it has not been easy to get bids for the proposed units remodel. RE has declined to bid. Bids have been received from Falcon and Yampa Valley. Interstate is scheduled to review the property and scope of work on February 2. Timber Ridge Operating Committee 2 The next regularly scheduled TROC meeting is February 23, 2016. There being no further business the meeting adjourned at 9:27 AM. Current Project Status: ✓ As of January 1, 2016, there are 96 out of 96 units rented at Timber Ridge. ✓ Vail Resorts master leases 54 units at $1050/unit/month until April 30, 2016. ✓ Lease Expirations: There are O leases expiring in January. ✓ The next scheduled meeting of TROC is Tuesday, February 23, 2016 at 8:30 AM . Respectfully Submitted, Nina Timm INTRODUCED, READ, ADOPTED AND APPROVED this , 2016. day of -------- TIMBER RIDGE OPERA TING COMMITTEE By: Stan Zemler, Town Manager Timber Ridge Operating Committee 3