HomeMy WebLinkAbout2021-08-31 TROC Results Timber Ridge Operating Committee Results
Tuesday, August 31,
20218:30AM — 9:30AM
Zoom Virtual Meeting
75 South Frontage Road West, Vail, CO 81657
Members Present: Members Absent:
Scott Robson, Town Manager George Ruther, Housing Director
Kathleen Halloran, Finance Director
Greg Hall, Public Works Director
John King, Facilities Manager
Corum:
Jocelyn Garcia, Timber Ridge Property Manager
Ericka Weston, Corum Real Estate Regional Portfolio Manager
Staff:
Lynne Campbell, Housing Coordinator
Agenda:
1. Call to Order
Meeting was called to order at 8:35AM. All members present except Ruther.
2. Meeting Results July 27, 2021
MOTION: HALL SECOND: ROBSON VOTE: 4-0 APPROVED
3. 2022 Budget Discussion
The Committee and Corum managers discussed the 2022 budget. Weston noted
a rental increase of 4% effective January 2022. This still keeps monthly rent below
$1600. Occupancy rate is 98%. Late fees increase to $50 or 5% of base rent.
Corum anticipates a 6% revenue increase. Payroll number is pending, no increase
is expected. Grounds will increase by 3.79% due to increase in trash collection
fees and monthly pest control. 6 appliances scheduled for replacement, 6 units
flooring replacement scheduled. Utilities increasing 3%, water is up 5%. Overall
operating has a 1.13% savings.
The Committee agree to replace exterior lights in this year's budget, estimated
cost $4,500-$6,000. Restriping parking spaces will be done in October 2021.
Motion to approve budget as presented.
MOTION: HALL SECOND: ROBSON VOTE: 4-0 APPROVED
4. Other Business
Timber Ridge redevelopment was briefly discussed. Siding is in need of
replacement at an estimated cost of$2M. Part of the cost will be to come current
to today's adopted building codes. The Committee agreed to leave siding as is
and add 3% to 2022 maintenance to cover repairs.
All members agreed time to move the redevelopment discussion forward.
5. Adjournment — 8.37AM
Meeting adjourned.
MOTION: HALLORAN SECOND: KING VOTE: 4-0 APPROVED
The next scheduled meeting of the Timber Ridge Operating Committee is October
26, 2021.
Please call 970-479-2136 for additional information. Sign language interpretation
is available upon request with 48 hour notification dial 711.