Loading...
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.