HomeMy WebLinkAbout2022-06-28 TROC Results
Timber Ridge Operating Committee Meeting Results
Tuesday June 28, 2022
8:30 – 9:30 AM
Zoom Virtual Meeting
75 South Frontage Road West, Vail, CO 81657
Members: Not Present:
Kathleen Halloran, Finance Director Stan Zemler, Town Manager
Greg Hall, Public Works Director George Ruther, Housing Director
John King, Facilities Manager
Corum Real Estate:
Ericka Weston, Regional Portfolio Manager Jocelyn Garcia, Property Manager
Staff:
Missy Johnson, Housing Coordinator
Martha Anderson, Housing Coordinator
A quorum of the Timber Ridge Operating Committee (Committee) members present, the
meeting was called to order at 8:36AM.
Corum continued with a mid-year budget review of the income statements. No real
changes for admin. There is a payroll saving mainly because of the manager payroll
which will get trued up soon after employee reviews.
The overage is seen based on some water leaks and repairs that required a larger
expense. Needing to bid out a new snow removal company. Likely shift over to who
they use in Avon.
We are favorable in the budget even with the misses or increased expenses with
the leaks/maintenance and show removal.
All of the renewals will be at the new rate starting in November, $1599 and Vail
Resorts will increase to and will show in July financials. Corum doesn’t anticipate
any vacancies.
In planning, tenants have been told that end of summer/early fall for earliest
move out date. We do not envision phasing the vacancies but we’ll need to take
a closer look.
Corum sent out a letter in the Spring but will provide additional outreach to
tenants to inform them that they will have plenty of forewarning in planning for
move out dates.
We don’t anticipate any additional changes to the budget at this time, everyone is
feeling good about these numbers.
Meeting adjourned at 8:54AM.
Respectfully submitted.
Missy Johnson, Housing Coordinator
The next scheduled meeting of the Timber Ridge Operating Committee is July 26,
2022.