HomeMy WebLinkAbout2022-09-27 TROC Results
Timber Ridge Operating Committee Meeting Results
Tuesday, September 27, 2022
Zoom Virtual Meeting
75 South Frontage Road West, Vail, CO 81657
Members Present: Members Absent:
Kathleen Halloran Stan Zemler
John King Greg Hall
Carlie Smith George Ruther
Corum: Ericka Weston
Jocelyn Garcia
Staff: Missy Johnson
The Timber Ridge Operating Committee (Committee) was called to order at 8:35AM.
The committee reviewed and the proposed 2023 Budget, proposed changes and
suggested follow-up to other committee members regarding plans for the Vail Resorts
master lease terms. The Committee will officially ratify the budget at the next TROC
meeting, it currently remains in draft stage.
Highlights Revenue Changes:
Increased rent by 4%
VR Master Lease expires in July 31, 2022 and consider to increase to $1659 or
consider raising VR by the same % or a specified dollar amount
o Kathleen will get consensus regarding budget increase
Ericka will send a review of scheduled lease expiration for the next 12 months
Jocelyn will soon be sending out November/December renewal letters so we need to
determine if we want to do a 6-, 10-, 12- month lease renewals
Not likely to be a phase project
Highlights Expense Changes:
Admin in line as is management fees
Payroll increase - an annual 4% merit increase which will occur in July of 2023
HVAC and Plumbing kept in line with current
Grounds went up a little bit mostly to the snow removal; planning for icicle removal
A snow removal contract is TBD, a few meetings are set to source snow removal
General R&M – lowered it a little from 2021;
Utiliites – basically a 3-5% increase for all utilities so a 4% increase was added
Insurance – is through TOV/Services; will look into how it gets paid and there is a
likelihood that it will go up a bit
Capital – Not likely to see any large expenses
Next Steps:
Ericka will make the suggested budget changes with updated rents and Kathleen will
reach out to the internal group regarding the master lease timelines and terms.
The Committee agreed no further business to discuss.
Meeting adjourned at 8:55AM.
The next scheduled meeting of the Timber Ridge Operating Committee is October
25, 2022.
Respectfully submitted.
Missy Johnson, Housing Coordinator