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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