Loading...
HomeMy WebLinkAbout2024-01-30 TROC Agenda Timber Ridge Operating CommitteeAgenda Tuesday, January30, 2024 8:30AM –9:30AM Zoom Virtual Meeting 75 South Frontage RoadWest, Vail, CO 81657 Members: Russell Forrest, Town Manager Kathleen Halloran, Deputy Town Manager Greg Hall, Public Works Director John King, Facilities Manager George Ruther, Housing Director Carlie Smith, Finance Director Corum Property Management:Staff: Erica Weston, Regional Portfolio Manager Martha Anderson, SeniorHousingCoordinator JocelynGarcia, Property Manager Missy Johnson, Housing Coordinator Agenda: 1.Call to Order 2.Approval of Minutes from October 31, 2023 3.Vail Resorts Employee Residents, Move-in andVacancies 4.Adjournment The next scheduled meeting of the Timber Ridge Operating CommitteeisFebruary 27, 2024. Timber Ridge Operating CommitteeResults Tuesday, November 28, 2023 8:30AM –9:30AM Zoom Virtual Meeting 75 South Frontage RoadWest, Vail, CO 81657 MembersPresent: Members Absent: Greg Hall, Public Works DirectorKathleen Halloran, Assistant Town Manager John King, Facilities ManagerGeorge Ruther, Housing Director Russell Forrest, Town ManagerCarlie Smith, Finance Director Corum Property Management: Ericka Weston –Regional Portfolio Manager JocelynGarcia–Property Manager Staff: Missy Johnson, Housing Coordinator 1.Call to Order A quorum of the Timber Ridge Operating Committee (Committee) members being present. The meeting was called to order at 8:34a.m. 2.Approval of Minutes from October 31, 2023 Motion: John King Second: Greg Hall Vote: 3-0-0 3.Vail Resorts Updates Russupdated the group regarding the Vail Resorts Master Lease. He and Kathleen have been working on recent updates from the Town Council. Jocelyn confirmedthat we have 28 rentable units plus the office, which are not yet committed to at this time. Kathleen drafted a lease which was reviewed by Matt Mire. Ericka confirmed that thesecurity deposit resides with Corum in a depository account. We will have 100% occupancy as of December 1, 2023. Town of Vail started with 10, Gregconfirmed that the Town of Vail is covered with 6. Jocelyn and Susie will connect regarding any available units that may be offered to the public. The group agrees to move forwardas presentedby Russ. Currently, the lease for Vail Resorts is set to begin on December 1, 2023 with an end date of April 15, 2024. 4.Year-end Budget Supplemental John and Greg discussed the additional capital improvements needed to prepare the units and John stated that 7 were painted by John Moore at $1150 per unit. Town of Vail crew painted 4 units. On November 28, Ericka provided a list of needs and costs associated to turn the residences (to Carlie) including flooring, appliances, painting and cleaning which brings the overage of total expenses to $123,000. Carlie should have the information. Greg made a motion to approve the supplemental budget as discussed and sent to Carlie on th November 28. Motion: Greg Hall Second: John King Vote: 3-0-0 Ericka confirmed being $42,000 short on budgeted revenue and anticipates anywhere between $35,000 and $50,000 short by end of year; including the payment from Town of Vail for the rented units. 5. Adjournment The Committee agreed no further business to discuss. Meeting adjourned at 8:46 a.m. Motion: John King Second: Greg Hall Vote: 3-0-0 Next Meeting – December 26, 2023. Respectfully submitted, Missy Johnson, Housing Coordinator