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