TMVOA: State of the Association
SUMMARY: TMVOA State of the Association
The Annual Members Meeting was held on Dec 16.
Election Results – As previously communicated in the 12/3 blog, the election close date was extended to Feb 8, 2021 at 5pm MST in order to provide additional time to research some challenges to eligibility to vote in the election. This change only extends the period of time to submit your ballot, so we encourage you to take a few minutes to cast your vote. If you accidently deleted or cannot find the email containing your unique voter link to your ballot, please contact Heidi Stenhammer at (970) 728-1904, ext 3 or and an official ballot will be resent. Please ensure to provide your name and the address of the property you own if you are a residential member. If you are a commercial member, please provide address and name of the business you own or operate.
Board Officers – The board elected to postpone the election for board positions and thereby maintain board members in their current positions; Jim Royer (Chairman), Jeff Proteau (Vice-Chairman), and Tim Kunda (Secretary & Treasurer).
8 Key Updates – While 2020 was a year of many challenges as a result of Covid, the entire community pulled together on collective efforts to make the most of the summer and winter seasons. Here are just a few examples.
1. TMVOA and the Town of Mountain Village partnered early on to create a comprehensive communication guide, signage and tools to help merchants safely reopen in the summer. You have likely seen many of the posters and signs in the windows of businesses and in the village plazas.
2. With large concerts not allowed, we transitioned live music on a much smaller scale to 7-days a week in Heritage Plaza and 3-4/days a week in Sunset and Conference Center Plazas.
3. An outdoor dining experience was made possible with the addition of more tables, chairs, umbrellas, online menus, and collaboration and partnership with the Town and restaurants. This proved to be an enjoyable time for diners while listening to live music performances in each of the plazas.
4. In May, The Village Market held its grand opening, with John Buxman, owner and operator opening his newest store in Mountain Village.
5. Proactively planning for the winter season, TMVOA and the Town tackled the challenge of how to deliver an exceptional experience in MV given state and local public health orders. From an inventive approach, the Village Center was filled with uniquely colored gondola cabins, yurts and pavilions for outdoor dining and lounging. MV’s ingenuity was covered by: The Denver Post (10/21, 12/8), Denver Fox News (video), Forbes, Wall Street Journal and Telluride Daily Planet.
6. An update on 161C-R key milestones since the acquisition in Sept 2015. Lot 161C-R is the premier lot located in the MV Core adjacent to the gondola stations and has always been envisioned for a high-end/luxury branded hotel.
7. We announced the opening of the Telluride Brewing Company and Taqueria in MV’s Heritage Plaza. Read the Daily Planet article (12/13).
8. Announced that the Board unanimously agreed that TMVOA would conduct a thorough review of the organization’s governing documents and on the creation of a Governing Documents Board Committee (Jim Royer, Jeff Proteau, and John Volponi).
Investment Committee – Thanked the members of the investment committee for their expertise, time and service: Michael Zarrilli, Pam Cavness and Pete Mitchell. The committee spent considerable time with developing an RFP, interviewing firms and ultimately recommending Goldman Sachs to the TMVOA Board. The Board unanimously endorsed the committee’s recommendation and transitioned management to Goldman Sachs.
Local Economy – Despite the impacts and strains that Covid has had on the economy, the data from several areas, including real-estate and overall spending in MV show many positive trends as compared to historical data.
· Real Estate. In the first half of 2020, real-estates sales in MV tracked closely to prior year and the 5-year average. This trend however shifted dramatically upward beginning in July, with month-over-month growth that peaked in Oct and then backing off only slightly in Nov-Dec, but with both months being significantly over the 5-year average. All told, this year sets the #1 record high over the past 30 years, with TMVOA receiving just over $11M in RETA (real-estate transfer assessment at 3%) on real-estate sales in MV. You can view these graphs on pages 31-32 of the State of the Association Presentation (link below).
· Spending. Overall spending in MV, as measured by total sales/revenue in 3-key categories showed growth in 2 during the summer season vs prior year. For example, summer 2020 vs summer 2019 yielded: Lodging (+9.9%), retail (+27.7%) and restaurant (-33.7%). View these graphs as well in the State of the Association Presentations (pgs 44-47).
State of the Association – Take a few minutes to view the State of the Association presentation. The video of the meeting will be uploaded to our website in the near term.