Coughlin Property Management
The Vail Town Council on Tuesday approved a pair of measures to provide rent relief for tenants at two of the town’s large apartment complexes.
The town last week received a request from Coughlin and Company, which built and operates the Middle Creek Village apartments, to release a $300,000 deposit the company paid the town in the early 2000s. That money was originally supposed to be released 55 years after the complex was completed.
Instead, the deposit money will fund rent reductions at the complex. But those reductions won’t apply to companies that lease blocks of apartments for their employees.
The Middle Creek relief could last up to three months.
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The town will also provide rent abatements at Timber Ridge for up to three months. Those abatements are for individual renters and don’t apply to master-leased units.
After the meeting, Councilmember Jenn Bruno said the relief at Timber Ridge will be reviewed every month.
“I hope this inspires other landlords to consider reducing rents,” Bruno said.
Bruno added that the rent assistance is one way to keep people in Vail who might otherwise leave.
Having people living in town, healthy and stress-free, will be a boon when it’s time to again welcome visitors, Bruno said.
Relief fund gets approval
The council Tuesday also approved creating a $500,000 relief fund. That money, which officials say could be just the start of town relief efforts, will be given to local nonprofit groups, which have seen rapidly-rising requests for assistance.
Bruno, the co-owner of the Luca Bruno clothing shops, asked if businesses in town might be able to access relief funds since local nonprofit groups don’t aid businesses.
Vail Town Manager Scott Robson replied that the current relief fund may be just the start of the town’s efforts.
“Knowing the size of the (need), we knew how thin that pool of (money) would get very quickly,” Robson said.
The town will need to use reserve funds for the relief fund and other efforts. Vail Finance Director Kathleen Halloran told council members that the town in 2019 collected roughly $4 million in revenue above the town’s budget that year. Halloran said town efforts are trying to use just that amount for relief, operations and other needs.
Vail Daily Business Editor Scott Miller can be reached at smiller@vaildaily.com.
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April 02, 2020 at 02:19AM
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Vail Town Council approves rent relief for Middle Creek, Timber Ridge apartments - Vail Daily News
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