LV Executive meeting - bi-weekly

• The meeting reviewed project financing and construction scheduling, centering on securing a definitive Francis closing date to enable construction start, rate locks, and tax-credit delivery.
• Participants agreed the current extension to September 21 reduces immediate pressure but conflicts with construction and tax-credit schedules; Bob will press for an earliest feasible closing and test a third-week-of-June close, while Chris proposed August 1 as a realistic alternative if earlier dates fail.
• Rate-lock terms are unresolved and present a penalty risk if delivery dates slip; no definitive rate-lock duration was available.
• The team adjusted schedule-of-values to bill for completed work rather than delayed-start monthly amounts, and clarified reimbursables and recovery of roughly seven months of delay-related costs.
• Subcontractors need firm start dates to price bids; the team discussed asking subs for alternative pricing tied to start-date deltas or escalation allowances.
• Grady and Derek revised the Francis pre-construction agreement and will exchange updated documents; Grady confirmed three HVN budgets/ROMs were sent to Matt and noted bids came in about 10% under prior ROMs with unit/psf metrics discussed for Riverton and Lexington.
• Reseda was reviewed separately: investor closing is targeted for January and permits are expected by January under a tight schedule.
• Reseda is a 30-month program for a 200-unit, seven-story building and will remain lower priority until a flushed GMP for Francis exists, because Francis timing affects tax-credit pricing.
• On BBC/pref-equity, Chris scheduled a new call with M Squared and noted a housing covenant was never started, realistically pushing that deal to September or later and lowering its priority behind Francis and HVN projects.
• Permitting and plan coordination were discussed: the conference-room participant will re-send EBM/architectural sets, Grady asked to be re-tagged on plan emails, and the team debated whether a page-turn review is warranted before equity and IFC finalization.
• Open items include a definitive Francis closing date, rate-lock extension length, finalized schedule-of-values treatment, and tenant removal confirmation at one site.
• Staffing and handoffs at Albert Group were summarized: one staff member will leave at the end of May, Adam is likely to remain for roughly 60 more days, and if Adam departs the plan is to secure Steve and pay for a clean handoff to preserve design continuity and CA coverage for Francis; Merced will likely not continue on new projects short-term but is completing a full bulletin set and could be engaged later as a contractor.
• The meeting closed with agreement to schedule coordination calls to align closing dates, barriers, and contract/bond preparations, and with an open task to populate non-financial APIs in the project portal.

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  Meeting participants Meeting participants will identify seven to eight non-financial APIs that LV tracks and populate the portal over time
  → To-Dos

None.