LV Executive meeting - bi-weekly

• The meeting reviewed project statuses across the pipeline and proposed a KPI portal to simplify recurring reporting to the state agency and board stakeholders.
• The team discussed timing, contract status, financing, and resourcing constraints across multiple projects.
• The team agreed to build a portal pushing seven to eight recurring non‑financial KPIs on a monthly or biweekly cadence to reduce long board meetings; Grady assigned Pedro to draft KPI ideas for review.
• Chris and Bob are finalizing a commission‑based business development agreement with Tom and plan onboarding and talking points for Pedro, Greg, and Grady.
• Closing and pre‑construction: the overall close is still being tracked for late June with mid‑June possible; the pre‑construction agreement for Khalifa/Whipple was completed and sent with no comments.
• HAN/HPN remains chaotic due to scope changes, personnel turnover, and volume; HPN is prioritizing other closes so draft contracts and bonding are in progress and a June 15 start date is unlikely.
• Whipple/Khalifa contracts are expected to mirror prior documents once provided.
• On Francis and Ramsey, repricing bids are returning; Greg requested refreshed bids from low bidders and trades.
• Derek emphasized the need for a signed GMP executed by early–mid June to lock the budget for closing.
• The BBC pipeline is slow: equity conversations with JLL and others continue with no term sheet and realistic project starts 90+ days after a term sheet, with best‑case starts in September–October if momentum resumes.
• Reseda is awarded with deposit paid but the November 30 close is expected to be extended roughly 90 days and practical construction timing is projected toward early 2027.
• Third Street remains exploratory with likely 2028 timing.
• A newly awarded Pacoima project (205 units) may start near term in Q1 but the awarded developer may lack bonding and balance‑sheet capacity, prompting discussion on partnering or acting as GC.

None.

None.