LV Executive meeting - bi-weekly

• The meeting reviewed cashflow/payment issues, recent hires, financing status, project permits, near-term starts, and HVN portfolio challenges.
• Discussion focused on items that could affect an anticipated August financing close and imminent mobilizations.
• Payments and payroll: A Ramsgate payment was confirmed sent but is on third‑party fraud review, delaying clearing by roughly four to five business days; bank-dependent timing (same-day for Chase, next-day typical for others) is now out of the team’s control.
• Grady will text payroll updates for projections; Bob retains monthly payroll allocations though recent hires may not yet be reflected.
• Staffing and hires: New hires include hourly laborer Albert Wolf (assigned to Whipple and Khalipa) and superintendent Jesus Castellanos (placed at Riverton).
• A countersigned offer for superintendent Taylor Flores at Lexington was accepted; start expected in about three weeks.
• The team still needs one superintendent for the comma project and plans to delay hiring an assistant PM until Francis’s start date clarifies; Greg will cover initial Francis work for the first 90 days.
• A potential 1099 dock control hire will be interviewed by Greg to confirm availability.
• Financing and contracts: A financing closing is targeted for the first week of August but remains subject to final JVA negotiations with MRK and resolution of a Cal HFA transfer provision that STAIN insists be cleared pre‑closing due to prior transfer costs; HUD approvals are in place.
• The GC contract has been circulated with no comments received; Bob will check outstanding comments with Anna.
• Insurance underwriting has onerous requirements; requested forms are being provided but underwriting remains a sticking point.
• Permits and starts: Assuming an August close, Derek indicated a notice to proceed will issue and Grady should prepare to secure permits and mobilize.
• Riverton is closed and awaiting a final gas disconnect and surveyor notice for a likely start next week.
• Lexington’s permit bundle and exhibits are being finalized with an aggressive target start of August 3.
• The comma project target start is August 17.
• Contingencies of roughly $300k–$500k are being added to select job estimates; the team will rely on the internal estimator tool for subcontractor pricing inputs.
• Pipeline timing and HVN issues: Several potential deals are now expected to push to mid‑Q2 into Q3 of next year; the team will re‑engage after a comma close (target August 17) with ROMs.
• Four HVN awards will be decided on August 18—three local opportunities are preferred; one in Saittle (Sawtell) is undesirable.
• HVN portfolio execution is problematic: third‑party hiring and coordination, HVN internal decision cycles, and consultant availability are causing repeated delays and rework on projects like Khalifa and Ramsgate.
• The EDA/TEFRA process for another deal is delayed and now likely pushed to 2027.
• Operational coordination and staffing cadence: The team agreed to limit early/frequent walkthroughs on low‑probability leads and have Tom lead initial Beverly walkthroughs with Pedro or Grady supporting.
• On‑site staffing for LV is non‑negotiable.
• The office will attempt to streamline billings so two project coordinators can cover volume for about six months while monitoring hiring to avoid over‑staffing ahead of HVN volume changes.
• Pedro anticipates hiring PM support to partner with Greg on submittals and RFIs once Francis begins and will monitor Alina and Brisa’s workloads as two to three new jobs start in the next ~45 days.

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  Greg Greg will interview the 1099 candidate for dock control to assess availability and fit.
  → To-Dos
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  Grady Lakamp Grady Lakamp will text Chris Aiello the payroll updates for the two new hires so Chris can update the financial projections.
  → To-Dos
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  Chris Aiello Chris Aiello will update the financial projections after receiving Grady’s payroll numbers.
  → To-Dos
• ✓
  Bob Kennedy Bob Kennedy will check with Anna to see whether comments on the GC contract have been submitted or are forthcoming.
  → To-Dos
• ◻
  Derek Sanders Derek Sanders will send the notice to proceed after the financing close is confirmed.
  → To-Dos
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  Grady Lakamp Grady Lakamp will stand by to obtain permits and mobilize crews upon notice to proceed.
  → To-Dos
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  Chris Aiello Chris Aiello will push Matt and provide ROMs for the pipeline opportunities after the comma close
  → To-Dos
• ◻
  Tom Tom will lead the first two on-site walkthroughs for new leads, after which Pedro or Grady will step in for subsequent visits
  → To-Dos
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  Pedro Rosalessr Pedro Rosalessr will monitor Alina and Brisa’s project coordinator workload and report capacity concerns to Chris and Grady as new jobs start
  → To-Dos
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  Pedro Rosalessr Pedro Rosalessr will work with Greg to identify when to add a PM support for submittals and RFIs once Francis ramps and keep that hire on the radar
  → To-Dos
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  Chris Aiello Chris Aiello will keep the team posted on progress to finalize the Francis deal
  → To-Dos

None.