LV Executive meeting - bi-weekly

• The meeting reviewed the Francis project closing timeline, deliverable requirements, and document coordination to enable closing and parallel site work.
• Participants confirmed a tentative closing date of the 10th and noted the city's rule that all deliverables must be completed two business days before closing.
• The group discussed uncertainty over LAHD/LAHE approvals and whether LAHD will accept escrowed funds to permit closing with unresolved items.
• The team agreed to prepare an escrow agreement for the escrow agent and requested that Down Spam Irene draft that agreement via Chris's email to Anna.
• The acceptance of escrow by LAHD remains an open approval risk.
• Operational readiness and site status were reviewed: subcontract work should start in parallel so work can commence if the deal closes; Greg will prepare subcontracts to enable quick onboarding.
• Wilton site work is underway, electrical meters will be reprogrammed on the 10th, and systems must be up and inspected by Porbaba before the August 24 close.
• Financial and document items were confirmed: bond and mortgage fee amounts were verified, an initial LV payout was prepared covering bond, insurance, and small general-condition items, and Anna and MRK will be asked to confirm sources and uses (MRK already has supporting files in Dropbox).
• Outstanding LA development checklist items include a bound insurance certificate and one architect certificate.
• Assignments and document execution responsibilities were noted: Bob will follow up on signature execution with Steve Cooney and add missing items to the LA dev Slack channel; Chris will request the final bond and coordinate original documents.

• ◻
  Chris Aiello Chris Aiello will obtain the final insurance certificate from Janine and the outstanding architect certificate
  → To-Dos
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  Bob Kennedy Bob Kennedy will add the discussed items to the LA dev Slack channel
  → To-Dos
• ◻
  Bob Kennedy Bob Kennedy will email Steve Cooney to follow up on signatures for the partnership agreements
  → To-Dos
• ◻
  Chris Andresen Chris Andresen will send the prepared first LV payout covering bond, insurance, and small general-condition items to the recipient who has been requesting it
  → To-Dos
• ◻
  Chris Andresen Chris Andresen will send Anna the draft sources-and-uses and the payout for confirmation of highlighted items
  → To-Dos
• ◻
  Chris Aiello Chris Aiello will request the final bond and begin coordinating original bond documents
  → To-Dos

None.