LV Executive meeting - bi-weekly

• The meeting focused on Francis closing costs, budget reconciliation, financing structure, and preparation for the first project draw.
• Permits were pulled at approximately $50,000 above projections.
• The Yardi budget remains incomplete pending recording of closing costs and transfers to the new entity, and some MRK- or closing-paid costs may require reclassification.
• The account is expected to have no cash buffer after outstanding payments.
• The first draw is expected in approximately two weeks and should include August costs and other upcoming soft costs.
• Financing is expected to use the City loan first, with tax-credit equity arriving later near certificate of occupancy and permanent-loan refinancing or stabilization.
• City and R4 will approve draws, and Hillman is expected to provide monthly site reports.
• The closing statement contains unresolved discrepancies, including potentially omitted SixPeak advances and a $13.1 million gross-reimbursement figure that does not reconcile with reported costs.
• The $98,000 interest-carry deduction is also disputed and was characterized as an illegitimate expense.

• ◻
  Chris Andresen Chris Andresen will complete recording the closing costs and prepare the updated Francis budget in Yardi by the end of the week.
  → To-Dos
• ◻
  Chris Andresen Chris Andresen will provide detailed budget information for review and reclassification of costs assigned to incorrect lines.
  → To-Dos
• ◻
  Grady Lakamp Grady Lakamp will prepare the construction costs for the upcoming draw.
  → To-Dos
• ◻
  Derek Sanders Derek Sanders will contact Anna, Josh, and Kathy to clarify the City draw process and copy Chris Aiello and Chris Andresen.
  → To-Dos
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  Chris Andresen Chris Andresen will determine whether MRK omitted costs from the closing statement and include eligible amounts in the first draw.
  → To-Dos
• ◻
  Chris Andresen Chris Andresen will investigate the source of the $13.1 million gross-reimbursement figure and reconcile it to actual costs.
  → To-Dos
• ◻
  Chris Aiello and Bob Chris Aiello and Bob will address the disputed $98,000 interest-carry deduction with MRK.
  → To-Dos
• ◻
  Chris Andresen Chris Andresen will work to finalize the closing-cost reconciliation in time for inclusion in the August draw.
  → To-Dos
• ◻
  Chris Aiello Chris Aiello will identify a new recurring meeting time that works better for the LV team.
  → To-Dos

None.