All right, we're gonna go ahead and call the Southern Devine Enterprise Community Board meeting to order and we'll call roll Chair Scott Vice Chair Neal Member Horsford, excused member Monroe Moreno, excused member McNeil.

Here member Garcia Anderson, excused, member McCurdy.

Present.

Member Steele, excused, member Summers Armstrong.

Present.

Thank you.

You have a quorum.

All right, there is a quorum present.

We'll go to the first uh time set aside for public comment.

This time is uh set aside for items that are on the agenda.

If you'd like to speak to an item, please come forward now.

State your name, last name for the record, and you'll be allotted three minutes.

Is there anyone in person or online who would like to come forward at this time?

Hearing and seeing no one, we'll move on to uh item number four, approval of the minutes.

Is there a motion for approval?

So moved.

All right, there is uh motion, is there a second?

All right, we have a motion and second.

Um for approval of the meeting minutes from May 19, 2025.

All in favor.

Aye.

Aye.

Anyone oppose anyone abstains?

Motion is adopted.

I will now move on to item number five.

Presentation by Sam Cherry, CEO and Grant Garcia C Ooh.

Please come forward at this time regarding the development of Share Downtown West Side Project.

Welcome.

Thank you, Commissioner, Councilwoman and members.

Thanks for having us.

Oh, sorry.

Uh Grant Garcia, G R A N T Garcia, G A R C I A.

Um, here on behalf of Share Downtown, along with my partner Sam Cherry.

Um we've been working on Share West side for about four years now.

Um you can see the renderings on the screen, and uh we put a lot of um time and effort and really looking forward to this project and councilwoman's ward.

Um let's see if I could go forward.

There we go.

So the as the rendering shows, it's gonna be a hundred and four one-bedroom, one bath units per the DDA, some of the rent covenants that are in there.

Um so the HUD publishes put it's this is based on what the HUD publishes yearly.

Um for uh we have to be at 120 percent AMI, and the 2025 25 HUD limit for one bedroom, one bath is a thousand four hundred and seventy-six dollars a month.

Um we'll also have um 17,000 square feet of ground floor retail, uh, which is also gonna include kind of off to the left that single story, but it'll have a mezzanine inside of it.

Um eight thousand nine hundred and fifty foot square foot uh market food hall.

Um that's the basics on the project, and I think Sam will get it.

Sam Cherry, Cherry Development.

Um more on that slide.

The the the couple of covenants on there, uh the 120% is a cap.

So it is um that's the max income limit.

We are below that.

Um the HUD limit is the max that can be charged.

That doesn't mean that that's what's gonna be market when we actually open up uh next year when we go to market, but that is the max limit, and this is published by HUD annually, and that was something that was part of the deal points when we were working with the city to ensure that while the market could change, there's not gonna be a huge jump year over year in a rent increase.

So it doesn't go from 1476 to say $1,800 or $2200, which was affecting the valley for the last decade.

Um this is a project that we're very passionate about.

We've worked very closely with the city to ensure that we have compliance on all fronts.

And it had different phases associated with it.

And some of the components are how we went out to market to meet with vendors and contractors, what happens during the construction period, and then what happens post-construction with operations.

And at the moment, on our next slide, there's a threshold the city had, which was 15%.

We're at currently at 17% on our reporting.

I will say this is very early in the project, too.

I think the requirement of this board is to come in at 50% or after, or if you call us in, we're happy to be here.

We're about 20% through our project right now.