Welcome everyone to the City Parkway five Inc.

board meeting for June first, twenty twenty-six.

Items listed on the agenda may be taken out of order.

Two more agenda items for consideration may be combined.

Any item on agenda may be removed or related discussion may be delayed any time.

Back in material for this agenda may be obtained from Louis Home City Clerk at the office of the city clerk.gov.

Item number one is to call to order and roll call.

And so with that, uh clerk's office, uh we have a quorum.

We are compliance, yes.

Comment during this portion of the agenda must be limited to matters on the agenda for action.

If you wish to be heard, come forward and give your name for the record.

The amount of discussion as well as the amount of any time any single speaker's lab may be limited.

Looking out and seeing if we got anyone here wanting to provide some public comment.

We'll move on to item four.

We'll move on to item five report by Tracy Reich, redevelopment manager regarding findings of Symphony Park Working Group meetings.

And we will open up the floor to there's Tracy.

Welcome, Tracy.

That was timing.

I just walked in.

Good afternoon, Tracy Reich redevelopment manager for the record.

The Symphony Park Working Group has met twice now.

They were formed for this body.

They were formed in April for uh as a result of a park update that had happened in March.

Uh they've met twice now.

Everybody has participated, all the ownership has participated except one owner who is reading the minutes and and things with that.

Um the group is has a lot of ideas of what they would like to see and are starting to narrow that down.

Uh some of the things that are going to be coming out for outcomes from this is the redesign of M2, where the Oscar bus is.

Maybe a little bit of redesign around M1 because the design review committee had already looked at that one as to the entrance sign was really prominent when you first when there was nothing around it.

Now with everything around it, it looks a little tiny, and it's not as impressive as it was before.

So how do we make that more impressive as an open as the entrance to Symphony Park?

Really talking about the connectivity between all the parcels.

So how do we connect this to make this one unit universal district?

So, how how does that circulation look?

How do we draw people that go to the Smith Center to go down to Parcel E for dinner or over to VIX or go to the art museum and then wander over to uh Capella to have dinner?

How is that circulation looking at and taking a look at that piece?

Um, then they want as a side piece to that.

We've noticed already that some of the residents um do a running or walking loop within Symphony Park as exercise.

So, how do we kind of memorialize that?

How do we create a half mile, one mile, two mile?

I'm not sure some Carla mapped it out.

I can't remember.

It's one half, one and one and a half, I think, that you can do within Symphony Park and create this pathway in this way to be able to show people that hey, we're a neighborhood here as well.

Also, they wanted to take a look at um narrowing city parkway.

City Parkway has parking, two lanes of traffic, and a turn lane.

So an awful lot of concrete between the east side of Symphony Park and the rest of Symphony Park.

So, how do we narrow that down in places or all the way around to make that easier to connect people to the art museum to Park Haven to whenever Derek is done with the with the resort that's going to go on there as well?

So there we're looking at that.

We're bringing bringing in the um traffic engineering team because we need to update the traffic plan now.

Each developer has updated the original traffic plan, and that needs to be updated as a whole, and to be able to see how do we, if we were to narrow City Parkway, how does that impact the overall traffic circulation?

Um, the Smith Center is concerned about narrowing City Parkway because of the school buses that come in for the school performances, and then uh we would need to take a look at um event when events are done at Smith Center.

It's already kind of a challenge getting out of out of the district.

But part of the idea is that not everybody would leave the Smith Center after a performance, they would then stay and go have dinner or a drink or do something else in Symphony Park.

So we're working on those things as well.

All of those outcomes will require changes to the design standards at the end, and so that is on the top tablet as well to come back to city council with changes for the design standards.

Questions?

No, no questions.

Uh maybe just one question, Tracy.

Uh, if the uh city parkway was some uh effort to move forward, how would that get funded?

Would that get funded by the Symphony Park Master Association because uh moving curbs and things of that nature from the way you describe it, gets very expensive because usually everything's in a way.

So um Tracy Riker Development Manager for the record.

We haven't got that far.

Um, but there is there is in the the original plan was that the surface uh the surface streets right now that are to be are only I don't want to call it chip sealed, they're not fully fully um constructed the way a street is a city street is supposed to.

So after the plan oh the beginning plan was always that after the last parcel was constructed, the city would come back through and reconstruct this the streets.

So at that point in time, there would be an opportunity to be able to maybe move some of that stuff as part of that.

Where that funding is coming from, I'm not 100% sure.

I think the owners would be willing to put in money for putting in um bulbouts and landscaping and things along those lines, but the actual having to move some of that, yeah.

We haven't got that far yet.

Yeah, and just to clarify, um Mike, the final item of work for the entire network is the U tax.

Okay.

Yeah.

Final lift.

Okay.

All right.

Uh no further questions uh on Tracy for that item.

Uh we can uh it's just a uh report, so uh no actions required on that.

So we can move on to item six, which is a report by Tracy Reich, redevelopment manager regarding City Parkway 5 inc uh related to project updates.

Tracy Reich, redevelopment manager for the record.

Um it's getting really busy and fun over in Symphony Park right now.

Brea is in pre-leasing and is hoping to have its first residents moving in by the end of the month.

Capella is uh on task to start pre-leasing in August or September with um residents coming in this fall.

And uh they are close to having their TCO.

We work through some issues with that.

The art museum is working on their permitting for the main building of that.

Um, their landscape design was actually part of the presentation for the for the working group as to how to do some different things that really create an interesting piece for that.

So um that that was it.

That's been a lot of fun to work with.

The uh Media Lab is in its final stages of doing some uh uh value engineering and hopefully we'll have things done.

It looks like that they will not be open until after the first of the year.

Um they have it's just been a challenge with the value engineering.

But they're before I left on vacation, they were this close.

So hopefully when I get the next update tomorrow, they will have closed that gap on that.

Um the big one is uh parcel E Red Ridge will close by the middle of July, hopefully before the 4th of July.

But as I was just in another meeting and said I never quite trust developers to give me the exact dates, so I'm attacking two weeks onto that.

But uh we're um Patrick is really confident that they are just working through the underwriting and will be able to close in the next in the next few weeks.

So that is the real exciting piece on that piece, and he has already um mobilized everybody so that he could start construction as soon as he gets all of his permits and everything done so within 30 to 45 days be able to start construction as well on that.

And then um Prospect Street and Panther Acquisitions are working through some different changes and have asked us through to give us to about the middle of July to be able to make some adjustments to their parcel on which is a portion of J next to Cleveland Clinic.

We're getting close.

Any other questions on that update from Tracy?

No question.

All right, so uh again that was just a report, so no action needed.

So we'll move on to item seven, and that is a long one.

Uh item seven, discussion for possible action to adopt a resolution approving and authorizing the execution and delivery of various transaction documents regarding City Parkway 5 Inc.

CP5, who intends to make a loan in an amount not to exceed 15 million 341,420 in order to facilitate a transaction involving new market tax credits, as described in more detail in the attached resolution of CP5.

DVVNB Community Investment Fund LLC intends to invest equity in and borrow funds through DV recuperative care QEI LLC and fund will then invest up to 21 million eight hundred thousand and receive a 99.9% interest in L V C I C sub CDE 13 LLC.

The investments in sub-CDE by fund are intended to provide DV and fund 100% of the benefits of the new market tax credit allocated to sub-CDE by Las Vegas Community Investment Corporation.

Recuperative care holding corporation, the project borrower intends to finance the development and construction of certain improvements to be operated as a recuperative care center located at 1581 North Main.

From the proceeds of the investments from funds, sub CDE desires to finance such development and construction by making certain loans with an aggregate principal amount not to exceed 21,146,000 to project borrower.

As part of the above transactions, CP5 will enter into cooperative grant agreement with the city of Las Vegas in order to obtain funds to make its loan to fund and enter into a put and call agreement with DV with respect to DV's ownership interest in the fund.

And this is in Ward 5, Councilwoman Summers Armstrong.

I guess we will go for a staff report on this item.

Yes, thank you, Mike.

Dean Babski, Director of EUD for the record.

So for your consideration today is our ability to execute a series of agreements necessary to to do the to make the new market tax credit uh deal possible.

We've done this type of transaction before, so essentially the project site is located uh right north uh of the courtyard and the health and wellness center.

As we are all very familiar with this beautiful building that's going to be completed in September, it's going to be a new recuperative care center for the city, and it is a great uh candidate for New Market Tax Credit Project for us as we primarily specialize in health care and education.

Uh so the structure for the deal is the most uh pertinent part to this item uh via a series of those doc documents.

We are going to um to introduce for your consideration a few things.

So, first of all, the investor that we're working with is Valley National Bank.

Uh, they're out of Arizona.

This is going to be our first time working with this bank.

Uh, we've never done deals with them before, but they're very well uh familiar with the industry and do great things in it.

The total project cost for the recuperative care center is 21.9 million dollars roughly.

So we plan to fund with New Market Tax Credits just about the full amount at 28.8 at 21.8 million dollars, of which 10 million is coming from our last year's award, and then another 11.8 uh from uh this 20 year 2425 award.

And the reason we split that up is because we need to uh because this census track is the severely distressed area, so we need to have a certain amount of the new year's allocation uh to go out as soon as possible for uh this type of census track.

The total project benefit uh from the uh sale of the new market tax credits is 5.8 million dollars.

Uh the way these agreements are going to be structured, the city will transfer 15.3 million to CP5 as a loan A.

Uh, then loan B will be the project benefit from New Market Tax Credit sale at 5.8 million dollars, which both of those will combine uh to a 21.1 million.

Um the next day after we close on the both loans, the city will receive back um $13 million for previously uh eligible costs, the reimbursement for costs that have already incurred on the project, and the remainder $8.1 million that's gonna uh stay in CP5 will be drawn down by the city as the project completes.

So compliance period, like with any new market tax credits deal is seven years, after which the loan B the $5.8 million dollars will be forgiven.

Uh and the construction completion of September 2026.

Happy to answer any questions.

Any questions on the side?

I think that's clear.

Thank you.

Thank you.

Sounds pretty good.

No questions for me, Dana.

Thank you.

Thanks, Dina.

Okay, uh, let's see.

On that item, I guess we need a motion on that one to approve.

I'll move to approve item number seven.

All those in favor?

Aye.

Aye.

Aye.

All right.

That motion carries.

Thank you.

And with that item passing, we'll move on to item eight, which is our second citizens participation.

Public comment during this portion of the agenda must be limited to matters within the jurisdiction of the board.

No subject may be acted upon by the board unless the subject is on the agenda and schedule for action.

If you wish to be heard, come forward and give your name for the record.

The amount of discussion on any single subject as well as the amount of time any single speaker is allowed, may be limited.

Opening up the floor.

Seeing no one, we'll go ahead and close citizens' participation.

That brings us to item nine, which is adjournment.

Thank you all.