Um, um, uh, um, uh, uh, roll call, please.

Coleman here, Joe, Kim.

Here, Naker.

Here.

Yang, here, Chair Johnson.

Here.

Six in favor, one, or I'm sorry, six present, one absent, and Commissioner Bowie is excused.

Item number one is MIN twenty-six-21.

Approval of the June twenty twenty-six HRA meeting minutes.

All right, I trust that everyone has had a chance to view the to review the meeting minutes for June.

I'll take a motion from Vice Chair Jose to approve all those in favor.

I all opposed.

Six in favor, zero opposed.

The minutes are approved.

Item number two is staff report SR 26-134, introduction to requested TWV limited partnership loan amendment.

District three ward two.

All right, we have two staff reports that uh need to get in front of us, they'll come back for action on the 22nd.

Um, I'll hand it over to Director McMahon.

Thank you, Chair Commissioners.

We have Lily Logston here to present on this item for um introduction to the moment of parentship.

Hello, welcome, Miss Lawson.

Thank you.

Um apologies, I just sprinted over here from the annex, so I'm a little out of breath.

Um, but Chair Johnson, commissioners.

Um my name is Libby Logson.

I am a senior project manager um on PED's multifamily housing finance team.

And today we are uh going to discuss the requested TWV limited partnership loan amendment.

If you need a if you need a middle missloc, take it.

You can take we can pause for a second, we can you know I can fill it with beautiful uh pieces around the staff to report.

Um, you know, yes, we have water back in the building.

You know, it's welcome.

I want to give folks an opportunity to be able to catch their breath.

No problem so much.

We definitely empathize having to uh go back and forth today between here and Osborne.

So you're looking listen, I I was like I know I'm the first idea.

Gotta go over there.

Um but thank you so much.

I uh have my breath now.

So we can see wonderful.

Um so TWV is a um a combination of three different common bond properties.

So the T stands for Torre Day San Miguel, which is 142 units, um located in district three, Westminster Place is ninety-nine units located in District Five, and Vista Village is 48 units located in District three.

So back in 2006, these three projects um were underwritten together because it was advantageous to all the projects to be underwritten together at that point in time.

Um, and as dollar wear, lots of things change um within the development.

Um over the last 20 years.

And so at this point, it is unfortunately not advantageous for the three projects to be grouped as one under TWV limited partnership.

Tory being the largest was selected to kind of go out on its own for funding, and it also had the biggest rehabilitation needs.

And Tory has now secured all necessary funding and is proceeding to a November 2026 financial close.

And then the other two projects, as you might remember from a couple weeks ago, there was a reservation for a million dollars for the Minnesota housing application for Westminster and Vista.

And those applications are due tomorrow.

So I think they are well on their way to having that be submitted.

So just to geographically place where we are, the um the property that's furthest north, that is Westminster Place.

The property that is further south is Vista Village, and then the property that is just north of the furthest south is Torre Day San Miguel.

And the developers Common Bond, over 55 years of experience as a nonprofit owner and developer, they've owned these properties since at least 2006, but a fairly uh well-known entity in the affordable housing space.

And this request is coming right now, because of what I mentioned before that Tory is proceeding to financial close for a rehabilitation.

Um and so their request is to essentially keep TWV limited partnership, but remove Tory as collateral from the original CDBG loan.

And the purpose of this is that this being done now helps to decrease the cost and complexity of the financing as we move towards closing.

If this were to happen at the same time as financial close, the lender would think about this deal as being more risky because it's essentially like a two-step process instead of a one-step process, and um at that point there would be cancellation of debt income fees as well.

Um so it's really to decrease the cost of compliance on the project and decrease the compliance requirements that take a lot of time and then also money.

So um, and we found out yesterday actually that the HRA CDBG loan is actually in the first lien position.

So these slides are um a bit inaccurate, but it's actually even less risk for the HRA in this.