It was noted that a quorum is not present.  The committee determined that the meeting could proceed and that minutes would be taken and posted, and that all discussion would take place in open session.

The committee tabled the vote on the previous meeting's minutes due to lack of quorum.

The committee discussed the building project at 2071 Roosevelt Avenue.  Bob Baldwin, the school's development and financing consultant, reported on the progress of due diligence over the last four weeks.  

The school has done a building conditions report, which was good; the envelope will need some improvements, include eventual roof replacement and some window replacement.  It did a hazardous materials evaluation; there is limited asbestos abatement that will be required.  It did an Environmental Phase I; it determined that a Phase II is not required.  It did a title review; there are no title restrictions.  It did a zoning review; educational use is allowed as of right.  A conceptual test fit has been completed both with and without tenant space; there are no conflicting use concerns.  Cost estimates are expected soon.  Committee members recommended that Bill  negotiate a reduction in purchase price due to due diligence findings. 

The committee reviewed cash flow projections for the building purchase, as well as the renovation timeline. It discussed the mechanics of a bridge loan.  It also discusssed considerations related to the appraisal and cost estimates, and discussed the school's risk tolerance.

Bill also provided a brief report on the capital campaign. 

The committee reviewed the Owner's Project Manager contract and will recommend its approval at the board meeting.  

Meghan presented the October financials and reported that all revenue and expenses related to school operations are within projected amounts at this time. There are no major changes or concerns for the month.

The next Finance Committee meeting will be scheduled at a later time, depending on the building timeline.