Alma del Mar
Finance Committee Meeting
Published on June 19, 2020 at 12:53 PM EDT
Date and Time
Friday June 19, 2020 at 11:00 AM EDT
Location
Remote
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Meeting ID: 837 2432 8337
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https://us02web.zoom.us/j/83724328337?pwd=cE5WNUhwdmczQmxGQlpNdnpsMEl2QT09
Meeting ID: 837 2432 8337
Password: 550121
One tap mobile
+13126266799,,83724328337#,,,,0#,,550121# US (Chicago)
+16468769923,,83724328337#,,,,0#,,550121# US (New York)
Dial by your location
+1 312 626 6799 US (Chicago)
+1 646 876 9923 US (New York)
+1 301 715 8592 US (Germantown)
+1 669 900 6833 US (San Jose)
+1 253 215 8782 US (Tacoma)
+1 346 248 7799 US (Houston)
+1 408 638 0968 US (San Jose)
Meeting ID: 837 2432 8337
Password: 550121
Find your local number: https://us02web.zoom.us/u/k54NEhTgn
Agenda
| I. | Opening Items | |
| A. | Record Attendance | |
| B. | Call the Meeting to Order | |
| C. | Approve Minutes | |
| Approve minutes for Finance Committee Meeting on May 22, 2020 | ||
| D. | Approve Minutes 8/16/2019 | |
| II. | Finance | |
| A. | FY20 May Financials | |
| B. | Construction Project Update | |
|
Overview of updated timeline for the construction of the Frederick Douglass Campus
Architects slated to complete design in July and groundbreaking is planned for August/September. Financing with EFF planned for late September. Anticipated building completion is December 2021.
Overview of the funding needs for pre-construction, groundbreaking and early phase construction
There is currently enough cash on hand and incoming pledge payments to pay for pre-construction and site work through September. If the financing closing is pushed into October and the project stays on track, there will be a cash outlay need of $1.7 million for the steel delivery.
Overview of Project Budget and fundraising needs to complete the project
Project Budget: $24,867,845
Paid to Date: (1,581,565) (Land, Design Phase, Other PreDevelopment)
Cash on Hand: (553,991)
Outstanding Pledges: (1,115,000) (Commitment dates of 12/31/2020)
EFF Loan: (20,000,000) (Expected to close late September)
Amount to Raise $1,617,289
|
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| C. | 5 Year Capital Plan | |
| III. | Other Business | |
| A. | Schedule Special Meeting in July | |
| IV. | Closing Items | |
| A. | Adjourn Meeting | |