Ms. Waller told the group that she plans to ask for an extension through March 2026, mostly to clean up federal transactions and to account for the holidays.

The RIDE meeting for tonight has been canceled due to public safety concerns related to the Brown mass shooting. It will likely be rescheduled to after the first of the year. Ms. Waller says this presents challenges for the predevelopment loan and overall cashflow. Ms. Waller will notify Civic Builders about the reasoning for the delay. 

NFF shared that a 6 month extension would be a rate of 7.15% for all three loans, with an origination fee that will likely amount to around $18,000.

Ms. DaCruz shared that she and Ms. Waller are in talks with NFF and FIF/Civic for a potential refinance. NFF has quoted 7.35% with a 20 year amortization and 7 year term. FIF has informally quoted us 6% with a 30 year amortization. Term length is less clear, but probably 5 or 7. Ms. Waller leans towards the FIF due to amortization and lower rate. LISC is also expressing interest.

Mr. Leveille asked about the RIHEBC process. Ms. Waller reviewed the process in general and suggested that the group ask the full board to delegate some authority to the committee to engage and move forward.

Ms. Waller discussed staffing changes, and Ms. Dias wondered about turnover costs and suggests that management should budget for it as a line item (breakage). She suggested that the budget should include positions at the highest step, with a breakage line as a contra account. The group discusses using 75% of the highest step as a midpoint. 

Ms. Waller will bring Q2 budget to actuals along with projections for the January meeting.