MARCH 10, 2025 BOARD MEETING The Board of the Redevelopment Authority ofthe County of Montgomery, pursuant to proper notice, convened for its regularly scheduled meeting on March 10, 2025 at 9:30 AM. 1. On a call to roll, the following Board members were in attendance: Jonathan H. Spergel, Esq. Bob Wegbreit Judith S. Memberg James W. Sanders - on telephone-arrived in person during project updates George Schools Also in attendance were Aliyah Stanger, Executive Director; Pamela Finegan, Deputy Director; Jocelyn Gallagher, Administrator, Fiscal Management & Operations Montgomery County Commerce Department; Andy Freimuth, Solicitor and Kaylyn Langdon, Montgomery County Commerce Department. 2. Announcement Regarding Executive Session at the February 13, 2025 Meeting Chairman Spergel reported that at the February 13, 2025 meeting ofthe Redevelopment Authority the Board discussed two real estate matters in executive session. 3. Public Comment There was no public comment. 4. Comment by Chairman Spergel Chairman Spergel noted this is Bob Wegbreit's last meeting on the Redevelopment Authority Board. Chairman Spergel thanked Mr. Wegbreit for his service and further noted that Mr. Wegbreit added value to the Authority, and he will be missed. Mr. Spergel praised Bob for his due diligence over Authority matters over ten years of service. 1 5. Reading of Minutes of Redevelopment Authority Board Meeting of February 13, 2025 Upon a motion by Bob Wegbreit, seconded by Judith Memberg, the Board voted unanimously to dispense with the reading of the February 13, 2025 minutes and approve as presented. 6. Approval of Invoices Upon a motion by Bob Wegbreit, seconded by Judith Memberg, the Board voted unanimously to approve the bills and invoices as presented from February 13, 2025 to March 10, 2025. 7. Financial Statements Jocelyn Gallagher presented the February 2025 financial statements to the Board. 8. Action Items Approval of MontcoForward Loan to Fallien Cosmeceuticals LTD -up to $1,000,000 for a Term of 84 Months at 3.75% Per Annum Action tabled. Ms. Stanger reported that the current loan request is a participation loan. Ms. Stanger reported that Fallien has transitioned to a new lender and has not yet received a term sheet for the participation portion. Ms. Stanger also noted that Fallien increased total project costs by over 30% and thus will need to be revisited by the Loan Review Committee. Authority Fee Schedule = Approval of Revised Schedule Upon a motion by Bob Wegbreit, seconded by George School, the Board voted unanimously to approve the Revised Fee Schedule as presented with the additional modification 2 ofremoving the fee cap for C-PACE projects exceeding four million dollars. This change will not apply to projects currently in the queue. Ms. Stanger noted the revisions included charging a C-PACE application fee, removing the Small Business Support Loan Program which is no longer in existence, adding the Main Street Matters Program that is now available to for-profit entities, increasing RACP disbursements fees and charging RACP application fees at submission of Project Management Proposals. Ratify Execution of Statewide Local Share Account (SLSA) $150,000 Grant Agreement C000091480 - Elmwood Park Zoo Vehicle Purchase Project Upon a motion by Bob Wegbreit, seconded by Judith Memberg, the Board voted unanimously to ratify execution of$150,000 SLSA Grant Agreement C000091480 for the Elmwood Park Zoo vehicle purchase project. Ms. Stanger noted that the lifts to be purchased will support the zoo' S animal maintenance needs, custodial operations and property maintenance activities. Ratify Execution of SLSA $200,000 Grant Agreement C000091704 - Meadowood Bocce Court Shade Structure Project Upon a motion by Judith Memberg, seconded by George Schools, the Board voted unanimously to ratify execution of $200,000 SLSA Grant Agreement C000091704 for the Meadowood Bocce Shade Structure Project. Ms. Stanger noted that Meadowood is a senior living facility in Lansdale. Ratify Execution of SLSA $750,000 Grant Agreement C000092169 = Mitzvah Circle Renovation Project 3 Upon a motion by George Schools, seconded by Judith Memberg, the Board voted unanimously ratify execution of $750,000 SLSA Grant Agreement C000092169 for the Mitzvah Circle Renovation Project. Ms. Stanger noted the project includes interior and exterior to Mitzvah Circle's building in Lansdale. Approve Amended Cooperation Agreement Among Cheltenham Township, the Redevelopment Authority and Drexel University f/k/a Salus University - Salus University Dining and Student Services Redevelopment Assistance Capital Program (RACP) $500,000 Grant Upon a motion by Bob Wegbreit, seconded by Judith Memberg, the Board voted unanimously to approve an Amended Cooperation Agreement among Cheltenham Township, the Redevelopment Authority and Drexel University f/k/a Salus University's $500,000 RACP Grant for its Dining and Student Services project. Approve Amended Subgrantee Agreement with Drexel University a/k/a Salus University = Salus University Dining and Student Services RACP $500,000 Grant Upon a motion by Bob Wegbreit, seconded by Judith Memberg, the Board voted unanimously to approve an Amended Subgrantee Agreement with Drexel University a/k/a Salus University's S $500,000 RACP Grant for its Dining and Student Services project. James Sanders arrived in person to the meeting. 7. Project Updates Former Norristown State Hospital Ms. Stanger noted she attended the public signing of the Agreement of Sale for the site on February 24, 2025. 4 C-PACE Ms. Stanger noted Discovery Labs and 2100 Renaissance remain in negotiations with its capital providers while also undergoing a credit rating due to the size of the deal. No set timing on closing. 900 Mermaid Lane Industrial Sites Reuse (ISR) Project Ms. Stanger noted that closing has occurred, and the Authority holds title to the property during remediation activities. County Commissioners Ms. Stanger noted that she met with Chairman Neil Makhija. Ms. Stanger also noted that during the State ofthe County event, Chairman Makhija announced that the County will be providing an additional $4 million over two years to the MontcoForward Loan program, EPA Brownfields Revolving Loan Fund Ms. Stanger noted that the Laudenslager loan is currently on hold until the third quarter 2025 at which point the land will be parceled out into condos which will allow the Authority to have a first priority lien on the property being remediated. Ms. Stanger further noted that the original loan request has been lowered to $450,000 and also noted the property is in Hatfield. Marketing Ms. Stanger noted that the Authority is now on Linkedin. Other Bob Wegbreit thanked the Board and noted the Board was a quality group that worked together in a professional matter. Judith Memberg advised that she will miss Bob's guidance. Aliyah Stanger also thanked Bob for his guidance and noted the value that Bob provided to the Board. 5 9. Next Meeting The next meeting is scheduled for April 10, 2025 at 9:30 AM. 10. Announcement Chairman Spergel announced that the Board will be convening into executive session to discuss real estate matters following adjournment. 11. Adjournment Upon a motion by James Sanders, the Board agreed to adjourn the meeting at 10:08 AM. / 5 6