Very much good afternoon. I'm Debbie Hiscott, Chair of the CDA. Welcome to our meeting on April 17th, 2025. I appreciate you all being patient with us as we I've held a few issues. I also wanted to welcome Alan Brangman to the CDA. He is stepped in to this role as a member of the EDA. I just want to take a moment to also acknowledge the passing of Bob Young, who had served on the EDA for many years. And... and I would like to thank the staff for the opportunity to acknowledge the staff for the meeting. I would like to thank the staff for the opportunity to acknowledge the meeting. I would like to thank the staff for the opportunity to acknowledge the meeting. I would like to thank the staff for the opportunity to acknowledge the meeting. I would like to thank the staff for the opportunity to acknowledge the meeting. I Mr. Shields if you could call our official role. Yes chair, Shantziz got here. Mr. Traumerman. Mr. Snyder is not present. Why it shields present and Alan Bragnman. Thank you. We do have a quorum. Great. Our first item of business is to approve our minutes from October 22nd. There's a preposed motion on the agenda. I believe since you weren't present Mr. Bragnman and Mr. Snyder's not here. That would be the two of us. So if you would make a motion, please. As appropriate. I move approval of the October 22, 2024 West Falls CDA Board meeting minutes. Second motion. All in favor? Hi. Hi. Any opposed? Seeing none, the draft the minutes are approved from October 22, 2024. We have no old business. We'd like actually like to make a request if this is possible to switch items number four and five. If that's possible, if we get an update on the West Falls project before we talk about the budget approving the budget, it seems like that makes a little bit more logical sense to make sure we understand where the project is and implications that may or may not have on the special assessment and rule for 2026. Is that okay with you all? Mary Beth, are you the yes, updater of the project. Are you ready for me now? That would be fantastic. Thank you. I think'll have, I think Lionel will probably jump in with some elements of the update from the, from the city's perspective. And I'll just note for the CDA board that Henry Lionel and Mary Beth all just came from the normal biweekly status project that we asked, that we status update meeting that we hold regularly with schools with all the construction entities, et cetera. So you all just left that meeting come to this meeting. You're at the practice meeting, so you can just summarize. May birth will turn it over to you. Yeah, unfortunately that meeting was canceled because I think school is not a session and most people were on spring break. I'm ready for you anyway. Can you all see my screen? Which shows the rendering of the massing of the West Falls project? So everyone see it all right? Looks like I can see it. Okay, great. Just to, I have a very few number of slides just to give you an update. And as a reminder, this is the boundary of the CDA area, a line in red here, of all of the buildings that you saw in the prior rendering and this image. Everything is complete under phase one with the exception of the senior living building, which is under construction now. But all the rest of the buildings have their certificates of occupancy and are in various stages of being occupied or building out construction of the tenants. There's really the major work that's remaining to be completed is site work and or traffic signal work. And this slide generally shows those various items yet to be completed. We have a number of dynamic messaging dedicated dynamic messaging signs on Route 7, as well as on HACOC that have to be relocated and that work is expected to be done in May. We have these two traffic signals on HACOC and these two traffic signals on Route 7, which are in various stages of completion. The poles are up. The mast arms are on. The lights are hanging and bagged from all of those lights. We are just waiting for the Virginia Power to come and energize that. So we can get things flashing for a period of time before we make them live to the public. All of that work is expected to be pending, the Virginia doing their thing, to be operational in May, June timeframe. This intersection here at Chestnut Street had to be closed off in order to realign Chestnut Street to align with West Falls Station Boulevard that's going through the middle of the site. This work is largely complete, but until we have this signal installed and operational, it's being used for right in, right out purposes only. So it's a temporary, it'll ultimately be a full access intersection with Route 7. Again, that'll all become operational once the traffic signals are operational. Inside the site, we have just recently completed the north portion of the commons, and we are just finishing up the south portion within the next week or two that should be completed. And that pretty much sums up the site work that is remaining to be done. This is just an update on the senior living building. It's under construction. I took this off of the camera feed a few minutes ago. minutes ago, so this is as current as it could possibly be. They're doing still their mass excavation. They're only going down one level. So they don't have a lot further to go before they start pouring concrete and going rooted. They're expected to be finished towards the end of 2026, beginning of 27. Retail leasing updates. Things are going very, very well. I've indicated on here the tenants that we have various types ranging from, excuse me, a major grocery tenant was about to submit their plans for permit. We have a bank that just opened the other day, Chase Bank, number of restaurants that are in various stages of construction, an ice cream store in one of these kiosk, another restaurant here. Levine and city dance occupy the civic space. They opened for business, Mason's famous lobster is also open for business. And then there's a nail salon, and we're actively, we just signed a lease with this space, yeah, yesterday, and that'll be a service use, a medical use, orthodontist. I should back up for a second. The medical office building, which we're not constructing, but of course it is part of phase one, has been complete since last February and has been doing its leasing and has an anchor tenant for the top three floors of the building. I should also also mentioned that the hotel opened last May, we transacted and sold that to Peachtree Hospitality Group who is operating it under the Hilton home two sweets flag. And then I think that covers that. I'll go on, oops. And then on the residential side, the Oak kind of minions has 126 units in it. Sales are underway and we do expect closings to commence in June of 2025, just a couple of months. The alder has 400 rental apartments, leasing is underway. It has all of the certificates of occupancy for the residences now. As of yesterday, it has 112 of the units that are occupied and 141 of them that are leased. So the only difference between these is people haven't moved in yet. They recently signed leases and will be moving in in the next 30 to 60 days. And that is my update unless Lionel has something he'd like to add. Oh, no, I think he did great. I was just going to host any questions with you. Since the Community Development Authority bonds are there to fund the horizontal improvements and instruction on the site just any kind of what's your view in terms of the completeness of all of that work. I mean we're essentially substantially complete. I actually believe I just received. their final pay application. I got a double check to see if a teenager was included, but I mean the project is substantially complete at least 95 to 98% of the funds have been exhausted and all of the CDA work is currently in place, except for the, well, nope, actually all of it is and it's been inspected. I would say 70% of it once they finished that interior portion by the southern kiosk will go out there and complete the site work inspections that isn't part of the CDA but it all kind of flows together so it makes sense to hold off on inspections until that area is complete. Not necessarily also part of the CDA but on Dominion Power Front we have a couple of projects in the city that seem to be dependent upon Dominion power. Yes. Is there anything that we need council we city staff can do to help expedite have additional conversations. I would say we'll give it a couple more weeks before we try to escalate it in that way. Um, but all of our disconnects are there and ready, just waiting for Dominion to come and provide their permanent power and their meters. So yeah, we're not quite there yet, but if, you know, mid-May, if there's still no movement on that, then that might be an option we'd be looking into. Because we need it for the signals, we need it for the DMS size, we need it for the permanent power to the street lights along Haycock and Route 7. So there's a couple of things that we need dominion to get this project over the finish line. So, um, so when I looked at the, on the muni cap prepared thing, we're at the end, uh, at the end of, uh, 2024, there was a million five 59 left in the project fund. You're saying that basically you're pretty close to having spent all yeah, just approved a yes So all of it's been in comberd. Um, I approved a rec with this so I think we're on requisition number 22 I approved requisite number 21 A couple weeks ago, so it takes it's to has to go to the process. So after we approve it, the the CD engineer signs off on it. Um, and then it goes to the unit cap. And so it's just making its way through the system. But all the funding has been encumbered, which is might not be reflected on the actual, the balance sheet. Just yet. And no, no shortfalls, and these pieces of work that's still to be done that might exceed that budget. Well, we've always anticipated the eligible CDA area was going to exceed the available funding, but that was something that has been known. And so obviously with the funding, the CDA once that's exhausted Hoffman essentially covers the Delta. Any issues on the Hoffman side with regard to building out all the infrastructure and things like that. No. Yeah. Excuse you. Thank you. Mary Beth, could you share your update deck with the committee? Absolutely. I'll send who should I send it to? Why it to you? Yeah, if you send it to me, I'll make sure the board members get it. We'll do. On the pace of leasing and sales, you know, the great unknown at this point is, you know, where the economy is going. And I'm, you know, I saw the numbers, you know, is that. Then the lease up for the apartments and the sales pace. Is that meeting your expectations and, you know, internal projections? Have you seen any slowdown over the last few weeks or months or a couple of months, anything like that? Any context you could give us on that please? Thank you. I don't think it's necessarily. I don't think it's really hit the market yet in terms of our activity. We are not meeting our expectations yet, though, for other reasons besides that. I think some of it, the condo sales have been a little slower than we would have liked partly because we hadn't sold anything in this market yet. And in the false church market, we were more of a DC condo developer, so we needed to get a better sense of what was the right pricing for this market. And also we kind of opened the doors to the sales at a bad time of year. So we're, and having the site less than finished was challenging from a curb appeal standpoint. Now that things are finishing up and people can actually see what they're going to be living with in the long run, the pace is picked up considerably that that's related to condos sales. The apartment leasing is a little behind schedule, partly because we were delayed in getting our COs for reasons, not the city's issue, but for reasons that we had a grocer that was an original grocer who decided they did not want to be in this project. So we had to seek another grocer and the changes that we've had to do to the building to accommodate the new grocer had delayed our ability to get our CEO for the building. So some of that delay had impacted our our speed to market that we were projecting. So we're a little bit behind on that but again we don't feel that it's it's, the activity's been really good. And given that the Moderna Project, Moderna Projects down the street recently opened, it's got some immediate competition. We're still seeing some really good traction within the market for rental property, for rental apartments. I hope that answered your question. So with the decision on, I think it was just this past Monday's council meeting on changing fresh markets. Where footage is that are you now in a position to get to CO? Move that on. Was that holding it up? No, no, that was not holding it up. It was other things that we had to do to accommodate fresh market. They couldn't live with a lot of based building things that the prior grocer needed. The prior grocer being gone, then we were sort of like, well, we really want this new grocer. Let's do what we have to do to get done what they need. what it did is is some of those changes impacted our buildings, core and shell CEO timing. So life safety and things, that's what you can't get for any occupancy of the building until it passes all the life safety and accessibility concerns. So it just, the whole addressing the fresh markets, new needs that came to us later in the game then if we had known about them as early as the original gross or timing for instance slow down some of that ability to get to market by probably three months. But we're good, as far as the action that the board is planning to take is unrelated to the ability to lease apartments. Great. Now that's separate from CDA, but just want to make sure that we're supporting the development and helping things move along as quickly as possible because we obviously want them sold as well. Any other questions for Mary Beth? Well, we're talking about that update. We can then move to the financial side of it. But thank you for allowing us to flip that that helps give a little context as we discuss the role and assessment in the unit gap report. So. Let's move back to. Item number four, a new business special assessment and role for assessment year 2026. Discuss that and then we have action to take upon discussion. So we'll turn over to Max Heskies with Munich cap and he'll walk us through the report. Max maybe if we could let everybody from Munich cap introduce themselves and then let Peter Kanzano introduce himself as well. Absolutely. Thank you. So my team is all here. There's four of us total in the Virginia Office of Munichat. We can go through the introduction. They've all worked on pieces of this report and are familiar with the project and are here to train on how a CDA board meeting operates as they continue to get their feet underneath them here. I can start. I'm Olivia. I'm the newest member of the Virginia team. Nice to meet you. Thanks for letting me join. I'm Air Fawn. I work in Virginia office as well. That be nice to meet you all. And Peter is our outside legal council that is serves the board and serves the city and is advised us from the beginning on this Peter good to have you on the call yeah good morning why it members of the board yes I'm Peter Consano a partner at Norton Rose Fulbright in downtown DC and and I've been on Council to this CDA since before it's inception. All right, take it away, Max. Absolutely. So I am sharing on the screen the report that many of you have in front of you, the West Falls Annual Assessment Report for Assessment Year 2026. So we're talking about this right now in calendar year 2025, but to give a recap of the timeline, we're going to present this budget and role for approval now. And then it goes to the city treasurer to be applied and billed beginning in about July for bills that are coming due in I believe November or December. So the actual bills won't be sent out until sometime in October. And there is a few points on or there are a few points on this report that we will get into, but one is that we have been requested to make a subdivision of one of the parcels as Mary Beth was talking about earlier, the condos are ready to be sold end users. So we took that bulk parcel and turned it into the 126 units, reapportioned the assessment from the bulk parcel onto the child parcels pursuant to the rate method and apportionment. That will come towards the end. What this report will do is show you how we calculate the annual budget and then apply it by and among the parcels of the CDA district. So we will start here on page one where this indented section down here shows of the many things that we're here to approve today. This would be the encapsulation of it, would be agreeing on what the current parcels of the CDA district are, what the annual installment should be in order to pay expenses of the bonds, and how that is going to be allocated among those parcels. And we can turn over to page three, where we'll have our first table of the report, table A, which details account activity. So this CDA has a trust to state that's held with US bank. It shows the balances as of the end of the year in 2023, through the end of the year in 2024. As was stated earlier, this project fund line item is completely encumbered. Now that as far as money that is available to the CDA to pay expenses of the bonds has never been available that has always been the developer's money. So the ones to focus on for the CDA are all of the bond fund accounts, the interest principle and revenue, the administrative expense account, prepayment, delinquent, optional redemption, each having zero, and the debt service reserve fund. Beneath this table, there are details of what these transactions are shown on this table represent. And then turning to the next page, we're showing our rates of return on the current balances of the trust estate being 4.32% as of December 31st, 2024. My understanding is that rates have dropped a bit about 10 basis points since then. So we're getting about 4.2 now. We anticipate that that will be pretty stable between 4 and 5% for the remainder of the year. And we can turn the page a few more times where we get to table C, which this is the main table of the report. This is ultimately what we are here to approve or the larger part of it. What this table seeks to answer is how much money do we need to pay the expenses of the bonds this year being debt service. So interest in principal payments plus administrative expenses, less any surplus funds available to the CDA to offset the amount needed to pay the expenses. Each of these tables has a subtable within the report that can detail where these numbers come from. As of right now, the annual revenue requirement that we are seeking approval of is $633,000, $143. That is comprised of Beneath Table C. Table D shows our interest calculation 5.375% on 12.965 million being 348,434 semi annually plus a $50,000 scheduled sinking fund principal payment that will be paid on September 1, 2026 with revenues collected beginning in November of 2025. Currently the periodic cost line item of our budget is $0.00. That may be adjusted year to year as the CDA and administrator see fit, but we did not see any need to escrow additional funds that may be needed in the future for refunding at this time. Administrative expenses come in quite a bit below what we had seen last year, where we're at $119,560 now. We're on table E on mini-cap page seven. So the administrator expenses, CDA, council expenses have all gone down as well as contingency. We anticipate that now the project is getting more built out and that we're towards the end of our rope as far as requisition review from the project account that there'll be far more or far less accounting expenses that will be eating up that admin budget from Unicamp. We also prepared quite a bit of work on the subdivisions this year. They're being two of them. One we had approved back in October, and the other being presented in this report. As we go further along in the CDA, it should be commonplace for the administrator's budget to be stable. The amount of time that it takes to prepare these budgets and to answer questions that come up. We'll ultimately dissipate as those questions dissipate. But this represents a very good windfall for the district as far as a reduction in costs. The next table that we saw calculated in table C showing the annual revenue requirement is the surplus from prior year. So what we do here is we take a snapshot of the remaining expenses of the CDA being the interest and principle, which at the time of preparing this report. March 1, 2025 interest had yet to be paid as well as the September 1, 25 principle and interest. The sub the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the second half of the based on first half and it backs out the city collection fee of $10,000, which is why you see a slight discrepancy between the first and second half collection amounts. In addition, we've set a few other line items in this budget to show what funds are truly available to pay the expenses of the bonds, including the additional balance and the interest account of 578885, and the balance of the administrative expense fund being 56526 or equal to the remaining operations budget. All told, our available funds exceed our remaining expenses for the 25 assessment year by 233 to 86 and that amount has been duly applied to reduce the annual revenue requirement for 2026. Just a quick question or actually a comment on your footnote number two, your make reference to a county fee, isn't that city fee? Yes, that is a type of. Thank you. All right, beneath that explains each of what I just detail as far as the different line items of that table. And then we can go all the way to page 10 where we show an annual installment rate on table G. The way that we calculate the annual installment rate is taking the annual revenue requirement divided by the outstanding principal balance that 4.88% is in its infancy as far as how much of the remaining principal we are still looking at versus how much we're billing this year. As we go further down the road the denominator will decrease and the numerator will stay somewhat flat so we'll see that percentage come up. And then we get to the next section where we discuss the reapportionment of the special assessment upon parcel subdivision. We may not have an update for this section every year, but certainly this year we do. do as we, the 126 condo parcels were subdivided from the condo unit and because of that, they are ready to be sold and users with their assessments totally separated and billable by the city. So this calculation here shows or is copied for Bayim from anyone else lost the ability to hear max. We're able to hear max in the room. So I bet that I can hear him remotely something. Okay. Thank you, Becky. Becky. All right. Anybody else having trouble? Or is it just Mary Beth? So Mary Beth's going to log back in. I think it's just a problem unique to her connection. Max, I think you can continue on. Absolutely. So this is the calculation that we're given by the rate and method of apportionment of special assessments. The critical point in doing a subdivision reallocation of a special assessment is that the assessments prior to subdivision on the parcel being subdivided must equal the assessments after the subdivision occurs. So if we had started with a million dollars in assessments and we wanted to divide that by 50 parcels, the sum of the aggregate 50 parcels being subdivided must also be a million dollars in assessments. We show this on table H below. We're first we had the subdivision of the parcel C1 that included the civic retail and the retail and the ground floor of the condo parcel. So this shows the annual payment before the principal portion and the special assessment before being equal to that after. And that is true even if the equivalent units do not match this 263.11. The rate method provides that whatever equivalent units exist by and among the child parcels, we will pro-ate the initial assessment by that. That's why we're seeing this in terms of assessment year 24 to 25 rather than 25 to 26, so this is what we're here to approve today, because we wanted to make sure that we did the subdivision with an already approved annual installment and annual payment and assessment on the parcel rather than one that is being proposed for approval and subject to change. Table H is followed by table I where we show that this parcel, the condo parcel of three two is further broken out into 126 unique units that are for sale. and we'll see that these factors, being the assessment, principal, and annual payment will equal the total of all of the condo parcels down three or four more pages here. Despite the EU is going from 240 to, the EU's are equal, Pardon that. So this is the allocation of the 24 to 25 assessment. So this annual payment here being 155 to 3295 is already picked up by the parent parcel of the subdivision for the current assessment year that we're in. And then when we transition to the next assessment year on appendix A2, we'll see that these numbers are all changed to be, uh, pro-rated for the new annual revenue requirement of 633,000. The next page is going to be appendix A1. I'd like to spend some time on appendix A1. As this table of the report is what shows the maximum assessment capacity that the district has. And that is all the way in the right hand column for annual installment adjusted. The CDA is given an entitlement to Levy, a certain amount through the life of these bonds. That does not mean that each year a certain amount must be collected. Rather, it means that this is the total. and the CDA may shift allocation of its collection of the annual installment between and among the years remaining because it may better match the expenses of the bonds. When we calculate the annual revenue requirement, which is what's shown in this annual payment column here, this must be equal to the expenses of the bonds less available revenues each year. Because of that, we're seeing that the annual payment is actually less than the debt service curve shown in the principal and interest columns, plus the administrative expense and contingency column. What that did was it pushed this assessment capacity that used to be on assessment year 2026 into a mode where it can be reallocated for future years for collection. So the CDA hasn't lost its entitlement to collect these funds. Rather what it is saying is that we don't need to collect these funds this year. But we'd like to maintain that assessment capacity to do so in future years in the event that it may be needed. The 72,188 that repeats in the reallocated annual installment column represents all annual installments that have not been billed, including those from the capitalizedest period in 2022 through 2024. In 2025, we collected up to the annual installments, so there's no reallocated amount from that year, and there's a portion of this year's annual installment that has also been included in that reallocated amount, which sums $1.876 million. Appendix A1 is meant to be a check and balance on the CDA. What it tells us is that we can collect up to a certain amount and no more. So the CDA cannot collect more than the 32, 3, 11, 9, 20 remaining to be collected. However, it does not set the floor for what the CDA board should levy for collection from the parcels in the district. The floor is set by table CDA and your revenue requirement on an annual basis, depending on certain factors like surplus from prior year and anticipated expenses. Are there any questions on appendix A1 before I move on to A2 that allocates the current year installment? Thanks very much. I have one PM written in my calendar. So thanks a lot. I appreciate it. Can you explain the floor and ceiling one more time? Absolutely. So... much I have one PM written in my calendar. So thanks a lot. I appreciate it. Can you explain the floor and see one one more time? Absolutely. So the annual installment may be adjusted by the CDA in order to better match expenses from year to year. The only stipulation is that we do not cross the threshold of our maximum assessment capacity, which is shown in the remaining amount of 32, 3, 11, 9, 20, which does not include last year's installment of 9, 19, 150 since it has already been billed. So this remaining amount is what the CDA has as it's ceiling to collect for the remainder of the term. How it's allocated from year to year will depend on the floor. This floor of 633143 is calculated as shown in table C of this report, where we take the expenses of the bonds being principal interests and administrative, less the available funds to reduce the annual revenue requirement, and there's one other bucket that is not shown here. That is called periodic costs, which may be levied at the discretion of the CDA board in order to put away funds to eventually refinance, refund, or escrow money for potential legal liability. Ultimately, we are obligated to charge what we deem to be the floor every year and any amount not charged will be reallocated as still a possibility that the CDA board may collect those funds. But we exist between the annual revenue requirement and the maximum assessment levy being now 32, 3, 11, 9, 20 allocated among the years to match the debt service schedule. Any further questions on this specific? Hendrix. Seeing none, I think we can move on. Absolutely. So appendix a two follows this page. This shows each parcels detail. They're total of assessment remaining, the principal portion of that assessment remaining, the current year's annual installment and annual payment, them being equal to each other. So the annual installment must be equal to the annual payment on an annual basis. And what that does is it takes our annual payment, which is the definition of it being the annual revenue requirement. And it states that the annual installment may not exceed that annual revenue requirement. Because the annual installment may not exceed the annual revenue requirement or the annual payment, we're able to reallocate those amounts as shown in Appendix A1. And so the amount that we're approving for Levy this year, pursuant to the rate method and how these are apportioned among the parcels in the district, is the $633,143. And you'll see that the special assessment remaining and the principal portion remaining will match what's shown in Appendix A1 as the remaining totals to collect as well. Any questions? We'll give a couple minutes. Look to the last page. Questions. Yep. So back in October is when the CDA approved the subdivision so that the 126 condos were added to the role and coming into 26 is when those condos will be assessed. So there is a workload on the treasure. So we're making sure that the city's administrative cost is being charged. And. So there is a workload on the treasure. So we're making sure that that charge, the city's administrative cost has been charged and accounted for as they've been standing up all of their billing cycle for next fall. So basically it's going from what I believe was seven payers of this assessment to 133 more or less are paying into this CDA now. Confirm. I really simplistic question, but presumably that until those are sold, they're going back to the original. Yeah, Hoffman pays the assessment until after closing. And the first closing is I believe Mary Beth that we're June. That's what for June. That's right. So in Mary Beth can speak to this if she wants to. But yeah, yeah, that's that's the target anyway. They probably won't be fully sold in Jen. So, you know, going into November when the bills go out there still will be a good handful of them still owned by Hoffman. I'm sure they would hope not, but likely that would be the case. That is likely to be the case. Yes. I assume our treasure is working on process per reconciliation and ensuring that we're billed as they're sold. Mr. Stiner, believe you had some general questions you're going to pose on behalf of the CDA we discussed yesterday. If you want to go ahead and make those requests or statements on the record to ensure the public feels comfortable with any liability legal or financial. So first one initial question. So what is the question currently in the financing in case one or more of the condominiums don't pay. So right now, what we have excluded from the budget to be conservative is investment income on the debt service reserve fund. So we can use the investment income, which in last calendar year, totaled 63, 792 to pay expenses of the bonds including interest, principle, and administrative. That amount being excluded provides a substantial cushion as far as the efficacy of payment. Now we saw 100% collections for the first half of this year, but that is very much unusual. I think reflects that we are still completely developed or owned at this point. In the event of payment defaults that exceed 63, 792, we would need to draw on the principle of the debt service reserve fund. Or $3.92 depending on investment income this year. There is also the possibility that administrative expenses come in under budget. And because of that, we wouldn't need to transfer money from the revenue fund when it is received by the tax payers to the administrative expense account to pay all of those invoices and that money would also be freed up and available to pay debt service. Outside of those two, it would be a draw on the principle of the debt service reserve fund, which would be a significant event for the districts and be noted on Emma through a notice to the marketplace. Thank you. So with emotion resolution 25-01, right? That's in front of us after the briefing. Is that right? Correct. So we're looking at this motion and I asked both Munich app and Peter if there's any reason why we shouldn't either in law or for financial reasons any reason why we shouldn't vote for this resolution. So from a legal perspective there there's no reason why the board should not approve it. Munich cap. I agree on that. No, no, no, no reason on the part of both of our consultants to do other than sign off on this resolution. Is that right? That's correct. Correct from my perspective as well. Thank you. Thank you for confirming the liability to both our residents taxpayer CDA board staff. We want to make sure it was reflected today, right? Correct summary. Are there any other questions before we look at the motion? Seeing none ahead and read the motion. I'm under for a. I'm the agenda. Huh? That's more... okay? Okay. Okay. the second. Now call the roll. Miss Sean Sidscout. Yes. Mr. Snyder. Yes. Mr. Troubleman. Mr. Brangman. Mr. Shields. Yes. The motion is agreed to. Great. And the last item on our agenda. Is any well we already covered any updates. Is there any other business before the CDA anything else our staff would like to add. The shields final hearing. I'm chair Mike my question would be unless there's another question would be just some indication of what the money is being spent on what are the types types of improvements that we're seeing? And Lionel can address that in all the bills. So, the CDA funding has been allocated to a shared infrastructure. So, stormwater, the sanitary sewer main, all the associated work to install those items, so all thework excavation grading Then you have all the roadways within the interior of the development so West Falls Boulevard and both North and South directions Husky Street Cardinal lane Magnolia And in the Kerwin gutter associated with that work as well and then any striping in that was roadways and then the carbon gutter associated with that work as well. And then any striping, and that was roadways. And then the design fees, any administrative fees, any of the easements that were required for dominion, washing the gas, the airfax water, the duct bank work, the power that holds power for the entire development essentially, all the shared infrastructure. OK, and I just want to confirm with our consultants that these are the types of expenditures we should be doing with the bond funds. From a legal perspective, the answer to that is yes. Yes. Agreed. Okay, thanks. Thank you very much. I appreciate that. Thanks a lot. A problem. Can you also confirm the maintenance, the expensive maintenance? It pays the all the expenses for moving forward with the infrastructure that's originally paid for by the CDA. We are actually in the process of negotiating the maintenance agreement with Hoffman. So that's still under under, but still in the works. But currently all the maintenance right now is being handled by Hoffman. And what's the anticipated timeframe for that agreement? We're meeting tomorrow. So tomorrow, noon, noon bus, or so. They won't likely be finalized. They will have significant progress towards finalizing the agreement after tomorrow's meeting. I have to if you would just keep this board updated on that as well to confirm that we understand what happens moving forward once everything's built and everything's occupied how it's a former. We'll do. It's my low. Lionel. Lionel. Lionel. Sorry. Is there a pro forma of all the expenditures to date? Say that one more time. Is there a pro forma of all the expenditures to date for the work that's been done? No, forma. What does that mean? Well a list of everything that you've currently expended funds. Oh yeah, yep. They are in the pay requisitions line item breakdowns of all the the work that is there's summary sheet of all those payments? I'm like without the financials, like just like, I mean, it's broken down by like, I spent X on this and Y on that. Aside from the pre-requisitions, no, but I mean we could I can break it down. Yeah I think that we should have something like that so we have a full understanding today's question about what what we're actually spending. So if you could get that list to why we'll appreciate it. Thank you. The problem. I just wanted to mention to the CD aborde that the audit for fiscal year 24 was concluded as of June 2024 and the report was prepared by Nichols group and we can send that report to the members by email. I forgot. Right. So just to recap, we'll see a summary of the audit. We'll see essentially a pro forma on expenses. Then we'll also get an update on the maintenance agreement once it's finalized. And then lastly, why you'll send once received from Mary Beth's and this PowerPoint that was reviewed earlier, she can see. Any other actions that I'm missing in our summary? Anything else you'd like to add to that list of actions? Otherwise, I move to adjourn. Do I hear a movement to adjourn? I move we adjourn. So I can. in the second. Thank you all for your time and for all of your work and we are really enjoying seeing everything happening over there West Falls can't wait till the traffic lights are in and we can make sure all the plans that have been worked on so hard for so long by so many people really come to fruition in the way that everybody's envisioned it. So thank you all for your time. And if that's the question on how we can help support the process. Thank you. Awesome. All right. Thank you, Max. Me and Captain, thank you, Peter. Take care, everybody. Thank you, Mary Beth. Thank you. Nice to meet you guys. Bye. Thanks. Bye, Becky.