09:32:02 I'll begin recording now. 09:32:07 >> Recording in progress. >> STEVEN HOLT: Good morning, I'm 09:32:11 Dr. Steven Holt, and I have the privilege of facilitating the Bond 09:32:15 Oversight Committee meeting on this Thursday, August 4th, 2022. 09:32:18 Thanks and welcome in to our first hybrid meeting. 09:32:23 It is our first gathering whereby we've got some people in 09:32:27 person, and then we have others who are joining us, like 09:32:32 me, via the web. So I 09:32:33 appreciate you being in the space today. 09:32:37 It's going to be a little unique because of the dynamics of 09:32:42 working through all the pieces of controlling, 09:32:46 keeping things together, trying to make sure we're capturing what 09:32:50 is said and how it's said. So I appreciate your 09:32:53 patience. As we're going through the process. 09:32:57 There you do. Our hybrid meeting protocols and 09:32:59 tips. Please be patient and respectful. 09:33:04 So I'm going to do my best to facilitate the process by capturing 09:33:09 those who virtually are interacting -- interacting from the virtual zone, and 09:33:13 those who are in the space. So I appreciate 09:33:15 that -- your thoughtful regard to that. 09:33:19 Check your speakers and microphone. I think we've done that, make sure 09:33:23 they're working properly. And speaking 09:33:27 clearly and maybe a little slower than normal. 09:33:31 Not extremely slow, we're not asking you to draw out your 09:33:36 words, but also not to speak too rapidly where we would 09:33:38 miss what you say. Try to be conscious of that. 09:33:42 We want to make sure we're capturing all that's communicated. 09:33:46 And then that you mute your microphone when you aren't 09:33:50 speaking. That you keep mindful of -- 09:33:54 that if you're not talking and you begin to talk to someone on the side 09:33:58 and your mic is not muted, it then will pick up the conversation and create 09:34:01 a tone challenge. Also the potential of feedback. 09:34:05 So make sure you keep your mic 09:34:09 muted. And then we'd like you to keep side 09:34:12 conversations minimized, period, so you're engaged in all of this 09:34:13 incredible information we're going over. 09:34:17 So you want to lean in. And introduce yourself before 09:34:19 speaking. This is different. 09:34:24 Some of us do it on a regular basis, who live in this world of the virtual 09:34:27 world, and we're constantly engaged in meetings. 09:34:31 Others of us don't think about it because we're not doing it as 09:34:33 much. We're going to ask you to introduce 09:34:37 yourself, even if you are well-known and highly regarded 09:34:42 like the Bond Oversight Committee 09:34:44 themselves. So we'll ask you to introduce 09:34:47 yourself. And then virtual attendees, you can 09:34:49 use the chat for tech questions and for public testimony. 09:34:54 Asked so it's a little different, it's a little unique to today's 09:34:58 meeting, but I am confident that we will work through 09:35:01 it seamlessly. That's my anticipation. 09:35:07 So welcome in to the place. And I am going to 09:35:10 begin with roll call. Susan. 09:35:16 >> SUSAN EMMONS: Susan Emmons, I use she/her pronouns, Bond Oversight 09:35:18 Committee member, and I'm attending in person today. 09:35:21 >> STEVEN HOLT: Good to see you, Susan. 09:35:27 Todd? >> Todd is not with us today. 09:35:29 >> STEVEN HOLT: Okay. All right. 09:35:33 Allan. >> ALLAN LAZO: Good morning, 09:35:35 everyone. Allan Lazo, from the Fair Housing 09:35:39 Council of Oregon I use he/him pronouns and I'm appearing in the virtual 09:35:40 space. Good to see you all. 09:35:45 Wish I could be in. >> STEVEN HOLT: 09:35:47 Annelies. >> ANNELIES KOEHLER: Good morning, 09:35:50 everyone, Annelies Koehler, Portland Housing Bond Oversight Committee 09:35:54 Member, I am here virtually and I use she/her pronouns. 09:35:57 >> STEVEN HOLT: I believe that covers our Bond Oversight Committee. 09:36:02 Excellent. Let's go to our minutes. 09:36:06 From our last meeting. April 7th. 09:36:11 I don't know if we need to take a moment to look over the minutes or if 09:36:15 the Bond Oversight Committee has had a chance to read through and if someone 09:36:19 is ready to recommend accepting or adjusting. 09:36:29 >> Susan has her hand up. >> SUSAN EMMONS: I reviewed the 09:36:31 minutes, I thought they were complete and accurate and I make a motion we 09:36:32 accept them. >> STEVEN HOLT: Thank you, Susan. 09:36:38 Any second? >> ALLAN LAZO: This is Allan Lazo, 09:36:41 I'll second. >> STEVEN HOLT: It's been moved and 09:36:44 seconded. All in favor -- I'm going to call you 09:36:49 one at a time. Accepting the minutes as recorded. 09:36:53 Use the signifier eight. 09:36:54 . Aye. 09:36:57 Susan. >> SUSAN EMMONS: Aye. 09:37:01 >> STEVEN HOLT: Allan. >> ALLAN LAZO: Aye. 09:37:04 >> STEVEN HOLT: Annelies. >> ANNELIES KOEHLER: Aye. 09:37:07 >> STEVEN HOLT: At this point we have a moment for public testimony. 09:37:11 If you do you have a slide? Our 09:37:14 public testimony affords two minutes per person. 09:37:19 Again, we offer the chat as an option for public testimony. 09:37:24 We would like you to keep your comments to 09:37:28 today's agenda, and concerns related to what is being covered, 09:37:33 provided there are items of concern and things you need to 09:37:37 dialogue beyond the topics of today, we encourage you to reach out to the 09:37:42 staff of the Portland housing bureau. You can sign up in person 09:37:46 or you can identify in the chat room, the Zoom chat that you would 09:37:51 like to give testimony. Verbal or written testimony, 09:37:55 again, the chat feature, or you can submit via 09:38:05 email. Is 09:38:08 there anyone signed up for public testimony? 09:38:12 >> I think we had a couple people signing 09:38:17 up. >> [indiscernible] 09:38:21 >> Looks like we at least the registration, Dr. Holt, we had a 09:38:24 couple people signing up, I'm not sure if they're with us. 09:38:29 Kim Nguyen and Thomas 09:38:34 Busey. 09:38:39 >> STEVEN HOLT: Kim, are you in the 09:38:44 space? Hearing no nones, Thomas, are you in 09:38:50 the space? 09:38:59 >> Travis fellows and Matt Cunningham. >> STEVEN HOLT: I'm sorry, I didn't 09:39:03 catch the first name. >> Travis 09:39:07 Phillips and Mack Cunningham. >> STEVEN HOLT: Travis, are you in 09:39:11 the space? >> -- Holt, they might not be with 09:39:13 us. These are two of our presenters later 09:39:18 on today. They may have signed up 09:39:21 erroneously. And I know they will be joining us if 09:39:23 they're not here already. >> STEVEN HOLT: That often happens 09:39:27 when there's a presenter who is not familiar with the format. 09:39:32 They'll -- in the -- registering for the meeting. 09:39:36 We'll check to give -- will check giving 09:39:40 public testimony thinking that is their responsibility or assignment. 09:39:44 We will move forward. 09:39:50 We're going to do some bond updates. We're going to talk about our project 09:39:54 milestones. Jill Chen, you're going to review 09:39:59 that, after which we'll do the quarterly expenditure report, and 09:40:02 angel will lead that conversation. Jill. 09:40:06 >> JILL CHEN: Thank you, Dr. Holt. For the record, I'm Jill 09:40:09 Chen, housing -- preservation manager of PHB. 09:40:14 And I apologize for everybody, I misplaced by order of my 09:40:19 slides so I'm going to go to ask to go 09:40:21 to slide eight first. Yes. 09:40:25 The reason I wanted to start off with issues and risks 09:40:30 is it colors all of the update about 09:40:34 our predevelopment and our construction and those that are 09:40:39 [indiscernible]. So I highlighted these as some key 09:40:42 issues that we're seeing in our projects. 09:40:46 And just for the committee's information, we 09:40:52 have almost 700 million in 09:40:53 total project costs in predevelopment. 09:40:58 And in construction it's over half a billion dollars of construction. 09:41:02 So it's about $1.2 billion worth of projects 09:41:06 that are in some form of construction or predevelopment. 09:41:11 So the issues and the risks impacts both areas. 09:41:16 The first one is the private activity bonds continue to be constrained 09:41:20 through 2024. I think I mentioned last time about 09:41:24 private activity bonds and the importance of private 09:41:28 activity bonds to the creation of 09:41:32 4% low-income housing tax credits. 09:41:36 This fortunately for us does not impact the projects that 09:41:41 are already in construction. And that is from our 09:41:42 2019 bond opportunity [indiscernible]. 09:41:47 The private activity bonds, however, do impact two of 09:41:51 our projects in predevelopment. 09:41:55 Alder Nine has private activity bonds, 09:42:01 however, Francis + Clare Place and Barbur Apartments do 09:42:03 not. This will determine how quickly they 09:42:08 can get the bonds. The second 09:42:12 issue is cost escalation, about 1% 09:42:16 per month. What that translates to is 09:42:22 about 09:42:26 150-250,000 dollars of cost increase every month that a project is 09:42:29 delayed. So when we think about private 09:42:33 activity bonds and the cost escalation, and the uncertainty of that, it just 09:42:39 creates a lot of angst. The third issue we're facing is 09:42:43 the continued supply chain, sort of subcontractors and 09:42:47 staffing issues. It has 09:42:52 created some delays in our projects that are 09:42:56 in construction as it relates to when there 09:43:01 was -- certificate of occupancy. It could be 09:43:08 anything from lumber not being available as quickly as needed, 09:43:14 or certain staff for construction not being available. 09:43:19 What we've seen in other projects that are in the 09:43:22 pipeline, these are primarily the metro projects, is that it is 09:43:28 impacting our subcontractors, in particular 09:43:32 the subcontractors are extremely busy, instead 09:43:37 of having two or three bids, you'll just get one bid, which means you 09:43:41 may not get the best pricing or you may not get as much 09:43:46 of your certified contractors. So 09:43:50 our equity in contracting, our BMWSB numbers may not 09:43:55 be as good as we are hoping, because they're all 09:43:59 so busy right now. 09:44:04 So what does this really mean? In many cases our funding 09:44:08 gaps in our projects have been -- 09:44:13 become completely in some ways crazy, exacerbated, 09:44:17 and our projects, we are 09:44:23 seeing that, a rough rule, probably about 15% 09:44:24 gaps. So sits huge. 09:44:28 And they're not necessarily being filled by housing 09:44:32 tax credits. Because of the constraints of private 09:44:36 activity bonds. 09:44:41 And the last maybe is -- it's a great idea, a 09:44:45 great issue, because of the multiple openings 09:44:48 of projects. Just for everybody's information, we 09:44:51 have 220 units of PSH opening this year. 09:44:55 It's fascinating, it's wonderful, I'm so thrilled. 09:44:59 But that also has created some difficulties in 09:45:04 terms of 180 units of PSH will 09:45:09 actually be opening and within a 09:45:12 six-week time frame. This is more compressed than we have 09:45:16 ever seen. And that is stressing out the referral 09:45:20 system as well. That time will come in 09:45:25 October, when -- let me make sure I got the names right -- 09:45:29 the West Wing will open, the Evans Place 09:45:33 South Project will open, and the [indiscernible] will open. 09:45:39 So in total that's 180PSH units. 09:45:42 Fantastic, but it's creating some issues as well. 09:45:49 >> TANYA WOLFERSPERGER: I just -- the [indiscernible], is a 09:45:53 metro bond project. >> JILL CHEN: But it's also 09:45:56 [indiscernible]. I just wanted to make sure that 09:46:01 everyone is aware of -- these are the risks and issues that we 09:46:06 are working with our partners in trying to make sure 09:46:10 we can resolve it. But I wanted to make sure 09:46:14 we set the stage before we go into specific 09:46:17 updates. Do you want to pull up the dashboard? 09:46:21 I can go through the dashboard first. 09:46:28 What we have here is the project bond 09:46:33 update report. And you'll see 09:46:37 that most of this is -- 09:46:41 it's in the construction. Most of our projects are in 09:46:45 construction. And -- but the good news is we're 09:46:49 opening more and more projects, so that 09:46:53 you'll see that the green and the sort of darker blue 09:46:58 will shift and the light 09:47:02 blue will flip. For those of you who may have the big 09:47:06 -- have the big sheet of paper that has 09:47:11 the project progress dashboard, you'll see that in 09:47:16 the notes there's a number of highlighted notes, 09:47:21 so on our projects in 09:47:26 predevelopment, Alder Nine and Francis + Clare Place both have 09:47:30 gaps. Alder has a bigger gap, as I 09:47:34 mentioned, in the report, it's a funding gap of 5.7 million. 09:47:39 So we are working with them to go and 09:47:45 apply for funding through market cost offset funds, we're working 09:47:49 with them to apply for clean energy fund, 09:47:52 Portland Clean Energy funds and requesting additional support. 09:47:56 So we're all in the process of working through 09:48:04 that. 09:48:09 We're working also trying to figure out Barbur Apartments. 09:48:14 It had a $9 million gap in which 09:48:18 they apply to [indiscernible], and they 09:48:22 were notified just this week that they did not receive 09:48:26 the funds. So we're going to be speaking with 09:48:30 them about what are some -- their thoughts as well as ours. 09:48:34 So I think those are the three projects that 09:48:37 are at greatest risk because they're in predevelopment. 09:48:41 A number of other items, I did want to highlight, 09:48:45 we have a grant opening 09:48:51 at Cathedral Village on September 20th, and 09:48:53 I want to invite all the bond ore sight committee members, there will be 09:48:57 a big celebration between of 2:30-4:30. 09:49:04 Some other notes, some of 09:49:08 our projects that are in construction actually received additional 09:49:10 funding. So that's great news. 09:49:16 The Joyce received some additional, over 09:49:20 a half million dollars, 09:49:25 and the [indiscernible], their appeal 09:49:29 to the National Park Services for the tax credits were 09:49:32 accepted. So they got historic tax credits, and 09:49:36 that's great news, it will help them 09:49:40 do the stuff and potentially for us to have some of our bonds 09:49:44 back, returned back. So fingers crossed. 09:49:51 Let's see. I think you all have seen this 09:49:55 slide before about the wonderful work that our partners have 09:50:00 done. And the fact that 09:50:05 we are -- all I can say is it's great to see we have achieved so 09:50:07 much more than what the citizens asked us for. 09:50:14 Next slide. 09:50:17 Great. In looking forward, we have a number 09:50:22 of openings, can and in 09:50:27 total throughout the city it's 09:50:32 587 units. The first one that has already opened 09:50:36 is Crescent Court that opened in May. And 09:50:40 that's 138 units. Hayu 09:50:48 Tilixam and Cathedral 09:50:52 Village, One Is -- and cathedral village 09:50:57 is 110. And Then There Is 09:51:01 a -- I -- the Emmons Place 09:51:07 building, 48 units, 09:51:11 and Starlight, with 100 units, of which 70 is 09:51:13 PSH. That's in October. 09:51:18 And the last one in December is Las 09:51:24 Adelitas with 141. So these are 09:51:26 some of the individuals. Next slide, please. 09:51:34 The rest of the buildings will be 09:51:38 opening in '23-24, that's 09:51:43 Aurora in February, with 93 units. 09:51:48 The Joyce is 66 units in April. 09:51:53 In May we have two, which 09:51:59 is ennews Place north building and 09:52:02 Anna Mann. 09:52:07 And then 3000 Powell, a month from December, and 09:52:11 they'll now open in January 2024, that's 09:52:15 206. So without further ado, I hand it over 09:52:20 to my colleague Angel. Oh, do you 09:52:26 want to [indiscernible]? >> We're running a little behind 09:52:28 schedule, I'll leave it up to you, Dr. Holt. 09:52:31 >> STEVEN HOLT: I was just going to say it would be great to open it up to any 09:52:35 questions or comments from the oversight committee. 09:52:40 I understand we're time challenged, but any 09:52:44 questions or comments, Annelies? >> ANNELIES KOEHLER: No, none for 09:52:47 me. This has been a really great overview 09:52:50 of understanding the exciting opportunities in front of us as well 09:52:52 as the current challenges. >> STEVEN HOLT: Thank you very much. 09:52:57 Allan. >> ALLAN LAZO: Thanks, Dr. Holt. 09:53:02 I just have a quick question about, I hope it's quick, 09:53:06 about the -- I really appreciate this sense around talking about issues 09:53:10 and risks. You talk about predevelopment phase of 09:53:13 all these projects, the total is about 1.2 billion. 09:53:17 We've got a smaller percentage of that that is at risk for the actual 09:53:20 bond, right? So we often talk about the projects in 09:53:25 their totality, but the exposure of the bond itself is significantly smaller 09:53:29 than that. So what -- it's just the three 09:53:33 projects in predevelopment, then, and the two that have a funding gap 09:53:37 have some potential exposure there. Is that -- am I cashingizing 09:53:39 that -- characterizing that right? >> JILL CHEN: Yes. 09:53:44 I should clarify, the 1.2 billion, over 09:53:48 half of a billion is in construction. 09:53:52 So that risk is mitigated. In 09:53:56 terms of construction risk or cost increase risk. 09:54:00 It's the predevelopment that PHB sees, and it's 09:54:05 really in the predevelopment of 09:54:10 the three Alder Nine, Francis + Clare, and Barbur 09:54:14 Apartments that are at risk. 09:54:19 >> ALLAN LAZO: Thank you. That looks like it's about 150 million 09:54:23 in total project costs across that predevelopment phase, of which the 09:54:28 bond funds we have invested there are 09:54:32 about 450,000? >> JILL CHEN: No. 09:54:36 Our total investments in the 09:54:39 bonds -- >> ALLAN LAZO: In predevelopment. 09:54:43 >> JILL CHEN: Oh, predevelopment, yes. It's not much because we've only 09:54:49 provided -- it's right now about 2 million, because we provided 09:54:53 $1 million predevelopment loan to Alder Nine and I believe we're working 09:54:58 on a Francis + Clare predevelopment loan. 09:55:04 We have not granted one to Barbur Apartments because the gap 09:55:06 is so large. And we're waiting for the 09:55:08 [indiscernible] position. >> ALLAN LAZO: Thank you. 09:55:12 >> STEVEN HOLT: Susan. Comments, question? 09:55:14 >> SUSAN EMMONS: Yeah. Very exciting report. 09:55:19 My question, or just statement about the 180PSH units opening in 09:55:23 such a short time frame. My understanding from 09:55:27 the organizations that are working on these is that they staffed up 09:55:30 and they're prescreening people in preparation. 09:55:35 It's still a big lift, but I think there's a lot of planning going 09:55:39 on, and as it's spread across organizations, to 09:55:42 make sure that they have people screened and ready. 09:55:47 >> JILL CHEN: I think they're having people screened, ready, and 09:55:51 also working with Home Forward to make sure the 09:55:55 Section 8s are available and they have gone through that, and we see 09:55:59 [indiscernible]. We've been working, Jennifer, myself, 09:56:03 the joint office team and the Home Forward team has been 09:56:07 having monthly meetings on this. 09:56:11 >> STEVEN HOLT: Any follow-up, Susan? >> SUSAN EMMONS: No. 09:56:13 I think that's right. Sounds great. 09:56:15 >> STEVEN HOLT: Excellent. Thanks, Jill. 09:56:20 We will will go on to Angel. >> ANGEL LANDRON-GONZALEZ: Good 09:56:22 morning, everyone. Can you hear me okay? 09:56:24 >> STEVEN HOLT: We can. >> ANGEL LANDRON-GONZALEZ:Aweso me. 09:56:28 My name is Angel, 09:56:32 the finance and accounting manager for the Portland Housing Bureau. 09:56:35 My pronouns are he/him, and I'm Latino. 09:56:40 So let's go over the expenditure report highlights be as 09:56:45 of June 30th of 2022. 09:56:52 So the suspended versus committed amounts have continued increasing 09:56:56 on ongoing constructions. Compared with the previous 09:57:00 report, the projects creates by 09:57:05 26.7 million, equivalent to 09:57:09 10.16%. And the commitments have increased by 09:57:14 30 million, equal to 11.45%. 09:57:18 The reserve remains at 09:57:24 167,000, and the net interest and credits at 09:57:29 2.28 million. 2.28 million. 09:57:32 Our plan to be used for future projects. 09:57:41 After that I can get it back to Dr. Holt. 09:57:46 >> STEVEN HOLT: Thanks, Angel. I'm going to go, as I just did, 09:57:48 through the committee and ask if there are any questions or comments. 09:57:51 Susan, beginning with you. >> SUSAN EMMONS: I don't have any 09:57:52 questions. >> STEVEN HOLT: Thank you. 09:57:57 Annelies? Right as you take a drink, right? 09:57:58 >> ANNELIES KOEHLER: I don't have any questions either. 09:58:00 This was pretty clear. Thank you. 09:58:05 >> STEVEN HOLT: Sp Allan? >> ALLAN LAZO: I don't have any 09:58:07 questions at this point either, thanks, Dr. Holt. 09:58:09 >> STEVEN HOLT: Thank you. Excellent. 09:58:12 We will keep moving forward with our next section. 09:58:17 Project team presentations. 09:58:20 Slight, Central City Concern, and Francis + Clare Place. 09:58:23 Let me say this, I know Tanya you're going to run us through it. 09:58:27 We have roughly gone over about eight minutes. 09:58:32 I'm not asking people to rush, but be 09:58:34 concise, please, in your commentary. Thank you. 09:58:37 >> TANYA WOLFERSPERGER: Thank you, Dr. Holt. 09:58:42 Hi, I'm Tanya, with PHB, she/her pronouns. 09:58:46 I just want to start us out and introduce our project 09:58:48 teams. We've invited two teams to come and 09:58:52 present to us today. Two projects that are at different 09:58:58 faiths, one is the Starlight project, which is about to 09:59:02 open in a few months, and then you'll hear from the team 09:59:06 for Francis + Clare Place, which is in predevelopment, one of our three that 09:59:11 received an award most recently. So a little bit different templates 09:59:15 and formats for these presentations, but really excited that these two 09:59:19 teams are able to join us today and give us some updates on what's 09:59:23 going on with these projects. So I will hand it over 09:59:27 first to the team for the Starlight project, I think we 09:59:32 have Brandon and Mary joining us. I will guide your slides 09:59:36 at your command. 09:59:39 >> BRANDON: Good morning, thanks for having us this morning. 09:59:42 I'm the development project manager with Central City Concern. 09:59:46 And I'm joined by my 09:59:49 colleague, I'll let her introduce herself. 09:59:53 >> MARY-RAIN: Thank you for having us, we're excited to provide this 09:59:58 update regarding the Starlight. 10:00:02 I'm senior -- at Central City Concern. 10:00:06 >> BRANDON: We're here to talk about the satellite, 10:00:10 formerly the West Wind, located in old town. 10:00:15 Tanya, can you go to the next slide? CCC is serving 10:00:19 as the developer and owner, and will be property manager of this property 10:00:21 as well. We have an external service 10:00:26 partnership with NARA, the Native American Rehabilitation Association, 10:00:30 CCC will also be serving as a general supportive services provider in 10:00:34 addition to providing specific services for African 10:00:38 Americans through CCC's 10:00:42 Imani Center, flip the script, and 10:00:47 KAribu Programs. We're Scheduled for an October 25Th 10:00:52 Substantial Completion. As Well 10:00:54 As Ongoing Lease-Up Activities Are Ongoing. 10:00:58 We Met with JOHS on the 27Th of July, Working 10:01:03 Through Our MOU with NARA and 10:01:08 JOHS, We Have Ongoing Hiring for Supportive Services Staff As Well As 10:01:12 building staff, and we'll begin referral screenings at the end 10:01:16 of August. We have a tentative 10:01:20 November 15th date for our formal grand opening event. 10:01:25 Next slide. 10:01:29 The building is seven stories, with 100 unions, 10:01:34 72SROs and 28 studios. Eight of the studios are what 10:01:38 we refer to as fair market units, restricted at 60% 10:01:43 AMI, but we'll be leasing them at 50% AMI, this more affordable 10:01:47 rent level is more achievable for our residents as 60% rents for 10:01:51 efficiency studios like this can often approach market 10:01:55 rent levels. 70% of the SRO units will be supported 10:02:00 by project-based so muchers through home forward, for residents with no 10:02:04 income to extremely low income where the tenant's 10:02:06 portion of the rent ised KAribu at 30% of their income. 10:02:10 Our target population is chronically homeless, as well as African American 10:02:15 and Native American and Alaskan Natives with 20 of the voucher units 10:02:19 set aside for NARA's clients, and 20 for 10:02:22 CCC's African Americans serving programs. 10:02:27 The remaining units will be nonvoucher units, rented 10:02:31 to folks with incomes under 30% AMI. 10:02:35 Our on-site amenities on this space will be a resident art 10:02:39 space, we've got ample on-site bike parking, a private 10:02:44 courtyard, a fitness room, large community kitchen, resident lounges on 10:02:48 every floor, flexible classroom space, and 24-hour 10:02:51 staffing. Through CCC. 10:02:55 You can see some of the pictures on the right of some renderings of what 10:02:59 the interior will look like. Design features on the 10:03:03 building, we're targeting an Earth Advantage Platinum, 10:03:05 Certification and We're on Track for That. 10:03:10 We upgraded during construction to a 40 kilowatt solar 10:03:15 array, we have eight ADA 10:03:21 units, and as well as taking advantage of the central commercial zoning, we 10:03:25 have no on-site auto parking, and we're right 10:03:28 along the MAX line, the green and yellow line. 10:03:33 Next slide. I'll 10:03:38 pass this off to Mary-rain. >> MARY-RAIN: Thank 10:03:42 you. Very timely as we were hearing from 10:03:46 the panel discussion earlier, committee discussion regarding this exciting 10:03:50 influx of new PSH units via the investments 10:03:54 coming to fruition. So we are very excited 10:03:59 to be partnering with the joint office, 70 of the units 10:04:02 are coordinated access direct referrals. 10:04:07 We've held civil meetings with the joint office, and our 10:04:11 service partners, and we're also in very good communication 10:04:14 with Home Forward. This project will involve many 10:04:19 partners coming together to make sure that the lease-up is smooth and 10:04:24 we are fully utilizing our six-month timeline to make 10:04:28 sure that we're getting all 70 of the PSH units filled 10:04:32 with the eligible tenants. So you see here our three strategies, 10:04:37 again, coordinated access being the primary strategy for the coordinated 10:04:40 access referral units. And then we do have the said-aside of 10:04:44 40 units for a culturally specific referrals, so those partners are 10:04:49 also working closely with joint office to make sure that their clients 10:04:53 are on the coordinated access list. And will be 10:04:57 essentially rise can to the top as we undergo this 10:05:00 lease-up process. And then we're also in conversation 10:05:05 with joint office and our partners 10:05:09 around somewhat of a pilot approach to 10:05:12 geographically specific outreach here in Old Town. 10:05:17 We have, as everyone those, continued to have a 10:05:21 concentration of chronic homelessness here in Old Town, so to the extent 10:05:26 that we can dovetail our outreach 10:05:30 efforts to find folks that fit into these other 10:05:34 categories or can be referred to the coordinated access 10:05:39 system, during initial lease-up, and ongoing, we would like 10:05:43 to take the opportunity to make a little bit of a 10:05:47 targeted outreach approach here. 10:05:52 >> BRANDON: Thanks, Mary-Rain. 10:06:01 >> MARY- RAIN: We're ready 10:06:06 for the next slide. >> BRANDON: With that T. our general 10:06:10 contractor is Walsh Construction company, and we're working with 10:06:14 architects, a women-owned business enterprise, as well as 10:06:19 GLI advisors of the third party construction manager. 10:06:23 As of the end of last month we were at about 10:06:27 71, 72% complete construction. If you go by the building, siding 10:06:30 is up and we're working down from the top on the interiors. 10:06:35 So regarding our equitable contracting goals and 10:06:41 outcomes, our hard cost contracts are 10:06:43 just exceeding the 30% goal at 31.65%. 10:06:48 And our professional services and soft costs 10:06:51 goal, we've pretty significantly succeed the at 52%. 10:06:56 With MWESB contracts. Next slide. 10:07:03 So regarding apprentice-level and 10:07:08 journey-level trades people on site, our 10:07:12 apprentice-level hours for people of color and women, pretty 10:07:17 significantly exceed the PHB goals with 10:07:23 39% POC, apprentice, and 10:07:27 then 13.5% women apprentice-level trades. 10:07:31 And then regarding journey-level hours, we've 10:07:35 pretty significantly exceeded the POC goals for 10:07:40 journey-level trades, and we're just under 10:07:44 the women journey-level trades, and we're actually just 10:07:48 an update on that element, we're going to be 10:07:53 getting a new apprentice -- a new journey-level finish carpenter on 10:07:57 site with Walsh RDF, so that should help boost that number a 10:08:01 little bit. And then also wanted to 10:08:06 highlight Julie and Xavier who are pictured here, they came 10:08:10 out of the Constructing Hope Program, 10:08:14 a nonprofit organization, a preapprentice program that helps folks 10:08:19 that are low-income coming out of incarceration, coming out of 10:08:21 homelessness and addiction get into the trades. 10:08:24 Julie and Xavier were graduates of this program. 10:08:29 Julie is now our site forewoman with Walsh 10:08:34 RDF, and Xavier is also with RDF. Both have been 10:08:36 working on the Starlight in various capacities. 10:08:40 And it's just an awesome program that was highlighted, there was a video 10:08:45 that came out, and in the presentation I sent over to Tanya, the logo is 10:08:49 linked to a great video, if you get a chance, I highly 10:08:53 recommend checking it out. Just an awesome partnership and 10:08:57 highlighting the great work that Walsh has done and what's contributing 10:09:00 to the Starlight's construction. Next slide. 10:09:06 I'll let Mary-Rain take this one as well. 10:09:11 >> MARY-RAIN: A recap of our design 10:09:16 engagement activities and I'll talk about how we 10:09:20 kept let it going to current day. During the design, we did do targeted 10:09:24 outreach and engagement with the Old Town Community Association, the 10:09:26 neighborhood and business association here in Old Town. 10:09:31 We did outreach to our tenant advisory committee here at CCC, which 10:09:35 is comprised of residents of many of our buildings throughout Portland. 10:09:41 And then maintained regular updates and engagement with 10:09:43 our neighbors surrounding the building. 10:09:47 As we've mentioned, our service partnerships include NARA and our 10:09:50 culturally specific African American serving programs here at CCC. 10:09:55 So those partners have all been engaged ongoing 10:09:59 with design, service design, and now as I 10:10:03 mentioned, engaged with the lease-up and referral strategy for the building 10:10:07 as it nears opening. In terms of what we heard that we were 10:10:12 able to pull through into the design, we heard from the neighborhood 10:10:16 that a ground-floor community commercial amenity, that could be 10:10:18 focused on access to food would be important. 10:10:22 And so we were able to carve out 10:10:27 approximately 1,000 square feet on the ground floor that we are 10:10:43 looking for a food-related tenant to come into the building and provide 10:10:43 that service more broadly to the neighborhood. 10:10:43 We heard from residents that an outdoor space and exercise space, and we have 10:10:43 provided a gym within the building would be important, as people 10:10:46 exit homelessness and continue a journey towards 10:10:49 healing. We also heard about, for the 10:10:53 single-room occupancies, I can keep going, even though the slide went 10:10:58 down. That an ability to cook, expb so small 10:11:02 kitchenettes have been added to the design, for each of the 10:11:04 single-room occupancy units in the building. 10:11:10 So in terms of just how we've kept that all flowing, again, we've 10:11:15 continued to engage throughout the process, and now as we 10:11:19 near opening, it -- we are 10:11:23 excited to be able to demonstrate how we've been able to pull those 10:11:27 themes through in terms of the amenities and the features that we 10:11:28 heard from the community would be important. 10:11:33 >> STEVEN HOLT: I hate to interrupt. We've got about three minutes left. 10:11:40 >> MARY-RAIN: Next slide, please. 10:11:54 We're ready for any questions you may have. 10:11:57 >> STEVEN HOLT: I will take the committee through the process of 10:12:01 identifying the name and giving you an opportunity to -- Annelies. 10:12:02 >> ANNELIES KOEHLER: Yes, thank you Dr. Holt. 10:12:07 I'm actually curious if you guys can speak a little bit more 10:12:11 to the geographic location, like wanting to surf people 10:12:15 directly in Old Town. I haven't seen that strategy that 10:12:19 often, so just speaking to why you decided on that and how it 10:12:24 interact with the other strategies. I think it was three slides ago or 10:12:28 something. >> 10:12:32 MARY-RAIN: I'm happy to speak to that more. 10:12:37 Really the concept was brought to us by the joint 10:12:41 office, and they asked if we would be willing to sort of, again, sort of 10:12:45 pilot, we're not necessarily officially making this eligibility 10:12:49 criteria, but to the extent that we as CCC can utilize 10:12:53 our outreach team, and through our partners, think about 10:12:58 a strategy where we can do outreach for people 10:13:01 living in homelessness here in old town, and point them to, hey, here's 10:13:03 how you get on the coordinated access list. 10:13:07 And really not just about the Starlight opening, but in 10:13:12 general, I think this is an important opportunity to do 10:13:16 a little bit more targeted outreach so that we're letting 10:13:18 people know. Housing opportunity is available to 10:13:24 you, if you follow these steps and get yourself on the coordinated access 10:13:28 list. Again, not really an official 10:13:32 criteria, but something that we're wanting to pilot and see if we can 10:13:34 make some impact through the project opening. 10:13:40 >> STEVEN HOLT: Thank you, Annelies. Allan. 10:13:43 >> ALLAN LAZO: Thank you, Dr. Holt. I don't have any questions, but just a 10:13:46 quick comment on -- and thanks for the presentation. 10:13:50 I think that, particularly the community engagement update slide 10:13:55 highlights connecting the target populations, the priority populations 10:13:58 for the bond and the outcomes you're seeing, so thank you for the work you 10:14:02 all are doing. >> STEVEN HOLT: Thanks, Allan. 10:14:03 Susan. >> SUSAN EMMONS: Yeah. 10:14:08 Great presentation, exciting project. I had a 10:14:10 question about how you're heating and cooling the system. 10:14:15 I know another building is putting in a heat pump, which means the 10:14:16 smaller units will have air conditioning. 10:14:21 I was thrilled to hear that and I wondered if you're doing anything like 10:14:26 that at the Starlight. >> BRANDON: Design was mostly through 10:14:31 permitting when the 2021 heat wave came 10:14:33 through. And the wild smoke as well in 2020. 10:14:39 So what we ended up doing to accommodate the new 10:14:43 PHB requirements for cooling was we beefed up the 10:14:47 in-unit electrical capacity, as well as we're going to be investing in 10:14:52 portable AC units, because only -- common area 10:14:57 cooling and temperate air in the units was kind of where we 10:15:01 landed at the -- at permitting, and to go in and add a full 10:15:05 system would have been not 10:15:08 feasible, given where we were in predevelopment and starting 10:15:12 construction. And so we're going to be giving 10:15:17 portable AC units and window ports 10:15:21 for the window set-ups that we have. So that's how we're handling 10:15:24 it. But as you mentioned, we're doing a 10:15:29 centralized heat pump system in one of our current under 10:15:33 predevelopment projects, so on that's probably -- 10:15:39 that's probably a path we're going to be going with min up splits in other 10:15:43 units as well. 10:15:48 >> STEVEN HOLT: Thank you very much, Central City, appreciate the 10:15:50 presentation. Very well done within our time frame, 10:15:52 I appreciate it. Thanks for being concise. 10:15:56 I will now move it to the next presenters with the same instruction. 10:16:01 You've got about 10 to 12 minutes to 10:16:02 present so we can give room for questions. 10:16:08 Francis + Clare. 10:16:15 >> MAC: Good morning, everyone. My name is Mac Cunningham, and 10:16:19 I am a member of Catholic Charities Community Development 10:16:24 and Housing Team and I'm here with Travis 10:16:27 and Jill from Edlen & Co. We're happy to present an update on 10:16:30 one of our developments, Francis + Clare Place. 10:16:34 First for those of you who are unfamiliar with Catholic Charities, 10:16:37 we provide a wide array of services for our clients. 10:16:42 The including but not limited to migration services, financial 10:16:47 empowerment and planning, behavioral health, 10:16:51 and intercultural counseling. As well as housing and homelessness 10:16:54 services, which we'll focus on a little bit today. 10:17:02 We operate all over the state, currently we have over 10:17:06 400 units of affordable housing throughout the City of Portland, 10:17:10 with more in development, both in the City of Portland and throughout the 10:17:14 metro area and state. Francis + Clare Place, 10:17:18 though, which we're here to talk about today, will be located at southeast 10:17:22 11th and Stark on the St. Francis of 10:17:27 Assissi campus in the Buckman neighborhood. 10:17:31 It will be adjacent to the Francis Park 10:17:33 apartments, which is also a Catholic Charities property. 10:17:40 Francis + Clare Place will feature 61 units with wrap-around 10:17:44 services. Restricted to those who are earning 10:17:48 30% of area median income or lower. The unit mix will 10:17:52 primarily be studios with seven one-bedroom apartments. 10:17:56 All will have rental assistance to ensure that no resident pays more than 10:18:00 30% of their income in rent, to ensure that rents are 10:18:04 affordable. At this time we anticipate 10:18:08 housing between 61-68 residents, and we'll refine this number as we 10:18:12 get closer to lease-up. Services will be provided 10:18:17 by Catholic Charities as well as the Native American Rehabilitation 10:18:21 Association, otherwise known as NARA. We will have staff on site 10:18:26 24/7, and provide residents with case managers and peer support 10:18:31 specialists in addition to errant services that Catholic Charities 10:18:34 offers at all of our properties. If residents need services which are 10:18:39 not provided by Catholic Charities or NARA, those will be made via referrals 10:18:41 and will support residents in accessing those services. 10:18:48 Throughout the development of this project, and as we prepare for 10:18:52 lease-up down the road, we will have -- we have had and will continue to 10:18:56 focus our outreach to communities who are overrepresented and in the 10:19:00 homeless and houseless population in the areas surround can Francis + Clare 10:19:05 Place, which according to recent point in time counts, include 10:19:09 those who identify as Native American or Indigenous, and 10:19:12 Black or African American. Next, please. 10:19:18 Before I dive into the project machining, I'd like to point out a 10:19:22 proposed site plan. At the bottom right corner of the 10:19:26 slide showing where Francis + Clare Place will sit in 10:19:32 relation to Francis + Clare Commons and the existing St. Francis 10:19:36 church which will remain on site. With a total project cost of 10:19:41 just over $24.5 million, financing for Francis + Clare 10:19:42 Place is provided by the following sources. 10:19:47 About 8.4 million in Portland housing bond funding. 10:19:53 Over $tin.7 million in low-income housing tax credit 10:19:56 equity. Nearly 3 million via permanent loan. 10:20:02 And 2 hundred 75,000 in grants, please forgive the 10:20:06 rounding error. Other sources not pictured include 10:20:11 SDC waivers, deferred and recruited developer fee, 10:20:15 and construction loan. As you can see on the slide, currently 10:20:19 have a gap of roughly 152,000 dollars. 10:20:23 Which we are working to address via a variety of strategies, 10:20:27 which include getting more grant funding, our estimate 10:20:32 above $275,000 is based on a very conservative estimate of what 10:20:36 we could be awarded via metro's TOD programs 10:20:37 and Oregon's multifamily energy program. 10:20:42 We're also working to see if we can increase our 10:20:46 pricing, we're in preliminary discussions with an investor to get a 10:20:50 letter of intent which would increase our tax credit pricing by 10:20:56 roughly 1½ cents. We're also looking at applying for 10:21:00 Portland Clean Energy funding. In preparation for that, we're 10:21:03 engaging the a solar consultant to review the feasibility of adding solar 10:21:08 to the project scope, in addition to other design choices which could 10:21:09 increase the sustainability of the building. 10:21:15 Overall, though, funding will -- via the Portland housing bond 10:21:18 is being leveraged roughly three times to support this development. 10:21:23 Next slide, please. Currently we are in 10:21:28 predevelopment. And reaching about 50% design 10:21:32 development point. And that is set to be issued in the 10:21:36 coming days. We are super fortunate as well, 10:21:40 though, to have a super strong team for this development, which is being 10:21:44 designed by our architect, Holst, it will be built by our 10:21:49 general contractor, O'Neill/Walsh Community 10:21:53 Builders, who is also the general contractor for the adjacent 10:21:56 apartments. Development and support is being 10:22:00 provided by Edlen & Co., with wrap-around services by Catholic 10:22:04 Charities and NARA. Who is also assisted with our 10:22:07 engagement. Last but not least, we're also 10:22:12 partnering with AfroVillage who will be a referral partner. 10:22:17 Leading up to this presentation we have already had our early 10:22:21 assistance, and design advice request meetings with the City of Portland. 10:22:26 And in the coming months we'll be submitting for a land use and 10:22:30 design review application in September, submitting for building 10:22:34 permits in November, O'Neill/Walsh will begin 10:22:38 requesting bids starting next March, with a financial closing and start of 10:22:42 construction in June 2023. We're estimating roughly 12 months 10:22:45 for construction. From here, I'm going to pass things on 10:22:48 over to Travis. And next slide. 10:22:52 >> TRAVIS: Thanks, Mac. So just a 10:22:56 couple notes that I wanted to offer up to you for changes that 10:23:00 you may notice from prior versions of this project 10:23:05 that were presented in our application and that you may have seen at 10:23:07 previous stages. So a couple things here. 10:23:12 The design of the property, we actually flipped the building to face 10:23:17 southeast 11th. Whereas prior versions had Joan 10:23:20 facing Southeast 12Th. This was done to respond to some of 10:23:25 the priorities of the parish to retain their existing 10:23:29 facilities there and how we could best accomplish 10:23:32 that. The outdoor courtyard that we had 10:23:37 shown on the prior site plan actually will be 10:23:40 encompassed where the parish is existing parking is, that was a high 10:23:44 priority for them to retain since we're in the central city 10:23:48 district. No new surface parking is allowed, and 10:23:52 so we wanted to presurf what they already had for their parish members. 10:23:57 But knowing that that is not strongly utilized 10:24:01 most of the week, that which is currently 10:24:06 largely pervious paving there will potentially remain available for green 10:24:09 space when it's not needed for other uses. 10:24:14 As well there's green space at our existing 10:24:18 St. Francis Park Apartments next door, and in the Francis + Clare 10:24:23 Commons that will be available and we look forward to them 10:24:27 utilizing more. And then just related 10:24:32 to fitting everything in the building and on the 10:24:36 site, we did a little swap in reducing the 10:24:40 one-bedroom units by three, and increasing the number of studio units 10:24:42 by three. So it's the same number of units that 10:24:47 we proposed in our initial application, but just a slight switch in terms 10:24:51 of the type of units. 10:24:54 We can move on to the next slide. So a couple things. 10:24:59 You heard Mac talk about our general contractor 10:25:03 O'Neill/Walsh Community Builders, really excited to have them work with 10:25:07 us on this project. We really selected them based on their 10:25:11 alignment with our goals as well as their performance and 10:25:17 commitment on the St. Francis Park 10:25:21 Apartments. Currently we're tracking over 90% of 10:25:25 -- for COBID certified firms, thanks 10:25:30 to our partners at Holst for embracing our 10:25:34 commitment there, and leaning into that very 10:25:37 strongly as well as the other professional services that we've 10:25:40 contracted on the owner side. So pretty excited about those numbers 10:25:45 and the opportunity there. Those are largely minority and 10:25:46 women-owned firms, just for the record. 10:25:51 And I would also just note in terms of 10:25:57 O'Neill/Walsh's confidence in the ability to meet the COBID goals 10:26:01 that were in our application, 10:26:06 we continue to work with them and just appreciate A, 10:26:10 the partnership with O'Neill as a minority and 10:26:15 women-owned firm, as well as just 10:26:19 their incredible willingness to lean into 10:26:23 workforce representation, apprenticeship 10:26:27 opportunities, and not just meeting the 10:26:32 check the box goals, but looking at how we support our minority and 10:26:35 women-owned firms in that work. So excited to say we're still tracking 10:26:40 very strongly in that regard. Moving on to the next 10:26:46 slide, just want to highlight a couple of issues, challenges, and I think 10:26:50 from what you heard Mac say earlier, we're moving ahead 10:26:54 smoothly. But as we are looking to 10:26:58 create additional housing opportunities on the site there 10:27:02 adjacent to the church, took some 10:27:07 creative work in our early assistance meetings and with the City 10:27:11 of Portland to identify exactly how we could 10:27:15 create the new legal tax law that the housing would 10:27:19 sit on and actually preserve what the church needed within their 10:27:23 existing lot. You've heard this from everybody, I'm 10:27:27 sure. But increases in construction costs 10:27:30 and interest rates are definitely a challenge for everybody in spowr 10:27:33 industry right now, and we haven't been immune to that, though we certainly 10:27:37 have had a very close eye on how we mitigate those challenges and make 10:27:41 sure that those don't prevent us from moving forward smoothly. 10:27:46 And sort of related, construction costs as well, it's 10:27:50 a busy construction environment still, and both on the professional services 10:27:54 side and with subcontractors, really getting that 10:28:00 responsiveness has required a lot of extra effort on our part, and I think 10:28:04 -- and by our part I mean our entire team, not just Catholic Charities, but 10:28:08 also the Holst team, the O'Neill/Walsh team, and 10:28:12 I think we'll continue to need to put a lot of work there, and I think we'll 10:28:16 see potentially that's one of the things that has impacted construction 10:28:21 costs, it is the market is in the favor of the people doing the 10:28:25 work right now, which is both great for them, but also challenging when 10:28:30 we're trying to keep our costs under caps for the 10:28:33 project. We can move on to the next slide. 10:28:36 >> STEVEN HOLT: I hate to interrupt, we've got about two minutes. 10:28:39 >> TRAVIS: Perfect. I've got about two minutes left. 10:28:43 Thank you. Mac highlighted a little bit of this 10:28:47 in terms of the partners who are working with us for engagement on this 10:28:51 project, but really had a strong community advisory group that led a 10:28:54 visioning process. Before we had even submitted the 10:28:57 application for this project. And really wanted to be responsive to 10:29:01 the needs and challenges in the ?aibd, and also make sure that 10:29:04 this was -- in the neighborhood, and make sure it was a welcoming 10:29:07 neighborhood for a population that not all neighborhoods are particularly 10:29:10 welcoming on. And we really got a lot of alignment 10:29:15 with folks who already in the community, central eastside industrial 10:29:19 council, folks who had experienced homelessness, the 10:29:23 buckman Community Association, appreciate the folks from the joint 10:29:26 office and other agencies joined us for this. 10:29:30 And really tried to come up with a program for the 10:29:37 development that was well aligned with all of the community needs and 10:29:40 desires. And then have continued on that with 10:29:44 focus groups both in that advisory group and in that advisory 10:29:49 work and since with folks who have experienced homelessness, including in 10:29:53 the neighborhood, residents of existing Catholic Charities 10:29:58 properties, including at St. Francis qap cap park next door, and clients of 10:30:02 NARA and AfroVillage. That's been great, both in 10:30:06 terms of feedback on the design and amenities, but also how 10:30:09 we can ensure the properties are meeting those goals. 10:30:13 And just finally to close things out, noting that we plan to continue 10:30:15 that engagement as we continue to move forward. 10:30:19 >> STEVEN HOLT: Fantastic. Thank you so very much. 10:30:25 With 12 seconds left. 10:30:29 [laughter] Susan, comments, questions? 10:30:30 >> SUSAN EMMONS: Just thank you for the presentation. 10:30:35 I don't have any questions, but I look forward to seeing 10:30:39 this being developed. And tracking the 10:30:40 progress. >> STEVEN HOLT: Thank you very much. 10:30:45 Allan. >> ALLAN LAZO: Thanks for the team 10:30:49 from Catholic Charities. A comment first about, again, how 10:30:53 grateful I am to the teams that have put these together, and looking at how 10:30:57 different the processes are and the needs that you all are meeting, but 10:31:00 all working towards the same goal. And how remarkable it is in each of 10:31:03 the projects, how that shows up. So really appreciate that. 10:31:07 I did have a question, I don't know if this is for Mac or maybe Jill, 10:31:11 there must be an update on the funding gap, because I think we show a funding 10:31:15 gap in your chart, Jill, of 10:31:20 875 and then on the Catholic Charities, they show 10:31:23 150. That must have been potentially an 10:31:26 update? >> I think that is just a timing 10:31:31 issue, and also our team has not had the 10:31:37 latest numbers. 10:31:41 So I'm thrilled, but they whittled it 10:31:45 down to 150,000, that's easy. 10:31:47 [laughter] >> TRAVIS: I think -- thanks, Jill. 10:31:52 That definitely has been a factor of just the moving targets and timing of 10:31:56 getting information to who it needs to get to in 10:32:01 the time, in advance so you can get all your meeting materials 10:32:03 prepared. Jill Sherman, did you want to maybe 10:32:08 give a couple of the highlights on how we've identified reductions in that 10:32:12 gap? >> JILL SHERMAN: Hi, everybody, I'm 10:32:17 Jill Sherman with Edlen & Co. Honestly the biggest thing is 10:32:21 we were able to working with 10:32:27 PHB increase the development fee to the maximum allowed 10:32:31 by the state by OHCS, which is 18%, and then 10:32:36 contribute back the difference, which increases our eligible basis 10:32:41 for tax credits. And thereby increases the tax credits 10:32:44 to the project. So just to be clear, it shows up as 10:32:48 both a source and a use, there's no additional fee, 10:32:52 cash fee being proposed to Catholic Charities, but it does 10:32:57 directly reduce the gap. And as you, see in a not insignificant 10:33:01 way. That's probably the biggest change. 10:33:05 >> STEVEN HOLT: Thank you very much. Annelies? 10:33:08 >> ANNELIES KOEHLER: Thank you. No, I don't have any questions. 10:33:12 Just really grateful to have this presentation and all of these 10:33:14 presentations, and continue to see the progress that we're making. 10:33:21 >> STEVEN HOLT: Thank you very much. Thanks for the updates, appreciate the 10:33:24 work. Have a great rest of your Thursday. 10:33:29 We will go back to our outline, Mac, Travis, 10:33:33 Travis, good to see you. >> TRAVIS: Thank you, all, you too. 10:33:39 >> STEVEN HOLT: And now we've got an update, if you would bring up 10:33:43 that slide. 10:33:51 There we go. 10:33:57 >> I don't have any slides, but the first -- 10:33:59 >> STEVEN HOLT: That's the first I was looking for. 10:34:04 I thought it was a good way of introducing 10:34:06 Molly. I was waiting for the slide -- yeah. 10:34:11 >> MOLLY ROGERS: I first wanted to thank our presenters who joined us 10:34:15 today and shared some tremendous progress, different 10:34:20 phases at each [indiscernible], but -- equity 10:34:24 and contracting goals, the programming, services, and really 10:34:28 going a long way in terms of addressing our chronic homelessness 10:34:29 crisis. So thank you for that. 10:34:34 I wanted to also mention I was recently 10:34:38 appointed interim director, just all of last 10:34:42 week at the Portland Housing Bureau, I wanted to spend a 10:34:46 moment sharing with you how honored I 10:34:51 am that Commissioner Ryan has asked me to serve 10:34:55 in this role. It is a stewardship role as we conduct 10:34:59 a national -- as the commissioner conducts a national search for a 10:35:04 permanent director. We don't know how long that will 10:35:08 take, but we have fabulous staff here, and we have fabulous 10:35:13 partnerships with you all to 10:35:17 continue the momentum and all the programs we have put in place, not 10:35:21 just for the Portland Housing Bond, but all the 10:35:25 COBID-related work we've done, and incredible investments to keep people 10:35:26 in their homes in the last couple years. 10:35:31 I I just wanted to make sure we have a moment 10:35:35 to acknowledge Shannon Callahan, director of 10:35:40 all her -- really she was -- a lot of it was integral to 10:35:44 the creation of the Portland House Can Bond, and that really is 10:35:48 her legacy. Everything from crafting language on 10:35:55 the ballot, to creating a governance 10:35:59 structure, via this oversight committee, which has provided 10:36:02 accountability for us all these many years. 10:36:05 It been 5½ years since we have all been working together. 10:36:12 Everything from ensuring early -- some 10:36:16 early projects to annual solicitations, and really moving the 10:36:21 needle of increasing the affordable housing and rental supply in the city, 10:36:25 as well as doing any opportunities 10:36:31 to expand be affordable housing, and being more responsive 10:36:35 of permit supportive housing. We're very close to meeting our 10:36:39 city-county goal as a result of the Portland Housing Bond in addition to 10:36:44 other bond measures. It's a huge 10:36:50 lift that Director call hn had 10:36:54 be given us, but I wanted to ensure everyone our 10:36:58 incredible staff have we have honed our systems and we have a lot 10:37:02 of projects underway that we are continuing to see come 10:37:07 to fruition. The very exciting to think of us 10:37:11 of only three outstanding projects that have not reached financial 10:37:15 close, three out of 15, just as a way of looking at some of the 10:37:20 metrics there, we have 10:37:22 1490 units that are under construction or have opened. 10:37:26 That has already exceeded the original goal of 1300. 10:37:32 That doesn't include the almost 10:37:36 370 units that will also come online when those three projects 10:37:41 close. And close to 400 10:37:45 permits -- so we have exceeded those goals tremendously because of the 10:37:49 guidance we've received from you, and helping us focus and when we 10:37:54 had opportunities for 10:37:58 thinking about [indiscernible] funds and you've kept us focused 10:38:02 on geographic disbursements 10:38:06 and diversity, alignment with transportation and other amenities. 10:38:12 So we will continue this great work, I just wanted to make -- use this as 10:38:16 an opportunity for some reflection of what the 5½ years has 10:38:20 looked like for all of us, because we are well 10:38:25 on track to exceed all the goals. The three 10:38:29 projects that Jill identified, we do need to have more conversations with 10:38:33 some of our funding partners. 10:38:38 Notably be Oregon Housing and Community Services on the projects that will 10:38:42 need additional competitive funds. There is a lot 10:38:48 of partnerships, a lot of -- we're all in the same boat with 10:38:52 the state in terms of how our projects are 10:38:56 addressing construction and interest rate escalations, and they've been 10:39:00 working really closely with metro, and we want to ensure that we 10:39:04 can also figure out how our projects can benefit from the 10:39:08 additional resources that the state legislature passed. 10:39:12 So there's more to come there. We've got -- we feel comfortable 10:39:17 with how two of the three will come together, we've got more questions on 10:39:21 the final third. So we will continue to update you all 10:39:25 on that progress. Be I wanted to also mention 10:39:30 briefly, we continue to do through audit, we go through annual audits 10:39:35 with Portland Housing Bond, they're wrapping up that audit right now. 10:39:39 It feels like we're always in audits, but we will be able to provide 10:39:43 an update at our next quarterly meeting with you. 10:39:47 A sneak peek of, we think we may have three minor findings. 10:39:52 They did say to me, we always have to have findings, but these 10:39:56 are not material. But we will update 10:40:00 you all next quarter, we have an actual report to share with you. 10:40:03 And with that, I would be happy to take any questions. 10:40:09 >> STEVEN HOLT: Thank you very much. Interim director Molly Rogers. 10:40:13 Be. >> MOLLY ROGERS: What if I don't 10:40:18 update -- one final update, we have since Monday we have -- 10:40:22 now have a deputy -- our interim deputy director, which is 10:40:25 Matthew Shovel. >> STEVEN HOLT: Thank you very much. 10:40:30 I will start with Annelies. Any comments? 10:40:33 >> ANNELIES KOEHLER: No, just -- no questions, just thank you, Molly, 10:40:37 really appreciate it, and happy to 10:40:41 hear about -- congratulations to you for stepping into this role and Matt 10:40:45 as well, and we really appreciate your service in this time of transition. 10:40:49 >> MOLLY ROGERS: Thank you, Annelies. >> STEVEN HOLT: Allan. 10:40:51 >> ALLAN LAZO: I would echo what Annelies says. 10:40:56 Thank you all, Molly, for stepping into this role and 10:41:00 taking the opportunity to guide the team over 10:41:03 the next period here, and really appreciate you highlighting the 10:41:06 successes that we've seen over the last five years, and hopefully that leads 10:41:11 to the next set of successes. >> STEVEN HOLT: And Susan. 10:41:17 >> SUSAN EMMONS: Yeah, I mean, I'm delighted that Molly has 10:41:21 been appointed as interim director. It gives us a lot 10:41:23 of confidence as to how we're going to move forward. 10:41:26 It is an incredibly strong team at the bureau. 10:41:30 I also really appreciate Molly's acknowledgment of Shannon's 10:41:32 accomplishments. And how she got us here. 10:41:36 And the team she built. And some of those that she -- 10:41:40 a view she brought in. She was an exceptional leader 10:41:45 in my mind, this bureau is like a model 10:41:49 of how government should work. And I say that in other roles, I'm 10:41:53 serving in other committees, really nothing is -- I 10:41:58 think the transparency of the reporting, 10:42:02 the collaboration in the collegial effort that it's 10:42:08 been in treating us with such respect 10:42:11 as Bond Oversight Committee members, andagessing every question and it's 10:42:15 just really been a great experience. And I see that experience is going to 10:42:19 continue with this team. So I've been very proud to be part of 10:42:24 it, as I said at city council in April, it's the best committee 10:42:27 I've ever served on, and I've been doing this work for almost 40 years. 10:42:31 So I think that's saying a lot. I'm 10:42:35 really happy to hear about the leadership, it's going to continue, 10:42:38 and all of you and the work you're doing, in very challenging times. 10:42:40 I really appreciate it. Thank you. 10:42:43 >> STEVEN HOLT: Thank you, Susan. Thanks for your comments. 10:42:48 That brings us to the end of our meeting today. 10:42:53 Let me just go over a few things and say also to the new 10:42:57 team, congratulations for the work, look forward to what is in front as we 10:43:02 continue to do this work together, appreciate Shannon's 10:43:06 leadership and influence and decision making 10:43:12 to get this lift into this space. 10:43:16 Great opportunity. Our next meeting is 10:43:20 October 6th. We were off schedule due to 10:43:23 summer, and met in August as opposed to July. 10:43:26 But we will be getting back on our normal schedule. 10:43:31 So the first Thursday in October we will meet.