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[PLEDGE OF ALLEGIANCE]
VOLUNTEER WOODY SITES TO LEAD THE FLAG SALUTE? SURE.I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA, AMERICA, AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE OF LIBERTY AND JUSTICE FOR ALL.
MADAME CLERK, PLEASE READ THE FIRST ITEM,
[1. 25-56486 Recommendation to receive and file President’s Report. Suggested Action: Approve recommendation. ]
RECOMMENDATION TO RECEIVE AND FILE PRESIDENT'S REPORT.MAY I HAVE A MOTION TO HEAR THIS ITEM MOTION? SECOND.
AND SECOND, BY DIRECTOR CHAMBERS AND DIRECTOR SITES.
I WILL TURN THINGS OVER TO STAFF FOR THE PRESIDENT'S REPORT DIRECTORS.
ANY QUESTION? OH, FOR THE PRESIDENT'S REPORT? UH, GOOD EVENING.
JUST WANTED TO GIVE YOU A COUPLE UPDATES.
UM, THE CITY RECENTLY ADOPTED THE CITY BUDGET, SO WE WILL CONTINUE, UM, TO EXIST.
THERE'S NO MAJOR CHANGES THIS YEAR, UM, TO THE STAFF HERE IN COMMUNITY DEVELOPMENT.
UM, BUT WHAT WE ARE EXCITED ABOUT IS, UH, NEXT WEEK AT CITY COUNCIL WE'LL ENTER INTO AN MOU WITH, UM, THE LOS ANGELES COUNTY AFFORDABLE HOUSING SOLUTIONS AGENCY, LA CASA.
UM, SO IN THE INITIAL YEAR, WE'LL RECEIVE ABOUT $5 MILLION TOWARDS AFFORDABLE HOUSING AS WELL AS AN ADDITIONAL $5 MILLION THAT GOES MORE TOWARDS PROGRAMMING THAT WE, UH, DO COOPERATIVELY WITH THE HEALTH DEPARTMENT.
UM, SO $5 MILLION NOT GONNA FILL OUR ENTIRE GAP HERE IN THE CITY, BUT IT IS GONNA BE ADDITIONAL PROJECTS THAT WE'RE ABLE TO FINANCE AND IS ESPECIALLY GOOD NEWS AS WE SEE SOME OF OUR FEDERAL FUNDS, UM, DWINDLE OR AT LEAST BECOME UNRELIABLE.
SO WANTED TO PROVIDE, UM, THAT BRIEF UPDATE, WHICH IS POSITIVE.
UM, AND THEN AT THE END OF YOUR AGENDA, WE HAVE, UM, A NUMBER OF REPORTS JUST ABOUT, UH, COMMUNITY EVENTS AND COMMUNITY WORK THAT WE'VE BEEN DOING AROUND THE CITY.
SO WITH THAT, UH, WE'RE EXCITED TO MOVE ON WITH THE AGENDA.
CHRISTOPHER, IS THAT $5 MILLION? IS THAT A NEW SOURCE? IS THIS NEW COUNTY? YEAH, THIS IS BRAND NEW MONEY.
SO THE VOTERS APPROVED COUNTY MEASURE A, UM, WHICH PROVIDES FOR CONTINUED HOMELESS FUNDING, UM, UNDER A PREVIOUS MEASURE THAT WAS GOING TO EXPIRE, BUT ALSO CREATES A NEW FUNDING SOURCE FOR, UH, PERMANENT HOUSING.
UH, AND LONG BEACH WILL BE ONE OF THE BIGGEST, UH, RECIPIENTS OF THAT FUNDING.
AND WE'VE BEEN MEETING, UH, WEEKLY WITH THE LA CASA STAFF TO MAKE SURE WE UNDERSTAND THEIR GUIDELINES AND, UM, CAN DEPLOY THOSE DOLLARS AS QUICKLY AS POSSIBLE.
UM, MEGAN AND THE TEAM ARE WORKING ON A NOFA THAT WILL GET OUT, UM, TOWARDS THE END OF THE YEAR OR EARLY 26, UM, TO MAKE THOSE FUNDS AVAILABLE, UM, TO PROJECTS THAT CAN BEST USE THEM.
THANK YOU FOR AGGRESSIVELY PURSUING THAT.
ANY QUESTIONS ON THE PRESIDENT'S REPORT? OKAY, WE WILL NOW TAKE PUBLIC COMMENT.
ANYONE WHO WOULD LIKE TO SPEAK ON THE PRESIDENT'S REPORT, PLEASE LINE UP AT THE PODIUM AT THIS TIME.
MADAME CLERK, PLEASE CALL FOR THE VOTE.
YOU SHOULD SEE IT ON YOUR SCREENS NOW.
LET ME KNOW IF YOU DON'T SEE IT.
[2. 25-56489 Recommendation to approve the minutes for The Long Beach Community Investment Company meeting of Wednesday, June 11, 2025. Suggested Action: Approve recommendation. ]
ITEM NUMBER TWO IS A RECOMMENDATION TO APPROVE THE MINUTES FOR THE LONG BEACH COMMUNITY INVESTMENT COMPANY MEETING OF WEDNESDAY, JUNE 11TH, 2025.MAY I HAVE A MOTION FOR THIS ITEM? IT'S BEEN MOVED BY DIRECTOR EZ AND SECONDED BY DIRECTOR SIDES.
ANY QUESTIONS ON THE CLARIFICATIONS ON THE MINUTES? OKAY, WE'LL NOW TAKE PUBLIC COMMENT.
ANYONE WHO WOULD LIKE TO SPEAK ON THE MINUTES, PLEASE LINE UP AT THE PODIUM AT THIS TIME.
MADAME CLERK, PLEASE CALL FOR THE VOTE.
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MOTION IS CARRIED.[3. 25-56493 Recommendation to approve a loan in the total amount of $6,500,000 to Linc Armory, L.P. (Linc) for the development of the Armory Arts Collective located at 854 East 7th Street; Authorize President to negotiate an Affordable Housing Loan Agreement with Linc; and Authorize President to execute any and all documents necessary to implement the Loan Agreement. Suggested Action: Approve recommendation. ]
THREE IS A RECOMMENDATION TO APPROVE A LOAN IN THE AMOUNT OF 6,500,000 TO LINK ARMORY LP FOR THE DEVELOPMENT OF THE ARMORY ARTS COLLECTIVE, LOCATED AT 8 5 4 EAST SEVENTH STREET.AUTHORIZED PRESIDENT TO NEGOTIATE AN AFFORDABLE HOUSING LOAN AGREEMENT WITH LINK AND AUTHORIZE PRESIDENT TO EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO IMPLEMENT THE LOAN AGREEMENT.
MAY I HAVE A MOTION TO HEAR THIS ITEM? OKAY.
MOTION BY DIRECTOR CHAMBERS SECOND BY DIRECTOR MIJARES STAFF.
MAY WE HAVE THE PRESENTATION? SURE.
WE'RE VERY EXCITED THAT THIS PROJECT WE'VE BEEN WORKING ON GETTING IT, UM, TO FRUITION FOR SEVERAL YEARS AND EXCITED THAT, UM, A PROVEN DEVELOPER TOOK, UM, THIS PROJECT OVER AFTER A COUPLE UNSUCCESSFUL ATTEMPTS AT TAX CREDITS AND NOW HAS RECEIVED THEM AND AVA WILL BE GIVING THE STAFF REPORT.
TODAY'S ITEM IS A REQUEST FOR APPROVAL OF A LOAN TO LINK ARMORY FOR THE DEVELOPMENT OF THE ARMORY ARTS COLLECTIVE.
THE LONG BEACH ARMORY WAS BUILT BY THE CALIFORNIA ARMY NATIONAL GUARD IN 1930.
THE CITY OF LONG BEACH BECAME THE OWNER OF THE ARMORY AFTER IT WAS DECOMMISSIONED IN APRIL OF 2018.
THROUGH A COMPETITIVE REQUEST FOR PROPOSALS, THE CITY SELECTED GUNDRY PARTNERS FOR THE PURCHASE AND SUBSEQUENT DEVELOPMENT OF A FAMILY RENTAL HOUSING PROJECT IN 2021.
IN 2022, THE LONG BEACH COMMUNITY INVESTMENT COMPANY SELECTED GUNDRY FOR AN EXCLUSIVE NEGOTIATING AGREEMENT AND AWARD, AND AN AWARD OF UP TO $5 MILLION TO CONSTRUCT A 64 UNIT, 100% AFFORDABLE HOUSING PROJECT.
AFTER SEVERAL UNSUCCESSFUL APPLICATIONS FOR AN AWARD OF TAX CREDITS, THE DEVELOPER TEAM WAS REORGANIZED.
LINK ARMORY ASSUMED THE PURCHASE AGREEMENT WITH THE CITY AND THE ENA WITH GUNDRY EXPIRED.
FAST FORWARDING TO 2025 IN JANUARY OF 2025, A LIMITED NOTICE OF FUNDING AVAILABILITY WAS ONLY RELEASED TO DEVELOPERS OF PROJECTS THAT HAD PREVIOUSLY BEEN SELECTED FOR AN AWARD BY THE L-B-C-I-C, BUT WERE NOT YET FULLY FINANCED.
LINK'S PROPOSAL FOR ADDITIONAL FUNDING FOR THE ARMORY WAS ONE OF TWO PROPOSALS SELECTED BY STAFF TO BE AWARDED ADDITIONAL FUNDS TO INCREASE THEIR COMPETITIVENESS FOR TAX FINANCING.
SOME PROJECT UPDATES WITH A 2025 INCREASE IN L-B-C-S-C FUNDS FROM 5 MILLION TO 6.5 MILLION LINKS TAX CREDIT APPLICATION WAS SUCCESSFUL.
A FINANCIAL GAP ANALYSIS PREPARED BY KAISER MARSTON ASSOCIATES DETERMINED THAT A $6.5 MILLION LOAN FROM THE L-B-C-I-C IS WARRANTED TO FILL THE FINANCIAL GAP NEEDED FOR THE PROJECT TO BEGIN CONSTRUCTION.
THE ARMORY PROJECT ORIGINALLY RECEIVED ENTITLEMENTS IN JUNE OF 2021 AND HAS SINCE RECEIVED TWO EXTENSIONS.
ENTITLEMENTS ARE CURRENTLY VALID THROUGH THE END OF 2026.
THE PROJECT WILL PROVIDE 63 AFFORDABLE UNITS RESERVED FOR SENIORS 55 AND UP 56 1 BEDROOM UNITS AND EIGHT TWO BEDROOM UNITS.
THE 63 AFFORDABLE UNITS WILL BE RESTRICTED TO SENIORS EARNING BETWEEN 30% AND 70% OF THE AREA MEDIAN INCOME AND WILL HAVE ONE UNRESTRICTED MANAGERS UNIT.
THE SITE MAP SHOWS THE PROJECT SITE, UH, DIRECTLY WEST OF GUM PARK, ADAPTIVE REUSE OF AN HISTORICALLY SIGNIFICANT SITE.
THE LONG BEACH ARMORY WAS AN ESSENTIAL PIECE OF LOCAL MILITARY HISTORY BUILT BETWEEN WORLD WARS.
THE ARMORY ARTS COLLECTIVE WILL CONSIST OF ADAPTIVE REUSE AND RESTORATION OF THE EXISTING ARMORY BUILDING AND THE CONSTRUCTION OF A NEW FIVE STORY TOWER.
THE OLD DRILL HALL WILL BE REPAIRED AND MADE AVAILABLE FOR COMMUNITY EVENTS AND PERFORMING ARTS PROGRAMS DUE TO THE ARMORY'S ASSOCIATION WITH WORLD WAR II AND ITS ART DECO STYLE OF ARCHITECTURE.
IT IS ELIGIBLE FOR LISTING IN THE NATIONAL REGISTRY OF HISTORIC PLACES.
AMENITIES INCLUDE A COMMUNITY ROOM, FITNESS CENTER, ART ROOM, AND A MUSIC ROOM.
AND HERE'S A CURRENT RENDERING OF THE ARMORY ARTS COLLECTIVE, AS SEEN FROM THE INTERSECTION OF SEVENTH STREET AND MARTIN LUTHER KING JR.
FACING SOUTH, MORE LIKE SOUTHWEST.
REALLY, THE UM, FRONT TOWER FRONT STRUCTURE IS THE ORIGINAL ARMORY CURRENTLY EXISTING, AND THE FIRE STORY TOWER BEHIND IT WILL BE THE NEW CONSTRUCTION.
THE STRUCTURE OF THE L-B-C-I-C LOAN, IF APPROVED, WILL BE $3.7 MILLION TO BE DISPERSED AT CONSTRUCTION CLOSE.
WITH A BALANCE DISPERSED DURING CONSTRUCTION INTEREST WILL ACCRUE AT 3% PER YEAR.
THE TERM OF THE LOAN WILL BE 55 YEARS FROM THE DATE OF COMPLETION, AND THE LOAN WILL BE REPAID FROM L BBC'S PRO RATA SHARE OF 50% OF THE PROJECT'S ANNUAL RESIDUAL RECEIPTS PAYMENTS.
THE RECOMMENDATIONS TODAY ARE TO APPROVE A TOTAL LOAN OF 6.5 MILLION TO LINK ARMORY FOR THE
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DEVELOPMENT OF THE ARMY ARTS COLLECTIVE.AUTHORIZE THE PRESIDENT TO NEGOTIATE AN AFFORDABLE HOUSING LOAN AGREEMENT WITH LINK AND AUTHORIZE THE PRESIDENT TO EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO IMPLEMENT THE LOAN AGREEMENT.
THIS CONCLUDES THE PRESENTATION.
I'M HAPPY TO ANSWER ANY QUESTIONS, BUT, UH, FIRST WE DO HAVE A REPRESENTATIVE FROM LINK IN THE AUDIENCE.
FRANCIS SARTO, WOULD YOU LIKE TO SPEAK TO THE BOARD? NO.
OH, THIS BUTTON IT SHOULD BE ON NOW.
HI EVERYONE, MY NAME IS FRANCIS ARMO.
I'M A REPRESENTATIVE OF THE DEVELOPER LINK HOUSING CORPORATION.
WE'RE REALLY EXCITED FOR THE ARMY ARTS COLLECTIVE PROJECT AND, UM, WE'RE LOOKING FORWARD TO ANOTHER SUCCESSFUL PARTNERSHIP WITH THE CITY.
WE'RE REALLY GRATEFUL FOR THE CITY'S CONTINUED SUPPORT AND THANK YOU.
JUST WANNA THANK YOU FOR YOUR, YOUR CONSIDERATION AND REVIEW OF THIS REQUEST.
ANY QUESTIONS ON THE PRESENTATION? THE SCHEDULE THAT'S PROVIDED IS YOU PLAN TO OPEN IN 28.
WHO ARE WE ASKING THIS TO? MICHELLE? UH, YES.
I BELIEVE IT'LL BE NOVEMBER OF 28TH.
SO COM UH, DIRECTOR CHAMBERS, THE PROJECT'S IN PLAN CHECK, AND WE HAVE A INTERNAL DEADLINE TO ISSUE THAT PERMIT BY DECEMBER 31.
IN YOUR REPORT, UM, I HEARD THAT OUT OF THE LIMITED NOFA THAT UH, THE CITY APPROVED TWO APPLICATIONS, WHAT WAS THE OTHER APPLICATION? HAVE WE ALREADY, THE OTHER ONE DEALT WITH THAT IT'LL COME BACK TO THE BOARD EITHER NEXT MONTH OR NOVEMBER.
I HAVE TO SAY, I'M SUPER EXCITED ABOUT THIS PROJECT.
I CANNOT WAIT TO SEE THE COMMUNITY COMING TOGETHER, ESPECIALLY IN THAT AREA WHERE YOU HAVE THE OTHER TWO MUSEUMS AND KNOWING THAT THERE'S ANOTHER EVENT SPACE TO, TO CONTINUE TO BRING COMMUNITY TOGETHER.
SO YEAH, I ECHO THE, THE EXCITEMENT.
THIS IS GONNA BE A GREAT ASSET.
THE ADAPTIVE REUSE IS AN EXCELLENT USE OF, UM, RESOURCES AND FUNDING TO MAKE A REALLY COOL PROJECT, SO THANK YOU FOR BRINGING THAT FORWARD.
OKAY, WE'LL JUST, UH, ONE QUICK QUESTION.
UM, I'M NOT FAMILIAR WITH LINK, SO JUST IT'S MY NAIVETY, I GUESS.
AND SO YOU, SHE MENTIONED, YOU KNOW, WORKING TOGETHER AGAIN IN THE PAST.
IS THAT SOMETHING THAT THE DEVELOPER WE'VE WORKED WITH? YEAH, I THINK LINK IS, UH, ONE OF OUR TRUSTED PARTNERS, UM, HERE IN THE CITY AND WE'VE DONE, UH, MANY PROJECTS, UH, WITH THEM.
SO I'M GONNA LET MEGAN GO INTO A LITTLE MORE DETAIL.
I BELIEVE THIS IS OUR FOURTH PROJECT WITH LINK HOUSING.
THE FIRST WAS PALACE, WHICH IS FOR EMANCIPATED, UH, YOUTH COMING OUT OF FOSTER CARE.
UM, THEY HAVE BEEN RUNNING THAT FOR 20 YEARS, AT LEAST 15 YEARS.
AND THEN WE HAVE THIS SPARK AT MIDTOWN AT 1900 LONG BEACH BOULEVARD, WHICH IS ONE OF OUR SHOWCASE PROJECTS EVERY TIME SOMEONE WANTS TO TOUR ABOUT SUCCESSFUL PARTNERSHIPS AND, UM, SOCIAL SERVICES PROVIDED ON SITE.
WE, UM, OFFER TO, UM, TOUR THAT PROJECT.
AND THEN WE ALSO HAVE BLOOM AT MAGNOLIA.
MAGNOLIA, WHICH IS FOR FORMERLY HOMELESS, UM, POPULATION.
SO THIS, UM, WE ARE EXCITED AND EXPECT TO, UM, SUCCESSFULLY COMPLETE CONSTRUCTION IN A TIMELY WAY AND HAVE A GREAT, UH, PROGRESS ON LEASE UP AND, AND HOSTING THESE FAMILIES AFTER THAT.
AND LINK, UH, THEY DO PROJECTS ALL OVER, UH, CALIFORNIA, BUT THEY'RE HEADQUARTERED HERE IN LONG BEACH IN THE BIXBY NA AREA.
WE WILL NOW TAKE PUBLIC COMMENT.
ANYONE WHO WOULD LIKE TO SPEAK ON THIS ITEM, PLEASE LINE UP AT THE PODIUM AT THIS TIME.
SEEING NONE, DIRECTORS, IS THERE ANY FURTHER QUESTIONS? NO.
MADAM CLERK, PLEASE CALL FOR THE VOTE.
[4. 25-56494 Recommendation to receive and file Community Outreach Report. Suggested Action: Approve recommendation. ]
NUMBER FOUR IS A RECOMMENDATION TO RECEIVE AND FILE COMMUNITY OUTREACH REPORT.MAY I HAVE A MOTION TO HEAR? THIS ITEM HAS BEEN MOVED BY DIRECTOR EZ AND SECOND BY DIRECTOR CHAMBERS.
I'LL TURN THINGS OVER TO THE STAFF OR THE COMMUNITY OUTREACH REPORT
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AND DIRECTORS.I'M MARGARET MADDEN, THE NEIGHBORHOOD IMPROVEMENT OFFICER FOR HOUSING AND NEIGHBORHOOD SERVICES, AND I'M HERE TO SHARE SOME OF THE, UM, EXCITING WORK THAT OUR BUREAU HAS BEEN INVOLVED IN SINCE OUR LAST MEETING.
UH, WE HAVE, UM, COMPLETED THE GRADUATION FOR THE NEIGHBORHOOD LEADERSHIP PROGRAM CLASS OF 2025.
WE HAD 31 GRADUATES AND ONE THIRD OF THIS YEAR'S CLASS WERE, UH, WEST LONG BEACH RESIDENTS, WHICH WE'RE REALLY EXCITED ABOUT.
I COMPLETED FOUR CLASS PROJECTS ALONG THE SANTA FE CORRIDOR IN WEST LONG BEACH.
WE ALSO HOSTED A YOUTH OPPORTUNITIES WORKSHOP TO TEACH YOUNG PEOPLE AND THEIR FAMILIES ABOUT EMPLOYMENT AND TRAINING OPPORTUNITIES FOR, UM, FOR YOUNG PEOPLE AND YOUNG ADULTS AT ADMIRAL KID PARK.
AND LAST WEEKEND WE HAD A FANTASTIC EVENT, ALSO ADMIRAL KID PARK.
IT WAS THE WEST SIDE FEST WITH OVER 400 PARTICIPANTS.
UH, WE HAD OVER 60 INFORMATION BOOTHS.
WE HOSTED THREE WORKSHOPS IN THE COMMUNITY ROOM.
UH, PARTICIPANTS LEARNED ABOUT THE NONPROFIT PARTNERSHIP WORK THAT THEY'LL BE DOING WITH WEST LONG BEACH NONPROFITS.
UH, WE HAD A TENANTS RIGHTS WORKSHOP AND WE TAUGHT A SESSION ABOUT THE LOVE YOUR BLOCK PROGRAM THAT'S OFFERING $2,500 GRANTS FOR INDIVIDUALS TO COMPLETE PROJECTS IN WEST LONG BEACH FOR ENVIRONMENT AND CLEAN AIR.
UH, SOME OF THE HIGHLIGHTS OF OVER 400 ATTENDEES.
WE HAD THE BEST RAFFLE PRIZES I THINK I'VE EVER SEEN AT A CITY EVENT.
WE HAD, UH, LAB BOOBOOS AND WE HAD AIR FILTERS AND, UH, LIZ WITHERS AND HER TEAM, UH, LED THIS ENTIRE DAY AND DID A GREAT JOB.
WE'VE BEEN DOING A LOT OF WORK ON THE WEST SIDE.
ANY QUESTIONS ON THE COMMUNITY REPORT? WHAT IS A LABU BOO
THEY KIND OF LOOK LIKE EVIL RABBITS AND THEY ARE A CRAZE WITH YOUNG PEOPLE.
UM, OUR, ONE OF OUR LABU BOOS, UM, WAS WEARING A COMMUNITY DEVELOPMENT, UH, OUTFIT.
SO THEY DRESSED HIM UP AND THEY PUT 'EM ON SOCIAL MEDIA.
AND SO, UM, THEY'RE REALLY A BIG HIT WITH YOUNG PEOPLE AND THE FAKE ONES ARE CALLED FUS.
I HAD THE PLEASURE OF PARTICIPATING IN ONE OF THE, ONE OF THE EVENTS, ONE OF THE CLASS PROJECTS, AND IT WAS JUST WONDERFUL TO SEE EVERYONE COMING TOGETHER AND THE COMMUNITY OUT AND JUST HAVING THE RESOURCES AT THEIR FINGERTIPS TO IMPROVE.
AND WE'RE RECRUITING OUR GRADUATES NOW TO LOOK TO CONTINUE THEIR WORK IN WEST LONG BEACH.
AND, UH, WE'RE ISSUING THEM A CHALLENGE TO, UH, HOST NEIGHBORHOOD CLEANUP BEFORE THE END OF THE YEAR.
IS THERE ANY FURTHER QUESTIONS? ALL RIGHT.
NO, MADAME CLERK, PLEASE CALL FOR THE VOTE.
UM, JUST WANNA MAKE SURE WE GOT PUBLIC COMMENT BEFORE.
IF THERE'S ANY MEMBERS OF THE PUBLIC THAT WOULD LIKE TO PROVIDE IT ON ITEM FOUR, PLEASE LINE UP AT THE PODIUM AT THIS TIME.
THAT CONCLUDES PUBLIC COMMENT FOR ITEM FOUR.
ARE THERE ANY ANNOUNCEMENTS FROM THE DIRECTORS? OKAY, I DON'T BELIEVE I SKIPPED ANY PORTION.
DID I? UH, JUST NON AGENDA, PUBLIC COMMENT, JUST FOR THE RECORD, PUBLIC COMMENT, AT
[PUBLIC COMMENT Opportunity to address The Long Beach Community Investment Company on non-agenda items. Each speaker is limited to three minutes to make their comments unless extended by the Chair.]
THIS TIME, I, WE WILL TAKE NON AGENDA PUBLIC COMMENTS.ANYONE WHO WOULD LIKE TO SPEAK ON AN ITEM NOT LISTED ON THE AGENDA, PLEASE LINE UP THE PODIUM AT THIS TIME.
[ANNOUNCEMENTS]
ANY ANNOUNCEMENTS FROM THE DIRECTORS? NONE.[ADJOURNMENT]
OBJECTION, I DECLARE THE MEETING ADJOURNED.