Six Peak IC Weekly Meeting

• The meeting focused on unresolved Reseda financing, Jaharo accounting treatment, the October annual planning session, and Tom Taggart’s consulting arrangement.
• No immediate Reseda decision was required while additional information was being gathered.
• Bob reported that he had sent John proposed Jaharo accounting treatment and requested verification and narrowing of uncertain figures.
• He planned to confirm the numbers with John Beck and Gail Bauer before circulating a concise summary.
• Chris reported that R4 was willing to quote B bonds without a safe-hold structure because it has a multi-fund.
• The B bonds would provide additional leverage and be paid current rather than participate below debt coverage.
• Kathy was awaiting approval of an extension through at least the end of February, and additional recycled bonds might be requested from the state.
• Merchants remained interested in a safe-hold structure but might not close until the following month.
• Extensions of 45–60 days were expected if an equity term sheet was signed and closing progress demonstrated.
• The financing outcome remained unresolved, with the objective of avoiding retained equity in the deal.
• The annual planning session was scheduled for October 19–21 in Palm Springs.
• The agenda was expected to include the 2027 budget, historical financials through eight or nine months of 2026 depending on the third-quarter close, the VTO, the 10-year vision, the three-year plan, and the one-year budget.
• Lodging and optional Wednesday team-building activities remained under development.
• Bob also planned to circulate a write-up and the latest agreement for Tom Taggart’s consulting arrangement.
• The proposed structure included quantitative milestones at 6, 12, 18, and 24 months, with termination for cause if performance deficiencies were not met and cured.

• ◻
  Chris Aiello Chris Aiello will delete and resend the meeting invitation.
  → To-Dos
• ◻
  Bob Kennedy Bob Kennedy will speak with John Beck and Gail Bauer to verify the Jaharo accounting figures.
  → To-Dos
• ◻
  Bob Kennedy Bob Kennedy will circulate a concise Jaharo accounting summary after confirming the numbers.
  → To-Dos
• ◻
  Chris Aiello Chris Aiello will meet with Kathy to continue pursuing the Reseda financing solution.
  → To-Dos
• ◻
  Bob Kennedy Bob Kennedy will send the annual planning activities survey and finalize the Palm Springs lodging arrangements.
  → To-Dos
• ◻
  Bob Kennedy Bob Kennedy will send the Tom Taggart agreement and summary of proposed changes to the group.
  → To-Dos
• ◻
  Steven Cooney Steven Cooney will review the Tom Taggart materials that afternoon.
  → To-Dos

None.