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4 <br /> <br />extremely low-income residents and supportive housing (for veterans, adults with IDD, and other special <br />needs’ populations). Candace will be spearheading securement of funding, project design and entitlement <br />efforts. <br /> <br />Consultants on Development Team: Architect- Van Meter Williams & Pollack (Fred Pollack), Tax <br />Credit Attorney- Cox Castle & Nicholson (Ofer Elitzer), Financial Consultant- Devine and Gong (Candy <br />Rupp) <br /> <br /> Other Development Team Members: Nandy Kumar runs Sand Hill Construction Management firm, <br />an affiliate of Sand Hill Property Company. He brings 30 years of construction experience to the team and <br />has experience managing very large construction projects and construction firms. He provides pre- <br />construction services in the form of estimating, design, bid preparation and qualification. He selects and <br />manages the construction companies, including subcontract administration, field supervision <br />management, and critical path scheduling. <br /> <br />Peter Pau is the Principal and Co-Founder of Sand Hill Property Company and SHP Christian Foundation <br />(SHPCF). He has been in commercial real estate development for over 30 years in the Silicon Valley market. <br />Over the past three decades, the company has developed several billion dollars’ worth of real estate. Sand <br />Hill’s portfolio of stabilized investments and development projects includes retail centers, mixed-use <br />communities, office developments, housing including affordable housing, and hotels. Peter will be <br />involved from concept design to construction close out. <br /> <br />Developer’s Fiscal Capacity: Financials provided are unaudited. Corporate entities have not undergone a <br />financial audit. <br /> <br />Based on the unaudited three-year financials, the SHP Company’s net income went down in 2023 due to <br />increase in partnership expenses and marketing expenses. In 2024, they collected more management fee <br />income and a Share Redemption Income, obtained by the sale of 3001 N. 1st Street in San Jose, which <br />resulted in the company’s drastic increase of net income that year. The management fee collected was <br />33% more than what was collected in 2023 and 2022. Hence, the company was able to maintain a positive <br />cashflow through years where they had an increase in expense and especially when they collected more <br />revenue. There is no concern with their financial situation. <br /> <br />The audited financials under review are from the SHP Christian Foundation. The Foundation is a nonprofit <br />organization whose main purpose are (i) assist in the financing of the construction of senior housing <br />through contributions to other charitable tax‐exempt entities; and (ii) make direct contributions to other <br />charitable tax‐exempt entities such as churches. <br /> <br />In 2022, all net assets of the Foundation were without donor restrictions and may be used under the <br />discretion under the Foundation’s Board of Directors and management. In the same year, the Foundation <br />signed an agreement with the East Palo Alto School District to build a community center for $30MM. The <br />project is ongoing and is being paid by the Foundation. In 2023, the Foundation was invoiced $1.2MM. <br />Therefore, their revenue decreased by 32% due to an increase in expenses under repairs and maintenance <br />and support to others expenses that year. However, their net assets maintains a linear growth. The <br />Foundation has diversified investments in mutual funds supporting their revenue year after year. There <br />are no concerns with their financial situation. <br /> <br />9.A. - Page 22 of 37 <br />488