15 Dec
2023
15 Dec
'23
8 a.m.
Dear Omni Commons Community,
I hope this message finds you well. In our recent delegate meeting, a
crucial decision was made that requires your immediate attention. The
upcoming delegate meeting on 12/21/23, scheduled from 7 pm to 9 pm, will be
opened to our larger community, welcoming members from various collectives
and Omni projects. This session is dedicated to discussing different
proposal options and determining our collective path forward.
As a critical reminder, our private lender has notified us that the
outstanding $876k must be repaid by the end of December 2023. Failure to
meet this balloon payment deadline will initiate a foreclosure process,
with a subsequent 90-day period before the property is sold to housing
developers.
Originally, our strategy aimed to generate revenue from events and
fundraising over consecutive months, enabling us to pursue a million-dollar
loan from self-help, with a 30-year return agreement. However, faced with a
boycott affecting our cash flow and struggling Omni operations, we must now
explore alternative options to prevent the property from entering the
speculative market.
One significant proposal on the table is the People's Program, where they
would assume operational responsibility as new owners, undertaking the debt
payment and already securing donors. Their commitment includes ensuring the
continuity of current projects and tenants at Omni.
Additionally, Sudo Room proposes the creation of an LLC to allocate funds
from individual community loans, with community members contributing $50k
each to the LLC, aimed at settling the Mulberry Trust debt.
Discussions have also emerged about approaching a land trust to potentially
become the landlord of Omni Commons.
We urge all community members to contribute their ideas and proposals to an
open Google doc, allowing us to collectively evaluate the pros and cons of
each option. In the absence of action, Omni Commons faces the risk of sale
post-foreclosure, necessitating a discussion on equity reallocation.
To facilitate an organized and productive discussion on 12/21, we will be
contracting a facilitator. Your input is vital, and we encourage everyone
to share thoughts on how we want to vote on this critical matter.
Please contribute your ideas to the Google doc before 12/21, ensuring we
have a comprehensive list to consider. Together, we can navigate this
challenge and determine the best course of action for the future of Omni
Commons.
https://docs.google.com/document/d/1wDzotx3D07brWXLkylRlSb9r_alI8fqaBFUDxki…