Hi Sudoers:
Whether it's by August 5th or August 17th or Sept 6: none of these
is a lot of time: The skinny is: Omni Commons needs about $975,000
ASAP.
There seem to be multiple efforts towards gathering this amount,
here's my simplistic understanding of them:
1) Philip Bell / People in Motion is advancing a plan to transfer
the debt to them short-term.
2) CAST is returning to its funding sources to see if they’ll
reconsider their previous rejection(s).
3) Omni Commons would be sold outright at a discounted price to a
sympathetic buyer.
If we are going to save Omni Commons we need everybody’s “A” game at
this point, we need to step up and work in concert.
How can you help?
- If you know of any individuals who are willing to loan (or,
ideally donate) Omni Commons any money, even for a short period of
time, please reach out to those people and connect them with CAST;
it doesn’t have to be for the full $975,000. (This might also help
the Philip Bell / People in Motion plan too.)
- CAST has a new "Creative Cities Fund" where they will pool smaller
amounts into a $250K+ FDIC-insured CD that will be loaned back to
Omni. Contact CAST if you or someone you know is willing to
participate in that. (See my previous email to this list for more
details.)
These documents might help:
Omni Commons Executive Summary (CAST contact information here):
https://docs.google.com/document/d/1mGHIwBaCKzBPJBugBw7qPvxTE-EYG4xgTvh7aUNRggE/edit?usp=sharing
Omni Commons Backgrounder:
https://docs.google.com/document/d/1y6qU3Us1cf9R9Kvuxvsw5m6Aw5Vy1jwqoTAL-IgT6Cs/edit?usp=sharing
Sincerely, -Peter
-------- Forwarded Message --------
Quick update:
Based on our lawyer, Jesse, foreclosure is actually on
August *17* - still a few weeks away. Legally we should be
able to repay the loan all the way up to the actual
foreclosure auction, and the very earliest that auction can be
scheduled would be September 6. So if worse comes to worst and
we lose the building, we would still have more than a month
before we need to vacate.
I guess CAST wasn't working with the correct timeline, so
they've told us they will make one final attempt at getting
the recoverable grant they were hoping to line up (essentially
a 1yr bridge loan at 0% interest). It also gives Philip Bell a
bit extra time to line up the loan he's been pursuing.
Meanwhile we've had at least two other individuals expressed
interest in purchasing the building before foreclosure as
well.
So yeah, all hope is not lost! But meanwhile I would urge
folks at Sudo to make contingency plans in case we do need to
move out in a month. Figure out how much space Sudo really
needs, how much rent you can afford, and which other
organizations you might want to team up with in case you find
a building too large for Sudo alone. CCL is already actively
looking for candidate spaces - mainly on loopnet, but there
should be deals available on CraigsList and through word of
mouth as well. Help wanted!
Patrik
As someone fairly out of the loop on what’s
going on is there something I’ve missed that can catch me
up?
Like what is the next step of Sudo?
Please
andThanks,
Bryan
Raab
7073679223
Hi
Sudoers:
Foreclosure is six days away: if you have any
questions about transitioning out of the building
you’re welcome to attend a Zoom Meeting 6PM Tonight
with Shreya from CAST. Please email me back directly
for the Zoom link ASAP, certainly before 6PM.
Sincerely, -Peter