23 Jul
2024
23 Jul
'24
3:22 p.m.
hi all,
What's the status of option 4?
4. We still have a great option for funding with individual contributions
through a FDIC insured account, which allows for
individual contributors of
any size to donate for 5 years at a 1% return. And this money will be
loaned to us in order to buy the building still under the CAST ownership
and management. This money will be used alongside any funds that CAST is
able to procure.
- We can directly call this Funder to assist with transparency for any
funder, I have the information on how to reach out, PLEASE reach out to any
person(s) who are interested in helping out in this way. We also may want
to run a funding drive with this option, and reach out to any one in your
network who would be interested. I did not share the contact here, but it
may be possible to share all contact info through the list, but for now
please reach out to me or any board member for more details.
- This option of course has the ability to be totally anonymous.
5. We will also be entertaining additional proposals, Philip Bell has
submitted a proposal that ideally will be very similar to the CAST
proposal, and would be an alternative to CAST, giving ownership and
building management to CityInMotion, the funding for this is not secured
yet, and the details are forthcoming.
If you have any questions, or a desire to reach out to funders who need
more details, please reach out and I can provide details and resources for
making that happen.
While we're at it, what's the status of option 5? I'm particularly
curious about EBPREC, they have so much money they don't know what to do
with, I understand that when they came to the delegates meeting in 2022
they were told we had better options so they stopped engaging with us, and
i'm wondering if the conversations have continued. I know Dave has good
relations with them so curious if he's pursued them. (They were flush with
cash at some point, i wonder if they could even be convinced to sign a loan
for us even if they don't give us their own cash)
also wondering what the status of the may10th message is:
"
Tomorrow we plan to sign the Letter of Intent to allow CAST to buy the
building from us, and take over as our creditor (possibly as early as
noon), and we are currently sending it to Jessie Palmer to get some legal
eyes on the document. It won't be fully legally binding, either party can
back out for the next week. There won't be any other parties involved in
the purchase, if we want to bring anyone else in, this can be done at a
later date, after the final agreement has been signed and CAST begins the
fundraising stage.
We are agreeing to sell the building and allow them to set the rent,
policy, and have veto power on what organisations can be in the building.
We are putting a lot of trust in them, but I have faith that they genuinely
want to see us succeed, and eventually become owners of the building once
again. I think we are lucky to have anyone who is willing to help with our
financial issues on this short timescale.
"
I assume this didn't happen, but as autonomous noted, no updates were
posted, so wanted to check to be clear.