[sudo-discuss] Omni Commons' Imminent Foreclosure

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-EYG4xgTvh7aUN… Omni Commons Backgrounder: https://docs.google.com/document/d/1y6qU3Us1cf9R9Kvuxvsw5m6Aw5Vy1jwqoTAL-Ig… Sincerely, -Peter -------- Forwarded Message -------- Subject: Re: [sudo-discuss] Re: Zoom Meeting 6PM Tonight with CAST Date: Fri, 2 Aug 2024 01:25:21 -0700 From: Patrik D'haeseleer <patrikd(a)gmail.com> To: Bryan Raab <toberaab(a)gmail.com> CC: Peter Mui <petermui(a)sonic.net>et>, sudo-discuss(a)sudoroom.org 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 On Thu, Aug 1, 2024 at 6:17 PM Bryan Raab via sudo-discuss <sudo-discuss(a)sudoroom.org> wrote: 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