The Mulberry Trust gave Omni a loan some years ago to pay off the building. The loan was just meant to be a temporary thing to get Omni up and running, but not supposed to be a long term loan (like that of a bank).  From the wiki, these were the terms

Mortgage
Starting Jan 1st, 2017 we officially stopped paying rent and started paying off a mortgage loan! Our loan is for $975,000 at 5.5% interest, with a balloon payment due Jan 1st, 2021.
$5,365.61 + 5.5% ($312.28) = $5,677.89/mo"


The balloon payment ($900k) was supposed to be a way to get Omni to find some other lender in 2021 so that the trust could be off the hook. We couldn't pay it in 2021, and the lender gave 2 years of extension. We were hoping to get another extension this year too, given there was this property tax drama and the boycott, so its hard to find a lender right now, but we just got news that there will be NO extension. So unless we find the funds, a new lender, or a new owner who will lease or let us stay, we will have to leave Omni Commons.

So far, some ideas going are - find a big donor to foot the bill, get 20people or so to loan us $50k (idea copied from another hackerspace), find a partner who will let us stay, or find a land trust to own the land and let us use it.

A nonprofit called People's Programs has offered to bring in one of their donors to pay off the needed $900k, and keep us on as partners. They made a proposal to delegates about this on Thursday.

This is a doc Sarah made to summarize Omni's finances to potential new lenders or owners: https://docs.google.com/spreadsheets/d/1iGTfhoUMEpHH9Nj0NEh4KODPdiU3BZLW/edit?usp=sharing&ouid=114020505367638201004&rtpof=true&sd=true

Also attaching an Omni brochure Silver made, and I just made edits to recently that we can share around. But it could use some better info for potential lenders/donors.



On Sat, Dec 9, 2023 at 1:37 PM Romy Ilano via sudo-discuss <sudo-discuss@sudoroom.org> wrote:
I just got back from Argentina and. 

Is there a quick summary of what’s going on? I cannot make it this Tuesday because I have to go to a Noisebridge meetup to ask for collaboration with another engineering group.

Is there a Wednesday meeting after 7:45pm
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