March 26, 2006

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Meeting Notes 3/26

attending: Jake, David, Alia, Tsione, Erik, and Dave

  • to do:
    • incorporate (first as MN nonprofit, then apply for 501(c)3 status
    • make est. budget
    • meet with Students' Co-op ppl
    • talk to Sheila Ritter from NASCO, CCDC
    • talk to Tom Welna about High Winds Fund financing
    • find property
  • present to Riverton on 4/11 at 5:30? maybe...
  • also, let's look into other funding options, just so we know we are making the right decision... [erik's note]


Part I

  • what do we want out of this co-op? this should be an evolving process of creating a vision of what kind of community we would like to create. let's keep talking about this!
    • community, political space
    • radical orientation, but not specifically "communist" "socialist" etc.
    • there is no radical space on campus
    • there are few radical spaces in the community
    • bring together students and community/break down barriers
    • space for infoshop, copier, etc
    • meeting space for anyone
    • explicitly radical
    • where everyone has common starting point, won't have to justify outrage, activism, etc, or get into arguments about stupid things
    • not dominated by tv, corporate culture, consumerism
    • safe, secure, but open space
    • designated area for visitors
    • not just mac students, break out of student circle
    • outside of capitalism, "permanent autonomous zone"
    • clean, welcoming, not smelling like cat piss
    • building autonomy
    • remodel the space? not at first...too much to take on

Part II

  • What is Riverton?
    • developer of co-ops, owns Riverton Community Housing and 3 others, plus two more buildings
    • two parts to with Riverton co-op structure: "leasehold" (like the nonprofit we have to start) and a development/ownership org (Riverton itself)
    • Riverton only has apartment co-ops so far, manages apartments
    • also has LInC (lots in common) for group homes- a joint venture with NASCO (North American Student Cooperative Organization)
      • NASCO handles the management contracts, Riverton handles the money
      • one of their projects: Qumbya Cooperative in Chicago
      • not interested in doing group homes in TC for some reason, can maybe persuade otherwise
      • we would not have same agreement as is used in LInC
  • Timeframe?
    • this summer? maybe....but have to hurry and have good luck
    • fall? yeah, almost definitely possible
  • Incorporation?
    • cooperative or nonprofit status
    • as nonprofit, can't legally market ourselves as a cooperative in MN
    • as a nonprofit, could eventually buy other properties
  • Cost?
    • at most at market rate
    • should talk to Sheila Ritter, meet with Students Cooperative in Minneapolis
    • monthly payments of our nonprofit to Riverton: monthly mortgage payment+~10% of the co-op's income (from our utilities, repair, and capital payments- the individual rent costs)
    • what about renting to own? with Riverton, maybe, but def. not with LInC
    • what about our own autonomy? can negotiate
    • our price range with 5-7 people= $150-200,000 (to have market rate rent payments)
    • Riverton's mortgage rates?- usually 6.5-7%, 35 year amortization
  • apply to Kagawa fund (NASCO development fund)?
  • what about getting a realtor? Riverton has a broker...
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