Event:2015/10/29 Buy the Building

Conference Call with Broccoli

last time: https://omnicommons.org/wiki/Event:2015/10/20_Buy_the_Building

who's on?

 * yar, jenny, broccoli

doc
Possible approach with OmniCommons: KISS


 * Set up an LLC to buy the property:
 * LLC would be owned by the Iceberg Lettuce (501c(3))
 * which owns 3 properties for permanent non-profit use already
 * LLC would have a board: omni, Iceberg, maybe bay area land trust fellow?, others?
 * Initial capital for purchase would come from Iceberg
 * LLC would pay Iceberg 5% of initial capital amount each year, adjusted cpi
 * Rent to the occupants would be calculated as
 * capital-cost +  ($50k/year if $1M initial capital)
 * taxes + (apply to welfare exemption for maybe $20k onetime lawyer fees)
 * lawyer&accounting&insurance + ($1k+$1k+15k? based on Brassica building)
 * maintenance-and-repair-fund  ($70k/year ? guess maybe could be lowered later).
 * maybe $135k/year or $11k/month? (then would move up with CPI)
 * OmniCommons would get 10 (?) year lease from LLC and seat on board of LLC
 * It could raise the initial-capital cost at any time and then get a permanent rent abatement.
 * Omni could contract with Bay Area Land Trust fellow to advise if they want to help with budgeting.