Event:2016/06/07 Initial Mtg with Stephaney from NCCLF

Meeting with Stephaney from NCCLF, 6/7/16

We toured the entire building. Laura, Marcus, Matt, Matt

Stephaney gives background, COnsultant who works with non-porfits and co-ops to help them solve their realestate problems

Very difficult because with our climate real estate is a capital market. I try to provide tools for nporgs to meet the capital market. Helpiing define needs and systemtaically ideantify areas that we would look week from the perspective of the capitalist. So that you can be owners of your destiny. I canhelp you determiinw a path forward to get to a place where the market can receive us. Not just a package but may also mean changiing yourselves as well. Like how formalized you've made your systems to support debt service into the future. From the banks perspective they need to do everything they can to minimize risk.

You can set up your organization as you want, but you have to be able to show how you can "perform" organizationally and financially.

Matt: our model and structure was constructed before we moved into the building and we've been building a lot of capacity in the area of how we work with government and financial institutions. We need to go the last mile. SO how to we get to the the deal? Steph: even the non-profit banks can be hard to work with.

"So ya'll can be owners of your destiny."

Community Development Financial Institutions (credit unions, banks, lending institutions, etc). -- grew out of the "community re-investment act" movement. NCCLF has a 60 mil loan fund. Our risk profile is different than the traditinal banking sector. IN the building we have to think about hwat would be sscruitinized as adding to the risk since it would be the collateral.

DK: Can someone ask Stephanie about New Market Tax credit opportunities / potential for Omni, in her opinion? (<-- bump.. whenev ya get a chance :) Yes, will ask.
 * ) (In case it aint obvious I primarily meant NMTC in the context of partnering with others whom would get that break, in return for rehabbing omni, ie as their tax break)

List of CDFI-Approved lenders in California: https://docs.google.com/spreadsheets/d/1aVk3d52FdcJI9CIW2CP-8AF-eLMWwhO4H3KAHvySzDs/edit#gid=0


 * Banks are not in the business of selling property.
 * Pledge of $1 million dollars.


 * ClearingHouse CDFI, (note: dk talked with these guys)
 * Spoke with Faithia there -- they are ready for our next steps. Their loan app and core lending program notes are in the Mortgage folder (DK)


 * There are foundations who are getting in the business of providing loans -- they are called "Program-related Investments" a charitable investment, can be interest-only, could be amortized.
 * Structured like debt, not a gift per-se.
 * Thomas J. Long Foundation is spending-down its endowment by 2022! $90 million.
 * Hewlett Packard among one of the larger foundations in the area--but they often shy away from mainstream.


 * New Market Tax Credit (I'm also a consultant for that -- it's part of my gravy) -- those are very large projects -- usually $5 million minimum, in order to make the project financially feasible.
 * It doesn't make sense for a project any less than $5 million, but really $6 million.
 * That is something that exists, it's very competitive, it doesn't happen automatically -- Community Development Entities need to apply annuall to obtain that status and benefit.
 * $1.5 billion in tax credits given annually to then be allocated as projects.
 * (DK: fwiw I think we could easily spend $5M on alterations to Omni..80 Turk got NMTC & is smaller than omni, whilst omni needs easily as much work -- so I figured its plausable.)


 * DK: Once we own, we can also qualify for Historic tax credits (those these arent as much as NM credits)


 * DK: Can we try to get some written collateral / links from NCCLF like: their loan requirements, instruction, sample strategic vision / pro-formas, business plan etc?

DK, you should talk to her further about NMTC, she's not recommending it as an available option for our budget and loan size.


 * Here's what Stephaney can do:
 * Help review your business plan, pro formas, and overall presentation "packet" for lenders. Able to give scrutiny and tell us what's important.
 * Warn us about apparent risk factors that will matter (liabilities scruitinized or to
 * Get our application real-estate-ready.
 * Here's what we can do for Stephany:
 * About to send her:
 * 1023 Application Google Drive
 * Sample Executive Summary
 * Rough Quarterly Pro-Forma (projected) Budget
 * Provide marketing assets that help demonstrate how we have represented and choose to represent Omni Commons in various venues.
 * https://www.youtube.com/watch?v=9Zccga90hcY
 * omnicommons.org

Subleases:
 * Chiapas Support Committee
 * Counter Culture Labs
 * Food Not Bombs
 * Phat Beets
 * Sudo Room
 * Timeless, Infinite Light

Fiscal Sponsorship Agreements:
 * Bay Area Public School
 * Birdhouse Art Collective
 * Global Womens Strike - Omni Collective
 * Liberated Lens Collective
 * Real Vegan Cheese