Event:2015/07/27 Until the Revolution Working Group

7/27 "Until the Revolution" Meeting

Who's Here

• remote-jenny
• Julio
• Laura
• Daniel
• Yar

Agenda

• How'd Thursday Go?
• Budget
  • Lawyer Costs
  • Fees
• Jesse
• Tilt.io
• Lender
• Permits

Tilt.io

https://omnicommons.tilt.com/buy-the-building

• How does this campaign fit in?
• Are they actually shutting down?
• Should we get our $700 out?
• Need more info about why finance stoped using stripe, which is possible alternative to Tilt. Ask Matt Griffin on Finance
• Yar corresponding with TIlt

How'd Thursday Go?

• Excellent, if chilling, prezi on omni's current financial status by Sarah
• Lots of good questions
• Full notes at https://omnicommons.org/wiki/Event:2015/07/23_Special_Delegates_Meeting:_Buying_the_Building
• People were generally supposrtive as long as we follow thru with making Omni worthwhile

Budget

How much will lawyers, fees, etc cost? Where will that money come from?

• FInal amount of the loan will have to cover all remaining costs after donated amount(s).

lawyer cost

• The Berkeley Business Practicum folks reached out to us about doing our 501c3 application as a student project for the fall semester

fees

• 501c3 application filing fee is $850.

Transfer fees:

   http://www.acgov.org/auditor/clerk/transfertax.htm

$15 per thousand on full value; for $2M it is $30k

• Inspection fees have been paid, correct?
  • we don't need inspection to buy the building. that's a building WG issue. except see below...
  • there was the cantor inspection when we moved in
• transfer taxes
• are we gonna use an agent or lawyer? that'd be added into the loan. approximate $50k making it 2 million total.
  • yar: now i understand where that 1.95 figure comes from. round up for overhead

Jesse

• Needs to know if the OC permit him to speak with DK and DZ / La Commune
• Laura will email a response to the email he send to her, Matt Amgo, and Jenny that gives an overview of what is going on here, and ask for a call on Friday after the Board Meeting

Lender

• Who will be responsible for liaising with them?
  • jenny's been doing it, but jenny's leaving
  • people are intimidated. unclear.
• When can we meet with them? Should be ASAP
  • They'd like to chat over Skype. Jenny suggested noon tomorrow (Tuesday) and added brewster, matt, noemie, laura and yar to Skype contacts
  • yar: wait, i have a skype account?? no i don't. can i just sit next to someone
• Will they even want to lend to us anymore, if they knew our financial problems? Serious concern. Matt and LAura talked to him about the burden of our rent and other expenses and he completely understood that buying the bldg is the way to get out of this situation
• Will a community land trust satisfy all their concerns? Mortgaging a building with a ground lease would be difficult, but probably not impossible. We live in an area with many innovative capitalists and financiers, stranger things can be done with money...
  • The next time we talk to him afer getting his general agreement we should have a meeting with him/land trust/us
• Yar: we still haven't watched Art of the Steal, but I have it on a thumb drive
  • Jenny downloaded it too, may watch tonight :)
• we need to be prepared for the press coverage we get about buying the building and take advantage of it to raise more money and control message as muchas possible.
  • yar: want to restart the communications working group to fix up our website, but also think the Becoming Omni group should be involved with this. be ready for the world's eyeballs this time.
  • laura: we should come out of that process with much better language

Permits

• Is it irresponsible to buy the building before our permit question is clarified? If so that creates a serious catch-22 for us because of scarcity of time & money.
• laura: it's a risk but it's in our favorWe should check in w Ken Katzoff ahead of buying the building.
• we should meet with ken katzoff, ask his advice