We had an accepted offer to purchase this building but…
It became clear that, although our sales have been tremendous this past year, our significantly increased wage expenses meant our bottom line was such that we could not possibly afford to buy the building. It was a disappointment to us but we could not see any way forward.
A COMMUNITY-MINDED INVESTORS GROUP IS NOW AIMING TO BUY THE VALLEY FIRST BUILDING TO HELP OUR CO-OP.
Fortunately for our beloved co-op, Julie Jones, our former Treasurer and accountant, was determined to help us. She came to our board with a proposal: a corporation composed of committed co-op members and community-minded residents of our area would facilitate the purchase of the Valley First Credit Union building in order to provide a new home for our Monashee Community Co-op. And, at the same time, it would also provide security for the investors who contribute funds to this very worthwhile community purchase. To facilitate this purchase, our Co-op board had their accepted offer on the building be assigned to this group, the Monashee Community Investors who, when incorporated, will be the Monashee Community Investment Corp.
WHY? The Monashee Community Investment Corp. will be created for 2 reasons – to provide a reasonably-priced, ideal space for our co-op to grow into, for years to come, and to provide a return on investment between 4 and 5% for its shareholders. In the future, as our co-op matures and profits are more substantial, we will have first right of refusal on any shares that may come up for sale. This means that, over time, our co-op may in fact, become part owners of the building we lease. So, we may not be buying the building outright, but we will get there in a more sane, conservative and slower manner that will benefit all involved with minimized risk and undue stress. With this new home, we will be still here 20 years from now. The possibilities open to us now are endless, exciting and do-able!
HOW? The corporation will issue 40 shares, or a combination of share plus loan, with a value of $25,000 each to raise $1,000,000. These shares will be offered to Monashee Community Co-op members but also to interested members of the wider community. This will provide the funds needed for the purchase of the building at 2109 Shuswap Avenue for $825,000 plus closing costs, and to do the necessary renovations to convert a bank to a retail outlet.
CONTACT. If you wish to know more about this offer, or would like to invest, send an email to firstname.lastname@example.org or call Julie at 250-317-4710. She will provide you with a brochure and answer any questions you might have. A website will be up and running soon. Keep your fingers crossed!
FUNDRAISING CONTINUES. In the meantime, our co-op still needs to raise funds – $125,000 for moving, equipment and renovations. A fundraising committee is being established. If you have fundraising ideas or would like to make a loan or donation, please be in touch: 250.858.4211 email@example.com or scroll down for more information.
GRAND TOTAL RAISED: $15,250
FUNDRAISING GOAL OF $125,000 – THIS IS WHERE OUR BIG PUSH COMES FROM.
$125,000 for moving expenses, new equipment and essential renovations not covered by the Monashee Community Investment Corporation.
- Member Loans – of $1,000 increments for interest between 1- 3% for 5 – 20 years.
- GoFundMe – Donate multiple times; see numbers rise. Draw on donors from family and friends
- Donations – in the jar or at the till.
- CryptoCurrency – Donations to these addresses:
- Grants – looking for people who are willing to help with writing grant applications
- Membership Drive – If each co-op member recruits just one $50.00 membership, that’s $35,000.00. Click here for application form. Send to firstname.lastname@example.org.Pay through Go Fund Me indicating it’s for a membership – you can add extra funds for a donation!
- Angel Investors – people or groups of people who will loan our co-op significant funds ($100,000+) for little or no interest over a long period of time (5 – 20 years)
Why are we taking this leap into space?
- SURVIVAL – either we are growing or we are dying
- SPACE – We are in dire need a bigger space to better serve our community
- More space ➡ more sales/diversification ➡ more profit
- Our electrical capacity has been reached
- Freight delivery is through public space
- LOCATION – We have poor visibility to the public. We are losing tourist traffic
- There is presently no other commercial property in Lumby which can fill our immediate and future needs.