Vote To Buy The Building: Difference between revisions
From Pumping Station One
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Vote to Buy the Building | Vote to Buy the Building | ||
== Sponsor == | == Sponsor == | ||
*Nick Hawley | *Nick Hawley (Board Secretary) | ||
== Co-Sponsors == | == Co-Sponsors == | ||
*Lindsay Moore | *Lindsay Moore | ||
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*Ian Sampson | *Ian Sampson | ||
*Donzell Gordon | *Donzell Gordon | ||
*Andrew Locke | |||
*Jonathan Bisson | |||
*Peter Zieba | |||
*Carl Karsten (Treasurer) | |||
*James Lamken | |||
*Ron Olson | |||
*Crazy Uncle Dave | |||
*Eric Beauchamp | |||
*[[User:jcmertz | Joe 'theJuggler' Mertz (Board Member Emeritus)]] | |||
*Jennie Plasterer | |||
== Vote Results == | == Vote Results == | ||
Quorum:[ ] | Quorum:[71] | ||
Yea Votes: [ ] | Yea Votes: [181] | ||
Nay Votes: [ ] | Nay Votes: [2] | ||
Present or Abstain: [ ] | Present or Abstain: [4] | ||
== Schedule == | == Schedule == | ||
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Date this proposal was posted to the membership and a request for a vote date was sent to the Board. | Date this proposal was posted to the membership and a request for a vote date was sent to the Board. | ||
'''[ | '''[6/8/2025]''' | ||
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The announcement date of the vote proposal is the beginning date of the seven-day (minimum) posting and Member discussion period. (Certain exceptional vote types have longer discussion periods. Check the Bylaws if you are unsure.)'' If the Sponsor has chosen to include member input, suggested edits can be made in a shared document or other collaborative vehicle until the language is locked. The sponsor can stop taking suggestions at any time. '' | The announcement date of the vote proposal is the beginning date of the seven-day (minimum) posting and Member discussion period. (Certain exceptional vote types have longer discussion periods. Check the Bylaws if you are unsure.)'' If the Sponsor has chosen to include member input, suggested edits can be made in a shared document or other collaborative vehicle until the language is locked. The sponsor can stop taking suggestions at any time. '' | ||
'''[ | '''[6/8/2025]''' | ||
==== Language Lock Date and Start of Voting ==== | ==== Language Lock Date and Start of Voting ==== | ||
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== Synopsis == | == Synopsis == | ||
The asking price is $1,300,000. Currently we've negotiated to $1,250,000. Our landlord has offered to owner-finance for the first 5 years. We will pay a 20% down payment in 2026, then make 5 years of mortgage payments, then make a balloon payment of the remaining balance. We will need to secure a commercial loan to make that balloon payment. The mortgage payments will be approximately $8,500 per month. We will also be responsible for our property taxes, which are currently around $30,000 per year. | The asking price is $1,300,000. Currently we've negotiated to $1,250,000. Our landlord has offered to owner-finance for the first 5 years. We will pay a 20% down payment in 2026, then make 5 years of mortgage payments, then make a balloon payment of the remaining balance. We will need to secure a commercial loan to make that balloon payment. The mortgage payments will be approximately $8,500 per month. We will also be responsible for our property taxes, which are currently around $30,000 per year. Our current rent is approximately $9500 per month, plus half of the property tax (paid annually), so the total monthly/annual cost should be similar to our current costs. | ||
== Treasurer says == | |||
The current financial position and forecast for the organization as determined by the Treasurer is as such: Our current total cash balance is approximately $200,000. We estimate we will have approximately $268,000 by the end of 2025, and $334,000 by the down payment date in 2026. At the currently negotiated purchase price of $1,250,000, the down payment would be $250,000. As such, our remaining cash balance after the down payment would be approximately $84,000. | |||
== Language of the Vote == | == Language of the Vote == | ||
We authorize the Pumping Station: One Board of Directors to spend up to $1,300,000 to purchase the building, | *We authorize the Pumping Station: One Board of Directors to spend up to $1,300,000 to purchase the building, in addition to any closing costs or other fees. | ||
*We authorize the Board to secure necessary loans for this purchase, and make interest payments in addition to the principal. | |||
*We authorize the board to pay property taxes. | |||
[[Category:Votes]] | [[Category:Votes]] | ||
[[Category:2025 Votes]] | [[Category:2025 Votes]] | ||
