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 | ||
| Line 14: | Line 15: | ||
*Peter Zieba | *Peter Zieba | ||
*Carl Karsten (Treasurer) | *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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== 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. 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. | 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 secure necessary loans for this purchase, and make interest payments in addition to the principal. | ||
*We authorize the board to pay property taxes. | *We authorize the board to pay property taxes. | ||
