Vote To Buy The Building: Difference between revisions
From Pumping Station One
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== Title== | == Title== | ||
Vote to Buy the Building | Vote to Buy the Building | ||
== Sponsor == | == Sponsor == | ||
*Nick Hawley | *Nick Hawley | ||
== Co-Sponsors == | == Co-Sponsors == | ||
*Lindsay Moore | |||
*Andrew Wingate | |||
Lindsay Moore | |||
== Vote Results == | == Vote Results == | ||
Quorum:[ ] | Quorum:[ ] | ||
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Nay Votes: [ ] | Nay Votes: [ ] | ||
Present or Abstain: [ ] | Present or Abstain: [ ] | ||
== Schedule == | == Schedule == | ||
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== Background == | == Background == | ||
Our landlord has decided to sell the building at the end of our current lease, in June 2026. It is in our best interest that he sell it to us, rather than anyone else. Moving to another location would be borderline impossible - when we sprawled to the second half of our building, it took the better part of a year to get that done. | Our landlord has decided to sell the building at the end of our current lease, in June 2026. It is in our best interest that he sell it to us, rather than anyone else. Moving to another location would be borderline impossible - when we sprawled to the second half of our building, it took the better part of a year to get that done. | ||
== 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. | ||
== 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, including any closing costs or other fees. We authorize the Board to secure a loan for this sum, and make interest payments in addition to the principal. We authorize the board to pay property taxes. | We authorize the Pumping Station: One Board of Directors to spend up to $1,300,000 to purchase the building, including any closing costs or other fees. We authorize the Board to secure a loan for this sum, 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]] | ||
