Vote To Buy The Building: Difference between revisions
From Pumping Station One
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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 == | ||
