Vote To Buy The Building

Vote Proposal Template

A Template/Form for submitting a Proposal for a "Vote by the Membership", or "Member Vote"

Title

The title of the vote as it will appear in the Votes section of the wiki and the as the title of the Policy, should the vote pass. Vote to Buy the Building

Sponsor

Name of person submitting the vote (handle + real name)

Nick Hawley

Co-Sponsors

Names of at least two members eligible to vote (handle + real name)

Vote Results

 Quorum:[ ]
 Yea Votes: [ ]  
 Nay Votes: [ ]
 Present or Abstain: [ ]

Definition of "Language"

"The wording of a legal document." [tfd.com/language]

Schedule

Proposal Date

Date this proposal was posted to the membership and a request for a vote date was sent to the Board.

[TBD]

Member Input

Does the Sponsor choose to open the language of the vote for changes due to member input? (optional and can be modified at any time)

[X] YES [ ] NO

Vote Announcement and Beginning Date of the Discussion Period

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.

[TBD]

Language Lock Date and Start of Voting

Five days prior to the Day of the Vote, the vote language is locked, all edits are frozen, and the language of the vote is converted to a pdf file. Ballots that include the pdf are sent to the Membership, and electronic voting begins. Note that the minimum discussion period of seven days leaves only two days for changes before the lock takes place.

[06/12/2025]

Day of the Vote

Date the Board has assigned for the vote. The Day of the Vote is the day the vote closes.

[06/17/2025]

Background

The circumstance or context that justifies the need for this vote and what the new policy does to address it.

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

A summary or outline of the vote language can be included here.

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.

Language of the Vote

Here is the actual text that will be recorded as, for example, an expense authorization, a Policy of the Corporation, a proposal for the change of a director or officer, etc. The Language of the Vote, as voted on by the Membership, must include the actual language of any externally referenced documents. Links are not allowed. Amendments to existing Policies always place the entire Policy up for vote, not just the part being amended.

We authorize the Pumping Station: One Board of Directors to spend up to $1,300,000 to purchase the building. Additionally, we authorize the Board to secure a loan for this sum, and make interest payments in addition to the principal.