ECOPROPERTY LISTING
EcoReality Co-op Needs Your Help!
Salt Spring Island, British Columbia, Canada
EcoReality Co-op (http://www.EcoReality.org) is approaching
an important decision point, and we'd like your help in
making this decision.
We strive to provide local food and energy to our
member-investors and to the greater community, on 43
wonderful acres here on Salt Spring Island, BC. Our plans
include thirteen units of "zero mile" clustered common-wall
housing, built with natural material from our beautiful 43
acre site and surrounding area. In accordance with local
zoning, this housing would be for people who will be doing
at least some on-site agricultural work.
However, we hit a speed bump when we negotiated the purchase
of this wonderful site nearly two years ago. One of our
primary investors was diagnosed with cancer, and had to
withdraw. At that point, we faced a difficult choice: abort
and lose our $125,000 down payment, or accept the seller's
offer of two years of zero-interest, no-payment financing
on 47% of the purchase price, or $800,000.
Our goal has always been to be debt-free through endogeny:
that those who were living here would provide the funds for
the property. We were making good progress toward that
goal, but then the housing and financial collapses
happened, and people who were ready to invest $100,000
or more suddenly got laid off or scared. Although we have
a couple prospects in the works, we've only raised about
$170,000 of the $800,000 needed.
Our balloon payment is due September 30th, 2010. But we
can't risk foreclosure by waiting until the last minute,
and we can't risk letting the busy summer real estate
season go by. If in the next few weeks, we don't have
reason to believe we can raise the money before October,
we will put the farm on the market and abort this attempt
to build an ecovillage.
At this point, we are trying a number of ways to come up
with the balloon payment, from finding someone who
wants to "buy" half the farm, to private lenders, to small
donations, and many things in-between.
http://www.EcoReality.org/wiki/Land_purchase_fund_drive
I'm hoping some members of this list might be in a position
to help with one or more of these actions:
* Buy half the farm! Zoning won't let us legally sub-divide
to make a separate parcel, but the co-op share structure
would make it simple to have essentially two owners. You
can live in one of the two houses and have use of half the
land, or preferably, we can continue as a smaller, more
flexible team toward our original goals.
* Become a private mortgage lender. The banks don't like us
because we're a co-op, but we can put a private lender in
"first position" on title. In exchange for modest terms, we
can offer numerous amenities, such as holiday lodgings, CSA
shares, free workshops and events, and other things that
may be of value to you.
* Become an investment share holder. Our bylaws require a
minimum of $10,000, but $100,000 gets you building rights
and a 1/13th share of the land and common infrastructure.
Those who commit early get their choice of building sites
and have more say in how development is accomplished.
* Small loans (not on title) in the model of the Walnut
Stree Co-op Community Revolving Loan Fund are a great way
for those with smaller amounts to be involved. In Canada
(at least) amounts under $100,000 are only earning 0.2% --
we can beat that!
* Outright gifts of any amount. We cannot at this time
provide tax advantages, but are working with a couple
non-profit charities to make advantaged tax treatment
possible.
* Volunteer! It takes a village to build a village, not just
money. If you have some spare time to contribute toward
this cause -- especially if you enjoy writing on the
Internet, and can help spread the word -- we would be
most grateful for any help you can offer!
I'm very open to any other suggestions you may have for
helping us over this bump in our progress toward becoming
a self-sufficient "lifeboat community!"
Thank you for your time in considering our dilemma, and for
whatever help or advice you can offer.
Here's the link again:
http://www.EcoReality.org/wiki/Land_purchase_fund_drive
:::: Jan Steinman, EcoReality Communication Steward:
http://www.EcoReality.org ::::
:::: 2152 Fulford-Ganges Road, Salt Spring Island, BC
V8K 1Z7, Canada 250.653.2024 :::: |
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