Present: Rebecca (facilitator), Barak, Hannah, Richard, Catty, Ryan
Daniel (first meeting) and Génesis (first meeting).
(Richard, Paul, Gatlin) Member review of Maximo for assault.
Richard: Maximo's already gone, so this is a formality if he surprises us. Maximo choked his daughter, his roommate called the police, somehow he wasn't arrested. His daughter was taken by CPS, and when he discovered this he got into a brief shoving match with his roommate. He is currently fleeing the country. Hopefully his daughter will end up with mom, who lives in the country.
We usually try to make sure people are here to respond to charges in a member review, but he is gone and has been known to have turned off his phone.
Straw poll: eviction.
Unanimous vote for eviction.
He might leave according to the law either by rules on abandonment or by us filing for a formal eviction.
(Ryan Nill) Loan NP Money. Allow La Reunion Treasurer, Ryan Nill, to negotiate terms (length, interest rate, and quantity.) To remain in safe operating range the loan will not drop La Reunion cash reserves below $ 25,000.
Wells Fargo is being sharky and NP has a @@.1 million loan on both CHEA properties due Thursday. NP is well into the process of replacing that loan from non-profit CDFI lenders, but will not happen until April. I spoke with one of the lenders, William Robison from Capital Impact to confirm. NP does not have sufficient cash reserves to cover the loan and is reaching out to all NP Co-ops for loans and would accept loans from individuals also.
As of mine and Daniel's initial conversation it sounds like we can expect something like 10% APR on a 2-6 month loan.
Ryan: Wells Fargo has been promising Daniel at NASCO to either refinance or extend the loan. They've been telling him for months that they'll know within weeks. They approved the extension, but haven't given him the paperwork. If we approve this I think it's unlikely that we'll make the loan, but it's a tricky situation and we would benefit from not being foreclosed on.
POI: What can we do?
Ryan: Daniel's been asking for short-term loans. He's been looking at CDFIs. He thinks we can refinance in April, he just doesn't want to work with Wells Fargo. So he's looking for short-term loans from co-ops or, really, anyone. You'll notice appraisers here tomorrow and Tuesday as part of this refinancing process, to make sure we can get the best deal possible. Gatlin (the board member) told me he's in support this afternoon.
POI: Why would we need to decide this at the house level and not the board level?
Ryan: I would make sure the lease is paid off, take the cash on hand. Twenty or thirty thousand dollars at most.
POI: How much are they trying to raise?
Ryan: I think between $300,000 and $400,000. If Daniel signs the extension Tuesday we won't need to give any money.
Ryan: I don't think the board can take our money without our permission. I have one board member in approval, but board decisions require three.
POI: It's the house's money and we have the authority to loan our money in any way we see fit.
Ryan: Our savings account's 0.2% and this is potentially 10%.
Motion is to give Ryan the authority to give a loan and negotiate the terms, and the only terms are 2-6 months, won't allow bank reserves to drop to $25,000, after the last lease payment. That leaves about 1.5 months of operating reserve.
Matt: I wanted to do an agenda item but I was working. I got the flu and walking pneumonia and lost out on income. You said we might be able to go back to extending the lease. I'd like to sign on for an extra month.
CQ: The formal notice to vacate states tomorrow, the 5th. The formal notice to vacate would be Tuesday or Wednesday.
POI: We do have an emergency meeting that can be called by any officer, but that might not even be enough time.
Interim Maintenance Coordinator: No one has signed up for maintenance coordinator. I'll chair it for another week. We do have a nomination for Steward, so yay for that!
More discussion of alternate meeting dates, especially Wednesday. Hopefully an item happens next week!