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Week 28 Meeting Summary by Doug Robnett
This week’s CIT meeting centered mostly on financing. This is pretty exciting stuff, so hold on. We have two lenders we have been working with: Numerica and National Coop. We are moving forward with Numerica for the construction loan! We also got back comments from the city on our permits that UDP and Chuck are working through and once they have had a chance to dissect them, we will report out on where we stand. The solar panels have been removed from the stands and they are working to get them installed on the Shop this week. Much of the meeting was spent brainstorming how to get to the 75% membership at 20% down threshold. A strategy Katie has used successfully in the past is backup buyers. In this strategy members (and perhaps others) can commit to put 20% down on specific unit types. This commitment would deliver a premium rate of return which makes it quite attractive. UD&P is running a cost/benefit analysis of mini splits including life cycle analysis and payoff schedules. This will help us make the decision of which type of heating we want to go with. Finally, we (and by “we” I mean Abby) are working with Yost-Gallagher and Fred’s Appliance to establish the manageable parameters for individual choice on appliances. Stay tuned for that one.
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