We are very excited by the response at our Town Hall meeting last night. Around fifty interested residents turned out to discuss the proposed Community Co-operative and the purchase of the Hub building.
A number of insightful questions were asked, and the Expression of Interest results have started flowing in.
We’re preparing some Questions and Answers summarising the discussion from last night. They will be posted here on this site in a few days.
Until then, here is the contents of the Information Sheet that was handed out at the meeting:
Information Sheet – 13 September 2023
- The Hub’s community benefit is at risk if bought by a commercial investor.
- If a co-operative purchases the Hub then it can be owned independently by the community and managed for everyone’s benefit.
- A co-operative is a democratic organisation owned by its members. We would adopt the principle of “one member, one vote”. Day to day management by a Board and paid part-time employee (in the budget).
- The intention is to preserve the current tenancies, to keep the rents affordable, to keep the community garden thriving. Reinvest in growing community wealth.
- We have a draft budget based on the current Hub finances. We are confident the business model works with enough member investment.
- The goal of member investment is always community wealth not individual profit, but we wish to offer some financial return as well.
- Under the current proposal, members buy and own shares for the amount they invest. We have budgeted to pay a 4% return to investors each year.
- To leave the co-operative, the member sells shares back. There will be a time limit for the Co-operative to pay the member out.
- There are several good options for the exact structure of the Co-operative and member investments. Our next step is to consult with co-operative law experts and choose the best structure for us.
First we need to know: are you interested in joining?