Summary of April 20 meeting

Our meeting this past Sunday went very well, for all that it was a small group. I think the most important thing we talked about were next steps. A letter of intent is being drafted that will be a legal agreement between potential buyers and the non-profit development company. This letter of intent will be a map for the different stages: getting the zoning on the building changed, creating the association agreement, designing the units, etc. Buyers would put a lump of money in escrow (about $5000) and at each stage, they could back out if they don't like how the process is shaping up but if they wanted to stay in the agreement, part of the money ($1000) would become non-refundable in order to finance the next stage.

If you're not getting emails from Arloa, please send an email to the link in the sidebar to get on the mailing list. You'll get the letter of intent this way.

Another highlight of the meeting were Kristen and her husband Brad, who came all the way from, well, I don't remember, but somewhere south, because they're moving to Chicago and wanted to see what this was all about. She wrote about it here on her own blog.

Our next meeting is Tuesday, May 6 at 7:00 at 402 N. St. Louis. We'll have the final letter of intent available for official signing. Again, if you're on the email list, you'll get a copy beforehand to let your lawyer look it over. If you want to get in on the (metaphorical) ground floor, this is your chance.