Sunday, May 11, 2008

May 6 meeting

Arloa summarized the meeting last week this way:
We had a very productive Josiah Community meeting last night. We are at the exciting stage of calling for commitments so that we can move forward with construction. We are asking those who want in, to sign and return the attached letter of intent with a check to Chicago Title and Trust for $5,000. As you can see in the letter of intent, the $5,000 will be refunded if the project falls through entirely. Some of it ($1,000) is non-refundable if the project proceeds past a successful zoning change. When building permits are issued, buyers will be expected to deposit 5% of the purchase price as a down payment on the property. The first 20 to sign the letter of intent are promised a purchase price of $150 per square foot. After that the prices will go up.

We had a lively discussion and all present agreed that this letter of intent is acceptable and reasonable.


In a later email to me, she wrote, "We had twelve people, four new ones, all very cool!!"

If you are interested in getting a copy of the letter, please use the email link in the sidebar to the right and we'll send you one.

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