Wonderful stories all around! 

On Thu, Dec 5, 2024, 9:46 AM Bob Giordano via TheThinkTank <thethinktank@lists.bikecollectives.org> wrote:

Hi,

I'll add some extra info and context to what Sam wrote:

We jumped around from garages, underground caverns, fairgrounds,
and parks from 1996 to 2004; rents were tough to make and no
stability.. although quite fun and engaging throughout,

We rented from 2005 to 2015 a 2,000 sq ft space for $500/mo, in
the heart of Missoula. That space- and the whole 2 acres and
one large, connected and mysterious 28,000 sq ft building was
put up for sale in 2015.  We decided to go for it. The owners
laughed a couple times, then said.. 'OK, we'll give you
six months to raise the 1.1 million.'

Campaign kicked into high gear! We either make it, or
the property would be dozed and turned into condos.

The first week of the campaign saw us raise about 20k... then
it all slowed down (middle of winter) and we were concerned we
might not make it.  Then...  got a phone call saying 'what is
your address, we have an anonymous donation.'  One week later:
a check for $100,000 arrived. Disbelief. Elation. Let's go!

We raised $100,000 more, and with one day left, a local woman
said she would loan us the needed 900k, at 6%.  whew!

We kept the existing tenants, which covered the local loan payments
(6k), and the taxes and insurance.

The contract for deed had a stipulation: she could call in her
note after 5 years.  She just did that last year... and we
worked out a new deal: we pay her 100k a year for 8 years. If
we default, she gets 1/2 the property and we get 1/2 (with some
unspecified finanaces to be worked out).  We shall not default.

This past spring, I emailed 20 people that I thought might loan
us the 1st 100k. None could do it. Although- several gave us
outright donations totaling 20k.

With one month left, I approached a couple folks that were here
at Free Cycles working on some bicycles. One of them loaned us
30k and the other 70k.  So here we are, getting loans to pay
off loans.

The original lender lowered her rate to 4%.  The 30k loan is
at 4%. The 70k loan is at 6%. The 30k lender was honest and
said they will likely forgive the loan at some point.

We worked up promissory notes for all this, and had various
folks help as they could.

Our goal: pay off all this debt and do more community/bike/health
programs.  It has not been easy, yet very worth it. If you've been
here at Free Cycles Missoula, you know we are blessed with lots
of space, and within the heart of the city (so key!).

I'd be happy to share more- such as our contract for deed, the
one page promissory note, and other tips for such a campaign.

Our route has been difficult- managing tenants can be time
consuming; also rewarding, with the synergy of having other
community groups on site.

Being in 'control' of this large property has been awesome...
We look forward to slow and steady growth in quality of
service; and Missoula repricates.

So we are definitely not free and clear, yet we're heading
in that direction!  thanks,

---
Bob Giordano, Director,
Free Cycles Missoula, www.freecycles.org, 406.541.7284,
Missoula Institute for Sustainable Transportation, www.strans.org,
mist@strans.org, 406.830.7676



On 2024-09-25 5:12 pm, Sam Haraldson via TheThinkTank wrote:

Congratulations to Lansing Bike Coop - - that's such awesome news to
hear!

Another to add to the list is FreeCycles in Missoula, MT, USA.  They
own their space including multiple buildings and a nice chunk of land.
That purchase was managed through some serious fund raising efforts
led by Bob Giordano (a long time member of this list).

https://missoulacurrent.com/property-line-free-cycles-envisions-future/
https://www.freecycles.org/recently/2016/8/3/cycles-of-change-capital-campaign-comradery
https://www.freecycles.org/property-vision

- Sam H., Bozeman Bike Kitchen
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