Riverwest Investment Cooperative

FROM: Tom Stocco, Riverwest Investment Cooperative ================================================== Interested Citizens, As some of you already know, several of us Riverwesterners are getting into George Bailey’s Line of work by putting together an Investment Cooperative so that all Riverwesterners who want to be a part of the “Real Estate” development of our community can. The mission of our organization is to build a stable, diverse and vibrant community by pooling individual resources and directing them to agreed upon investments in the Riverwest neighborhood. Where are we in the formation? The Riverwest Investment Cooperative (RIC) will have an initial informational membership meeting on: THURSDAY, APRIL 10, 7PM DINO’S, 808 E. CHAMBERS (between Fratney & Bremen). The general outline of the organization is the following. OBJECTIVES: 1. Maximize Community Financial Involvement with the Development of our own community. 2. Increase Owner Occupancy rates. This will bring greater social and economic stability to our community. 3. Develop a Capital Structure for future Community Benefits. ACTIONS: 1. Membership $1000.00 2. Purchase problem properties, deed restrict them to “owner occupants” only, and resell them at a modest profit. 3. Purchase Multi-Families and sell them as Condo units to make units more affordable (ie. 4 Family Sells for 150,000. Divide into units, 2 @ 75,000, 3 @ 50,000 or 4 @ 37,500). 3. Assist homeowners in obtaining financing, perferably through Brewery Credit Union, to perform any necessary improvements. If you are aware of interested people, let me know, or point them in my direction. Tom Stocco