RIVERWEST INVESTMENT COOPERATIVE (RIC) Next Meeting: Thursday, May 22, 7:00 p.m. YMCA CDC Office 604 E. Center (& Booth) Elections for the RIC Board of Directors will take place at this meeting. A secret ballot will be held for present members to elect nominees. Also welcome is anyone who is interested in learning more about the Riverwest Investment Cooperative and its mission to maintain a stable, diverse Riverwest community through the responsible investments of Riverwest and Milwaukee residents. Take this opportunity to learn how to become a member/investor, learn more about RIC’s mission, and ask additional questions. ================== Riverwest Investment Cooperative Info Document 5/16/03 I. Member Bios: My name is Jim Klisch and I have lived or owned property in Riverwest since 1977. Experiences that I have which would make me an asset to the Board of Directors of RIC is that in my lifetime I have bought and improved five properties in or near Riverwest, I am one of the founding members of Lakefront Brewery which has helped the image and economy of Riverwest, I was on the police department at the Fifth District for nine years and have assisted in various neighborhood events from Locust St Day to St. Casimir Day. From this I have obtained experience in working with the residents of Riverwest, lending institutions, contractors and City and State Regulatory agencies. I would like to seek one of the at large positions on the board. If elected I would use my experience to watch over the members money so it is spent wisely, invest properly, make a quick decision if necessary and keep RIC out of international and national politics. Cheers, Jim Klisch Thomas M. Stocco Riverwest Resident since 1990; Riverwest Homeowner since 1996; Owned and operated a commercial janitorial service from 1991 to 2002; Currently pursuing a Masters of Science in Accounting at UWM; BA in Communications from Marquette University 1989; Parishioner of St. Casimir. Happily married to Chantelle Stocco for 11 years. I have a passion for city life and Riverwest in particular. This passion is fueled by my desire for economic and social prosperity for all. I believe that our countrys foundations foster the belief that economic and social opportunity is a right not a privilege and I believe that we have a duty to create a community where this is possible. I dont believe it is possible if we the residents of the community tolerate crime, pollution and low expectations. I believe it is only possible if we the residents of the community become proactive in the development of our community, if we foster respect for each other and we work together as a team. RIC Bio Quinn Wilder I am interested in community organizing and empowerment that better enables people to gain access to the opportunities that others have to lead self-determined lives. I have been involved in various community organization efforts in Riverwest over the years, including organizing block clubs, getting drug dealers out of the neighborhood, and getting the city to erect stop signs at Fratney and Hadley. I have an MSW and am currently working on a PhD in Urban Education. I have served and worked on non-profit boards, and have worked full time at UWM as an advocate for quality programming for youth for 7 years. I have been serving as RIC’s President since its inception back in February 2003. Hello, my name is Chantelle Stocco. I am not one who historically has involved herself with any group or organization. I have not sat on any boards, I do not volunteer for any organizations and during political elections, I am a voter, not an organizer or a volunteer. I tell political candidates that they can count on my vote but that is as far as I go. So then you may ask, why am I involved with The Riverwest Investment Cooperative (“RIC”)? I am involved because I am so sick and tired of the apathy regarding the housing and the environment in my neighborhood. I once was one of those apathetic people who just did her own thing but it has gotten to the point where I believe action is needed for a change to take place. Hence, my involvement with RIC. Personally, I am a litigation paralegal at a downtown Milwaukee law firm and I have personal interests in playing music (flute, piano and oboe), my pets, my house and my husband. Riverwest investment Co-op Bio. Chris Johns Ive recently became a member of the Riverwest Community, however it was almost inevitable. Ive enjoyed becoming an active member in a community in a short amount of time. From helping Paul Onopa open his bar to starting a block club on my block. (Although we havent met lately). Ive learned a lot is a very short amount of time, and continue to enjoy the chances and luck that we as neighbors have made for ourselves. Growing up in the Milwaukee area and attending architecture school at UWM, has given me much to be proud of as a Milwaukean. Ive worked for Habitat for Humanity in West Philadelphia in 1996, and have worked for Eppstein Uhen Architects, since 1997, as a project architect. I was a framing member of R.I.C. Ive been very excited to be involved. Recently, workload and job locations have hampered by ability to be as active as Ive been earlier this year. With that in mind I will not be running for a board position. It wouldnt be in the best interest of the other members. However, I would still like to be an involved and active member. If there is enough interest for me to take a board position I would, but would need more support than other qualified members. Chris II. Member List Johns, Christopher Johnson, Craig Klisch, James Knoedler, Richard Olivera, Rosemary Lewis, Clare Papadopoulous, Chris Rossetto, Diana Rossetto, John Rossetto, Rudy Simasko, Thomas Stocco, Thomas & Chantelle Wilder, Quinn III. Recent meeting agenda and minutes RIC, 5/8/03, Agenda I. Minutes II. Treasurer Report III. Finance Committee Report IV. Marketing/Public Relations Committee Report V. Property Committee Report VI. Committee Meetings VII. Member info and bios VIII. Election Process Revisited A. Nominations All nominations must be received before May 22nd. Members may nominate via mail (recommended postmark date of May 19th) at the RIC address on brochure (2462 N. Bremen St.) or via email at Nominations must include the nominators name and that of the nominatee as well as a testimony to the nominatees qualifications. One may nominate ones self. B. Election At the meeting for business to be held on May 22nd at 7pm at the YMCA CDC office at 604 E. Center St., all received and qualified nominations will be presented at this meeting. A secret ballot will be held for present members to elect nominees. IX. Meeting Schedule The general membership meetings will be held at the YMCA CDC office bi-weekly on Thursdays at 7pm. Dates for the next several meetings are May 22 and June 5. Riverwest Investment Cooperative Meeting Minutes for the Meeting Held Thursday, May 8, 2003 Attendees: Vince Bushell John Rossetto Joel Bechitsao Quinn Wilder Adetoye Adeniyi Tom Stocco George Singleton Angela Campion Chris Papadopoulos Dana Cable Jim Klisch Chris Johns Chantelle Stocco Angela Michel Frank Dettlaff Clare Lewis Julie Janowak Steve Whitlow I. Treasurers Report by Tom Stocco Cash account balance = $11,265 RIC has 12 paid members Articles of Incorporation o Was returned because there is another group named Riverwest Investment Cooperative LLC and the State considers the names to be too similar o We need to (1) consider a name change (i.e. Riverwest Investment Cooperative Member Owned) or (2) ask the other entity to change their name II. Presentation by Angela Campion, Esq. (ONeil Cannon & Hollman SC) Met with Tom Stocco, George Singleton and Claude Krawczyk (ONeil Cannon & Hollman SC) to discuss RIC as a business entity There are two alternatives for RIC (1) organize as a cooperative or (2) organize as an LLC Ms. Campions concern if RIC organizes as a cooperative are securities law issues because the government keeps a close watch o A benefit of organizing as a cooperative is RIC would avoid securities law issues RIC needs to prepare an investment informative document outlining the rights of members o So that members are aware what votes they get for their money o So that members know what their investment will give them To help understand the organization, Ms. Campion looked into and reviewed a local Milwauke group in the Washington Heights area that is doing similar things that RIC wants to accomplish o The Washington Heights group has 15 members o Each member put in $2,000.00 o The members have not taken out any money for themselves o The members have purchased homes (but lately they have been out bid) o The members have put in a lot of sweat equity o The organization has gotten redevelopment loans o The organization has been in existence for 5 years o Bruce ONeill, Esq. (Fox, ONeill & Shannon SC) is a member Ms. Campion does not believe RIC can qualify for tax exempt because it is for profit Insurance issues regarding RIC o Liability concerns should be added to the By Laws o Indemnification protective language should be in the By Laws What ONeil Cannon & Hollman SC can do for RIC: o Get employer ID o Set up the organization for tax purposes o Complete a thorough look at the securities law o Put together an informative packet outlining the rights of members III. Finance Committee (Tom Stocco) Tom Stocco has spoken with Kevin Flaherty about finance issues Outlines what the finance committee would do o Estimate budgets o Put together loans o Put together contracts o Research and estimate potential properties IV. Marketing Committee (John Rossetto) Need to grow membership John Rossetto has sent out press releases John Rossetto has investigated other cooperatives Need to work with the Finance Committee so that the Marketing Committee knows how many members are needed Will plan on getting RIC meeting dates to the Riverwest Currents calendar Web site potential (looking for volunteers to help design) V. Property Committee (George Singleton and Chris Johns) The goal is to review property and bring information to the membership Chris Johns is working with someone who is running a tax delinquent report and will review the report The City has loan opportunities VI. At this point everyone broke up into committees 1. Marketing (John Rossetto, Julie Janowak and Dan Whitlow) a. Julie Janowak has offered to help design a web site b. John, Julie and Dan will meet 2. Finance (Tom Stocco, Joel Bechitsao and Chantelle Stocco) a. Need to get an informative packet in place b. Discussion regarding cooperative vs. corporation i. Quinn Wilder will look into NMIC (NMIC.org) ii. Tom Stocco has the name of an attorney who specializes in cooperatives and will contact him 3. Property (George Singleton, Chris Johns, Vince Bushell, Adeteye Adeniyi, Chris Papadopoulos, Dana Cable, Jim Klisch, Angela Michel and Frank Dettlaff) a. Looking into cooperative units b. The scope of purchasing property should go beyond Riverwest (i.e. West of Holton Street) c. Will set up a format and check list for viewing properties (task for June 5, 2003) d. Vince Bushell will bring information regarding land trustse. Need to set a time line for purchasing our first property VII. Election Process Quinn Wilder outlined the election process which will take place at the next meeting (5/22/03) and encouraged members to send in bio information VIII. Meeting was adjourned. Next meeting is scheduled for 5/22/03 at 7:00 p.m.