RIC Minutes and Next Meeting

FROM: Quinn Wilder, RIC President ================================= Hello Supporters of RIC, As you can see from the attached summary of the minutes, RIC is working on several fronts to make our first investment purchase within the next few months. There is a website being developed, a neighborhood housing market study underway, a procedural document being drafted to guide our decisions, and several plans being developed to raise/borrow necessary capital. The more talent, energy, time and/or membership dollars we can dedicate to RIC, the more success we will have. If you haven’t yet, please come to our next meeting and consider making an investment and/or contribution. Together we will create an influential force for keeping Riverwest a vibrant community. Quinn Wilder RIC President — Summary of Riverwest Investment Cooperative Meeting Minutes on June 5, 2003 May 22, 2003 Minutes approved by motion. II. The 1-year at large position for the board of directors is still vacant. III. Finances have remained constant since May 22, 2003. A. Cooperative status requirements: – Broad base of community members – Broad base for capital. B. Other cooperative resources: (London, England) Madison Community Cooperative North Country Development Fund US Federal Reserve website list of banks not in compliance Great Lakes Chapter of Cooperative Accountants September 1, 2003 goal for purchase of first property D. Business plan development is proceeding Dividend Policy will not be designed based on a timeline. Net proceeds are necessary for dividends. Finance committee should identify a bank perhaps we can find a bank that needs us to help them establish their compliance Marketing/ PR Committee: A. Website is currently under development B. Get in the Riverwest Currents calender C. UWM Post announcement section V. Property: A potential property has been identified. A committee was formed to tour and assess it. Discussion of other properties known to be distressed and/or have owners who might be interested in selling the property. VI. Possible resources for potential buyers identified and include WEDA, Fanny Mae, HUD, FHA, NIP, VA VII. Next meeting Scheduled for 7 pm on June 19, 2003 at YMCA CDC on Center St.