Points sent to each City Council member, p 6

would have been to sign purchase agreement with contingency on raising capital, giving us 60-120 days to secure say $300k, but we never got to discussing details with the DDA
o   Commercial financing accounted for $576k. This first portion of this ($350k) was accounted for in the letter of interest from CSB. Key factor was getting a lease commitment for $4000/mo, which we had in the New Chelsea Market. The second installment ($226k) would have come when we were ready to go with the livery/ apartments. We could have leveraged the completed Mack/ Daniels buildings for this additional borrowing power, or made the push to get leases signed. We already had a verbal commitment for one of the 8 apartments. Worth noting, by the 3rd year we projected positive cash flow that would allow repayment to start, and in 4th year we projected making a big dent in debt reduction. If property were not sold first, I think we would have owned it free and clear in about 8 years, though the spreadsheet doesn’t carry that far out.
o   In-kind investment (shows on spreadsheet as deferred payment) filled the balance, at about $286k. A big chunk of this was firmly but verbally committed from Scott and me on the design end, and from several contractor friends who were willing to invest a large portion of their labor, and in some cases material, in exchange for a proportionate share in the property. Conservatively, I’d say I had at least $150k accounted for already. I suspect we could have increased this component, but I think the DDA were already skeptical on our ability to make this approach work.
 Tom Girard