|Att: New York State Cohousers||<– Date –> <– Thread –>|
|From: OtisWalker (OtisWalkeraol.com)|
|Date: Tue, 24 Jan 95 15:54 CST|
I am with the Westchester Cohousing Community. Our Legal Committee is wondering if other groups in New York State have had any dealings with the state Attorney General's Office re. offering plans. Our attorney, who himself once worked for the Attorney General, has told us that before actively seeking members for a particular site, we must either receive a No Action Letter from the A.G. or some word from them that we are not violating state security laws, or we could be fined big bucks. We are not at this time "marketing" a specific site, since we are still investigating several, but we are trying to prepare for the happy moment when we do have one.The attorney told us that if we are fully pre-sold before fixing on a site (unlikely) then we apparently do not have to file an offering plan. Do any of you have information to share on this? Does the A.G.'s office know anything about cohousing? I'm sure they are in the process of changing the guard now anyway. Maybe if we make a united effort to educate them, it would be to everyone's benefit. Also, are any of you in the process of preparing an offering plan? How long does it take and how much are your legal fees? We are also facing the coop vs condo issue and our attorney has given us many more reasons to be a coop than to be a condo. (Banks in this area are very familiar with coops, so that is not a major issue.) Which way are you going and why? Thank you in advance for any advice or information you can give us. I would also be happy to pass on what we have learned. Meg Walker
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