|Re: The Developer Role/Early Start||<– Date –> <– Thread –>|
|From: John Major (themajorsmail.sisna.com)|
|Date: Mon, 9 Jun 1997 11:07:44 -0500|
Hi, Rowena - Thanks for the replies! Is Cambridge Coho the one going in hear Davis Sq.? I used to live in Arlington, near Mass. Ave., but before that we lived in Somerville real close to Davis Sq. - at least, I have vivid mental images of these places, but I don't know that I have the names right! Stops on the Red Line... By "Heavy Lifters" I really meant the folks making the development side of it happen - there are certainly folks here working hard on process issues, recruitment, legal, etc., but the development stuff is demanding in a particular way, it seems - requiring specialized skills and round-the-clock access, not a good mix for a volunteer, doing-it-on-the-side organization. In your case, paying your professional member-developers seems to have been a good compromise for you - getting a Coho-saavy developer at a good price! > The bank's lawyer wanted to rewrite everything every week. However, he > was obviously on the side of the 800 pound gorilla so we just kept doing > things over and over FOR 8 WEEKS! > > Luckily, our wonderful general contractor and the contractor who is > building the modular units kept on building and trucking - we have > foundations almost all complete, and about twelve units on site being > buttoned up. So you're implying that you did what we've been calling an "early start" - breaking ground *before* you had the official financing nailed down. Was this based on just a "letter of approval" from your bank, or was there something more official? Our builders are comfortable with starting before the financing is quite done, and we have got our front-running bank and our title company willing to do this, we think - they will do what's called a "courtesy lien" to keep the bank in first position on the loan just before the shovels go in. We have the heavy Utah winter to fear, so we are anxious to get going (besides the fact that some members are frantic to get started.... ;-) But some here are pretty leery of this "jumping the gun", and I'm wondering if your experience has been OK with it - 8 weeks is quite a long time to be building with no official $$, isn't it? How did the checks get paid? Thanks - John Major Wasatch Cohousing - looking down the chutes at the Development Whitewater!
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