Cohousing-L Mailing List: Equity Funding agreements

[Marion Pape (marionpape]

We are a new cohousing community in Victoria, British Columbia called Fernwood 
Urban Village and will soon be ready to request equity funding as a commitment 
to purchase a unit which will pay for pre-construction costs which include 
detailed design, marketing etc. We plan to sell 80% of the units before we go 
for a construction and land acquisition loan. 
There will potentially be a total of 31 units and build-out population is 
estimated at 45. We have 16 members at the present time and several more in 
process. 
We are waiting for City approval of our project with several variance requests. 
Expect it early in 2013 with construction completed 18 months later.

Does anyone have an agreement in the early stages of a project for potential 
equity investors to sign that would clarify who is able or willing to commit to 
the project? 

 In a few months, we will be seeking a $20K equity commitment and may be asking 
all members to pay a monthly fee to cover ongoing operating costs. Would it be 
useful to develop an investor package at this stage?We will also be seeking 
additional investment from members and friends of cohousing at this stage.

Thanks for your ideas and assistance.

Marion Pape
Coordinator, Fernwood Urban Village