News from Monterey CoHousing (MoCoHo) | <– Date –> <– Thread –> |
From: Mike Malone (MIKEmdh-cc.health.state.mn.us) | |
Date: Wed, 5 Jun 1996 08:36:28 -0500 |
My addition to the recent spat of updates. By the way for those new to the list, MoCoCo is in Minnesota not California. Anyway, we are all moved in and this week completed all the closings for the owner- occupied units. The driveway, landscaping, and porches and decks are still uncompleted due to a very cold spring and a late thaw. Otherwise, all the frenzy of the development phase seems to be ebbing away as we all attempt to resume a less hectic life. The installation of wiring and plumbing to allow kitchens in the old building is also complete. Next is the rehab of the common kitchen. We have several very small units in the old building and are finding these units to be more popular than the larger units in the new construction. I have alluded to this earlier, but thought I'd repeat it now that I'm not quite so burned out. We did not use a developer although we did have a development consultant. The entire financial risk for the project was borne by MoCoCo. No one in our community had any experience with construction or project management. We did not have a single project manager from the community. Several of the menbers are experienced small business owners who are familiar with putting together and presenting a business plan. We also benefited from member with accounting experience. On all other aspects we were extreme novices. Our inexperience has been at least as costly as a developers profit margin. We are extremely fortunate to have a local bank, Riverside Bank of Minneapolis, that is committed to funding grass roots enterprise and working hard to see that such enterprises succeed. Without Riverside Bank our project would have been much more difficult, perhaps immpossible. The loan officer at the bank provided us with valuable advise at every step of the project. If you must use bank financing, finding a bank that is local and will be committed to your project will contibute greatly to your success. I and other members of MoCoCo are often eager to talk now that construction is over. My phone number is (612)926-3872. ********************************************************************** Mike Malone Cancer Control Section Minnesota Department of Health Internet address: michael.malone [at] health.state.mn.us Phone: (612)623-5670 Fax: (612)623-5520 **********************************************************************
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News from Monterey CoHousing (MoCoHo) Mike Malone, June 5 1996
- Re: News from Monterey CoHousing (MoCoHo) Magenta Raine, June 5 1996
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