Thursday, April 10, 2014, 6:30 pm until 8:45 pm
Third floor, OIC building. All members please attend!
North Quabbin Community Co-op
Annual Meeting Agenda
April 10th, 2014 6:30-8:45pm
6:30-6:45 Potluck snacks and Inventory activity
6:45-7:00 Committee Reports
7:00-7:45 Business Plan presentation
Fund raising Report
Member Loan Campaign
7:45-8:00 New Business: Election of Directors (see bios below)
8:00-8:20 VOTE To authorize the Cooperative to secure a loan from Common Capital in the amount of $60,000 for the purpose of expansion into a downtown storefront; and to authorize the President and Treasurer execute in the Cooperative's name all required legal documentation in connection with this loan, including a mortgage on assets of the Cooperative. (See terms below)
8:20-8:30 Closing Remarks
8:30-8:45 Enjoy refreshments and sign up to volunteer on a work crew!
Karl, now retired, has been a commercial loan officer, project manager, and most recently the Interim Director for Community Development, Town of Orange 8/2012-2/2013. A lifelong supporter of the town, he prepared the proposal for the 2013 CDBG program to Commonwealth of Mass for $650,000, which was awarded. He was the Project Manager for
the Town Hall Restoration Project in 2005 and for the Randall Pond Industrial Park which opened in Orange in 2000. As a Commercial Loan Officer and Manager for the Orange Branch of Shawmut Bank from 1984-1989, he built the Asset Loan Portfolio from $700,000 to $22,000,000 with below average loan loss ratio in three years. And he developed, with the Town of Orange, two CDBG and Bank funded low interest housing rehab programs.
Mary received a BFA from the Massachusetts College of Art and Design and a PhD in Anthropology from the University of Massachusetts. She has lived in Orange for over 20 years and in that time has been active in many community organizations.
Manuel is the Adult Services Librarian at the Wheeler Memorial Library in Orange. In addition to serving on the Board for the Co-op, he also serves on the Board of the Orange Revitalization Partnership. In 1996, he founded the Starry Starry Night New Year's Eve Celebration. 2013 will mark the 18th year of this free, annual celebration of the arts.
Loan Terms from Common Capital:
$60,000 loaned at 3% with a 7 year term amortized over 20 years with an initial 6 month interest only period. After the initial 6 months, monthly payments will be approximately $334/month. During the interest only period, payments will be approximately $150/month. The loan will have a balloon payment at maturity but can be refinanced at that time if needed. The balloon payment would be approximately $44,133. No personal guarantees are required for the loan; business assets will be used as collateral. There is no penalty for early repayment.
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