What happens if there aren’t enough members? You’ve mentioned that 200’ish members is in the optimal zone for smooth cooperative stability, but supposing OSR doesn’t attract that many, or if initially there are that many, but in the early stages of the co-op a substantial number find it’s not for them and pull out. What’s the minimum needed to stay solvent as a co-op – one hundred shareholders? Fifty? What if there are fewer than that? I guess we’re asking what’s the worst-case scenario, and what plans have been made institutionally to mitigate the risk of this, and what plans should we make individually, in case that eventuality comes about?
There are already enough members to make it happen. Our balance on the note is $822,000 and we have a year to make the next $100,000 payment. We have enough equity in the property to refinance if needed. We have over 1,000 people who have expressed interest in our project. We have had over 30 families join with-out the property being in our name. Escrow has been opened with the last required payment to have the property placed in our name. The contract states that the closing must take place within the next 10 days. With the next 80 shareholders the land will be clear and free.