We are reviewing the arrangement with the land owner. Until now, we had a deal to pay for the land in several parts, over another three years, but this is no longer possible. There were some delays from our side in forming the cooperative and securing the investor loan, and on the owner's side to prepare the documents needed to transfer the deed to the cooperative. This has led to the owners re-thinking their current needs.
We are now renegotiating an addendum to the promissory contract to allow us to make a part payment in June 2024 and the remainder in December 2024.
Our funding strategy needs ongoing adaptation to find the balance between raising the funds from new resident members joining, and from investor loans.
At the start of May 2024, we have one new resident member almost ready to join and a few families planning to stay for a trial period later this year. While our best scenario is to find people to join as residents and co-fund the project, this takes time.
Therefore, we want to boost our fundraising work to find more investor loans, aiming to reach as close to the land purchase target as possible by Summer 2024, with a possibility to delay part of the payment to December 2024.
Therefore, we have this updated funding target that includes the pledge from the likely new resident.
There are several potential investors who have talked about supporting us once we have raised some funds from residents and grown the group. Now we have reached that position, we are starting to reach out again and propose investor loans to support the land purchase.
We have lots of progress to share and to inspire potential investors, and have made a new video to present the project and call for investors and residents.
We have also made an infographic to summarise the progress we have made, and show the next steps for the project.
We have updated the website with these new images.
Project progress infographic:
If you cannot view the image below easily, you can download the pdf instead.
Video: Call out for Investor support:
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