We followed an ‘ABC’ strategy and structure for purchase and transformation into an ownership community:
The (A) Acquisition Team is the Fifth Street Commons LLC, who took the legal and financial responsibility for the initial purchase. They made the primary decisions necessary to jumpstart the community and manage the interim rentals. This group includes Ross Chapin, Deborah Koff-Chapin, Cally Fulton and JR Fulton. They received input from all teams to inform their decisions. When the community is off to a strong healthy start, this team will dissolve.
The (B) Bridge Team is a group of 12 community-motivated individuals and couples who came forward to make a low-interest two-year loan in order to purchase the property.
The (C) Community Circle was comprised of potential future owners and renters and other community focused individuals with knowledge, skills and perspectives to offer. They helped examine appropriate governance and management structures, decision-making and dispute resolution processes, assisting with creating CC&Rs (codes, covenants and rules), maintenance schedules and improvement priorities.
PHASING
Phase 1 included the visioning, securing the funds and purchase of the property.
Phase 2 included the preparation of legal and financial structures, design and construction of base improvements, and “condo-izing” the units to enable individual sales.
This phase was lead by the Acquisition Team with input from the Bridge and Community Teams, and with assistance from our attorney. Simultaneously the Community Team helped establish the intent, tools and agreements that is the “glue” of the community. The property continued to be managed as a rental property during this phase.
Phase 3 included the payback of all loans with interest through the sale of apartment units, and the establishment of an enduring healthy community.
Fifth Street Commons 