October 2023 Updates
Raising Stuff
Raising walls, raising awareness, raising investment, raising hope... more on these, plus details on the co-op model!
Problem Solving
Hey folks,
Welcome to another monthly update on the progress of getting this co-op started.
If you don't want to be on this email list: please reply with a No Thanks and we'll try not to judge ;)
This month we've figured out the math behind electricity transfer to the new elevator, who is a reliable sprinkler company, how we unlock historical tax credits, where to frame new bathrooms, and what parts of the renovation we can delay to manage costs!
The problems we're solving week by week with the renovation are getting smaller and smaller, while the space gets more and more exciting.
If you want to see the space: email us -- most Saturday mornings we're providing tours of the property in Butchertown.
Keep sending us your feedback and ideas!
ASK: Please forward this update to a friend that you think should be involved in the co-op!
We hope you'll join us,
Rebecca Norton & Charley Miller
What It Means to Be an Owner
Members in MaybeItsFate are not customers, they're owners. Ownership means you help the community control the fate of the property (together we are the landlord), enjoy profit sharing in certain years, and if the co-op decides to sell the property someday then you will have your piece of that pie.
So how do members build equity in the MaybeItsFate LCA?
Well, the first way is to show up. You earn your Annual Grant of 100 shares in the LCA each year by showing up once that year. 100 shares isn't much, but it's something -- and this is one of the only member-based spaces in the world that give you ownership in the place by showing up (and if you join pre-occupancy, you get an "annual grant" every month).
Next, you can invite friends to become members. Hopefully you'll invite nice people who are ready to participate! When they join, they will name you on their initiation and you will get a Referral Grant.
The most significant way to build equity is to add value to the community. Bonus Grants require imagination -- no one is going to tell you what to do (although the community will place calls for assistance).
Get a Bonus Grant by proposing an activity or taking on a responsibility, getting approval, and then following through on the proposal.
Propose something (like leading a workshop, class, activity, conversation); or taking on a responsibility (cleaning the bathrooms, managing this newsletter, initiating new members) -- the elected member Congress will review the application to approve or suggest changes, along with allotting an appropriate amount of shares (100, 1,000, 10,000... or more for massive efforts like painting a mural on the side of the building).
You cannot sell your shares -- these are not securities that have inherent value or stock to be traded. You also must remain a member or you sacrifice your shares back into the community pool. There's a finite amount and these rules protect the value for active members (and keep the LCA compliant).
Looking for something to do in Louisville?
Here are some hot places to visit that you might not think of:
The Brand
The name MaybeItsFate comes from the belief (and need) in those serendipitous encounters that bloom new ideas, friendships, and movements.
The space we're cultivating is an attempt to widen the surface area for those individuals in Louisville that crave mind stimulation to encounter and form new connections.
We're a member-owned art exhibition space and social club in Louisville.
