What Is CMC Investment Cooperative's Mission?
CMC Investment Cooperative's mission is to leverage member-owners' investments to purchase and rejuvenate stressed and poorly utilized residential and commercial properties in Craig and Moffat County. Consistent with the principles and spirit of the cooperative movement, CMC Investment Cooperative makes long-term, stabilizing, and transformative investments for the mutual benefit of our member-owners and our community.
How Does CMC Investment Cooperative Select Its Projects?
When selecting properties, CMC Investment Cooperative is guided by common concerns in our community, including absentee owners, stressed buildings, safety, and a lack of positive activity on our main commercial corridors. Our ideal tenants are independently- owned community-minded businesses or organizations that are interested in expanding or relocating to Craig and Moffat County and are drawn to the prospect of renting space from #s of community residents who care about their success.
What type of business is CMC Investment Cooperative?
CMC Investment Cooperative is formally organized as a cooperative under the Colorado Uniform Limited Cooperative Association Act (ULCCA) of 2011.
Click here to view http://www.sos.state.co.us/pubs/business/news/2012/20120402_ULCAA_Dean.html
Why A Cooperative?
The cooperative is a innovate vehicle for community investment with many advantages over traditional models. A cooperative operates democratically on a one-member, one-vote basis, so that all members have equal voting power. Because a cooperative is a for profit business it can provide members with a modest return on their investment. A cooperative also typically focuses on multiple bottom lines, including improving a community's social and economic capital. For CMC Investment Cooperative, this means giving Craig and Moffat County residents a way to work together to make long-term, stabilizing and strategic investments that will help transform our community.
How Is CMC Investment Cooperative Governed?
CMC Investment Cooperative is governed by a volunteer Board of Directors which over see three standing committees (Property & Tenant, Finance & Governance, and Membership & Marketing). The Board of Directors has a monthly meeting. All CMC Investment Cooperative Members are welcome and invited to attend.
So CMC Investment Cooperative Is A Cooperative, Does That Mean You Are Non-Profit?
Nope. CMC Investment Cooperative is a for-profit cooperative real estate development organization. We aim to operate at a profit, with the potential to pay dividends to our investors or used to build capital for another development. We work with non-profit fiscal agents to apply for grants and receive tax deductible donations.
Who Can Become A Member Owner?
Any individual or business living in the state of Colorado can become a member. Businesses that become members direct a proxy vote from the organization for voting in elections and and for bylaw changes.
What If You Become A Member And Move Away From Colorado?
Since you lived in Colorado when you became a member, you can retain your membership when you move to another state.
How Much Does It Cost To Join?
A membership share in CMC Investment Cooperative, called "A-Share" costs $1,000. All member- owners have one vote in any decision subject to direct member control one and are eligible to run for a place on the Board of Directors.
Can I Invest More Than The $1,000 Base Membership?
Member-owners have an opportunity to invest additional funds to support CMC Investment Cooperative future property purchases. The Board of Directors will issue different share classes "C-share" of $500/share and "D-shares" of $5,000/share. Depending on when these shares are issued, there may be modest dividend or interest rate associated with them. No matter how much any individual member-owner has invested, he or she is only entitled to one vote.
What Kind Of Return Do I Get On My Investment?
As with any investment in a security, CMC Investment Cooperative does not guarantee a specific rate of return on member investments. Each year the Board of Directors evaluates the net income for the year and the ability for CMC Investment Cooperative to issue dividends and/or capital credit account allocations.
Can I Sell My Membership Back?
While all CMC Investment Cooperative owners should understand that they are making a long-term, patient investment by joining CMC Investment Cooperative, we also know that lives and circumstances change. For this reason, our bylaws do provide a method for member-owners to request that CMC Investment Cooperative buy out their shares in advance of a formal call for redemption by the Board of Directors. CMC Investment Cooperative reserves the right to not sell back the shares if this action would compromise the financial stability of the cooperative. If at some point you find yourself needing to explore this option, please contact the Board of Directors to discuss it.