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Hamline Midway Investment Cooperative - Shared screen with speaker view
Courtney A Overby
08:04
Welcome everyone!! Good morning and thank you so much for joining us
Reed, Julia
08:31
Thank you
ross
09:38
Hello, Marcq.
Mary Rick
10:13
HI Marcq!
Y. Elaine Rasmussen (she/her)
10:58
Hi Marcq & Mary
Matt Privratsky
11:44
Matt Privratsky. Aide to Mitra Jalali in the Ward 4 City Council office. My wife and I also live in Midway
Mark Simonson
11:52
Pat Thompson (she/her), Creative Enterprise Zone board and Transition Town - All St. Anthony Park
Leslie Watson
11:53
Hi, all! I’m Leslie Watson, Northeast Minneapolis (Columbia Park neighborhood), founding organizer of Northeast Investment Cooperative and here to share a little bit about it.
Reed, Julia
12:01
Julia and Shari, Edmund and Pascal. We just adopted a rescue chihuahua named Oliver.
Megan Pera
12:06
My name is Megan and I grew up in the Crocus Hill neighborhood in St. Paul. Super interested in cooperative investment!
Y. Elaine Rasmussen (she/her)
12:17
Elaine Rasmussen, CEO, Social Impact Strategies Group. Our offices are in the Midway and do entrepreneurship and investor cultivation in the Midway
Naomi Farabee (she/her/hers)
12:18
Good morning, Naomi Farabee, lived here in Midway since 2009 near Hamline and Hewitt. Originally from Bemidji.
Julie's iPhone
12:22
Julie Ludowese Hamline Midway neighborhood
Sarah Hernandez
12:22
Hi Everyone: Sarah Hernandez, the McKnight Foundation. Here to listen and learn! Thanks for this opportunity!
Ben Werner
12:31
Hey all. Ben Werner (He/him). Cathedral Hill. I'm interested in human centered design in building development and community ownership
catherinereidday
12:33
Greetings. I am Catherine Reid Day, business owner, artist, writer, and chair of the Creative Enterprise Zone which is working in collaboration on this project. I live in Mac Groveland and have a studio in the CEZ on University Ave.
Alan Richardson Hohn
12:36
Alan Richardson grew up in Midway/still have family there. Now in North End, here because I am working to start a co-op in my neighborhood and would like to see one prosper in HM
Mike Reynolds
12:38
Hi, everyone. I’m Mike Reynolds, a (fairly) longtime resident of the Midway neighborhood (and currently serving on the Coalition Board).
Elizabeth Dickinson
12:43
Hi, Elizabeth Dickinson from West Side, Ward 2. Interested in learning more!
Zack Mensinger
12:49
Zack Mensinger - near Griggs and Englewood. I think Hamline Midway is the best neighborhood in St. Paul!
Nat Begej | they/them
12:51
good morning! Nat Begej, (they/them), resident of Powderhorn Park in south Minneapolis and cooperative enthusiast
Tru
12:55
Trudy Dunham, Hamline Midway area; was on previous community investment committee
Greg Bohrer
12:57
Greg Bohrer, resident of Hamline-Midway. Here to learn how I can invest in our neighborhood.
Megan Kakela
13:02
I am Megan Kakela. I live in the Midway neighborhood and am interested in what a real estate coop could look like in my neighborhood.
Abby
13:12
Hi! Abby Alldaffer, PLACE. Marcy Holmes. V interested in community ownership of land.
Emily Goellner, Community Development Director
13:18
Good morning! Emily Goellner, Midway resident. Very interested in cooperative real estate. Community Development Director for City of Wayzata.
Allison Bell
13:23
Good morning! Allison Bell from nearby Prospect Park, Minneapolis. I'm looking forward to learning!
Jonathan Oppenheimer
13:24
Jonathan Oppenheimer, Hamline-Midway neighborhood. I was part of a group of about 4 of us that met occasionally for a year or two to look into the possibility of a neighborhood investment co-op. Good to see the idea is alive again.
Paul Brooks
13:25
Hello, I’m Paul Brooks and live in Highland Park. I’m excited to be here
Libby
13:30
Hi! I'm Libby Logsden and I will live in the Wedge! I'm on the board of the Minneapolis Tool Library in the Hamline Midway neighborhood and am interested in learning more about this!
ross
13:31
Ross Currier, economic development project manager at the City of Saint Paul; long interested in a variety of co-ops and collectives.
Amanda Cortes
13:32
Hi! Amanda here. I live in Lyndale and moved here from Chicago two years ago. I helped start a limited equity housing co-op in Chicago’s Pilsen Neighborhood and am interested in commercial co-ops.
Natalia Hals
13:32
Good morning everyone. I’m Natalia Hals and I am a business advisor for The Neighborhood Development Center. I’m here because work closely with some business-owners and residents in the community and would like to know how to best support.
Mary Rick
13:33
Mary Rick, City of STP, Planning and Economic Development, excited to support new wealth building solutions
Kathy Ingulsrud
13:43
Kathy Ingulsrud (SE Roseville), and also St. Paul Sunrise Rotary member. Also a cooperative enthusiast.
Ellen Fee (she/her) UPDC
13:45
Hi! My name is Ellen and I am involved with the Neighborhood Involvement Committee for Union Park (Hamline Midway’s next-door neighborhood). Excited to hear what this is all about!
Tungekar, Rehman
13:55
Hi everyone, I’m Rehman Tungekar, a fairly recent transplant to the Midway area. Just interested in learning more about cooperative/social investments.
Gretchen Nicholls
14:05
Hey Everyone! I'm Gretchen Nicholls, LISC Twin Cities. LISC is working to support community ownership models in the Twin Cities.
Erin Heelan
14:07
Good Morning, Everyone! I’m Erin Heelan, I live in the Highland Neighborhood. I’m a community and economic development consultant. I’m working on this partnership with the Creative Enterprise Zone and Hamline Midway.
Emma Kiley
14:07
Emma Kiley (she/her), staff at HMC working on the Neighborhood Plan! New Como neighborhood renter.
Bee V
14:39
Bee Vang, with the Neighborhood Development Center. We are a community development organization that serves most of Saint Paul and Mpls with business financing, training and technical assistance.
Betsy Altheimer
15:07
Good morning! Betsy Altheimer nonprofit development consultant (with clients in Saint Paul!) based in Longfellow in S. Minneapolis. Really interested in cooperative ownership models.
Kyle C.
15:23
Hi all, Kyle Crawford here. Raised in Midway now a duplex owner on Westside of Saint Paul.
Jon Slock
15:48
Hello! I'm Jon Slock, St. Paul resident (Payne Phalen), works at a nonprofit just blocks from Hamline-Midway.
Allie Berg
15:58
Hello! Allie Berg, Strategy and Impact Manager at Twin Cities Habitat for Humanity. Here to listen and learn.
John Ward (He/Him/His)
16:57
John Ward here, Saint Paul resident, living in Hamline-MIdway. Work for Education Minnesota. Looking to learn more.
Diana Dyste
16:58
Good morning! Diana Dyste, Baker Tilly - working primarily in support of affordable housing developments/developers, living in Keewaydin - Minneapolis. Looking to learn more about capacity building for new/local developers and innovative approaches to equity building in development and urban design.
Courtney A Overby
17:20
Hello! I’m Courtney, former resident in HM, engaged in supporting the possibilities to advance cooperative outcomes, and economic justice work in communities.
Rachel English
17:51
Rachel, CTUL (Centro de Trabajadores Unidos en Lucha); we are interested in learning about various rebuilding options post uprising & how advance worker rights & worker voice in the process
Phil Bussey
18:11
Hi, I'm Phil Bussey - Hamline-Midway resident and architect. Really interested in co-op business and development models.
Muhammad
19:13
Good Morning, Im Muhammad Jiwa - EcoRealtor, I live in Dayton MN, but I work predominantly in the twin cities, and am working with East Phillips Neighborhood Initiative, Gandhi Mahal, and so many more, and we are trying to get the city to let us purchase The Roof Depot building to turn into a community space for so many wonderful things for the community (affordable housing, aggregate for local farmers and ethnic grocery stores, indoor micro greens, community solar, etc.
Muhammad
19:23
Here to learn more
ocho0032
19:23
Hi! I'm Mauricio Ochoa and I live in Hamline Midway. Interested in tangible ways of investing in my community
Tim
20:46
Hi this is Tim is Wisconsin. Glad to be here, very excited about this chance to invest in the TC community.
Deb
22:33
Deb Ahlquist here. We’ve owned our home in the Hamline Midway for 29 years. Curious about this new way to invest in the neighborhood.
marcq sung (he/him/his)
35:12
Please submit any questions. Please @ at a presenter if you want anyone to address your question specifically: Leslie, Kate, D'angelos, Renee
Mark Simonson
35:39
@leslie - are the retained earnings taxable to the members?
Miah Ulysse
36:31
@leslie at what point do members see an actual check for dividends/returns vs it being “held”?
Bee V
37:08
What were some challenges in getting the 203 participants?
Tim
38:05
Do you encourage/desire an upper limit on individual "buy in"?
Matt Privratsky
38:13
@D’Angelos: any guidance on the short/long term benefits/challenges of renovating vs building? Snelling/University both have spots that are prime for re-use but others that are straight up empty, as well
Jamie Schumacher
38:19
hi everyone, sorry for the delayed introduction, was here but helping my kids with some things. :) im
Jamie Schumacher
39:25
I’m Jamie Schumacher, Bloomington resident. LISC staff member working to support the cultural districts. I am a member of NEIC and excited to learn how I can support the cooperative model elsewhere.
Betsy Altheimer
39:27
Fun to see you present on NEIC again. I saw you speak at BALLE in 2006 at a much earlier stage in the org.
ross
39:45
What are the demographics of your investors? Have they changed over time? Is there a geographic “focus” of your “recruitment” of investors?
Thomas Hertzog
40:24
Hi folks. I’m Thomas Hertzog. I’m a Northside Mpls resident looking to organize similar investment coops on this side of the river. I work in real estate consulting and am a strong believer in coops & communities. Would love to connect with folks in Mpls!
Gretchen Nicholls
40:31
Is it best to identify a site to get things moving? Or do you start by building a pool of investors and then look for a site?
Y. Elaine Rasmussen (she/her)
40:52
@Gretchen, I’ve seen it done both ways
D’Angelos S. (NEOO)
41:12
@ Matt - building new is almost always more expensive and always much riskier than to take existing buildings and managing your way through the process. There are a ways to participate in newer projects and new construction but should be done as part of vision.
Gretchen Nicholls
41:47
@Leslie Is it best to identify a site to get things moving? Or do you start by building a pool of investors and then look for a site?
Leslie Watson
43:11
@Mark The dividends on preferred shares are taxable to members, but the retained earnings are not a taxable event until they are paid out.
Gretchen Nicholls
43:27
@Renee Is it best to identify a site to get things moving? Or do you start by building a pool of investors and then look for a site?
Leslie Watson
46:22
@Gretchen I think that selected site v. pool of investors first is a chicken/egg question, I suspect.. It will look different depending on community and project. NEIC found that a focus helped to generate more commitment—enough for us to be positioned to move—and then the site itself caused a big surge of interest that allowed us to close.
Muhammad
47:14
I love this
Leslie Watson
49:24
@Tim. ON the question of imposing an upper limit on individual buy-in — NEIC does not have a limit, except that you can only buy one voting share, of course. And th e board controls the issuance of nonvoting preferred shares, authorizing only X amount in a defined series, and closing it when the needed funds have been raised.
John Ward (He/Him/His)
53:09
@Leslie How were the tenants chosen? Is there a certain type or mission/business/organization that NEIC looked for?
Leslie Watson
53:38
@Miah: The increase (or potential decrease) in the members original $1000 ownership share can be realized when people leave the co-op. Otherwise, NEIC is structured so that if the amount of that retained earning reaches $500, it automatically converts in to a share of nonvoting stock and then begins to earn a dividend. It will be awhile, but that’s okay. And of course, if NEIC ever decides to dissolve and sell off its assets, the then-current owners would theoretically split the proceeds, which could be significant if the value of the properties has grown. With 300 owners, fortunately, there is not a lot of incentive to “cash out,” which is part of the design—to ensure that the properties don’t flip, etc.
Leslie Watson
55:14
@John Ward: Tenants had to provide a business plan to show that they were viable, and demonstrate that they were interested in being connected to / supportive of the community.
Pat Thompson
55:15
@leslie does NEIC still operate with no staff?
Mary Rick
55:16
Michael Shuman talks a lot about locally investing in his work. I haven’t read, but his new book includes a focus on self directed IRAs and solo 401ks: https://www.indiebound.org/book/9781523088904
catherinereidday
55:25
Here is to ongoing learning and acknowledging it won’t be perfect. LET’s DO THIS
Leslie Watson
55:36
@Pat - There is a professional bookkeeper and paid property manager, but otherwise no staff.
Pat Thompson
56:09
@d’angelos - do you have more to add?
Miah Ulysse
56:15
Where does racial equity come into this new opportunity in the Midway? @anyone
Adrian Perryman
56:16
What are the next steps?
Alan Richardson Hohn
57:01
@d'angelos - what were the co-ops you spoke of which had monthly installment options for buy in?
Mike Reynolds
57:07
@Renee and @D’Angelos — what might be the pros/cons of buying to then lease to tenants we want to support, vs buying to transfer ownership eventually to businesses we want to support?
Hamline Midway
57:22
The survey can be found on HMC's website.
Y. Elaine Rasmussen (she/her)
57:42
Great question
Allison Bell
57:46
This is so good! Thank you to the organizers and presenters.
Danielle’s iPhone
57:51
Thanks for that D’Angelos!
Y. Elaine Rasmussen (she/her)
57:52
+1
renee@redesigninc.org
58:26
https://docs.google.com/forms/d/e/1FAIpQLSdY2FtaZoLu-5N38a66NcPCwZ5KFcQ3PaW1q-z598G9RnwtnA/viewform
John Ward (He/Him/His)
58:29
I've learned so much this morning. Thank you.
renee@redesigninc.org
58:51
That survey allows you to indicate what money or technical skill you’d like to contribute to this effort
Hamline Midway
58:57
www.mynico.com
Ph Sa
58:59
That would be awesome and inclusive
Gretchen Nicholls
59:02
Thanks to Courtney for pulling together a great group for this discussion! Would like to be involved in future discussions.
catherinereidday
59:02
Mercy Corps has also done some successful coop with very small investments
renee@redesigninc.org
59:10
It will help us understand how large of a project we can go after
Matt Privratsky
59:19
Really like the monthly buy in option as a way to expand access for more folks
John Ward (He/Him/His)
59:55
Me too, I know many people who would be more interested in the monthly buy-in option
LeeElle
59:58
Do I have to be a resident in the midway or have business in the area to join the community investment?
Leslie Watson
01:00:34
@Mike Reynolds NEIC has developed leases with a right of refusal to at least one of its tenants, with some language designed to help provide assurance that the sale price would be fair to all. Buying and rehabbing the property, and then transitioning it to a locally owned business, would also be a win. It would free capital for another project too.
Ph Sa
01:01:33
@Renee I agree
Muhammad
01:01:37
Maybe invest but no voting rights for outside the community?
Pat Thompson
01:01:49
Do people have to live in Minnesota under co-op law?
catherinereidday
01:02:57
To everyone sharing your deep expertise today—THANK YOU!
Erin Heelan
01:03:17
Hi All, There are so many great questions. We will be creating an FAQ to capture all the questions from the chat (answered and unanswered). Thanks to all the great speakers.
Paul Brooks
01:03:21
Yes, thank you!
Naomi Farabee (she/her/hers)
01:03:22
Thank you for this!
Sarah Hernandez
01:03:34
Thank you everyone!!!
D’Angelos S. (NEOO)
01:03:34
thank you everyone dangelos@neoopartners.com
Libby
01:03:44
I learned so much, thank you!
Erin Heelan
01:03:48
Please take the survey! That will help us with next steps!
Leslie Watson
01:03:49
@Pat No, that’s not required by co-op law. Residency issues were related to securities exemptions.
Jimmy Shoemaker
01:03:54
how do you take the survey?
Julie's iPhone
01:03:55
great info to consider. I learned a lot from this. thank you!
Elizabeth Dickinson
01:03:58
Thanks to everyone for sharing expertise…this is a sustainable, equitable way to support communities :)
Hamline Midway
01:03:58
Big thanks to everyone who participated and asked questions!
Jimmy Shoemaker
01:03:58
it isn't linked
Jimmy Shoemaker
01:04:04
oh, thanks
Erin Heelan
01:04:15
https://docs.google.com/forms/d/e/1FAIpQLSdY2FtaZoLu-5N38a66NcPCwZ5KFcQ3PaW1q-z598G9RnwtnA/viewform
Muhammad
01:04:18
Thank you
Reed, Julia
01:04:20
Thank you - we look forward to next steps and we appreciate everyone's time.
John Ward (He/Him/His)
01:04:21
Thank you to the organizers and the presenters
ross
01:04:21
Thank you all and have a good day.
Kyle C.
01:04:23
TY
Maureen Mulvaney
01:04:48
Thank you for this information and opportunity
Phil Bussey
01:04:54
Thanks!
Tim
01:05:07
Thanks!