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SG-W:/ "GREEN" INVESTMENT UPDATE



Dear friends,
I had previously posted an e-mail to the SmartGrowth-Washtenaw list and was 
pleased (and surprised) by the number of positive responses.  In case there 
are others who would still be interested in this opportunity, I am sending 
this update to the entire listserve group.

Southeast Michigan Land Conservancy (SMLC) representatives met with the 
landowners on Friday and submitted a written offer to purchase the 79.86 
acres at the corner of Prospect and Geddes Roads in Superior Township.  They 
seemed receptive, but indicated that they needed to get the approval of 
another partner.  We're keeping our fingers crossed.

If they accept our offer (we should know within a couple days) we will need 
to pay them off within 30 days--a tight timetable, but we're sure that we can 
do it.  SMLC will need to borrow between $150,000 and $200,000 to finalize 
the purchase.  So far, we have loose commitments for about $50,000....and I 
haven't even contacted people who have loaned us money on other projects.  
So, it seems that we are in pretty good shape.

As soon as we have a signed contract, I will provide complete financial 
details to those who are interested.  Again, we are looking to borrow money 
to finance this land acquisition while we await a state PDR (Purchase of 
Development Rights) grant which has already been approved.  (The grant should 
be for about $200,000, plus or minus a few thousand dollars).  We are looking 
for loans in $5,000 and $10,000 increments, and we will pay 6% simple 
interest, calculated on a daily basis.  We anticipate that the maximum length 
of time that we will need for repayment is 6 months.  We will most likely 
repay all loans within 3 months...but we like to plan conservatively--and you 
should, too.

Please contact me if you are interested and haven't contacted me before.  (I 
can supply more details or answer any questions).

For those who have previously responded, I would appreciate knowing if you 
are still interested, and at what dollar amount you are considering.  I will 
soon have the revised contracts which we will utilize (I can forward to you, 
now, the contracts we used last time--they're pretty simple & 
straightforward).

Questions?  Send me an e-mail!

Thanks to all who have expressed interest!!

- Jack Smiley, President
Southeast Michigan Land Conservancy 


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