[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

SG-W:/ GREEN INVESTMENT OPPORTUNITY



Folks:

Last summer, I had posted an inquiry regarding possible loans to help the 
Southeast Michigan Land Conservancy finance a potential land acquisition.  A 
number of people responded and I kept their names and addresses on file.  I'm 
posting this again, just in case there are others who would be interested in 
this proposal.

Although for several months we were unable to reach a purchase agreement 
(very frustrating!), we have finally reached agreement to purchase two 
parcels in Superior Township, totaling 90 acres, next to our LeFurge Woods 
property.  If you didn't see the Free Press article, you can read it at:
http://www.freep.com/news/metro/land25_20000425.htm

We need to raise $590,000 for our capital campaign  (to pay for the purchase 
price, interest, campaign expenses, and to provide for an endowment), but our 
more immediate need is to have $450,000 in hand so that we can close on the 
80-acre parcel by mid-May.  So...we are seeking private loans to help us 
finance the purchase (the sellers will not take a Land Contract).

To date, we have commitments for over $400,000 ($250,000 of which is being 
furnished by the Conservancy's land acquisition fund on a revolving fund 
basis), so we only have a little way to go.  The terms of the loans are as 
follows:

The Southeast Michigan Land Conservancy is seeking loans in increments of 
$5,000 and $10,000 and we will pay 6% simple interest.  The term of the loan 
will be for a maximum of one year, however, we expect to pay off many of the 
loans within approximately six months.  We will try to schedule repayments so 
that those desiring a more prompt repayment will be repaid first.  Also, if 
at any time someone would request a more prompt repayment, I'm confident that 
we could accommodate that request.  Of course, if a full one year term is 
satisfactory that will give us more flexibility.

To those who may be interested, I will provide you with a simple loan 
agreement next week after I return from a conference.

To date, we have received donations of over $60,000 towards our goal, so we 
are very excited and pleased with this project.  This will be one of the 
largest privately-purchased nature preserves in southeast Michigan (over 260 
acres), so I trust that the rewards will be much greater than the 6% interest 
which we are offering.   I will be happy to answer any questions which you 
may have, or to provide a fuller breakdown of our financial package for this 
project.

If you are interested in this concept, but unable to loan money at this time, 
we are also working on two other potential acquisitions.  If our progress is 
satisfactory on this project, we may soon be seeking additional loans some 
time in the future (depending upon how soon the grants start rolling in).   
Please let me know if you might be interested in that possibility.

Thanks, again, for your interest in land conservation and for your 
consideration of this proposal.

Jack Smiley
President
Southeast Michigan Land Conservancy

P.S.  Unfortunately, I lost e-mail addresses for two people who had 
previously responded (darn computer crash!).  If you didn't receive a 
separate e-mail from me, please contact me by e-mail again to reconfirm your 
interest.  Otherwise I will send you a letter by snail mail.  (USPS must love 
that phrase!)


===============================================================
smartgrowth-washtenaw:  Internet List and Forum for issues relating to
sprawl, smart growth, and preservation of the quality of life in Washtenaw
County.

Postings to:  smartgrowth-washtenaw@great-lakes.net      For info, send
email to majordomo@great-lakes.net  with a one-line message body of  "info
smartgrowth-washtenaw"
===============================================================