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Board of Directors Report
By Kimberly Vincent, from
the February newsletter
The last month and a half has been anything but ordinary for the
board of directors.
By now the
news has spread through our little town…the Co-op
has signed a lease for the building that housed Garts. It sounds
so easy…it just rolls off the tongue—we are moving
into our dream space. But the journey to this statement has been
anything but simple. At our November meeting, we had voted to sign
our lease for another five years at the current location, as our
lease was to expire at the end of 2004. But everything changed
November 20th at our annual all day retreat with the intent of
developing a long-term business plan for the coop. The board was
assembled around my dinning room table munching on muffins when
a rumor was shared—“Did you hear? Garts is closing.” Our
original agenda was out the window. Cindy Carlson was there to
facilitate our retreat but we had enough enthusiasm to sway the
meeting away from a business plan and we spent the day brainstorming
pros and cons for moving, developing lists of questions that needed
to be answered in order to make a decision to move or stay.
Kenna
went to work gathering all the information we needed while she
and Bonnie confirmed the rumors with Beth Kenworthy. Meetings
were scheduled with bankers and accountants. December 7th we
had
our monthly board meeting to discuss the financial information
gathered. We set up another meeting in two weeks, only to be
unable to vote on which lease to sign, since we still did not
have a commitment
from the bank. We voted to continue the pursuit. We meet December
28th with the intention of voting on which lease to sign, but
still no commitment from the bank. After debate over what to
do next,
we voted to sign the lease with Kenworthy for the Garts space,
contingent on the bank loan. We all felt the urgency as we had
until the end of the year to sign one lease or the other. Thankfully,
Kenna was able to negotiate a two-week extension for both leases,
while we waited for the bank to give us the requested funding.
We meet December 30th to decide what course of action we were
to take. During all of this Kenna and I began interviewing architects.
Kenna continued the process while I was away.
The
ups and downs coupled with this huge financial commitment were
playing its toll on the board and Kenna. Emotions were erratic.
We were trying to balance the dream with the reality. The stress
of delays bumped up against the need to make the decision as
the deadline loomed. Finally word came, while I was at a conference
in Atlanta--the bank approved a loan to help with some of the
costs
of the move with a contingency that we raise money from member
loans. I am sure you heard my cheers from Atlanta in chorus with
the board members at home when we read the news in an email.
The board met January 11th and discussed the terms of the bank
loan,
the lease at Garts, trying to answer any other questions. We
voted unanimously to make the move, completing the decision with
a toast
of nonalcoholic champagne. There was an audible sign of relief
(at least I think I heard it) before someone said “Oh, my
god, what have we gotten into?”
Now
the hard work begins. We have to raise member loans, hire a project
manager from the bids we have received, lay out the new
store, and remodel the long coveted space. We are excited now
that the decision is made. The managers have all given wish lists
to
the board at a dinner with the directors back in early November.
We are on the move.... |
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