Dan questioned the costs of acquiring loans from the Bank versus Building Owners
Investors group is willing to provide loan at a fixed rate of 5%
Dan mentioned that we should present a proposal to the membership
Tom clarified that after purchase, the MMS will have to pay property tax and insurance
Joe has concerns about future membership dip in the future
DL mentioned that we can adjust fees
Vishal said that we have other options as a 501(3c) - grants, classes, etc.
Vishal asked if we have received a property tax exemption already.
Tom mentioned that we already have income tax exemption but no property tax exemption yet
Dan mentioned a very positive meeting between him, Lance, and Senator Tammy Baldwin's office
Dan mentioned that Senator Tammy Baldwin's office will be happy to help us with the letter to property tax exemption
Adrian inquired about how a land contract protects the makerspace
Tom answered that the buyer cannot back out after the land contract is signed. The lawyer suggested that a land contract is simpler and has lower fees
Vote: Present an official purchase plan ($4000, inclusive of taxes and property tax) to the membership
6 yes, 1 abstain(Felisha).