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Outcomes of the November 3rd Town Hall
OPTION 1 – Stay the Course, Keep Doing what We're Doing. There was very little if any support for this option. The general consensus appeared to be that we didn’t buy the property to be landlords and although it has been a good investment, the time and energy it takes to manage the property and the coming maintenance expenses make it a poor option.
OPTION 2 – Keep the Land for Future BUUF Use Without Residential Tenants. This option also did not receive much positive response. The main issues appeared to be loss of income, cost of demolition, cost of interim maintenance and capital expense of constructing “something” on the property. There was also concern about a lack of clear vision for what the property might be used for and whether there was an actual need for more land or buildings.
OPTION 3 - Sell the Property. This option had the most favorable reception and received the most votes in the straw poll. The appeal seemed to be the straightforwardness of the idea. That apart from needing to help the tenants relocate*, this option is a relatively easy and clean break with our current obligations. The idea of funding the endowment fund so that it could actually be of benefit appeared to resonate with folks.
OPTION 4 - Hybrid Option. To subdivide the Chelan lot into two parcels, one to keep, one to sell. This option received mixed responses. Some questioned whether half the property would be attractive to a buyer, while others liked the idea of the potential for different options. While a minister’s residence received a tepid response, other options were not discussed in any length.
OPTION 5 - Develop the Property for Affordable Housing. In partnership with other community organizations. This option did not seem to receive that much support. People liked the idea of helping provide affordable housing, but they didn’t necessarily like losing the income or value of the land. Some questioned if the money placed in the endowment could have more impact on homelessness if directed in that area. Since a formal neighborhood agreement prohibits widening Chelan, access to any development would need to be through the south parking lot and the playground area.
Options 3 and 4 emerged as the most desirable paths forward. The Board believes this is due to the potential to unlock financial resources that would benefit our community in numerous ways.
In our ongoing Town Hall series, we will focus on Options 3 and 4, which involve selling the property either in whole or in part. This decision carries significant implications for our community, and it's important to look at how it may impact our future endeavors and financial health. The Town Hall discussion will feature a presentation on the BUUF Endowment Fund and how the proceeds of the sale could open doors to new opportunities for the growth and sustainability of BUUF.
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