Update: 17.12.2018 - Extension of offer
Below is a copy of a letter from the Somerset CLT team, updating on the share offer and an extension.
A further – and final - share offer extension
We’ve done it. Or, at least, we’ve done part of it – we have met our minimum target and we can now go ahead and buy 11A East Reach which opens the way to a planning application for as many as six new, ecologically designed flats.
I can’t tell you how excited we all are, and I’m looking forward to welcoming the sitting tenants at 11A into our little community. It’s a modest building in itself, but it opens the door to some very exciting developments in the near future – which you will certainly hear about.
But we aren’t finished with the share issue. The other part of the plan was to acquire the land at South Street, and we are acutely aware that this now hangs in the balance. We need more equity – about another £40,000 – and also more loan finance (though I am pleased to say that the Community Land Trust Fund, managed by CAF Venturesome, does seem to have exactly what we need).
That’s to say nothing of our desire to allow a little ‘churn’ in our shares. We will always want to allow withdrawals of share capital (within sensible limits) and for some years now we have been unable to do so. After acquiring new property, having the liquidity to release long standing investments is a high priority. After all, if we treat our earliest investors well, it encourages them to consider further social investments in the future.
So, one more extension of the share offer seems inevitable – until January 31st 2019. We can’t rest on our laurels – the campaign so far has reminded us that while we can produce endless documents, we have not documented our achievements well with photogrpahs or video. Over the Christmas period, we’re going to try and remedy that. By putting a human face on what we are doing we hope to encourage more people to put their faith in us.
I’d like to take this chance to wish you all a very Happy Christmas (it certainly is for us) and encourage you to spread the word about what we are doing and our vision of a sustainable community providing self-managed homes, work and urban environment. Perhaps your own community needs a CLT like ours!