Board Meeting Agenda - Co-opportunity

Co-opportunity
Agenda for Board Meeting
May 16, 2012
Page 4
MOTION #1
I move that the board give the GM authorization to enter into a real estate lease agreement for the
purposes of expanding to a new store in Culver City. The authorization is contingent on three triggers.
Key approval triggers and board verification methods:
1. Pro forma and project receives Bill Gessner’s approval
b. Memo from Bill stating his opinion that a final pro forma is feasible. Bill also states he believes
we are ok to move forward with project. Bill also stating it is ok to enter into lease agreement based on
attorney’s final approval and attorney-recommended contingencies.
2. Lease attorney approves final draft of lease (with key contingencies included) and gives
ok to sign lease.
MOTION #2
a. Memo from Paul Enriquez stating his opinion that is is ok to sign final version of lease.
I move that the board authorize the GM to formally negotiate, obtain and commit to financing for a 2nd
store project. This amount shall not exceed $__________ (tbd)
Key approval triggers and board verification methods:
1. Debt incurred (loan amount) approved by Bill Gessner
Memo from Bill stating his opinion that incurring this debt is in line with approved pro forma
and project budget .
2. Lease attorney approves final draft of loan agreement and all loan documents.
MOTION #3
Memo from Paul Enriquez stating his opinion that is is ok to sign final versions of loan
documents.
I move that the board authorize the GM to obtain member capital through
Member loans
Preferred shares
Increasing Class A share investment total to $300
Key action steps and board verification methods:
1. Bylaw amendments
Memo from Therese Tuttle (co-op attorney) detailing recommended bylaw amendments
needed to position co-op to raise member capital.
2. State and Federal Filing.
Memo from Therese Tuttle detailing steps taken with State and Federal agencies to position
co-op to legally raise member capital (member loans and preferred shares).