Save the Dragon Update

A message from the Board circulated via email the other night…

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I hope this message finds everyone well and enjoying the glorious spring weather. I have to apologize for the lateness of this update, and want to thank our friends and supporters for their patience over the past few months. Since the last update lots has transpired, and there’s much to relate.

Since we went public with our financial crisis in Mid March, the Coop has been focused on three priorities: securing the financing needed to replace the Teacher’s Credit Union mortgage, fundraising to cover immediate costs and to reduce debt, and planning for a full organizational restructure.

But First, the Festivals…

Before we could engage these priorities, we first had to deal with two big events – the Halton Eco-Fest on April 17 and 18 and the fourth annual Mayday Festival on May 1st. The Bread and Roses Café was the sole food provider at the Eco-Fest, and had to set up and staff an off-site café for two days. This proved to be a huge logistical hurdle, and stretched the small B&R kitchen to capacity. With the help of amazing volunteers and staff (Mark, Jeff, Simon, Natalie, Angela, Holly, Kathryn, Sue, Marg Ann, Mike, Beth, Lisa – you all rock!), the Coop pulled off the event in fine style. Feedback from festival vendors and participants was very positive, and this looks to be a yearly possibility for the Coop.

(click through to read the whole message)

The Fourth Annual Mayday Festival was a similar success for the Coop and its community partners. Working with Steelworkers Local 1005, the Hamilton Wentworth Elementary Teacher’s Local, the Hamilton and District Labour Council, CUPE 3906, IFPTE Local 160, OSSTF District 21 and over 20 other community organizations, the Coop staged an incredible event. This year’s festival included more organizations, more attendees, an outdoor art garden and an outdoor beer garden. In addition, the Mayday march organized by USWA Local 1005 ended up at the festival, swelling the ranks of attendees to several thousand in the late afternoon. Again, incredible volunteers and staff made it possible (Cory, Chris, Meaghan, Sandy, Beth, Valerie, Kaydian, Caroline, Bill, Josh, Alex, Nicole, Scott, Simon, Keisha, Mike, Marg Ann, Lisa, Kathryn, Mark, Charlotte, Peter, Melanie, Russ, Sallo, Terri, Sue, Sean, Joey, Doug – you’re all amazing!). Special thanks also needs to go to all of the incredible performers who shared their music with us and donated their time to the cause.

Addressing Organizational Priorities…

Since our last public meeting at Ricca’s Furniture on March 29, the Coop has made substantial headway in each of it’s three priority areas.

Several friends and supporters gave us contacts and made suggestions as to where we could find financing to cover the first mortgage. After following several of these leads, the Coop is now in the final stages of securing a deal with private financiers. This deal is a significant improvement on the one currently provided by the Teacher’s Credit Union, and allows the Coop to pay down the mortgage principle yearly, with the long-term goal being to buy out the mortgage completely with community bonds. We are excited to be entering this new financial partnership with an integral local family, and will announce the formal closure of the deal when “the ink is dry”. Our sincere thanks for the many suggestions for financing help offered by our friends!

The Coop has also been fundraising through bond sales since our public meeting on March 29th. To date we have sold $10,000 in community bonds, with the expectation of $15,000 more being sold shortly as follow-up contacts are made with interested parties. These monies raised are going immediately to lower the Coop’s debt, and represent a hopeful start to our long-term fundraising campaign to raise enough money through bonds to pay out all mortgage debt. We aim to accomplish this in four years, a goal that is challenging, but doable. An equally important initiative is the launch of our Sky Dragon Membership Campaign. As part of our organization’s transformation into a true community-owned Coop, we are offering memberships to friends and supporters. Memberships are an important and relatively low-intensity way in which people can support the Coop financially and get more involved in its operation. A full breakdown of membership types and benefits is found at the end of this message.

The final goal of organizational restructuring is now underway. The current Coop board has one more meeting scheduled this month, after which we will be announcing the first meeting of the expanded transitional board. This board will oversee the restructuring process over the course of the next twelve months, with the goal of a new, multi-stakeholder cooperative being fully formed by May of 2011. At this point, elections will be held in the different stakeholder groups, and a new board will oversee the organization from thenceforth. Current stakeholder groups being considered for the new organization include Coop managers, Coop staff, investors, community members, and partner organizations.

Community members of the Coop will be invited to several consultation meetings throughout the next year, with an opportunity to contribute input to the restructuring process. We want to have as many voices as possible partake in this important re-visioning work, so don’t hesitate to get your membership now. They also make great gifts for friends!

In closing, as we continue to navigate this process of transformation, the Coop would like to express our sincere thanks to the many incredible individuals who have contributed their time, energy, hope and concern to the Sky Dragon project. From a time of crisis, we are now experiencing an incredible re-birth. This unforeseen outcome would not have been possible without the strength and vision of this City’s progressive community, and we look forward to providing a vehicle for it’s hopes and aspirations for years to come!

SKY DRAGON COMMUNITY MEMBERSHIPS

Level 1 – Community Membership

• $30 for the year
• get 10% discount on all retail purchases at the Coop
• get a vote in the yearly Coop AGM
• can run for election as a Community Member representative on the Coop board

Level 2 – Friend of Sky Dragon

• $100 for the year, receive $100 tax receipt
• get 10% discount on all retail purchases at the Coop
• get a vote in the yearly Coop AGM
• can run for election as a Community Member representative on the Coop board

Level 3 – Sky Dragon Sustainer

• $200 for the year, receive $200 tax receipt
• receive a monthly subscription to Mayday Magazine
• get 10% discount on all retail purchases at the Coop
• get a vote in the yearly Coop AGM
• can run for election as a Community Member representative on the Coop board
• invitation to special yearly Sustainer’s Dinner

Level 4 – Sky Dragon Major Sustainer

• $500 for the year, receive $500 tax receipt
• receive a monthly subscription to Mayday Magazine
• get 10% discount on all retail purchases at the Coop
• get a vote in the yearly Coop AGM
• can run for election as a Community Member representative on the Coop board
• invitation to special yearly Sustainer’s Dinner

To become a member, respond to this email, call Kevin at 905-777-8102, or drop by the Centre and talk to a staff person at the café. Don’t be shy, we’d love to have you aboard!