Re: Acquiring Land for Mirador Astronomy Village


Steve Taylor
 

Pretty sure you'd find any number of buyers from Rancho Hidalgo....

On Mon, 20 Jul 2020 at 23:28, David Oesper via groups.io <oesper=mac.com@groups.io> wrote:

The Mirador specifications document located in our Files section and here gives a lot of detail about our vision for an astronomy-friendly residential community and astronomy resort & learning center. But before any of this can be developed, we need to have land.

The next step for Mirador is to create a legal entity that can raise money for a land purchase.

Some challenges we face:

  • Mirador could be located in Arizona, New Mexico, or West Texas. We don’t want to limit our land search to one state, but incorporating in the state where land will be purchased is less complicated.

  • We need an attorney who is familiar with Arizona, New Mexico, and West Texas law, but especially with real estate law and corporate law

  • Does anyone know an attorney who is interested in astronomy, might want to become involved with this project, and might be willing to do some pro bono work?

  • Does anyone know a fundraising professional who is interested in astronomy and might want to become involved with this project?

Our most immediate need is to find an attorney to help us create the legal entity that will be necessary to raise money for a land purchase. This legal entity will exist for one and only one purpose: to purchase land for Mirador Astronomy Village.

Here is what we currently envision for the land-purchase legal entity. Would appreciate your thoughts before we submit this to a prospective attorney.


Land Purchase

Issuance of Shares

  • 1 share = $1000

  • No limit on the number of shares that can be purchased

  • Initial shares and additional shares can be purchased at any time

  • Hold the money in an FDIC-insured interest-bearing account

  • Value of shares remains unchanged except for interest accrued

  • Shareholders can return shares and remove their investment (plus interest) at any time up through the point of the shareholders voting in favor of making an offer on a property but before an offer is actually made

  • 1 share = 1 vote

  • Funds can only be used to purchase a property for Mirador Astronomy Village; any leftover funds will be returned to the shareholders proportional to the number of shares they own.

  • If there are insufficient funds to purchase the property without financing, the shareholders will not be a party to that financing arrangement.

  • It is possible we may acquire land that is "partially donated", that is the land owner may agree to sell us the land for the amount of funds we have raised to date.

  • Shareholders will be known as Community Founders.

  • After the property is purchased, the monetary value of the shares goes to $0.

  • Benefits for shareholders after the property is purchased will include free RV, camping, and astronomy access to the property as soon as it is acquired; after development, no-additional-cost benefits such as free access to astronomy programs will be offered.

  • Benefits will be proportional to the number of shares owned.

  • If Mirador Astronomy Village isn’t established on the property within five years, the property will be sold and the proceeds returned to the shareholders in proportion to the number of shares they own.


Respectfully submitted for your consideration,

David Oesper



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