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[Seattle Go Center] SGC Building Development Report

Dear Members:

SAME BACKGROUND.  We've discussed previously that the Board of the Seattle Go Center has been considering options for maintaining a thriving Seattle Go Center.  Due to new high-density zoning, increased property values, higher property taxes and other costs, our board started researching scenarios and looking for an opportunity to develop the Go Center property in 2017.  Our property is owned by the Nihon Ki-in in Japan, who give us free rent.  The ideal outcome would be to sell the property to a developer who would give us a "free" lease for 99 years and invest the sale proceeds as an endowment to operate the Seattle Go Center.

We found and presented such a deal to the Nihon Ki-in in Tokyo in DEC, and they signed a Purchase and Sales Agreement (PSA).  It is much better than obtained by other go centers that Iwamoto Sensei created in his mission to spread peace and cultural awareness through Go.  The Nihon Ki-in is very happy with our efforts and they agreed to all our requests on how to handle the sale and proceeds.

DEC-APR we finalized the early requirements of the PSA and settled on the terms of our 99yr lease.  We truly have a very good deal, and if all things go as planned, we will be set up very well for the future.

SAME FUTURE STATEMENT.  Given construction permitting processes in Seattle at this time, construction likely would not start until early 2022.  At that time, we would use sale proceeds to rent a space for a couple of years during construction, and then we would move back to the current location on the second floor in a new space we design.

Our buyer is very professional and pleasant to work with, and they have been very reasonable in dealing with us.

If you have any questions, feel free to send them to billchiles-gocenter@hotmail.com .



Bill Chiles

(posted by Brian Allen)

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