Hello, members. As many of you know from many updates the past six years, the Nihon Ki-in sold the SGC property, and part of the deal was that SGC would receive free space for 99 years. We've been waiting for word that our partner would break ground. However, our partner this week delivered very sad news. Like so many developers across the country, they cannot afford the cost of their loan, and they can't afford "to go vertical" (build). They told us they are turning the keys over to the bank. If you google, you can see many billions of dollars by much larger firms are being left on the table because they cannot afford to service the loans.
Let me say now, this is a set back in time only, and our basic plan to have a new permanent home for SGC is still in progress. Instead of renting temporary space for 2-2.5 years and moving back to the same location, we will rent for about 4 years and then buy a new permanent location.
Fortunately, we negotiated a clause and have a memorandum on the title record to the property that our partner owes us compensation for not producing the space for 99 years. However, they do not owe us this money until 30 JUN 2027. While we didn't want to be landowners of the current property due to taxes and maintenance costs skyrocketing from rezoning and light rail, owning a much smaller property and not being landlords, along with IGOF to help support SGC now, we will be in a much better position than we were operating the current property.
Unfortunately, our partner's lender has said they are aggressively evicting us because they want to monetize the building by renting out the full space. We must vacate the premises by 27 JUL. We will store SGC equipment until we can find a temporary space to rent. We will extend all memberships by the number of months we need to close to find new space. Everyone, please look around, and if you see a community center, church, preschool, or some place that might be symbiotic for us and cheap rent, let us know. Or, if you see commercial rental space that looks good, let us know, and we will use a realtor to help as well.
WE VERY MUCH COULD USE help immediately for packing boxes and preparing SGC equipment for moving. We will hire three folks and a truck 20 JUL, Thurs, but we pay them $212/hr. The more we can pack, and on the move day, the more we can help move boxes, the more money we can save. PLEASE LETS US KNOW if you can help daytime or evenings for packing and preparing SGC to go into storage for a few months. ALSO PLEASE LET US KNOW if you have ideas, we may be able to provide outreach equipment for folks to play Go in pubs, coffee shops, libraries, or places in the few good weather months it takes us to find a new space.
We're thinking of a goodbye party for the old building 18 JUL, Tue. More on that to come ....
If you have any questions, feel free to contact me.
Thanks,
Bill
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