O&D Special Zoom Meeting regarding lease 10/3/2024

October 3, 2024; begin at 8:37pm Attendees: Danielle B, Jim D, Tiffany H, Charles L, Raj S

Attendees held a discussion regarding sections 49 and 50 of the proposed lease. The language contained therein seems to be reasonable for a commercial lease.

LVL1 will not be able to operate sustainably with the lease-contained rent increases: 2024 - $2,000; 2025 - $2,200; 2026 - $2,420; 2027 - $2,660; and 2028 - $2,930. To manage paying these rent increases with dues (as provided for in the bylaws), we would need MINIMAL membership increases (from our current 75 members) of 2024 - 75; 2025 - 79; 2026 - 84; 2027 - 88; and 2028 - 94. These membership-increase projections do not include utilities and insurance increases, but ONLY cover the rent increase.

ERGO: We need to know our insurance expense, and we do know the rent expense, and we can suppose/project future energy expense. Once we have those semi-solidified, we can project needed revenue from now until end of 2028, the duration of the five-year lease. Once we know our needed revenue, we’ll have the hard numbers we need to chase using a solid business plan.

Some possible tactics we will need to use to achieve that goal include, but are NOT limited to: dues increases, membership drives, bake sales, generous benefactors, educational 501(c)(3) grants/rent grants, city money, more/better workshops and classes; ANYthing that would help us achieve the goal of remaining solvent and keeping LVL1’s doors open.

Plans of action: Jim will reach out to Daniel Johnsen to see if we can get him included in the next discussion. Danielle will reach out to Sean McPherson to see if we can get him included in the next discussion. Raj will reach out to the two insurance companies regarding quotes for necessary coverages. The group will meet again early next week, once we have some insurance information. Side note: We need to MAKE SURE that our insurance *also* includes an O&D liability policy/clause/rider.

Meeting concluded 9:20ish.