Local 416 Building Project

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Building Update from the April 28th/29th General Meeting

  • Construction on the St. Clair parking lot is behind our goal but still on track to be completed in mid-August.
  • The deal with the Credit Union has been executed and the Local will receive $225,000 in cash and a 49% ownership interest in the new Credit Union building and land. This will provide protection against inflation in the value of the property and protect our ability to keep this property as part of our campus in the event the Credit Union vacates the property. In that event the Membership will have the option to exert our First Right of Refusal at 51% of the fair market value or they may opt to accept 49% of the proceeds from the sale. This decision will be solely up to the membership, no other party has any say.
  • As result of the ownership interest the Union will not have any ownership interest in the north College property, (the Bus Lot).
  • The Design and Finance subcommittees of the Building Committee have been working diligently to come up with a recommendation to present to the full membership. This will be done at a Special Meeting that is anticipated to be held soon. All members will receive a mailing notifying them of the meeting as well as other methods of notification.

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