Co-op: Banking On The CBT!

This follows
The Co-op After Extensive Consultation
27 Sep. 2014

AGM
The Co-op AGM, 24 Sep.: many have been looking forward to this, expecting to - at very long last - hear hard facts about the Nelson Commons project. With none forthcoming over the past 2 years - all Co-op member-owners(M-O) have been receiving: a steady stream of repetitious superficial sales-pitches for condos. Provided they signed-up for the electronic newsletter especially created for them.
So who knows!
This after the Co-op declares in the Common Ground, May 2014 issue that there has been extensive community consultation on the project. A whopping 20 of those in AGM attendance are concerned (non-co-op) members of said community - 74 are M-Os.

But not even M-Os have been consulted - so when one of them asks almost immediately to have the topic moved into the AGM proper for a by now very necessary back-and-forth: Board President Brynne quashes the idea just like that! While this topic is what most have come for!

Putting a deciding spin on the proceedings: this - plus a right away literally falling-apart public-address system (an omen?) and the room's heating turned to just-having-to-sweat-it-out tropical!

The accountant presents whatever accountants present; then Board Director Pigott continues with financial report number-columns-forever, using a hand-held microphone - while audience-members are left to their own devices - none! - when they have a question. So they can't hear each other - meaning the Board/Management (B/M) can't hear them either. They - here obtusely deaf to the problem - (habitually) don't facilitate two-way communication!

This at-arm's-length AGM: showing no respect for M-Os and non-members-although-possibly-store-customers! Or even those maybe here for a condo!

Incidentally - with a clear lack of interest within the general community and despite the in Common Ground touted 12.000 M-Os - only 2 outsiders are running for 3 Board vacancies. One of them makes it in - the 2 incumbents are promptly re-elected: Pigott one of them. The status quo comfortingly maintained!

Back at the AGM: after a long stretch of Pigott only, he sort-of does share his mic with audience-members; eventually someone turns-off the heat.

CBT
But by now our brains have been thoroughly fried - well done! - so when the Columbia Basin Trust (CBT) pops-up among financial providers/partners on an overhead-projection - acronym only, no context of its own - this finds no immediate response from the audience.

Though many discuss it after - fresh air to breathe and at a distance from the AGM: what could the CBT possibly have to do with a totally for-profit, non-co-op, non-social-housing development? Seeing that it is generally known for providing financial assistance to community initiatives, social agendas, artistic expressions. Need-based issues wrapped in ethics!
But this???

     
The bottom-line of my in-depth talk later with Investment Manager O'Doherty: at this point the CBT is neither in nor contemplating a partnership of any kind with Nelson Commons - there has been informational conversation only! Under given circumstances: this CBT mention in the Co-op's financial planning is totally inappropriate.
Thoroughly experienced in all manners of investing: the CBT sometimes does invest in commercial ventures but - only after careful all-around consideration and within their ethical parameters - never to just make a quick buck.

So what else and next and how secure(d) for real is financing-as-a-whole for Nelson Commons? Rhetorical questions: we'll never know!
What we do know: Pigott - having a refreshingly candid moment - admits to Plan B (store only - if condos crumble) thus far not having been financially planned for, because: we are confident there will be no need for Plan B.
Right!

The Co-op's Financial Manager is leaving after 1 year in the job.

The CBT is currently making the rounds to gather info on how best to serve the region in the future. An informal Nelson workshop - open to all concerns, ideas - will be held at
Rod & Gun Club
Wed. 15 Oct.
11:00am - 2:00pm/4:00pm - 6:00pm
For more info on how to participate in shaping the CBT's path:
www.ourtrustourfuture.cbt.org

 




                                                                                                        

                                 

The true hypocrite is the one who ceases to perceive his deception, the one who lies with sincerity.

                                                                                Andre Gide

Common Ground

May 2014

The Commons - the story of our time

Two Local Examples

www.commonground.ca