Looking into the Legal Stuff

Last year when we were finding ways to purchase the land at Narara, we investigated raising the deposit by seeking a loan of $5000 from 100 SCEV members. I really loved that idea because it meant that many people would have a stake in the project, for example young people and others with small bank accounts. However we understand that SCEV Inc is not able to raise money directly from the public without first issuing a prospectus. Unfortunately, a prospectus takes a great expense to prepare, money SCEV does not have.

We understand that the beautiful Narara land is being revalued by the NSW government and will come back on to the market in the near future.

We have heard about a wind farm development being funded through a cooperative structure with funding provided by members and a developer. Another suggestion is to purchase the land in a private company issuing shares and yet another is to raise loan funds partially through a debenture fund, all with less onerous and expensive outset costs. What we need is some advice on legal structure and associated legal requirements for funding a community based land/housing development, so that we can be more prepared and ready to purchase the Narara land when it comes back on to the market. This week I have spoken to people at PILCH (Public Interest Legal Clearing House), the Environmental Defenders Office and a lawyer at a city law firm with the intent of finding options for the best legal structure.

We are also looking out for a development partner with similar ideals, values, vision, cash and energy. When we get our land funding structure right, some sort of joint venture could look very appealing to all parties.

If you are able to help us with any of this please contact us or if you know of someone with this skill and knowledge, please let me know. I want to be clear that any help offered does not constitute any long term commitment. It is my 60th birthday today and i can’t imagine being involved with anything more exciting than this ecovillage project. What a gift the universe is giving me!