Moscow looking at co-op to buy properties
New organization wants community to have a say in downtown vibe
MOSCOW — A new Moscow organization wants the community to have a say in the future of its downtown commercial properties by forming a cooperative.
The Moscow Community Investment Co-op hosted an information meeting Tuesday to introduce itself to local residents. Approximately 70 people attended the meeting.
The MCIC is a for-profit entity designed to purchase commercial real estate in Moscow. Lorie Higgins, a member of the MCIC steering committee, said it is a “democratic means” for the community to decide what their commercial districts look like in the future.
In particular, it wants commercial districts to value inclusivity and diversity.
People who become owners in the cooperative must sign up for a membership agreement that states they support the values of the MCIC. According to information provided at Tuesday’s meeting, these values include investing in spaces that are accessible, welcoming and inclusive.
The MCIC says it supports a “diverse community of local business owners and residents” and promotes “a culture of belonging where differences are respected and valued.”
MCIC hopes to attract at least 2,000 investors. Investors who reside in Latah County can buy an ownership share that allows them to vote in the cooperative. Ownership shares cost $1,000 per owner.
Any Idaho resident can buy into investment shares, which do not come with a vote. These have different price levels.
The MCIC will be managed by a board of directors, who are volunteers and will make purchasing decisions for the co-op. The board will have up to nine members and serve three-year terms. The first board will be appointed, and the following boards will be elected.
Higgins said the MCIC is hoping to be fully operational by this summer.
MCIC member Pat Vaughan said the co-op is working on a business plan, and is prioritizing properties in the downtown business district. He said the co-op is not about flipping buildings or generating an immediate profit, but to invest in the community.
MCIC member Melinda Schab, who manages the Moscow Food Co-op, said the group has already created a list of properties it is interested in.
Higgins said the cooperative will be able to apply for grants and create partnerships with other entities.
There are more information meetings about MCIC scheduled this month at the Unitarian Universalist Church in Moscow. The next meeting will be 5:30 p.m. March 12. The following meeting will be held 5 p.m. March 21.
More information can be found at moscowinvestment.org.
Kuipers can be reached at akuipers@dnews.com.
