Save the Property

LaLa Gardens is transitioning from private to community ownership as a cooperative, but it first needs to be saved from foreclosure in July 2022. See the key steps below. You can also follow along more closely via the LaLa Gardens Cooperative wiki page.

Step 1: Save the property from foreclosure

  • This step is being publicly discussed in the LaLa Gardens Cooperative Discord in the #1-save-the-property channel.
  • Regenerative Living Institute, its founders Leah Gibbons and Brandon Yarborough, or a trusted third party will secure a 'hard loan' of $113,420 to purchase current owner Tina Trout's property and prevent it from being lost to the banks in foreclosure in July, 2022.
  • This includes an agreement to purchase to transfer ownership to a cooperative that will purchase the property at wholesale value from Tina, as well as a long-term lease for her and her mom.
  • Current status: Tina and Brandon are securing the details of the foreclosure status. Leah is checking on her mortgage qualifications as the interim owner. Letty is developing the ownership transfer agreements.
  • June 16, 2022, Letty provides the following documents:
    • Covenant - The general agreement for implementation by transition team

Step 2: Transition to cooperative ownership