Hello everyone!
Thank you to all who came out to our 2nd FBC info session last night. We appreciate your continued interest and support. The following is a summary of the meeting including some key changes that have been implemented to the plan.
What we’ve been up to:
Founding Member Drive (November)
Incorporated & Registered Business (So much red tape!)
Executive Director (interviews, negotiations ongoing)
Small Business Investor Tax Credit (Applications Submitted)
Founding Member Recruitment
Change of Structure
The gym facility will be a separate corporation owned either fully or partially by the FBC. The FBC’s percentage of ownership depends on the amount of funding raised by community members through a 90-day investment offering period. A minimum of $30,000 must be raised (maximum of $200,000) through this offering in order to continue. The FBC plans to hold these funds in a trust until sufficient funds are raised to fully fund the project.
Plan A:
The ideal – the wall corporation is fully funded by community members and FBC owns 100% of the gym.
Plan B:
FBC gets help from private investors to fund the rest and FBC owns <100% of the gym.
Plan C:
We fall short of %100 between the community and private investment. We then re-engage the community & investors to form a new vision (build the minimum viable product).
Plan D:
We don’t raise enough money. FBC pulls back to a community group-only role. Community and private investors get their money back.
UNB Rock and Ice 2.0
No matter the outcome, FBC’s vision is to become UNB Rock and Ice 2.0 and to carry on the legacy that has held strong for decades. FBC wants to subsidize student memberships. Should there be a new UNB SU Climbing Club, student members get a special discount. FBC will also hold club trips, movie nights, comps, & special events. Given the opportunity to host BMFF, revenue from the event would be used to further subsidize student membership.
Founding Member Benefits
Names on a prominent plaque giving lasting recognition of support
Access to Founding Member Investment Opportunity
DEEP discounts on years and years of climbing gym memberships by investing in FBC
New Timeline
March-June 2018 Investment outreach
April 2018 Inaugural meeting
April-Feb 2018 Develop/advertise programming
May-Aug 2018 Planning
Aug 2018 Lease occupancy begins
Aug-Nov 2018 Staff hiring and training
Sept-Nov 2018 Construction
January 2019 Grand opening!
Stay tuned for more details regarding share purchase incentives, investment incentives, the investment offering period, and our inaugural meeting! In the meantime if you have any questions, please direct them to fbcwall@gmail.com. We want to hear from you!