To Vote by Proxy
Members may vote in person at the meeting or by proxy. Voting by proxy means you do not need to attend the Special Meeting, but can designate another person to vote on your behalf.
To vote by proxy, please either click here or send an e-mail to Natalia@romemu.org with the information completed below.
Proxy designations are always revocable and are valid for one year after they are signed.
If you choose to vote by proxy, please designate your proxy (as outlined above) and email Natalia@romemu.org no later than 5pm on January 21st, 2020.
Click here to view the resolution document for the refinancing of the Romemu Center.
Background on the Romemu Center Financing and Resolution to Approve Mortgage
In early 2018, the Romemu Center building, formerly the Grosvenor House, was put on the market by the YMCA Association. Given the competitive nature of New York City real-estate, community members jumped in with the funds needed to put a deposit on the building and fund $4million of the $9million purchase price. In order to close the transaction by the required date, the Board approved $5million in short-term loans from several generous, anonymous donors, and we received keys to the new home for Romemu on October 12, 2018. The intention was always to re-finance these short-term loans with a longer term bank loan until the Board approves further capital fundraising.
With the help former board chair Peter Takiff, we received a mortgage commitment from Carver Bank. Carver is a community bank based in Harlem that has enabled many religious, educational, cultural and other institutions in the Harlem/Upper Manhattan neighborhoods to acquire, maintain and renovate essential buildings for their communities. They are very supportive of our desire to create a force for positive change and service to our neighborhood. We could not be more thrilled to have Carver as a partner.
With the proposed mortgage ($4.5million loan, 4.75% interest rate, 5 year term, renewable to 10 years), we will repay $4million of the $5million short term personal loans, which have now come due. The remaining $1million personal loan will need to be repaid over the next year. Funds to repay this loan, as well as funds to renovate both the new building and potentially parts of the West End Presbyterian Church, still need to be raised. Mortgage payments will be approximately $22,000/month, and will be offset by releasing the previous office space at 43 W. 110th St, which cost Romemu $14,200/month.
Because Romemu is a nonprofit organization, this re-financing requires approval of the NY Attorney General, which in turn requires approval of Romemu’s Board of Directors and membership. Romemu’s bylaws stipulate that 10% of member households constitute a quorum, and a majority of the quorum must vote YES to approve this resolution either by proxy vote or in person at a Community Meeting. For more information, please email firstname.lastname@example.org.