I3 Founding Notes

Russell Industrial Center

Space Information:

600 SQ. FT - $450.00 per month and includes heat and electric - These small spaces are on the inside of the building and do not have any exterior walls with windows. They say the spaces stay pretty warm and assume for added heat people use space heaters.

1000 SQ. FT - $550.00 per month includes heat but goes to metered electrical

The building has 24 hour access and is also 24 hour security on premise, parking is free and we will not have any problems with having public people coming into the space for meetings etc... In the main lobby they provide a layout of the building with information on all companies and groups to make finding us easy.

The building is full of other artists, film studios, music studios etc... this could be good for meeting others and possibly growing our member base. This would also allow us to start teaching classes which i think will bring in more members. We are free to do what we wish with the space as far as painting, build out etc... The building is fully wired by comcast and we can contact them for internet, cable or phone services. Noise is not really an issue. They also host art gallery tours, showings, films etc... which could also bring in new members.

I am attaching a few photos of a space for everyone to get an idea. The ceilings are approx. 14 ft. tall. I like the fact that our electrical/heating costs are included in the price. The spaces do not have personal bathrooms. There are shared bathrooms on the floors that is used amongst all renters.

How this works:

Rental information - This is a month to month program that requires 2 months deposit + first months rent down - $1350.00 They require 30 days notice up front if leaving the space.

Insurance - 1 million liability insurance policy + renter insurance which covers theft, fire, etc... This will cost us approx. $350 - $450 per year or $37.50 per month.

Member Costs:

I am currently only basing this number on the current member base that is consistent with the group which is approx. 7 of us.

If we wanted to make this happen with the 7 of us we are looking at $77 per month per member This includes rent,internet & insurance. (I only figured $50 per month for internet)

To get into the space this would require each member to donate approx. $200 up front cost to get get the initial 2 month deposit + 1 month rent.

I am only putting this out there for everyone to know what our current costs would look like if we went forward on something like this with the current member base.

Build out Costs:

The build out depending on what we wanted to do might cost us some money, but i am sure we can find a lot of items that we may need for free or low cost on craigslist. We will probably need some lumber, paint, Cat5 etc... I am sure between all of us we can pull together what we need to get us going.