CHAMBER OKS SALE OF SITE.Byline: Sonia Giordani Daily News Staff Writer Members of the Thousand Oaks/Conejo Valley Chamber of Commerce have voted to approve the sale of their headquarters building to help pull the nonprofit group out of financial crisis. With 167 votes in favor, one lonely opposing vote and one other abstaining, chamber officials can move forward with the transfer of their 2,900-square-foot building on Hillcrest hill·crest n. The summit line of a hill. and Lynn roads to Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. resident Robert Barker. ``The sale has been officially approved by the chamber members, which was one of the contingencies of escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. closing,'' said William Steinmeyer, the chamber's attorney throughout negotiations with Barker. State law requires that members of any nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. approve the sale of any significant asset. With Friday's vote, the sale of the building could be final by early July. Earlier this year, the chamber was struggling to repay about $100,000 in debt and catch up with its $6,500-a-month mortgage payment after falling five months in arrears Adv. 1. in arrears - in debt; "he fell behind with his mortgage payments"; "a month behind in the rent"; "a company that has been run behindhand for years"; "in arrears with their utility bills" behindhand, behind . In early March, an anonymous donor offered to lend the group the money to repay its debt. Also in March, the City Council had voted to purchase the chamber building to relieve the group of its mortgage payments but made no guarantee of leasing the building back to the group. Later that month, Barker offered to buy the building for $500,000 and worked out a deal to lease it to the chamber indefinitely. The deal cleared its first hurdle last week when the council voted to waive a deed restriction that would have converted the chamber's property from public land to commercial land. Now the property and the building will remain intact as long as Barker continues to use the buildings for nonprofit use. ``Everything is in place for the transaction to close at this point. So I think everyone is quite pleased,'' said Cleon Strawmyer, a Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. real estate agent and spokesman for Barker. Notices of the vote were mailed to each of the chamber's 1,077 members. While only 169 members voted - either at Friday's meeting or by proxy - the number still cleared the 10 percent minimum required by state law to establish a quorum A majority of an entire body; e.g., a quorum of a legislative assembly. A quorum is the minimum number of people who must be present to pass a law, make a judgment, or conduct business. . |
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