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If you were unable to attend last week’s Keyworth Kickoff, at which City’s ownership unveiled their plan to finance the renovation of Keyworth Stadium, here are your cliff notes.
THE GOAL
Raise a minimum of $400,000 by February 15th, 2016, with an overall goal of $750,000.
As shown in the previous post, here is a breakdown of the projects that would be funded:
THE MECHANISM
#NotADonation It was made very clear that these improvements will be financed through a community investment program, NOT donations. Basically, if you choose to put money towards the project, you will receive that amount plus a little extra back over the course of several years.
For example, if you invested $1000, your expected return would be $1350, paid out in semi-annual increments over 6.5 years (sooner if revenues exceed expectations, later if they fall short).
DETAILS AND STIPULATIONS
– You must be a Michigan resident. This has to do with the fairly new legislation that is being taken advantage of in this instance. If you live outside of Michigan and would like to contribute, here is one possible option: https://www.gofundme.com/5m7qrz4w
– Michigan investors may invest $250, $500, $1000, and increments of $1000 thereafter – up to $10,000. Accredited investors may invest as much as they would like. Perks are as follows:
– If the $400k isn’t raised by February 15th, you get your money back.
CAN WE DO IT?
I think so. For one, as of this writing (11/3/15), $100,000 – 25% of the goal – has already been raised.
Beyond that, this is a club that has gotten into a habit of exceeding expectations from its very beginning. Year after year, growth in attendance, sponsorship, atmosphere, and the club’s overall reputation tend to go above and beyond most reasonable projections.
This investment initiative is the biggest risk taken by ownership to date. It’s also incredibly ambitious and if it succeeds it will set a new milestone for supporter-funded ventures in American sports.
Most stadium construction, including the one going up by City’s first home, is paid for primarily through tax money. Rather than sucking funds out of the community, though, the Keyworth plan will rejuvenate a part of our city and benefit the students and citizens of Hamtramack for years to come, while asking nothing of them in return.
I’ve made a contribution, not only because I love this club and want it to continue growing, but because I’m a true believer in the positive impact it has on our local community. Whatever the outcome, this is a project I feel very positive about supporting.
If you are interested in investing, or simply want some more detailed information on the plan, you can go to the official funding website HERE. You must register to view the site, and you must be a Michigan resident.
