Moscow investment group raising money

MOSCOW — A new Moscow organization that wants to purchase downtown commercial properties now has a board of directors and is raising money.
The Moscow Community Investment Co-op held a meeting Wednesday evening to introduce the public to its board and to give an update on its progress.
The MCIC officially became a business when it incorporated in August. In September, it created bylaws and a bank account.
It was created with the goal of allowing community members to invest in commercial properties and keep those spaces “accessible, welcoming, and rooted in community values,” its website says.
MCIC Secretary Phil Shinn said Wednesday the MCIC “is an opportunity for those of us who live in the community to dictate what happens downtown.”
The website says more than 300 people have pledged their support, but Board President Ben Calabretta said Wednesday “we’re going to need a lot of people involved” for the MCIC to be successful.
“We’re in this together,” he said.
The MCIC is looking for people to become voting members of the MCIC by purchasing shares for $1,000 a piece. These people must reside in Latah County.
Idaho residents who don’t live in Latah County can buy investment shares that do not come with a vote.
The MCIC is currently writing a prospectus so it can offer these shares. Calabretta said he estimates the organization is still a couple months away from being able to sell memberships.
The MCIC is asking for donations to cover start-up costs, which include at least $15,000 to cover legal fees, $4,000 for bookkeeping services, $2,500 for website development and $1,100 for insurance.
Calabretta said the MCIC is not ready to purchase properties yet, but that will be the next step after it collects members.
Calabretta is also the director of Washington State University’s Center for Civic Engagement, and Shinn is an urban forester.
The board’s vice president is local real estate agent JT Manning. Former WSU College of Education Director of Education Bev Rhoades is treasurer and WSU research associate Aly Bean is outreach director. Pat Vaughan, former Latah County assessor, is also on the board.
More information can be found at moscowinvestment.org.
Kuipers can be reached at akuipers@dnews.com.