CityDAO

Summary:

With the departure of myself and David, who have historically kept the DAO in compliance, paid taxes, and maintained the off ramps, I believe now is the time to return the CityDAO Treasury funds to Citizens pro-rata.

After failing to pass 7+ proposals 4, I see no path forward for us to agree on a reasonable way to spend the money, and keeping millions of dollars in a multisig leaves it vulnerable especially over a long period of time with multisig members cycling in and out.

I will be leaving the multisig, closing the bank accounts, off ramps, and CityDAO social media accounts, discontinuing to pay taxes our properties, and completely removing myself out of the operation of the DAO.

The most responsible path forward is to return the funds to the Citizens who contributed them.

The claim will be about $320 per NFT according to my napkin math from this post 10, but that is heavily dependent on ETH fluctuations.

Implementation:

Upon passage of the CIP, any Citizen may volunteer to be a part of the Return of Funds Task Force. They will decide on an implementation mechanism and have a budget of $3,000 to develop and audit a smart contract as necessary and pay legal fees for any research needed into dissolution.

The most likely scenarios are either an airdrop to return the funds or a smart contract that lets Citizens claim their share of funds are options.

TImeline:

Upon passage of the CIP, the Return of Funds task force will convene and develop a mechanism to return funds and initiate the process within 30 days.