CityDAO

TL/DR: This proposal authorizes up to $650k for off-ramping from the CityDAO Main Treasury for the purchase of CityDAO Parcel Home, a multi-use property in Denver, Colorado.

PROJECT DESCRIPTION: Parcel Home can meet many of the desires for CityDAO’s next parcel and build upon what we learned acquiring Parcel 0. Our first piece of land had limited use but provided opportunity for Citizens to visit and experiment. The logical next step is acquiring a house! The idea here is that we can meaningfully expand our property rights allocations in light of actual use opportunities while enabling further community engagement and community value-add, while further allowing for experimentation around some of the radical concepts that have given CityDAO so much momentum.

PROJECT TEAM: Q2 2022 CityDAO Real Estate Guild Facilitators - Scott / Josh

PARCEL: A property in Denver with little or no Homeowners Association / “blockers”

USE: Mixed Use - Uses may include but are not limited to:

-Space for CityDAO Citizens to co-work and stay (can use blockchain based reservation system and NFT entry, and other blockchain applications -Space for Community and Facilitator Meetups/Retreats -Rental Income (AirBNB/VRBO “Season” during high tourism months) -CityDAO Sponsored Hacker Houses -Co-Working “Season” – Invite other DAOs/Projects to come and collaborate/collide -Experimental “Season” where we test unique ideas relating to Quadratic Voting, Quadratic Funding, SALSA, and other unique ways to allocate property rights (but in experimental sandbox and without long-standing consequences) -Other Uses as may be proposed by the Community from time to time

ACQUISITION PROCESS:

1. Pass this CIP-63
2. Project Team selects property
3. Project Team makes contingent “cash” offer
4. CityDAO will pay earnest money and bring selected property under contract with immediate temperature-check Snapshot to confirm property acquisition (a) If confirmed – offramp fiat and close on transaction, and will request extra fiat to place into interest bearing account for purpose of “cushion” on operating expenses, taxes, insurance, etc (b) If not confirmed – the Project team will find another property

COMMUNITY BENEFITS: Place to stay for citizens, IRL collaboration and relationship building, useful during ETH Denver, engaging project for the community to rally around, experimentation, and other efforts leading to additional positive PR from influencers / meaningful public good outcomes

FINANCIALS: Upon passage of this proposal, $650k from the treasury is authorized to be converted from ETH and off-ramped into fiat toward the purchase price, fees, taxes, and other costs related to acquiring Parcel Home. We propose moving the funds to fiat soon, in order to test the DAO’s new FTX off-ramp and to ensure CityDAO is positioned to make a cash offer.

We also point out that the funds are not “lost”; rather value is being stored in an alternative manner while creating a meaningful project that enables CityDAO to get back to building and collaborating - even in a down market.

BUSINESS MODEL / OPERATING EXPENSES: There will be no initial monetization other than possible revenue relating to renting the property out (in which case we would consider the costs of cleaning and property management to the extent they cannot be brought in-house). CityDAO may (and should) also set aside a percentage of the purchase price in an interest-bearing account as a reserve for several years of insurance, taxes, property management, and related operating expenses.

TEAM COMPENSATION: If Scott and Josh are able to execute on this Parcel Home proposal, they will be compensated with eight (8) CityDAO Citizen NFTs and $2500 USDC each, upon closing.

EXAMPLE PROPERTIES:

https://www.realtor.com/realestateandhomes-detail/3431-E-29th-Ave_Denver_CO_80205_M21190-32305

https://www.realtor.com/realestateandhomes-detail/942-Kalamath-St_Denver_CO_80204_M17758-96953

https://www.realtor.com/realestateandhomes-detail/2130-N-Marion-St_Denver_CO_80205_M15630-33889

https://www.realtor.com/realestateandhomes-detail/1620-N-Humboldt-St_Denver_CO_80218_M26143-28871

COMMUNITY INPUT: Due to the fast pace of the current real estate market CityDAO may need to make several offers and will certainly have to move quickly - making it infeasible to vote on each property individually. This proposal authorizes the Project Team to make the final call on the acquisition of the property - however the Project Team may use Snapshot and/or Discord votes to evaluate community interest in the selected property/property location.