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Linlithgow heritage in transition


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Linlithgow heritage in transition

  1. 1. Linlithgow – Heritage in Transition Simply does it Chris Cook Linlithgow 28th May 2012
  2. 2. Community Partnership Enterprise ModelStructure - Stakeholders - Custodian - User - Manager - InvestorLegal framework – NondominiumInvestment instrument - Stock
  3. 3. User Paymen t Custodian % %Investor Manager
  4. 4. Legal Framework – NondominiumTwo complementary agreementsCollective agreement between stakeholders jointlyAssociative agreement between stakeholders individually or severally
  5. 5. Collective AgreementCustody – governs creation, issue and exchange of Stock, holds bank accounts and Stock registerStewardship – stakeholders have negative veto rightsCorporate – company limited by guarantee, possibly community interest company (CIC) for asset lock
  6. 6. Associative AgreementUser – pays for the use of productive asset (land, energy, IP)Manager – receives a proportional share in the flow of use valueInvestor – acquires Stock consisting of unitised use value sold forward at a discountComplementary to the collective agreement – akin to a for profit limited companys shareholder agreement
  7. 7. Nondominium - OutcomesA consensual non-statutory development corporationNeutral – removes ego and politicsCollaborative - stakeholder interests aligned – no principal/agent problemSocial Business – shared surplus/ not for loss - relationship-based not transaction-basedSustainable - everyone has an interest in minimising cost of use over time
  8. 8. Investment Instrument - Stock 1.0
  9. 9. Stock 2.0 – Back to the FutureStock - an undated credit returnable in payment for use value of productive assetSold at a discount – eg £1.00 of Rental Stock sold for 80p gives an absolute return of 25%Rate of Return is literally the rate at which Stock may be returned to the issuerRate is not fixed, but depends on whether there is a flow and what it is
  10. 10. Stock - OutcomesCompetitive - no compound interestSecure – no default risk, and the more affordable the rental, the more secure the returnLiquid – single asset class, not fragmented by date or interest rateLiquid – Manager will always buy Stock on behalf of Users for redemption at best offer < or = to £1.00
  11. 11. Financing and FundingFinancing – development of new assets; short term; high risk – Stock issued at high discountFunding – operation of completed assets; long term; low risk; Stock at low discountExit - community Financiers sell Stock to community Funders and Users who Pay it Forward
  12. 12. Linlithgow Principles?Gothenburg Principles - Edwardian social enterprise - 5% fixed £ return; keeping workers (relatively) soberLinlithgow Principles - Sustainability - Equity - Open Access - Return in energy
  13. 13. My 2020 Vision – Heritage Town
  14. 14. Getting There from Here - TransitionPrototyping- Property - Star & Garter & Clarendon- Energy – Avon hydro; anaerobic digestion; meso level CHPRoad Map- what are the issues?- what is the Critical Path?- over to Jim Mather !