◼ The NEC’s Subprime Mortgage
On Friday, Pete Nichols, chair of the nec’s board of directors, sounded pleased that the organization is moving past having to worry quite so much about balance sheets, asset management and foreclosure.
“We’re using this as the opportunity to get out of the real estate business, and back into conservation,” Nichols said.
...The Northcoast Environmental Center borrowed a total of $550,000 to finance its purchase of the G Street office...$50,000 from Don and Andrea Tuttle, $100,000 from Felicia Oldfather...four other families or individuals and one other nonprofit institution loaned the nec money for the G Street property. They are Bette and Milt Dobkin ($100,000), Duncan Ralph ($50,000), Bob and Mary Gearheart ($50,000), Steve Gompertz ($100,000) and the Redwood Region Audubon Society ($100,000)....The loans from Gompertz and the Audubon Society, which were packaged together in one note, were paid off in April of this year, upon the sale of one of the two lots that comprised the old nec offices at Ninth and I streets in Arcata. According to Martin Swett, nec treasurer, that note was partially secured by the property that was sold, and so had to be paid off in order for the sale to go through...
The nec still holds unencumbered title on one piece of property — the other downtown lot, which used to house half its headquarters. Though the site is badly polluted, Nichols said that the organization is very confident that it will soon secure grants to clean it up.
The NEC lost its way. It will not get it back. They've kept the wrecking crew in charge.