From There to Here
Real estate DAO succeeds GetLoci as Loci IP asset owner
Loci DAO, or Loci Mutual, succeeds the prior owner of a particular web3 property called the Loci IP Assets — the DAO acquired the property by purchase agreement for $111 million Loci USD on June 11, 2021 in a related party transaction. The price is estimated to be 25% of fair market value. As current Loci IP owner, the DAO Borrower holds a secured interest in Loci smart contract fee income.
DAO property, including Loci IP, is owned in concurrent states:
- Property grantor SPE, mutual borrower, Guardian SPE, and mutual performance guarantors (borrower and foundation) each subject to LG governance; and
Loci Bell property is financed by selling Bell growth tokens directly to Loci associates. Token holders are represented by a co-trustee, each creditor able to vote tokens held.
2. Pseudonymously by LG holders, each holder a Loci DAO associates
Concurrent parallel states are reinforced by the agreement amended June 11, 2021 wherein the DAO principals (Borrower, Foundation, Guardian SPE) covenant devotion to Loci associates and a unifying purpose: expand cost-effective access to life basics including housing, transportation and good food for everyone everywhere.
Who Built It?
The DAO got started in 2011 with a simple mantra, 55plan2012. 11 years later and 181 livable units built and sold, we have 2 real estate projects in the pipeline to prove our efforts. Teams also built a decentralized, semi-autonomous organization devoted to individuals everywhere.
Business leaders in key industries will now take the lead: housing, transportation, and food distribution. Each category lowers its operating costs by sharing a mutual taco shell, mutual cashiers, and smart contract infrastructure. Initial category directors are building the mutual ownership economy with DAO producers, merchants, managers, investors, and residents.
Initial investor roots are traced to 2007–2017 with principal growing throughout the long term investment cycle. Pioneers later joined GetLoci in 2019 and 2020. Legacy investors and Pioneers will soon collect tokenized LG, LUSD, and Loci Bells in a pseudonymous ETH wallet upon smart contract deployment to ETH main net and Loci Network, a public blockchain built with Skale.network.
The Loci IP purchase price of 111 million $1 Loci Bells, with an average coupon of 8% APR, repaid $37 million existing Loci Bells, $6 million held by legacy creditors and investors still growing today. The Foundation collected approximately $95 million from selling Loci IP Assets to the new Borrower SPE organized in 2021 after a default by the prior owner. DAO operations commence in 2022 only 11 years after setting out to do so. Standby for launch.