[MCN] free cycles purchases property

[Bob Giordano]

We've been very thankful for the community support in this year long
campaign!    -Bob Giordano, mist at strans.org, 406.830.7676

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For Immediate Release
January 3rd, 2017

>From Free Cycles Missoula
To Missoula Media and Interested Parties
Re: Cycles of Change Campaign

FREE CYCLES MISSOULA ‘CYCLES OF CHANGE’ CAMPAIGN HITS SUCCESS, PURCHASES
PROPERTY

Free Cycles Missoula has successfully obtained financing to secure their
home on S. 1st W., in the lovely Riverfront Neighborhood.  After one year
of fundraising and working with local investors, Free Cycles has purchased
the property where the community bicycle shop has called home for 12
years.

Through a contract for deed, a local social investor and Free Cycles
worked out a deal that benefits both parties.  Free Cycles will make
monthly payments against the principal balance with a balloon payment in 5
years, at which time they hope to be in a position to pay off the balance
entirely and own the property outright.

“We are excited to purchase the property and we are very grateful to the
thousands of Missoulians that have contributed to this effort- literally
every penny that was donated mattered and made the difference,” said
executive director, Bob Giordano.  “It really was a grassroots community
effort to pull all the pieces together within a one year time frame,” he
went on to say.  "We're also thankful for the help of Bank of Montana and
David Bell, who stepped in to give us some extra time to pull a deal
together," said Giordano.

The campaign featured hundreds of volunteers, a dozen benefit concerts,
several community bike rides, potlucks galore, talks on justice,
committees for events, donors and media, and over fifty local businesses
helping with contributions and services.

Free Cycles has provided a variety of social bicycling services for the
last twenty years in the Missoula and Western Montana region.  From the
popular ‘Open Shop’ where anyone can fix their own bike for free, to the
‘Build a Bike’ program that allows anyone to construct a free bicycle
after volunteering four hours and taking a class, Free Cycles serves those
in need of transportation.  Classes, community involvement, fabrication
and loaner bikes have also been a staple of the organization over the last
two decades.

“This community oriented project will have lasting effects on the people who
call Missoula home. One of the biggest aspects of Free Cycles is to
provide a means of transportation for anyone who comes through the door.
There are countless examples of people this empowers from diverse
populations. Through hands-on education, Free Cycles also provides a
healthy and unique community environment for people of all ages to
engage.” said Emily Jensen, Programs Director for Free Cycles and its
umbrella organization, The Missoula Institute for Sustainable
Transportation.

Free Cycles raised $200,000 in cash since kicking off the cycles of change
campaign on Dec. 4th, 2015. They were also approved for a $105,000
community development loan from Missoula County. The investor is providing
the balance of the 1.15 million price by purchasing the property and
selling it to Free Cycles via a contract for deed. This means Free Cycles
has all the rights and responsibilities of being the property owner and
has five years to raise additional funds or refinance the property to
continue residency and the path to outright ownership.  Monthly payments
can be made by the current rents on the property.  Free Cycles is the
majority property occupant yet collects rents from four other local
tenants.

“We now have some planning ahead of us.  We can rent some of the vacant
spaces on the 2 acre property or we may implement some of the programs
we’ve been developing for years”, said Giordano.  A fabrication center,
community bike share and transportation learning center are all slated for
fruition in the near future, based on years of surveys and community
feedback.

Shop director, John Bonewitz, goes onto say, "I'm excited to have our
major fundraising challenges behind us. Having a secure home will let us
focus on improving our services and creating new programs. It will also
give us the freedom to beautify our space. With the new year the future of
Free Cycles is bright!"

As a financial bonus, a local supporter has committed to matching any
donations from now until January 31st, up to $10,000.  These funds will
help with growing programs. Donations can be made on-line at
http://www.freecycles.org/ or mailed to:

Free Cycles, 91 Campus Dr. #1412, Missoula, MT 59801

“It’s been a two decade dream for this nonprofit to own a piece of
property in the heart of Missoula.  Being on the trail system, near
downtown, and in a growing mixed-use neighborhood is very exciting and
gives us a lot of potential.  We’re most excited for the community we call
home," Giordano continues.

For more information, please see www.freecycles.org, or contact Executive
Director, Bob Giordano, at mist at strans.org or 406.830.7676

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