FAQ

  • Will I get a lot for $2500?

No, we are buying the land under PCIF Development Cooperative, so all investors must be members, thus the land will be purchased and owned by ALL INVESTING MEMBERS.  Share certificates will be given as proof of ownership.

  • How many people are on board so far?

Over 120 have expressed interest, but only a handful of these people have confirmed with payment.

 

  • What is the current zoning on the land?

The land is zoned for agriculture.

 

  • When can we see the land in person?

You can go and see the land at any time, it is best that you contact us to make arrangements with our Realtor & Agent Folu Akindunni.  Send us an e-mail. We are arranging a group visits.

 

  • Is the paperwork ready?

The paperwork is ready, the offer has been signed and accepted, we also have a couple lenders who have offered to fund the acquisition of the land, and the construction project from 60 to 70%. 

 

  • What is the timeline for the membership fee?

The membership fee is to offset some of the costs of running the cooperative, so as long as it costs money to run the cooperative, we will be charging the fee!!

 

  • Are other creeds, races, cultures allowed or only blacks?

Membership with PCIF Development Cooperative is for people of African Ancestry only, this includes bi/multi-racial individuals as well, so long as they have a shared African genetic heritage.

 

  • Will we have to pay more than the $2500?

Due to our plans for funding (ie. agricultural grants, tax exemptions, investors etc), we do not anticipate any additional charges.

 

  • What will we farm on the land?

We are currently working with 2 black farmers in the area who are advising us on what to farm and when to farm it. We are handing this project in Phases. Our first phase is to secure the land. All farming details will be discussed and voted on by the investing members.

 

  • How much does the Cattle Farmer pay?

There is a cattle farmer who raises Grass Fed beef on the land.  He pays $2000 annually and maintains the fencing around the land.

 

  • When is the deadline?

January 19th is the deadline.  We have until January 21st to close.  If we are not able to purchase the land these 2 days gives us enough time to back out and receive our deposit, of which we will then disperse to the investors.

 

  • Do I have to be a member to invest?

Yes, you must be a member to invest.  If you would like to become a member please contact us at members@pcif.ca.  Membership is $9.99/mth or 119.88 annually, elders pay $7.99 monthly.

 

  • What is the business hierarchy? What is the parent company and it’s divisions/subsidiaries?

PCIF Development Cooperative is a separate entity, but was formed as a solution to the difficulties of collectively investing under Pamoja Community Investment Fund (PCIF).  PCIF was the original company (parent company) we registered as a corporation, after seeking legal advice, based on our goal to achieve ownership together via group economics, we were directed to register a cooperative from which we would be able to have more shareholders and thus acquire and own our investments together. At the moment, Pamoja Community Investment Fund Inc. represents the executive team. PCIF Development Cooperative members can elect new executives after 5 years. More details on this is available in the Cooperative Bylaw.

 

  • Will I receive my funds in full if the deal does not go through?

Yes and No!  If the project does not go through, you will receive the portion of monies allocated for the investment/acquisition, but not the administrative fee. The administrative fee is used towards services rendered so there would be no way to retract that money back from land surveyors, lawyers, and other due diligence expenses.

 

  • As a member will I receive a T5 at the end of the year?

T5s are issued by corporations, however as a cooperative we would issue a T4A for lump payments/distribution of surplus capital. 

 

For additional questions on Pamoja Farms, send us an email via info@PCIF.ca