Crypto Company Leases Farm - Eyes More Acquisitions in 2023
Crypto Company Leases Farm - Eyes More Acquisitions in 2023
Leasing the farm essentially completes the first iteration of CougarDAO LLC.
Happy New Year, Cougars! It was a whirlwind end to the year and we didn’t have a chance to update everyone on the completion of the first iteration of CougarDAO.
At the end of the year, right before Christmas, we were in negotiations with a farmer based near our property in Haxtun, CO. The prospective tenant farms property near our parcel and believed he could make viable use of our parcel as well. A deal was struck and the deal was signed on December 22nd, 2022.
We signed a 5 year lease with bi-annual payments of $2,998 on April 1st and December 15th of each year. We’ve even publicized the lease that we signed on Twitter for you other enterprising cypto-farmers.
You will notice that the lease is signed by James McCall. As time was of the essence, we granted authority to James to execute the 5 year lease on behalf of CougarDAO LLC. In fact, we were unable to do a Kali proposal because we wanted to get the lease executed before the end of the year. Don’t want to have a ready and willing lessee disappear because we have to wait for a 7 day on-chain proposal. As such, we defaulted to a vote on Snapshot Labs.
2022 was a good year for us. The first farm owned by a crypto company and the first farm leased by a crypto company. For whatever firsts mean.
Where do we go from here?
There are multiple options. Here are a few:
Stuff CougarDAO LLC into an NFT and sell the NFT which results in a purchase of the LLC which holds title to the property
Flip the property. We’ve already signed a 5 year lease on a previously vacant parcel so the property has gone up in value since our purchase.
Buy that potato farm we’ve been talking about.
Cherries? Who wants a cherry orchard?
Tomatoes?
What about a farm in Trinidad? That was brought up to one of us over the weekend and it certainly goes hand-in-hand with our initial “Cougar Island” vision.
Short term rentals
Self-storage
Car-washes
Where are we going from here?
First option from the above is a collaboration with Exchange 901 (Memphis Merchants’ Exchange Building). We want to have access to all different kinds of real property interests for a crypto company. Acting as a lessee is on the roadmap.
We talked about this in earlier posts. Now that the purchase of the farm is done, we’re working on leasing a space from Exchange 901. This space will be a short-term rental project and may be helpful in generating cash flow for CougarDAO LLC.
Remember, we want to take rental income and convert it from US Dollars to crypto ($USDC) to pay distributions to our owners. The farm doesn’t give us our first rental income for another 3 months. With short term rental, operated by one of our founders, we can potentially begin renting as early as next month. As such, short term AirBnb rentals in the Exchange 901 building is the next iteration of CougarDAO LLC.
Hopefully, we’ll have the Airbnb host account set up by next week assuming @umarov tells us exactly what we need to do.
Stay tuned!
love this! glad to be a part of it!