Are Barrios Unidos and the Resource Center for Nonviolence merging into a single organization?
A. No. The two organizations have formed a “limited liability company (LLC) joint venture to develop the site. Each organization will own portions of the housing, program and retail space, all of which will have separate titles under a condominium form of ownership. Proceeds from sale of the market rate housing units will be divided equally between the organizations. After 1817 Soquel Avenue is completed, the joint venture LLC will go out of existence and the percentage ownership in the balance of 1817 Soquel Avenue will be determined by the equity investment made by each party into the project as a whole (currently approximately 55% for BU and 45% for RCNV). The two organizations will operate as next-door neighbors.
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