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Structure of Big Wave Group, Inc. | Housing Co-operative Model
Housing Units | Non-Residential Areas | Community
Employment and Skills Training | Financial Sustainability | Costs
Structure of Big Wave Group, Inc.
Big Wave Group, inc. is an IRS certified tax exempt and State of California certified tax exempt 501 (c) (3) non-profit corporation. Big Wave Group is the umbrella organization that will oversee all operations of the Wellness Center to ensure the perpetual integrity of the mission and purpose of Big Wave.
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| Wellness Center West |
Big Wave Group will have a strong Board of Directors chosen from a cross section of financial, business, professional and educational community leaders. There are three Board members now, which will increase to seven members before construction begins. The Board will maintain the mission of Big Wave, hire the Chief Executive Officer to govern the community and periodically review reports from the CEO regarding the operations of Big Wave.
Housing Co-operative Model
A main goal of Big Wave is to provide affordable home ownership for developmentally disabled residents. Ownership of residential units will be based on a housing co-op model. Residents will purchase shares in the housing co-op, the price of which will be based on the size and amenities of a particular unit, thereby providing them with ownership benefits similar to holding a title to property. This structure will provide more flexibility for future needs of the residents as well as provide increased benefits to the Big Wave Community as a whole.
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| Wellness Center North |
Housing Units
The Housing Co-op will include studio, one bedroom and two bedroom unit floorplans featuring bathrooms, living rooms and optional kitchens, as well as floorplans for three and four bedroom full units. There will be affordable ownership opportunities for approximately 50 residents, as well as affordable rentals available to approximately 20 staff.
Non-Residential Areas
The Community Center will include a full commercial kitchen and dining room to serve communal meals to all residents, a recreational room, a movie theater, a library, art studios, classrooms, administrative offices, a swimming pool, changing rooms and exercise facilities.
The onsite grounds will include a basketball court, a recreational field, walking paths, gardens, a large wetlands restoration area, community laundry, storage areas, a biofuel dispensary and parking.
A 20,000 square foot commercial building will provide revenue to Big Wave Group by way of market rate rentals and/or the building will provide space for Big Wave related businesses.
Community
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| At Big Wave it’s all about the possibilities, not the disabilities. |
The Big Wave community will be comprised of people from many economic and cultural identities. The diversity of the Big Wave Community will equal or surpass most communities in California, intentional or non-intentional. Through commercial, educational and recreational interaction with nearby communities, Big Wave will be fully integrated into its surrounding environment.
Employment and Skills Training
Big Wave Group anticipates that the Wellness Center and the adjacent Office Park will generate 60-90 jobs for the developmentally disabled. Jobs in maintenance, delivery, farming, clerical, sales, light manufacturing, entertainment, care-giving, recycling, communications, food preparation, janitorial, laundry, animal husbandry and administration—as well as job training for these vocations—will be available to the developmentally disabled seeking employment. The Board has budgeted for a highly qualified Business Development Director to pilot this very important element of Big Wave.
Financial Sustainability
The Big Wave community is privately funded. The adjacent, for-profit Office Park is the financial engine that will provide the start-up capital for Big Wave. The owners of the proposed Office Park are donating the 5.25 acres for the Wellness Center and contributing the necessary funds for environmental impact reports, project design, project engineering and project infrastructure. In addition, the owners of the Office Park have agreed to provide recurring revenue to the Wellness Center through square feet assessments of offices, deli rental and ceding of certain assets with which Big Wave Group will realize recurring, inflation adjusted revenue in perpetuity.
In addition to the Office Park, Big Wave-owned commercial property located on the Wellness Center site will provide recurring, inflation adjusted revenue in perpetuity.
The beauty of Big Wave’s financial model is that once all mortgages have been retired, the unencumbered revenue becomes quite substantial. To expedite this eventuality, Big Wave Group intends to aggressively seek donations to retire all mortgages within ten years of construction.
Costs
The intention of Big Wave Group is to construct a project that will provide affordable home ownership and/or rentals, as well as affordable living, to the developmentally disabled—a group that typically earns 15% of the per capita income. We do not want a lack of funds to be a reason for denying a potential resident entrance to Big Wave. Once we have a construction start date, we will be in a position to provide realistic costs.
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