An exciting new chapter in real estate development has arrived in Edmonton, and a group of business owners and residents in McCauley is leading the way. The newly-incorporated McCauley Development Cooperative, signals a new alternative to how real estate development is financed in Edmonton. This type of investment vehicle, unlike a regular corporation, is authorized under the Income Tax Act to accept investments made by way of cash and/or by transferring RRSP or TFSA funds into a self-directed RRSP or self-directed TFSA.
The McCauley Development Cooperative is preparing its first real estate development offering, and the plan is to launch in early November. The initiative could potentially change a pivotal commercial corner in McCauley by garnering local fiscal and social investment.
What is an investment co-op?
An investment cooperative is a for-profit business owned and governed by its members.
Because an investment cooperative is a for-profit business it can provide members with a return on their investment. By issuing investment shares, the McCauley Development Cooperative gives people the opportunity to pool funds for investment opportunities that benefit the local community.
Other successful investment co-ops in Alberta including financial institutions such as Servus Credit Union, retail stores such as Mountain Equipment Cooperative, housing co-ops like Sundance Housing Cooperative, natural gas cooperatives such as the Foothills Natural Gas Co-op, and agriculture cooperatives such as UFA, one of Canada’s largest cooperatives.
The first board of the McCauley Development Corporation includes Anna Bubel, Jonathan Christenson, Shafraaz Kaba, Miranda Ringma, Alayne Sinclair, Teresa Spinelli, Sian Williams, and the Edmonton Community Development Company.
For more information about investment cooperatives please contact Karen Gingras, Director of Neighbourhood Development with the Edmonton Community Development Company at firstname.lastname@example.org or 403-866-6387.
Information submitted by the Edmonton CDC.