On Dec 10th, Fort Galt members gathered in a Google Hangout to discuss the land we secured as well as our transition from gathering pledges to collecting payments. In a nutshell, we brought everyone up to speed about the land, payment options (bank wire transfer, western union, and bitcoin), and the next steps ahead of us.
We secured a one hectare lot for building the main Fort Galt building and maker space via promissory contract, which will be paid-off in full by our existing members' first 10% payments. We also secured the rights to broker the rest of the residential lots that exist around the construction site. Altogether, the lots make up a private community that's nestled in a lush rainforest and overlooks the Pacific Ocean. It's in a prime eco-tourism area just fifteen minutes by car from Valdivia, Chile. The community was initially planned and started in 2008 but its founder died, leaving the project dormant. Since then, the landowner has installed a fully self-sufficient water system to support three-hundred residents while also installing electrical lines and roadways with overhead lamps. The subdivisions, water rights, and all other legal aspects have long since been taken care of and the whole place was practically waiting for us on a silver platter. The landowner loves our project and has been remarkably flexible and willing to cooperate with us to bring the Fort Galt dream to life.
The Next Steps
After gathering a half-million dollars worth of pledges from members over the past year, we're now sending out invoices and gathering the first 10% payments now. Once they've been processed, we'll be paying-off the build site and moving on to the next phase, which consists of funding the site preparation and other such preliminary work before we then proceed to the construction phase itself. Summer is beginning now and we intend to start building in the nice weather. Several members have already visited us down here in Valdivia and more are scheduled to arrive shortly. The community that's coming together for this endeavor is already pretty impressive and we're excited to see it continue to blossom over the months to come.
Early Adopter Window Closing
As we progress through each phase, new members will have to make larger initial payments upon joining. While now, at the first phase, a new member's initial payment is only 10% of their total room value, it would be 20% if they were to wait until we've entered phase two. Likewise, it would be 60% if they were to wait for phase three and 100% if they were to wait until the end.
New Summer Content and Visitors
Now that the rainy season is over, we'll be shooting fresh new videos and photos on location at the Fort Galt property over the next few weeks. Viewers will be able to get a more complete and vivid picture of the community site as well as the beach and nearby city of Valdivia. If you are intending to come and visit us this summer, don't hesitate to reach out in advance to let us assist with your travel arrangements. We can help you find an apartment in town to use during your stay or simply recommend a hotel or hostel. We've got a great big, busy season ahead of us and we're looking forward to having as many of you down here to share the adventure with us as possible.
Happy New Year!
-The Fort Galt Team.