Becoming a Member of Pinnacle Project
Pinnacle Project, LLC is a NH Limited Liability Company, created to design, build and manage a cohousing neighborhood. There are three types of membership: Pinnacle Member, Cabin Member, and Cohousing Member. Pinnacle Members join to enjoy and preserve the land and common buildings, gardens, and waterfront on Post Pond at Loch Lyme Lodge, and to support Pinnacle cohousing development. Some Pinnacle Members will also become Cabin Members, which allows them to purchase a cabin at the Lodge, and receive a portion of the cabin’s revenue. Other Pinnacle Members will in addition become Cohousing Members, which allows them to own or rent a home in our cohousing neighborhood. Some Pinnacle members will become both Cabin and Cohousing members. All members must agree with Pinnacle’s vision statement, that says that a primary purpose of the Pinnacle Project is to create and support Pinnacle Cohousing as we keep Loch Lyme Lodge a healthy part of the mix. There are three things one must do to become a Pinnacle Member:
# 1. Be accepted by current members. People who join Pinnacle do not have to be each others' “best friends”. They do have to be supportive of living in community and cooperation among neighbors: for us neighbors are the people we live near and our cabin neighbors. We are looking for people who value flexibility and the benefits of working cooperatively, and who are willing to contribute time and energy to the Pinnacle community as their interests and schedules allow. A sense of humor is helpful. We look forward to members with a diversity of age, race, and economic condition as we work to create a strong inter-generational community.
Our acceptance process requires at least one current member to recommend a proposed new member to the group. If no member already knows the proposed member well enough to make a recommendation, we invite the proposed member to spend time with us until we come to a point where a member can make a recommendation. The existing members will discuss the proposed member and make a recommendation to Pinnacle Managers, who make the final decision. The more people in the group who know the proposed member, the more informed the decision making process will be, but each current member need not meet prospective members before we make a decision.
# 2. Agree with our Vision Statement. Members must agree with Pinnacle’s Vision Statement. New members demonstrate their agreement by signing a document making their agreement explicit before we accept a member’s initial capital contribution. We view a conscious decision to accept the vision statement as a commitment, and like to make the time of signing a time for formal recognition and celebration of new members.
# 3. Make a financial commitment. Managers set the level of capital contribution. To become a Pinnacle member, the capital contribution is $21,000. Our expectation is that when members leave, their capital contribution will be returned to them, under conditions set out in the member agreement. Should the membership ever decide to sell the property, each member’s capital contributions will be returned to them only once all the mortgages and outstanding obligations are paid. Our financial records are open to all members and serious potential members, so please ask if you have any questions.
This page is a summary of information found in our AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, THE PINNACLE PROJECT, LLC, AND ITS MEMBERS. In case of confusion or difference, the LLC Agreement controls.