Formalization Phase
Legally establish the TMDC ecosystem through co-op incorporation, member onboarding, and governance transition.
Table of Contents
Overview
The Formalization Phase is structured in two parts: Set-up and Execution. Set-up begins when the Level of Interest threshold is deemed likely to be met, focusing on legal and operational readiness. Execution covers incorporation, membership enrollment, and governance activation — laying the foundation for community-led housing development.
Status: Planned
Objectives
Objective: Prepare the legal and financial foundations for TMDC's organizational launch.
Key Results:
- ⏳ Draft incorporation documents for Development, Finance, and Operating co-ops
- ⏳ Confirm regulatory pathway for community bond issuance
- ⏳ Finalize membership agreement templates and escrow protocols
- ⏳ Draft Letters of Intent or MOUs for 3+ core partners (CLT, legal, architecture)
- ⏳ Develop board recruitment criteria and election process
Objective: Legally instantiate the TMDC co-ops and activate community governance.
Key Results:
- ⏳ File and confirm incorporation of all three co-ops
- ⏳ Execute signed membership agreements and collect initial loans/escrow
- ⏳ Elect the initial Development Co-op board
- ⏳ Onboard initial board and prepare for governance transition
Milestones
| Milestone | Description | Target Date | Status |
|---|---|---|---|
| Legal Prep Complete | Incorporation documents & partner agreements ready | 2025-07-31 | ⏳ Not Started |
| Co-op Incorporation | File and confirm registration of all co-ops | 2025-08-15 | ⏳ Not Started |
| Membership Docs Final | Legal templates for onboarding and escrow complete | 2025-09-01 | ⏳ Not Started |
| Execute Agreements | Sign and collect member agreements and deposits | 2025-10-01 | ⏳ Not Started |
| Elect Development Board | Hold first board election and transition governance | 2025-10-15 | ⏳ Not Started |
Contributors
| Role | Contributor(s) | Status |
|---|---|---|
| Project Lead | TBD | Needed |
| Legal Structuring | TBD | Needed |
| Regulatory/Finance | TBD | Needed |
| Governance Design | TBD | Needed |
| Partner Engagement | TBD | Needed |
| Membership Intake Lead | TBD | Needed |
Risks & Considerations
- Regulatory ambiguity around bond issuance timing and structure
- Partner organizations may move on slower timelines than desired
- Legal onboarding experience must balance compliance and accessibility
- Strong governance design is critical to build trust and effectiveness early
Resources
- TMDC Co-op Model Overview
- Financing Details
- [Legal Templates] (to be linked when available)
notes: The Formalization Phase is structured in two parts: Set-up and Execution.
The Set-up Phase begins once contributors determine that the Level of Interest threshold is likely to be met. This stage focuses on legal and operational preparedness — including drafting incorporation documents, confirming regulatory paths, and finalizing onboarding protocols.
The Execution Phase moves these plans into action: formally incorporating entities, processing early member sign-ups, handling escrow, and electing the first Development Co-op board.
This phase ensures TMDC is legally grounded and operationally ready for construction and community financing.