Purchase of the building owned by IBEW Local 1974 Union
Local union1521 who represent the employees at Metropolitan Utility District and Local 763 have been working an agreement to purchase one third each of the Union Hall belonging to Local 1974.  All are our brothers and sisters within the IBEW.  Local 1974 represent the employees with Avaya.  Local 1974 own the building with no mortgage.  The building is located at 13306 Stevens Street, Omaha, Nebraska.
The three unions hired an appraiser who appraised the building this spring.  The appraised value is $655,000.00.  We then hired an attorney John Fahey who drew up The Articles of Incorporation of the Nebraska Electrical Workers Building Corporation and the By-Laws for Nebraska Electrical Workers Building Corporation.  Below is a brief review of the Agreement.
Members in good standing of the three Locals shall be members of the Corporation.  The Board of Directors shall consist of 12 Directors, four from each Local.  Upon execution of this Agreement and in consideration for transfer of the Stevens property to the Building Corporation Local 1521 and Local 763 will each pay Local 1974 the sum of $50,000.00, 45 days from the execution of this Agreement.  Local 1521 and Local 763 will each pay monthly on the first of each month $467.60.  Said monthly payments will continue for 360 months.  However in the event that Local 1974 is dissolved then said monthly payments by 1521 and 763 shall terminate upon the dissolution of 1974.  In the event either 1521 or 763 is dissolved, then, to the extent there are assets remaining in the dissolving Union such Union shall pay to 1974 its balance due to 1974 on the Building Corporation.  The parties also agree the expenses of the Nebraska Electrical Workers Building Corporation shall be equally divided between the parties and payment of such expenses shall be made on a monthly basis.
Local 1521 at their June union meeting voted in favor almost unanimously to purchase their one third of the building.  Our Local will vote in the very near future.  Local 1974 will also vote soon.  At this time we are paying $350.00 per month in rent.  While the monthly payment to Local 1974 will be higher, our intent is to not raise our union dues.  The monthly expenses for the Building will be offset by rentals by both the members of the three unions and possibly from others.  The rental costs and other matters will be decided by the Board of Directors of Nebraska Electrical Building Corporation after the Agreement has been signed.  If you are in the Millard area drive by or stop and take a look at what Local 763 and Local 1521 along with Local 1974 may own.