What is a Cooperative

What is a Cooperative

Independent Living and a Community of Friends: The Best of Both Worldsfun in the hearth room at Independance Place
Independence Place is a non-profit corporation in which members own a share. Buying a share in a cooperative is not a real estate transaction; it is buying into a lifestyle. Compelled by joint ownership, a senior community develops with pride and responsibility for the building and grounds and concern for their neighbors. While members can enjoy the privacy of their individual home, there are many opportunities for social involvement with other members through activities such as game nights, potlucks, birthday parties, and the daily morning coffee hour. Independence Place of Willmar provides active and independent seniors 55 and over a real sense of community, the support of friends and neighbors who care, and the security you deserve.

What is the Cost of Ownership in a Cooperative?
There are two components to the total cost; share price (purchase price) and monthly carrying charges.

  • The cost of a share varies with the size and type of the unit and is a one-time cost. Since the share price is approximately 35% of the actual market value, owning a share is very affordable. Each share increases in value at a predetermined rate each year. The share cost plus equity is returned to the member upon re-sale.
  • Monthly carrying charges also vary according to the unit size. Each member pays a monthly fee which is used to pay the cooperative’s monthly operating costs such as: mortgage payments, property taxes, utilities, insurance, maintenance, and administration. The monthly fee includes gas heat, sewer, water, trash removal, lawn care, snow removal, free laundry facilities, on-site building manager, and more – everything except telephone, cable, internet and electricity within your unit. An underground garage parking space is available for an additional $40 monthly fee.