FROM: Quinn Wilder, RIC President
=================================

Hello Supporters of RIC,

As you can see from the attached summary of the
minutes, RIC is working on several fronts to make our
first investment purchase within the next few months.
There is a website being developed, a neighborhood
housing market study underway, a procedural document
being drafted to guide our decisions, and several
plans being developed to raise/borrow necessary
capital.

The more talent, energy, time and/or membership
dollars we can dedicate to RIC, the more success we
will have. If you haven't yet, please come to our
next meeting and consider making an investment and/or
contribution. Together we will create an influential
force for keeping Riverwest a vibrant community.

Quinn Wilder
RIC President

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Summary of Riverwest Investment Cooperative
Meeting Minutes on June 5, 2003

May 22, 2003 Minutes approved by motion.

II. The 1-year at large position for the board of directors
is still vacant.

III. Finances have remained constant since May 22, 2003.

A. Cooperative status requirements:
- Broad base of community members
- Broad base for capital.

B. Other cooperative resources:
www.cds.coop (London, England)
Madison Community Cooperative
North Country Development Fund
US Federal Reserve website  list of banks not in
compliance
Great Lakes Chapter of Cooperative Accountants

September 1, 2003  goal for purchase of first property

D. Business plan development is proceeding
Dividend Policy will not be designed based on a timeline.
Net proceeds are necessary for dividends.

Finance committee should identify a bank  perhaps we can
find a bank that needs us to help them establish their
compliance

Marketing/ PR Committee:
A. Website is currently under development

B. Get in the Riverwest Currents calender

C. UWM Post announcement section

V. Property:
A potential property has been identified. A committee was
formed to tour and assess it. Discussion of other
properties known to be distressed and/or have owners who
might be interested in selling the property.

VI. Possible resources for potential buyers identified and
include WEDA, Fanny Mae, HUD, FHA, NIP, VA

VII. Next meeting Scheduled for 7 pm on June 19, 2003 at
YMCA CDC on Center St.