TL/DR: The Big Parcel Project will be rebranded as t0wn. Instead of buying thousands of acres and selling thousands of tokens to individuals to try to build a vast “city,” we will target only high-level DAOs (20-30) to sell high-priced tokens in order to create a “t0wn” governed entirely by DAOs rather than individuals. Think NATO, or UN, or Davos for DAOs. If CityDAO creates it, we will have a seat at the table, prestige, and governance in the new world order.
The project is in 3 stages, as is the budget, which serves to compensate the team, to hire people as needed, and pay for devs to create the token if we get to that point. The land to be purchased is not specifically designated at this stage of the process, and may range from a building in a distressed city or university campus to an exquisite lodge in a lush wooded area (see deck, linked below, for more details).
OVERVIEW
CityDAO will lay the foundation for the first ever town governed by a group of DAOs. After identifying and securing an appropriate property, CityDAO will create a low-supply, high cost token which will be purchased by a hand-selected group of DAOs in order to fund the acquisition of the property. These DAOs will become the founding members of t0wn, with CityDAO as its “founder.”
Here is a deck that more completely and visually articulates our ambition: https://pitch.com/public/4a22922a-a2bc-4855-8a5b-1338e4a4432f
t0wn will be carried out in three consecutive stages: (1) R&D, (2) Development, and (3) Execution. All stages will be executed entirely by the t0wn Team (defined below).
STAGE ONE (R&D) DETAILS
In Stage One, the t0wn team will: Identify viable properties; Call agents representing viable properties to understand parameters, timing of sales, etc; Host Twitter spaces to promote the t0wn project, generate interest from other DAOs and web3 orgs, and get feedback; Talk to DAO leaders one-on-one and get LOIs / commitments to be inaugural t0wn members; Consult with state and local officials in areas where we have identified viable properties; Begin to sort out legal implications of DAOs co-owning a property
STAGE ONE - TENTATIVE TIMELINE
WEEKS: ACTION 1 - 4: Identify viable properties 2 - 6: Call real estate agents for viable properties to understand parameters, timing of sale, etc 3 - 7: Host Twitter spaces to promote the t0wn project, get other DAOs interested, and get feedback 4 - 8: Talk to DAO leaders one-on-one and get LOIs / commitments to be inaugural t0wn members 4 - 8: Start to sort out legal implications of DAOs co-owning a property
STAGE ONE BUDGET
For stage one of this project (R&D), $58,000 USDC will be transferred to the Big Parcel multisig (to be rebranded as "t0wn multisig") immediately upon the passing of this CIP. This money will be allocated as follows:
Team compensation: $32,000 USDC (based on 8 weeks, 10 hrs/wk at $100 p/h x 4). Discretionary expense budget: $20,000 USDC (to be added to what’s already in the Big Parcel multisig) for marketing, legal, etc. If certain conditions are met (see below), stage two (Development) will be triggered.
TRIGGER FOR STAGE TWO
Ten DAOs signing LOIs (Letters of Intent) stating their intention to become founding members of t0wn at a token price of greater than or equal to $75k will automatically trigger Stage Two, and its budget will be sent immediately to the Big Parcel/t0wn multisig. This trigger can also be met by any number of DAOs that commit via LOI a total of not less than $750,000.
If more time and/or funding is needed in Stage One to acquire the LOIs, the t0wn team may use funds from the discretionary fund to pay for up to four more weeks of work (including team comp) at the same rate as above. For clarity, should the Stage One tasks take longer than 12 weeks to complete, the team will receive no further compensation until/unless the project enters Stage Two.
If the t0wn Team wishes to proceed to Stage Two with a total financial commitment lower than $750k, this will be subject to the passing of a separate CIP.
STAGE TWO (DEVELOPMENT) DETAILS
In Stage Two, the t0wn team will: Manage token design and legal contract development; Continue to host Twitter Spaces and get LOIs from additional DAOs, with the intent of including 20-30 founding orgs; Keep tabs on all viable properties, set up legal entities and put all the logistical pieces in place so as soon as the project is funded, the property purchase can take place immediately.
STAGE TWO - TENTATIVE TIMELINE
WEEKS: ACTION 1 - 4: Select and engage token team 1 - 4: Select and engage legal counsel to draft applicable contracts 4 - 8: Manage token team 4 - 8: Manage legal counsel 1 - 8: Call real estate agents for viable properties to understand parameters, timing of sale, etc 1 - 8: Continue to host Twitter spaces to promote the t0wn project, get other DAOs interested, and get feedback 1 - 8: Continue to talk to DAO leaders one-on-one and get LOIs / commitments to be inaugural t0wn members
STAGE TWO BUDGET
If the Stage Two trigger is met, an additional $102,000 USDC will be transferred to the Big Parcel multisig immediately. This money will be allocated as follows:
$25k for Dev and PM time, token design $25k for legal fees $32k team compensation (same rate as above, for 8 more weeks) $20k discretionary fund (in addition to whatever is already in the safe)
STAGE THREE (EXECUTION) DETAILS
In Stage Three, the t0wn team will: Distribute the token to the founding member DAOs; funds go to the Big Parcel multisig; t0wn team will use the funds to buy the property; t0wn begins!
STAGE THREE BUDGET
TBD - It is too early to determine the appropriate budget for the Execution stage; therefore, the t0wn team will post a separate CIP for funding when the time comes.
BENEFIT TO CITYDAO AND ITS CITIZENS
If t0wn is a success, CityDAO citizens stand to benefit considerably, in a number of ways:
Membership Tokens: In return for funding the genesis of t0wn (i.e. Stages One and Two, $160k upfront spend) CityDAO will get either: Three (3) membership tokens, or a membership stake valued at $225k, whichever is greater.
Governance: CityDAO also gets the governance benefit of holding more membership tokens, which is likely to be the most powerful position in the collective unless another DAO opts to buy more than one membership token.
Citizen Memberships: CityDAO Citizens will enjoy all the benefits of membership in t0wn, in many cases at a greater rate/quantity due to CityDAO’s larger membership stake in t0wn.
Brand / Prestige: CityDAO will be branded / marketed as the “founder” of t0wn, while the initial member DAOs will be “founding members.”
t0wn TEAM
Da3vid: Vision and Legal David is an attorney licensed in New York since 2005, has a Masters and is now studying for his Ph.D. in Sociology related to DAOs and the metaverse. He has been teaching business law, management and organizational behavior at an international university for 15 years. He also ran the two largest improvisational theater companies in China for a decade (one in English, one in Chinese) with valuations in the millions of USD while also creating and running his own highly successful theater company, all in Chinese.
David was on the CityDAO Council, helped to write the Charter and Operating Agreement, facilitated the Legal Guild, served on the first Mission Guild and is currently the facilitator of the Education & Research Guild, which he also founded.
Gugz: Vision and Project Management Gugz has been producing film and television, everything from shorts and music videos to feature documentaries and big-budget TV, for more than a decade. He has taken dozens of projects from zero to scale. He helped start a management company a decade ago as its first employee and has developed ideas into global films and series. In one instance, he was part of a team of four producers who created an entirely independent, $70 million season of television, for which they built a TV studio from scratch, all in the name of creator ownership (THE FIRST, starring Sean Penn, on Hulu).
Gugz has served in various leadership positions at CityDAO over the past year, including writing its charter with a team of collaborators and founding its grants program. He is co-founder of R3WIND (formerly BlockbusterDAO), a decentralized media organization.
Tasafila: Marketing and Design Tasafila has worked as a creative and growth strategist in B2B Tech, E-Commerce and Web3; building campaigns, LMS systems and go-to-market strategies for major brands such as IBM, Oracle, Reef, Whirlpool, Therabody, and more. He launched his self-funded vegan grocery startup in 2020 and shipped nationwide. He pulled interest from Shark Tank and an activation with American Airlines before exiting in 2021.
In early 2022, Tasafila launched BlockbusterDAO which garnered global media attention and formed one of the largest web3 grassroots communities in the world, without ever spending a dime on advertising or marketing.
ScottA: DAO Partnerships and Economics Scott has worked for the government developing programs to end homelessness and alleviate poverty (Housing First Edmonton). He has taught university classes at the undergraduate and graduate levels in economics. He has a strong background in data analysis and various programming languages, such as R. He also has a background in music; he wrote and produced two full-length albums under the band “Making a Monster.”
In 2022, Scott completed a Ph.D. in economics from the University of Alberta with a focus on economic growth. He graduated with top marks and is set to publish two journal articles in reputable publications (Journal of Economic History and the Journal of Institutional Economics). He has taken an active role in CityDAO and organized successful initiatives such as the CityDAO Conference and Journal.
MULTISIG Funds will be sent to the current Big Parcel multisig. Tasafila and ScottA will be added as signers, with Blackacres remaining on as an independent overseer, to make it a 3/5 multisig.
FINE PRINT In the spirit of fostering a more autonomous and project-based culture at CityDAO, the following will be effective immediately upon the passing of this CIP:
Utilization of CityDAO Members: The t0wn project may opt to, but will in no way be obligated to, utilize any personnel or individuals employed by, receiving funds from or in any way affiliated with CityDAO. The decision of whom to work rests entirely upon the judgment of the t0wn Team.
Process of Work: Such that any CityDAO executive body, committee, guild or team is in place at the time this CIP passes (ex. the Planning Guild), this project will not be subject to its authority.
Separation of Authority: t0wn will be set in motion by the t0wn team on behalf of CityDAO, but the project, such that it exists, will ultimately be owned and governed by its member DAOs. The t0wn project will create its own operating agreement and will not be bound by the CityDAO operating agreement. t0wn may utilize any legal structure that is suitable, including but not limited to an LLC, non-profit, trust, UNA, etc.
Access to Twitter, Discord and Social Media: This project requires the use of the CityDAO Twitter and Discord accounts. If this CIP passes, the t0wn team will have the ability to post on the CityDAO Twitter, host Twitter Spaces, etc. Web3 Funding: While the focus will be on DAOs, we will also consider funding from Web3 organizations that are not technically DAOs, for example, the Ethereum foundation.