What is a Coop?

Often referred to as a “co-op,” cooperative housing combines the financial advantages of home ownership with the convenience of community living. Designed to fit your changing lifestyle, one of the key features of a cooperative is joint ownership of the property. To that end, a cooperative is a community of active adults who own an equity share—not just a unit—in the entire community through a non-profit Cooperative Corporation. Each equity share is held through an official Membership Certificate upon purchase.

The Cooperative Corporation holds title to the entire property that includes land and common areas, and assumes the tax and other obligations to operate. A cooperative is operated on a democratic basis and the governing body is its Board of Directors, which consists of elected members from the co-op community. Each equity share enables members to occupy one home and receive one vote when electing the Board. The Board oversees and directs the policies, expenditures and operations of the cooperative.

A strong commitment to community, involvement and control, and great value are the major differences between cooperatives and other housing types. The key to the Mille Lacs Island Resort Cooperative’s long-term success is the control members experience with our democracy in action and fiscal responsibility. Additionally, participation by individual members toward group goals is what builds cooperative communities. Probably the greatest difference between life in cooperatives and other housing options for seniors is the attitude of the members. The attitudes of our members reflect a sense of belonging that is reminiscent of the neighborhood where they lived and raised their families.

With all the financial benefits of home ownership—along with amenities, security and comfort of a wonderful community in a fantastic location—we hope you’ll make Mille Lacs Island Resort Cooperative your new home and start living the carefree lifestyle you want.