After Parcel 0 is purchased, and all paperwork is done, CityDAO LLC will be the recorded legal owner of the property. CityDAO LLC will remain the recorded legal owner indefinitely. Following the sub-parcels being mapped out, the website and contracts being ready to go, and the initial use rights tightened up and communicated clearly, and a written greenlight from a securities lawyer, the initial sale begins.
The initial sale price of each sub-parcel is fixed and equals the purchase price and expenses of Parcel 0 divided by the total number of sub-parcels.
Number of sub-parcels: 1,000
The CityDAO Treasury will retain 100 sub-parcels for communal space, rewards and promotions decided at a later date.
A royalty of __% is transferred to the CityDAO Treasury upon secondary sales of sub-parcels.
Hour 0 (UTC-0)
The holder of the First Citizen NFT is given the ability to purchase up to 10 sub-parcels of Parcel 0.
Hour 48
Holders of each Founding Citizen NFT are given the ability to purchase up to 10 sub-parcels of Parcel 0.