Help us reach our goal of buying 107.1!
Prior to launching publicly, we'll raise a significant portion of our initial goal ($135,290) as a starting place through a combination of large gifts from individuals and grant funding from local foundations. Solicitation and contributions from major donors and local foundations will also continue after public launch.
At the conclusion of XRAY's Spring Fund Drive, on April 19th, 2024, we'll launch the public fundraising phase of the 107.1 campaign. In tandem with our 10-year anniversary celebration at Polaris Hall the same day. This campaign will persist into the summer, raising the remaining funds from the wider listening community, including individual members, businesses, and other interested parties.
We'll officially contract an attorney to manage the transfer process at this time. That is currently planned to be Foster Garvey PC, one of the few remaining firms experienced in noncommercial FCC license transfer filings in the country.
An attorney will be responsible for managing legal communications, holding funds in escrow for transfer between XRAY and MetroEast, and managing the license ownership transfer and document of sale with the FCC, as well as any public comment period actions needed.
Funds held in escrow are officially transferred to MetroEast, finalizing the purchase process locally. Form 314 is then filed with the FCC, legally requesting for the FCC to transfer the translator license ownership to Cascade Educational Broadcast Service (d/b/a XRAY FM) and documenting its private sale in the public record.
Due to the public interest component of radio broadcasts, a mandatory 30-day public comment period begins once the FCC processes the initial submission and issues a Public Notice. If there are comments made in this period, a response from us as the applicant may be required which has been planned for in the $15,000 allowance in the project cost for legal services. The length of time this will take in total is unpredictable, as the FCC has notoriously long processing times. We've experienced wait times throughout our tenure anywhere from 6 weeks to 10 months. This should be routine, and doesn't require changes to engineering specifications or modifications to the license or broadcast, so we'd expect this to be a process that's complete in the first half of 2025. We will make sure to update folks when that process is completed.
While waiting for FCC approval of the license transfer, XRAY would negotiate an ongoing operation agreement with MetroEast until the transfer is approved. Our current Licensed Management Agreement expires September 15th, 2024 with a 30 day grace period following.
Once the FCC approves the license transfer and reassignment, the process of purchasing 107.1 is officially done! XRAY now officially owns the license and is able to make modifications to it, including changing its engineering, location, etc. All recurring payments cease and other ancillary obligations to MetroEast conclude. If funds are leftover, either because the legal services allowance was not used in its entirety or additional funds have been raised, then any promised upgrades that have been funded are completed or purchased.