Thursday, July 3, 2008

Capital Plan Phase I: Purchase the Empress Theatre

As most of you know, we're kicking off a capital project fund raising drive with a "super-colossal" yard sale at the Empress Theatre on the 4th of July. Since we're asking for donations, I think you probably want to know what the money will be used for. The overall project will be in several phases over the next few years, so I'll serialize it in several posts as the information becomes appropriate to release.

The first goal is to own the Empress Theatre mortgage free in five years or less.

The down payment is $20,000. We've already raised $8,000, so we need to raise another $12,000. We've set August 31, 2008, as the milestone deadline to make the down payment.

The total purchase price is $240,000. Once we make the down payment, we'll have to service a $220,000 mortgage. We'll need to raise enough to pay that off over five years. Of course, raising it sooner would be better than paying interest.

So the numbers on this part of the project are: $12,000 by August 31, 2008, and $220,000 (in addition to the $12,000) by July 4th, 2013 or sooner.

Since this is just one phase of the overall project, if we raise more than these amounts, the money will go toward our other goals. (I'll post more about them in future posts.) If we don't make the $12,000 milestone by the end of August, we will have to renegotiate our agreement with the Ware family.

No comments: