ZACK'S PLACE ANNOUNCES CAPITAL CAMPAIGN KICK OFF
Zack's Place Enrichment Center, Inc. is thrilled to announce their capital campaign kick-off to raise $442,000 to purchase the building in which they presently rent space at 73 Central Street in Woodstock, Vermont, together with two nearby parking lots. This is exciting news as it gives Zack's Place a permanent place to operate and it secures the future in a location that is perfect for their needs. This price includes $58,000 of improvements which will maintain the integrity of the building and allow expansion of the rental space on the second floor as well as closing costs.
The building has been listed for sale in recent years but the owner has recently advised that before reducing the price considerably in a public offering, he would give Zack's Place the right of first refusal to buy the building at the very favorable rate of $375,000.
Our Enrichment Center serves over 50 individuals of all ages with developmental disabilities. We are open Monday through Friday, from 10 A.M. to 5 P.M. and all of our programming is offered free. Our programs, which are often taught by professional instructors, include not only art in many mediums, exercise, yoga, music, and theater, but also a place where people who would otherwise be sitting at home, oftentimes alone, gather, meet new people, enjoy lunch together, and have real friends that include not only the other participants, but members of the community at large. We produce and star in two musicals a year, and also offer adaptive skiing, bicycling, canoeing and horseback riding. All of our operating and program expenses are supported through private grants and donations.
Our highly visible, central village location is ideal with easy access, large, bright spaces, a kitchen, and a courtyard where we often sit and work on art projects in good weather. We walk to the town green where many activities are held, to the library, the town hall, and to many local stores which stock and sell our greeting card line created by our very own participant artists.
We already have $91,000 of pledged monies toward our goal with $25,000 of those funds being a matching grant which requires our participant families and our board to raise $25,000. This, we are calling our "Family Capital Campaign". We will post a fund raiser "thermometer" on our Zack's Place building to track the success of this campaign.
We are also applying for grants for our "bricks and mortar" capital campaign as well as seeking donations large and small from near and far. It is our hope to take title to the building on August 1, 2014, in order to take advantage of the lowest possible purchase price. For every year thereafter, the price increases $25,000 with a cap on our time to close set for four years from now.
We have secured a very generous preapproval for a mortgage from Lake Sunapee Savings Bank at a favorable rate; however we must raise 40% of the total needed before this loan would become available.
We are thrilled to have this wonderful opportunity to secure a permanent home for Zack's Place.
