$$ Warehouse $$

Now that we have an acceptable Purchase and Sale Agreement (or very close to it) we will need to raise the first $50,000 in Earnest Money, and get going on our due diligence ASAP as we will have 45 days. We have $5,000 already from an anonymous donor.

To date, I have raised some money for due diligence from the County (Thank You Elaine!), and the National Historic Trust, and have grants in the works for a little more from DOLA and the State Historic Trust. These funds are specific to pre-development work, and cannot be used for the earnest money. In total, I am hoping for 50,000 from these sources, all of which will be earmarked. 

So now things are getting real and we need some money--and I am ready to reach out to potential donors and begin a quiet fundraising campaign that we hope to ramp up and make public this summer. My vision is to establish a founders circle of people willing to help with the immediate $50,000 earnest money for starters. We will need another $100,000 when the project is approved by Town, which we expect will be late summer at the earliest. 

At that point the property will be secure, and the real fun(draising) can begin....which is more exciting to me than scary.

I want these early, lead donors to be recognized as visionaries--founding--keystone donors. We have lots of opportunities for naming rights and will give special consideration to those who get on board with us now.

I'd love your ideas about who should be included on this list, anyone who you/me/we can reach out to now, those who should be invited to a special donors party, and others who should be kept in the loop regardless of their potential for donations.

Here's some math...it's fuzzy.

Phase 1 Income: 

• $20,000 County
• $10,000 National Historic Trust
• $10,000 State Historic Trust (In Process)
• $25,000 DOLA (In Process)
• $150,000 Private Donors (Needed ASAP)
• $200,00 State Historic Trust (October Deadline)

$415,000 Projected Income

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 Phase 1 Expenses: (we hope some of this work has been done)

• $30,000 Feasibility: Artspace
• $20,000 Pre-Development Admin--Telluride Arts
• $50,000 Due Diligence Studies
• $10,000 Architecture
• $50,000 Legal 
• $250,000 Earnest Money
• $5,000 Fundraising Expenses

$415,000 Projected Expense -- with highest cost estimates for studies

*We are expecting studies, including the Phase 1 environmental, from the owner.