Originally Posted by FreeTheBeast
From a newsletter issued by the Trust:
Today, January 24th, 2013, the Barnard Community Trust, purchased the Barnard General Store property from William Twigg-*‐Smith, the previous owner.
In November Mr. Twigg-*‐Smith told the Trust he did not want to receive the entire amount in one payment. This enabled the Trust to move toward the closing on the property, even though it had not yet raised $500,000. The Trust now has another full year to raise all the funds required, not just for the purchase, but to cover other important costs such as taxes, insurance and improvements to the building. Trust president Rick Carbin, estimates that an additional $150,000 is needed to meet the overall goal and establish a reserve fund, which will enable the Trust to respond to unforeseen needs.
The terms of the purchase are as follows: the overall purchase price is $500,000. At the closing, the Trust paid $300,000 with William Twigg-*‐Smith taking back a mortgage for $200,000 to be paid off in one year. This gives the Barnard Community Trust immediate ownership of the property, allowing it start making long-*‐term decisions on the future operation of the store.
The next step in the process is to get the store back in operation. The Trust has identified new operators of the store and is currently working out the terms of the lease for the new operation. “We expect to have the lease completed very soon,” Carbin said, “with the goal of opening up the Barnard General Store to full operation by the beginning of April.”
“This is a huge milestone for the Barnard community as a whole,” Rick Carbin said, adding that “in just a little over six months, with tremendous support from over 500 people in town and around the country, we have been able to reach this stage. This is a testament of how people feel about the importance of the store to the character and heart of Barnard.”