Port Townsend"s Boiler Room moves to buy Day Star restaurant, but organization still needs to raise money
NICK KOVESHNIKOV
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The Boiler Room board put down $9,000 in earnest money to buy the former waterfront restaurant two months after the youth work-training center vacated its eight-year uptown location on Lawrence Street.
"We have accepted an offer on The Day Star and we have put down the appropriate earnest money," said Bruce Marston, Boiler Room secretary and one of the longest-standing board members.
After months of negotiations, The Boiler Room board and Day Star owners Bob and Chom Pray reached an agreement.
The board now has to come up with a financing strategy to pay the rest of the $466,000 for the building at 711 Water St.
"We will be starting our big campaign to get us the rest of the money," Marston said.
$50,000 needed by Aug. 5
After a successful arts auction in April, the nonprofit organization accumulated $20,000 in community contributions.
The next big challenge is raising another $50,000 as a down payment by Aug. 5, Marston said.
"We hope to open soon thereafter," he said.
"We've got a lot of question marks, but we are working on this as a team."
To discuss the campaign strategy, The Boiler Room board is hosting its annual meeting at 6 p.m Monday inside the Day Star building.
"I am looking forward to the challenge of raising enough money to have our own place," said Becky Shipley, Boiler Room manager.
Last modified: July 05. 2005 9:00PM