Illahee 9/24/16 Photos, Bremerton Marathon, Fire Update, Port Moving on Store, Timbers Edge Next Steps, 2016 Funding Deadline, Possible Options


Bremerton Marathon.  Last Saturday morning we watched the Bremerton Marathon runners go by and happened to get a picture of the winner, Megan Morris, early on in the race, along with a sign posted in Illahee.
Fire Update.  We talked to the person most responsible for helping put out the Illahee Preserve fire on 9/12 and found out the fire ruined his shoes as he was stopping it out and he was worried the flames were going to catch his pant legs on fire.  This is what the area looks like now.  A big thanks again to John and Rochelle for being there and for John taking action to control the fire until Rochelle led the fireman to the fire.
Port Moving on Store.  The Port of Illahee approved a motion at their 9/14/16 meeting to begin negotiations for the Illahee Store, subject to a number of conditions, including a title search and an inspection of the buried gas tanks.  
Misc 009
Timbers Edge Phase 2 Next Steps.  The Illahee Preserve group is floundering knowing what it can do now to purchase the remaining 10.7 acres of the Timbers Edge project.  An appropriation request in 2015 failed and a 2016 grant request was just under the funding line.  The exact amount needed to purchase the property is unknown, but based on previous Purchase and Sale Agreements, the amount will be around $820,000  (the last signed agreement was a year ago and had extension fees, which today would increase the purchase amount to roughly $970,000 minus a owner contribution of $150,000 which is where the $820,000 figure comes from.)
TE Phase 2 Map
2016 Funding Deadline.  Recently the Preserve group found out the owner needs to sell the project by the end of 2016 to pay off loans.  This is an approved project for 45 homes and offers have been made and without an options agreement, the project could be sold.  The Preserve has been given notice that it needs to come up with the funds to purchase or a plan that will allow the loans to be paid off.
Possible Options.  One option that was presented by one individual was to find 45 people who were willing to contribute to the purchase of one or more of the 45 lots, with those with more money helping those who are less able.  That would mean a cost of roughly $18,000 for each lot.  
Another option presented later was for a smaller number of people to form a LLC and contribute a total of $200,000 and take out a loan to pay off the property owner, which would provide time to put in for an appropriation or seek other grants, with the understanding if it doesn’t work out the escape clause is the property would be developed and those contributing would probably come out ahead financially.
Professional fund raisers would first secure 50 to 75% of the funds from major donors, and then solicit contributions for the remaining funds from the general public.  The problem is finding the major donors with the necessary funds that are willing to commit to the purchase the property.  
The Illahee Preserve group is looking for ideas, so if you have some, let us know and we will pass them on.
Jim Aho