Restoration group plans to buy former Sherburne Inn
SHERBURNE – A group calling itself the “Save the Sherburne Inn Restoration Project” has put down a $10,000 non-refundable deposit on the former Sherburne Inn.
The deposit gives the group the option to purchase the downtown Sherburne landmark, giving it until April 1, 2013 to raise the rest of the $155,000 needed to buy the property. A purchase option obligates property owner Jim Webb to refuse any other bid, no matter how large a sum of money it may be, prior to April 1, and afterwards only if the Save the Sherburne Inn Restoration Project has been unable to raise the money to complete the transaction.
Although restoration project member Kathleen Yasas was unwilling to disclose details on how the $10,000 deposit was raised, she was willing to comment that “a lot of people are willing to commit money to the project. We already have commitments for one-third of the money needed.” At the moment the group cannot accept any direct donations because it is in the process of forming a not-for-profit organization. The process should be completed in a few short weeks, Yasas said. Even so, eager donors are already making commitments to give the project money and once the group attains its non-profit status, it will be able to accept tax deductible donations, she said.
More than a week ago, when the group was unable to raise the necessary funds for deposit on both the Sherburne Inn and the former Big M building, Webb sat down with the group’s members and offered them the option to purchase just the former inn, at a total price of $165,000. “It’s the price I have been asking for seven years,” said Webb. Stewart’s Shops, which runs a gas and convenience store in the village, had also expressed interest in the properties, hoping to raze both to build a brand new service center. Webb said that although he believes Stewart’s is a great company, he would like to see the inn stay standing. “In my career, I have helped preserve a lot of old buildings, such as the old Sherburne high school,” he said.
“We are not only trying to preserve a building, but also the history of the town, as well as do something good for the community,” said Yasas. She has also expressed a fondness for Stewart’s Shops, but said she objects to the construction of a gas station at what she feels is the symbolic center of the Sherburne community.
The first phase of the group’s plan is to raise the rest of the money needed to purchase the inn, which Yasas said they are confident can be accomplished before the April deadline. The second phase of the project – raising the money needed for the restoration – may prove to be a more daunting task, admits Yasas. After purchasing the property, the group will have to raise an estimated $1-3 million to restore the building. Yasas said she is optimistic the task can be accomplished with hard work and the aid of the community. Once the restoration is complete, the third phase will be to open a successful business on the site.
Members of “Save the Sherburne Inn” are mindful of the failures of the Sherburne Inn’s previous tenants, and although the prospect of opening a business is still a long way down the road, they’re already brainstorming different methods to avoid a similar reoccurrence. “We are not blind to the adversity we face and realize we will need to address economic issues, not just historical ones,” said Yasas. One of the ideas the group is considering is having a number of individuals committed to the success of the venture. The businesses that failed in the past had only one owner involved. Yasas believes that with more people committed to the endeavor, any challenges it may face will be easier to surmount. Another idea is to diversify the business itself, incorporating a restaurant/bar with an event space, as well as possibly a retail such as a gift shop, a bakery, or some “well-appointed” accomodations for visiting Chobani employees and Colgate parents/alumni.
The group has also been offered the right to first refusal to buy the former Big M, but is still discussing it because its primary concern is the Sherburne Inn, Yasas said.
Although one of the group’s goals is to preserve the historical significance of the Sherburne Inn, Yasas said they still want to create something new about which the community can be proud.
Restoration projects within Sherburne’s historical district are eligible for tax benefits.
The deposit gives the group the option to purchase the downtown Sherburne landmark, giving it until April 1, 2013 to raise the rest of the $155,000 needed to buy the property. A purchase option obligates property owner Jim Webb to refuse any other bid, no matter how large a sum of money it may be, prior to April 1, and afterwards only if the Save the Sherburne Inn Restoration Project has been unable to raise the money to complete the transaction.
Although restoration project member Kathleen Yasas was unwilling to disclose details on how the $10,000 deposit was raised, she was willing to comment that “a lot of people are willing to commit money to the project. We already have commitments for one-third of the money needed.” At the moment the group cannot accept any direct donations because it is in the process of forming a not-for-profit organization. The process should be completed in a few short weeks, Yasas said. Even so, eager donors are already making commitments to give the project money and once the group attains its non-profit status, it will be able to accept tax deductible donations, she said.
More than a week ago, when the group was unable to raise the necessary funds for deposit on both the Sherburne Inn and the former Big M building, Webb sat down with the group’s members and offered them the option to purchase just the former inn, at a total price of $165,000. “It’s the price I have been asking for seven years,” said Webb. Stewart’s Shops, which runs a gas and convenience store in the village, had also expressed interest in the properties, hoping to raze both to build a brand new service center. Webb said that although he believes Stewart’s is a great company, he would like to see the inn stay standing. “In my career, I have helped preserve a lot of old buildings, such as the old Sherburne high school,” he said.
“We are not only trying to preserve a building, but also the history of the town, as well as do something good for the community,” said Yasas. She has also expressed a fondness for Stewart’s Shops, but said she objects to the construction of a gas station at what she feels is the symbolic center of the Sherburne community.
The first phase of the group’s plan is to raise the rest of the money needed to purchase the inn, which Yasas said they are confident can be accomplished before the April deadline. The second phase of the project – raising the money needed for the restoration – may prove to be a more daunting task, admits Yasas. After purchasing the property, the group will have to raise an estimated $1-3 million to restore the building. Yasas said she is optimistic the task can be accomplished with hard work and the aid of the community. Once the restoration is complete, the third phase will be to open a successful business on the site.
Members of “Save the Sherburne Inn” are mindful of the failures of the Sherburne Inn’s previous tenants, and although the prospect of opening a business is still a long way down the road, they’re already brainstorming different methods to avoid a similar reoccurrence. “We are not blind to the adversity we face and realize we will need to address economic issues, not just historical ones,” said Yasas. One of the ideas the group is considering is having a number of individuals committed to the success of the venture. The businesses that failed in the past had only one owner involved. Yasas believes that with more people committed to the endeavor, any challenges it may face will be easier to surmount. Another idea is to diversify the business itself, incorporating a restaurant/bar with an event space, as well as possibly a retail such as a gift shop, a bakery, or some “well-appointed” accomodations for visiting Chobani employees and Colgate parents/alumni.
The group has also been offered the right to first refusal to buy the former Big M, but is still discussing it because its primary concern is the Sherburne Inn, Yasas said.
Although one of the group’s goals is to preserve the historical significance of the Sherburne Inn, Yasas said they still want to create something new about which the community can be proud.
Restoration projects within Sherburne’s historical district are eligible for tax benefits.
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