As you have probably heard by now, Hampden Park Co-op is raising money to purchase the building in which we are currently renters. A few months ago, the Independent Order of Odd Fellows (I.O.O.F., our landlord) offered to sell us the building, and accepted our purchase agreement. We are now in the process of inspections and financing negotiations, and hope to be owners of this historic building by March 21, 2009.
Park Midway Bank, in partnership with the Midwest Minnesota Community Develop- ment Corporation, has offered us very favorable terms for financing the purchase. However, there is a deadline to the offer, so we need to move quickly. Our goal is to raise $200,000 in gifts and loans from HPC members and friends by early March.
Buying the I.O.O.F. building offers us a more secure future. As owners of the building, we can create permanent space for the store, gain much-needed office space for staff, generate rental income from the dance hall and smaller offices, and provide space for community outreach and educational events.
A quick glance at your daily news source might leave you wondering about the timing of the purchase. For a number of years, we have anticipated and planned for the sale of the building by the I.O.O.F. We couldn't predict that the sale would happen during troubled economic times. But we are confident that, with the help of faithful co-op members and shoppers, we can fulfill this long-time dream.
