Last week we received word from the people behind the Saranac Lake Community Store project that a recent fundraising surge has brought investment capital to $395,000. They need to sell $500,000 worth of shares to launch the store.
If organizers don’t reach half a million by the initial offering deadline of December 17, board vice-president Gail Brill said they will apply for an extension on the offering. “We are so close,” she said in an e-mail, “and light years ahead of Greenfield, MA, which started well before we did.”
Shares cost $100 each and may be purchased by residents of New York State only. Individuals may buy up to $10,000 worth of shares. Organizers had hoped to have the store open by this summer but the economy appears to have rescheduled those expectations. When $500,000 is reached, backers will choose a location, hire staff and purchase inventory.
The business is expected to be about 5,000-square-feet, located downtown and carry department-store-type retail items not currently available in Saranac Lake. Organizers say they will ask local people what they want the store to sell. The village has been without a department store since Ames closed in 2002 but citizen groups have thwarted efforts by Wal-Mart to open a big box. Hardware and drug stores have been filling some of the retail gap.