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Fundraising Update
Only $379,000 needed to finish Roots in the Railyard Campaign!
In November 2007, the Institute still had $1.4 million to raise towards its $4.6 million goal. Since then, we’ve secured:
- $200,000 from the City of Santa Fe CIP bond
- $200,000 from the Regional Planning Authority, a joint City/County taskforce
- $170,000 from the 2008 New Mexico State Legislature
- $100,000 as a community challenge from Georgia Maryol of Tomasita’s.
- $105,000 from the community in response to Georgia’s challenge
- $246,000 from other individuals, businesses and family foundations.
Total raised since November: $1,021,000
Left to raise to meet the $4.6 million goal: $379,000!
It’s hard to believe how far we’ve come over the last few years to get to this point. But we can’t stop now! Our goal is to raise the remaining $379,000 by August 1, 2008. This is extremely important to us for several reasons.
First, once the building is completed (scheduled for early June), the public will think we have raised the financing we need and shift its giving focus to other things, making it harder to raise money towards retiring the construction financing.
Second, every dollar we can put into construction now means that income from third party rentals can go into Institute farm programs rather than paying off a mortgage. Our pro forma sets aside over $60,000 a year for debt service. Just think of the benefits of using those dollars to support and expand local, sustainable farming in northern New Mexico!
Third, leasing in the new building is progressing, but not as fast as we had hoped. Therefore, we will open the building without having all the leasing in place, and as a consequence our income from building operations will be temporarily reduced. Paying off construction costs now will give us a little more flexibility to cover lost leasing income in the first year as we get the building up and running.
Please make a gift to the Roots in the Railyard Campaign today to help us fund the remaining $379,000 in construction costs. What a celebration we will all have if we can announce that we had completely paid for the construction at our grand opening later this summer. With your help, we can make this happen. Please make a donation by clicking here, or call 983-7726 for stock transfer instructions.
The community becomes our largest donor to the Campaign!
So far, we raised money from the following sources for the Roots in the Railyard Campaign to build the permanent site:
- Community Gifts (individuals and foundations): $1,895,769
- State of New Mexico (capital outlay appropriations 2004-08): $1,800,000
- HUD Funds: $125,000
- City of Santa Fe: $200,000
- City/County Regional Planning Authority: $200,000
TOTAL GIFTS TO DATE: $4,220,769
What a testament to the value of the Santa Fe Farmers’ Market that community gifts are now the largest source of income for the permanent site! We thank you all for your continued support.
