Friday, October 27, 2017

Building Update #7

Funds on Deposit - 1,692,500              Days Left - 4

Greetings and Salutations,

You may notice that I've changed the heading at the top of this note from "Funds Raised" to "Funds on Deposit".  The reason for that is we're really in the final days of this gig and it's reached a point where it doesn't matter what people have promised us -- the only thing that matters, for the sake of this project, is what is in the bank come Halloween.  So, rather than including what people have said they're going to do, the number at the top of this note is only what is on deposit.  Don't worry though, we're not out of time by any means.  Even though today was the last day that I said would work for deposits, at the time I said I was allowing for a margin of error.  We've still got four days.  Wire transfers and cashiers checks will still be credited in time, even if they are wired (or handed off to me, for the checks), as late as the morning of the 31st.

Now that I've gotten the doom and gloom out of the way, here's the good news -- I'm almost sure we're gonna have the money in time.

I believe we're gonna get that building.

First, we have an additional $120,000 promised that should arrive on Monday.  If all of that does, in fact, arrive, we'll have enough to cover the purchase. We'll still be short of our goal by $87,500 but, that goal allowed funds for closing costs, repairs and so on.  I can cover the closing costs out of Borderlands' and my personal accounts.  As for the repairs, we might have to wait a year to replace the roof (which, thankfully hasn't started leaking yet) and I certainly won't be able to do the soft-story retrofit (that's got a $50,000 price tag) but we'll get by.  If we have surprise repairs that need to be made, we'll deal with that as it comes.

Second, none of these figures take into account the possibility of the seller reducing the price because of the problems with the retaining wall and the basement framing.  That'll make a difference, if we can negotiate it.  He's not going to want to do it but . . . who would?

Finally, even if the promised funds don't arrive, several people have contacted me to say that they could lend a bit more, if that is what it takes to get us across the finish line.  I'm hugely grateful for their offers but I really hope I don't have to call on them.  They did their part already (hell, one of them is the very first person to drop off a check) and I don't think they should have to reach even farther.  But, worst comes to worst, their offers all together would make up for the whole $120,000 that is currently promised but not in the bank.

If I had to bet, I'd give very good odds that the funds that have been promised will arrive.  I know the people involved, in some cases for almost a decade. They're damn good folks and they are the sort that do what they say they're doing to do.

Today I really wanted to say that we made it, the money was in the bank and we're good to go.  It would have been a nice way to start the weekend.  But, honest and accurate is more important to me than having a nice start to the weekend.

I believe that we're gonna get that building . . .

. . . but the celebrating will have to wait for Monday (or, gods help us, Tuesday), when I'll hopefully be 100%, gold-plated, no-doubt-about-it, sure that we've got the cash.  And I'm going to let you all know the very instant that happens.  If you live in San Francisco, you might not even need to wait for the email -- you may hear the hooting and hollering all the way out in the Richmond!

Best Regards,

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