Boothbay Harbor Waterfront Preservation is pleased to announce that on Thursday, Oct. 31, we closed on the Cap’n Fish Motel property. The purchase price was $2.85 million.
Following a six-month capital fund drive with over 638 contributors — businesses, banks and individuals — we have raised $2.72 million toward our goal of $3 million for Phase One — purchase and site preparation. We have also raised $500,000 as a reserve fund for future maintenance, which brings our current project total to $3.22 million. At this writing, two significant pledges have been made but are not reflected in our current total. To ensure our ability to purchase the property, we have arranged for a line of commitment with First National Bank using our assets as collateral to close any financial shortfall. First National Bank has been a key player in making our vision a reality and for that we are most grateful.
Our immediate projects moving forward are: 1. getting an asbestos assessment done on the two motel buildings to clear the was for a demolition permit to remove them (all other structures on the property will remain including the main house on Atlantic Avenue); 2. making available to the community the furnishings in the motel; and 3. beginning the process of getting approvals from the Planning Board, DEP and other agencies to create the park.
To celebrate the purchase, we will be hosting a gathering for all those who contributed to our project at the Opera House on Wednesday, Nov. 13 from 5 to 7 p.m. More details to follow.
All the goodwill that we have experienced in this process has led to an outcome we could hardly have imagined just a year ago. Of course, this is still a work in progress and there is much work to be done. As we enter Phase 2, the actual construction of the park, we will once again be calling on folks to help with financial support but we are more confident than ever that we will succeed!