You’ve probably noticed a few changes on the exterior of our building. The upper deck is gone…
But as you can see, the changes on the inside are even more dramatic.
Once the demolition is complete, we’ll be able to renovate, stock the store and OPEN!
North Woods Engineering has completed the drawings for the renovation of 97 Main St. This paves the way for renovation of the site to begin.
We’re hoping for a Store opening late this summer. There are a few more things to finalize before an official statement can be made.
Following commencement of operations last month, The Community Store board moved quickly to formalize operations, announcing the hiring of Craig Waters as manager and Stephanie DeJoseph as Assistant Manager. Craig and Stephanie will be busy in the coming months, hiring additional staff and moving the Store from idea to reality.
The Store also signed a lease for 97 Main Street this month, so we’re poised to move forward.
Since October of last year, the board of the Community Store of Saranac Lake has been considering the former Corvo’s Restaurant as a possible site for the Store.
This winter there was an open house at the site, so that members of the community could tour the space and make product suggestions.
The board also began interviews for key positions.
Today, The Interim Board of Directors of the Saranac Lake Community Store is pleased to announce that it has reached the $500,000 threshold necessary to commence operations. In practical terms, this means that funds invested to date can now be released from escrow allowing the company to enter into commitments and move forward with preparations for opening its doors during the coming summer.
Those interested in investing in this unique community-based venture can still do so — the public offering* remains open until June 22, 2011 and share subscriptions can be accepted up to $600,000, allowing for increased operational flexibility.
Said Melinda Little, President, “this is the result of many years of hard work by a dedicated group with the support of this incredible community. We offer our deep appreciation to all those who have shown their faith in this concept by investing. Attaining this milestone allows us to hit the ground running as we move ahead to secure the property, make the necessary renovations and hire key staff.” Preparations have been underway for some time on all these fronts in anticipation of achieving this level of equity capital. “Now the real work begins!”, added Little.
Alan Brown, Treasurer observed, “with over 600 investors averaging about $800 each, this is a truly grass-roots venture.” Investors include permanent residents of the Tri-lakes region, seasonal residents and others with an affinity for the area and who feel inspired by the self-reliant spirit that gave rise to this project. “I feel privileged to be a part of a community that can raise this amount of capital, particularly in the face of these difficult economic times”, said Brown.
Lease negotiations are underway with Greg Moore, owner of the former Corvo’s restaurant building and bids will be sought from local contractors for the necessary renovations and alterations in conjunction with Mr. Moore. In addition, organizers have been interviewing candidates for the key staff positions of Manager and Assistant Manager and it is expected that employment offers will be made soon.
“This is the first of its kind in the Northeast”, said Gail Brill, Vice-President,” and, as much as anything else, it’s about building a sustainable local community. In this way we keep economic activity as locally-based as possible and help maintain the vitality of downtown Saranac Lake.”
The Saranac Lake Community Store is raising capital* to open a community-owned retail department store that will enhance the sustainability and self-sufficiency of the retail economy in the Tri-Lakes by providing a range of reasonably-priced goods not readily available in the locality.
*Shares are sold by prospectus only to residents of New York State ref. 07-1504
Product ideas should be mailed to Melinda@community-store.org.
This month The Community Store passed the $400,000 mark and announced its official name: The Community Store in Saranac Lake.
This month, following an event held at Pisgah Lodge, the community store passed the $300,000 mark, with total of $311,500 raised to date.
Thanks to the generosity of Dan Reilly of HomEnergy, The Community Store established an office on the second floor of HomEnergy’s building on Depot Street and began to offer regular office hours for those interested in purchasing shares, in August.
The first of several “Share Parties,” were held. Support has come in from individuals throughout New York State.
Shares were sold during the holiday season at Sparkle Village as well.
The total raised to date is $205,800.
Since incorporation in February, the Community Store project has been forging ahead.
This spring, an Interim Board of Directors is appointed and formal offering documents are finalized and filed with the NYS Attorney General’s Office.
Today, the Saranac Lake Community Store officially announces the launch of its initial public offering of shares at a price of $100 each with a minimum goal of $500,000 and a maximum of $600,000.
This month the Saranac Lake Community Store officially incorporated.
When the Ames Department Store in Saranac Lake closed its doors in 2002, Tri-Lakes residents and visitors were left without a convenient, local source for items such as underwear, moderately priced clothing, linens, craft supplies and sundries and were forced to travel an hour away to either Malone or Plattsburgh to fulfill many of their basic shopping needs.
Recognizing the need to fill that void, a group of local residents came together in early 2006 and formed the “Retail Options Committee” to identify retailers who might potentially open a store in Saranac Lake. Although the demographics of the region made Saranac Lake undesirable to the national retailers they approached, in the course of their research, the Committee came across the concept of community-owned department stores that had successfully served their markets in a number of rural communities out West. A public forum was held in the Village of Saranac Lake in June, 2006 and the Committee invited Sharon Earhart, a representative of The Merc, a successful community-owned department store in Powell, WY, to make a presentation. The response that night was overwhelmingly positive and the Committee decided to forge ahead.
During the fall of 2006 a business plan is drafted and reviewed by a group of local advisors comprised of area business owners and leaders. Attorney, Charles Noth, was hired to prepare and file the Incorporation Documents and Stock Offering for the Saranac Lake Community Store, Inc.
These efforts culminated in official incorporation this month.
We have a lot to do before the Community Store becomes a reality here in Saranac Lake, but with the support of a community of like minded people and the leadership of a dedicated core, we can do it.
