I am pleased to announce that the WMA Museum has been presented with a unique opportunity to purchase the building immediately adjacent to our current building, which for many reasons, the Executive Committee unanimously agreed is an opportunity we should not pass up.
The current owner is the daughter of a WMA alum and part of our negotiation on a sales price resulted a significant in-kind donation/price reduction to the Museum. We will be purchasing the building for $40,000, which will be rolled into our mortgage on the Museum. From a financial perspective, given our mortgage options (rate and term options), we expect the incremental mortgage payment increase and down payment to be within our anticipated budget range.
Given our goal of having the Hall of Honor serve as an event space for the community, we were in desperate need of a kitchen/prep space. With no kitchen space in our current building (without without incurring substantial redesign and construction expenses), when the option to purchase the building next door presented itself, we found out that it once had a commercial kitchen, including proper kitchen venting. In addition to solving the problem of a providing a kitchen for the Hall of Honor (and a significantly expanded basement for our current location), we plan to rent the facility to a TBD local entrepreneur to open a coffee/sandwich shop. The lease revenues from the rental space will go to accelerate paying off the mortgage. There will be several restrictions that will accompany the lease, including the name of the establishment (“The Dragon Den”) as well as the WMA decor. Of course, the Museum will have the option to use the space (including, the kitchen) on an as needed, priority basis. So, we will basically be providing a “ready made” business for some lucky local and doing our part to contribute to the Lexington economy.