El SERENO — Earlier this month the Eastside Cafe, a Huntington Drive community space and collective, launched an ambitious $180,000 fundraiser to buy their corner building after a real estate investor had tried to buy the property. The good news for Eastside Cafe is that the investor is no longer interested in buying the property, allowing the collective to enter into escrow. The bad news is that instead of $180,000, the Eastside Cafe needs to raise $600,000 make the deal work.
In its most recent online fundraiser, the 15-year-old Eastside Cafe, which has sponsored poetry readings as well as health and wellness programs, explains the math behind its new financial target:“Our initial goal was to meet the minimum 10% down payment required to make an offer. We estimated that the most realistic down payment/goal for the GoFundme campaign was for the amount of $180,000.00 However in order to keep the rent affordable for the current tenants, we need to raise an additional $350,000 more for the down payment! At this point we’re asking organizations, groups, collectives, Angel funders to meet our needs and to donate or gift large amounts. Anything we raise beyond that we will put toward maintaining and improving the building.”
The collective has until July 18 to make its new fundraising goal.
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