The Adams Legacy Foundation invites you to join it in a unique opportunity to help the Wildling Museum of Art and Nature purchase the building in which we currently rent space. After operating for three years in the new Solvang facility, it is clear that we have found a wonderful home in the center of Santa Barbara County and the Central Coast. We now offer multiple art exhibitions annually, a wide range of programming for all ages and have secure art collections storage. While the facility has offered new revenue streams and increased traffic, monthly rental payments hamper our long-term financial sustainability.
The building owner has offered us (and only us) a limited opportunity to purchase the building for $2.6 million, which includes three other income producing leases adjacent to the museum. The Adams Legacy Foundation has offered us a one-of-a-kind arrangement to help the Wildling purchase the building.
If the Wildling can raise $1,000,000 by February 28, 2017 for the down payment, and collect $800,000 in 5-year pledges for the loan principal repayment, the Foundation will carry a fully-amortized 10-year note on the remaining $1.6 million at a 4.5% interest rate.
This is an amazing opportunity to become rent-free—saving us close to $100,000 a year immediately – and a landlord, collecting monthly payments from three lessees!
Thank you for being a member and friend to the Wildling and supporting our mission to connect our community to the art of nature – something no one else does like us!