[jyl]

The transaction closed this week.

Title is clear and unencumbered. We are not restricted from selling the property. The donor can use the building a certain number of days per year for their events; their right is subordinate to any subsequent sale, but we'd compensate the donor for the lost use days. We have property and liability insurance, and are working on a secured line of credit. A local interior designer is donating a design for a cosmetic refresh, and we'll try to get some support from local contractors and suppliers. We are reviewing website and marketing plans, and will retain a manager to run the rental business. There's pretty active demand for mid and late 2021 bookings - I'm handling an average of one rental inquiry a day despite zero marketing.

A lot of work lies ahead, to get the property ready and relaunched, but I'm pretty optimistic.