SHERBURNE – A group calling itself the “Save the Sherburne Inn Restoration Project” has put down a $10,000 non-refundable deposit on the former Sherburne Inn.
The deposit gives the group the option to purchase the downtown Sherburne landmark, giving it until April 1, 2013 to raise the rest of the $155,000 needed to buy the property. A purchase option obligates property owner Jim Webb to refuse any other bid, no matter how large a sum of money it may be, prior to April 1, and afterwards only if the Save the Sherburne Inn Restoration Project has been unable to raise the money to complete the transaction.
Although restoration project member Kathleen Yasas was unwilling to disclose details on how the $10,000 deposit was raised, she was willing to comment that “a lot of people are willing to commit money to the project. We already have commitments for one-third of the money needed.” At the moment the group cannot accept any direct donations because it is in the process of forming a not-for-profit organization. The process should be completed in a few short weeks, Yasas said. Even so, eager donors are already making commitments to give the project money and once the group attains its non-profit status, it will be able to accept tax deductible donations, she said.