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White Mountain Nature Center clears mortgages after emergency fundraising; plans interactive exhibits and expanded raptor programming
Summary
John Glitzo told the council the Nature Center paid off interest-only loans after a lender demanded larger principal, thanks to property sales, board loans and community donations. The center plans interactive exhibits, expanded raptor shows and a pricing schedule to replace lost lease revenue.
Pinetop Lakeside — John Glitzo, representing the White Mountain Nature Center, told the Town Council the nonprofit has paid off its balloon mortgages after an unexpected demand from a private lender, but will need new revenue to replace lease income lost with the sale of industrial properties.
Glitzo said the nature center faced almost $1.2 million in interest-only mortgage principal coming due and, in late 2024, the lender proposed increasing the loans’ principal by roughly $350,000–$400,000. The center declined and sold two leased industrial properties; board members and community donors provided short-term loans and gifts that closed the gap. “We paid off all the mortgages, and we were able to pay back the board members that had loaned money,” Glitzo said, describing a…
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