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Developer group reports progress raising funds to buy JJ Newbury building; negotiation extended to September
Summary
Barre Redevelopment (visitor report) told council its purchase option on the JJ Newbury building was extended after a reduced sale price was accepted; the group reported $725,000 in cash or pledges toward an $800,000 sales price and has 90 days to complete fundraising.
A local redevelopment group updated the council on an effort to buy the JJ Newbury building in downtown Barre, saying the owners accepted a reduced sale price and that fundraising is underway with a 90‑day option window.
Steve McKenzie, identified at the meeting as a representative of the redevelopment effort, told the council the group had negotiated from an initial price around $1,000,000 and an earlier requirement to raise additional post‑closing funds. The owners accepted a compromise sale price of $800,000 and shortened the group’s fundraising obligations: the new total obligation was reported as $850,000, with $50,000 set aside for post‑closing costs. McKenzie said the group currently had about $725,000 in cash and pledges, leaving roughly $125,000 to raise within the 90‑day option period that expires Sept. 8.
McKenzie asked the council for awareness and said the group thought the balance was “doable.” He said the group would continue private fundraising and reach out to potential donors. Councilors thanked him for the update; no formal city action or financial commitment was requested.
What happens next: the redevelopment group will continue private fundraising and may return to council if it seeks city assistance or formal support.
