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Editorials

Help Community Store turn the corner

POSTED: May 1, 2009

Calling all Saranac Lakers and those who value this village - please invest in and take ownership of your community in a literal way: Buy stock in the Saranac Lake Community Store. This local group is getting ready to open a department store, something this village has been lacking in the six years since Ames closed, but your financial support is needed to make it happen. It has sold almost $350,000 toward its $500,000 start-up goal.

Its stated mission is "To Bring Reasonably Priced Goods to Saranac Lake." That's something almost all of us want, but do you think you're going to get that by just sitting around and waiting? The odds aren't too good, so why not help bring it about? A share costs just $100, and it's no donation - you're buying a piece of this store. With government getting its fingers into more and more private business these days, this is pure, local, private investment. No one can buy more than 100 shares, and only New York state residents may buy shares -no complicated shenanigans, and the people who are responsible for this enterprise are right here in town. If you've chosen to live here, this kind of store matters to you. It's a good thing; help make it happen.

As a side note, the store probably won't be called simply the Saranac Lake Community Store. A contest to name it has begun. Get in on it.

You can buy shares or find out more information at a public breakfast event the group is holding on Saturday, May 9 from 8 to 11 a.m. in the Cantwell Room of the Saranac Lake Free Library.

"As we are now moving into the final stretch of capital-raising, there is a renewed sense of urgency to complete this phase and move on to the real work of leasing property, hiring key staff and getting this exciting venture off the ground," the group wrote in announcing the event Thursday. "With an average investment of about $750 per subscriber, we just need about 200 more people to come on board or for existing supporters to increase their investment."

You could be one of those 200.

 
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Member Comments
View Comments: | 1-13 | Post a comment
shipsaint
05-05-09 6:44 AM
whats the chances of the village comming up with minimum amount of 500.000

Crugill
05-04-09 6:51 PM
Re:” cant be right,lol.” From the CS Prospectus: “The investors subscription amounts invested will be held in an account with Adirondack Bank in Saranac Lake, NY, until such time as the minimum offering amount has been raised. The minimum offering amount that must be raised before the Company can access and use offering proceeds is $500,000.” ..and…“If the offering is terminated without achieving the minimum impound amount, each investor’s invested amount shall be returned and the Company will pay pro-rata to subscribers any interest that may have been earned during the impound period.” I interpret that to mean that all money + nominal interest would be returned to investors if the offering is terminated.

shipsaint
05-04-09 6:24 PM
cant be right,lol.if i give 10.000 and the store dosent get off the ground,i could loose my moneys.REALLY

TISSUEGIVER
05-02-09 9:41 PM
good ole saranac lake stealing money again....

Crugill
05-02-09 6:13 PM
If the CS doesn't go forward and they do liquidate, many of those who bought in at the max $10k a year and a half ago will probably still have done better by having had their money locked up - as opposed to what happened to Dow, Nasdaq, etc.stocks.

LinjiS
05-02-09 5:47 PM
Well, we know no lawyer has done all their work for free; they didn't prepare a Prospectus for free; they didn't file whatever was required by NYS for free; etc. So if they don't go forward AND earn a profit, there will not be 100% of the money invested that can be refunded to investors.

Crugill
05-02-09 3:20 PM
It’s fairly standard for stocks to be considered “all at risk” investments. -from the CS Prospectus, which “may not be used after June 21, 2009, unless the offering is extended.” ( I don’t know what is involved in extending it, but I would imagine that this would be done, if practicable.):

“Investment experience -If you have previously invested in any of the following investments please summarize the frequency and dollar amounts previously and currently invested: Stocks (Listed, Unlisted or Restricted),Real Estate, Limited Partnerships, Other Significant Investments.

I’ve never had to turn over such info when buying into anything, with cash, over the past 30 yrs. –stocks, bonds, incorporated real estate partnerships, etc. Possibly this is required for a “C” corp.startup? I’ve only been involved in “S” corp.ventures. No matter, this required personal disclosure is a “non-starter” for me.

LinjiS
05-02-09 7:35 AM
The community store's web site says no one should invest unless they can afford to lose their investment. THAT'S only ONE reason why they haven't sold $500K in shares. How many of us can afford to lose money? If it doesn't fly, you won't get all your money back, and you may not get ANY of it back.

ADKaway
05-01-09 7:26 PM
Here we go again! The Chamber of Commerce and the self-styled "visionaries" pull the strings and the taxpayers dangle!

TISSUEGIVER
05-01-09 6:02 PM
i say we name the store wal-mart..... oh thats right they tried that....plattsburgh is still the better option see ya all there

YouKnowImRight
05-01-09 5:40 PM
I used to be opposed to this-but hey, it's better than what we've got-which is nothing. With Hacketts tanking and the odds of a big box store coming in it's a viable option.

Crugill
05-01-09 5:32 PM
I agree, cooter - A larger dept.store - 40-50k sq.ft., similar to the old Ames store - would be great. Put together a group and go for it!

cooter
05-01-09 4:22 PM
WHAT A WASTE OF TIME. WE NEED A DEPARTMENT STORE NOT A LITTLE WASTE OF SPACE!!!!!!!!!!!!!!

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Local News  Local Sports  Winter Olympics: 2010 and beyond  Community Resource Guide 2010  Embark: Get Up, Get Out  Adirondack Living Real Estate  North Country Dining Guide  An APA reform plan  Local Classifieds  Jobs  CU Photo Galleries