Well, our campaign has come to an end and, while we fell short of our total goal, there is reason to think we can still make the move happen.
Our matching gift challenge offered on May 1st stipulated that the next $5,000 raised after May 1st would be matched. We didn't quite make that threshold; we've raised only $3,720 since May 1st. However, we have been informed that we will receive funds to match that amount.
So our total raised through the campaign efforts will be $9,110 (the $5,390 donated by individuals online plus the $3,720 matching gift).
This is about half of our projected total budget for the expansion (our original Indiegogo goal amount). However, that projected budget contained my best guesstimate of potential construction costs we might be facing, based on speaking with brokers and potential landlords about commercial spaces currently available in our target neighborhood. As mentioned in earlier updates, at least one landlord we've been negotiating with has made an offer to complete more of the construction. This could save us thousands of dollars, as we originally were looking at having to hire contractors for venting, plumbing, electrical work, etc.
For now, we are continuing to look at all options as far as potential store spaces and continuing to pursue other possibilities for additional financing. The fact that nearly 100 individuals were willing to invest over $5,000 of their own money in Spellbound may just help us obtain traditional financing that wouldn't have been available otherwise. It happened for Avid Bookshop in Athens, and we're hoping it will happen for Spellbound.
Thank you all so much for your support. Perks will be sent out in early June, as promised, and as soon as there is news to report I will update you here.
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