Grow Ossining Investment Fund Achieves Start-up Goal

Grow Ossining Investment Fund Achieves Start-up Goal, Enters Second Phase to Support Downtown Revitalization: 100+ Founding Members Make Investment, Indicating Local Commitment and Groundswell Support

June 9, 2014 – Ossining, New York   Launched this past March, Ossining’s community-based investment fund, Grow Ossining, today announced that more than 100 “Founding Members” have made their initial financial commitment in support of the Fund, whose main objective is to encourage growth in Ossining’s Main Street Business District by aggregating financial support in order to purchase or improve a local property.  The vision is to create a unique social destination/gathering space (i.e. bar, restaurant, live entertainment, marketplace, gallery, or other venue) that will serve the greater Ossining community and beyond, as well as serve as springboard for further community development.  

This form of “locavesting,” a term coined by journalist Amy Cortese, seeks to have community members support community growth by rallying financial support at a small cost per share so that many can participate in the venture and be personally involved in an investment’s growth.

Dennis Kirby, co-founder of Grow Ossining and a 30-year resident indicated “The local investing, or ‘locavesting,’ concept has already proven to be a success in many different parts of the country. There are wildly successful community-owned craft breweries, taverns, and marketplaces in small towns like Boothbay, Maine and in medium-sized cities like Austin, Texas. Locavesting has proven to be an effective downtown revitalization tool. Ossining has had recent success in stimulating growth and revitalizing its historic Main Street but challenges remain. A community-based investment fund may be able to play an important role in supporting that effort.”

With the Founding Members’ financially committed to launch the effort, Grow Ossining has secured core steering committee members, all residents of the greater Ossining community with professional expertise and personal experiences in Finance, Law, Architecture, Construction, Marketing, Real Estate, Fundraising, Community Action, Property Management, Restaurant, Interior Design and more.

The monies from the Founding Members completes the first phase of fundraising by raising the cash necessary to cover start-up costs and legal filings, including forming the corporation and preparing a business plan, legal prospectus and offering plan.

Wayne Spector, Grow Ossining’s co-founder and 25-year Ossining resident explained, “Dennis and I agreed that before we would fully commit to launching the second phase of the Grow Ossining effort, we would test the waters to measure the community’s interest. We felt that if we could persuade 100 members of the community to pledge $100 towards initial startup costs, it would provide initial funding and, more importantly, indicate a positive interest on behalf of the community. We quickly achieved our 100 pledges target with little more than word-of-mouth promotion.”

The second phase of program now begins, with a business plan to be finalized and subsequent fundraising to raise $2.5 million through investment by community members.The final plan aims to raise capital through modest individual investments by community members.“We’ll be finalizing the structural details of our investment process, our formation documents, basic agreements and required disclosure documents. We’re confident that before the end of this year, we’ll legally be able to start accepting larger investment pledges,” said Spector.

Witnessing successful revitalization efforts in areas like Peekskill, Tarrytown and Port Chester - destinations frequented by the Greater Ossining community - the effort looks to launch with the same ideas in mind. This initiative is intended to break new ground in community participation in Ossining’s local development process. Kirby said, ”Ossining has so much potential. We want to be able to provide the members of the community with a way to actively invest and take ownership in Ossining’s revitalization.”

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GrOwOssining is a community-based investment fund designed to allow members of the greater Ossining community - and their family and friends - to directly invest in the revitalization of Ossining's Historic Downtown. Our vision is to create a unique social destination or gathering space (for example, a bar, restaurant, live entertainment venue, marketplace, or gallery) that will serve the greater Ossining community and beyond, as well as act as a springboard for further community development. We offer everyone the opportunity to invest in downtown Ossining’s success. We seek a broad base of local individuals interested in participating in the revitalization of Ossining's Historic Downtown and who are attracted to an opportunity to invest in a community-based investment initiative grounded on sound business principals with low individual monetary risk and a reasonable rate of return. For more information go to www.growossining.com or on Facebook visit https://www.facebook.com/groups/GrowOssining.

Contact:

Dennis Kirby  at Denby10562@gmail.com  or 914 629-3704

Wayne Spector at wspector@cohn-spector.com or 914-428-0505