Grow Ossining Receives State Approval to Raise Investment Funds for Historic Olive Opera House: Fundraising Kick-Off on 11/14

October 29, 2015 – Ossining, New York. Ossining’s community-based investment group, Grow Ossining, has received New York State authorization to move into its next phase of raising investment funds, effective immediately. The group of local residents has identified a property befitting of its vision to create a unique social, entertainment and dining destination in downtown Ossining – the historic Olive Opera House. On Saturday, November 14th, Grow Ossining will meet in that space to formally launch the Grow Ossining Olive Opera House Fund LP with a Funding Campaign Kick-off Event and Building Tours from 4pm to 7pm, at the Olive Opera House building, 63-67 Central Avenue, Ossining, NY 10562.

Grow Ossining launched the first phase of its local community investment concept just over a year ago, receiving attention and support from community members who indicated their commitment to financially invest in their community. This form of “locavesting,” a term coined by journalist Amy Cortese, seeks to encourage community growth by rallying financial support from within the community so that all residents can participate in the venture, share in the investment’s growth and reap the benefits of local economic development.

In its second phase, Grow Ossining conducted research and refined its business plan; speaking with professionals in business, finance, architecture, engineering, real estate development and law; listening to the needs of the community to help formulate a viable business model; and identifying the right project to execute the vision. The 150 year-old historic Olive Opera House was selected as the perfect project target. As part of the rich history of Ossining and due to the expanding trend of opera house restorations across the country, the Opera House was an obvious choice. The tri-level building offers an excellent opportunity to develop a multi-functional facility that can simultaneously offer event space, performance space, and a place to dine/drink, all in a building that has history and character. The proof-of-concept goal began on February 22nd when a series of informational meetings and tours were given at the Olive Opera House. Within the week, the first goal of raising $50,000 was exceeded by over $10,000.

As a result of the successful second phase of funding, and as an expected next step, Grow Ossining Management LLC and the Grow Ossining Olive Opera House Fund LP were formed and a formal prospectus was filed and approved by New York State, authorizing the solicitation of investment funds from New York State residents at $100 per share to own a piece of history and invest in Ossining’s future.

Dennis Kirby, co-founder of Grow Ossining and a 31-year resident indicated “We remain enthused by the outpouring of community support for the project since its inception. When you raise that level of funding in one week, you have to feel confident that the community recognizes the incredible opportunity we envision in this unique project. They gave the vote of confidence needed to move Ossining closer to the realm of entertainment destination locations such as neighboring Peekskill, Tarrytown, Pleasantville and Port Chester. Having now been granted the required New York State approval to solicit investments for this first venture, we are finally at that critical step closer to making our vision a reality.”

Wayne Spector, Grow Ossining’s co-founder and 26-year Ossining resident explained: “Since our second phase goal was reached—it enabled us to negotiate a more favorable timetable—thus giving us extra time to raise funds for the next phases; we must ultimately raise $1 million by October 2016, but we must first increase the amount already raised to at least $300k by January 8, 2016 in order to enter into a formal contract with the building’s owner to purchase the building. The January deadline will serve as the next critical milestone we must reach. If our recent history of success is any reflection of Ossining as an actively involved community – we know we can exceed this next goal too.”

For more information: www.growossining.com , www.oliveopera.com and on Facebook at https://www.facebook.com/groups/GrowOssining

About GrOw Ossining Management LLC: Is a community-based investment fund designed to allow members of the greater Ossining community - and their family and friends – the unique opportunity to directly invest in the revitalization of Ossining’s Historic Downtown. Our first project reflects the vision to create a unique entertainment, catering/dining destination that will serve the greater Ossining community and beyond, as well as act as a springboard for further community development. We offer New York State residents 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. .

About the Grow Ossining Olive Opera House Fund LP: Open to New York State Residents only, the Fund was created to purchase the Olive Opera House property. Offering shares priced at $100 each, the Fund serves as a legal investment opportunity. This is neither an offer to sell nor a solicitation of an offer to buy. No offering is made except by a prospectus filed with the Department of Law of the State of New York. The Attorney-General of the State of New York has not passed on or endorsed the merits of this offering.

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