OSSINING, N.Y. -- Grow Ossining, the town’s community-based investment fund, recently announced that more than 100 founding members have made financial commitments to support the fund.
Since the group has reached its startup goal, Grow Ossining will move into the next phase. The purpose of Grow Ossining is mainly to bring about growth in the Main Street Business District by accumulating money that can go into the purchase or improvement of a property in the area. Ultimately, the objective is to open a restaurant, gallery, market or other social gathering place for the community and its guests. The hope is that this will also encourage future growth. “The local investing, or ‘locavesting’ concept has already proven to be a success in many different parts of the country,” said Dennis Kirby, co-founder of Grow Ossining and 30-year resident of the town. “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.” He added, “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.” Each of the founding members have contributed $100, and that money will go toward startup and legal filings, along with coming up with a business plan, legal prospectus and offering plan, and forming the corporation. The founding members come from many different backgrounds.
“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,” Wayne Spector, co-founder of Grow Ossining and 25-year resident. “We quickly achieved our 100 pledges target with little more than word-of-mouth promotion.” In phase two, the business plan will be finalized and more fundraising, with a goal of $2.5 million, from small investments from members of the community will be conducted. To learn more, visit the website at http://www.growossining.com or go to the Facebook page at http://www.facebook.com/groups/GrowOssining .
Click here to sign up for Daily Voice's free daily emails and news alerts.