| In essence, subsequent to the end of
2006 financial year we took the initiative of acquiring the property,
formerly Riptide Motel, adjoining Cottage by the Sea and have since
sold part of the land, with the remainder secured for the benefit
of children of families in need attending Cottage by the Sea for
generations to come. (Aerial view below)
The Cottage beachfront subdivision land was auctioned on Sunday
4 March 2007 and sold for $2,025 million. We are extremely pleased
and excited that this visionary action by the Board will mean that
the Cottage will be able to run more camps, with more facilities
and resources for more children, initially up to an additional 200
needy children each year, with the potential to take more with further
long term planning and development.
We purchased the land for $3.4m and 'as mentioned' sold the beachfront
section for $2.025m. By utilizing our previous 'fundraising savings'
- once settled this will leave us with a very 'manageable debt for
a relatively short period of time.
We are all very excited about what we can do with the existing building
(old Riptide Motel home) and are busy planning further upgrades
and potential program usage initiatives as we speak.
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