Help Us Buy Our Museum Property for 30% of its Value While We Still Can!

The Phoenix Trolley Museum (PTM) has an incredible opportunity to buy the property we have been leasing for the last three years for an amount far below its value. But in order to take advantage of this opportunity, we must raise $30,000 by the end of September 2020 for the down payment and closing costs.

Purchasing this property is a key step for PTM. Property has always been the stumbling block when establishing a museum. Once a nonprofit stakes its future on a plot of land, the opportunities for it to thrive and establish roots in the community skyrocket. This effort will help the museum to leap forward by establishing a firm foundation on Historic Grand Avenue.

By raising the down payment before the lease runs out, we can purchase the property for a fraction of its market value -- a $350,000 savings that could be lost if we don't buy now. This means that every dollar donated is multiplied over ten-fold!

The property we will be buying is itself uniquely suited for our museum. Historic Grand Avenue is a rising area of arts groups and small businesses that hosts events through the year. And we will own 100 feet of prime Grand Avenue frontage to showcase the Phoenix Trolleys we now have in storage. Grand Avenue was one of the early Phoenix Trolley routes, and our long term dream is to run streetcars in Grand Avenue once again.

We invite you to get on board for the next leg of our journey to make the Phoenix Trolley Museum one of the best historical experiences in Arizona.

DETAILS OF THE PURCHASE:

With 100 feet of frontage on Grand Avenue, the property’s value is estimated at $400,000 to $500,000. The current property owner has generously agreed to sell it to PTM for $150,000 plus costs. PTM plans to obtain a mortgage and purchase the property. The bank will require a down payment equal to 15% of the loan. With other costs, the amount of cash needed is about $30,000. We plan to raise $10,000 from direct museum contributions - so this fundraiser needs to raise the other $20,000.

The current lease expires in September, and with it would go our opportunity to purchase the property at the reduced cost.

This purchase will benefit PTM in many different ways:

The organization will instantly hold $250,000 to $350,000 of real estate equity in the property, which will enhance PTM’s financial position and its ability to qualify for future grants and other financial tools.
PTM will start making mortgage payments instead of lease payments, further building equity over time.
As a 501c3 nonprofit, PTM can qualify for a waiver on the property taxes. Under the lease, PTM was required to pay for the property taxes in addition to the lease amount.
PTM will be in control of its own destiny, rather than having to deal with the potential loss of its facilities upon completion of a lease term.

Your generous support of PTM will enable us to secure our future and continue to develop one of the best history museums in Phoenix!