Island Mountain Arts did it.
They raised all the money needed to buy the package of buildings next door to their gallery in Wells so they can consolidate a lot of their operations and have on-site housing for many of their incoming arts masters who provide concerts, classes and collaborations.
IMA was put under stress of a rigid real estate deadline by the current owner of the adjacent property midway through 2014. A mining company had put in an offer on the site. This had been happening a lot around the small hamlet of Wells, putting real estate values there on an inflationary course and putting IMA's rental arrangements around the town on risky terms. Their board and staff felt they had to move to secure this particular piece of property.
IMA turned to crowd-sourcing the money, since they hadn't that kind of capital laying around their bank accounts. The flurry of income was a tale of generous donors who aided them in two phases.
"By the end of the campaign in early September, we had raised almost $35,000 with over 200 funders," said IMA executive director Julie Fowler. "While this was an amazing feat, it was short of our $100,000 goal, which would have provided for the required 25 per cent down payment, as well as all the incidentals that go along with a property purchase."
One last crowd-source supporter was yet to come, however. When it became clear that the fundraising campaign was not going to succeed quite enough to close the deal, a conversation was sparked between IMA and Integris Credit Union. The two had worked together before, Integris had branches all around the bankless town of Wells, and it was announced this week that Integris had reached a financing deal with IMA to close the gaps.
"We recognize the crucial role the Island Mountain Arts Society plays in enhancing artistic, cultural and economic development in north-central B.C.,", said Dan Wingham, manager of partnerships at Integris. "Being so deeply connected to our region, Integris members are pleased that their financial institution responds to community needs in this way. We're here to enhance the sustainability of the arts, culture and the well-being of artists in our region."
In a fitting tip of the historical hat towards Integris, the property in question was once a bank. It has also been the Wells town hall, a commercial complex, a Cariboo jailhouse, and other things. There are also two out-buildings and a greenhouse on the property. IMA will be using it as a nest for the arts.
"We never would have dreamed six months ago that we would be taking possession of this property this year," said Fowler. "There was a risk involved in moving forward, but there was also a risk in doing nothing, as we found ourselves losing facilities that are essential to our operations."
She called the financing arrangements with Integris "an incredible act of confidence in the project and in the organization, matching their strong belief in supporting development projects in their community."
IMA is poised to take possession of their new arts nest on Dec. 1.
"We are excited to realize the potential that this property offers us and to attract more artists to our unique and beautiful community," Fowler said. "And though the initial campaign is over, the project is really only just beginning, as we are now tasked with all the new challenges associated with owning our own facility and taking on a mortgage."
The first mortgage helper event demonstrates that unique to-and-fro provided by arts organizations to the communities they serve. On New Year's Eve, IMA hosts a hiphop party for $50 (early bird tickets are $35 available at the IMA website) at the Wells Community Hall. On the one hand it is a fundraiser, on the other hand they are bringing in one of Canada's celebrity deejays to do it. Where else can you get this close, in our own Cariboo neighbourhood, to Adham Shaikh? So the arts cycle continues, with IMA able to put their high-level spin on it thanks to their newly expanded presence made possible by crowd-sourced funds and Integris Credit Union.
