'Our Winston Neighborhood' group to invest in 'The Elephant Walk' project
WINSTON, Ore. -- Oregon residents may now purchase shares of stock in Our Winston Neighborhood, Inc. (“OWN”), future owner of Winston Core Project, LLC, according to a news release from the group.
It says Winston Core Project, LLC is the business entity behind a community effort to rehabilitate 2.23 acres of property in downtown Winston into “The Elephant’s Walk – Experience Winston.”
This effort began in February 2016 when the Winston community gathered for its annual goal-setting meeting and agreed to make the revitalization of downtown a top priority. The project has so far been funded by the equity investments of a group of eighteen local residents and debt financing from the Winston Urban Renewal Agency and local investors.
Winston Core Project, LLC has purchased the properties to be rehabilitated, including those formerly known as the “Old West Building”, “Cheetah Junction”, and the “Junction Mobile Home Park.”
A master site plan has been developed by i.e. Engineering of Roseburg. Modest improvements are underway and major construction is planned for the next 2-5 years to transform these properties into a commercial business park catering to residents and tourists, the group said.
Among the goals of the project are community ownership and direction. Now, the vehicle for community ownership has been established. OWN has received approval from the Oregon Department of Consumer and Business Services, Division of Financial Regulation to facilitate a direct public offering of 10,000 shares of stock for $100 per share. Upon achieving its minimum raise of $350,000, OWN will invest $325,000 into Winston Core Project, LLC, becoming the majority owner.
OWN is managed by a board of directors made up of seven area residents: Jacob Schlueter (chair), Walt Taylor, Mike Freed, Steve Schenewerk, Minnie Aday, Ken Harrison, and Jennifer Mitchell. Officers include Della Harp (CEO), Jennifer Mitchell (CFO), Sharon Harrison (Secretary), and Jeremy Mitchell (VP – Marketing).
“Local residents have been the inspiration and the energy behind this project from day one,” says Jennifer Mitchell. “Now, every resident of Oregon has a chance to participate by becoming an owner.”
The public is also invited to attend an OWN kick-off event in the parking lot at 20 NE Main St in Winston, future home of The Elephant's Walk, on Saturday, September 30, from 3-6 p.m. Light refreshments will be served.