“We felt confident that we had met the right investor. We negotiated the structure of a mutually beneficial agreement to share the land,” mentioned Stephanie Goodrich, a founding father of Americarts. “Securing the land would allow us to start the eligibility process for a Business and Industry Loan, which can take at least 120 days to complete. Unfortunately, the day before our purchase agreement deadline, we received a message saying (the investors) were no longer interested.”

The Business and Industry Loan program goals to enhance, develop or finance new or present companies that may enhance the financial and environmental local weather in rural communities. Unlike Small Business Administration loans, these loans can be utilized for bigger tasks, as much as $25 million in dimension.

Goodrich mentioned these kinds of loans require a big quantity of labor to acquire, however Americarts is prepared for that problem.

“Of course, we are disappointed, but we are also excited to see what other commercial properties are available in Norfolk,” she mentioned.

Americarts founders mentioned they’re grateful to have had the chance to attempt to repurpose the Livestock Sales Barn land. “The property owners have been wonderful to work with; they’ve been very supportive of our efforts to revitalize this historic part of Norfolk,” Goodrich mentioned.

For those that had bought a Founder’s Circle Membership, the corporate mentioned it will drastically respect it if members might hold on for yet another 12 months. As promised, refunds might be issued if Americarts is unable to open in Norfolk.

Americarts officers welcome the chance to fulfill with Northeast Nebraska regional buyers who perceive the distinctive demographics and desires of this space.

The founders of Americarts mentioned they’d strive for not less than one other 12 months to create the primary location in Norfolk earlier than contemplating different cities. Robert Johnson, president of Americarts, mentioned three buyers had advised him if Americarts chosen a special metropolis with a bigger inhabitants — similar to Omaha or Grand Island — they’d be on board.

“Many people have told us that a state-of-the-art entertainment center with an emphasis on education and inclusion for people with disabilities won’t work in Norfolk. They say that Norfolk is too small of a town,” he mentioned.

But, Johnson added, he grew up in Madison and raised his kids in Norfolk and believes Americarts would do nicely in the neighborhood.

“I also know that the hard-working people of Norfolk and the surrounding towns deserve an amazing place available year-round, to go and celebrate birthdays, gather with friends, and have fun with their families. A place where there is something for everyone — that includes everyone,” Johnson mentioned.