BAILEY’S HARBOR — It was the end of an era and beginning of a new one last week when workers removed the sign from the former Nelson Shopping Center hardware store in Bailey’s Harbor.
A photo posted on the Bailey’s Harbor Facebook page shows the weathered sign as it was removed.
Last April, residents overwhelmingly approved the purchase of the property with plans to preserve the waterfront next to the marina with public open space.
The Baileys Harbor Board of Supervisors then agreed to purchase the former hardware store and motel property for $1.95 million.
To help fund the project, the Baileys Harbor Open Space Preservation Fund was created with a goal to raise $1.1 million for the project.
The group has raised $500,000 for the project so far.
The groupo says $600,000 will go towards the purchase of the property and $500,000 for the creation of a park and an extension of the marina.
The details of the offer include a $100,000 down payment this year and the Nelsons would then extend a $1,850,000 promissory note to the Town at 3.375% interest with a balloon payment in 2027. (annual payments of $110,000 2022-2026, with a balloon payment of $1,700,000 in 2027).
To make a gift of highly appreciated assets or a gift through your Donor Advised Fund at the Door County Community Foundation reach out to the Community Foundation for additional assistance.