By Kathy Chouteau
Rich City Rides Founding Executive Director Najari Smith provided an update Wednesday regarding the nonprofit’s “SAVE RICH CITY” capital campaign to purchase its downtown Bike and Skate Shop and other owner-associated structures.
Smith said that the nonprofit “has decided to purchase only three of the four properties that were previously under consideration,” including the Mothership, Black Wellness Hub and RICH CITY Residential Multiplex. He also said Rich City Rides is negotiating with the seller on total project cost adjustments, and along with pre-development costs, is now estimating the overall campaign cost at $5,448,875.
Smith went on to add that Rich City Rides has gotten a 0 percent interest 6-month loan from an anonymous source. As such, the total amount that’s been currently raised is $4.5 million, consisting of $1.2 million in gift capital and the $3.3 million loan.
As the Standard previously reported, Rich City Rides’ Mothership section of the project involves securing the home of Rich City Rides Bike Shop and the Rich City Gallery. The Black Wellness Hub will be a community center that enhances its existing Unity Park programming and provides a home for Bay Area Black culture; and the RICH CITY Residential Multiplex will be an independent co-working and event space for Black and Brown entrepreneurs, to serve as a downtown hub for worker-owned cooperative enterprises.
“We are continuing our fundraising effort for repayment of this generous loan and to cover expenses related to the future outreach, design and construction phases of the project,” said Smith, adding his thanks and saying, “Let’s bring this all the way home!”
To support Rich City Rides “friendraiser” for its newly revised capital campaign, currently at $95,606, click here. Or, send a check to: Urban Tilth, 323 Brookside D., Richmond, CA, 94801. Please make the check out to Urban Tilth, Rich City Rides’ 501c3 fiscal sponsor, and indicate in the check’s memo that it is a donation to Rich City Rides.
Learn more about Rich City Rides here.