The endeavor to revive the Alexander Hotel and Alice Theater through the sale of shares has proven unsuccessful, officials announced this week.
In a post on the Save the Alice Theater & Alexander Hotel Facebook page Sunday, project organizers announced they would be returning funds to those who had purchased shares in the hotel and theater due to a failure to meet the desired goal by the set deadline.
“While the fundraiser started off great, it does not appear as though the goal of 2,400 shares will be met, therefore it is time to return funds,” officials wrote in the post.
Project organizers originally intended to return funds on Jan. 7 if the fundraising goals were not met, but that date was pushed back to Feb. 22 in November when, at the time, the project was 450 shares away from reaching its goal.
Within the first month, this effort had raised $201,400 of the overall $480,000 goal set to cover the $387,000 purchase price of the building as well as suggested renovations.
Those who purchased shares and live in Grayson County will be required to pick up their funds directly from the English, Lucas, Priest & Owsley law firm in Bowling Green, Kentucky due to postal service issues, organizers said. Checks will be available for pick up at the front desk on March 20.
Those who purchased shares but live outside of Grayson County will receive their funds via United States Postal Service mail without delay and are asked to allow 30 days to receive funds.
Those who wrote a check for shares and the check was never deposited are advised to cancel the check as there were multiple instances in which checks were sent in to the attorney but never arrived.
Organizers also said that, moving forward, all inquiries must be submitted through the Save the Alice Theater & Alexander Hotel Facebook page.