Two months ago, the Westport Weston Family Y announced some stark news. It was $6.2 million short in its fundraising campaign. Unless it raised sufficient funds by mid-May, the Y said, it would not proceed with plans for Phase I — the scaled-down version — of its new facility at Mahackeno.
Yesterday, the board of directors and board of trustees voted unanimously to forge ahead with their new home. Over the past 8 weeks, board of directors president Bonnie Strittmatter said, they’ve received “more than $4.4 million in contributions.”
That funding, she said, “has given the Boards the confidence to release funds that will keep our building project on track to break ground in the fall.”
The boards, she added, “are optimistic that the progress we’ve made with fundraising will continue until we reach our goal of fully funding the first phase of our building project by the time construction starts.”
The Y has now raised more than $10.6 million toward its building project.
In all, today’s press release said, the Y “has identified $34.1 million in funding, including proceeds from the agreed-upon sale of its current home.” It is estimated Phase I will cost $37.5 million, leaving a funding gap of $3.4 million.
Construction is scheduled to begin this fall, with a target date for opening of November 2014.
In other news, the Family Y trustees voted to issue a “Written Notice of Intent to Close” on the previously agreed-upon sale of the Y’s current facility at 59 Post Road East to Bedford Square Associates.