The developers of a proposed family entertainment center are going back to the drawing board. Americarts announced Tuesday that it is no longer in a purchase agreement with the owners of the Livestock Sales Barn property.
Representatives from Americarts had signed a purchase agreement in July 2022 with the owners of Nebraska Livestock Sales of Norfolk for the property, 1601 S. First St., and for the past four months, had worked closely with various private investors and investment groups to try to secure the funding for the land, which would allow for phase 2 of the project to begin.
“We felt confident that we had met the right investor. We negotiated the structure of a mutually beneficial agreement to share the land,” said Stephanie Goodrich, a founder 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 aims to improve, develop or finance new or existing businesses that will improve the economic and environmental climate in rural communities. Unlike Small Business Administration loans, these loans can be used for larger projects, up to $25 million in size.
Goodrich said these types of loans require a significant amount of work to obtain, but Americarts is ready for that challenge. “Of course, we are disappointed, but we are also excited to see what other commercial properties are available in Norfolk,” she said.
