Friends’ purchase not stopped by lack of funds

Despite not having enough funds, Friends of Warner Parks decided to purchase 324 acres of land yesterday.

H.G. Hill Reality Company owns the land that runs along side Highway 100 in Bellevue. They offered to sell it to the Friends group for $10.8 million.

As of yesterday afternoon, Friends of Warner Parks had secured $9.4 million towards the purchase.

Spokesman Warner Bass says the group hopes to raise the still needed $1.6 million before officially closing on the property.

If the group fails to raise the money, Bass says there’s an alternative plan.

“We’ll borrow the funds that we need when we get to the closing to the extent we don’t have cash in hand. And then we’ll pay the banks back out of pledges that come in over the next couple of years.”

The Friends’ proposal is currently being reviewed by the Hill Company. A date has not been set for the official closing of the property.