An anonymous $200,000 gift will push the Kanawha-Charleston Soccer Foundation closer to paying off the $1.2 million it owes in construction debt for the Trace Fork Soccer Complex and avoiding foreclosure - as long as the foundation raises another $200,000 to match it.
The donor has challenged the foundation to raise $200,000 in new matching funds in order to receive the donation.
The Kanawha-Charleston Soccer Foundation owes $1.2 million on a loan that helped finance a new artificial turf field with bleachers and lights in 2011. The loan payment is due to BB&T in September.
The bank has told the foundation it will work with it to refinance the debt if the foundation's financial situation shows significant improvement, said James Barber, vice president of special projects for the Kanawha-Charleston Soccer Foundation.
Provided the foundation raises the money, the $400,000 will be added to another $215,000 it's getting from the sale of one of its fields for a total of $615,000. Barber said that money will be used to pay back a portion of the debt once it's refinanced, and a portion will be used on the debt service for the loan.
The anonymous donor and the board agreed to the challenge during a meeting in mid March, Barber said. Barber has set a goal of raising the $200,000 by Aug. 1 in order to give the bank enough time to refinance the loan. Between now and then, any new money besides what comes from field rentals and fees will go toward the fundraising effort, Barber said.
Barber said he's optimistic about the foundation's chances - he's got meetings set up with potential donors and there are three pending grant applications.
"We're probably not even a 10th of the way, but I'm hopeful over the next 10 weeks we're gonna see that change substantially," Barber said.
The foundation is in the process of selling one of its fields to businessman Philip Garlow, who owns Garlow Insurance Agency. Garlow plans to build an indoor soccer facility on the field. He did not return a phone call Friday.
Foundation president Sam Fox said the indoor facility will go well with the outdoor fields.
"Everyone is very optimistic, especially about the complement of the indoor facility," Fox said. "I think good things are right down the road for us."
The Foundation and Garlow plan to close on the $215,000 deal by the end of the month and construction on the new facility will start next month, Barber said.
Barber said once the debt is paid off, the fields will be self-sufficient. Income has been at roughly $70,000 a year over the last couple years, while expenses besides debt have been at around $55,000, Barber said.
Barber said while there was worry last fall that the bank may have to foreclose on the fields, between the sale, the donation and the new facility, he's confident it won't come to that.
"I'm very confident and optimistic that we'll meet the goal," he said.
Contributions to fundraising goals can be sent to the Kanawha-Charleston Soccer Foundation, PO Box 628 Charleston, WV 25322. People can also donate using the foundation's Gofundme.com account.
Reach Lori Kersey at lori.kersey@wvgazettemail.com, 304-348-1240, or follow @LoriKerseyWV on Twitter.