Letter to the Editor: Ocracoke Preservation Society announces financing initiative for Island Inn project

Published 7:49 am Thursday, April 13, 2023

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To the Editor,

The Ocracoke Preservation Society would like to invite you to participate in financing of the Island Inn Project here on Ocracoke Island.

OPS currently has a financing contract on the original purchase of the Island Inn property which is due in May of 2023. OPS needs to find new financing in the amount of $528,000 by May of 2023.

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Many people would like to support the OPS effort to restore the Island Inn but do not have cash available to do so. The opportunity to help comes in many forms and we would like to present one of them to you.

Notes to borrow funds through your individual retirement accounts and other self-directed retirement funds is an excellent way to participate. Your trustee of these retirement funds will invest in these notes for you and receive annual interest and principal payments at maturity from OPS until the notes are paid in full. All the while the notes will be secured by the Island Inn property. Of course, cash funds and investment funds in non-retirement accounts can also be used to fund these notes. The notes will pay 5% interest annually on funds invested.

These notes are an excellent way to participate in the Island Inn Project! OPS will not have to spend money for refinancing cost or a new appraisal. The value of the property is at least twice the total note balance, therefore little or no risk is associated with this investment.

Please consider this opportunity to participate. Your participation will also allow OPS to use your “skin in the project” when applying for grants.

Please call Charlie Ralston, treasurer (812-580-848) or Ken DeBarth, president (252-475-0869) if interested or for more information about this easy and affordable way to participate.


Charlie Ralston, Treasurer, OPS