Located in the heart of a bustling neighborhood business district, a longstanding business struggled to keep pace in a fast-changing world. Facing tax foreclosure and a dwindling customer base, the owner was looking for a way to wind down the business.
“If the KCLBA hadn’t acquired the building, I could well have missed out on the opportunity to purchase it. The KCLBA listing was affordable for a new business owner like myself, which allowed me the opportunity to add a much- needed food outlet to the Fulton Street business district. They had a vision of what they felt the area deserved and I am so grateful for KCLBA’s support of my idea. I am also grateful for the support they gave me while I worked through the process of securing loans, permits, and building contracts. And if the KCLBA hadn’t bought the property, who knows who may have bought it and what it may have turned into.”
Roman Petrack, Owner and Chef
Kangaroo Kitchen & Catering
The KCLBA bought the business’ building for the price of the unpaid taxes. Recognizing the business’ history with the community and the building’s central location in a vital business district, the KCLBA provided the necessary time to clean out the store and liquidate the inventory. Once the business moved on, the KCLBA listed the property for sale “as is” and required potential buyers to submit construction specifications, proof of construction financing, and proof of a contractor to carry out the work. The KCLBA was looking for a smart, proven operator to buy, renovate, and occupy this important location. Only one day after listing the property, Roman Petrack, a professionally trained chef with more than 16 years of experience in the restaurant industry and more than seven years experience as a personal chef, made an offer.
Since purchasing the location, Petrack has invested $100,000 in renovations as he prepares to open a brick-and-mortar location for his new catering company complete with a gourmet take-out storefront. The company, Kangaroo Kitchen & Catering, is slated to open in mid-2013.
The KCLBA not only ensured that a community icon found a dignified way to move on, but also worked to secure the building’s improvement and made sure the incoming owner would be a good fit in the business district and would create jobs.