PORT TOWNSEND — Olympic Community Action Programs administrators expect to save more than $100,000 a year by spending $2.1 million to the buy three buildings that house the agency’s offices in the Port Townsend Business Park.
OlyCAP leaders completed the purchase of the 43-year-old nonprofit agency’s administrative offices in Port Townsend last week.
“It was very exciting to put pen to paper and actually close a deal we have been working toward for three years,” said Tim Hockett, OlyCAP executive director.
“The purchase will help us significantly reduce our occupancy costs.”
The savings in rent will be passed along to OlyCAP’s programs for the needy, children and seniors.
OlyCAP moved into the complex in Port Townsend Business Park in May 2005.
Initial funding was arranged through a combination of loans and awards, and OlyCAP anticipates that a capital campaign will raise additional funds to apply against the mortgage.
The funding package that allowed the purchase included a $400,000 state Community Services Facilities Award and loans from the USDA and First Federal Savings.
