SONA Bank’s Jim Minor signed the “paid” notice regarding the Rice’s Hotel/Hughlett’s Tavern’s $100,000 note with the bank and more than 200 people cheered as he tossed the note into a firepit and watched it burn. The hotel/tavern had raised enough with its “Burn the Mortgage” barbecue party Saturday afternoon to pay off what remained of the note several months early.
The hotel/tavern had taken out the note to pay for repairs after a fire in the ancient building did a great deal of damage in 2009. The hotel/tavern had used a big chunk of its reserve account to pay down the note and paid the rest through money raised by activities such as Saturday’s barbecue.
Corrine Becker, the hotel/tavern’s executive director, said Monday that a lot of things went into making Saturday’s party a success. One of them was that people could see a tangible goal; actually raising enough to pay off the remaining balance of the note, a bit more than $3000. Other factors were the great weather, Sid and Penny Mace’s “fabulous” barbecue and the band, The Articles out of Richmond that played classic rock and roll, Becker noted.
Becker said 229 people bought tickets at $30 each, so the take was enough to pay off the note and the expenses of putting on the party, including a mid-party beer run to Food Lion. The fact that the initial beer supply ran out was an indication of how good the party was.
Becker said the party was a really big success as the whole lawn was covered with people enjoying themselves.
With the “mortgage” paid, the hotel/tavern will now turn to rebuilding its reserve account. Becker mentioned that the building’s compressors are 15 years old and will soon need replacing.
This event raised enough funds to “burn the mortgage.”