Property Development Update
After two years of exploration, research, and meetings with various developers (I can’t thank our Ad Hoc Facilities Committee enough for their dedication)...
I am pleased to share with you that we have entered into a purchase/sale agreement with Cardinal Capital Management to sell the east most portion of our parking lot. (A purchase/sale agreement means we have committed ourselves to sell and Cardinal has committed itself to buy, provided no surprises surface in obtaining city approval, soil samples, etc. Cardinal has 220 days to complete all of these processes and investigations. When this happens, the sale will be made). Cardinal will build, own, and operate a multi-family market rate apartment complex (1 & 2 bedroom units – approx. 54) with underground parking. Details as to the exact design of the building, surrounding parking, landscaping, etc. are still to be determined.
The agreed selling price, providing no surprises come up in the investigation period, is $600,000. Our Finance Council deemed this to be a fair price as we negotiated with multiple developers and had an independent appraisal performed. We retained an attorney with expertise to help negotiate the terms of the agreement. Know that there will be expenses, some substantial, that will take away from this sum (closing costs, attorney fees, repairs to the remaining part of the parking lot, landscaping, etc.). A complete, detailed report will be made when the sale is complete. Please pray for the successful completion of this project.
A couple final comments: some neighbors who have heard about this have expressed concerns. Please know that in our negotiations with Cardinal, we did everything possible to lessen the impact on the neighbors. There will be underground parking for those living there, surface parking for guests, the planned entrance off of Wright Street where we presently enter our parking lot, etc. There will be increased traffic, as there will be for any use of the property, but we expect most of it to be off of Wauwatosa Avenue onto Wright Street and into the parking lot. The remaining parking places will be more than enough for our normal use, and more than some other churches have.
Over the coming months our Finance Council will discuss the best use of these funds. We will not eat them up for operating expenses: (if we are to be a viable community, we must raise enough money for operating expenses, so continued stewardship is vital). Certainly part of it will be reserves for unforeseen emergencies.
If you have any questions about this, please do not hesitate to ask me. I thank you for your continued prayers and support of our community.
-- Paul James Portland, SDS
Comments are closed.