| LifePoint Family, As most of you know, the Executive Team has been working hard to find viable pieces of property for a permanent location for us. Additionally, they have been in negotiations with a few financial institutions to find an acceptable loan agreement that we think is best for our church. The 6 acres, located on the northwest corner of the intersection of N. Kelly and Coffee Creek Rd., seems to be the best option for us as a future location. The owner has agreed to the price of $1.5 million, and last week, we received an appraisal on this land that was just a few thousand dollars short of $2 million. So, if we purchase this land, we will be entering into the agreement with almost $500,000 equity. | |
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| Here also is a link to an interactive Google map of the property: https://maps.app.goo.gl/GNxXUM4Kkszvq6nJ9 Although we had worked for weeks with two local banks to secure financing, in addition to requiring a down payment of 25% (which we can easily handle), their insistence that our four Executive Team members serve as guarantors for the loan was a “deal breaker” for us. Thankfully, it appears we have found a bank that will not require guarantors, although they are requiring a down payment of 35% (which we think is doable). We received a preliminary approval today from this bank, so it appears we are on course to bring an acceptable loan/purchase proposition before you for your official action in a couple of weeks. Given this, we think one final town hall meeting is needed. So, we would like to schedule a town hall meeting for this coming Sunday, July 20, at 10:00 am. We will only be considering the single piece of property on N. Kelly, so there will be no presentation to make other than the few details of what the bank is requiring. The meeting will be an “open mic” meeting because we want everyone to feel they have had the freedom and the opportunity to ask any question or to make any comment they want – without any negative repercussions. During this Sunday morning’s town hall, no question will be considered “out of bounds,” and all comments, pro or con, will be welcome because we truly want to hear your thoughts, and we want the rest of the congregation to hear as well. We believe this final town hall will give us the confidence that we have done our due diligence in thoroughly discussing this potential purchase before we actually vote on it. As a congregation, if we believe it is time to move forward with this land purchase, then let’s do it with all of our might. On the other hand, if a significant number of us are uncomfortable with this purchase or the timing, then we need to hear that. Of course, if we do decide not to move forward with the purchase of the property at N. Kelly/Coffee Creek, we will likely lose the $1,000 we paid to hold the land for us while we were working through the process. But as we discussed weeks ago, that is part of the process, and losing $1,000 is far better than moving forward with a purchase with which we are uncomfortable. So, write down your questions or formulate your comments, and let’s come together this Sunday morning for a very frank and friendly exchange about LifePoint’s future. This will be a great and necessary meeting. We're looking forward to hearing your thoughts, Your Executive Team: Dan Fisher, Gary Davis, Ike Burress, & Chuck McDowell. |
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