The FORWARD—Faith in Action initiative is to provide the necessary resources to secure land and obtain necessary zoning approvals for both of our campuses. The land at our Acreage campus will allow us to build our first building there, while the land at Royal Palm will be used for parking for future expansion.
FREQUENTLY ASKED QUESTIONS:
A: The 6.5 acres east of our Royal Palm campus is needed for additional parking and water retention in future phases of expansion.
A: The appraised value is over $1 million dollars to purchase it from the Village outright. Instead, the church is purchasing a total of 12 acres from the Village for $2.2 million and immediately selling 5.5 acres to an assisted living facility for $2.2 million. Consequently, the church will obtain the remaining 6.5 acres needed for future expansion by only paying the cost of closing. In essence, it’s a free gift from God.
A: The additional amount is for ancillary or soft costs incurred in purchasing and developing the two campus properties.
A: Although no additional debt will be required to secure the 6.5 acres in Royal Palm, the seller of the Acreage land has agreed to carry a three year note for the $1 million cost of the Acreage campus property. The FORWARD initiative will take three years to complete and most of those funds will be paid to the seller. Over and above the three year note for the land, the first Acreage building will cost approximately $2.1 million. Our bond company has agreed to finance the building with repayment over the next 25 years at the prevailing interest rate fixed for the full term.
A: The Lord seems to be moving everything along at one time. If this continues, it is possible that in one year we will have secured the new 6.5 acres for the Royal Palm campus, obtained all the governmental approvals for Royal Palm, secured the 5 acres for the Acreage campus, obtained all the governmental approvals for the Acreage campus, raised the funds needed for the first year of the FORWARD initiative, completed the construction bond issue, and broken ground on the first building of the new Acreage campus! So, now you see why we are challenged to move FORWARD – Faith in Action in 2017.