Update--Sun, April 11th, 2010

We were able to extend the due diligence window by one week, which gave us time to further explore issues surrounding water. Basically, there are forms to fill out with the state that will change our use from 'domestic' to 'commercial', and will also allow us to drill a new well onsite. We are currently working with the property owners to complete paperwork (should be completed Monday), at which point we will take downtown to Denver to file with the appropriate state agency. All in all, we are confident that we will be able to have a functional water and sewer system upon occupancy of the property (estimated to be Summer 2010).

All the inspection reports we have ordered are completed and have come back favorable. There is going to be plenty of work to do, but structurally the buildings and land look very sound.

This coming week, we will turn our attention to the Development Agreement amendment process. This is the document that will stipulate, in a legally binding format, how and when the property will be 'redeveloped.' We will be working with an agency of the Town, the Development Planning Committee, who makes recommendations to the Town Council regarding development, building code, etc...The Planning Committee has agreed to amend the existing Agreement so that we will not have to connect to Town water/sewer services until we build new buildings on site. This process will likely take around 6 weeks, and Cornerstone will have legal representation to help us in this process with the Town. After that, the Town Council has to approve, and a likely scenario at this point is that we could be on the agenda for the June 1st meeting (the Council only meets every few weeks). However, things could go more quickly or also take longer depending on other variables.

There is a chance that the Town could allow us to build a relatively small structure (for example a 2,000 sf worship hall) without triggering the redevelopment costs. This is a major item for prayer. Just as Nehemiah approached the King and received everything he asked for (Nehemiah 2: 1-9), we will be approaching the Town with specific requests. May God grant us these requests, and even more...according to His will and good purposes for us. Not to us, but to Him be the glory!! (Psalm 115:1)