The total funds needed to close this transaction were $276,000. The church took out a loan for $100,000 through First Bank, and the remainder was paid with cash. Payments on the loan will commence 6/1/10.
There is still much to be done in order to move in and occupy the property. Most important, we have to get the new Development Agreement amendment completed and approved by the Town Council. This process was started a couple of weeks ago, and the final document should be ready in the next few weeks. We hope to bring it before the Town Council sometime in early to mid-June. The Council is slated to meet each Tuesday, but historically they end up meeting about 2-3 times per month. The Development Agreement will stipulate what has to be done before we can occupy the property. We want to have that in place before we begin major projects on the grounds (new well installation, landscaping, etc...)
Please continue to pray for the remaining events to unfold in a way that will best establish God's church in our community!
