PROGRESS FOR TODAY. PREPARATION FOR TOMORROW
The Perfect Spot
Our Property Acquisition Team has found what they believe to be the perfect spot for Oakland Heights Baptist Church to establish a new presence in north Longview.
Located on George Richey Road between Judson and Airline, this incredible property will serve as a light shining over Longview, Texas.
Size: 19.5 acres
Utilities: No utilities currently available. Water will come from Tryon Water Supply. Onsite sewer. Electric provided by AEP
This is an active oil and gas producing area and no mineral estate is transferred with this property. Future drilling activity on this property is a possibility.
How do we purchase the property?
The Budget and Finance Committee is excited about the piece of property God has provided to our church for consideration! Although we have received 36% of our pledged amount in the FOCUS campaign, we do not have funding for the full purchase price at this time. Financing for the property will be needed for a few months until the remaining capital can be obtained. We have explored different options for financing with the following primary objectives in mind:
A desire to avoid any lien on our existing property
A desire for the lowest interest rate possible
A desire for a structure and term that provides our church with the most flexibility
Based on these objectives, we propose purchasing the property with a financing structure substantially similar to the following:
Down payment of $500,000 and finance approximately $1,300,000
Only collateral will be the new property, subject to appraisal
4.75% interest rate fixed for 5 years.
10-year term with minimum payments of interest only for the first 2 years
We plan to pay off the note ASAP and expect payoff to be accomplished within 24 months. We encourage you to stay faithful in your FOCUS contributions and ask that you pray for us to be good stewards of the resources with which God has blessed us.
October 14: Foyer after Worship
October 17: More at Midweek
October 21: Foyer before & after Worship
October 24: More at Midweek
For your convenience, you can submit any questions by email to firstname.lastname@example.org.