I just want to inform you of a recent development.
Last Friday, I spent an hour talking to two gentlemen representing a benefactor who wished that his funds be given to an agency helping teens 17 and under. They did not tell me how much it was. They would prefer to purchase something concrete and say “we helped this organization grow or expand services, etc.” They were very interested in purchasing nearby properties for us and asked me to look into it.
At this time, we are only researching. I have called Corrine Bowell (CD Realty) – who was in on the original purchase of 138. She is going to look into the properties and their value and get back to me in the next day or so.
Of course – I will inform you of all that we learn, and of course make no decisions or commit to anything yet.
M
Board members,
I met with Marylee yesterday and we discussed some of the details regarding the possibility of acquiring additional real estate adjacent to our existing two properties. This is something that many of us have felt has an inevitable place in our future, although at this time, we lack a defined development plan (which is o.k. at this point in our growth phase–providing shelter and doing it well is our current and rightful focus). It is my opinion that we should try to go forward with property acquisition as the donor is willing and discuss the many details surrounding this move in our upcoming board meeting on July 1. I have little interest in the buildings themselves, and therefore don’t feel a need to walk through them, as it would not influence the decision to proceed with purchase since it is largely a real estate move. Please bring your thoughts, ideas, concerns and questions to the board meeting next Tuesday.
I would be happy to do a walk through. Let me know when.
I called the two gentlemen this morning and told them of the results of the search into the values of the properties. They said that the price of the properties was not outside of their availability of funds. They suggested I move forward with discussing this with the board. ALSO, Corrine can set up a walk through. I suggest at this point we continue to pray and patrick will be home this weekend. Next week we can decide where to go, but if we decided to go through with looking at the properties – it would be appropriate for a small group of us to walk through them as opposed to 2. Thanks everyone, hope to see you tonight at Credit Union 1.
Greetings Fellow Board Members,
Marylee might be better in stating this, but here goes: in board meetings last year, we discussed (no formal motion was made) the possibility of having a “campus” around The Door. Additional space could be used as the board of directors sees fit, whether for new construction, additional space for clients, additional parking, etc. It appears that these benefactors want to help with this concept, apparently wanting their donation (gift) to be used as a permanent capital improvement rather than as daily expenses. In my view, for us to have additional space nearby The Door will be a great thing, especially if we can accomplish it without debt. The board should consider any long term financial impact on a gift like this to make sure that any costs to carry or develop the property does not impair our mission.
All the best,
Dave Miller
Ok, what is “comps for the property”?
We are not buying any property. We are presently researching property costs – as the benefactors asked.
I don’t understand: are we buying property because/ & with this donation; what will the buildings be used for?
There are 3 properties on 10th for sale:
The little white house next to use, the two story apartment type housing & the open vacant lot next to it. They are asking $225,000 for all 3 together.
The green house behind us, was built in 1942 and was sold for $57,000. The owner has been upgrading out of pocket and nearly has the house paid off, but a long ways to go before it is habitable. I believe Corrine said it came with an open lot as well.
Corrine, is looking into comps for the properties – in order to assess value. That is what I know.