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SPECIAL CONGREGATIONAL MEETING SUNDAY, OCTOBER 9TH UPDATE ON OUR RENTAL HOUSE  

The Council is scheduling a special congregation meeting on October 9th at 12:15pm to discuss the Rental House property adjacent to the church.

Our congregation has been in conversation over the past few years regarding the use and/or sale of our rental house.  We have heard a variety of suggestions from the congregation.  There are those who want to sell the property to reduce our monthly mortgage (about $3,000 per month).  There are those who think we should remodel and do something with the building that speaks to our mission. 

Most of you probably know that the house is in very poor condition, and needs significant repair work including likely replacement of the current septic system field.  While there is a Rental House Reserve Fund, the amount available in that account would not begin to cover the cost of needed repairs.

Earlier this year the Properties Team had a realtor do a walk-through to determine the current value of the house, as is, and determine an initial estimate of what it would cost to take care of necessary repairs and replacements needed if the house were to be sold.  The realtor who met with the Properties Team indicated the house could be sold for $400,000 as-is, with the buyer likely needing to spend $150,000 to do repairs and updating. 

Your church council is pleased to announce that we have been presented with two opportunities to sell the property.  Both offers are for the $400,000 determined to be current value without our having to do any repairs or improvements. 

One offer is from the couple who are currently renting the house.  They have offered to purchase the house as is.

The second offer is an unexpected opportunity to see the rental house property put to use in providing a home for children and youth touched by the foster care system.  Homestead Community (homesteadcommunity.org) is an organization that was founded 10 years ago to address the need for more foster care homes for these children and youth.  They work within the foster care system to provide family settings for kids.  Their offer is also to purchase the property for $400,000 as is.  They have organized community support and funding to make the necessary repairs and upgrades, so that the house can become a welcoming foster home, with a special focus on keeping siblings together in the same foster home.  The Council believes this offer is exciting because it speaks to our mission, while also helping us to reduce our mortgage and avoid potentially expensive repairs that cannot be put off indefinitely. 

We have been in contact with Mission Investment Fund of the ELCA (MIF), which holds our mortgage, regarding the possibility of selling the house and what that would require.  The rental house property is currently included in the lien guaranteeing the mortgage loan.  MIF understands that the current value is approximately $400,000.  MIF has indicated that if ADLC is able to sell the house for that amount and then applies the full amount gained from the sale to the current mortgage loan, then MIF would release the lien on that property.

MIF has also told ADLC that a reduction of $400,000 of the mortgage loan would reduce ADLC’s monthly mortgage payments by approximately $3,000, providing our congregation with about $36,000 each year that can be directed to other efforts associated with our mission and values.

The Council recognizes that the congregation must make the decision about how we move forward.  We are calling this special congregational meeting on Sunday, October 9th following second service to discuss our opportunities.  Please mark your calendars and plan to attend.  Lynette Brentin Council President