The Board of Trustees of the Unitarian Church of Norfolk has voted to hold a special congregational meeting on December 18, 2016 at 12:00 p.m. At this meeting members in good standing will be asked to vote on three motions. They are as follows:
- The Congregation hereby approves the Purchase / Sale Agreement and Lease Agreement with SABA Properties LLC for the property located at 739 Yarmouth St.
- The Congregation hereby approves the use of the Endowment Fund for the purpose of purchasing the property owned by SKANSKA. Located at 809 South Military Hwy.
- The Congregation hereby approves the purchase of the property owned by SKANSKA. Located at 809 South Military Hwy.
There will be an information meeting to discuss the particulars of the sale of the Yarmouth property, the status of renovation and costs associated with the new building and the status of the Capital Campaign on Wednesday December 14th at 6:30 p.m. There will also be an update on December 18th prior to the vote.
I would like to give you a brief outline of the parameters of the sale of 739 Yarmouth. The Purchase and Sale, or P&S for short, will be for the amount of $450,000. We will also have a one year lease on the building at a cost of $1.00 per month from the time of close. This brings the total value of the sale to approximately $510,000. We will, during the lease period, have to pay utilities and other basic costs. This is an “as is” purchase meaning we are not responsible for any defects that may be found in the building during the buyer’s inspection period.
If all goes as planned we would expect to close the sale of the Yarmouth property in late July or early August of 2017.
The second motion will be on the use of our Endowment fund in the purchase of 809 S. Military Hwy. The use of the endowment fund will allow us to close on 809 S. Military with the use of “cash on hand.” This makes the move and renovation a much more financially viable scenario and allows us to hold off on picking up a mortgage. In short it means “more bang for our buck” and a more complete renovation with more of what we want to see in our new building.
The third motion is to finalize the much-discussed purchase of our new Sacred Space. This will be the final step needed before we close on the purchase of 809 South Military Hwy.
Absentee ballots will be available through the Office Administrator, Susie, and should be submitted no later than December 16, 2016. Copies of the P&S will be available in electronic format through Susie. Print copies can be picked up from Susie as well during office hours. If you have questions about any aspect of this process please reach out to one of the individuals below for more information:
Unitarian Church of Norfolk