With 310 votes cast, 254 votes in favor (82%), and 56 votes against (18%), the Church Conference held on December 9, 2018 voted to sell 37+/- acres to the Fayette County Board of Education.
We were approached by interested parties with unsolicited offers.
$1.855 Million from the Fayette County Board of Education ($50K per acre)
Based on a commercial appraisal, this is a fair market price. In addition, we requested “best and final” offers from both parties after their initial offers. This resulted in the offer we have now for consideration.
For the potential future construction of a middle or elementary school.
We have only two options: reduce debt or make capital improvements. The proceeds cannot be used to fund operating expenses. Some of the proceeds may be held for building repair or land modifications.
~ $2,007,000 is owed. Payments are ~$20,400 per month.
Reducing our mortgage debt load frees up funding for ministry as well as maintenance on an aging facility. We gain the use of additional parking at much less cost than if we construct it ourselves.
The Trustees are unanimously in favor of selling the property in question to the FCBoE. A school is a good neighbor for us.
It’s impossible to know what PTCUMC will need in 5,10 or 20 years, but we have options to facilitate growth that do not involve construction. Usage of current facilities is not fully maximized. Selling the property facilitates ministry now.
Once we complete the sale, the property belongs to the FCBoE. If the FCBoE elects to sell the property, PTCUMC has the first right of refusal to purchase the land back.
A real estate attorney is representing PTCUMC.
While there was a restriction on subdividing the property without permission from Peachtree City Holdings, LLC in the original deed, that entity filed for dissolution on 12-7-2016. It is the opinion of attorneys for both PTCUMC and the FCBoE that the issues can be resolved.
The activities of a middle or elementary school will provide little if any disruption for adjoining residences.
The sensitive nature of the potential purchase for all parties and necessary due diligence forced a non-disclosure period.