New Building for World Evangelism Center
In my last news bulletin I reported that, as authorized by the General Board, we had signed a contract to purchase a new building for our international headquarters. I am happy to report that on March 1 we closed on the purchase of the property. The building consists of 81,000 square feet on 8 acres at 36 Research Park Court in Weldon Spring, MO, a western suburb of St. Louis. It is located in Missouri Research Park, a business development initiated by the University of Missouri. It was constructed in 2007 for $17 million. The previous owner was a national real estate investment company that no longer wanted to remain in the St. Louis market. Therefore they sold the building to us for their approximate net remaining investment after deducting lease income over the past nine years. This building has many advantages for us. We now have an almost new building with 50 percent more usable office space, located in a safe business environment in one of the best areas of metropolitan St. Louis. It should retain its value for many years, and we expect to save almost $300,000 per year in maintenance and utilities.
The building is under a lease until May 2017, and we will be receiving over $100,000 per month of net income from this lease. The tenants have already moved out, so if we are ready to occupy the building sooner we can probably negotiate an early end to the lease. However, we would like to sell our current building before we move. We are now marketing it, already have some interest, and plan to move sometime in 2017.
The purchase price was $7,870,000, and to make the purchase we temporarily used funds that were currently available for short-term investments. We plan to secure long-term financing through the UPCI Loan Fund, which is now raising funds for this purpose. We can use most of the proceeds from the sale of our current building to reduce the principal, and we can service the remaining debt primarily through the savings on maintenance and utilities. In short, we expect to occupy this new building at little or no additional long-term cost. It is a genuine miracle in the making. For these plans to be fulfilled, we need to sell our current building at a reasonable price within approximately one year, so we ask for your prayers in this regard. If you would like to contribute or invest in this worthy project and be part of the miracle, see below.
The United Pentecostal Church Loan Fund is excited to offer a special investment opportunity for churches and individuals so everyone can be a part of purchasing the new headquarters building. The Loan Fund is offering “Relocation 4 Growth” certificates as follows:
|Maturity||Minimum Investment||Fixed Interest Rate|
* $25,000 and above investments will also receive the following:
- An invitation to the dedication
- An annual invitation for a conference call with the general superintendent on growth of UPCI
- If the Loan Fund increases interest rates on certificates during the five-year period, investors will receive an increased return on their investment for the remaining term
To invest, use one of the following means:
- call Steve Drury at 314-373-4309
- e-mail firstname.lastname@example.org