Voluntary "Buyout" Paperwork Signed
On Monday, July 20, we signed the paperwork for the voluntary “buyout” in Cedar Rapids. Our Leadership Board decided to do this as the deadline was upon us and we needed to sign the paperwork if we ever wanted to be considered for the buyout.
Salem is eligible for the voluntary property acquisition program ("buyout") as the Salem properties downtown are located within a flood-impacted neighborhood and our properties are determined to be "beyond reasonable repair," which is defined as a rehabilitation cost that exceeds 60% of the pre-flood assessed value of the property.
We are able to back out of the buyout at any time up until closing. If we participate in the buyout, we will first need the approval of the district building and location committee, the approval of the Bishop and Cabinet, and the approval of our congregation (charge conference).
If we participate in the buyout, it could take a year or longer to close on our downtown properties. The money is available, however, and closings will begin in the coming months. Salem would receive a check for almost $700,000, the 2008 pre-flood assessed values. That is $488,166 for the main church building; $180,152 for the annex building; and $30,809 for the parking lot (total = $699,127). Salem has also just received $50,000 of Jumpstart money. Any of that money not used for renovation will be deducted from the total buyout price. If Salem would receive any insurance money, that would not be counted against the buyout.
Salem is eligible for the voluntary property acquisition program ("buyout") as the Salem properties downtown are located within a flood-impacted neighborhood and our properties are determined to be "beyond reasonable repair," which is defined as a rehabilitation cost that exceeds 60% of the pre-flood assessed value of the property.
We are able to back out of the buyout at any time up until closing. If we participate in the buyout, we will first need the approval of the district building and location committee, the approval of the Bishop and Cabinet, and the approval of our congregation (charge conference).
If we participate in the buyout, it could take a year or longer to close on our downtown properties. The money is available, however, and closings will begin in the coming months. Salem would receive a check for almost $700,000, the 2008 pre-flood assessed values. That is $488,166 for the main church building; $180,152 for the annex building; and $30,809 for the parking lot (total = $699,127). Salem has also just received $50,000 of Jumpstart money. Any of that money not used for renovation will be deducted from the total buyout price. If Salem would receive any insurance money, that would not be counted against the buyout.
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