These are certainly exciting days at Southbridge. God is moving in our midst. Just this past Sunday, we had a great baptism celebration and we continue to see God grow us as a church and change lives. When we initially moved here to the RDU area, we asked God to give us a city for Jesus Christ. We are continuing to see His answer to that prayer unfold. We praise God for everything He has done in our brief five years of existence.
Today I am writing to you to celebrate the next step we have taken as a church in purchasing a piece of property in the heart of Brier Creek. Through much prayer and work of many people, God has moved in our midst and, through your sacrificial giving, provided a way for this to become a reality. Today we closed on the property at 10931 Glenwood Avenue! In a moment like this it would be a mistake to not stop and praise God for what He has done and thank you for your part in the process. So we celebrate God and thank you!
We also realize this next step will raise many questions. Below you will find the FAQ’s we handed out after the services this past Sunday.
Why this location?
Over the years, we have heard Pastor Scott mention the fact that God specifically led him and his wife Shanna to this area. Coming to the Triangle was a prayerful decision. Further, this property is strategically located in the heart of the Triangle, which will allow Southbridge to reach people throughout the Raleigh-Durham area. After much prayer and literally years of searching, the church leadership feels confident that this location will serve as an excellent home base for the future ministry of Southbridge Fellowship.
Where is the land located, and what does it cost?
The property consists of approximately 10.79 acres and is located at 10931 Glenwood Avenue (the property borders the eastbound lane of Rt. 70 just west of T.W. Alexander Drive). The contracted price is $1,460,000, which means the cost per acre is approximately $135,000.
What was involved in making this decision?
Prayer – the united prayer of hundreds of our members and attendees, the prayer of our elders, the prayer of others outside our fellowship, and even the prayer of our realtors and consultants. Additionally, we have gone through an extensive period of due diligence where we have considered not only the financial aspects of the deal terms, but also the usability and suitability of the property itself. We believe the Lord has opened this door and we are following Him in this.
When will we close?
Closing is scheduled for Wednesday, May 23rd.
How are we going to pay for this? How will the The Bridge Initiative (TBI) funds be used and how much debt will the church incur?
Our plan is essentially to pay for the land and the prep work, which includes things like the site plan, out of our existing funds. However, current TBI giving (thru April 2012) is slightly below projections – to date, we have collected just over $1,150,000. Our prayer is that people commit to ‘catching up’ on their pledged amounts by the end of the year. If this happens, the total TBI giving through the end of 2012 will total over $1,500,000, which will nearly cover the total initial land price plus the estimated development costs required to break ground, allowing us to rapidly move to the next step. Pray that we exceed this goal!
As TBI concludes, we will launch a second campaign to help pay for the building and site preparation. If this second campaign matches the giving of TBI, we will be able to pay for a very significant portion of the cost of that building. Of course, the more that is given, the less we will have to finance. Naturally, we are depending on the Lord to supply our needs and have great confidence in His provision through His people.
It is important to know that the monthly bank payments for this project will be in the range of what we are currently paying for our three leases (the theater, the church office, and The Annex – our youth facility).
When will we start building and how long will that take?
This will depend on a number of events. First we will need to submit a preliminary site plan, which typically takes 30-60 days to design. The subsequent approval of the site plan by the regulatory authorities can take another 7-9 months. This will take us to sometime around the first quarter of 2013. Second, we will need to obtain a commitment from our bank for a construction loan. From there, the construction phase is expected to take approximately one year. Our current thinking is that we will be able to move into our new facility in the spring of 2014. Please pray that the planning process goes smoothly and all necessary approvals are gained.