Project Phoenix Update: UUCA Board Approves Another Letter of Intent (LOI
Project Phoenix Update: UUCA Board Approves Another Letter of Intent (LOI)
2650 North Druid Hills Road (formerly Still Waters United Methodist Church) has been on UUCA’s Project Phoenix Discovery Team list of possible relocation sites for many months. Our PP Discovery Team could not inspect it while the former congregation and current owner considered their options. In mid-November the property was finally listed for sale (http://www.loopnet.com/Listing/2650-N-Druid-Hills-Rd-NE-Atlanta-GA/9989696/). The PP Discovery Team has visited and scored the property. Based on the high score, the UUCA Board of Trustees has approved the submission of a Letter of Intent (LOI) to be drafted with the help of our brokers (Joel & Granot) and legal counsel (Battle Law).
Given the dynamic nature of Metro Atlanta’s current commercial real estate market, there is no guarantee that this or any other UUCA LOI will be accepted by a seller. This is part of the mystery we live in every day as part of our UUCA community! And this is why we continue to seek out other properties for UUCA to consider. We have considered over 50 properties so far. View the full list HERE.
Thus far, two UUCA Letters of Intent have been rejected (Briarcliff Baptist and Clairmont Hills Baptist) and one is moving towards a draft Purchase and Sale Agreement (Kensington Office Park), with any purchase subject to board and congregation approval as well as due diligence. The Still Waters LOI will be number four.
To help us all understand what has to happen before UUCA can buy any property, each of the following steps must be taken (in order):
- Property is referred to the PP Discovery Team for review.
- PP Discovery Team inspects and scores the property.
- If the property scores high enough, it is referred to the PP Steering Committee and the PP Design and Construction team for additional professional input.
- After PP Steering and PP Design & Construction review, it is referred to the church leadership team (President, President-Elect and Senior Minister) for review,
- After leadership team review, it is referred to the UUCA board for review.
- If the board concurs, the PP Steering Committee and PP Negotiating Team work with UUCA’s brokers and legal counsel to prepare and issue a draft Letter of Intent (LOI).
- PP Steering Committee announces submission of LOI to Congregation
- If the seller and UUCA negotiate a final LOI, it is submitted to the board for approval.
- If the board approves the final LOI, the PP Negotiating Team works with UUCA’s brokers and legal counsel to issue a draft Purchase and Sale Agreement (PSA) to the seller.
- If the seller and the PP Negotiating Team agree on a negotiated PSA, UUCA has 10 days to obtain board approval.
- If the board approves the negotiated PSA, UUCA has 35 days to obtain congregational approval.
- PSA goes to Congregational Vote. Note: At its November meeting, the UUCA board agreed to support a 20% quorum (per the by-laws) and a yes vote by 75% of those present to approve any property purchase. UUCA’s by-laws now require only a 50% + 1 vote to purchase or sell property.
- If the congregation approves the negotiated PSA, UUCA will have 60 days to perform due diligence on the property, subject to an extension period.
- If all due diligence requirements are met, UUCA will purchase the property. If not, UUCA will either walk away or negotiate an adjustment to the price or other conditions.
We hope this provides clarity about Project Phoenix activities, responsibilities and current status. Please direct any questions or comments you might have to email@example.com. If you have a property you would like us to consider, please send an email with the property’s address to firstname.lastname@example.org.