1. Great Location with high visibility on a heavily traveled road between Winterville and Greenville.

2. Beautiful 5-acre site with lots of land for future growth - could meet the church's needs for a long time including room to add a 7,500 to 10,000 square foot auditorium in the future.

3. By purchasing the property, we would begin to build equity in our own bulding versus paying rent to a third-party landlord.

4. We would have full access to the entire building at all times - allowing us to use the building more effectively as a tool to mature and multiply disciples and serve the community.

5. The location is convenient and accessible for most of Integrity's members and regular attendees.

6. Located in a very high growth area - makes the church accessible to lots of new members, especially families.

7. Lots of parking with room for more.

What are the estimated costs associated with this property?
Purchase Price
Renovation Costs
How do we intend to fund the project?

Capital Campaign
Settlement with JPII
Bank Mortgage
Private Loan

The renovation will add about 2,000 square feet to the building as well as making it usable for or purposes. The renovation will include substantial upgrades to the auditorium, an enlargement of the foyer/lobby, conversion of offices and meeting space to a kids wing, and the creation of leadership training space. All of the bathrooms in the facility will be brought up to code and may be able to resurface and enlarge the parking lot.

The monthly payment on a 20-year mortgage for $925,000 at an assumed interest rate of 5.25% would be $6,230. Adding insurance, utilities and maintenance would likely bring the occupancy cost to $8,250 per month. Our monthly occupancy cost in our current co-tenancy with JPII, where we have access to the sanctuary and fellowship hall on Sunday's only is $3,750. The incremental monthly occupancy cost is only $4,500. In addition to this increase, we will have to repay the private loan of $200,000. We believe we can add $150,000 of this loan to our bank mortgage beginning in year 3 and that will increase the mortgage payment by $1,100 per month. The remainder of the private loan will be amortized over years 2 through 6.

The elders spent several months looking at prospective facilities in the area. They could not find any suitable sites, with adequate parking, to rent on a long-term basis. Also, the cost to rent appropriate space as a single tenant would be about $12 per year per square foot. For 12,000 square feet, that would represent total occupancy costs of about $12,750 per month including utilities, assuming we could find something to rent.

Assuming the average family gives $5,000 per year, we will need to add approximately 15 families to cover incremental costs. As many as five of those families have already started coming to Integrity over the last six months so we need to add another 10 families. Over the life of Integrity, the faithful preaching of God's Word has resulted in an average annual increase in membership of approximately 8%.

The elders are optimistic that the church will grow much more than needed to support the increased occupancy costs given the historical trends, the increased visibility of the proposed location, and the advantages of owning and operating our own facility seven days a week.

The biggest issue is that we will have to move into a temporary home for a number of months while the new location is being renovated. We can't close on the Shrine Club building until April 2018 and it will take at least 6 months to renovate after that. We need to move out of our current space before then and therefore will need a temporary home for six to nine months.