FAQs About Our Potential New Building
General Logistics
Where is the building located?
The building is currently owned by Faith Lutheran Church and is located on the east side of Cedar Avenue, north of Cedar and Dodd and south of Cedar and County Road 46. The mailing address is 16880 Cedar Ave, Rosemount, MN 55068. Like many properties in that area, it has a Rosemount ZIP code, however, the zoning and city affiliation is Lakeville.
Is the plan to switch to a Sunday morning service?
Yes, time to be determined.
How many people can the worship center seat?
Currently there is seating for 100-110.
How big is the building?
One story, >5700 sq. ft. Building, on 4.37 acres.
Is there ample parking?
There are 62 parking spaces and an adjacent business with extra parking.
Finances
Can we afford this?
Yes. We are basing this answer on the projected monthly payments and several conversations and a loan application with National Covenant Properties.
How much would the mortgage be?
Approximately $6000 per month
How does that compare to what we have been spending for rent?
- In 2018-2020, we spent $5500-6200/month at Hayes Senior Center + Restoration Ministry Center at the Granada building.
- In 2020-2021, we spent about $5000-5400/month at The Mount/Bethel’s Rock.
- 2021-2022, we spent about $1000/month in rent and also invested $2200-2800/month into facility saving for our future building.
How much additional money are we going to need to make our monthly budget with this mortgage?
- 3 new givers at $1000/month
- 6 new givers at $500/month
- 10 new givers at $300/month ($75/week)
- 20 new givers at $150/month, ($37.50/week)
How does the price of this building compare to other buildings we have looked at?
This building is the first building in our price range that is within 10 minutes of our target location of Cedar Avenue and County Road 42. It’s a little smaller in square footage, but it does have more acreage and expansion possibilities than previous buildings we’ve considered.
Additional Questions
Is there room to grow or build onto the space?
Yes, we have received a survey showing the right of way setbacks and logical possibilities for expansion. The architectural plans approved in 1980 by the city of lakeville included a 10,000 sq.ft. addition.
Is the space move-in ready, or are there a lot of renovations needed?
It is mostly move-in ready. The current congregation did some major improvements in the last five years, such as replacing the roof and parking lot, as well as new chairs, lighting, carpet and restroom flooring. We would like to do some minor renovation to create a warm and welcoming lobby, a larger worship capacity for us to invite a friend, neighbor or co-worker, and fun-filled, awe-inspiring places for the next generation to know and grow in Christ.
When will we be able to move in if this goes through?
Most likely after Labor Day and before Thanksgiving.
Can Restoration people go and see the space before we move in?
Yes, we have walk through tours scheduled for August 18, 7-8PM and August 27, 9-10AM.
What are the biggest challenges we might face if we buy this property?
We will be discovering the opportunities and challenges during the due diligence phase if signing a purchase agreement is approved. We imagine the size to be a challenge as this is smaller than our target square footage. (Our target square feet was between 6000–12000.) We have learned how to be creative with space in our time at Mercy Road, and will be investigating this challenge during our due diligence.
What are the next steps?
- Congregation unanimously approved motion to authorize a purchase agreement and vote on motion for our leadership team to sign documents related to purchasing,
- Signed purchase agreement between Faith Lutheran Church and Restoration Church.
- Due diligence process begins (60 days).
- Offer opportunities for the congregation to see the space.
- Facilities team determines what immediate or future upgrades are needed
- Meet with realtor and National Covenant Properties to assess finding from due diligence
- Financing approved by lending agency.
- Hold a congregational meeting (announced 2 weeks in advance) to present 2022-2023 budget, including the mortgage and down payment and answer questions related to finding during due diligence.
- Vote to finalize purchase of the building.
- If yes, then set closing date (in September)
- Begin move process!
- Move in and begin renovation
- Move services in late November
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