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Fact Sheet

BBC Property Purchase Contract


1- Prospective Purchaser- Landmark Acquisitions, LLC of Alh ns, Georgia
2- Purchase P.ice $9,000,000 to be paid BBe at closing.
3-Main Contingencies
-Removal of Historic Designation for back half of the property
- Property must be r e-zoned to aUow increased density. I
4- Sellers Continued Occupancy- BBe r.'\n lease titc entire property from the new owner for up
to 24 monlhs ful1uwing closing at a cost of $120,000 per month plus paying any real estate tax,
insurance and utilities.
5- Closing- 60 days after the earlier of the purchaser obtaining Project Approval or expiration of
the Proj ect Approval Period.
6- Times audDates-
SeUer Approyai Date- The date of positive BBC vote to consummate the sale of property,
based the stipulations of the contract.
Purchaser Inspection Objection Period- A date up to 90 days from the Seller Approval
Date. A period for the purchaser to thoroughly inspect the property inch:ding a survey.
Historic Restriction Removal- 150 days( Historic Designation Period) following the
Purchaser Inspection Rej ection Period. BBC will cooperate fully in the attempt to dissol ve
the TOB Hi toric Designation on the property facing Progress Street.
Final Project Approval- A date up to 270 days following the expiration of the Historic
D signation Period, for the Town to approve the purchaser's requested development project
for a combination of commercial retail and high-density residential.
7- Lease Option
After closing
The church lIas $9,000,000 in the bank!
Rent is 20,000 per month plus taxes
R nt equivalent of 2.7% interest on thf> $9,000,000.
Nfl reqLii rcmclllli1at /ole stay.
Must be gOlle by March 31, 2016
8- Church Support
We hav agreed to support the purchasers in the zoning changes they seek. We
have been offered a substantial sum of money that wiH only become ours ifthe town
agrees to the above changes. It is in our best interest to aggressively support the project as
town meetings progress .
BLACKSBURG
BAPTIST CHURCH
Dear Church Family,
These are exciting times at Blacksburg Bapti st Church. In fact, there have been no
more posit ively eventful t imes in the past 50+ years! Today, Dr. Ri ck Boyle, Dr. Ike
Eller and I write t o share even more exciting news.
Encl osed you will find an informational memo and a fact sheet regardi ng the
offering of a contract for the purchase of our downtown location. Thi s contract,
pending the completion of several details, involves a purchase price of $9,000,0001
What a blessing this can be toward the construction of new facilities upon the Land
of Promise!
Al so contai ned in th e foIl owing memo is a recommendati on regarding the hiring of
an architect for the development of a master plan for the Land of Promise. Please
take careful note of all the information enclosed here, and also take note of t he dates
and times ofthe presentation and discussion sessions that are schedul ed. We hope
you will come t ) these sessions where you will learn even more about this exci ting
news.
This contract and the proposal for hiring an archi tect are the r esult of months of
meetings and negotiations. The committees involved have done a lot of hard work
in getting us t o this point. As a result, I askyo!.l to be mllch in prayer for the steps
ahead. Again) the details ar e contained on the enclosed sheet. Please take the time
to revi ew it and then join us for either of the listed discussion times and then for the
vote on September 30
th
.
Yours in Christ,
Tommy MeDeari s, Senior Pastor
:'i:i U Nun!l \lai!1 <"" rt:: el )lIrg. \'Irgi ll i<l 24()(J(l
5--1 )- .-5_-. '-j.o-:i"2_jl)05 I \\ bh\.([/ bLtl'k:-.blllghapt i:--l. Ul g
CLA I l\IIING TI-IE
September 20, 2012
MEMORANDUM
To: The Congregation of Blacksburg Baptist Church
From: Rick Boyle & Ike Eller, LRP CommiHe.; And Tommy McDealis
t
Pastol'
Subject: Selling BBC Downtown Property & Hiring Architects
The Land Sale Offer
Landmark Acquisitjons LLC of Athens, Georgia has made an offer to purchase the entir
downtown block of property owned by BBC at a price of $9,000,000. A contract has been
negotiated with tbi ' firm. The Long Range Planning Committee, with the concurrence 0 the
Deacons and Administrative Council, recommends that the church consummate (sign) the
contract. All members are urged to vote their approval on September 30. A fact sheet about the
contract is enclosed. Copies of the full contract are available in the church office.
Architects for a Master Plan
Before allY building can occur on the Land of Promise and to get Town of Blacksburg approval, a
Master Plan must be developed in li ne with the wishes if the congregation. The Building
Committ e proposes the firm of Garner-Brown. AU members are urged to vote their approval
September 30,
Motions and Voting
There ~ r ~ two motions to vote on during worship services on Sunday, September 30.
Absentee ballots are ah:) availabl in the church office.
Motion #1- Move that the Blacksburg Baptist Church authoriz the Trustees to COllsumrnate
(Sjgn) th c ntract between the church and Landmark Acquisitions LLC of Athens, GA, the
prospective purchaser, at a price of $9,000,000.
Mot jon #2- Move that Blacksburg Baptist Church authorize the Bulldir g Committee to
negotiate and hire the architectural firm of Gamer-Brown of Charlotte, NC to develop a Master
Plan fot" the development ofihe Land of Promise at a cost not to exceed $20,000.
Special Informational Sessions
T vo special sessions are planned to explain the land pur hase contract and the architectural need,
Yau are invited to attend either or both.
e Sunday, September 23 at 9:30 to 10:10 AM in Fellowship Hall .
Tuesday, September 2S at 6:30 PM in Fellowship Hall (fo llowing the r gul ar business
meeting).
(SEE BACK FOR FACT SHEET)
5S0 Norlh Main Sireet Blacksburg. Virginia 24060
5 O-S52-3?jo9 540-552-3905 I-/\)', bbc@.. blacksburobaplisLor
u

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