BUYER 

SE Development is developing the shopping center next to the church. The proposed 9.5 acres will be an extension of the development. 

PROPERTY 

9.5 +/- Acres, representing the South portion of the Core Church property. 

Property could be as much as 9.5 acres if SE Development acquires the long-term maintenance of the drive and creates a commitment to maintain and share access with the church. 

Property also includes Reserve A (access road and land for the cell towers). 

Core Church will retain 10 acres that includes the church building, Core Business Center, north parking lot, and retention pond.

PURCHASE PRICE 

SE Development will purchase the above-mentioned property for $1,000,000. In addition to the purchase price SE Development will donate $1,000,000 to the church. 

PERPETUAL EASEMENT 

SE Development will grant to the church a mutually agreeable perpetual non-exclusive mutual access and parking easement upon the property.

TIMELINE 

Zoning, Platting, Entitlement, and other necessary City action will begin immediately. 

Closing on the property is expected the first part of 2023. 

DEBT REDUCTION 

All funds from the sale of the property will be used for debt reduction. This will reduce the church’s total indebtedness from $2.6 million to $600,000. 

CORE CHURCH VOTE/APPROVAL 

The Core Church Advisory Board has unanimously approved this proposal. 

The Northeast Oklahoma Nazarene District has unanimously approved this proposal. 

A 2/3 majority approval vote of the Core Church membership is required for the sale to be finalized.