Camp Fincastle, a 475 acre camp property near Roanoke, Virginia, is owned by the regional Presbyterian Church organization. The property is offered for sale for $2.3 million. The property includes a small pond for swimming and boating, a small number of usable buildings (some winterized), and athletic fields. The camp is presently closed as the church group has consolidated on another site. The site will require a complete reconstruction including a new infrastructure (water, sewer, electric) system.
The regional leadership of the Mid-Atlantic region of the URJ has asked the Union to provide a fully refundable $50,000 deposit to secure the rights to the property for a 4 ½ month due diligence period. This deposit would be held in escrow and is not at risk unless after the 4 ½ month period WE elect to continue with the purchase of the property.
During the 4 ½ month due diligence period, the URJ regional leadership will make an effort to raise both the $2.3 million dollars purchase price of the property, and the estimated $50,000 cost of due diligence. In addition, the URJ regional leadership will be seeking other monetary gifts toward the full cost of developing the property which is estimated to be an additional 5 too 6 million dollars.
At the end of the 4 ½ month due diligence period, if either the funds required to purchase the property have not been raised or the contingencies in the due diligence process are not satisfied, and if the regional leadership has not reasonably satisfied any objections raised due to the location of the site, then the contract will be terminated and the deposit monies returned.
Propose the following resolution for the Board:
- The appropriate officer of the Union is authorized to sign on behalf of the Union the contract for the purchase of the land for a Mid Atlantic camp along the general lines set forth above.
- Within the 135-day period specified in the agreement, the Union, in consultation with the Region, shall conduct the due diligence procedures outlined above and the Region shall attempt to raise the funds needed to purchase the land.
- While the agreement provides for certain limited extensions of the time in which the Union may have to purchase the land, these extensions provide that Union moneys shall be placed at risk in the event the Union does not proceed with the purchase. No extension of the agreement that places Union money at risk shall be permitted without the prior approval of the Union’s officers.