2018 Convention Booklet

2018-R.4 Resolution – Sale of 606 Tyler Avenue, Radford, Virginia Submitted by the Executive Board of the Diocese of Southwestern Virginia WHEREAS, the Annual Council of the Diocese of Southwestern Virginia created the Southwestern Virginia Episcopal Fund (SVEF) as a non-stock corporation in May 1957 to receive restricted and unrestricted gifts of funds from donors to the Diocese of Southwestern Virginia and to receive funds from Executive Board committed for the purpose of making authorized diocesan purchases; and WHEREAS, in January 1958 SVEF purchased the property now known as 606 Tyler Avenue in the City of Radford to be the student conference center at Radford, for a purchase price of $14,500.00 consisting of Diocesan funds from the Builders for Christ Campaign; and WHEREAS, the 606 Tyler Avenue property has been primarily operated as a Diocesan ministry for the greater duration of SVEF’s ownership of the property, with the Diocese expensing the staffing, maintenance, and insurance costs; and WHEREAS, the ministry of the student center has continued this past decade as a collaborative effort lead by Grace Episcopal Church, Radford, and financially supported by the Diocesan operating budget through Higher Education Committee grants; and WHEREAS, Radford University Foundation (RUF) approached the Diocese in the fall of 2016 with an offer to purchase the 606 Tyler Avenue Property for $285,000.00, with the goal of acquiring the property for use by Radford University; and WHEREAS, the Executive Board received the offer, and exercising its required due diligence, researched the property and its ministerial circumstance in order to properly respond to RUF including having multiple conversations with the vestry and campus ministry volunteers of Grace Radford; and WHEREAS, the Executive Board obtained a professional appraisal of the 606 Tyler Avenue property which estimates the actual market value of the property to be $460,000.00; and WHEREAS, in August 2017 RUF made a formal cash offer to purchase the 606 Tyler Avenue property for $465,000.00; and WHEREAS, RUF, the Diocese, and Grace Radford, have a mutual, long-term interest in developing campus ministry on the campus of Radford University; and WHEREAS, RUF has offered to lease the 606 Tyler Avenue property back to the Diocese for approximately $1000 per month for a period of at least 2 years to continue the campus ministry housed at the property and / or make another larger, nearby property located at 903 Tyler Avenue available for lease by the Diocese for $1000 per month after that timeframe for up to 10 years, with RUF being responsible for the upkeep and maintenance at both properties during the lease period; and

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