Building Update 094
“Close to Closing”
February 21, 2023
I wanted to give everyone an exciting update on where we are with the Building Project: After 3 arduous years of battling COVID, economic headwinds (to include but not limited to searing inflation & rapidly rising interest rates) and a host of other challenges, I am beginning to see the light at the end of the tunnel as we are finally “Close to Closing” on the Swap Land. Praise the Lord!!!
AR has made significant progress toward Closing in the past few weeks (see below):
-DC Planning approved the Special District-3 zoning on February 9th which allows AR to Close on the 12 acre parcel (Swap Land) next to ARHS
-Received a favorable Term Sheet from the local bank providing the Construction Loan on February 9th
-Have submitted the Easement Agreement & Easement Exhibit to DD-2 for final approval which when received back will secure utilities – access & service
-Our Attorney, Catherine LaFond, is working with Lennar’s Legal Counsel this week to produce the much anticipated Memorandum of Agreement (MOA)
-Building Team met last week with Cypress Engineering to finalize the Site Plan
-AR Staff is meeting this week with Equip Studio to plan & select the final touches of the building interior
Financial Report. Also, I wanted to give everyone a quick update on how we are doing since the beginning of the year. Ashley Ridge ended January with contributions totaling $76,285. February’s giving so far totals $46,413 as of the 18th! This sets a fast pace and is a great start to 2023! Keep-up the good work, AR!!!
All of the above has us on schedule to Close on the Swap Land on or before March 3rd! This key milestone will open to door to move forward on several fronts (permitting, bank financing, construction documents, etc.) which should allow AR to break ground in early spring. SO, Buckle-up your seat belts!!!
We still have some internal fundraising challenges to overcome, so if you would like to make a contribution to the Building Fund or General Fund, you can do so at any time here.
Derrick Horres
AR Building Project Leader