Metropolitan Community Churches

Board of Administration

E mail Vote

Friday 16 December 2005

Whereas a generous supporter of MCC has offered to finance the full purchase price of a small office condo to house our Moderator, Nancy Wilson, and whereas that supporter has offered terms that are below market (7% fixed-rate, no points, 30 year amortization), and whereas the cost of purchased office space will be considerably less than if we lease, even while allowing MCC to accumulate equity in a valuable piece of real estate, NOW THEREFORE, the Board of Administration authorizes the Executive Director to do all things reasonable and necessary to negotiate and close the purchase of the office condo located at 3293 Fruitville Road, Unit 105, Sarasota, Florida, or a similar office condo in the same metropolitan area, subject to the following limitations:

1-The final property selected for acquisition shall meet with the approval of the Executive Director as a wise investment.

2-The purchase price, closing costs, and any necessary renovations shall all be rolled into the mortgage loan and the principal amount of the loan shall not exceed $350,000.

3-Prior to closing, there shall be a professional inspection that indicates no significant problems with the condo and an appraisal that supports the full loan amount.

4-The contract to purchase the property selected, and all other documents necessary to consummate the transaction, may be executed by the Executive Director and by the Treasurer of the BOA (or any BOA member who is a U.S. citizen). The legal documents necessary to consummate the transaction shall be reviewed by legal counsel and meet with the approval of the Executive Director.

In Favour:

Rev Jeff Miner

Marsha Warren

Stephen Harte

John Vespa

Judy Dale