We continue to investigate our four options.
Option 1, Preserve the Property: We have received a Capital Reserve Study that provides us data on future costs for maintaining Holly House, which we are analyzing. We met with the current tenants, Sophia Way and shared a lot of information about their operations and the future use of Holly House. Their lease expires in June 2017 and in all likelihood their monthly payment (now $1000 per month) will increase if they decide to stay.
Option 2, Retain Ownership and Develop: We are investigating the pros and cons of a ground lease versus simple investment from a sale.
Option 3, Sell with Restrictions: By the time this is published, we will have met with Habitat for Humanity. They are now purchasing land for their projects. We have been frustrated by the dilemma of being unable to get much feedback from organizations that build Affordable Housing until we commit to a project.
Option 4 Sell Without Restrictions: Remains on the table in case we decide to sell and can’t find an affordable housing organization to work with. We hope to be in a position to address this issue more clearly at the next Town Hall.
The Holly House Task Force has agreed to a request from the Board to postpone our next Town Hall originally scheduled for January 8th to February 12th.This is so the congregation’s attention can focus on the multiple Board events in January.
Submitted by Bob Weiss