Member Bob Wallace offered some additional thoughts by way of advocacy:
"Here are some responses to legitimate concerns.
"Speed: Every real estate deal is different and sometimes the needs of a seller do not afford the buyer the luxury of time. Garret was bare ground taken off the hands of a developer who was overextended and couldn't develop it. He was happy to wait for us move at our own speed.. He agreed to sit on a small downpayment while we did our church governance thing. I understand that the sellers here need their 'full price' now and have several developers willing to provide it. I'm also told the property is approved for 5 homes, which make it both much more valuable than the asking price AND essentially certain to be upgraded to that highest and best use—by any buyer but us.
"Opportunity: As I see our options, there are only two: (1) either we figure out how to accommodate the sellers and get the land, or, (2) by not making the deal, plan on (a) limited ability to expand our facilities, (b) depressed value of our major asset (land) and (c) aesthetic addition of 5 'infill' houses looming on our Eastern border permanently. Perhaps the most significant: eventual loss of a 20' north strip of our land when development occurs.
"Balancing risk: The only negatives appear to be extending our long-term debt and various doubts about the comparable certainty of the above negatives. Debt is really a non-issue; land is depressed now so we'd be 'buying low' and could always sell high (with restrictions if we choose) to retain control and reverse the financial risk. It need not affect our operating budget, and we have untapped capacity for more pledge income on both the capital and operating spheres should it be necessary. Another overriding positive is that opportunities to acquire contiguous property from a willing (and generous) seller almost never occur, and we've just been offered exactly that.
"I wish I could attend some of the meetings this week. I hope all who do walk Chelan from Garrett to the end, return and walk our landline from Chelan to the SE play area. Then think of what your own real estate is worth and see if you would pass this up if it was available to you.
"Seeing is believing."
