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| Now WELS owns the Olde Love Shack and P. U. Towers (Pewaukee Universalist Towers). |
The Synodical Council (SC) held its regular fall meeting on Nov. 4 and 5. At that meeting, the SC addressed recent developments in the plans to relocate the synod administrative offices.
The move to the newly acquired building in Pewaukee, Wis., had been tentatively scheduled for mid-December. These plans have now been put on hold. Only days before the end of the “due diligence” period, the developer who had signed an offer to purchase the current administration building unexpectedly withdrew that offer, stating that he had concluded his planned project for the site was not financially feasible for him at this time.
The SC is committed to reducing the financial risk to the synod. It determined the best course of action is to consider all options and appointed a task force to weigh the options and evaluate additional information as it is gathered. These options include making new efforts to find a buyer for the current administration building as well as pursuing the possible sale of the newly acquired building. The task force will bring possible courses of action to the Executive Committee of the SC. Full SC approval will be necessary before any final actions.
http://www.wels.net/news-events/bible-translation-information
GJ - WELS will keep meeting and voting until the New NIV is approved. Notice the new manipulations. Special invites. Hands-on. Will they get to meet and greet Moo, the paid sales rep for the New NIV?
WELSians, this is your punishment for buying and supporting the old NIV for 25 years. Lie down with dawgs, git up with fleas.
The district meetings allow the Church and Change DPs to control the majority of meetings.
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bruce-church (https://bruce-church.myopenid.com/) has left a new comment on your post "WELS Administration Models Money Management! Doubl...":
Notice how after the last synod convention cut travel expenditures for the WELS HQ, that's when all of sudden they bought a new building farther away from the Milwaukee airport. Also, it's only 92 miles to O'Hare, and there's gotta be an express bus from Peewaukee to O'Hare and Midway leaving every couple hours. I know there's a service like that from Madison to O'Hare.
The commercial real estate market is not growing at all, and many mortgages on commercial real estate are in default. Now that the wELS has an extra sizable property on its hands, I suppose it will have to sell the Love Shack at a fire sale price--like Prairie Du Chien:
http://blog.al.com/huntsville-times-business/2011/11/post_41.html
Convention speakers agreed, though, that commercial real estate will not be "the other shoe to drop,'' as was predicted early in the economic downturn, according to a release from The Counselors of Real Estate.
http://blogs.wsj.com/developments/2011/11/14/real-estate-news-u-s-farmers-reclaim-land-from-developers/
City Sees More Defaults: Despite a robust recovery of commercial real estate values since the depths of the recession, New York City properties purchased during the boom years are increasingly falling into default.
