NASHVILLE, Tenn. (BP)–LifeWay Christian Resources trustees have approved a resolution to establish four for-profit corporations that will develop and manage condominiums and/or townhouses at LifeWay conference centers at Glorieta, N.M., and Ridgecrest, N.C.
Corporate affairs Vice President Mike Arrington told trustees during their Feb. 7-8 meeting in Nashville that Ridgecrest and Glorieta both have excess land that is unnecessary for current and future ministries.
The new corporations will be responsible for developing and managing the condos and/or townhouses at the conference centers. After development is complete, Glorieta Condominium Development, Inc., and Ridgecrest Condominium Development, Inc., will be dissolved, Arrington explained. Glorieta Condominium Management, Inc., and Ridgecrest Condominium Management, Inc., will oversee operations of the new housing units.
Trustees also approved selling 12.5 acres of land for the project to Glorieta Condominium Development, Inc. Condominiums will be pre-sold before construction will begin on each phase. The land will feature three phases of construction, the first of which is set to begin in October.
The projected pre-tax profit of $1.32 million earned through this project will support LifeWay’s $27 million revitalization of Glorieta and Ridgecrest that trustees approved during their meeting last September.
Once construction is completed, management corporations will enable LifeWay not only to oversee the condos and/or townhouses but also to sublease unoccupied units to conference center guests.
Arrington assured trustees the new housing would meet the moral and quality standards of the conference centers’ core campuses.
“We’ll place every covenant we possibly can to ensure there is a protection of the spiritual environment we have on our conference center campuses,” he said.
The Executive Committee of the Southern Baptist Convention now must approve the establishment of the for-profit subsidiaries before plans may proceed. The issue is on the agenda for the committee’s Feb. 22 meeting.
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