Dear Friends: We are celebrating a significant milestone in the life of our Conference. Many of you will recall the financial difficulty that our Taylor Church and Light and Life School ran into around ten years ago when they defaulted on a their mortgage note. Because our conference were co-signers on the note, the responsibility for paying this $2.3 million note fell to us. With the help from our friends at the White Foundation, private donors, the Free Methodist Foundation, AND the faithful partnership of many of our churches, we were able to pay off a significant portion of the debt in recent years.
Recently, the Pardee Rd. property (former location of Journey of Hope Church and Light and Life School) was sold. Our Conference was able to pay off all of the remaining portion of the loan. This means that seven of our remaining churches are now completely free from their portion of the principle balance. In addition, 50% of the remaining net proceeds will go into our multiplication fund and will be available to every church that has a vision and approved plan to multiply new congregations. Thirty percent will go to our conference discretionary fund and 20% will go into our risk mitigation fund to give us breathing room should such an event like this happen again.
The Journey of Hope Church continues to develop their vision to multiply new churches in the down river communities of the Detroit Metro region. They have identified a new location and will be renting some great space at a nearby school. We are grateful to God that we can close this painful chapter and to open up new doors of apostolic opportunity in the days ahead.