TSN0622

9 THE SHEPHERD • JUNE 2022 • SAINT SPYRIDON GREEK ORTHODOX CHURCH OF SAN DIEGO MASTER PLANNING COMMITTEE UPDATE: As a reminder, in May of last year, the Par- ish General Assembly authorized the Parish Council to retain real estate brokers, Institu- tional Property Advisors (IPA), a division of Marcus and Millichap, to solicit proposals for possible sale of church properties. The purpose of the sale would be to generate funds for the construction of new Parish facilities. Thereafter, the Parish and the St. Spyridon Hellenic Foundation retained the law firm of Hecht Solberg to prepare the listing agreement to ensure that the Parish is not obligated to sell any property until any proposed sale is presented to a vote of the parishioners in good standing present at a Parish General/Special Assembly and the approval from the respective Metrop- olis is received. In December, the Parish Council along with the St. Spyridon Hellenic Foundation (owner of a portion of the properties on the block) entered into an agreement with Institutional Property Advisors to solicit proposals for possible sale of church real estate. Institutional Property Advisors recently received offers from ten reputable devel- opers, most with national footprints. Some of the offerors made more than one offer for different amounts of land. The offers in- clude proposals to purchase the property identified in the listing (1.06 acres) and un- solicited proposals to purchase smaller or larger portions of the property or all(0.38 to 2.78 acres) of the properties owned by the Church and the Foundation. Initial of- fers were received and reviewed by the Parish Council and Foundation and both bodies authorized IPA to contact the top offers and ask them for better offers limit- ed to the listed property, 1.06 acres. The of- fers received as a result of this process are outlined below. These offers are subject to further negotiation. These offers are for the properties identified in the listing totaling 1.06 Acres: Size of Property Offer Price Contingency Earnest Money 1.06 Acres $13,000,000 90 days $200,000 + $600,000 after Contingencies Removed 1.06 Acres $27,000,000 60 days $250,000 + $750,000 after Contingencies Removed 1.06 Acres $27,000,000 75 days $500,000 1.06 Acres $24,000,000 75 days $500,000 1.06 Acres $21,000,000 270 days $400,000 These offers for smaller or larger portions of the property that were not listed for sale were received as part of the initial offers and were not responded to by the Broker: Size of Property Offer Price Contingency Earnest Money 0.38 Acres $6,000,000 180 days $180,000 0.90 Acres $12,000,000 90 days $1,000,000 0.90 Acres $16,000,000 90 days $200,000 + $600,000 after Contingencies Removed 1.45 Acres $19,000,000 90 days $1,000,000 1.56 Acres $21,000,000 90 days $1,000,000 1.62 Acres $38,000,000 60 days $250,000 + $750,000 Plus 150 after Contingencies Removed parking spaces 2.05 Acres $19,700,000 90 days $750,000 2.12 Acres $28,000,000 90 days $1,000,000 2.78 Acres $20,300,000 30 days $1,000,000 2.78 Acres $25,000,000 90 days $750,000 2,78 Acres $25,000,000 270 Days $400,000 2.78 Acres $28,000,000 180 days $500,000 2.78 Acres $30,000,000 TBD TBD 2.78 Acres $36,000,000 90 days $1,000,000 2.78 Acres $60,000,000 60 days $250,000 + $750,000 after Contingencies Removed The offers are now being reviewed by the Master Planning Committee and the St. Spyridon Hellenic Foundation with the as- sistance of the Broker. The proposed offers will be presented to the Parish Council and Parish in the coming month. Our plan is to hold a series of Town Halls to present information and answer questions Parishioners may have related to the offers or any proposed sale. It is antici- pated that a Special Parish General Assem- bly will be scheduled for September so that the Parish can consider whether to sell any property. No property owned by the Parish will be sold unless two-thirds (2/3) of the parishioners in good standing present at the Parish General Assembly support the sale and approval is received from the Me- tropolis.