10521 Pico Congregation 090920 ver2 Pico...2009/09/20 · Offer submitted $3 million Oct 21, 2008 Property listed $3.75 million July 10, 2008 Offer rejected Dec 16, 2008 Other properties:

羅省西區聖道堂

Topics

•  Journey of Faith –  Building Acquisition –  THANK YOU –  “Change of Use” Approval

•  The Next Phase –  Compliance with Approved Plan –  Selecting Contractors

•  Church Finance and Assets

•  Reflections


Building Acquisition

Met every target date – It was a Miracle 2

Meeting with City Manager Nov 20, 2008

Offer submitted $3 million

Oct 21, 2008

Property listed $3.75 million July 10, 2008

Offer rejected Dec 16, 2008

Other properties: 2930 Westwood 2920 Sepulveda

10825 Washington

Verbal Offer accepted $2.4 million

June 5, 2009

Jun Aug Oct Dec Feb Apr Jun Aug

Escrow Close July 15, 2009

Price reduced $2.5 million

May 10, 2009 Escrow Open June 9, 2009

Drive-By discovery

2009 2008

“Change of Use” Application Submitted July 1, 2009


AaronMa

AgnesChan

AlbertKoandAmyCheung

AlbertLee

AlbertTam

AlexandSusanJung

AlexanderAu

Amy&JackyKwong

AvaHokLui

BeatriceChang

Bei‐WenLee

BoYinFu

CarlHui

CarolWing‐YeeKwok

CarrieLui

ChauBoris

CherryTsaiandBobJoyal

CheukYinEricWong

ChowChen

ChrisGneIp

Chung‐KaiHsueh

CinnieChu

DannyChan

DavidWang

DebbieWang

DonaldLau

EdwardLiang

EdwinWong

Jaymie&ChrisChowJeannieFongJeffHuangJingGaoJobLeungJoeySauWingLamJohnChiaJonYinJosephNgJoshuaChuJoyceLauJoyceLuiKaiYuenLamKamHoTrusteesWongKamLuiKateCheungKennethNgKenzoYipKimandLilyWongKitKanKokJooYauKuoJingLawrenceCheungLeoWuLinWang

ManChongBrendaHui&WingSumCheungMangKingandDoraCheungMarkXiong

Building Donation Record DannyShen

BePyYiu

FengGuo

HaiJiang

HonglingLiu

RolandMeyer

ShufanCao

TangnaQian

WenyanGuo

XianghongZeng

YingLi

YingZhang

LushengXu

ChenFaChu

EleanorLiang

JikWoonCheung

KeeLanKaoLau

KennySung

LiYungHou

PaulChu

PaulineLouis

RaymondYu

RevPhilipLee

ShilingMa

Shu‐NungFung

WenbinZhao

YinAu‐Yeung

ZhaoKunZhou

EganYu

EleanorKong

EliseChinYuChan

ElizabethKung

ErnestKwong

EsmeLuk

EstherChan

EuniceTing

EvaChan

FayeTeng

FengFan

Fong&YongHuang

FrancesandAndyAu

GeeandJenniferLowe

GeorgeChen

HaifengGuo

Hak‐WaiChan

HenryFan

HoFrank

HokHim,RickyWong

HokLau

HsiuMeiTsai

HumphreyChan

Iris&RichardChau

IvyFung

JaniceChin

JasonMa

JasonYang

MaPhewMak

MaxLu

MayMak

MengsuLiu

MichaelYung

MiqiHuang

MonicaWu

NancyChang

NancyLau

NaomiKan

NicoleChan

OliviaShuetYingYung

Paterson&ElaineChow

PaulMak

Pei‐MingChow

PeterMak

Poon‐KinCheung

QingBaoCai

RickyYickCheungChan

RudolfMak

SammyandDeborahWu

SandyYuen

SaumingChan

ScoPChang

ShauPingLei

ShuiHangYeung

ShunKinMa

SriHartono

StephenSzeTingFai

StevenLeung

SzeChunChan

T.J.Wong

TeresaHuang

Tsun‐YeeYan

Tung‐HuanTarng

VincentandEricaChan

VincentTang

WanYuYvonneLaw

WeiCai

WeiminZhangandLiMeng

WendyYang

WenxinZha

Whei‐JernLai

WilliamTsang

WingYeeMabelChan

WinnieTang

YanZeng

YeeMeiVivianMak

YeungYam

YingHoChiang

YongZhenDing

YueqinQuan

YunZhang

Yu‐TehWang

ZhiyiLu

EmilyWong

BoWang

MariaYeung

EthanChan

TOTAL: 171parties; In No Particular Order As of July 28, 2009

3


Building Donation Record

TOTAL: $1,001,103.63; In No Particular Order

$5,000.00$2,000.00$1,000.00$100,000.00$300.00$15,000.00$100.00$500.00$500.00$10,000.00$5,300.00$800.00$200.00$65.00$140.00$1,500.00$200.00$1,500.00$10,000.00$500.00$3,000.00$100.00$1,000.00$1,000.00$20.00$200.00$100.00$1,000.00$1,000.00

$220.00$15,000.00$6,060.00$70,000.00$250.00$1,000.00$500.00$1,000.00$200.00$100.00$1,500.00$1,000.00$38,000.00$10,100.00$20,000.00$1,500.00$500.00$500.00$5,000.00$5,000.00$200.00$10,000.00$5,000.00$10,000.00$100.00$20,000.00$5,000.00$1,000.00$1,000.00

$10,000.00$80.00$1,000.00$400.00$6,500.00$1,000.00$30,000.00$700.00$100.00$5,000.00$1,000.00$100.00$500.00$3,000.00$200.00$50.00$6,000.00$500.00$500.00$500.00$4,000.00$12,000.00$1,000.00$3,000.00$1,500.00$1,000.00$5,000.00$1,000.00$2,000.00

$20,000.00$100.00$2,000.00$200.00$1,000.00$1,200.00$1,285.00$8,000.00$2,000.00$600.00$100.00$5,000.00$10,000.00$500.00$30,203.63$700.00$500.00$10,000.00$10,000.00$257.00$800.00$1,000.00$300.00$80,000.00$1,300.00$10,000.00$4,000.00$500.00$1,240.00

$1,500.00

$1,000.00

$2,800.00

$10,000.00

$100.00

$2,000.00

$5,000.00

$10,000.00

$1,000.00

$5,000.00

$12,000.00

$322.00

$5,000.00

$290.00

$250.00

$2,320.00

$5,000.00

$570.00

$10,000.00

$20,000.00

$4,000.00

$12,000.00

$15,000.00

$250.00

$2,000.00

$40,000.00

$3,000.00

$100.00

$13,600.00

$85.00

$1,000.00

$6,000.00

$500.00

$200.00

$200.00

$13,000.00

$500.00

$400.00

$200.00

$600.00

$200.00

$1,000.00

$100.00

$1,000.00

$1,000.00

$10,000.00

$500.00

$2,000.00

$5,000.00

$75,000.00

$1,146.00

$500.00

$500.00

$4,000.00

$200.00

4

As of July 28, 2009


“Change of Use” Approval

Total Expenditure is less than 0.5% of the Purchase Price

•  Escrow closed on: July 15, 2009 •  Cost: $2,403,041.00, including all

closing costs •  Title: Chinese Bible Church, a

California Non-profit Religious Corporation

•  Approved for “Change of Use” from a Dance Studio to Chinese Bible Church on September 9, 2009 –  Construction must be completed within a period of two years –  Cost: $8,076.17, including architect, structural engineering,

various government fees, and PERMIT issuance

5


Compliance with Approved Plan •  Multi-Use Room / Gym

–  2-hour fire safe zone –  New 90-minute doors –  Structural enforcement –  Access ramp

•  Main Assembly Room –  140 fixed seats –  1 hr fire rating walls –  New 60-minute doors –  Access ramp

•  Rest rooms with disable access

6

Approved Plan Available On Site


The Next Phase – Construction

2009 2010

Meeting with Contractors

Sept 15, 2009

Construction: Change of Use

Compliance

7

“Change of Use” Approval & Construction Permit issued on Sept 9, 2009

Aug Oct Dec Feb

Estimated cost (by the City of Los Angeles): $183,000 (valuation)


Selecting Contractors

  Construction must begin within 6 months of the Approval Date

  The Approved Plan does not include repairs and remodeling

  Immediate Work Needed for the following repairs ─  Electrical ─  Heating Ventilation & Air-Conditioning

  Bids are currently accepted for these out-of-plan activities

8

Interviewed Six Contractors since Permit Issued


CBC Finance August Offerings and Disbursements

9

•  Monthly Operating Deficit since beginning of 2009 •  Can save $4,400 per month rent by moving to Pico

AUGUST GENERAL BUILDING MISSION

OFFERING $23,215.00 $930.00 $3,295.00 DISBURSEMENT $26,447.09 $276.20 $800.74

FUND BALANCE $12,922.68 $132,765.41 $48,594.49


CBC Liquid Assets As of September 15, 2009

Fund Balances as of Sep 15, 2009 General Fund $ 13,288.84

Building Fund $144,490.07

Mission Fund $ 45,384.49

10

Building Fund is Expected to Cover the Construction Expense


Reflections

•  Met every target date – Miracle –  Million Dollar Pledge –  Actual Donation –  Escrow closed in 5 weeks

•  “Change of Use” Permit issued within projected eight weeks after the close of escrow

•  Abide in the Lord and Trust Him for His unceasing Providence during the construction

Continue to Pray for Traveling this Journey of Faith in Unison

11


Question & Answer

12

Documents

10521 Pico Congregation 090920 ver2 Pico...2009/09/20 · Offer submitted $3 million Oct 21, 2008 Property listed $3.75 million July 10, 2008 Offer rejected Dec 16, 2008 Other properties: