Auditorium                                                                      

· Condition of the auditorium has significantly deteriorated

à It is no longer marketable as a rental space

à Rarely used by our congregation because of its condition 

· Renovations proposed to meet the overhaul of this space would allow summer worship, a marketable rental space and flexible Chapel area include:

New roof

New windows

Demolition of stage

Air conditioning

Wood strip floor

New lighting

Conversion of old education office into kitchen

Creation of storage space

Estimated cost:                                $250,000

 

· Zoning restrictions prohibit any additional height to the Education Building.

· Concern:  Mamaroneck Community Nursery School Director’s office is in the old education office;  identification of space for re-location of office is required.

 

 

 

  Property Possibilities

 

Sale of Parsonage Property

· Today’s trend in churches is to no longer provide a parsonage

à Provide housing allowance to one’s pastor

à If pastor chose to buy property, it would allow him/her to build equity in real estate

· Annual cost savings could be realized with elimination of parsonage

à fuel oil

à insurance

à physical plant maintenance costs

· Portion of the funds from the sale of the property would be invested and earmarked to generate the housing allowance

· Research on real estate and rental costs

à Average price of a three-bedroom home in Larchmont, Mamaroneck, Rye Neck, Rye or Harrison: $650,000 -- $700,000

à Mortgage estimate (Aug. 2005): $3,500/mo for principle & interest on a 30-yr mortgage

à Rental amounts: $2,500-$3,000 for a 3-bdrm house; $2,000-$2,500 for a 3-bdrm apt

· $600,000 would have to be invested to generate $36,000 annually ($3,000/mo), conservatively assuming a 6% return

· Concerns 

à Not every pastor will want to own a home

à Rental costs will continue to increase

à Unknown financial burden on future church budgets is direct opposite of what we hope to accomplish

à Parsonage property falls into both commercial and residential building zones, making the saleable lot size and value difficult to assess

· Committee decided not to pursue this idea.

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