The Dry Gap property, formerly the building housing Faith UMC, is located at 1120 Dry Gap Pike where the road intersects with Rifle Range Road. The building is approximately 15 years old and sits on ten acres of land adjacent to the Sterchi Hills neighborhood, Sterchi Hills Greenway, and Tommy Schumpert Park.
The building’s main room/contemporary-style sanctuary seats 250-300 with a stage and projection capability. There are 10-12 classrooms, a kitchen, and an unfinished basement with storage capacity. There are no steps in the finished square footage, making the building fully wheelchair-accessible in its current state. The building is unfurnished.
The current property carries a monthly mortgage of approximately $3,000 with a remaining principle balance of $252,000 through 2021, with a balloon payment of $182,000 in 2021. A recent property assessor valued the location at approximately $1.2 million.
The Envision Committee drew up an initial financial report based on the specs of the property, and will continue refining the financials as we research deeper.
Estimated Start-Up Costs: $32,638
- Tables, chairs, kitchen furnishings: $14,922
- Lighting: $6,042
- Sound: $11,675
Estimated Monthly Operating Costs: $4,727
- Rent: $3,000
- Utilities: $752
- Groundskeeping: $400
- Insurance: $500
- Internet: $75
Other financial details to consider:
- The Holston Conference has offered FCUMC a loan of $90,000 to offset start-up costs.
- Celebrate Recovery is giving $18,000 toward the use of the Dry Gap Pike facility.
- Approved to use up to $60,000 from the sale of the parsonage.
- New worship services and ministry opportunities bring in new members; new members potentially bring new giving to the church.
- We propose a 2-year lease as a church, to serve as a trial period with less financial risk and an “Easy Exit” strategy if a second campus is proves to be less fruitful.
Our District Superintendent Nathan Malone has scheduled a Church Conference for Sunday, June 25, immediately following the 11:00am worship services. All baptized church members have a vote in the Church Conference. According to our Book of Discipline of the United Methodist Church, you must be present to vote. We encourage you to make every effort to attend this vote!
We welcome your comments, suggestions, and questions at firstname.lastname@example.org.