Hello! The LUTD Leadership Team (Michael Gray, Coordinator; Amber Gray, Amber Black, Jon Oden, Shawn Barrett, Josh Hood, Stephanie Greenwald, members; Heather Oden, Executive Director), as always, continues to extend our gratitude to you as our Board for your service in this ministry. We are deeply grateful.
This specific vote is to approve the loan agreement between Light Up The Dark and Alden State Bank for the purchase of Haven Cove, Women’s Lighthouse, located at 119 N. 8th in Sterling, Kansas. We would like to close on the property in July, 2021 and begin allowing residents to occupy the property in August, 2021. We would plan to have a community open house in September, 2021. Below please find pertinent information needed to make an informed decision.
- The monthly financial breakdown of the loan and related expenses for the house is as follows: The loan with Alden State is for $108,000.00 for 20 years at 5.00% fixed = $715.00/month. The insurance and taxes are $200.00, and the utilities are $200.00 for a total of $1100.
- House members will pay Lighthouse shares which are due at each weekly house meeting for the upcoming week in these amounts: Upstairs single rooms (there are two): $125.00. Downstairs double occupancy room (there would be two beds for members): $100.00 per person. At full occupancy, Lighthouse income would be $1800.00 per month. Living shares are paid directly to Light Up The Dark.
- Jacob’s Cottage, owned free and clear by LUTD, can be used as collateral for the down payment.
- We are requiring that the house keep a cushion of $1500.00 for emergency expenses and repairs.
- At full occupancy, these rates allow for $680.00 per month to fund the emergency cushion, purchase shared expenses (paper products, cleaning supplies, house supplies, etc.), and fun events. At 75% occupancy there will be a surplus of $280 for such expenses.
- We currently have two residents approved and one more ready to interview. The applicant comes with good recommendations from professional sources so we see a high likelihood of her approval by the Leadership Team.
- These membership conditions would put us at 75% occupancy upon opening. Therefore, our monthly loan, insurance, and tax obligations would be met upon opening the house.
- As a result of the settlement from Jacob’s death, there will be operating money for Light Up The Dark annually of no less that $15,000.00 for the next several years.
- The property consists of two bedrooms and a full bath upstairs. Downstairs there is one master suite (will be the dorm style bedroom) with a full bath; a half bath with stack-able laundry (washer/dryer are not included in sale price); a kitchen with appliances and an island; a dining room that will double as a classroom; and two living spaces, one of which is able to be closed off by french doors for addiction group meetings and goals meetings. There is a spacious, un-fenced backyard and an unattached garage in the back yard with alley access for parking.
- We would like to keep a third bed in the downstairs dorm room as a safe house bed.
- The purchase price does not include painting the exterior or any exterior improvements.
- Once all votes are returned, minutes will be generated with the results of the vote and a copy of those minutes will be given to Alden State Bank per LUTD Articles of Incorporation.