May 12, 2010 Update: Good News on Fundraising! Critical Need for Continued Prayer for Upcoming Auction and Potential Great Option B!

Rejoice with us as it appears that we have reached (unofficially) 100% of our financial needs for the purchase of the campus and even likely the renovations! It still remains to be seen what the final price of the building and renovations will be, but if all remaining pledges are sent in we believe we’ve reached 100%! Praise the Lord! If you have made a pledge please do send that in as soon as possible. Any additional donations from this point on can be designated towards the launch of the Heart & Soul Cafe or another ministry (seminary scholarships, undergraduate program, church planting, etc.) if you are interested.

Today after literally waiting every day for one month for notice of the minimum auction bid on the Shin-Sakae property we finally saw the public announcement of the auction. It appears official that the property will go to auction and that they will not give us an opportunity to negotiate before the auction. The good news is that we have enough funds to be able to likely ensure that we can win the auction. We need wisdom about how much to bid. Also good news is that the auction will only be 7 days (instead of 30) from June 2 to June 9. The bids will still be “blind” bids – and they will be inspected on June 16th. Then I believe the results will be announced on June 23rd. After that point if we win we will need to make payment quickly. One disadvantage is that the auction will not allow us the 3 months needed to get exemption from paying taxes on the sale – nearly 10%. But we will not have to pay the 3% real estate agent fee at least.

Another intriguing piece of news is that there is another property that may hit the market. It could be as good as or even better than the Shin-Sakae property. It is about a 6 minute walk from Nagoya Station. We’re waiting on the price of the property and also for the opportunity to be able to see the inside of the property. Lord willing we hope that we will have the opportunity to see inside the building, know the price, inspect the building, and either pass on the opportunity or purchase the property all before the auction of the Shin-Sakae building. The timing COULD all be perfect for that scenario. The property will be represented by our agent which means that we could possibly purchase before the property even hits the market.

The economy here in Japan is showing signs of recovery. A sign was Toyota’s big turnaround with their profit announced yesterday. That could affect the price of the Nagoya property. We’re praying that it will be comparable to the Shin-Sakae price. The whole recession was a big threat to our ministry last year, but now the recession is turning out to be a huge blessing in opening up these rare opportunities to purchase a campus downtown. Also there is good possibility of the value of either property going up in the future.

PRAYER POINTS –

1) pray that we can find out the price of the Nagoya (option B) property very soon and be able to see inside and also go through an inspection. Pray that the price will be very affordable and that we will have the opportunity to purchase quickly before it hits the market and be able to have all the information and opportunity BEFORE the Shin-Sakae property auction begins.

2) pray that we will have wisdom to know which property to pursue; if we pursue the Shin-Sakae auction pray for wisdom about how much we should bid to win.

3) pray that all the pledged donations will be honored and sent in.

4) pray that the US dollar will strengthen in perfect timing for the currency exchange of the donations.

5) pray for God’s glory and favor to be known as He fulfills His purposes!

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