United Church of God Buys Texas Property

The December 2007 United News was just posted late yesterday. The following appears to be its lead article:

Council Approves Purchase of Texas Property

The 81.5-acre parcel north of Denton considered a “very good value” at $1.6 million. Closing likely in early January. Further discussions of development plans set for December Council meetings.

by Clyde Kilough

We have been working for several months on finding suitable land, and the process gradually narrowed from several good options to one that is very suitable for filling our short-term needs, and also offering flexibility for yet unforeseen long-term options.

Here are the details:

• Property: 81.5 acres.

• Location: South side of FM 3163 (Milam Road), just east of Milam Ridge Road, Denton, Texas, one-half mile east of Interstate 35 (visible from the freeway), approximately 3 miles north of loop 288 and 7.5 miles from downtown Denton.

• Cost: $1,599,784, or $19,610 per acre.

• Appraised value: $1,710,000.

• Description: The property is outside of the Denton city limits (which simplifies the development process somewhat), with vacant land to the north, east and south, and a small subdivision adjoining to the west. The property is gently sloping to the south.

Very Good Value

We consider this to be a very good value, not only for the specific site and price but for the surrounding area and future potential. It is, by the way, 15 more acres, for $100,000 less, than the Kings Row acreage we originally considered.

The future growth in the Denton area is moving in this direction, with four major commercial/residential developments all planned for the north and west sides of town, including a 2,000-acre project between Loop 288 and the Milam Road property.

Already under construction is a major, 412-acre mixed-use commercial/residential development approximately five miles south on I-35 that will include major department stores, Sam’s Club, theater complex, restaurants, a 280-room hotel and a 90,000-square-foot convention center…

Of course, purchasing land is just a first step, and much work lies ahead. Further discussions about where we go from here with development plans will take place at the December Council of Elders meeting (which is scheduled for Dec. 11 to 13 at the home office).

Comments by COGwriter

UCG had originally wanted another piece of property by Kings Row in Texas but various complaints (toxicity was one) made them reconsider.

An 81 acre property is fairly large for simply their office needs, so perhaps some type of educational facility will also be there?

Acccording to its latest financial statements, UCG had $8,394,090 in cash, plus $3,160,628 in property and equipment as of 6/30/07.

Thus it appears that UCG has the cash for the land and probably enough to construct whatever facilities that it probably will want. And, if it sells its present facilities in Ohio, it will probably have a large cash reserve remaining.