Grace Presbyterian Church 113 Hargrove Road, Tuscaloosa, AL 35401 - PO Box 1234, Tuscaloosa, AL 35403 205-758-1193

Grace Presbyterian Church Blog

Minute for Merger- We Are Grace

Minute for Merger, Adam Miller

After a two-year process, we are, by both legal and Presbytery documentation, Grace Presbyterian Church.  Praise be to God.

As you can imagine, every piece of this merger has been intricately tied to every other piece, and any one piece’s delay meant delay for everything else.

Thus, when we experienced unexpected delays with the sale of the UPC property, the filing of the legal articles of consolidation was also necessarily delayed.  While we all hoped and planned for the closing to occur on December 15th, various details prevented the closing from happening until the afternoon of Friday, December 30th.  Here are the noteworthy details about how things unfolded:

We (Grace Presbyterian) are temporarily self-financing the sale of the property because the purchasers needed additional time to secure full backing from their financial institution.

  • UPC deeded the property to the purchasers, and they have signed a 6-month mortgage payable to us.

  • They paid $200,000 cash down, and over the next 6-months or sooner, they will pay the remaining $2.8 million owed.

  • Meanwhile, that principal amount will garner the church interest in the amount of 4% APR, or around $9,000 per month.

  • So, we no longer own that property – instead we hold the note on the property, which is to be paid within six months.While the purchasers intend to demolish the buildings, they may not begin this process without our written consent or until the mortgage is paid in full.

  • As soon as the check was received on Friday by UPC, our lawyer, Sydney Cook, filed the Articles of Consolidation, which legally merge UPC and CPC into Grace Presbyterian Church, at the Tuscaloosa County Courthouse.

  • The Articles of Consolidation immediately merge all our resources from a legal perspective, and the new session will now go about the work of officially updating deeds, investments, cash, and any other assets, such as the mortgage, as needed.

  • We will also be obtaining a new Employer Identification Number, or EIN, for Grace, which will allow us to open a new bank account in Grace’s name.As soon as this is accomplished, we will be able to receive gifts made payable to Grace.We will be doing this as quickly as possible.

In conclusion, I just want to say that, while these details were stretched out to the last possible business day, they were all accomplished by the end of 2016.  The Merger Steering Committee and individual sessions set this goal through careful thought, discernment, and prayer.  Although many doubted that we could accomplish such monumental tasks in such a small window of time, we proceeded in faith to, one-by-one, dot every “i” and cross every “t,” until our goal was accomplished.  Our story is one that serves as a strong reminder that through faith, perseverance, and grace, the seemingly impossible can be accomplished in God’s name.  Amen.