The property is a continuous tract of 40 acres along 54th Street that is 1/2 mile long and 1/8th mile wide. A member of st. Stephen's Parish, Bill Hancock, aquired an option to purchase the property and that option was offered to the Diocese of Montana. Bill's dream was to eventually see a church on the property with an altar dedicated to the memory of his wife. The diocese exercized the option using resources from the Diocesan Episcopacy Fund. The diocese was then approached by the two Billings congregations with a proposal for local purchase of the property to secure any increase in value for the benefit of ministry development on the property. The Diocese approved the local purchase with the following resolution:
Resolution to Sell Billings Property - July, 2002
Resolved, at the July 6, 2002 meeting of Diocesan Council, the Diocese of Montana hereby agrees to sell the forty acre property located in Billings, Montana at the corner of 54th St. and Grand Ave. to St. Stephen's Episcopal Parish and St. Luke's Episcopal Church in Billings. The purchase price is $420,000 and the closing date shall be December 20, 2002. It is further understood that this transaction is subject to approval of financing and the buyers have 120 days from the today's date to secure financing.
After efforts to secure financing of the purchase were unsuccessful, the diocese agreed to finance the purchase with the following resolution:
Diocesan Council Resolution - February, 2003
Resolved, at the February 15, 2003 meeting of Diocesan Council, the Diocese of Montana hereby affirms its decision to sell for $420,000 the forty (40) acre tract of property located in Billings, Montana, at the corner of 54th Street and Grand Avenue to St. Stephen’s Episcopal Church and St. Luke’s Episcopal Church in Billings; and
Be it Further Resolved, that the Diocese of Montana agrees to waiver any interest in happy anticipation of their generosity in the future; and
Be it Further Resolved, that payments on this loan can be made on a quarterly basis with the first payment due March 31, 2003 and the Final payment due December 31, 2007; and
Be it Further Resolved, that the title to the property shall be transferred to a limited liability company (“LLC”) set up and owned by the two Billings congregations subject to the Canons of the Diocese of Montana; and
Be it Further Resolved, that if any of the property is sold in the future, the amount received shall be applied toward the remaining principal on the loan with the Diocese, or toward the development of ministry on the Billings property.
Future Development of 54th Street Property
The Property is now owned by a Montana Non-Profit Corporation, The Bishop Fox Company, which is composed of representatives from the two Billings parishes. Parish Rectors are ex-officio members and officers and other directors include the following:
Directors: Jerry Jasmer, Ralph Spence, Lee Stadmiller, Lee Stadmiller, Jerry Asleson, Dan Tilton.
The parishes have jointly purchased the property from the diocese for $420,000 with quarterly payments of principal and the balance due on 12/31/07. Income from the property from rent and crops is about $14,800/year and annual expenses are about $4,000. In addition to this amount, both congregations are paying $500/month, for a total net annual cash flow of about $22,800. This should fund payments of about $20,000/year to the diocese toward repayment on the principal of the loan.
At this time the Bishop Fox Company is filing a request to have the property annexed by the City of Billings, the implementation of zoning covenants and the submission of a minor plat. This will facititate the possible sale of a one acre lot to the city for a fire station as well as the sale of the north 10 acre tract for residential development.
The primary idea for the use of the property at this time is a mission congregation with a physical plant that would include a layout for a preschool/day-care. A separate physical plant could be built later that would be utilized as a school. This latter enterprise would be a common venture of the three parishes and other parishes that might want to join us. It is also possible to look at a retirement center on the property, though this has not been a part of our recent discussions. Property Development Possibilities & Cost Estimates
