Introduction
The Investment/Growth Initiative provides a framework for growing the membership of the Rogue Valley Unitarian Universalist Fellowship (RVUUF), while at the same time helping achieve ongoing financial stability. At the heart of this initiative is the firm belief that these two goals are intertwined, and that they are best achieved through active and creative stewardship of our resources, including our physical resources — our campus.
Our Campus
In the early spring of 1990, RVUUF purchased a half acre property at 87 4th Street in the historic Railroad District of Ashland. At that time our campus consisted of the primary church building, an expansive garden area bounded by 4th and C Streets, the parking lot accessed by the alley off C Street, and an ancillary structure we refer to as the shed.
Emerson House Added To Campus
In the fall of 1998 we received the bequest of the adjacent property on 4th Street, and our campus now included a vintage two bedroom home (832 square feet), which we named Emerson House. Our campus now covered half of a city block in the desirable and centrally located Historic Railroad District of Ashland.
In the years following our first acquisition, RVUUF’s membership had grown significantly and an active youth group made good use of Emerson House for meetings. In addition, Emerson House was often used by study and meditation groups.
For the past five years Emerson House has provided housing to survivors of the Almeda Fire and more recently to a family from Ukraine.
Potential Sale of Emerson House
Leadership has been considering the possibility selling Emerson House in the near future. A sale of part of our campus would certainly provide a solution to our ongoing budget challenges. It should be noted that a decision to sell would be put to a vote by the membership as a whole, that is, a majority of members voting in a congregational meeting.
Valuation
Three Realtors have provided us with Competitive Market Analysis (CMA) valuations. The CMAs suggest listing prices ranging from $300,000 to $375,000 — roughly $350-$450 per square foot. The valuations are below neighborhood averages, reflecting the condition of the property. The net proceeds after a 5% cost of sale would range from $285,000 to $356,000, an amount that would likely keep the fellowship afloat for a number of years.
Investment/Growth Initiative
There is no question that the Investment/Growth Initiative being proposed would be a more complex solution to our budget challenges. It will take some doing.
However, the benefits of safeguarding the invested equity of Emerson House is a far better choice for us than liquidating this valuable asset, as we’ll explain in this report. Additionally, this initiative could play a significant role in attracting new members, especially younger families.
Proposals Under Consideration
Several potential projects are being evaluated. The extent that each project could play in helping address ongoing budget shortfalls is key. At the same time, we are considering the role each project could play in helping to grow our membership. At present, four possibilities hold the greatest potential:
Preschool: We can make a portion to the rear of our primary building, as well as an adjacent play area, available to a morning preschool. There is a clear demand for appropriate facilities in our area, and the rental income we would generate would be substantial. Issues of maintenance, liability, and utilities contributions are being taken into account.
Modifications needed to accommodate a preschool a have been evaluated, and we have carefully considered compatibility with our own programs.
Garden Development: The garden to the side of our primary building — bounded by 4th and C Streets — has great potential that has not been fully utilized. A landscape designer is helping us evaluate ways to enhance the garden, including appropriate fencing, that will make it desirable for weddings and other appropriate uses. In addition to a dedicated preschool play area adjacent to classrooms, access to the larger garden would make our facility even more desirable.
Interior Space Rental: We have a long history of renting the great hall for concerts. Many in the community know us because of attending concerts at our location. We see a good possibility of generating added income through adjusted fees and more focused marketing to potential users. This can include hosting meetings and conferences for those who would benefit from our combination of the great hall and breakout spaces.
Emerson House: Several approaches to generating income from Emerson House are being considered. This does not mean we can’t anticipate a time in the future when the house can again be fully utilized for meeting program and mission needs. For the present, both short term and longer term rental is possible, both furnished and unfurnished. We see potential rental income far exceeding the cost of making improvements. One strategy that looks especially promising is making a furnished Emerson house seasonally available to UU visitors from around the country.
The Multiple Roles of Emerson House
Emerson House plays a key role in the Investment/Growth Initiative, and there are at least three ways it can be a benefit to the fellowship over the years:
- As it has in the past, it can be useful space to serve growing programs
- It can be a reliable source of income to help meet RVUUFs operating expenses
- As collateral for relatively low cost, longer term borrowing, It can be a source of funds needed for putting other solutions into play and meeting urgent requirements
Learn More – Get Involved
Interested in learning more? Reach out to Kenny Andersen – (860) 428-6345, or Guy Wulfing – (206) 818-8648, for more details and to explore how you can get involved.