It has been a crazy month since my last update, so this one is a little later than I wanted it to be.
Closing Date pushed back.. All good. March 9!
We originally expected to close in the middle of February, but just couldn’t get the process going quickly enough. Survey, appraisal, and underwriting all take time and have to be done in order. SO, our new date is March 9! Here is our progress bar:
As you can see, everything is done, all we need is “final approval” and closing!
Graph of where we are with fundraising
We WILL be financing $249,000.
Also incur around $4600 in closing costs.
Short-term loan, start building asap
When we met with the Ellijay Water/Sewer people on the property, they told us that both water AND sewer did, in fact, run in the right-of-way, along the front of our property. Unfortunately for us, the sewer is a “force main,” meaning it is pumped uphill from the Yukon Road direction. They told us that meant that we could either tie in to the force main, matching the pressure (would entail installing a grinder, pump, and other equipment destined to fail and back up into the future building) OR, we could tie in to the existing gravity sewer, which is several hundred feet down the hill from our property. Neither option is cheap.
BUT! We also found out that the City of East Ellijay has no official as-built records for this property, so we later discovered that, to everyone’s surprise, when the sitework was done, they ran an additional gravity sewer line right ONTO our property! That means we DON’T have to go to the right-of-way, OR the gravity sewer down the hill! It is built-in!
Other utility structures we’ve discovered on the property that were previously unknown:
Water service with existing valve and box for potable water.
2nd water service for fire suppression system
Drainage infrastructure (ditches, inlets, manholes, pipes) for complete water runoff
We’re getting this property for the value of the SITEWORK
Closing in on it… Underwriting done. Now proceeding to closing date.
Bruce Boyd a definite positive in all this. Thank you.