April 24, 2000
Del City church to sell building
in plan to become debt-free
___DEL CITY, Okla. (BP)--First Southern Baptist Church of Del City, Okla., will sell its 14-year-old facility to a developer as part of an innovative plan to become debt-free
___Pastor Tom Elliff said the congregation, which at one time carried a debt of $19million, decided several years ago that it was inappropriate for a church to be in debt. The church held a "Day of Repentance" for getting into such deep debt and committed never to borrow money again.
___ Most of the debt accumulated when the congregation moved to its vast new facility in 1986, about the time the oil bust caused the Oklahoma and Texas economies into turmoil. Bailey Smith, Elliff's brother-in-law, was pastor of the church at the time.
___ The church, which is the largest congregation affiliated with the Baptist General Convention of Oklahoma, will sell its property to Premier Assets, a development company that already owns significant properties in the industrial area where the church is located. The church property will become an industrial and office park.
___ Though unusual, this action will set an example for individuals and families, Elliff said. "We felt it was important to set an example for the many families and individuals who were themselves in the bondage of debt. We wanted to model for them the appropriate steps to take."
___ Premier Assets has five months to perform "due diligence" and close the $8.76 million contract for purchase. At closing, the church's debt will be eliminated and the church will have funds to set aside toward future construction.
___ Any future construction will be on a "debt-free" basis, Elliff said.
___ Eliminating the debt will free about $1 million in church funds annually.
___ No plans have been finalized for a meeting place after the sale is closed, but church leader anticipate renting space before starting new construction.
Send this story to a friend
Contents/ Masthead / Why We're Here / Links / Archive / E-mail us/ SUBSCRIBE!