DEL CITY, Okla. — Members of First Southern Baptist Church, Del City, Okla., voted April 2 to sell their facility to Premier Assets, Inc., an Oklahoma City-based development company which already owns significant properties in the industrial area where First Southern is located.
Premier Assets has successfully completed 27 projects in the area. Current plans are for the church campus to become an industrial and office park.
For the past three years the church has been making a concerted effort to retire its total indebtedness, which at one time loomed near $19 million. 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 totally eliminated, and the church will have funds to set aside toward future construction, which will be on a “debt-free” basis.
At present, First Southern members are not sure where they will meet should the sale be consummated. The assumption is they will be in rented facilities until they can find a suitable location and begin construction of a new facility.
Tom Elliff, immediate past president of the Southern Baptist Convention, is pastor of the church.
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