What’s one of the most important elements in deciding whether to buy real estate? Information. Good, solid, thorough information. That’s why we are deep into due diligence at the Lakewood Church of the Nazarene campus. The purpose of due diligence is to let a potential buyer discover as much as possible about a property before deciding whether to buy it. We are now wrapping up a number of due diligence inspections at Lakewood Church of the Nazarene to dig into things not always visible to the naked eye – at least not the untrained naked eye.
We have recently received preliminary reports from the contractors we hired to assess potential environmental issues, including lead and asbestos. These draft reports show no active exposure to lead or asbestos within the church buildings. That is excellent news. JUC Board member Andrea Aikin, who is an environmental consultant, is pleased with the draft reports. “Current data look good,” she says. (And anyone who knows Andrea knows that she is not easily impressed…) She has asked the contractors to follow up on gathering some final pieces of data, so it’s still considered a work in progress. “We hope”, she says, “to have final data and final reports in one to two months.”
We have also contracted out inspections into the major building systems, including architectural, structural, mechanical, plumbing, lighting and power. Board member David Fleck, who is an architect, is following up on these reports.
In a third category, a records review is well underway for information regarding a whole host of subjects in the neighborhood: groundwater, water wells, oil/gas wells, substance migration, historical aerial photos, topographic maps, zoning/land use records, leaking storage tank facilities, solid waste facilities, spills, hazardous materials storage, transformers, drains/sump and adjacent properties. The records review goes back to 1940. Again according to Andrea Aikin, so far the review shows nothing active or worrisome that would affect LCN.
When the last pieces of data are collected and the reports are finalized, we believe we will have thorough and reliable information about the property, which should help us make an informed final decision. There will be other considerations, of course, including how much money we raise in our capital campaign. The congregational vote is expected between mid-May and mid-June.