New Building Task Force

• Introduction
• Frequently Asked Questions
• Comparison of Options
• Seylynn Village
• Background
• Location
• Site Plan
• Possible Deal Concept
• Pros
• Cons
• Redevelopment of Lower Lynn
• CertiWood
  (recently investigated)
• Earlier Site Investigations
• Planning a New Building

Concept of Possible Deal Beween NSUC and Hynes

Initial Discussions

In late 2008 and early 2009, The New Building Task Force began discussions with Hynes Developments Inc. to explore the possibility of developing NSUC's new church within Seylynn Village. From these initial discussions emerged the outline of a possible deal between NSUC and Hynes Development Inc. to bring this about.

It must be stressed, however, these were initial discussions only. Much more would need to be explored were we to continue to have an interest in pursuing this option. No commitments have ever been made.

Basic Concept of Deal

The basic concept of the possible deal that was discussed can be summarized in simplest terms as follows:

• NSUC agrees in principle to move to Seylynn Village
• NSUC and HDI mutually agree on the size, design and quality of the new church
  • An outstanding architect, such as Joe Wai, is mutually chosen
  • This architect is hired and paid by HDI, but works closing with NSUC to meet its needs and desires
  • NSUC must approve the design drawings & specifications
• HDI builds at own risk
• NSUC stays at Mathers Avenue during the construction
• HDI continues to press for rezoning of Mathers
• When new church is complete, the Mathers and Seylynn closings will be held simultaneously
  • NSUC sells Mathers to HDI
  • NSUC acquires new church from HDI, paid from net proceeds of Mathers sale
• NSUC moves directly from Mathers to the new church in Seylynn Village
• New church would constitute large part of a four-story high quality building at a key corner of Seylynn Village
  • We would own the ground floor, 2nd floor, and possibly part of 3rd floor
  • We would hold title directly as an "air space parcel", and not be part of a strata

Outline of Possible Deal

Set forth below is a somewhat more detailed description of the basic terms that were discussed:

1. NSUC agrees to purchase, as an air space parcel, the ground floor, second floor and, possibly, part of the third floor of a new building to be built within Seylynn Village, at the corner of Fern St and Mountain Highway. The parcel will come with specified parking rights to the large Seylynn underground parking lot. The purchase price will be equal to the Agreed Total Budget referred to in Paragraph 3 below.

2. The new building, including the new church facilities, will be designed by a mutually agreed upon chief architect (probably Joe Wai), who will work with NSUC closely to meet the needs and desires of the church, but will be paid for by Hynes. Final plans and specifications must be satisfactory to and approved by both NSUC and Hynes.

3. Prior to commencement of design, NSUC and Hynes will agree on detailed parameters for the size, design and construction quality of the new church, as well as the total budget for designing, constructing, furnishing and equipping it (the “Agreed Total Budget”). The Agreed Total Budget must be an amount that can be paid for from the available net proceeds of the sale of the Mathers property (for example, $8,500,000). The architect will design the new church to be able to be designed, constructed, furnished and equipped within the Agreed Total Budget.

4. The new building, including the new church, will be built by Hynes, at his risk and expense. NSUC will not be responsible for cost overruns.

5. There will be an agreed time table for completion of the construction, including a target completion date by which the parties reasonably expect the new church to be ready, as well as an outside, or latest, completion date.

6. Hynes will continue with the rezoning of Mathers under the existing Mathers Purchase and Sale Agreement (PSA). The purchase of the new church is conditioned on Hynes succeeding with the rezoning. Upon completion of the rezoning, however, NSUC will remain as owner and occupant of the Mathers property, and the closing under the Mathers PSA will be deferred until the new church at Seylynn is fully constructed and available for occupancy.

7. Closing of the sale of Mathers and the purchase of the new church will be held simultaneously, with the purchase price for the new church to be paid for by applying the available net proceeds of the sale of the Mathers property.

8. Upon completion of the simultaneous closings, NSUC will move directly from Mathers Ave to the new church at Seylynn.