Building Equity and Tangible Assets

Friends and supporters of the PRC of the Valleys, 

The PRC Board of Directors are reaching out to inform you of a consequential decision we are making for the future of the PRC of the Valleys.
Often when we hear the phrase consequential decision, our immediate assumption is that the decision is one with negative implications. We are happy to inform you that in this instance, it is not the case.

For many years the PRC of the Valleys has been renting our Bath location space. Our Bath office is located on Liberty Street and is owned by a longtime supporter of the PRC of the Valleys. Our supporter has graciously offered us the opportunity to purchase the building and hold the mortgage. The terms of the agreement are similar to our current rent, which has been below the commercial market rate for the space. Our supporter suggested a purchase price of $100,000.00 for the two unit building which is approximately 10,000 square feet in size. Before submitting the purchase offer, we believed it was important to have the property inspected and appraised as it is an older brick building.

 We had a market appraisal done on the building which set the value of the property at approximately $170,000.00, which would put the PRC of the Valleys in a strong equity position from the start.  

 We had an inspector view the premises and explain the present issues with the premises. There are many minor issues with the premises which we wish to address when we are able. We are hoping to set a date for a work day, once the building is purchased. The biggest concern raised was the outdated nature of the electrical boxes and much of the wiring.

 We were advised that the property would not be insurable until the electrical boxes were replaced. Thus, we cannot close on the premises until we have the premises in an insurable condition. Therefore, we reached out to a local electrician to get a quote on the expense to replace the four electrical boxes. We were given a quote of $8,000.00 for materials and labor.

We are therefore reaching out with two requests:

--Our first request is for donations sufficient to purchase the needed electrical boxes. If we receive additional funds those would go to other needed improvements in the building.

 --Our second request is for individuals with electrical expertise and other building/construction experience to donate their time to help revitalize the building.

 We ultimately would love to purchase the property, breathe new life into the building, and use the premises for years to come.

 Our office in Bath has been our longest standing location and is regularly our most visited location.

 We are glad to share this news and are, as always, grateful for your continued support.

Sincerely,

William Thew, Esq.

Mullen Associates PLLC

Chairman, PRCV Board of Directors