We are encouraging all St. Mary’s members in good standing to attend a meeting after the 9:00 AM service in the sanctuary to vote on the purchase of a property to serve as a future rectory.
We need a quorum to hold a vote on the following Resolution.
- St. Mary’s should purchase the residential real property located at 2791 Quebec St. North, Arlington, Virginia 22207, Tax Map No.: 04-011-114 (the “Quebec Street Property”) for $1,285,000; and, if such purchase is approved,
- St. Mary’s should borrow against and encumber the Quebec Street Property with a mortgage in order to secure a loan for the purchase of the Quebec Street Property in an amount no greater than $500,000 for 15 years, at a rate of 4.75% for an initial seven years, thereafter at the 5-year Treasury rate plus 2.5%, or such other substantially similar terms as the lender may require and St. Mary’s shall agree.
You may recall that in mid-2017, after many months of discussion and discernment, the Vestry approved the formation of a committee to search for a suitable property to serve as a future rectory. Fr. Merrow encouraged this endeavor as one part of our strategic, long-term planning for our parish, which includes succession planning for his eventual retirement.
A rectory is an Episcopal tradition that is worth upholding to make St. Mary’s an attractive choice for a new rector who might find it difficult to afford to live near the church without housing included. Indeed, St. Mary’s has had properties that have housed clergy, and sales from those church properties proved to be a worthwhile investment. In fact, those funds make up the resources we can apply towards a new rectory.
Purchasing a rectory is a reasoned decision to make given our assets. Today, St. Mary’s has funds available to pay for nearly 70% of a property that will meet our parish’s needs. Given the steep home prices in this area, tight inventory, and the historically low-interest rates, we felt it was important to act now (if the right property became available) before interest rates go up, and our purchasing power diminishes.
Working from a set of parameters, which the committee tweaked with each property visited, the committee unanimously agreed on the property on 2791 N. Quebec St. and felt we needed to move swiftly to submit a bid and secure a contract.