LETTER OF INTENT TO PURCHASE CURRENT CUMC EXECUTED WITH CAEDC

On October 19, 2016 CUMC Leadership Council signed a non-binding Letter of Intent (LOI) with CAEDC (Cumberland Area Economic Development Corporation) to purchase our current CUMC facility for $1,900,000.  The purchase price acknowledges the CUMC estimate of $2,000,000 that will be necessary to restore the building in conjunction with any other renovations.  This LOI provides CAEDC the next 6 – 12 months as a “due diligence” period to study the property in detail, pursue rezoning with Carlisle Borough and arrange its financing.  At the conclusion of this due diligence period CAEDC , a non-profit 501(c)(3) corporation, will decide whether or not to proceed with the purchase, resulting in the negotiation of a sales agreement and final price if the outcome is favorable for both CUMC and CAEDC.

CAEDC’s preliminary plans for the repurposing of our facility include a primary reuse as luxury apartments perhaps combined with some retail, restaurants and a gym (our current MPR) open to the community.  A fitness center, coffee / juice bar and wifi lounge are also being considered together with meeting space that would be open to the community for rental.

CAEDC’s timeline coincides very well with the CUMC goal to vacate our current facility, given our target date of summer-fall 2019 (no later than the end of 2020) to occupy our Smith Farm campus.

 

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