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C Centerpo me Church cji 3410 Cornerstone Court Pleasanton CA 94588 Congregational Meeting May 4, 12:00 noon All members of the congregation are asked to attend a Congregational Meeting on May 4, 2014 at 12:00 noon in the Worship Center. The purpose of the meeting is to vote on the recommendation of the elders serving on Session regarding the sale of our property. In addition to the previous communications mailed to each household, please find below all of the additional information we have at this time regarding this recommendation. Questions and Answers Q. Can you provide a summary of the Session's recommendation concerning the sale of our property? A. The recommendation of the elders serving on Session is to sell our current property for the greatest value possible and move to a new home that enables us to flourish in our mission and ministry within the resource limits God has provided to us. Several major action steps are required to successfully take this decisive step into our future: 1. To achieve maximum value for our property, we will divide the property into two parcels:The "Church" parcel, comprised of approximately 4.5 acres, and the "Preschool" parcel, comprised of two permanent buildings, outdoor space and some parking (approximately 2 acres). 2. For the Church parcel, we have been engaged with our original land development partner, Ponderosa Homes. In an extraordinary opportunity for us, Ponderosa has offered to purchase the 4.5-acre Church parcel for$6.08 million. As the original developer of our neighborhood, Ponderosa will seek permission to build 22 homes and an additional wing of the senior apartment housing. 3. Regarding the 2-acre Preschool parcel, we will close the preschool in mid to late June and lease the Preschool parcel (buildings, outdoor spaces, and some parking) to an experienced school operator as soon as possible. Once the lease and division of the campus are complete, the Preschool parcel will be sold. Depending upon the value of the lease, we anticipate the sale price could be a higher value per acre than the church parcel. 4. The proceeds from the sales will be utilized to pay off the mortgage loan with the Synod and the short-term line-of-credit from the San Francisco Presbytery (a combined total of $5.5 million) along with other expenses of fulfilling our mortgage obligations in the interim. 5. Finally, as many churches across the country are now doing, we will look for existing commercial space of approximately 13,000-15,000 square feet to potentially purchase as a new home for Centerpointe Church utilizing the remaining funds from the sale of the property. www.centerpointechurch.org