DAYTON, OHIO, July 9, 2018 — On Tuesday, July 3, United sold the former First United Methodist Church building on Salem Avenue to Iglesia La Luz Del Mundo, a growing Hispanic congregation in Dayton. We are delighted that this historic church building will continue to be used as a place where the Good News of God’s amazing grace is experienced and new disciples of Jesus Christ will find new life in Him.
Last year, United’s Board of Trustees voted to sell excess property no longer needed for the education of United students. These sales of excess property will make a significant dent in our mortgage debt and move us toward being debt free by our 150th anniversary on October 11, 2021.
We want to thank all who donated funds, which were invested into the former First UMC building. Your generosity helped sell the building, and the proceeds of the sale will reduce United’s mortgage. Paying off the mortgage early will save United approximately $2 million in interest that can be invested instead into scholarships and the education of our students.
To date, we have sold farm land to the Sisters of the Precious Blood for $50,000 and the church for net proceeds of $313,000. We hope to sell the three houses and adjacent lots on Salem Avenue by the end of the year.
Thanks to generous donors who have already committed over $953,000 to the Burn the Mortgage Campaign! Now only $2,584,000 remains.
Thanks be to God and all the friends and leaders at United who have given generously to enable this seminary to prepare faithful, fruitful leaders to make disciples of Jesus Christ for the transformation of the world.
Grace and peace,
Dr. Kent Millard,
President, United Theological Seminary
Vice President for Development