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Future of Simpsonwood focus of task force report
7/2/2010
In one of the most highly anticipated reports at Annual Conference, Henry Bowden, chair of a specially formed task force, presented initial findings from the 17-member group.
Bowden said that the group decided to separate its various tasks into two categories, the Simpsonwood Retreat and Conference Center and other issues.
The task force first focused on Simpsonwood. Highlights included:
- The task force employed business consultants to study the Retreat Center operations.
- A debt of $6.2 million was due to SunTrust Bank in April 2010. With the deadline drawing near, the Georgia United Methodist Foundation agreed to refinance $5.1 million of the entire debt. The remainder is held by SunTrust but is not secured by the Simpsonwood property. The GUMF is the only creditor remaining with a security interest in the property.
- The task force has preliminarily concluded that the long-range operation of the Retreat Center at Simpsonwood is not financially viable even if the debt is paid off and $2 million-$3 million could be provided for capital improvements.
- The task force has studied alternative uses for the Simpsonwood property and approached the board and management of Wesley Woods Senior Living, Inc. about the possibility of using the property for a continuing care retirement community. Wesley Woods is performing preliminary research on need for a CCRC in the Norcross area.
- Motion was made, and approved, to empower the task force to seek a legal ruling on whether the Conference may legally divide or sell the property.